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Entrepreneurs Entrepreneurship

Entrepreneur First

Entrepreneur First (EF), the London-headquartered “talent investor” that recruits and backs individuals pre-team and pre-idea to enable them to found startups, has announced its plans to expand to Canada.

It marks the first time EF has entered North America. Along with London, EF currently operates in Berlin, Paris, Singapore, Hong Kong and Bangalore.

The new Canadian outpost, due to launch in early 2020, will be in Toronto and follows EF’s $115 million first closing of a new fund in February.

At the time of the fund announcement, the talent investor/company builder said it would use the capital to continue scaling globally — specifically, enabling it to back more than 2,200 individuals who join its various programs over the next three years.

This, we were told, should amount to around 300-plus venture-backed companies being created, three times the number of startups EF has helped create since being founded by McKinsey colleagues Matt Clifford and Alice Bentinck all the way back in 2011. Clearly, setting up shop in Toronto is part of the plan to achieve this.

Often — mistakingly — described as an accelerator, EF stands out from the many other startup programmes because of the way it backs individuals “pre-team, pre-idea.” This means that participants typically find their co-founder and found their respective companies on the programme, and that these startup may never have seen the light of day without EF.

It’s a new type of venture model that appears to be working so far — measured both in terms of exits and follow-on funding — although question marks remain with regards to how scalable it can be, given that what works in one city and ecosystem with one set of EF staff may not be entirely replicable in another. Or, as one VC put it to me, “there’s only one Matt and Alice.”

With that said, others, such as Greylock partner and co-founder of LinkedIn Reid Hoffman, are convinced EF can scale. Greylock is an investor in EF and Hoffman previously told TechCrunch he can see there being between 20-50 cities “where Entrepreneur First is integral to creating a set of interesting tech companies in those areas.”

Cue a statement from Matt Clifford: “By launching a programme in a third continent, we’re a step closer to achieving our goal of giving the world’s most ambitious individuals the tools to build a company wherever they happen to be… Toronto is one of the fastest growing tech ecosystems in North America in terms of capital and talent, and the city represents a great opportunity for EF to encourage the next generation of ambitious founders.”

Entrepreneur First, the ‘talent investor,’ to launch in Toronto, Canada early next year [Tech Crunch]

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Entrepreneurship

How to Quit Your Job and Pursue Your Passions Without Burning Bridges

Whether you’re working 9-5 (and trying hard to make a living), an overnight shift, or part-time somewhere, think about how satisfied you are with your job.  Do you have other passions you give more attention to outside of work? Do you ever think about pursuing those passions and turning them into a career one day? It can often be hard to focus on the job you have if you’d rather be doing something else or working in an entirely different field. 

Unfortunately, this is a path many future entrepreneurs and dreamers have to take before launching their own business, product, or idea. Eventually, you may be able to finally cut the cord from your day job and fully commit to your passions. 

When that time comes, it’s important to quit your job the right way. Yes, there is a way to leave your day job without burning bridges. By doing so, you’ll keep relationships that can help you in the future, and you may have more opportunities to help your new business to grow. Your current day job can help you to reach your dreams more than you might expect. 

So, how can you quit your job to pursue your passions, and when should you do it?

Why It’s Important to Leave on a Good Note

Whether you’ve been happy in your job for years and just need to pursue something new or you’ve been unhappy in your career for a while, you should always strive to quit on a positive note. That doesn’t mean you should feel guilty about quitting and being your own boss. It means you should make sure all loose ends are tied up before you leave and remain positive throughout the process. 

Why is it so important? There are a few reasons: 

First, if you’re leaving your current job to go into a similar line of work on your own, you might need some help and advice. If you leave your current employer on a high note, they’ll likely be more willing to give you some direction when you need it. They may even believe in your dream so much that they’ll offer you some resources. 

Networking is also hugely important. No matter what industry you’re going into, you never know who you might be doing business with in the future. If you quit your job suddenly and burn a few bridges, those people likely aren’t going to want to work with you on future endeavors. Furthermore, if you worked for a large company, it can be easy for them to spread the word that working with you is a bad idea. Networking can be very political, but it’s often necessary in order for a new business to get its feet off the ground and be successful. It will help you to develop lasting relationships within the working world. 

Turning Your Side Hustle Into Your Dream Job

Starting a side business while working a full-time job isn’t easy. You can’t let a side gig distract you from your day job. But you can’t let your day job take away your drive for your dream job. How do you make it work? 

It’s all about prioritizing. You have to prioritize your job, your passion, and your downtime. You might think you need to keep your nose against the grindstone 24 hours a day in order to get things done, but it’s very important to make sure you have time for yourself to relax and recharge. Spend time with family and friends, do things you love, and get enough rest. When you take care of yourself, your physical, mental, and emotional health will be in a better place. 

You should also set up some kind of structure to your passion. If you work at it from home, it can be tempting to just focus on it whenever you get a chance. Instead of doing that, try to operate it like a “real” job. Set specific hours each day or a few times a week and dedicate that time solely to your side gig. If possible, set aside a separate space in your home for that business. It’s important to separate your personal life and your side hustle. This will help motivate you to eventually turn it into your full-time gig. 

