Founder and co-owner of Riverbend Transportation. Founder of Go Ads Go mobile advertising company. Paralegal experience. BA in English. Casino Management experience.
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I have been thinking on this one and I think it's because men are just more geared toward tech and gadgets. I'm not saying women aren't ABLE to do it, I am saying that they just are more geared toward face to face interaction and problem solving.
Case in point the number of young guys and boys that are addicted to online gaming. The girls like it and play , but I rarely see females and little girls practically go into mental breakdown when they can't get online.
I have seen more dudes practically cry like babies when they can't get online to play some game.
Disclaimer: I have seen more females then I can count on two hands be addicted to facebook, Instagram and twitter. Especially facebook and Instagram .
Well, your new business is also your "child". Unfortunately, there is no magic solution to this. Your flesh and blood child will have to take a back seat to your business "child" if your business is going to be successful. You have to tell your flesh and blood child that you have to "work". The kid will understand. Just make sure you schedule time to do things with your child on your day/days off. If something REALLY important comes up with work , just say " I'm sorry, I have to work , but we will do _______ ( whatever) tomorrow . ( or whenever you have time ). You have to rationalize, do you want to build a business and build security and income for your child by spending time on the business " child", or risk business failure and financial ruin by focusing on the flesh and blood child and allowing the business "child" to be second. Everything is a trade off . Spend high quality time with your flesh and blood child, and when they are more mature they will appreciate that you worked so hard to give them a good life.
You learned a very good lesson from getting burned. You learned what a bad business investment looks like. Go over why your first investment failed to learn what signs to look for when investing in the future.
You have to fine tune your b.s. meter. Unfortunately , this usually involves being burned at LEAST once.
Investing is gambling- do not invest more than you can afford to lose. It may be the next big thing or it may be a flop. Even if it is the next big thing, it could wind up a flop if people are idea plentiful but fiscally foolish.
Don't get emotionally invested in the project. Ask for a business plan. Does the person whose thing you are investing in have skin in the game, have they invested any of their own money in the project? Are they talking to other investors besides you?
Talk to outside people about the project ( don't get specific , but enough general details) to see how the purchasing public reacts- does it hold their interest or are they saying "meh...".
To be a successful investor you must be willing and able to assume and absorb financial risk. You have to have enough of an ear for what people really need/want that your gut says "yeah, this WOULD be a good investment" or "meh, not worth it".
Don't be demoralized by the first failure. Everything is a learning curve and now, in your brain are certain alarms that will sound if they happen again. Good luck !
I would invest in Instagram advertising. Your target market uses Instagram heavily, so this will be an effective use of advertising dollars. Any kind of social media advertising will get you exposure with these age groups. You might set up a twitter account if you haven't already. You can promote your tweets and get your site out there. Maybe offer some kind of promotion for retweets, or special service or discounts through tweets that only your followers get or are eligible for. If you want an example- @HiddenCash on twitter. Hidden cash gains followers by tweeting out clues to where the cash is hidden in various locations. Best of luck to you!
Most of the time the answer is yes it is harmful. Harmful because people who are entrepreneurs do not make good employees.
Entrepreneurs think differently than traditional employees. People who are entrepreneurs are the rock in their employers boot because they are always questioning "why" and "can't this be done better" . I am a business owner and once you are your own boss, working for someone else is very difficult. Most employers view it this way too. Most employers are going to assume and fear that you will be an extreme know-it-all pain in the ass.
You might want to say you worked FOR your company-leave it unsaid that you were the owner.
The closest to being an entrepreneur is to work a sales position that is paid solely on commission. If you don't sell- you don't get paid.
Sales is going to show you what people are really needing. It will give you insight in how to market to this need. How much people will be willing to pay for your service/product.
Being paid solely on commission will show you whether you have the tenacity and will to manage you finances, and stick to it and find solutions when things look bleak. It will test you to see if you think like an entrepreneur , or think like an employee. Can you handle risk or do you avoid it.
If you are afraid of being totally responsible for what you earn- how much you make is how much you're willing to hustle, then you might rethink being an entrepreneur .
The financial burden that insurance , licensing and regulations put on my profit margin.
In the state I am in, Illinois, these three factors cut into profit so much that businesses are fleeing the state in droves.
For small business, it is even worse because most of the time profit margins are very slim and insurance can consume a huge chunk of your operating budget and drive up the price of goods to cover it.
But, insurance is a necessary evil- people are lawsuit happy.
The under 25 age group LOVES it because their parents do not know what it is and can not helicopter over their online accounts- like in FB, twitter or Instagram .
The kids THINK it's private. That the snaps go away.
It is something the kids have that is completely their own. Few people over 26 even use snapchat.
They can pretty much control who does or does not see their snaps.
Most adults can't wrap their heads around it because the kids just snap completely sophomoric and ridiculously childish stuff that adults don't get the appeal of.
When the grow ups start infiltrating snap chat the kids will leave and it will morph into an advertising and sales business machine like facebook, twitter and Instagram have become.
Oh, yes, the sex element is a big factor too.
Uber grew quickly because of a savvy marketing ploy- appeal to people to get what they perceive as quick and easy money. Uber is essentially a variation on the "make 1000 dollars a day working from home" marketing ploy.
They shift all the risk to their "partners" and skirt regulations and requirements because "Uber" is just a dispatch service ( their contention).
They have grown so rapidly because tech dependent millennials use their phones for everything and as far as the consumer is concerned, it is "cool" and "easy".
I am waiting. The lawsuits are just starting to roll in. Most Uber "partners" have yet to deal with the 1099 tax hassle. Lawyers always go for "deep pockets" so lawyers are already trying to find ways to hold Uber accountable for the actions of its "partners". "Partners" are already suing because under the laws of many states they are employees and are entitled to employee benefits from Uber.
Uber has hit it's zenith, municipalities are already starting to adapt their regulations to have Uber,Lyft, and all "sharing" type Aps included.
Uber has made their boatload of cash. When it starts to look like they will lose the lawsuits or become subject to industry rules and regulations, I look for them to fold up their tent and go.
That's the name of the game. Make your money fast and get out when it looks like the tide is turning, then go on to something else.