| September 1, 2010 |
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- Entrepreneurs rush in where angels fear to tread
Gagan Biyani says he thought he had a great idea for an online academy where members could post instructional videos on subjects as diverse as Photoshop and poker. But when he approached investors with the idea, "we got 30 no's," he recalls. Instead, Biyani and his co-founders launched Udemy on their own to show the concept was viable. Biyani says his savings account was down to $250 when an angel finally decided to invest. That set off a chain reaction, and Udemy quickly raised more than three times the $300,000 it was seeking. San Jose Mercury News (Calif.) (free registration)
(8/31)      
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- Out with it already: Getting to the point of your pitch
Everyone knows an elevator pitch is supposed to be brief, Jeff Cornwall writes, but many entrepreneurs still wait much too long to get the essentials: "Who are you? What do you offer? Who is it for? What makes you unique?" Present that information upfront, he advises, then show why there is "pain in the market" -- and how you plan to help alleviate it. The Tennessean (Nashville)
(8/30)
- Hard terms make hard-money loans a gamble
Think twice before signing up for a "merchant cash advance" or some other form of hard-money loan, Carol Tice warns. With interest rates of 36% or more, these loans are structured to be paid off quickly. "If anything goes wrong, you end up paying so much in interest it's hard to ever get your head above water again," Tice writes. Entrepreneur.com/Daily Dose blog
(8/30)
- An entrepreneur's 10 success tips
Chicago entrepreneur Jay Goltz writes that he was recently asked by a young admirer -- or an admirer of his car, at least -- "How can I be successful like you?" The question has haunted him, Goltz writes, prompting him to offer 10 success tips for entrepreneurs. Leading the list: Find an area where you can be better than everyone else, accept risk and act responsibly. NYTimes.com/You're the Boss blog
(8/31)
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Given the struggles faced by many businesses these days, would you return to your old job if you had the chance?
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No |
69.76%
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Yes |
30.24%
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Poll analysis: The past few years have been hard on entrepreneurs, and some economists suggest it could be a decade before things get back to "normal" and consumers start spending freely again. Given a tough history and uncertain future, we were a little surprised that almost 70% of SmartBrief on Entrepreneurs said they wouldn't go back to the "security" of their old job, even if they had the chance -- proving once and for all that owning your own business is about more than just the financial rewards. Eventually, of course, the economy will rebound, corporations will start hiring again and many of the "accidental entrepreneurs" created by the recession will go back to their day jobs, leaving about 30% less competition for those who stick it out. --Robert Jones, SmartBrief on Entrepreneurs contributing editor
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Would you consider taking a hard-money loan?
 | Yes |
| No |
| I've already taken one |
 | Work to find a balance so that you don't become a financially successful loser. It's not about the income, it's about the outcome."
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Recent SmartBrief on Entrepreneurs Issues:
- Tuesday, August 31, 2010
- Monday, August 30, 2010
- Friday, August 27, 2010
- Thursday, August 26, 2010
- Wednesday, August 25, 2010
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Contributing Editor: Robert Jones
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