Use your downtime now to ease the transition for when you eventually make the switch. Devoting some time to doing market research — discovering your unique selling proposition, identifying your marketer profile, and reaching out to potential business partners — will keep you informed about your prospective company’s outlook. This groundwork will prove invaluable when it comes to making wise business decisions and attracting potential investors.

Of course, you can’t ignore your day job. Start small when it comes to your side hustle, and be sure to plan ahead. If your work starts to suffer at your main job, people will notice. Without even realizing it, your lack of motivation and dedication at work could burn bridges and make it difficult for you to keep your job — something you’ll need to do until you’re sure you want to launch your own business full time. 

When Is It Time to Quit? 

One of the biggest mistakes you can make when leaving a job to pursue your passion is doing it too early. It’s easy to be excited about your dreams, but don’t jump the gun before you’re ready. Ask yourself this: How important is it for you to quit? Is your job getting in the way of your passion? Are there people there who are toxic to your mental or emotional health? Are you not able to pursue what you really want to do because of the workload you’re carrying? Weighing the pros and cons of quitting your job will make it easier to determine the right time. 

There are risks to leaving at any juncture, of course. If you’re quitting to start a new business, you run the risk of your passion not working out the way you thought it would. That’s why it’s so important to remain on good terms with the people you work with. 

When you do decide to quit, give them plenty of notice. Explain your reasoning and share your passions with them. Most business owners can appreciate the innovative minds of people who want to branch out on their own. But don’t leave your boss scrambling to find someone to replace you. 

If you’re honest about your career desires, plan ahead to make the transition easy, and maintain positive relationships with the people you worked with, you can successfully leave a job without contention to pursue your dreams and jump into an entirely new career.

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Entrepreneurship

Want to Be an Entrepreneur? These Tips Can Help You Get Started

Being your own boss comes with a lot of benefits, and if you have the drive to be an entrepreneur, it can be the perfect way to make a living. For many, however, the hardest part about starting a business is knowing how to start. If you want to be your own boss and you can stay motivated through easy and tough times, entrepreneurship may be just the right thing for you. Here are some tips that can help you lay the foundation for a successful company.

Make an Outstanding Website

These days, every business needs a website. Not only that, but it’s also important to have a site that stands out among all the others. Your website will be the first impression that many people have of your company, and it should be eye-catching, cleanly designed, and easy to use. For instance, your site should have an attractive color scheme, good fonts, images and descriptions of your products/services, and content (e.g., blogs, articles, videos, etc.) that provides advice and/or information related to your industry. Moreover, it’s important to choose a good hosting plan so that your site functions well for users.

Bring in a JavaScript Developer

One way to guarantee that your website will stand out is to hire a qualified JavaScript developer who can make your site more dynamic overall and showcase the products you want to sell the most. JavaScript is mobile-friendly, which means your company’s site will look and work great on computers, tablets, and smartphones alike. If you want a website that comes with a high ROI and meets the needs of your company and your customers, hiring the right developer can be invaluable. When you’re searching for the right JavaScript candidate, Upwork notes that they should be knowledgeable in each of these areas:

  • JavaScript
  • CSS
  • HTML
  • Horizon
  • js
  • js
  • ECMAScript

Explore Your Tech Options

Another part of becoming an entrepreneur is learning to take advantage of all the technology available that can help your business succeed. Social media is paramount in promoting your brand, broadening your customer reach, and building customer relationships. However, there is more tech out there that can make your business operations safer and more efficient.

Set Up an Office

When you start your own business, you want to make sure you have a comfortable place to work. There are many benefits that come with working from home. For instance, it’s generally the most convenient and least expensive option, and it provides the most flexibility. Even if you have a small home and can’t dedicate an entire room as your office, you can usually find ways to create a comfortable workspace with what you have. The important thing is that your workspace inspires creativity and allows you to be productive.

It’s important to note that working from home also has its drawbacks. For instance, if you find it difficult to get started on time each day or you struggle to stay focused amid obligations at home, you may need to consider investing in an office space away from home.

In order to make the most of your leap into entrepreneurship, you need a good foundation to build upon. Create a website that stands out among the competition and puts your company in the best light, and hire a JavaScript developer to put your site over the top. Also, look into all the tech options offered to small businesses today, and make sure you have a comfortable workspace that encourages inspiration and productivity. Once you apply these tips, you’ll be ready to get into the logistics and build the business you envision.

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Entrepreneurship

Top 5 Ways Entrepreneurs Accrue Debt

There are few greater accomplishments than starting your own business and being in control of your own career and finances. However, entrepreneurs that encounter less than desirable circumstances in their venture can end up under crushing debt and be forced to go out of business — or worse, to attempt to survive bankruptcy. Luckily, by understanding exactly what causes entrepreneurs to experience financial discord, you may be able to prevent the same fate from happening to you. 

