Author

David Orok

Browsing

Are you looking for a co-working space in Uyo where you can work or meet your clients?

Then EELSPACE is your workspace plug.

eelspace work pool

Book Space now | call 08106533922

Co-working space in Uyo with constant light and Unlimited Internet Connectivity:

We provide startups and freelance entrepreneurs with affordable co-working space, equipped with unlimited internet connectivity.

WORKPOOL

We connect skilled entrepreneurs with jobs in their niche through our market place

Facebook Community

We educate startups and entrepreneurs on the tech. tools they can use and build a minimum viable product (MVP) without spending a fortune so that they can test all their assumptions and business model.

Join our Facebook Community

Startup capital‘ is a term that makes every entrepreneur go into seeking the best funding options available.

It is needed before a startup idea can be implemented in full force. Most brilliant startup ideas have been buried due to the absence of startup capital.

Needless to say that it is a must-have for every startup as it is required as a burn rate, for use in testing and validating all assumptions.

Raising startup capital can be a very easy project if approached with the right knowledge. It can also be a huge pain due to ignorance.

There are plenty ways to raise startup capital, but most of them are just conventional.

How about we discover both the conventional and unconventional ways of raising startup? Sounds good?

I am guessing you said, yes.

How to raise startup Capital, conventionally:

  1. Find an Angel Investor
  2. Start a Crowdfunding Campaign
  3. Bootstrapping
  4. Apply for a loan
  5. Love money
  6. Find Venture Capitalist
  7. Find an Angel Investor

1. Find an Angel Investor

By definition, an angel investor is an accredited individual with a net worth exceeding $1 million or an annual income of more than $200,000. 

With this knowledge, you should already know that an angel investor is a very serious personality and will not invest in a business with poor financial projections.

To get funded by an Angel Investor, you must have a great business plan and a great pitch.

A startup business plan doesn’t need to be a many pages document of say 100 pages as most people make of it; it can be as simple as a 1 Page document, distinguished as Business Model Canvas (BMC).

While your Business plan is a 1 pager; your pitch document can be 14 pages, which is usually called a “Pitch Deck”

Contents of a Business Model Canvas:

Your Business Model Canvas (BMC) must address the following key points:

Problem(s)
— Solution(s)
— Unique Value Proposition(s)
— Unfair Advantage (s)
— Key Partners
— Key Activities
— Cost structure
— Customer Segments
— Key resources
— Revenue streams

Contents of a Pitch Deck:

Problem(s)
— Solution(s)
— Unique Value Proposition(s)
— Market Validation
— Market Size
— Product
—Competition
— Market Entry Strategy
— Team
—Financials

If you need help working on your Pitch Deck and Business Model Canvas (BMC), Click the whatsapp icon and you will be assisted.

2. Start a Crowdfunding Campaign

You can say that this is one of the best funding options in the book. It is a traditional way of raising startup capital for any business or project.

It capitalizes on the strength of many. $1 ,000,000 can be raised by 1,000 people if they individually give out $1,000.

Many startups have used this Strategy have leveled it as one of the Best Funding Options as it can be very fast if everything is done properly.

You can use Kickstarter program or any other crowdfunding system to raise funding, but you must ensure that you have:

Great brand story
— Unique Value Proposition
— Great personality

3. Bootstrapping

Brent Gleeson, a leadership and team building coach specializing in organizational transformations, states,

“if you believe in your vision and have an absolute refusal to accept failure as an option, you should feel comfortable investing your own money into the business.”

And that is what bootstrapping is all about. It involves using your own money to build your Startup. It bring little or no drama.

As a startup founder, you can rely completely on your personal income when considering bootstrapping as your only funding option.

4. Apply for a loan

Applying for a loan can serve as a funding option too. Startups can raise capital by applying for loans from reputable banks or fintech business establishments that offer such services.

It is not advisable for Startups with no track of yearly revenue of less than $50,000. This track record proves to the organizations that your business has real customers and can make money to repay its debt.

To get funding through this Strategy, a startup must have a great financial statement with great projections of up to 5 years.

5. Love money

Raising capital through the help of family and friends is what I call “Love Money”. It is one of the best funding options so far.

It is not wrong to seek for financial support from family and friends when trying to raise startup capital for your business.

Infact it is very safe!

6. Find Venture Capitalist

Venture capitalists (VCs) typically want to invest in slightly more mature companies than angel investors and will sometimes want to have more of a say in managing the day-to-day operations.

Just like the Angel Investors, VCs will also require you to present a Business plan and a pitch to them before they can be convinced to invest in your business.

VCs are described as sharks, they do not invest in startups that will not give them back up to 3 times their Investment in about 3— 5 years duration.

How to raise startup Capital, unconventionally:

1. Get a rich co-founder

Getting a rich co-founder is one of the best funding options because of the ease it brings to the startup.

Most startup imagine that they should only look for a co-founder when they need a certain skill set in the team.

Founders of tech startups are fond of getting a co-founder who is better at coding.

Yes it works, that’s why getting a rich co-founder will work as well as long as each party is handling a unique responsibility.

2. Fund your startup with the income from another business.

If your new startup is not your first business enterprise, you can consider funding it by using profits from an existing business.

This is a safe way of raising capital for your startup.

You can also start a conventional business, such as buying and selling or mini-importation or affiliate marketing and then use the proceeds to finance your new startup solving a unique problem.

3. Apply for startup grants

Startup grants is indeed one of the best funding options in the history of entrepreneurship and startup capital.

You can get funding by pitching your business in a grant pitching exercise, usually organized by NGOs or well-meaning organizations such as Tony Elumelu Entrepreneurship Foundation, Total Startupper Challenge, and others.

4. Start Lean

Starting lean is one of the unconventional ways of raising startup capital without the usual headache that comes from other ways.

