Don’t lose faith. You’ll find that there are still gaps to be filled and market needs to be met when you look hard enough. Even with how far we’ve come, we still have far to go. The businesses with lasting impacts make a difference because they recognize a market need and effectively work towards a solution.
That’s exactly what one young entrepreneur, Michael Martin, did. 29-year-old Martin noticed how difficult it is for people today to get emergency help in situations when they most desperately need it. Living in downtown New York, Martin experienced this first hand when he had what he calls a “quintessential New York experience.” Walking home in Harlem, Martin noticed that he was being followed. He knew that to call 911 would bring attention to himself, and he wasn’t sure if he would be able to report the necessary information in enough time. What Martin did instead was call an Uber. He safely got away from danger, but realized that, “Contacting 911 should be just as easy as getting an Uber.”
Martin found a need: an outdated emergency dispatch system prevents victims from getting the help they need when they need it. Martin makes the poignant observation that while technology has improved our lives in countless ways, the emergency infrastructure is still in a stage of stagnant development. It was created in the sixties, “back when landlines were king and so it’s not well-equipped to handle cell phones.”
Over 10,000 emergency victims lost their lives in 2016 when they couldn’t be located after calling 911. This is where Martin and his team at RapidSOS come into the picture.
Addressing this large market need in healthcare and public safety, RapidSOS develops apps and other transformative technology that improves emergency response and keeps families, schools and businesses safer. Their mobile app, Haven, allows users to send necessary information immediately to emergency responders with one touch, as well as notify family members or other parties. In a moment of alarm, RapidSOS is making help for victims much more accessible.
“Never hold back in what it is that you do.”
– Michael Martin
For years, like countless other entrepreneurs, Martin and his small team have found it a challenge to get RapidSOS out into the market. But they have not quit. Martin and others at RapidSOS have raised money through entrepreneurial contests, public fundraising and interactions with thousands of experts in the industry. It’s paying off: their response to this public problem has raised $14 million and continues to grow.
And they haven’t stopped there. RapidSOS continues to partner with monitoring companies so that in the future, when you experience a health emergency such as a heart attack or stroke, the nearest emergency response teams will be notified in real-time.
Martin’s efforts as co-founder and CEO of RapidSOS were recognized by Forbes 30 Under 30 this year, as they highlighted his powerful influence in the world of healthcare.
Michael Martin has achieved great success and acclaim, what some people twice his age only dream about. But even the youngest CEOs can teach us lessons that take a lifetime to learn.
He says that one thing that will carry a leader in business is their passion, so that the “ups and downs and tons of challenges” associated with starting a company will not make them miserable. They must “believe and care about what it is [they] are doing,” he says, along with “having the passion to see it through.” According to Martin, that passion must take you outside of your comfort zone if you want to make a difference. Being comfortable with being comfortable is not okay in Martin’s book. If you are not challenging yourself, then you will not have room for growth.
Martin’s last piece of advice to aspiring entrepreneurs is to not focus on disrupting an industry, but on building it up. He says, “The notion of disruption is very in vogue these days. But from my experience, it’s not always about disrupting an existing industry but partnering with it and then improving it.”
Whether you are 29 or 59, any entrepreneur should ask themselves, “Where can I improve the industry or market I am passionate about?” That is how you start to find the need in your niche. As we’ve seen from Martin’s experience, if you find a market need that matters, that’s when you’ve found a business idea to run with.
Now is the time to start making your difference.
For more business advice, help and mentorship, try the DA System.
The post Young CEO Creates a $14 Million Business: What’s his Secret? first appeared on Digital Altitude.]]>Sometimes it’s easy to forget that there are those who don’t get to enjoy the nicer things, who struggle on a daily basis to get the things that we consider basic requirements.
So we came together and built and decorated some bicycles for some at risk, underprivileged girls at a local orphanage.
The smiles on these girls’ faces lit up the room, their excitement was contagious and it was a beautiful reminder of how we should have an attitude of gratitude every day, and appreciate the people and the things we have the good fortune to have in our lives.
We’d love you to watch the short video, just click the play button and remember to turn up the sound…
But Schultz’s speech isn’t tailored to just ASU grads. As a successful entrepreneur who went from growing up in the projects of Brooklyn to building up one of the most successful companies worldwide, Schultz speaks to any and all who hope in the American dream.
Early on, Schultz’s mother taught him to believe in that American dream, the dream that no matter your circumstances, opportunities for success await those with the gumption to take them. Even while living in public housing with just enough money to pay for the monthly rent, Schultz’s mother continued to tell him that “good education and hard work will open the doors to a better life…that your station in life does not define you and [that] the promise of America…is for all of us.”