Excessive Spending 

One of the most important steps you can take as a new business owner is to manage your budget and avoid overspending early on. Always keep in mind that your supply should match the demand. If you are just starting out, aim for products that won’t cost you a lot upfront. Keep these rules of thumb in mind: Everything you buy should have a purpose, and only purchase what you can pay for promptly. You should also make sure not to overspend on designing a website, logo, or storefront. While it may be tempting to invest in making sure your business appears put-together with strong, consistent branding, a sensible, well-managed budget is more important than a physical location that screams “luxury.” 

High Interest Rates on Loans 

Loans and credit cards are often avenues into undesirable financial situations, especially when it comes to budgeting for small businesses. If you decide to use business credit cards or loans to help your endeavor get off the ground, then make sure you read all the fine print and have a plan ready to start paying it back as soon as possible. Borrowed money will not wait for you to start making money to accrue interest: it will do so as soon as it hits your account.

Lack of Organization 

Success is built on goals and hard work. When you decide to start a company, that hard work entails organizing every aspect of your life. You need to track and record everything and compare costs for every purchase and investment. Doing your homework and making a plan can save you valuable time and money.

Relying on the Business Before It’s Ready 

If you are a new entrepreneur, never rely on your business for income from day one. It can take months or even a couple of years for your new venture to start earning enough profit to support its own costs, let alone yours. Far too often, people will quit their day jobs and use all the money earned through their business to pay for basic living expenses and their lifestyle. Then, after a few months, they realize they can’t make payments on their loans or purchase new product stock. Within a couple of months, their business has died off and they are left with mountains of debt without any way to pay for it.

Starting a Business with No Savings 

One of the biggest mistakes is spending money you don’t have. If you can’t support yourself with your current job, then there is a good chance that it is not the right time for you to start a business. Doing so will only put you in substantially more debt and cause you to crash before you can even take off.

Get Informed

The best thing you can do is study up: do as much research as possible into the process of becoming an entrepreneur. You have the internet at your disposal and millions of people who have records of success that can help. Study up today so you can be successful tomorrow.

Author Bio: Katie Tejada is a writer, editor, and former HR professional. She often covers the latest developments in HR, business communication, recruiting, real estate, law, finance, and investing, but also enjoys writing about events, decorating trends, and travel.

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Entrepreneurship

Dedicated Development Team VS Freelancers. Pros and Cons

When the question of development outsourcing arises, one of the main things to consider is the dilemma of choosing between a dedicated team and freelancers. Below we will analyze the pros and cons of each option.

Dedicated Team and Freelancers: Which One to Choose?

To better understand which option to choose in your particular case, we suggest comparing the dedicated team and freelancers based on several fundamentally important criteria.

Project format and complexity

In the beginning, we suggest determining how large-scale and complex the project is going to be. For example, if you need a small website or you are looking for contractors to perform a specific task (e.g., a designer), it makes sense to find a freelancer for this purpose. In this way you will save money, and you will be able to dictate your terms on deadlines, rates, and other requirements.

It’s quite another thing if your project is a large-scale one and requires a thorough approach, engaging a whole team of diverse specialists at once. In this case, looking for freelancers to perform individual subtasks would be a hard task, as would be getting them all synchronized with the workflow. It is for this reason that it makes sense to find a dedicated team, which, either under your centralized management or under the control of your own project manager, will create a ready-to-release product within the stipulated time frame. The team will probably insist on certain conditions, but in this situation, trusting experienced specialists will be 100% justified.

The ability to control the process

Consider whether you are ready to devote your time to coordination of the work of the specialists. As a rule, dedicated teams do not need guidance, since they already have their own, local leaders. As for freelancers, you have to distribute the tasks and check the progress on your own. Therefore, if you do not have a lot of time to spare, you should probably opt for a dedicated team.

Focus on long-term cooperation

A dedicated team is a reliable structure that can support your product for many years. On the other hand, this factor may not be fundamentally important for you, for example, if we are talking about a website created on the basis of a ready-made CMS. In this case, finding a new developer who has experience with a specific engine will be easy for you.

Budget

Dedicated teams, as a rule, charge a lot. The reasons for this are simple: firstly, they regularly invest in raising their qualifications, and, secondly, their rates should cover the rent for the office and related expenses. This is also the main reason why owners of low-budget projects turn to freelancers.

Project deadlines

Turning to a freelancer, you ought to understand that they are likely to be engaged in a couple more tasks from other customers simultaneously with yours. With a dedicated team, you will never come across this situation, so you can insist on the shortest possible deadlines for the project.

The need to engage certified professionals

Obtaining certification is usually a paid procedure for a developer. Freelancers rarely care to pay for a certificate, but it is a necessary procedure for specialists from dedicated teams, who are officially employed by a particular IT company that finances the certification or require the one for employees’ promotion. Therefore, if your project requires the utmost skill from the developers, consider a dedicated team.

The presence of staff developers

Finally, think about who will be checking the work. If your staff includes employees with the necessary level of qualification, then you can safely cooperate with freelancers. But if your understanding of software development is at the level of a regular user, then it is better to trust professionals whose company will be responsible for the quality of the project.

Conclusion

Let’s sum up. Cooperation with dedicated development team is considered more reliable and indispensable for large-scale and/or scalable projects. If you need to build something simple (for example, a one-page site), it will be much easier, faster and cheaper to turn to freelancers.