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10 networking tips for young entrepreneurs

(ENTREPRENEUR TIPS) – When you’re just starting out as an entrepreneur, growth is always on your mind. Networking is one of the most powerful ways to expand your growing empire, so here’s some practical advice to get you on your way.

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It’s time to get out there!

As a budding entrepreneur, you surely have an idol in your industry. This is probably someone who has worked very hard to achieve their position and sits very comfortably with their success. Even the most wealthy and respected entrepreneurs started somewhere, however, and the majority started in the same position as you. One of the ways they managed to climb from beginner to professional is through networking.

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People are the key to your personal and business success. When you network, you’re able to talk with people who have experience in your industry. They can give advice and help you build your trade to a level you may not reach on your own.

“I owe every job I’ve ever had to networking,” says Tom Farley, the president of the NYSE. He argues that networking is one of the most important things young entrepreneurs can do for their careers.

If you’re not sure where to start with networking, then here are a few ideas:

1. Believe in your business

When you’re strongly committed to your business, you won’t seem as young and naïve. You’ll take on the appearance of a confident, successful businessperson. Someone that everyone wants to associate with.

2. Take advantage of service opportunities

Service is free, which always leaves a strong impact on the recipient. Jumping into local events and organizations and offering your time can help you connect with important individuals. People don’t usually turn down free things, and it could be your foot in the right door.

3. Give gifts as a token of appreciation

When someone makes a connection with you, it’s customary to send a thank you card, or even a gift to show your appreciation. Appropriate corporate gifts can send a message of professionalism while leaving a good impression on the recipient.

4. Ask questions of the greats

The wise and successful usually have no problem sharing tips and ideas. When seeking guidance, ask very specific questions, so others don’t have to do extra work in the process. They’ll be much more likely to impart their knowledge when you do most of the work. Take any knowledge you receive to heart, and apply it, so it’s not a waste of your time.

5. Put puzzle pieces together

Networking is kind of like putting together a puzzle. Each connection you make is a piece of that puzzle. Find ways to unite your connections, and integrate the information you’re learning, so it can all create a bigger picture.

6. Have a professional portfolio or blog

On the flip side, sometimes networking is people finding you. When you post a public, professional portfolio or blog, people can view your achievements and will be enticed to make a connection. It saves you time and helps to make more meaningful connections with people who want to help.

7. Follow up

For most people, a single meeting won’t forge a relationship. It takes multiple interactions to create that link, which makes following up essential to networking success.

8. Find your people

Look for those who will have the greatest impact on you, and only associate with them. If you’ve made a connection that’s weighing you down and doing very little to promote your success, don’t be afraid to cut that person loose.

9. Attend conferences

When you don’t have a lot of time for networking on a personal level, go to conferences and other networking events. Many of the people you’ll want to meet will be in a single room, which helps you to narrow down your choices and forge some meaningful relationships.

10. Use social media

Harnessing the power of social media is also a great tool for the time-strapped entrepreneur. LinkedIn, for example, is the ultimate platform for business networking, and you can connect with people on Twitter and Facebook as well. Put yourself out there using this far-reaching online tool, and you’ll see the benefits of your efforts.

#EntrepreneurLife

Larry Alton is an independent business consultant specializing in social media trends, business, and entrepreneurship. When he's not consulting, glued to a headset, he's working on one of his many business projects. Follow him on Twitter and LinkedIn.

Business Entrepreneur

Should you use use confidentiality clauses in your severance agreements?

(BUSINESS) Confidentiality clauses and NDAs have long been tied to severance agreements – but is that notion becoming outdated?

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Severance agreements and their ilk have long included confidentiality clauses, often comprising an exhaustive list of actions former employees may not take should they desire to keep the benefits listed in the agreement. Carey & Associates P.C.’s Mark Carey breaks down the knowledge you’ll need to successfully incorporate a severance agreement – including a stern warning about the future of confidentiality clauses.

There is a long list of things you’ll need when curating a severance agreement, but we’ll start with Carey’s honey-do-nots.

Carey’s primary recommendation is avoiding a non-compete clause where, previously, there wasn’t one.

“As employment lawyers, we see this tactic used every day, but you do not,” he says.

This is because most employment lawyers will advise that a non-compete agreement is largely unenforceable, which sets a poor precedent for an otherwise airtight document.

Carey even recommends against reviewing prior non-compete clauses for the same reason.

He also eschews what he calls the “21 days to sign – or else” philosophy, and he advises that employers should loop themselves into the non-disparagement clause so that employees cannot be blacklisted – something he refers to as “a very real phenomenon.”

What a severance agreement should include is a non-admission provision, a payment provision, a release of all claims to cover any feasible scenarios regarding employee disclosure, a challenge to agreement, a “no other amounts are due” section to release the employer from future responsibility, and a mandate to return any company property. This is a truckload of information, so you’ll want an employment lawyer to help you through the process.

But what Carey warns against is the future of confidentiality agreements, or NDAs. While these provisions have long accounted for employee silence in the face of abusive or corrupt employers, Carey posits that, one day, “confidentiality provisions in employee severance agreements will be banned as a matter of statute and public policy.”

This assertion comes in the wake of the #MeToo movement and the uncovering of the manner in which powerful people were using NDAs to buy silence from the people who suffered under their direction. Carey points out that it’s a non-partisan issue; corruption isn’t aligned with one specific political party, and the option to come forward with allegations of misconduct is a courtesy that should be afforded to all.

Whether or not confidentiality agreements are ethical is a moot point, and Carey does recommend continuing to use them when necessary – but, sooner or later, one can safely assume that the landscape of severance agreements will change, arguably for the better.