Schultz didn’t know how much sticking to those beliefs would shape his future and guide his small company in expanding to over 20,000 stores worldwide and employing over 300,000 people. He didn’t know, as the first college graduate in his family, that one day his company would help hundreds receive their own college education through the Starbucks College Achievement Plan. He didn’t know that the company he would lead would pioneer providing comprehensive health insurance to its employees, way ahead of its time.
Schultz didn’t know any of this. But he believed in the dream his mother instilled in him, and he went forward with it.
Believing in such a dream seems foolish when looking at how many startups never make it. Not everyone can be a Howard Schultz and build up a coffee shop empire. Most days, the odds don’t seem to be in your favor.
But the odds weren’t in Schultz’s favor either. At seven years old, Schultz watched his father lose his blue collar job after an accident. Schultz says of this experience, “I saw the fracturing of the American dream…I saw my parents go through hopelessness and despair…and those scars, that shame, that is with me even today.”
Rather than letting these events discourage Schultz, he used them as defining moments for creating a company and company culture that, he says, “my father never got a chance to work for. A company that honors and respects the dignity of work and the dignity of all men and women.”
That company would face some challenging moments of its own. Years after initial success under Schultz’s leadership, the Starbucks Coffee Company encountered setbacks that almost destroyed their business. Schultz felt that it was time for a reawakening of values within the entire company. The same values his mother taught him. The ones he originally ran the company with, but lost along the way
Schultz and his associates set out to reinvent the culture of their company. A culture that focuses on their service-filled outreach and social compassion. One that gives more than it takes. A culture that defines success not as an entitled privilege, but as a gift sought daily through humility and hard work.
Since then, Starbucks has bounced back from its potential financial scare and continues to be a force to be reckoned with. It embraces the spirit of “Ubuntu,” a term Schultz heard when traveling to Johannesburg. Before opening the first Starbucks in South Africa, Schultz met with the store’s 50 new employees. He learned that none of them ever held a job before being hired on at Starbucks. “They were all unemployed for their entire life,” Schultz says, “and you should see the self-esteem and the sense of security as they were getting ready for their first job.”
These newly employed South Africans repeatedly mentioned, “Ubuntu,” throughout their conversation with Schultz. He asked them what the word meant and they responded, “Howard, ubuntu means I am because of you. I am because of you.”
The success you will have one day only matters so much. How you share that success, though, will mean more than the world to the people you share it with. Schultz reminds the ASU grads that they are who they are because of parents, friends, siblings, mentors and more who, “had faith and confidence in [them], like my mother had in me, and nurtured [their] dreams.” Schultz’s call-to-action for these grads is to go out and be a similar influence for good. But remember, he’s also speaking to you.
Your opportunities already far exceed those humble workers at the Starbucks in Johannesburg. The American dream may seem far off and still no more than a dream. But it’s right in your grasp, ready for the taking.
Yes, you need hard work and ambition to succeed. However Schultz’s experience reveals more secrets to success: selflessness, humility and the courage to stick to what you believe in. The American dream becomes a reality when success isn’t defined just by your own upward progression, but also by how much you help others to find that as well.
Check out the full transcript and video of Schultz’s address for further study. Ask yourself these “enduring questions” that Schultz presents to the grads for their consideration:
“How will you respect your parents and honor your family? How will you share your success and serve others with dignity? And how will you lead with humility and demonstrate moral courage?”
The future is yours to create. How will you shape it?
The post How to Make the American Dream a Reality: Former Starbucks CEO Shares his Thoughts on Success first appeared on Digital Altitude.]]>Whatever the entrepreneur’s situation, whether you are just starting out or are far into the business game, there will always be stressors in your way. Failed deals, bad investments, a lack of effective marketing, the inability for others to see the vision of your cause…the list goes on and on. These situations or occurrences can be avoided in some situations, but most of the time they require effort on your part to reduce their negative impact.
Here are 3 stress reducers, specially tailored for entrepreneurs, that are crucial to helping you better handle your stress levels, thus allowing for more success in your business:
There are plenty of things to worry about with an up-and-coming business, but don’t let yourself worry about more than you need to. Some things you can control, but gauge your current concerns to determine what concerns you cannot control. Stephen R. Covey in his book, The 7 Habits of Highly Effective People, suggests that we first need to find out where we are focusing our time. Do we spend more time facing concerns within our circle of influence, or are we putting our time into trying to solve what’s outside of our control? Once we determine that, then it becomes easier to direct our time toward those tasks within our control. Start small, if you only have control over minimal tasks, focus on those tasks and shut out the rest. Do what’s within your power and you’ll be more productive with your time.