It involves starting where you are with the little resources you have. It is a great option for startups that want to have the feeling of “starting from scratch” which begets a huge business experience and so many possibilities of failing.

Every startup can start lean and survive.
It is a great option as long as your idea is unique and addresses the pain points of your potential customers.

Summary:

There is no better thing you can do with your life than to build solutions that solves people’s problems.

There is no better joy to experience than that which comes from addressing the pain points of your customers through your unique solution.

Choose one, two or three ways explained in this article to raise capital for your startup idea, it might just be the next big thing.

Cheers!

Signup below and get articles like this one sent to your mail every week.

Startups that operates as a company will likely face death by hanging, sorry I mean death by extinction. Every startup should refrain from acting as a company.

I am really trying to be nice with my words, but the truth will speak for itself in a few years if startups fail to act their age.

I’ll repeat the definition of a Startup by Steve Blank and Bob Dorf which explains the situation of operation of every startup.

A startup is a temporary organization in search of a scalable, repeatable, profitable business model.

Startups need to go by the book when it comes to their operation.

I may not be able to define what a company is, but here is what I know:

A company is a direct consequence of a “Scalable Startup”.

A Scalable Startup here is one that has the following characteristics:

CHARACTERISTICS OF A SCALABLE STARTUP

Business Model Found
— Product/Market Fit
— Repeatable Sales Model
— Manager hired

A Scalable Startup usually undergoes a certain transition after the passing of an observation window which can take a few extra years after customer validation.

After the transition period, a company is then born with the following characteristics:

CHARACTERISTICS OF A COMPANY

Cash-flow breakeven
— Profitable
— Rapid Scaling
— New Senior Management ~ 150 people

A founder of a startup is saddled with the responsibility of searching for a business model.

He or she is expected to focus the teams energy towards research, product testing and early adoptees feedbacks.

A MUST-DO FOR EVERY STARTUP

Customer Development:
Customer Development is the process to organize
the search for the business model.

Holy Book of Startups: A Startup that operates as a company must die

Customer development first captures the founders’ vision and turns it into a series of business model hypotheses.

Customer Validation

— Validate it’s business model hypothesis by using a Minimum Viable Product (MVP).

Customer validation tests whether the resulting business model is repeatable and scalable. If
not, you return to customer discovery

Every startup must get acquainted with the 14 Rules that’s make up the Customer Development Manifesto

1. There Are No Facts Inside Your Building, So Get Outside.

2. Pair Customer Development with Agile Development

3. Failure is an Integral Part of the Search

4. Make Continuous Iterations and Pivots

5. No Business Plan Survives First Contact with Customers So Use a Business Model
Canvas

Holy Book of Startups: A Startup that operates as a company must die

A business model describes the flow between key components of the company:

  • value proposition, which the company offers (product/service, benefits)
  • customer segments, such as users, and payers, or moms or teens
  • distribution channels to reach customers and offer them the value proposition
  • customer relationships to create demand
  • revenue streams generated by the value proposition(s)
  • resources needed to make the business model possible
  • activities necessary to implement the business model
  • partners who participate in the business and their motivations for doing so
  • cost structure resulting from the business model

6. Design Experiments and Test to Validate Your Hypotheses

7. Agree on Market Type. It Changes Everything

8. Startup Metrics Differ from Those in Existing Companies

9. Fast Decision-Making, Cycle Time, Speed and Tempo

10. It’s All About Passion

11. Startup Job Titles Are Very Different from a Large Company’

12. Preserve All Cash Until Needed. Then Spend.

13. Communicate and Share Learning

14. Customer Development Success Begins With Buy-In

STARTUPS DO NOT HAVE C-LEVEL EXECUTIVES

It is popular to find startups having C-Level Officers representing different cadre of executive operations such as CEO, CSO, COO etc.

Now! This is not right. A startup that operates like this is only trying to mimick a large company which is usually due to ignorance.

This ignorance can cause a great deal of harm to the psyche of the startup; thereby not allowing them to focus on the essentials which is customer development.

Startups are expected to only have a Customer Development Team which will be responsible for executing all the nitty-gritty that pertains to discovery customers and making sure that there is a perfect product fit.

When all the factors raised in this article are adhered to religiously with precision, success is bound to be experienced.

As a startup founder or member of a startup team, remember to support your team by sharing the knowledge you have gained from here with your team.

Summary quote for every startup:

“If you’re afraid to fail in a startup, you’re destined to do so”

Signup for our Newsletter to get latest articles sent to your mail

Every journey requires resources, and entrepreneurship as a journey is not an exception, as business skills should be a must-have for every startup founder.

It’s not rare to find a young man or lady proposing an idea he or she idolizes as the Next Big Idea that will create a revolution in the business or entrepreneurial ecosystem but has practically no business skills to leverage on as a startup founder.

BUSINESS SKILLS AND A STARTUP FOUNDER

Business skills are too necessary’ as it pertains to building a startup, especially as a startup founder or entrepreneur.

It is the one requirement as legalized by the ‘gods of business success’ that will lead to the summon bonum of a startup founders’ business enterprise.

HOW A STARTUP FOUNDER CAN ACQUIRE BUSINESS SKILLS :

A startup founder that successfully builds and scales his business until it becomes a unicorn understood that his startup was strewn with a series of untested hypotheses.

This hypothesis can be further validated with the help of business skills acquired before and during the process of building a startup as a startup founder.

It is a must-have business wand that is required to jump all the hurdles that come with establishing a business as a startup founder.

Business skills can be acquired theoretically by reading about how a successful startup founder approached challenges that his business faced during the early stage.

