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Simple, inspiring growth hacks from successful startups

(ENTREPRENEUR NEWS) Growth hacks – they’re not the end all be all of tech startup success, but they’ve certainly helped give a major boost to many companies that are thriving today.

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Growth hacks – they’re not the end all be all of tech startup success, but they’ve certainly helped give a major boost to many companies that are thriving today. If you don’t know, a “growth hack” refers to a strategy used, often by tech startups, to rapidly sell products or memberships, and gain lots of exposure and a big following right off the bat. Growth hacks are usually clever, creative ways to maximize social networks, digital or literal, to gain customers quickly.

Quora recently listed a round-up of the “most ingenious” growth hacks. Let’s review three killer examples of growth hacking success:

Groupon remains one of the most obvious growth hack success stories.

In order to unlock Groupon discounts, you have to share them with your friends to reach a minimum number of people buying in.

Merchants can afford to give massive discounts, even losing profits, in exchange for the huge amount of exposure their brand gets.

Groupon and the brands offering coupons both win.

Airbnb’s business model has a built-in growth hack – literally anyone can list their apartment or house, meaning that the growth of Airbnb’s user base knows no bounds.

What is even more ingenious is that when you list a property on AirBnB, you have the option of also posting it on Craigslist.

You’d think more companies would have tried this hack by now, but apparently it took some pretty crafty coding for AirBnB’s tech geeks to figure out how to piggyback onto Craigslist’s audience.

One fabulous growth hacking idea comes from Dropbox. Refer a friend on Dropbox and get free extra storage space.

The storage space is relatively cheap for Dropbox to provide, but the referral is valuable.

This is exactly how I myself got into Dropbox, and every time I want to share a file with a friend, I recommend that they download Dropbox. As a file sharing platform, it makes sense for me to want the friends I share files with to be using the same platform.  This model has worked out so well for Dropbox that other companies are now offerings freebies in exchange for referrals.

Growth hacks won’t save a company without a solid business plan and sound investments behind it – but they can be a great way to utilize social networks to boost growth and establish a broad audience right from the start.

Ellen Vessels, a Staff Writer at The American Genius, is respected for their wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when not writing, and has a passion for sustainability, social justice, and the arts.

Business Entrepreneur

‘Small’ business is a point of pride in the US, no longer a stigma

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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Business Entrepreneur

Positive self-talk can improve your performance

(ENTREPRENEUR) Speaking to others can be scary, but speaking to yourself is normal and can actually improve your speech performance overall.

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Performance mirror

Do you talk to yourself? Don’t worry, this is a no-judgment zone. I probably talk to myself more than I talk to other people – especially when considering the inner monologue.

I once read that people who talk to themselves are likely to be more intelligent. Whether or not this is factual I don’t know, but I do know that it’s important that you’re smart about the way you talk to yourself.

I’m a fairly self-deprecating person, so when I’m talking to myself about myself, it’s usually some sort of insult. About a year or so ago, I realized how often I was doing this, and made a conscious effort to be a little bit nicer. In that time, my mood has been a bit more positive.

This experience fits well into the research efforts of psychologist Ethan Kross, who has examined the differences in life success based off of how people talk to themselves. “Talk to yourself with the pronoun I, for instance, and you’re likely to fluster and perform poorly in stressful circumstances,” said Kross. “Address yourself by your name and your chances of acing a host of tasks, from speech making to self-advocacy, suddenly soar.”

This can be simplified as: Talk to yourself the way you would (or maybe, should) talk to someone else, and respond in the way you would want them to respond. Act with kindness, and receive kindness back – as a result, things are more cohesive, copacetic, and successful.

After working with participants in his study, Kross found a number of performance benefits to this self-talk method, including: better performance, higher well-being, and greater wisdom.

To demonstrate better performance, judges were brought in to listen to five-minute speeches prepared by participants about why they should be hired for their dream job. Half of the participants used “I” statements, while the other half referred to themselves by their own name. The judges found that the latter half performed better, and were found to have experienced less depression and felt less shame.

In regards to higher well-being, Jason Moser, a neuroscientist and clinical psychologist, measured electrical activity in the brain during participants’ usage of the different types of self-talk. During stressful situations, those who used their names instead of personal pronouns were found to have a significant decrease in anxiety levels, which positively correlated with a major decrease in energy use by the frontal lobe (talk about a win-win!)

With greater wisdom, the research found that people who use their names instead of pronouns are able to think things through more wisely and more rational and balanced way. “The psychologically distanced perspective allowed people to transcend their egocentric viewpoints and take the big picture into account,” Kross said of this piece of the research.

Well, Taylor is now ready to wrap up this article, and she hopes that you’ll give name-first self-talk a try, as The American Genius only wants what is best for their readers! Additionally, encourage people around you and those on your team to give this self-talk, first name idea a try – circle back after a week of trying it and share the results.

