4 Big Challenges of Entrepreneurship

As an entrepreneur, especially if you are just starting out, you will face four big challenges. There is no doubt that you will end up struggling but a true entrepreneur will find a way to balance it all and humbly pull ahead. Always remember that every business started with a small idea and grew into what it is today, Shakers.

Here are the four of the many challenges that you may face as an entrepreneur.

• Time. Many people start a business while continuing to work full-time. This will cut back on the amount of time that you have to devote to your business, though it allows you to still maintain your burn rate. Know you can change your burn rate by eliminating or decreasing rent, launching your business before supporting a spouse or child, or not going to so many damn happy hours. Use Freshbooks for time management.
• Support. Many people do not have support from their friends and loved ones. They might not want you to quit your full-time job to focus on a business that might not succeed. They might not understand when you end up working long hours trying to get your business going. Know your support system, and surround yourself with support if you don't already have a comfortable amount. If you're in Colorado, get involved with our community.
• Organization. It's impossible to manage all the tasks required of a business in 2015.  You're expected to have an online presence, yet somehow keep track of which large client didn't reply to your email.  Plus, recalling useful websites you were referred to and what time your client is meeting you next Thursday are just as high a priority. Instead, make getting organized and utilizing free online resources a priority (we recommend Trello)
• What success means to you. Many people think that their business will be successful right away. When it takes more time than you thought (or does not do as well as you first thought), you can quickly get discouraged. Define what success means to you: Is it financial success? Is it influencing 5 people? Is it solving a problem that drives everyone insane? Tell us your goals, if you'd like feedback.

There are a lot of challenges that you will face as an entrepreneur. You may not have as much time as you like to devote to your business. What that means is that you will need to be highly organized so that you are ready to work when you do have time. You should also try to surround yourself by people who support you. People who do not support you will hinder the success of your business, even if they're friends or family. You should also be realistic when you define what success means to you.

Contact us to help you grow your business, or watch our latest video interview with an angel investor (please subscribe if you're awesome).

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Why Handshakin Matters

It's not just a cliche or in your head--your handshake gives strangers enough information about you to make a first impression, and you want that impression to be one that matters. What they perceive, though, might surprise you.

Academic research on the power of the handshake

An article from The Journal of Cognitive Neuroscience studied the effects on people who received a handshake versus people who were actively refused a handshake during business and social engagements. The purpose of the study, according to the study's authors, was to look at "the impact of affective body language on evaluative responses in social settings and the associated neural correlates" (2292). Basically, the researchers wanted to determine whether or not there is a direct correlation between body language, specifically a handshake, and an individual's perception of the host of a social or business engagement. Surprise, surprise, there is!

The social handshake

In social situations, the study concludes that “a handshake preceding social interaction enhanced the positive impact of approach and diminished the negative impact of avoidance behavior on the evaluation of social interaction” (2303). As a host, you want to make your guests feel welcome at your social event by offering a friendly handshake upon arrival. Offering physical contact in the form of a handshake gives the appearance of further social engagements and serves to counteract any negative impressions that have formed. In this situation, a handshake really does make a good first impression because it demonstrates that you are friendly and open to meeting your guests personally.

The business handshake

As far as business goes, offering a formal handshake when meeting someone led to more positive impressions than neglecting to shake hands. Offering a handshake increases "ratings for competence, interest in doing business, and trustworthiness" (2297). Is this because offering a handshake before a business meeting is so socially ingrained that something feels amiss in the absence of such a formal greeting? The study doesn't indicate this, or really offer any answers as to why handshakes have such an impact on our first impressions, but it seems like a worthwhile question.Regardless of the reasoning, the fact remains that offering a handshake before a business meeting has positive effects.

Does grip matter?

The study did not focus on the strength of the handshake. Contrary to our popular culture's insistence in a "firm handshake" as the be-all end-all marker of strength, it seems that the simple but important act of offering a handshake instead of shying away from one makes you seem approachable, engaging, trustworthy, and competent.

The members of the Handshakin Holmes team are networking experts. We can get you in front of who you can be in front of to move your business forward. For more information on how we can help you build and grow your start-up business, contact us today, our check out our brand new video series with tips for entrepreneurs.

3 Must-Ask Questions While Networking

No matter where in life you are in the current moment, networking is vital to success. This comes from both maintaining the key connections made in the past and developing new ones along the way as well. In order to make the most of everyone in your contact listing, work to ensure you've asked these three questions recently to each of them. The circular nature of maintaining your network and building it will soon be obvious when you learn to ask these questions on a regular basis.

1. How Can I Best Help You?

By asking what benefit you can be to someone else, you are more likely to engage them, to teach them your benefits, and be known as someone who will work to add value to their business or lives. Even the librarian could use help carrying a stack of books from time to time, remember. Rather than focusing on what they can do for you, stressing that you want to be able to give back to them promotes you as a generous figure. And generosity is a characteristic that goes far with just about every other human out there. Boom. Serve others first.

