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Common Mistakes When Starting a Business

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business mistakes

Business men and women are amazing people. They are willing to take risks so that their product or service has a chance of succeeding in the next few years. Successful entrepreneurs know that you need more than optimism and hard work to make a business venture work. There are mistakes that can seriously hurt a business or even cause them to fail. Here are some common mistakes and some advice on how to avoid them.

Wrong Team

Just like choosing a team to play basketball in the schoolyard, you want to pick a team that has a good chance of winning. Choosing the wrong team or hiring the wrong people can seriously hurt your business. It is important to hire people with varying skill sets and the same common values. You want a team that will be able to trust each other and work well together under pressure.

Bad Pricing

This mistake usually occurs in the manufacturing industry. Usually, businessmen do not have complete understanding of costing and end up pricing their products badly. Aside from covering the usual costs like inventory, labor, and shipping, you also need to look at excess inventory, cost of taxes, delays due to bad weather, and shipping to name a few. These factors may seem small but can add up over the years and end up eating your bottom line. To get an exact calculation for pricing, companies need a double markup to cover the overall cost of marketing. If you can’t figure this out, try to talk to somebody qualified, such as an accountant.

Miscalculating Launch Time

New entrepreneurs are usually excited to let the world know about their new product. They are so excited they sometimes launch products without fixing bugs or preparing properly for worst case scenarios. Even if you’re having a “soft opening”, it is always better to leave a good impression than a bad one. Launching early can actually hurt your business rather than help it. Businesses in the food industry launch early so their staff can get hands on training ensuring that everything goes smoothly during the grand opening. If you’re still training people and you don’t have somebody experienced to take up the slack, the disappointed customers could leave with a bad taste in their mouth and not come back when everything’s set up. Worse, their experience could be so bad, they tell friends about their negative experience at your place.

Personal Experience Is Not Expertise

If you’ve been keeping fit your whole life, you would think that you have what it takes to run a fitness center. After all, how hard can keeping fit be if you’ve been doing it for a long time, right? The bad news is that running a fitness center is not the same as keeping fit. You have to train people need expertise in how to grow the business, market it, and price it so that it remains competitive. Remember that experience is not equal to acumen. Take courses, train, and study to gain knowledge of the business you’re going into. The more you know, the more ways you can find to help your business survive and succeed.

Cheap Marketing

With the advent of social media, many businesses think that there’s no need to spend money on marketing. Some think that there is no need to market their product because it is so good, people are sure to buy it. What these businessmen do not understand is that if people do not know their product, how are they going to buy it, let alone know about it? Despite what people think, social media is not free. You need to know about it in order to make it an effective marketing tool. If you want to do social media marketing properly it will take months before you can see actual results. If you want people to find you, don’t skimp on marketing.

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Business

OpenStudio – Business Management All-In-One

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We all need a service that makes business easier, right? Managing your team, your finances, your documents, and your customers can be an arduous juggle. There are a few services out there that help businesses manage all of this. But have you heard of OpenStudio? No? Well, allow us to make a proper introduction. 

OpenStudio helps you centralize all the applications and services you may need in order to run a business. 

Some of the top features offered by OpenStudio are necessary in order to run a business but haven’t necessarily been rolled into one package. Things like IT Protocol/Document Management create a shared workspace to save your important documents for future consultation. 

Or perhaps you may find the Permissions and Authorization Management feature useful. You can decide which permissions and applications every member can access. 

OpenStudio offers the following services: 

  • Surveys
  • Content Management
  • Task Management
  • Ticketing
  • Alerts
  • Document Management
  • File Sharing

There are other similar services, but none of them are as neatly packaged and formatted as OpenStudio. Running a business doesn’t have to be complicated. All you need should be at your fingertips. A custom environment to manage your team, your finance, your documents, and your customers? Sign us up.

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Business

Archbee Is Here To Centralize Your Company Data

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If you could describe Archbee in two words they would be: “documentation specialist.”

Founded in 2018 with $1 million in funding. Archbee is a knowledge base platform for technical teams to create, structure, and share documentation internally and to customers. 

The software provides a set of customized tools for software developers. This enables everyone in the business to organize key information and intelligence in a single hub. That’s a benefit of colleagues and customers, both present and future. 

Meet Dragos

In an interview with Forbes, founder and CEO of Archbee, Dragos Bulugean stated: 

We are talking about the knowledge that makes your business what it is. Archbee is meant to be the one-stop-shop for the documentation needs of software companies.”

