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Things You Should Think About Before Bootstrapping A Business

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Bootstrapping is the process of finding funding from other sources like friends, family and other potential investors. As an entrepreneur receiving a check for thousands of dollars to help fund your business validates your idea and can motivate you to work harder in achieving your goals. While it seems like a good way to get funding for your business, it is not as easy as it sounds. Bootstrapping requires flexibility and hard work. Here are some things you need to think about first before bootstrapping your business.

The Right Partner

Having the right partner or co-founder can make your business run more smoothly. The right partner can make the bootstrapping process easier. Find somebody you can trust and who has skills that complement yours. If you’re a hardcore business man but not good in keeping the books or accounting, find a partner who can balance your books for your best chances of survival.

Fundraising is Not Business

A small business is usually composed of small staff and limited funds. As the co-founder, it is your job to find funding. However, bootstrapping can take you away from your business. This can be very risky especially if the business is still in its infancy. Your business can only grow when the team is spending time to grow it. But time is a fixed resource and without you there to help grow it, your business has less resource to grow the business, making fundraising a “costly” venture for you.

The worst part of fundraising all the time is that it makes you into a good fundraiser but worse CEO. Spending lots of time away from the business especially when you’re starting out can have a bad effect on it.

More Money, More Problems

According to many investors, they add value to your company. While this is true in some aspects, there are also investors that are “problem creators” and not problem solvers. Investors bring in money for the company and are great when you want to bounce off ideas but they do not actually run the business for you. In business, the person with the most information can make the best decisions and nobody is as well informed as you. Some founders are naïve in thinking that investors have the same goals as they do. This is wrong, because investors are in it to make money only. They don’t want to become a “world changing software” or become “the industry leader in garment manufacturer”. They want a return of investment with profit as soon as possible.

This is not to say that all investors think this way. All we’re saying is that their interests are not always aligned with your own.

Find A Mentor

Having guidance can help your business become successful. When you’re bootstrapping your business, it is also important to find investors who are willing to mentor you. A good investor/mentor wants you to succeed not only because they have money tied up to your business but also because they want to genuinely see you succeed. A mentor can help you make difficult decisions without being emotional while giving you financial guidance.

Money Does Not Solve Problems

Receiving a big check can seem like a lifesaver to many businesses especially small startups but it does not always solve problems. A common mistake among founders is thinking that if they had X amount then they will be able to do something.  More money in the bank gives you more options, but more often than not, it gives the business more ways to spend the money they shouldn’t be spending like offices or equipment they can’t afford. For small businesses and startups, bootstrapped money should be used as a tool to generate more money.

Gaining the attention of well-funded venture capitalists can be very flattering. First time entrepreneurs who have a difficult time finding capital through traditional sources can find bootstrapping attractive and it is a great way to start a business. However, entrepreneurs should not see it as a safety net that your investors provide. To make the most out of bootstrapping, you need to manage your business’ money as if it were your own because let’s face it, the business is your own.

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How The Technology of 23andMe Benefits You

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23andMe

Tracing down our ancestry is a difficult but possible task thanks to 23andMe. Ancestry research is an obsessive hobby that is provoked by curiosity. You can discover historical events, trace medical conditions, find birth parents, and understand yourself through DNA testing. With 23andMe, people can now discover the truth about their genes. Through extensive DNA analysis, 23andMe can interpret your biological roots from a simple saliva sample.

More than 500,000 consumers have bought a test from 23andMe. For it to work, consumers have to spit into a tube and ship it to the company. To retrieve your results, you must first create an account on the 23andMe website and log in within six-to-eight weeks to view your data.

The massive biotech company employs scientific researchers to study customer data for research on inherited disorders. The team is filled with quality workers and a pool of professional partners in fields like pharmaceutical and biotechnology. 23andMe hopes to provide consumers who wanted to know about their DNA information on any potential genetic disorders or diseases. For the first time ever, the genetics company offers direct to consumer genetic tests on breast cancer. Anyone who is curious about their future health risk, 23andMe is the ideal service to get answers from.

In tracing back your genetic roots to compare you to a total of 150 regions, people can now discover their DNA background. 23andMe have united many disconnected families from their service. The option to publicize your results to rekindle with other family members have proved to serve a great purpose to users.