2. What Ideas Do You Have for Me?

While this may seem like an open-ended question, the truth of the matter is that you can make it as specific as you like, when relating it to how the conversation has started. Would you like any feedback on what services you have provided for them, ways that you might have been able to improve how you've worked to help them? Perhaps that librarian you just carried books for has a suggestion of which book you should read next in order to learn more about marketing tools. Asking for the person on the other end of the conversation to offer you knowledge and insight shows trust, interest and engagement as well.

3. My Next Step Is... Any Referrals You Recommend?

Networks function best when they are always in a state of growth. Tell your connection what you are doing and what you are planning, and then be open to asking for help. The lead for a new job may be the librarian's best patron, for example, who has recently stated she needs a new Social Media Guru or company. Express the next phase of your plan, and always work to learn about new experts, leads, and general connections in order to make the most of your networking capabilities.

Offering assistance, asking for feedback, and working to constantly meet new people are the keys to building a successful network.

Connect with us to learn more about the ways in which a budding connection might be able to blossom into a fantastic opportunity with enough nourishment from you. And stay tuned for our next posts on how to handshake.

6 Solid Opportunities for Startups in 2015

According to Thomas Oppong of AllTopStartups.com, there are a few emerging trends ahead for startups in 2015. He predicts that in the coming year a few waves will come crashing in. Some startups will ride those waves to success, others will drown in them. These trends and opportunities include:

1. big data,
2. data privacy,
3. better analytics,
4. content marketing,
5. greater use of freelance contractors versus full-fledged staff and,
6. increasing alternative payment options.

Not only will there be more startups popping up in these specializations and sectors, startups in all industries will need to evaluate their business and marketing plans for the 2015 business cycle to see if they're positioned to optimize these trends.

1. Big Data or Bust?

Once upon a time, only the big boys could afford to benefit from big data. Recently, though, the cat's out of the bag and a growing number of firms and companies are capturing and selling data at rates even the little guys can get in on. Part of this trend stems from how open people are on social media sites and profiles, and willing they are to interact with ads and promotional platforms.

Sophisticated and specific data can eliminate guessing games in demographics and target markets. Although the population has rampant suspicions about how that data gets collected, most people can easily recognize and understand that big data does have some pretty practical benefits. Which ones can you put into play for your business in 2015?

2. Better Safe Than Sorry

2014 saw a lot of data security fails, not only for startups but for established players as well. From black hat hackers to government data breaches, consumers and organizations faced greater risks and liability in 2014. Things will likely be just as tough in 2015. As more businesses invest in cloud and cloud-hybrid technologies, there will probably be a continued growth in this industry. What are your biggest data security risks? Or will your startup be the one to capitalize on the opportunity to provide premium security features?

3. Building Better Dashboards

Up until now, most analytics dashboards are active and dynamic, requiring the user to manipulate the data to find what they're looking for. Coming soon, these dashboards will become more passive. Instead of you sitting down and operating the platform, your platform will work on autopilot in the background and alert you when significant changes occur in the metrics you're measuring. This will give you greater control over your information in a more real-time fashion. In fact, this trend towards automation will show in other areas as well - with a heavy concentration in marketing-related functions.  

Manipulating dashboards?  Ain't nobody got time fo that.  

4. Content Marketing is Here to Stay

Content marketing was the buzz word of the 2014 year. Buzzzzzz. Don't expect things to change in 2015. Content marketing is a key component of the trend towards inbound marketing, which is effective not only at producing more leads but also by doing it cheaper than traditional outbound marketing and advertising outlets like television, radio and print. In fact, Hubspot reports that inbound marketing brings in about 54% more leads than traditional paid marketing does and saves the average company $20,000 in annual advertising costs!  Traditional smaditional.

Which brings us to the next trend of 2015...

5. The Just-In-Time Workforce

Startups are always pressed for resources, and a significant portion of them end up in the human resource department. As traditional advertising outlets are left by the wayside, so are a number of the more traditional workforce models. Salaries are a huge expense. So are benefits and other perks.

Today, startups are trending towards investing as much as they can in building the best founding team and then turning to the contract, freelance workforce to fill in the gaps, if and as needed. Virtual assistants are as effective as receptionists. Content marketing doesn't require that you pen every blog post - there are freelance sites to shop out steady sources of content at surprisingly affordable rates.

Which positions in your startup could be supplemented with a freelance team versus a traditional staff? An estimated 33% of the American workforce is now moonlighting and freelancing.  Business Insider predicts that number to grow to 40% by 2020.  Check out our video series to learn why you must start a business.

6. Do We Take What?

Bitcoin, and other cryptocurrencies, have revolutionized the concept of digital payments and other major players decided to get in on the action. Mobile payments are constantly on the rise and even Dollar General has set up payment systems in their stores that allow you to pay directly from your PayPal account. Gone are the days where just any merchant account will do. Today, there's a greater need for diversity. Be on the lookout for all-in-one payment systems that update regularly so you can say yes no matter what alternative payment system customers throw your way!

Do you want to lead a startup that capitalizes on one of these? Then, be sure to check out our blog or message me directly. While you're browsing, don't forget to check out our recommended resources for startups.  If you're in Denver, Colorado, reach out and we will help you solidify and validate your idea.