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Entrepreneur Magazine

Entrepreneur Magazine January/February 2021

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

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Land:
United States
Sprache:
English
Verlag:
Entrepreneur Media Inc.
Erscheinungsweise:
Monthly
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14 Ausgaben

in dieser ausgabe

3 Min
destroy your boundaries

HAVE YOU EVER seen a dog that’s trained with an electronic collar? It’s quite a thing. They learn where their boundary is and then never cross it. It’s as if they’re stuck behind an invisible wall. Now here’s a horrifying idea: We humans are a lot like those dogs. We also stop short of invisible walls. We’ve done it our entire careers. But unlike dogs, we often make those boundaries ourselves. That was my big takeaway from the year 2020—because it was the year a lot of those invisible walls came down. We stopped ruling out ideas just because they seemed hard or inconvenient. We stopped hewing to old dogma about the way things have to be done. We were pushed out of our comfort zones, out past those boundaries, and we…

6 Min
the power of never stopping

When someone tells Kara Goldin why she can’t do something, she replies in the same way: “What can we do?” After all, something has to be possible! That attitude helped her turn her life around, and it led her to create the popular beverage brand Hint Water. As she writes in her new book, Undaunted: Overcoming Doubts and Doubters, the journey began after she left her job at AOL in 2001 and tried to improve her health. She struggled to kick a diet soda addiction, couldn’t find anything unsweetened in the marketplace that she liked, and set about building a lightly flavored, sugar-free water. Despite many manufacturing and retail challenges, she succeeded—and now, like in this conversation, she urges other entrepreneurs to approach their challenges “undaunted.” In your book, you write…

2 Min
setting goals in strange times

1/ Track your progress. “We set yearly goals and quarterly goals. As a fast-growing startup in the midst of economic uncertainty, it’s challenging to forecast what each new day will bring. So we have a weekly goal review meeting with each of our teams to align on how we are tracking toward both yearly and quarterly goals. This helps us course-correct swiftly and gets our whole team on the same page should objectives change.” —JORDAN NATHAN, founder and CEO, Caraway 2/ Prepare to fail. “Have a plan B (and C and D and E). Have you ever heard of a house being built ahead of schedule and under budget? Me neither. The two biggest mistakes people make when setting goals are that they underestimate how long something will take and how much it will…

3 Min
your secret weapon: great expectations

Eighteen classes of schoolchildren were tested for their IQs. The results weren’t shown to students or parents. Instead, their teachers were simply given a list of which ones scored highest, along with these instructions: Do not treat these students differently than the others. What happened next may have taken place in a classroom, but it can light a path for our own adult careers. Here were the results—originally produced in this study in 1965 but repeated many times over: After eight months, all the students were given another IQ test. Among the children not identified as unusually gifted before, there were no notable changes. But among the students who had scored highly before, four-fifths scored at least 10 IQ points higher the second time…and a fifth of them gained 30 points. How?…

6 Min
how to take down goliath

You think it’s hard getting to the top? Try staying there. The accelerated churn rate of the S&P 500 indicates that at least half of today’s top U.S.companies will get replaced by someone new over the next decade. That is a mind-boggling market value of $13.5 trillion up for grabs. And the craziest part is who replaces the old market leaders: It’s often companies that, just a few years before, were considered scrappy little startups. So how does a new company rise to slay a giant? It doesn’t happen by accident. Think of these upstarts as if they’re playing a deliberate game of chess—except in this case, the incumbent has been playing the game for years, and the startup is entering the game halfway through. That means the startup is at…

3 Min
frustrated? make it a business!

Moms know how to solve problems, and back in 2012, Christina Carbonell and Galyn Bernard spotted a problem. They were on the marketing team of Diapers.com, and both had small kids at home. One day Bernard complained about how her young daughters wanted orange jackets but the only options available were in the boys’ section. Carbonell had been equally annoyed at what she saw as an overpriced, overdesigned, and gender-specific kids’ clothing market—so the two set out to fix it. The result is Primary, a brand that sells affordable, genderless, simple kids’ clothing (no logos, no sequins), which has since raised nearly $50 million and grown to a team of 50. Here’s how they did it. 1/ Find a unique business model. After purchasing the Primary.com domain in 2013, the duo spent…