“Businesses are in a rush to create products, launch them faster, and be the first to market. An important part of creating a product is its catalog or index – in essence, the ‘how to’ guide.’”

“It is this often neglected task that Archbee is making it easier to create. It is not just a product manul but a central knowledge base and the true front of knowledge which is making an impact on commercial metrics – helping improve onboarding time for customers, reducing the number of support tickets and, importantly, making the products understood by users.”

“We’re focused on helping any company that builds software to create collaborative spaces which are accessible to all and easy to use.” 

This long-awaited platform offers editing, document collaboration, Slack integration, file storage, and other related services. These features, in turn, enable engineers to disseminate real-time information about planning on their construction team. 

When you have a software as innovative as Archbee, it frees time up for developers and engineers. That way they’re able to spend more time in “deep-work” mode and solve more challenging problems that require full attention. 

In short, with Archbee, you can centralize all of your information in one place.

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Business

Meet The World With Memrise

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All over the world, around 60-75% of people speak at least one language. People who speak more than one language report improved memory, problem-solving, critical-thinking skills, enhanced concentration, and more. So, if you speak more than one language, you essentially have an improved brain. If you want to join this crowd, Memrise may be the most effective option out there. 

One of the things that had kind of caught my attention was that psychology around how we learn languages.

Ben Whatley, Co-Founder and CPO of Memrise, learned French the way most of us learn a second language. We’re given the rules of the language, the grammar, how to speak properly. But there’s a flaw in that approach. 

I would go to France and I couldn’t speak a word. I wanted to understand why that was.

“That was a light bulb moment.”

The way we’re taught language is from the left brain perspective as opposed to the right. The left brain involves analytics, reading, and writing. The right brain involves creativity. If you need a metaphor to help you out, the left brain is the uptight, brilliant nerd and the right brain is the hippie-dippie artist.

Whenever you’re learning a language, you may often hear that the best way to learn is to immerse yourself in it. If you’re learning Spanish, spend a month in Mexico City. If you’re learning Japanese, take a trip to Tokyo. And so on. The grammatical approach to learning language has its value, but it’s the colloquial experience that truly helps imprint 

Whatley and fellow Oxford classmate, Ed Cooke, founded Memrise in 2010. Cooke, a Grand Master of Memory, had combined his skills with Whatley’s observations and ideas. They conceived of a new method of language learning. One more in line with immersion than grammar. 

We’ve been gradually and daringly evolving the product to bring more and more of the richness of real-world content into the course of our ongoing experience.” 

In 2016, we did a tour around Europe on a double-decker bus to collect a video dictionary of all the European languages. 

“Tens of thousands of short videos of native speakers [speaking] in context.

While other language learning apps like Duolingo or Babbel have computerized voices, Memrise has actual recorded voices.

That kind of got baked into our core algorithm – namely naturalistic accents, idioms, phrases as they’re spoken in the real world, not sort of in the kind of academic sense, but a kind of multi-dimensional learning.” – Cooke

Most everyone really wants when they’re learning a language is they’re learning it to connect with other people, to be able to read what other people mean and to be able to express themselves to other people.” – Whatley

Speaking Spanish to your teacher versus speaking to a coworker is notably different. Your teacher will have you say “poco” to mean “little” when your coworker will make fun of you for sounding too proper. Memrise would teach you that “poquito” is the casual way to say “little.” 

Memrise is disrupting the academic dominance of language learning by focusing more on practice than technique. How many native English speakers do you know that speak perfectly grammatical English? 

Let’s take “you all.” In the south, you’ll here “ya’ll.” But in Pittsburgh, you’ll hear “yinz.” Do you think ESL teachers are noting things like that? Probably not. Memrise, however, does focus on this more casual ways of speaking because they have a stronger understanding of how the human brain functions and how we communicate with one another. 

One interesting feature you’ll find with Memrise but not any other language learning app are Zoom conversations. These are free rooms where you can hop in and speak, say, Spanish with other people. Instead of traveling to Mexico City to immerse yourself in the Spanish language, you can log into Zoom and speak it with other speakers. 

It’s live person to person – it’s not a lesson. It is just about trying to use whatever language skills you’ve got in your in your bag. Just try and get it out there and use it, because that’s what happens when you are actually in a country.” – Whatley

The aspiration is to make it as fun as being in the country.” – Cooke

It’s never too late to learn a language. The pleasure of learning and speaking a new language is immeasurably rewarding. As Memrise says on their site, “learn and language and meet the word.”

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