And delegate!
Just because you’ve gotten this far as an entrepreneur doesn’t mean that you can do everything, and it doesn’t mean that you have to. As your business expands, your resources and delegation need to as well. With help from others, your circle of influence can also expand and your productivity within your business will increase as well.
Putting more on your plate isn’t going to help you in the long run, in fact you may miss out on some opportunities because you wear yourself thin stressing about what you can’t control. So take a step back and evaluate what outside factors are causing you stress, let those go, and focus on what’s within your power to change or manage.
Even when you’ve evaluated your situation, sometimes what’s in your control can still be overwhelming. When this happens, choose to be proactive and take charge of how you respond to the situation. Don’t let the stressors put a toll on you, choose to not let them affect you in that negative manner. This may sound like poor or unreasonable advice, the advice that sounds good on paper, but is near impossible in the real world. If you are thinking that, you may be reacting to situations more than you are acting on them to make a change.
Reality always has to be faced, and it’s true, the hard facts are hard. But what you do with them is going to determine how you manage stress. Covey also addresses this issue, and he notes that on one hand you can say, “That’s just the way it is,” and let the stress envelop you. Or, you can be self-aware and see your capability to be innovative and make the most of the situation. You’ll find yourself with more opportunities rather than closed doors, thus moving your company’s vision forward.
Especially as you start your business or as it picks up speed, you don’t want to wear yourself thin. It won’t be good for your health, but it also will put a strain on your company and its productivity. Scheduling in time to meditate, to go running, to do yoga, or whatever it may be that calms you down, is necessary to maintaing balance within your business.
It may seem like there aren’t enough hours in the day to eat breakfast, get enough sleep, or go to spin class twice a week, especially when running a business. Be proactive and make the time. You’ll be amazed how much a little sleep or exercise can help increase that productivity. When you schedule in time to slow down, you’re giving your mind a break as it only has to focus on one task at that moment. Your mind needs that time. You need that time.
Face the reality that you can’t do it all, and don’t let that stress you out. This is one of those things out of your control; no one can do it all.
The variables in our lives that cause stress can’t always be eradicated, but that doesn’t mean the worry they bring us cannot be alleviated with the right practices.
The post 3 key Stress Reducers for Entrepreneurs first appeared on Digital Altitude.]]>A business niche is your speciality, what makes you different from the other companies. This can either be a particular service or product you sell or the way you brand yourself. Whatever it is that makes your company unique is your niche. Without that distinct specialty, your audience will too often pass over your business in favor of another.
Finding that niche, though, feels extremely difficult. With every passing year, markets expand, sometimes to an extent that there’s no room for newcomers. You come up with a brilliant business idea, only to realize that “it’s already been done,” and by ten other companies. But there is a niche for you if you look hard enough.
Have you encountered a lot of competition in your market? That’s good! The more competition the better. Although too much competition can make it difficult for your voice to be heard, where there is competition there is a market. And with so many competitors, you can be sure that it’s a market worth fighting for. Now all you have to do is find what makes you different from them.
Ask yourself, “What does my business have/offer that customers can’t find anywhere else?” This will require you to do some research on the market. Look for places where there is a gap or unexplored territory.
Take Netflix for example: Netflix was entering the home movie market, in competition with the popular Blockbuster of the day. But Netflix offered something that Blockbuster didn’t―they offered convenience to their customers. Instead of driving to the movie store, customers could walk out to their mailbox for a movie rental, or eventually just stream it. Netflix thrived while Blockbuster died because Netflix found their niche, and they owned it.
When it’s hard to pinpoint what differences you have from your competitors, then create a niche. A good place to start is by asking your audience what they wish your market had. Write out a list of their frustrations with the current market. Are they looking for cheaper prices, better service or more information on a certain subject that is lacking? Your business can be the one that betters the market. Any of these frustrations can be an opportunity for your business to voyage into an unchartered niche.
Sometimes you find a gap you can fill but have no idea where to begin. You don’t have to fill that gap alone. Look for resources and people around you with the skill set and expertise to help you dominate your niche of the market.
Collaborate with experts to reach out to your target audience in a new way. For example, maybe your market isn’t doing well too well on social media. You notice that this may be because your industry hasn’t been using video for advertising and marketing purposes. Find and work with a video expert who can help you bridge that gap! Who said you had to find your niche alone?
In all the world, there is only one you. Make your business as unique as you are. You’ll know you’ve found the right niche when it excites you and your audience. Remember how excited and passionate you get about your business. When you find your niche, you’ll feel the same way.
