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Top 5 sacrifices startups have to make in order to grow

Young brands and startups are filled to the brim with excitement and enthusiasm, but entrepreneurs have substantial sacrifices they must make if they want to grow.

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Startups: not all fun and games

Startups, be they tech, retail, or service, dream of making it big time. Popped collars and fast cars motivate some, while financial independence motivate others, but in order to reach that point, all young brands have some major obstacles to overcome in getting to market, much less becoming a household name.

Devanshi (Nikki) Garg is the Chief Operating Officer of Icreon Tech, a global IT consultancy delivering business solutions and custom applications since 2000. Garg has years of experience in the startup world and tells AGBeat that there are five major sacrifices any startup will have to make if it wants to grow. In Garg’s words, below are the top sacrifices:

1. You have to give up complete control

Diving into a startup requires you to embrace chaos. Whether you’re the founder or one of the first hires, expectations about what aspects of your job you control should immediately go out the window. Invariably, most startups have too many things to do with too few people to complete them. This means you’ll need to exit your comfort zone, lest you quickly fall to the wayside. Facebook’s Mark Zuckerberg is often quoted, “Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.” Members of startups need to be able to sacrifice their desire to have complete control over their day-to-day responsibilities and embrace the collective needs of the company.

2. Sacrificing your ego, and sometimes, your idea

All startups start out as ideas. However, for a startup to truly grow, members must be willing to sacrifice them and do so mercilessly. In a growingly entrepreneurial marketplace, the only certainty is competition, and ultimately, a bevy of competitors and pressures may require you to sacrifice the foundational idea your startup is built upon. Whether your ideas have been rejected by consumers or have been better executed by competitors, successful startups need to be able to pivot rapidly to avoid being rendered obsoletely. Just ask Bill Nguyen how important being able to pivot an idea is.

3. You’ll sacrifice your down time

For startups, it’s often a zero-sum game where the next day’s existence is not guaranteed. This means that your downtime is crucial to your startup’s success. Elon Musk recently stated during a Google Hangout with Richard Branson that, “you should be ready to work 100 hours a week”. If that sounds like too much of a sacrifice, you may not be cut out to achieve global success and notoriety. Establish the internal mindset that each and every hour is crucial, to not only your startups’ prosperity, but more importantly its survival.

4. Sacrificing financial security and stability

There are countless tales of entrepreneurs placing their entire life savings into their dream. While for some it pays off, for many it is the most stressful decision they can make. Pouring your heart and soul into a startup may not always be enough. Which is why many of today’s successful founders and CEOs have had to personally fund their projects. To help revive his near-failed dotcom era startup, Cvent CEO Reggie Aggarwal personally signed the lease for his company’s office building due to credit issues. This decision could have personally bankrupted Mr. Aggarwal, but instead he helped grow the company to 1,000 plus employees as of 2013. Although the light at the end of the tunnel may sparkle with monetary success, the journey to get there will have much less glitz and glam.

5. You’ll have to give up full ownership of your dream

Sweat, blood, and tears go into every startup. Taking your company to the next level often requires the involvement of outside venture funding and support. Identifying parties that believe in your startup is a crucial step forward. While the tradeoff involves having more stakeholders in your project and less personal ownership for yourself, this sacrifice is often one of the best ways to leverage a set of resources, (capital, technologies, or humans), that are extremely difficult to come by organically. Ultimately, it’s one of the biggest sacrifices to make for the sake of going from niche to mainstream and publicly recognizable.

Are you ready to sacrifice?

Tech blogs and news outlets glamorize the life of a startup, reporting on awesome offices and work perks, but the grunt work of being a founder of any company is often swept under the rug. Garg points out some of the top sacrifices any startup will have to make if it wants to scale, if it wants to grow. As an entrepreneur, are you ready to make the sacrifices necessary?

Marti Trewe reports on business and technology news, chasing his passion for helping entrepreneurs and small businesses to stay well informed in the fast paced 140-character world. Marti rarely sleeps and thrives on reader news tips, especially about startups and big moves in leadership.

Business Entrepreneur

Entrepreneurs thrive because they are easily distracted?!

(ENTREPRENEUR) If monotony and boredom at work- well bores you, it’s possible you may fit with the other entrepreneurs with a quick and constantly changing career.

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When Bill Gates was a kid, he knew he liked messing around with code. He couldn’t have known how it might evolve, but he was willing to live in the distraction, focusing on details when needed, but always learning, moving on, taking risks and growing in the process.