Business Skills: Here is why every Startup Founder must skill up

It can also be acquired by attending webinars and sharing ideas with other creatives in the startup space

WHY A STARTUP FOUNDER MUST SKILL UP BY ACQUIRING BUSINESS SKILLS:

To:

Avoid losing talents

Gain more revenue

Access great partnerships

Win equity-free grants

Develop products that address customers pain points

Get investment

Deliver a successful brand story to customers

Manage revenue

Discover other revenue Streams

Know when to scale the business

The above-listed points will set any startup founder on a track to building a successful business that can be scaled until it becomes a unicorn.

BUSINESS SKILLS THAT A STARTUP FOUNDER SHOULD HAVE:

To experience the benefits of having great business acumen and knowledge, an entrepreneur or startup founder should acquire the following skills

  1. PRODUCT MANAGEMENT
  2. BUSINESS DEVELOPMENT
  3. WRITING AND PITCHING
  4. BUYING AND SELLING
  5. NEGOTIATION

Yes! The listed skills are not ‘tech skills’ because all startup founders do not necessarily have to be techies of geeks in the software development niche.

Instead, they should posses skills that will facilitate the success of the tech skills which can be hired or handled by a co-founder in other to assist the startup start lean.

PRODUCT MANAGEMENT:

Here product management simply entails knowing what product to build that actually addresses the pain of potential customers or users.

BUSINESS DEVELOPMENT:

Business development here involves creating strategies to help the startup reach their customers through partnerships.

WRITING AND PITCHING:

Writing and pitching is one very essential skills that entrepreneurs and startup founders should posses at a flawless level.

While writing involves being able to convey a thought as clearly as possible to a reader even without the presence of the author.

Pitching, on the other hand, involves verbally conveying business convictions at the highest level of truth, densely sprinkled with facts.

BUYING AND SELLING

From the launch of the business to the time continuum that it grows into a unicorn, startup founders are expected to know how to sell their convictions, to an investor, users, and team.

He has to be able to learn how to buy the suggestions of his investors, user feedback, and team recommendation while still making the final judgment that accommodates everyone.

NEGOTIATION:

Negotiation is an art that has a semblance with buying and selling but with a touch of emotions controlled through dialogues that lead through to persuasion with no elements of begging.

It is a subtle way of winning every argument, or declining suggestions without hurting anyone’s feelings.

Here is where this long rewarding read ends. You have been encouraged to acquire skills

so get skilled up Champ!

Stay connected with us and discover more ideas that can help you as a startup.

Signup for our Newsletters!

The demand for smart working has grown significantly in recent years. In fact, according to our observatory, the most sought after advantages in the workplace are flexible working hours (71%) and the possibility of working from home (55%). 

It is therefore not surprising that companies are evaluating their dynamic job offer in order to attract and retain the best talent in their organizations.

If you are someone who is able to work remotely from home, then you will know how difficult it can be to maintain motivation and productivity. There may be distractions, you may experience loneliness, lack of routine, and end up with an invasion of documents, reminders, and reports.

To work from home and be productive, one must be disciplined and responsible. But how can you increase productivity when working from home?

Design your smart work environment to enhance smart working when working from home

If your idea of ​​working from home is to sit in bed or in front of the TV with your laptop, you are unlikely to be very productive. If you have a vacant room or studio to use as an office, keep everything related to work. 

Creating a work environment can help you find the right headspace you need to work productively.

Dress up in your usual office dress for smart working when working from home

While it can be tempting to stay in your pajamas, be sure to get dressed and be ready for your workday. This will make you feel more awake and ready to face the day, after a few hours of sitting in your bed, you will probably begin to feel groggy and less productive.

Plan your day in smart working

If you set clear goals for the day ahead, you are more likely to stay focused and reach the recommended auto deadlines. Use a paper list/to-do list or an application like Trello to create the main activities to do and check them off as you complete them throughout the day.

Manage your workload creatively to accelerate smart working when working from home

Smart Working: How you can increase productivity when working from home

If you have many tasks to complete for a very important project, or you have administrative tasks that are piling up and that you haven’t started yet, it can become stressful. If you work from home and take this quiet time to complete some administrative tasks, try to separate them so that you can complete them during the day or week. Planning and mapping your workload in this way should prevent you from feeling overwhelmed.

Meeting and follow up with your colleagues when working from home

It can be easy to feel like you are working alone when working from home, however, although this may be true physically, don’t forget your colleagues who also work at home or in the office. It is important to remind yourself that you are at work, calling to update your manager or colleagues on your work or on the status of a project will make you feel more connected to what is happening in the company.

Take breaks to improve smart working when working from home

Breaks are important to increase productivity. If you don’t give yourself time to rest and recover during the day, you may run out in the afternoon. Make sure to take a full lunch break and try to stay away from the computer even during this time. You will feel rejuvenated when you return to your desk to face the whole working day in smart working.

Reward yourself frequently when working from home

Smart Working: How you can increase productivity when working from home

He can motivate you knowing that you have to complete a task and send it to your manager by a certain deadline, but for those who don’t work under anyone, you should try to find ways to reward yourself at the end of each task or day. This little push can give you what you need to move on to the next job and keep your motivation.

Failing to maintain motivation levels at work can be stressful and can ultimately lead to poor performance in your role. It is essential to recognize when you are not working effectively and discuss any problems with your line manager or colleagues. Although working from home in smart working is a useful option in today’s culture, it is not for everyone.

Get out of the building! What building is he talking about here?

That’s the spirit! The inquisitive spirit that will help you succeed when you get out of the building.

I would be asking the same question after reading the title of this post.

Let me begin by assuring you that cats are ‘learning’, when it comes to being curious, as far as I am concerned.

You can agree with me for a fact that launching a startup is easy, and wearing the white-collar tag “entrepreneur” is currently almost everyone’s dream.

But very few are willing to get out of the building and do the real work.

If you are just starting your journey as an entrepreneur or startup founder then you’re above all men, most lucky to be feeding on this information in this time continuum.

When starting out , there are certain essential things that needs to be evaluated on time.