23andMe

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The precision of 23andMe is impressive. The results are not vague responses. The scores show percentages and specific breakdowns on your ancestry. With a total of 150 regions, 23andMe ensures an informative report to fulfill your curiosity. The ancestry discovery has given people an identity and the chance to reconnect with their culture. Customers have the opportunity to share their results for research purposes, so most have consented while others chose to remain anonymous.

The health and wellness report will analyze your genetic risk for up to 10 diseases. This information is intended for people who are concern about their future health. The data comments on your potential variants to lactose intolerance, saturated fat and weight, alcohol flush reaction, genetic weight, deep sleep, muscle composition, sleep movement and more.

The more serious analysis are the findings of potential late-onset Alzheimer’s disease, Parkinson’s disease, AAT Deficiency (a lung and liver disease), Celiac Disease, Hereditary Hemochromatosis (iron-related) and Hereditary Thrombophilia (blood clots), and others. Users do not have to oblige and see the results, you can choose to keep the answer hidden.

Although the company have experienced issues with the FDA in the past, since last April, the FDA agreed to allow 23andMe to sell direct-to-consumer genetic predisposition tests for 10 diseases, including Parkinson’s, Alzheimer’s and Celiac disease. This innovative business idea is benefiting many consumers. 23andMe’s technology have reconnected families, provide useful knowledge, and give health warnings.

23andMe

Image From 23andme.com

The innovative biotech company proves just how rapidly technology is advancing. DNA testing will only improve from this point on. 23andMe have benefited many customers with their technology. As they continue to grow and improve, a 23andMe spokesperson shares how the technology of 23andMe benefits you:

How does 23andMe work?

“You can read about the process on our website here. You choose from our two products – the  Ancestry Service and Health + Ancestry Service. You can either buy the kits from one of our retailers (Target, Walgreens, CVS, Amazon, etc.) or from our website. Your kit will take 3-5 days to arrive, you follow the kit instructions to spit in the tube provided, register your kit with the 14-digit barcode associated with your kit, and mail the tube back in the prepaid package.

In approximately 6-8 weeks, we’ll send you an email letting you know your reports are ready in your online account!”

What inspired 23andMe?

23andme

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“Our company’s founders believe that everyone has the right to access their personal genetic information. We believe in the power of genetics to transform health and empower people, and that your genetic information is the most valuable thing you can contribute to help accelerate research”.

How will people benefit from 23andMe?

“23andMe customers will benefit in three ways:

  • Access Revolutionary Science
    • The only crowdsourced data set for genotypic and phenotypic big data analysis.
    • Health and ancestry reports driven by top-tier scientific rigor
    • Data-driven drug development by accomplished scientists
  • Discover Evolving Insights
    • Explore your unique health, ancestry, wellness and personal trait data
    • Engage with family members or connect with new ones
    • Learn more as new reports are released
  • Improve Healthcare
    • Easily participate in disease-fighting research
    • Drug development based on human genetics
    • Stay informed about the impact you’re making”

Are the analysts completely accurate?

23andme

Image From 23andme.com

“We proved through the FDA review process our ability to accurately call, or find, these variants with 99.9% accuracy when compared to Sanger sequencing results, the gold standard for accuracy.

23andMe uses an Illumina genotyping chip, widely used in academic and medical research, to capture genetic information and samples are processed in a CLIA-certified laboratory, the gold standard for laboratory testing, that also adheres to CAP (College of American Pathologists) standards. These are the same standards applied to doctor-ordered tests. We also have a variety of proprietary validation processes and quality controls that are applied to data before information is ever returned to a customer”.

How does 23andMe stand out to other competitors?

“We offer the only FDA-authorized genetic health reports directly to consumers, without a prescription. We also have a unique Research division, in which our customers can consent to participate in research (over 80% of them do consent) and answer questions that we can then use for research. Our customers have contributed to over 100 studies/published papers to date!”

How does the company overcome setbacks?

“Our CEO has said she doesn’t shy away from conflict. If you put your head down, do the work you need to do, and don’t give up, persistence will pay off. In 2013, when we received the letter from FDA warning us to stop marketing the Ancestry + Health Service, we didn’t give up. We believe people have a right to their genetic information without going through a doctor, and we are committed to providing it in the most responsible way possible. We will continue to work with the FDA to get more genetic information out to the public”.