The post How to Find the Right Niche for Your Online Business first appeared on Digital Altitude.]]>Building your company doesn’t have to be risky business if you know how to get enough money to be financially secure. Lucky for you, there isn’t some grandiose secret for how and where to get enough money to start a business. Each business will have different budgeting needs in the beginning, so it’s important that you know what your company needs before you go making unnecessary expenditures.
The U.S. Small Business Administration has said that most home-based businesses can get started with just $1,000-$5,000 in initial funds. Larger and more main-street startups may require $30,000 or more to get started. Wherever your startup may fall in this range, you’ll need to save quite a bit of money to start funding your business.
As tempting as it is to quit your day job and focus all of your energies on your new business, it may be more beneficial in the long run to stay at your job while starting your business. That source of steady income will be monumental when you’re starting out. However this won’t give you as much time to dedicate towards your business. Consider going part-time at your day job if you can.
Evaluate if some beginning expenses could be forgone. You may get excited about starting your company in a nice office space, but may have to wait until the revenue comes in to afford that. Start in your own home or rent out a smaller, less-expensive office space. Or perhaps you want to hire a large team of full-time employees to do the dirty work for you. When your business is booming you can definitely consider hiring more employees, but can get by with fewer employees and even just a part-time staff in the beginning.
What other expenses may be nice to have, but aren’t really a necessity for starting out?
Great empires and extraordinary companies weren’t built in one day. They started small and built their way to the top piece by piece. You’ll need to do the same, especially if you find yourself low on funds.
Before becoming a fully established business, you can start with a test period where you start building up your audience little by little. This idea is called “bootstrapping,” or starting small with the resources you have and building up from there. For example, you may consider launching your site with just a few products and a blog with sharable content before you offer all your services. See how well this does with your audience and build up revenue before you spend a ton on something that doesn’t gain traction.
When self-funding isn’t enough, you can find plenty of other resources to help get your business off the ground. Here are just a few:
Never be afraid to ask for help when funding your business, and never lose confidence in your ability to start your business. So many financial resources are at your fingertips, use them to your advantage.
The post Simple Solutions to Funding a Business with Little to No Money first appeared on Digital Altitude.]]>Saving some money here and there is smart and applaudable, but if you’re looking to make even more money, you have to think bigger. Making changes like a new insurance or phone plan, cutting back on large expenses, or a change in salary are investments that over time see greater results than occasional frugal spending.
This doesn’t mean that frugality is a sin, it is commendable and something to strive for. Over time, these small choices can lead to greater investments, too. But what about when one is so frugal that they miss out on opportunities for memorable experiences? Or when someone obsesses so much over saving a buck that they let their worry get in the way of their happiness? Both are bad.
Learn to be frugal, to make choices on where you spend your money that will be a good investment, whether to bring in more money or to bring you something that will look back on with fondness. Being wise with your money never sounded so hard, but it is possible.
Fans of the popular TV show, “Parks and Recreation,” mark in their calendars “Treat Yo’ Self Day,” a day when the show’s characters shirk off work to pamper themselves and buy whatever they want. They look forward to this day all year long, what they claim to be the “best day of the year.” Similar feelings surround the holidays, or birthdays, days when we choose to spend money we wouldn’t normally spend because it is for a special occasion.
What makes that reward worthwhile is the uncommonness of it. If we were to reward ourselves constantly, those rewards wouldn’t be treated as something special, but as just part our daily lives.
Thus, when making more money, don’t splurge too much or you’ll lose the excitement and pleasure that comes from such a reward. Also, if you “Treat Yo’ Self” every time you get a paycheck or some extra money, that money will dwindle quickly.
This is not meant to contradict the previous suggestion. Giving yourself too many rewards can be detrimental to your bank and to your wellbeing, but it is good to indulge yourself every so often. After all, having a reward can motivate us to work harder.
Remember the first suggestion and think of investments you can make to “Treat Yo’ Self,” one’s that don’t put too much of a dent on your paycheck, but also give you a sense of freedom. A small, much-needed family vacation, a day visiting some nearby sites, a night-out. Pick what makes you happy and something within your means. These don’t have to be extravagant excursions, just something meaningful.
The ones who make money are the ones who aren’t afraid to put their boots on and get to work. If you find you aren’t getting the results you want, try something else, but try something! Ramit Sethi, author of acclaimed book, I Will Teach You To Be Rich, gives his three suggestions for ways you can take action:
Happiness and money are not always interconnected, but there are smart ways to make more money and do what makes you happy. It starts right where you are.
The post The Key to a Profitable Online Business and an Amazing Life first appeared on Digital Altitude.]]>