The 8 Deadly Tech Start-up Sins to Avoid

Start-ups are now a very popular way for people to get rich, especially for people in the tech industry. Contrary to popular belief, however, the odds that you will become a billionaire through are a start-up are low. About one in five million self-funded startups end up becoming with over $1 billion, and for every 1,000 start-ups that meet with investors, only around two actually obtain funding. Even then, if your start-up gets funded there is only a one in ten thousand chance that it ends up becoming worth over $1 billion.

That being said, there are ways to minimize risk early on, and this will help you increase your chances of success in the long run. Here’s the 8 main tech start-up sins that anyone hoping to make money should absolutely avoid.

1. Failure to find unsolved customer pain

The most successful startups tend too offer a product or service that nobody else offers, namely because it involves solving a painful problem that nobody else is willing to solve. It is sadly the case however that too many people think that their idea is so good they should roll out the product straightaway and simply wait for the money to come in. The reality is people are reluctant to try a start-up product unless it does this job of solving a problem that no other product is willing to.

2. Not enough passion for the industry

A general rule of thumb is to not start a tech start-up if you’re single motivation is to make lots of money. When it comes to start-ups, you really need to be spending about 90 hours a week with little to no pay if you want it to have any chance of success. It almost impossible to do work this hard and still be effective unless you are extremely passionate about the product. What will end happening is you will either burn out or end up with a lack luster product, and this is why passion is needed for true success.

3. Being too fiscally liberal

If you’re somebody who can’t save, don’t start a tech start-up. Many tech entrepreneurs are really engineers at heart, who want to build the perfect product and show the world their brilliance. They read about how easy it is to get investors and believe it won’t for them to do the same. This leads to them ignoring how fast they are burning through their cash supply as they assume that when the time comes to replenish, investors will be head over heels writing checks. The best networkers spend only on essentials and are always looking for new investors.

4.  Reluctance to receive criticism

One of the most common errors, particularly among tech start-ups, is refusing to let people see the product until it is perfect. There are many reasons for this. For instance, some people are scared their idea will get stolen, they are afraid nobody will buy it, or they may simply want to impress their peers more. However, failing to receive constrctive feedback from (potential) customers is almost always a death sentence for tech start-ups.

5. Lack of tech skills

If you think the job of a CEO for a tech start-up is to simply thinking up theoretical ideas and hiring other people to do all the practical work, you’re dead wrong. A big reason start ups fail is because CEO’s can’t do the work that is needed to get the product running. Many tech startups have failed because the founder couldn’t code properly, for example. In the end, your odds of success lie largely on how much you know about software and related fields when it comes to tech start-ups.

6. Inability to raise funds

If you have never raised capital for a project before, you will probably be surprised at how difficult it is. The truth is that you will be rejected over and over before somebody says yes. To avoid this, you should make sure you’re presenting potential investors with the right information that will lead them to actually invest.

7. Poor leadership

A true start-up killer is a leader who fails to recruit the best people for the job. This is equally true if he finds the right people but is unable to motivate them. The hard reality is that if you aren’t a natural leader, it is very hard to become one, even if you train hard. In addition to this, the skills needed for a 10- person start-up are much different to those for a 500-person start-up. However, a good leader always has charisma, a good track record of success, and a compelling vision.

8. Weak team

Finally, a weak team is just as bad for a start-up as a poor leader, make sure you don’t make either of these mistakes!

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Hey Genius, Are You Ready to Change the World?

Technology evolves at an astonishing pace and it’s anyone’s guess what’s around the next bend. With the rapid developments of the past few decades, it’s a given that the technology on the horizon will drastically change the world as we know it.

The Rise or Fall of the Internet

In 2002, only 569 million people used the Internet. By 2012, there were 2.27 billion users. Over the same time period, the total number of websites blossomed from only 3 million to 555 million. This has led many to speculate over what the next ten years will hold.

Scenarios tend to fall into two categories. In the first, the Internet continues to grow as a collaborative user-driven resource that remains available to all through services such as Clearwire internet plans. In the second, the Internet becomes restricted by corporations or governments, limiting access. Fractionalized networks and barriers to entry demolish the Internet as we know it today. If the second scenario comes true there will be a revolution of people looking to bypass web filters  and access the internet freedom that we currently have.

New Hope for Patients Using Prosthesis

Artificial limbs controlled by the mind are increasing in their accuracy and abilities. In 2003, a man who had lost both his arms received the first bionic limb controlled by targeted muscle reinnervation through a nerve-muscle graft. In 2012, a man used a bionic leg to climb the 2,100 steps to the top of the Willis Tower in Chicago.

Paralyzed patients are benefitting as well. A Pittsburgh woman has been able to master the use of a robotic arm with only her own brain power. In the future, prostheses may even send temperature and textile sensations to patients.

Seamlessly Integrated Technology

Thanks to cloud computing, the next trend for technology is seamless integration across platforms. Begin your project on your work computer and continue it on your tablet during the commute home. Smartphones, tablets, computers, and other forms of emerging technology already offer some integration, but this trend will only grow.

Instead of storing information directly on your device, cloud computing will store it safely elsewhere. This protects users from loss of data due to system failures within their own devices. It also makes it easier than ever to upgrade to a new device without losing anything.

The Home of the Future

The home of the future as we envision it today will continue to take mobile technology and apps to new heights. You’ll be able to control everything from the lights to the locks from your tablet or smart phone. Technology is in the works to give you an immense level of control over every part of the home, from setting sprinklers to run by the weather to telling your alarm not to go off until the coffee pot finishes.