Are you looking to improve? If so, how?

23andMe

Image From 23andme.com

“Yes, we are constantly looking to improving and working to provide additional information to our customers. Prior to November 2013 had more reports than we currently offer. As an FDA regulated company we’re working with the agency to provide health-related reports to our customers, beginning with carrier status, authorized by the FDA in February 2015, and genetic health risk reports, authorized by the FDA in April 2017. In fact, we just announced the FDA clearance of our BRCA 1/2 (Selected Variant) report, that is the first FDA authorized genetic test for cancer risk, and also expanded our Ancestry Composition product to over 150 populations around the world. We also just launched our Conditions pages, where customers can rate various treatments for common health conditions they suffer from, including asthma and depression”.

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Entrepreneurship 10 Years Ago

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In the past recent years we’ve seen an explosion of startups and communities created all over the world to cater to their needs.  Long ago I still remember the days when the word “Startup” or “Entrepreneur” were used as euphemisms for more derogatory terms such as deadbeat, broke, and no future.  There was a time when you wouldn’t want to even THINK of calling yourself an entrepreneur unless push comes to shove.  Hell, I remember the time when people refer to failing businesses as “Startup” as a gentle way of saying that business will never succeed.

Oh the times have changed…

Today more billion dollar valuation companies are created than ever before thanks to the Startup Culture.  And today we have more self-made millionaires and billionaires all coming from Entrepreneurial backgrounds.  It really is amazing how quickly the world has come to accept entrepreneurs and startups as a successful movement and an integral part of innovation and driving force to a sustainable future.

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Home Office Safety Tips

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home office safety

Here’s some home office safety tips. In today’s digital world more and more companies are allowing their employees to work from home. The employees can increase their productivity when they do not need to commute daily. The only requirement is an internet connection. However, there come some security issues with this freedom and flexibility. You need to create a safe home office environment to reap the benefits of telecommuting.

Security of sensitive data (Home Office Safety)

Cyber security is a big concern for the business houses as more and more people are electing the ‘work from home’ option for freedom and flexibility. It is vital to work from a secured Wi-Fi connection to keep all the sensitive data away from the prying eyes. The companies provide VPN access to its employees, but if someone hacks the home Wi-fi connection or public hotspot, your data could be compromised. Make sure you secure your sensitive data to have proper home office safety.

So, you need to be extra cautious about other devices connected to your wi-fi. You should also invest in a robust anti-virus software. Do not let your family members use your work laptop. You should always follow the company policy of accessing the company network remotely. Your computer should have up-to-date operating systems, antivirus software and regular scanning programs. You should take extra care about storing office files and backup. The storing location should be approved and accessible by your company.

Workstation safety

Many organizations ask their employees to read and sign a telework agreement. These agreements clearly mention the home safely checklist. People who want to telecommute must have a separate and secure workstation. The work area should be peaceful and quiet. Your desk height and chair should be proper. You cannot work for longer periods if your table and chair are not comfortable. Your back should be adequately supported. Floors should be dry and free of hazards. You must also keep a first aid kit at your workplace. To avoid fire hazards, there should be more than one exit. You should keep a fire extinguisher too. The workspace should be free of clutter and trash. You should keep your work devices far from flammable items. Your office furniture and equipment should be ergonomically correct. Your table should have enough space for computer, printer, document holder, and phone.

Electrical safety

In recent years, computer-related accidents and falls have increased quite a bit. Experts suggest placing the computer or any other work devices away from the edges of desks. You need to organize and secure the open wires to avoid tripping over them. You should install safety covers on unused electrical outlets. You should keep your computer equipment connected to a surge protector. You should not keep any damaged or exposed wiring. Avoid use of extension cords. Keep the electrical plugs and panels in good condition.

The employer often overlooks the health and safety issues of a telecommuter. The teleworkers should have a proper understanding of the hazards of working alone at home. There should be a safety surveillance program to check the ‘work-at-home’ arrangement. Monitoring the safety of every telecommuter is difficult for the company, but they can provide proper safety guidelines to every teleworker. The employees can do self-inspections and send in regular reports to the company HR department.

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