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category_outlined / Business & Finance
Entrepreneur MagazineEntrepreneur Magazine

Entrepreneur Magazine

January/February 2019

Entrepreneur magazine is the trusted source for growing your business and offers surefire strategies for success. Whether you are just thinking of starting a business, have taken the first steps, or already own a business, Entrepreneur offers the best advice on running your own company

Country:
United States
Language:
English
Publisher:
Entrepreneur Media Inc.
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12 Issues

IN THIS ISSUE

access_time3 min.
we won’t be contained

PEOPLE OFTEN tell me how their entrepreneurship journey began. And it regularly starts like this: “I was working at [insert big company here], and they disapproved of my side hustle, so I quit.” Then the person’s side hustle became a full hustle, and now they’re more satisfied (and maybe even making more money) than they ever were before. I heard this just last night, in fact, before writing this column. A woman told me about working at a big bank and leaving when her superiors gave her a hard time about a financial literacy program she’d started on the side. What a stupid bank. What a big, dumb, stupid, shortsighted, stuck-in-the-past, shooting-itself-in-the-foot, unable-to-retain-its-top-talent, dedicated-to-mediocrity bank. This woman’s program is now thriving, and her former employer doesn’t have access…

access_time7 min.
birchbox’s next act

BEAUTY BAR Build Your Own Box stations will appear inside select Walgreens locations. In 2010, Katia Beauchamp changed the face of the beauty business. With cofounder Hayley Barna, she launched Birchbox, sending monthly boxes of beauty samples to customers who paid a small fee to try the industry’s latest products. More than a million subscribers signed up, and Birchbox expanded into men’s products as well as retail, launching multiple pop-up shops and opening stores in New York and Paris. But after six years, the industry changed. The subscription-box model felt more tired than novel, and some Birchbox customers complained about receiving products that didn’t suit their lifestyle. The company struggled to raise expansion capital and endured two rounds of layoffs. Beauchamp reportedly searched for buyers (Walmart was rumored…

access_time2 min.
cut costs without cutting staff

1/ Learn something new.“I love to work with other creative professionals who are excited about the brand and are willing to collaborate within my budget, but I’ve also found that educating myself has helped cut costs tremendously. I take advantage of online learning resources such as Skillshare and Lynda.com to brush up on design techniques and other areas of my business.” —VICTORIA ASHLEY, founder and CEO, Laundry Day 2/ Spend smarter.“When we have had to cut costs, we went line item by line item in our P&L and cut anything that wasn’t necessary. We cut marketing spend with more than a nine-month payback, unnecessary travel, and legal expenses where we could, and we downsized our office and moved into a WeWork, which turned out to be…

access_time6 min.
reinventing an old brand

Remember Slice?Not the pizza. Not the Grandmaster Slice hip-hop guy.The soft drink.Even an answer of “kinda sorta” could mean money in the can for the people bringing back Slice, the ’90s PepsiCo pop. The twist: It won’t (sorry, diehards) deliver that sinfully sweet blast of sugary, citrusy nostalgia—nor will it be made by PepsiCo. The Slice hitting the shelves in early 2019 is a 25-calorie sparkling water made purely with organic juice, and it’s based on a bet by two eagle-eyed entrepreneurs who wrested the trademark away from its original owner: Given how important branding has become, their theory goes, a startup can gain an instant advantage in the marketplace if it’s using a brand name consumers are already familiar with…even if the product is different from what they…

access_time3 min.
the top-talent trıck

So you’ve got to hire a CFO. The traditional path would be to find someone who shows up early every day and cranks indefinitely. But what if your new CFO was a young mom who works remotely one or two days a week, or comes in from noon to 8 pm , or maybe even works part-time? She comes with the high-level experience you covet, but she wants flexibility—and to get it, she’s ready to deal. That’s the idea championed by Manon DeFelice, founder of an executive search firm called Inkwell. After having her third child, DeFelice was struck by how hard it was to work a traditional job structure around family life, and saw she wasn’t alone: Research has shown that career women who leave the workforce for…

access_time2 min.
inside bumble

BUMBLE’S GOT good buzz. The dating app—which gives women the power to make the first move—launched in 2014 and has since expanded to help users meet new friends and make professional connections, too. CEO Whitney Wolfe Herd originally worked at Tinder but left and alleged that its cofounders engaged in sexual harassment and discrimination. She in turn created Bumble, a company obsessively focused on its culture. Its Austin, Tex., headquarters is known as the Beehive and promotes a cheery sense of community, bolstered by sunshine-yellow walls, playful decor (signs that say bee kind ), and plenty of happy hours, volunteer sessions, and even some parades. CAITLIN SULLIVAN/ Senior manager, people and culture “For reviews, every employee comes up with a proposal for how their responsibilities, compensation,…

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