Some of the most successful folks among us are not content to sit and make widgets every day. They cannot thrive in a detail and focused work environment. So, it may come as no surprise to know that people who are more easily distracted are also more likely to thrive as entrepreneurs.

According to this study, if you are intelligent and get distracted more easily, those two qualities combined will likely enhance your creativity. And, that creativity and ability to use distraction as an advantage can be channeled to create new things, jobs, companies, etc.

For those of us who are more easily distracted, who enjoy doing different things every day, and who like learning, a recent article in the Harvard Business Review suggests a good option is to find a career path that provides the right amount of distraction and which is a great fit for your personality. If you do that your talent is more likely to be apparent because you are playing to your strengths. Also, if you are working in your sweet spot you will be more productive and motivated.

Maybe not surprisingly, the top job for those who live in distraction is entrepreneur. The term “easily distracted” often comes with a negative connotation, but considering an entrepreneur is taking risks, making things happen and creating companies, ideas, products that may have never existed, this spins that idea on its head. Entrepreneurs are the chief cooks and bottle washers of the world. They ideate, create, hire and inspire. None of that is possible in a monotonous work environment.

“Unsurprisingly, meta-analyses indicate that entrepreneurs tend to have higher levels of ‘openness to experience,’ so they differ from managers and leaders in that they are more curious, interested in variety and novelty, and are more prone to boredom — as well as less likely to tolerate routine and predictability,” according to the HBR story.

Other careers that are great fits for those of us (me included) who enjoy distraction are PR/Media Production, Journalism and Consultant. What these fields all have in common is, there is never a dull moment, switching from task to task is pretty commonplace, and you will do well if you can be a generalist – synthesizing information and weeding out the unnecessary.

Not sure where your strengths lie? Here’s a quick quiz to give you some feedback on how curious you really are.

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Business Entrepreneur

11 productivity tools for entrepreneurs that work from home

(BUSINESS) We asked remote professionals what some of their favorite (and most necessary) productivity tools were for the home office, and have 11 ideas that you might not have tried yet.

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Working from home comes with its perks – comfortable pants (sweat pants*), working at your own pace, and not having your boss breathing down your neck are only a few. But staying productive and on-task can be a challenge when the only one watching is you (and your cat [who requires frequent cuddle breaks]).

We asked remote workers how they collaborate, stay on top of their work, and get shit done. Here’s what they said are their most reliable and necessary work-from-home tools:

First, let’s check out collaboration and team productivity tools:

Time Doctor

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Manage a remote team? When you need them focused on that time-sensitive report you needed yesterday, we’ve got a solution.

We use our own time tracking tool which we find essential for remote work and remote teams. It has everything you would need to give you an analytics of your workday and managing remote teams,” says Carlo Borja, Online Marketing Head of Time Doctor. This includes real time updates, gentle nudges to get you and your employees back on track, and a free trial run.

Azendoo

azendoo
Stop miscommunication in its tracks.

One of the best tools that we use to keep in contact and make sure everyone stays on task is Azendoo,” says John Andrew Williams, PCC, Founder and Lead Trainer at Academic Life Coaching, “It is an amazing tool that allows you to assign tasks to members of your team, leave comments and messages, and organize everything based on projects. It has truly been the best thing for us to improve our productivity and stay connected when we all work remotely.

RealtimeBoard

realtimeboard
What about brainstorming and collaborating with your team in real time? “RealtimeBoard is an online whiteboard and super simple collaboration service for marketers, developers, designers and creatives worldwide with user list exceeding 675k. It’s frequently used for project management, user experience planning, creative concepts visualization, story mapping, brainstorming, etc,” says Anna Boiarkina, Head of Marketing at RealtimeBoard.

Popular Favorite: Slack

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Without question, it is Slack! With our marketing team spread from San
Antonio to San Francisco, Seattle and Madison, we couldn’t do our job
efficiently without this messaging communication tool,
” says Marcia Noyes, Director of Communications with Catalyze, Inc.

Noyes adds, “Before I took the job with Catalyze, I wondered how I could possibly stay on top of the very technical subjects of HIPAA compliance, digital healthcare and cloud computing, but with Slack, it’s easier than email or being there in person at corporate headquarters. I don’t think I could ever go back to being in an office. With this tool and others, I get so much more accomplished without the commute times and interruptions from water cooler talk and discussions about where to go for lunch.”

Now, let’s move on to tools and tips for your health:

A treadmill desk

treadmill desk
Slump no more.

Gretchen Roberts, CEO of Smoky Labs, a B2B digital and inbound marketing agency says that her treadmill desk helps her fight through the afternoon slump. “The endorphins that are released from the walking get me right into a feel-good mood again, same as a conversation and piece of chocolate would.