There are:

Customer Discovery
— Customer Validation

At this point, kindly note that a startup is a temporary organization in search of a scalable, repeatable, profitable business model.

A startup is not a small version of a big company as most people describe startups.

Companies execute business models where customers, their problems, and necessary product features are all “knowns.”

In sharp contrast, startups operate in “search” mode, seeking a repeatable and profitable business model.

The search for a business model demands that every startup or startup team must get out of the building.

It requires dramatically different rules, roadmaps, skill sets, and tools in order to minimize risk and optimize chances for success.

Get out of the building and search for your business model by first discovering your customers, and then validating those customers.

How can you discover your customers?.

As a startup, you need to know that customer discovery process is not simple. It is difficult but rewarding.

It requires a great deal of work and patience. It involves walking in the shoes of your potential customers, pondering on what their main pain is, and tailoring your unique value proposition to address that pain.

Customer discovery process need to be followed with agile development or simply put agile implementation.

You must be ready to test all your assumptions. In fact, it is best to recognize that your startup idea is just a hypothesis. It is far from being a fact.

Get out of the building and validate the hypothesis.

Winners recognize that their startup is a series of untested hypotheses. Losers, you know, ignorantly turn a blind eye against the fact they should actually be mindful of.

I like emphasizing that startups need to start lean so that they don’t burn up their resources and still get negative feedback from their customer discovery process.

You can test your unique value proposition(s) by using any of the steps below:

— Conducting surveys
— Giving out your Minimum Viable Product (MVP) to be tested by potential customers and taking notes of their feedbacks.
— Research on the category of people that use a similar service provided by your competitor.

You can’t do any of this while still within the building of your idea, so get out of the building and walk the talk.

There are no facts inside your building, so get the heck outside!

Finally, be reminded that eelspace is a brand that helps startups and entrepreneurs start lean.

We believe that you can start your dream company by leveraging on available technologies and strategies previously utilized by other successful companies that were sometime ago, Startupper like yourself.

We can help you with your customer discovery and validation processes.

If your startup idea needs a website or a mobile app, we are available to build it for you.

Remember! On Day One, a startup is a faith-based initiative…

Signup below for our weekly newsletters

For the past few years, the idea of sharing workspace has suddenly become a vastly approved trend. Besides gaining wider acceptance and consumer base, the reality of coworking spaces has gained tremendous amounts of positive feedback, acting as reinforcements and self-allocated advertising all in one.

However sharing a space is only advised for small, medium businesses and mere outlets of larger companies.

What is a coworking space?

Collaborative working(coworking) spaces are in plain terms working spaces shared with other establishments, all striving to achieve individual success. As the saying goes, however, success is contagious, and you just might be in luck.

 BENEFITS OF A COWORKING SPACE.

Here are few reasons why coworking spaces are such a widely advised idea:

1.Variety

2.Higher profits

3.Faster growth

4.Better management

5.Better staff exposure/socialization

6.The opportunity bank

7.Psychological influence on staff

8.Ease in responsibilities

9.Staff evaluation

10.Flexibility in staff size

11.Active and enjoyable staff events

12.Consumer-friendly systems

1-Variety:

           Variety is the spice of life, in more occasions than one, this statement rings true, it becomes predictable going to work with the exact same people every day, switching it up a little really wouldn’t hurt anyone and would ensure that work becomes as fun as any other aspects of life– you could look at is as bringing your office to become part of a society or system larger than just itself.

2-Higher profits/Cheaper maintenance:

              With split cost, it is easy to see why maintenance would be easier in a coworking system. This basically just highlights the fact that the cost will be lightened as debits will be shared for a lot of the expenditure and services required to keep the businesses up and running. In the case of a Nigeria- based business, the standby generator will be fueled and serviced collectively. This and much more make the personal budget of each of the businesses involved more profitable.

3-Faster growth:

             In retrospect, the previous item on this list has made it only sensible to assume that with the burden of expenditure lessened, businesses will harness the extra income which would, in turn, give rise to higher levels of production, expansion, and unprohibited growth all round.

4-Better management:

           The saying ‘two heads are better than one’ comes into play here as a joint management system will ensure better results, higher productivity rates, a great improvement in all the other aspects of the companies’ welfare and output.

5-Better staff exposure/socialization:

           With shared facilities such as the cafeteria, the restrooms, the break room, the lounge area, the chances that staff will not get familiar with each other is almost non-existent, though, on a personal level, I’m not looking forward to a brief chat in the restrooms, not at all. This opportunity at socialization creates great friendships, shared knowledge, stronger bonds that ensure greater work on both sides. At least you’ll know someone has always got your back.

6-The opportunity bank:

        Speaking of opportunities, there are a plethora of opportunities to be gained from sharing a working space with people from other sides of life – from gaining information in other fields to exploring knowledge that seemed formerly elusive. Even skill gets sharpened when placed in a diversity-friendly environment.

7-Psychological influence on staff :

           The psychological influence of working alone in your room cannot be compared to that of working at the office with other people up and around. While most people feel more competent alone, the majority often leans into others and the steady flow of activity to draw motivation. This said it is highly advised for people to be surrounded by others who are in chase of a goal, however, liked-minded or far apart. The basic ‘chase for a goal’ is great to be around and you might just notice the great change of speed and strength in your staff and their work.

8-Ease in responsibilities:

           Have you ever thought, ugggh I have to sweep this room every day, all by myself … In the same way, it becomes pretty annoying for your staff if they have to clean the office every day, this is easily applicable as people find cleaning services to be a burden on small scale establishments. Now, if you got a roommate, who helped you create the mess every day, then that roommate would be responsible for helping you clean it up, so the strain would be lessened considerably. In the exact precise way, a coworking space allows for more hands and a more reliable management system, either by hiring a cleaner that will be paid for equally by all the offices housed in the building, or by delegating cleaning chores by order of subdivision.