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Business Entrepreneur

How to turn your side hustle or hobby into a successful business

(BUSINESS ENTREPRENEUR) Surely you have a favorite hobby by now, well what can you do with it? You can grow it into a full time business, but how?

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Almost everyone has a hobby they enjoy doing in their spare time — something that sparks their creativity and engages their senses. If you look forward to your weekend pastime more than your nine-to-five job, perhaps it’s time to turn your passion into profits.

This path requires dedication and commitment. However, as you turn your hobby into a profitable reality, the hard work pays off. Getting to that point requires several steps. Thankfully, there are many resources out there that will help you pave the way.

  1. Establish the Basics: Establishing the basics will act as your roadmap for turning your passion into a business. This plan will no doubt change along the way, but it’s important to have preliminary ideas of where you want to take your enterprise.First, establish what you’ll be selling. Most hobbies can become a business, but you’ll need to hone in on what people will be buying. Anything of value — like products and services — can be an enterprise. Once you have that in mind, you can decide if you want it to be a part-time or full-time job. If you already have a job, managing your time between the two can get tricky.

    To stay on top of your tasks, you can look into a time management app or software. With these platforms, you can input how much time you spend on certain projects. From there, you can properly divide your time and give your new business the attention it requires.

    Next, you’ll have to conduct research. Is there a market for your product nearby? Can your business realistically take off in your location? How much needs to be e-commerce? Market research can help you determine who’s interested in buying and what you’ll need to get your business off the ground.

  2. Know Your Finances: Your finances are one of the biggest factors when starting a business. Too often, people rush into things without planning their expenses and resources first. Be sure to ground your plan with actionable steps. For instance, If you’ll be working from home, you can save on renting costs. However, some businesses require a storefront, so keep that in mind.You can also look into financial planning software or budgeting tools. Research relevant tips for budgeting when starting a small business. One pro-tip to keep in mind, if renting, is that you’ll want to save around six months’ worth of rent beforehand. That way, when you get started, you won’t rely on revenue to pay this expense.

    Additionally, don’t forget about taxes. You’ll likely need to pay estimated quarterly ones and potential sales taxes, too. There are multiple tools to help calculate these expenses online. Don’t be surprised by the costs, a hobby can be inexpensive but ramping up to a business can be costly, but worth it.

  3. Take the First Steps: As you form your plans and goals, you can start to take the first steps toward a sale. This phase consists of setting up space in your home or a store and developing your products or services.You’ll also want to set up a digital platform where you can access information at any time. In this central base, you can refer to all the details about your plans, finances and marketing strategies. With tools like Google Docs and Spreadsheets, creating accounting documents and client lists become easy.
  4. Create Marketing Strategies: Your first sale will likely be to someone you know. That’s an important step. No matter who it is, though, marketing and advertising can take your business to the next level. Make sure you have a strong online presence. With social media and Google’s resources, you can increase your reach.Having social media pages on multiple platforms can help spread awareness of your business. You can use hashtags and locations to establish yourself so others can find you. Most of these platforms have analytic tracking, too, so you can see who engages with your pages and when.

    From there, you can work with Google Analytics. It connects to your website and tracks activity and sales. It shows you which visitors come from social media, referrals and search engines. Then, you can focus your marketing strategies on strengthening those areas.

    Additionally, it’s vital to focus on search engine optimization (SEO). SEO works with search engines like Google to push your listing to the top with keywords and links. As you cover your bases with SEO and social media, your online presence can grow along with your sales.

  5. Network: Outside of the online world, you have options for growing your business, too. Local companies can work together to help each other succeed — you can look into other small businesses in your area for new opportunities. People often overlook the power of collaboration, but it can bring about significant results.If you can provide a service or product to local businesses, they may be able to advertise for you at their locations. For instance, if you’re a florist and provide arrangements for a local coffee shop, it could put your business cards next to your display. Customers will see your information and know they have a local option should they need flowers.

    You can also bring this connection to the digital realm. When you interact with other businesses on social media, people will see that engagement and click on your pages. That dynamic could translate to more traffic and sales. Check online to find the communities of your chosen hobby, the people there can fill you in on vital info that may be missing, or be a customer base you can connect w

  6. Keep the Growth Going: The last step is to perpetually keep your business growing. In this phase, you can quit your full-time job or reduce your hours to be a part-time employee. You can then focus on your new enterprise.You should expand your outreach through email newsletters, deals and coupons. You can give rewards to loyal or returning customers if you’d like, too. You can also add a blog or a section for customer service and inquiries to your website. Once your business grows enough, you may need to hire help.
    As you progress, adjust your goals. You’ll see that your trajectory differs from your original ideas, but you can keep building to take it to the next step. Set new milestones and watch your business thrive.

When a Hobby Becomes a Business

You should be aware that this a long-term process. Building a brand won’t happen overnight, but the small changes will add up until your company is a force in the market. It’s also an ongoing activity. The more you grow your enterprise, the more possibilities open up. It all starts with your hobby and your entrepreneurial spirit, which can take you anywhere.

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