Not only is it great for you, but it keeps you awake and alert so you can fight the urge to take a “quick nap” right around 3pm. Good weather not required.

Lumbar support

lumbar-support
Then there’s always the issue of your health. We asked Dr. Barbara Bergin, M.D., Board Certified orthopedic surgeon her thoughts on how to best furnish your home office, and she had a few simple ideas that go a long way.

Invest in a good chair, a McKenzie lumbar pillow (because no work chair has the perfect lumbar support), and a drop down tray for your keyboard and mouse. If you have short legs which don’t quite reach the floor, either adjust your chair (which means adjusting everything else) or get some kind of a platform on which to rest your feet. I recommend those old bench step aerobics steps.

These are all suggestions that are easy to implement and positively impact your health (and wallet, when you consider chiropractic visits, massages or even surgery).

And some of our favorites – tools to manage time, data, and communications:

ClockingIT

clockingIT
In a similar fashion to Time Doctor, ClockingIT is a time-tracking application that logs everything you do. This allows you to keep track of how much time you’re really spending on a project (or time spent off-task on a project).

I work from home exclusively as a freelance communications and marketing manager. One of my clients, Simon Slade, CEO of SaleHoo, introduced me to ClockingIT. ClockingIT, a free project management system, is now a tool I can’t work from home without. It provides an easy way for me to log my time on different tasks and communicate project updates to colleagues without sending cumbersome mass emails. I like ClockingIT so much that I’ve created an account separate from SaleHoo’s, just for myself, and I use it to manage my work for other clients as well.

This would be a great tool for freelance designers and writers who need to keep track of time so they can appropriately charge their clients.

Zoho Vault

zoho vault
Throw away the Rolodex. With all of the social media information, websites, passwords, and logins a company might need to remember, there is a better way. Molly Wells, an SEO Analyst with Web301 believes in the power of Zoho.

The one tool that I can’t work at home without is the one that stores our many clients personal information. Links to live websites, production websites, their social media usernames and passwords. All of our own websites logins, social media logins along with all the tools we use. Rather than storing all of these on our server or on pen and paper, we use Zoho Vault. It’s a lifesaver for accessing information while at home or on the go. All of our passwords are all in one place.

Cloze

cloze
Winner for most comprehensive all-in-one freelancing app goes to Cloze, which does… pretty much everything.

As a freelancer, the tool I absolutely can’t live without is Cloze,” explains JC Hammond, “Cloze is a contact management app and website that is perfect for freelancers because it is highly customizable, links email, social, phone and notes in one place, lets you track interactions and statuses of projects, companies, and people and even delivers an informative “Morning Briefing” to help get your day off to a great start.

She thinks one of the most useful tools is the email read receipts and the ability to link with your cell phone provided to track calls. It also schedules and posts social updates to Twitter, Linkedin, Facebook and other platforms. Because it’s designed for individual or very small team use, it’s easy to use and a user can efficiently run their entire day from the app.

Uberconference

uberconference
When it comes to phone conferences, meetings and client phone calls, Jessica Oman, Planner-in-Chief at Renegade Planner loves Uberconference.

She says, “As a business plan writer who in 2014 made the transition from leasing an office to working from home, I can say that Skype and Uberconference are the tools I can’t live without! Uberconference is especially wonderful because it easily allows me to record calls, use hold music, and connect with people who either call in from computer or phone. It allows me to have a 1-800 number too. It’s like having a virtual assistant to manage my calls and I love the professional feel of the service.

My Tomatoes

mytomatoes
And finally, a quick and simple idea – a timer. Jessica Velasco, Senior Editor at Chargebacks911 works exclusively from home. She uses the Pomodoro technique of time management: work for 25 minutes, take a 5 minute break, work for 25 more minutes.

She says, “I use My Tomatoes. I like this particular timer because the countdown is shown in my browser tab. I can be working on other things and quickly glance over to see how much time is left. I like to race the clock; see how much I can get accomplished before the timer goes off. I also use it to limit my unproductive moments. Fun things like checking social media must end with the timer dings.”

Got a favorite?

All of these tools are yours for the taking, so why not give them all a shot? Then, even if you’re wearing your most comfortable pants (sweat pants*) – with all of the right tools, you can run your business from home like a boss, and give people the impression that you probably showered today.

*no pants

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Business Entrepreneur

6 entrepreneurial tools for startup productivity

(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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Truly great entrepreneurs are also well organized and know which tools will help them see their 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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