9-Staff evaluation:

          Sharing spaces with people who do not necessarily have the same ideals you have tends to bring out a different side to people, so if you are set to explore how your staff manages and resolve conflict, this might be an interesting idea to try out. This alone, however, is not a good enough reason to invest in the idea of a coworking space.

10-Flexibility in staff size:    

          Collaborative working spaces ensure a fall back for if you want to cut off most of your staff, and enough room for if you want to stock up for a business storm. If you are looking for a way to ease your budget or ease the strain on your staff, whichever it may be, the coworking space would be a great idea for you. With less staff, you still have enough to run simple errands like clean and grab a coffee when the receptionist can’t, this is because it doesn’t all fall to you alone, your friends in your space can be willing to lend a hand if you keep to your end of the deal. In the same vein, if you choose to increase your staff population for any reason at all, all you’d need to do is buy a few extra desks, not rent a few extra apartments… This way, there’s always a certain cost-effective way to handle your staff.

11-Active and enjoyable staff events:

           Everyone knows that events are more likely to be boring if it’s just between people who are familiar already. Having new faces will ensure the lively interest and intrigue in your employee workshops, conferences, birthday celebrations, anniversaries, and other employee events, no matter how small or seemingly irrelevant.

12- Consumer friendly systems:

           This one is for the consumers, it makes errands easier to run. A mall is a coworking space of sorts and it makes it so much easier to reach different retailers of goods and services all at once.

Other kinds of shared spaces also seem to attain the same advantage, it just makes things so much lighter when you can run into your lawyer’s office for an appointment and still be able to meet with your stylist for your makeover session or an artist for your portraits and pictures or your therapist for your session, the possibilities are endless and maybe they will not always come together in the way that one building is accessible to all, but in the end, the advantages of coworking spaces are limitless for both buyer and seller and this fact cannot be overemphasized.

 Related questions

Collaborative working (coworking)

Is there a downside to coworking spaces?

 After all, you've read, of course, you're convinced that coworking spaces just might be the thing for you, an awesome, unique way to make friends while still fulfilling your daily quota at work, and you are not wrong. Yes, there is a downside to coworking spaces, not only because it like everything else needs both good and bad to be an absolute concept, but also for a few other possible reasons:

– sharing a space means you do not have absolute control over any of the decisions concerning the entire space.

– a shared space can be noisy and more than a little unruly. If you are someone who enjoys strict compliance with rules, this might rile you up more than a little and distract your staff.

  These reasons are only a gamble and it is wrong to pass up an opportunity just for fear of taking a risk. So yeah, if you really want to try out this idea, go for it!

What is the greatest advantage of a shared working space:

The greatest advantage of shared working space is that you get two of some things and half of everything else. You get the population, the variety, the fun, the birthday cakes in double measures and the cost, the conference room, the cafeteria, the office pool, the lounge, the receptionist, in only half measures, not the receptionist, of course, that would be creepy, but you get one instead of two and that not only shortens your cost but boosts codependent behaviors and largely benefits society.

Subscribe for our weekly newsletters

The Business Model Canvas is one of the essential tools for designing your business model on a single page in the form of a table and proceeding step by step to launch your startup project. 

It represents the entire global strategy put in place for the proper functioning of your business. Ideally, it defines itself at the start of the business, then improves and adapts as development proceeds which is a sequence that entrepreneurs launch your startup project.

The Business Model Canvas (BMC) is a tool imagined by Alexander Osterwalder and Yves Pigneur, authors of the book Business model generation which experienced a great boom a few years ago. 

Today, it has found its place among startups who want to design a business model quickly.  Hundreds of thousands of entrepreneurs no longer hesitate to use it.

Article summary

  • What is the Business Model Canvas?
  • A tool to materialize the business model of a company
  • The 9 components of the Business Model Canvas
  • Example of a Business Model Canvas: Airbnb
  • Download a frame of the Business Model Canvas matrix

What is the Business Model Canvas?

The business model canvas is an effective management tool to help you create or adapt the economic model of your company.

It differs from “classic” business plans by its visual aspect and its intuitive side. It allows you to quickly identify a synthetic vision of your strategy and the actions to be implemented. 

Indeed, some entrepreneurs have an idea for a product or service without necessarily knowing the precise needs of their target. The BMC will allow validating the consistency between the proposed solution and the problems of the customers. 

It also sheds light on the communication and sales channels needed to help you launch your startup project.

Another common case is the very (too) detailed Business Model which does not allow the company to be agile and turn around quickly. The Canva Business Model also shows its usefulness by helping the entrepreneur to articulate an idea for a business project, in a simple and visual way. 

Indeed, a company is segmented into different sectors, themselves divided into several activities. As an entrepreneur, you can launch your startup project using The Business Model Canvas visually shows all this synergy by proposing 9 strategic blocks all linked together. 

Once your business model has been established, it is important to specify that it is not definitive but very progressive, especially in the startup universe where the environment can change very quickly.

A tool to materialize the business model of a company

The BMC brings the entrepreneur to focus on the key elements of his business plan: the market, the infrastructure, or even the financial aspects. It brings the project creator(s) to ask the right questions that will help launch your startup project:

  • What product or service with high added value to offer?
  • How to deliver my proposal to the client?
  • The process to produce value?
  • How to capture value?

The tool gives a global view of the project and allows you to validate the first hypotheses related to the business. However, it is important to remember that the Business Model Canvas is not everything, it is one tool among others and a market study based on the SWOT and PESTEL matrices is just as essential. 

BMC makes it possible to further develop thinking around the product, the target, the means to expect it, and the revenue models.

The 9 components of the Business Model Canvas

To show in concrete terms the interests of the different components of the Business Model Canvas, we will base ourselves on the strategy of Airbnb which notably used this tool in its beginnings and whose success is no longer to be demonstrated today.