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Business Entrepreneur

Here’s why you shouldn’t start that startup

(BUSINESS ENTREPRENEUR) Building your own startup and being your own boss sounds tempting, but be sure you make these considerations before starting out.

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Man at a whiteboard outlining his startup plan.

2020, a year for our generation that will most likely be marked in infamy for decades to come. 2021 hasn’t been easier, but there at least appears to be a light at the end of the tunnel for many. A lot of people, myself included, are looking for different options for new careers. Maybe it’s time to place some faith in those back-burner dreams that no one ever really thought would come to fruition. But there are some things about creating a new startup business that we should all really keep in mind.

While you can find any number of lists to help you to get things going, here’s a short list that makes beginning a new business venture a monumental effort:

  • You need to have a unique idea with an impeccable execution. Ideas are a dime a dozen. But even the goods ones need the right business-minded person behind it to get things going for them.
  • Time, time, and more time. To get a startup to a point where it is sustainable and giving you back something that is worthwhile, takes years. Each of those years will take many decisions that you can only hope will pan out. There is no quick cash except for a lottery and you have to be extra lucky for those to get you anything. This whole idea will take years of your life away and it may end in failure no matter what you do.
  • You have to have the stamina. Most data will show you that startups fail 90% of the time. The majority of those are because people gave up on the idea. You have to push and keep pushing or you’ll never get there yourself. Losing determination is the death of any business venture.
  • Risk is a lifestyle. To get anywhere in life you have to risk something. Starting a business is all about risking your time and maybe your money to get a new life set up. If you can’t take risks for the future then you can’t move up in the business world.
  • Bad timing and/or a bad market. If you don’t have a sense for the market around you, which takes time and experience (or a lot of luck), you won’t make it. A keen business sense is absolutely necessary for you to succeed in a startup. Take some time and truly analyze yourself and your idea before trying something.
  • Adaptability is also a necessity. The business world can be changed at the drop of a hat, with absolutely no warning. Rolling with the punches is something you have to do or every little change is going to emotionally take a toll on you.
  • Lastly, not all of this depends upon your actions. If you start something that relies on investors, you’re likely going to get told “no” so many times that you’ll feel like it’s on repeat. Not everything is dependent upon your beliefs and whims. You need to be able to adjust to this and get people to see things from your point of view as well. But ultimately, it’s not all about you, it’s also about them.

These are just a few ways that starting a startup could stress you out. So, while the future could be bright, stay cautious and think twice before making any life changing decisions.

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Business Entrepreneur

6 entrepreneurial tools to keep startup productivity high

(ENTREPRENEUR NEWS) Whether you’re a small business or startup, improving efficiency means more money and less stress. Here are six tools to help do just that!

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A desktop and laptop on a desk, multitasking in a startup environment.

Truly great entrepreneurs are also well organized and know which tools will help them see their startup ideas to fruition.

That can be key for getting a startup business off the ground. Good ideas and a strong entrepreneurial spirit aren’t always enough on their own. Sometimes you need the right mix of technology and tools to keep the more mundane and tedious tasks from bogging down your efforts.

Here are six tools almost any entrepreneur can use to help keep productivity high when starting a new business:

Lawtrades: For legal help

For most entrepreneurs, it’s not the most exciting thing in the world, but making sure you have your legal ducks in a row is important for any startup. Lawtrades helps with that while trying to keep costs down — music to the ears of any startup business owner.

The service is a legal marketplace of sorts designed specifically for startups and entrepreneurs. It connects business owners with legal professionals that it claims don’t charge “bloated law firm hourly rates.”

Lawtrades offers a number of services, including business formation, employment and labor, contracts and agreements and intellectual property.

Do: For productive meetings

Anyone who has started a business knows that it doesn’t happen without a multitude of meetings. Do is a service that can help make your meetings productive so you can waste as little time as possible.

The app allows you to plan and share an agenda to make sure everyone is on the same page. Other features include the ability to track accountability by showing you which points and/or tasks have been covered.

1Password: For easy password management

Starting a new business likely means starting and managing lots of online accounts. The 1Password app from AgileBits helps you save time by remembering passwords and other information for you.

The app helps you generate strong and unique passwords for your many accounts, and secures them behind one safe password known only by you. The app doesn’t only work for passwords — it can also help remember other information such as credit card numbers, safe combinations or street addresses.

Kanbanize: For product development

If your startup involves a specific product or set of products, Kanbanize helps you develop them with your team without bogging down the process. The software allows you to post and share boards that include product information and progress, and you can choose which people see which information.

For example, if you want to update investors on the status of your product development, you can share certain boards with stakeholders and no one else.

Evernote: For organization

There are many applications available that aim to help team productivity, but Evernote is one of the best.

The software allows you to collaborate with your team all within one workplace, keeping projects and other work together. You can also give feedback on ideas and share notes while syncing the data across computers and phones.

There are many other features as well, including in-app chat functionality and integration with Google Drive.

TaskHusky: For web development

Almost any new business will want some sort of business, but a staff of web designers and developers isn’t always an option for startups. That’s where TaskHusky comes in.

TaskHusky is an on-demand service for small businesses that need help with one-off tasks with the Shopify, Bigcommerce or WordPress platforms. The company has a simple three-step process: You create a task and pre-pay, a TaskHusky team member is assigned the task and gets to work and the task is completed and is sent back for your approval.

The takeaway:

Smart entrepreneurs understand they can’t get everything done on their own when it comes to starting a new business. These six tools may not be everything you need to launch and maintain a startup, but they will go a long way to helping you keep productivity at a high level.

#productivity

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