CUSTOMER SEGMENTS

First and certainly the most important element: your customers. What is their profile? What are their needs? Are they present in a mass-market? Niche?

Be careful not to mix all of your segments if your business caters to different types of customers. E.g. (BtoB and BtoC).  If your customer profiles require different strategies (you will not approach your customers in the same way) your marketing actions and your cost structure will be different. Favor a matrix for each profile.

Example : At Airbnb, there are several customer profiles: travelers, accommodation providers, photographers, and businesses. There are therefore two offers: a B to C and a B to B. The typical profile of travelers, at the launch of the company, was a person who likes to travel and live new experiences, wanted to save money on their stay and live a unique adventure in contact with local people.

As for the hosts, these were people who wanted to rent their available space to obtain additional income, while meeting new people.

THE VALUE PROPOSITION

Why should your customers buy your product? What problems will you solve with your solution? For each need, what is the product or service offered? What is your added value compared to the competition? The answer to this will determine how you can launch your startup project.

All the answers to these questions should cause the famous “wow effect” among your customers, which encourages consumption.

Example: Airbnb promises travelers to sleep with locals and therefore to save money during their trip. For the hosts, Airbnb provides them with an additional salary without having to look for punctual tenants,. The platform manages everything, invoicing and payments included.

DISTRIBUTION CHANNELS

How will you sell your product/service? What will be the preferred distribution channel: will you be a Pure Player with online sales only? If you sell products, which delivery solution do you prefer? 

This part concerns all the distribution circuits to deliver your solution that will guide you to launch your startup project.

Example: Airbnb is an online platform. Its main distribution channels are therefore the website as well as the Android and iOS applications.

THE CUSTOMER RELATIONSHIP

How are you going to retain your customers? What actions will you take? What tools and for what cost?

Customer relations are obviously a key element in your value creation. If your customers do not feel this proximity, they may quickly lose interest in your business. Remember: branding is just as important as the quality of products and services (isn’t it Apple?)

Example: Airbnb customers have access to 24/7 assistance via the platform. They also have the possibility of exchanging via social networks.

INCOME  STREAMS

This is the total revenue generated by your customer segments, taking into account the budget spent to create your value. How do you make money? What are the established prices? How much do you spend on each activity?

Example: Airbnb charges a 3% service charge commission to hosts. The platform also takes a commission between 6 and 12% on each booking.

KEY ACTIVITIES

This block covers all the important tasks without which your business would not work. It can be daily or monthly activities and all departments of the company are affected.

Example: To maintain and expand its community, AirBnB relies on its Community Management activity. Other essential activities include the development of updates to constantly improve the user experience.

KEY RESOURCES

These are all the elements essential to the operation and development of your startup: human resources, financial aspect, furniture and real estate needs. Write down what you have and what you need.

Example: To work, Airbnb needs the hosts, without whom the concept could not work, but also reliable technology, its employees to manage the day-to-day business and a large community of customers.

KEY PARTNERS

Who are your strategic partners and what benefits do they bring to your business? Forming partnerships can be beneficial in the sense that they bring you additional assets such as better visibility, funds or clients.

Example: Airbnb is developing alongside several key partners: hosts, travelers, photographers, their investors and even the payment solutions it has set up on its site.

THE COST STRUCTURE

Among all these resources listed, it is now a question of which ones will be more expensive than the others. What are the priority costs? The highest?…

Example: For the platform, the highest resource is the costs linked to the development and improvement of the site and applications, then the marketing and communication budget second and finally human resources.

Example of a Business Model Canvas: Airbnb

Canvas business model: 

An undeniable success, a valuation that exceeds one billion dollars and a presence in nearly 200 countries: Airbnb has become a textbook case.

For those who do not know this company, Airbnb is a platform for connecting travelers and private hosts for accommodation. Travelers benefit from homestay accommodation and have the opportunity to live a unique experience that is often much cheaper than a night at the hotel. 

On the other hand, the hosts have a good way of obtaining additional income.

The platform also offers a B to B solution by offering business trips to business leaders and their teams.

Subscribe for our weekly newsletters

Do you want to make your life more successful and climb the career ladder? Are you ready to make an honest effort and work every day until you succeed? Then it could help you to learn a few tricks from the most successful people of our century which is the 5-morning routines of successful people. How do successful managers and politicians start the day? What are they doing better and how can you imitate them?

What you will discover:

  1. How do normal people start the day?
  2. What do successful people do differently in the morning?
  3. What morning routines are there and why are they so important?
  4. 5 things that successful entrepreneurs do in the morning
  5. Conclusion: This is how you get used to your own morning routine

How do normal people start the day?

Each of us have our own daily routine. Most of the day, however, begins with the fact that despite the high-pitched ringing of your alarm clock or the deafening music from your radio, you cannot force yourself to torture yourself. A quick breakfast, leafing through the newspaper, morning toilet and then going out to work.

Few people get up in the morning to start the day with sports or to ensure a healthy and balanced breakfast. Most of the time, the focus is already on the beeping smartphone, a look at the social networks and a quick cup of coffee.

What do successful people do differently in the morning?

Successful people start their day fundamentally different. They make sure that they have slept well, avoid social networks and being constantly available. They also take time for a balanced breakfast and sporting activities to strengthen the body for the busy day. Many also find it important to drink half a liter of water with lemon in the morning. The body is dehydrated overnight and the water helps to strengthen the functions of the brain and thus the concentration.

They don’t just work on it, but strictly pay attention to setting themselves priorities. Of course, there are individual differences, but no matter which process you choose, you will keep the morning routine that you have chosen. This is important, because if you have a well-structured daily routine, many things go by themselves and can contribute to your success in this way.

In this way, successful people can divide their strengths well, start calmly and in a balanced manner, and thereby concentrate their day. The early bird catches the worm, as the saying goes. And this is exactly where the secret of success lies: Many entrepreneurs get up very early and use the time gained productively. You can do that too! Start chasing your dreams early in the morning with no annoying customers or bosses and no distractions.

Tips from Steve Jobs and Benjamin Franklin

Two very well-known men are often cited when looking for the secret to their success.

Steve Jobs (1955 – 2011), the founder of Apple, asked himself every morning when looking in the mirror, “If today were the last day of my life, would I be happy with what I’m doing today?” If the answer is several days “No” in succession, he changed something!
Benjamin Franklin (1706 – 1790), the American inventor and statesman, one of the founding fathers of the USA, asked himself every morning: “What should I do good today?” And at the end of the day he looked back at his achievements and asked himself again: “What have I done good today?”

Take these two men as inspiration. They knew that they didn’t just have to get up to work. It should also be fun and it should be something good!

What morning routines are there and why are they so important?

Morning routines not only help managers and prominent role models, but everyone. It doesn’t matter which routine a person gets used to. It is important that you choose a ritual that helps you to eliminate the usual stress and hectic pace and to start the day positively. Positive experiences in the morning strengthen you and give you enough energy to tackle your goals efficiently.

So you not only have to get up early, you also have to use the time you gain in this way. Sports activities such as yoga, walks, treadmills or swimming are popular. Others prefer to listen to the radio and read the newspaper extensively or meditate. Morning readers include AOL boss Tim Armstrong and Padmasree Warrior, technology chief at Cisco Systems, who thus start the day well-informed.

Jack Sorsey, co-founder of Twitter, or Paul English, co-founder of Kayak, are fans of early morning meditation, while David Karp (founder of Tumblr) prefers to start the day with a morning walk. Vittorio Colao, the boss of Vodafone, likes it more sporty, preferring to start his daily workout at 6 a.m. Reddit founder Alexis Ohanian starts the day completely differently. He cuddles and pats his cat. These are known to have a positive and calming impact on us humans.

But there are even more unusual rituals

As has been reported, the French author Victor Hugo started a breakfast consisting of two raw eggs in the morning after being woken up by a rifle shot, and then bathed on the roof. In a water that had already been provided there the previous evening. It is an example of unusual routines. Facebook founder Mark Zuckerberg starts every morning by putting on the same t-shirt to save himself the stress of choosing an outfit.
Which morning ritual could you make friends with?

5 Things That Successful Entrepreneurs Do In The Morning

1. You practice sport and meditation

The most popular morning ritual after getting up early is both sport and meditation. However, getting up early does not involve torturing yourself out of bed after 2 or 3 hours of sleep, but rather a full eight-hour bed rest. Not only Jeff Bezos (Amazon) and Arianna Huffington (Huffington Post) swear by this.

Apple CEO Tim Cook starts his day at 3:45 a.m., topping the list of early risers. Followed closely by Inda Nooyi, CEO of PepsiCo, who starts the day at 4 a.m. Then come Bob Iger (Disney) and 4.30 a.m. and Jack Dorsey (Square) at 5.30 a.m.

The subsequent meditation focuses, for example, on Arianne Huffington or the Dalai Lama. Xerox boss Ursula Burns and Anna Wintour, the famous editor-in-chief of Vogue magazine, prefer a strenuous workout that floods the brain with oxygen. Investor Kevin O’Leary also starts early on the cross trainer.

2. You have a balanced and healthy breakfast

The body used up a lot of energy overnight and during the morning workout. And in this slack state, successful people do not start the day. For this reason, breakfast is the first thing to do after exercising or meditation.

But not a cup of coffee-to-go, but a healthy and nutritious breakfast that gives you enough energy for the day. Thich Nhat Hanh, the Vietnamese writer and Buddhist monk, recommends a leisurely breakfast at home. So you can concentrate on the food and enjoy it. You can also spend time with your family.

Ex-President Barack Obama or Samantha Power, the former United States Ambassador, who swears by the fact that, like Obama, enjoys spending the morning hours with her children, swears by this.

If you have breakfast alone, you can read the most important news such as stock exchange prices or other things in the newspaper. This is how Bill Gates, who reads the Wall Street Journal and still reads the New York Times and the Economist, does it.

Barack Obama combines several routines of successful men, because he gets up early, does a hard workout and then not only has breakfast with his family, but also gets information in the newspaper and reads his emails in peace before starting the day.

3. You have positive thoughts and are grateful for what you have achieved

To start the day positively, you need more than a healthy body and an alert mind. Therefore, successful people start with positive thoughts. They focus on their goals and their success and also think about what they are grateful for.

Some write down positive or motivating thoughts in a notepad so that they can be viewed again and again. The same goes for pharmaceutical manager Wendy Kay, who thinks it is important to be mentally positive tomorrow and also express gratitude for what you have achieved. With nice thoughts and a positive attitude, the day starts with a good mood.

4. You plan and visualize your daily routine

Afterwards, the successful people start the day in a good mood and mentally and physically fit. However, they don’t just work on it, they determine exactly what they want to achieve. It is important to avoid stress and hectic pace, not to schedule appointments too quickly and to cancel unnecessary and avoidable appointments or meetings or to transfer them to an employee.

Like Shannon Lee Miller, the American gymnast for example. Although she no longer competes in the Olympics, she admits that to this day she has a well-kept schedule in which she plans her daily routine with great care. It is interesting to note that successful people work with their calendar and not with various to-do lists, on which they constantly move the individual items back and forth. Because open points only lead to stress. There are as many appointments in the calendar as fit, and that’s it.

At that time, the former President of the United States, Benjamin Franklin, was already writing down his goals for each day and was already setting his priorities. You should do that too.

In the further process, there are usually two different views of what should be done first. Two contrary recommendations are made in time management. On the one hand, in the morning, when you are still fresh, you should tackle the most important and exhausting project. There is even the 90-90-1 rule that author Robin Sharma has drawn up. This rule suggests that in the first 90 minutes of your day, you should only dedicate yourself to the project that will benefit you the most in the long run.

Other theories say you’d better do the uncomfortable first so you can clear your head afterwards. And that’s what successful people actually do!

5. You do the unpleasant activities first

Contrary to the 90-90-1 rule mentioned above, successful people behave according to the “eat the frog” principle. The American successful coach Brian Tracy established this over 15 years ago. The frog stands for an unpleasant task that is always on your neck because you push it in front of you and don’t really want to do it.

However, these “frogs” collect at some point and cause stress. Successful people also know that. Therefore, they start the day by first doing a particularly annoying task and then clearing their head for really important things.

Mark Twain already knew that, because Brian Tracy named his method after his quote: “If it is part of your job to swallow a living frog, it is best to do it in the morning. And if you are to eat two, take the bigger and uglier one first. ”

Conclusion: This is how you get used to your own morning routine

You have now seen some different routines that successful people are committed to. Certainly you can also implement some of it. You just have to overcome your inner bastard!

You will not be able to avoid exercise and healthy eating, because oxygen is important for the brain and healthy eating for the body. Getting up early is also necessary because your body will only reach its full potential a few hours after getting up. If you torture yourself out of bed at 7:30 a.m. and sit in the office at 8:00 a.m., you will still have slack until noon! It is therefore important that you listen to your biorhythm. This is individual for each person and you have to find out which time to get up can best be integrated into your daily routine.

Otherwise, you simply do it like this: For your routine, you choose something that is positive for you and that you enjoy. It is important that you really do it every day. Do not choose exaggerated routines and do not torment yourself with things that you will give up pretty quickly anyway. If you are the yoga type, then 2 hours of hard workout is not for you! And don’t be distracted by your phone or social media. Good luck!

As an individual whose actions depicts a great sense of urgency, there are skills that you must not learn without first mastering the three essential skills that you need as an entrepreneur or as a global citizen.

Yes I know that the world’s economy has been brought to her knees and that the world as we once knew it has and will change even further after the end of our current pandemic, Coronavirus.

But that should not be enough reasons to begin learning skills, just anyhow; without first mastering the three essential skills that is needed to succeed tremendously in this era and in the era to come.

Due to the ongoing economy cataclysm experienced by citizens of the world, it is less unlikely to find someone whose mind is not soaked with unending questions and peculiar concerns such as “What skills can help me make money?”

These questions and concerns can push a sane personality into a pit of confusion where inexperience will attempt to drag your intuition in the mud thereby leading to multiple injuries emanating from participating in the wrong education or useless investment.

Skills are indeed very necessary to survive every season. It is a mandatory pill that must be taken correctly with adequate attention to dosage. Needless to emphasize the necessity of taking the right kind of pill.

Graphics Design is a great skill, Digital Marketing is a fundamental skill that turns entrepreneurs that are deliberate about achieving success into millionaires after complete mastery of the art.

But Don’t Learn Graphics Design!

There are several other skills out there waiting to be acquired such as web development, programming, mobile app development, blogging, Ui/Ux Designs, etc.

But yet again, Don’t Learn Graphics Design or any of the above-mentioned skills without first learning and mastering the three “Queen Skills” as you conclude in your decision to become an entrepreneur.

It’s okay if you had already started learning some other skills without first learning the “Queen Skills” , some folks did that too. You’re not alone. But we need to change that narratives immediately.

Here is what you need to know about one of the “Queen Skills”

One of the “Queen Skills” is a very important tool. It has been used by almost every human that once lived on the earth. Yes! Without checking history, I can boldly say that the Greeks must have discovered this skill immediately after the discovery of fire.

Before the invention of papyrus, many elite members of Greece committed information they wanted to remember later into their memory. The Greeks had something called “Memory Writing”

Memory writing was a very important skill, but No! That’s not one of the “Queen Skills”

Before I go further into mentioning all the “Queen Skills” every entrepreneur should learn, I want to first list the different areas of application of one of the “Queen Skills”

  1. Examinations
  2. Grants Applications
  3. Business plan
  4. Pitching Excercise
  5. Presentations
  6. Business Model Canvas
  7. Pitch Decks
  8. Communication
  9. Negotiations
  10. Selling etc.

The list is endless as the skill can be applied in almost all areas of an entrepreneur’s life.

The three “Queen Skills” are

  1. Writing
  2. Selling
  3. Buying

Yes! Learn these three skills instead of Graphics Designs or Digital Marketing etc. Learn this trio first.

WRITING

Contrary to what others say about the difficulty in writing, to us and many others who took onto writing it is the easiest skill ever that one can learn and master in a short time.

As an entrepreneur, good writing skills will help you win grants; succeed in pitching your idea successfully to your investors; win trips to business seminars etc.

Writing is a skill that is too important to be ignored. It is supposed to be marked as a must-have survival skill for every entrepreneur who is ready to make it big.

SELLING

Selling is one of the “Queen Skills” that doesn’t work without some elements of writing. In fact it doesn’t work at all without some form of writing.

You need to write your AD copy that will end in a sale and also write a great sales or promotional script to drag your audience to your product and offerings.

You need to learn the art of selling.

Preferably get a copy of Way of the Wolf by Jordan Belfort and diggest multiple times until selling becomes a second nature.

Get a copy here

BUYING:

Buying is not the opposite of selling, it is one and the same thing, only different in application times. In fact every buyer is trying to sell his decision to the seller and the seller is inturn trying to sell his decision to the buyer just from different standpoints.

You can’t learn Buying without first understanding how to sell, and you can’t learn how to sell without first learning how to write.

Text us whatsapp