The technology for many types of home integration already exists. It’s simply a matter of putting it all together and making it available to the public en masse. Expect the home of the future to do all the thinking and most of the work so you don’t have to.

With genius developments like these, technology has the potential to infiltrate every aspect of human life at an astonishing pace, offering more benefits than ever.

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Devices That Help You Stay in Touch With Employees While Traveling

We live in a very mobile world, and businesses have to be able to keep up to succeed. That’s why more and more businesses are implementing mobile devices that allow them to travel without missing a beat. There are three devices businesses can utilize to be mobile and stay in touch with employees while traveling — the smartphone, tablet, and laptop. Take a closer look at how these devices are used.

The Smartphone Is Great for Texting and Calling Quickly

 

Businesses have to be able to communicate with customers to succeed, which is why all businesses have land-lines that customers can call for information. The problem is that most of the customer phone calls are only answered during normal business hours. In this mobile world, customers don’t like to wait for information, so businesses can use smartphones to give their employees direct responses, 24/7.

Smartphones also allow businesses to be more productive because they can access the Internet. Some smartphones also have the ability to establish a remote internet connection for other devices to connect. The most common business tasks on a smartphone are accessing email, keeping track of important dates on the calendar, and using the GPS to get around.

Of course, smartphones do have some limitations, which is why business owners sometimes lean towards tablets and laptops, too. Five inch tablets are trying to bridge this gap, but they aren’t there yet.

Tablets Make Scheduling and Video Conferencing A Breeze

 

Tablets can do everything smartphones can do and more, making them very useful business tools. One of the best things tablets can do for businesses is create a mobile kiosks for accepting payments. This allows business owners to sell products and services while on the go without having to worry about a paper trail, which saves time and money. Tablets are also useful for making spur-of-the-moment presentations and scheduling meetings. They even work with ORSYP workload automation and job scheduling software.

Tablets don’t have a ton of storage space, but businesses can get in trouble if they store important information on one. That’s why certain security measures should be taken on a business tablet, such as a pin number.

Laptops are Perfect for Working in Spreadsheets and Documents on the Go

 

There will always be a place in the mobile business landscape for laptops because of their robust capabilities. For instance, it’s much easier to work in spreadsheets or create documents on a laptop because of the keyboard and larger screen. Laptops also typically have faster processors than smartphones and tablets, giving them more capabilities.

Of course, businesses do have to be more careful with laptops than smartphones and tablets from a security standpoint because of how much information can be stored on them. It’s much easier to steal a laptop than a desktop, so businesses need to have a backup plan for document security and customer information security.

These three devices definitely help businesses compete better in the mobile world. What other ways can businesses use these devices to reach their customers while on the go?

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The 6 Strangest Innovations in Technology

Strange innovations abound in cultures where creativity is rewarded. With the growing rate of college graduates and the ever-increasing interest in scientific developments, technological innovations are becoming better publicized and funded. Here are some of the most interesting innovations of today.

1. Human Flesh Printers

Strange but true, these 3D printers are able to create human tissue such as heart muscle, jaw bone, and even blood vessels. Scientists hope to eventually print whole organs, which could be used for scientific experimentation. As seen on Big Bang Theory, 3D printers are becoming more commonplace with each passing day and are considered some of the best online shopping for geeks.

Before these printers existed, testing was conducted on animals more often. When scientists succeed in further-developing these devices all animal testing could cease to exist.

2. Urinal Entertainment

Developers (who are probably male) decided that it’s far too boring to simply urinate in the men’s restroom.  Thus, they designed games that are animated by strong streams of urine in urinals. By aiming carefully men who once wrote in snow can now score touchdowns with pee, message friends, and draw fine art that is displayed on screens above the toilet. Who ever bought into this concept could really have used some stock investing tips. It takes flushing money down the toilet to a whole new level.

Long ago in restrooms not too far away, men used to urinate quickly, wash their hands, and return to their dates. However, in today’s strange technologically advanced world, men are lollygagging in loos to play with pee.

3. Powerful Grass

It seems like an image from a science fiction book: someone in need of a quick cellular charge drops the device into green grass and then resumes using it. Yet, today this bizarre vision is a reality. Solar power is harnessed by grass-like devices, which transfer the power to any electronic object nearby.

Before solar-powered grass, people relied on electrical plugs. How odd.

4. Sewage Flowers

Sprawling lagoons of hyacinth are used to treat water containing sewage in the South, an innovation discovered by NASA. It is possible because of microscopic bacteria, which live on the tiny fibrous roots of hyacinth plants. These bacteria break down sewage as well as industrial metals and much more.

Before this innovation, sewage was sometimes dumped into lakes (such as Utah Lake) or otherwise treated with harsh chemicals.

5. Telepathic Robotic Limbs

Mind-operated limbs are now able to respond to the mere thought of walking, jumping, or sitting. These limbs are revolutionizing the way disabled veterans and others move and live today. Researchers believe this development will go further and lead the way to fully functioning robots.

Most disabled people today are still using simple prosthetics, but with a little funding these mind controlled limbs could become as common as wheelchairs.

6. Human Batteries

If you thought human batteries only existed in The Matrix, then you were wrong. Researchers in Paris have used human body heat to power 17 apartments near Rambuteau Metro. In Stockholm, engineers are able to collect enough human heat from the Central Railway Station to heat the 13-story building, Kungsbrohuset. With the average human disposing of 100 watts of heat per day while sedentary, as well as containing the same amount of energy as a one-ton battery, scientists believe the Parisians are on to something big!

Could body heat one day replace the hopes for cold fusion? The world is working hard to come up with solutions for human consumption issues, such as fuel and heat.

All over the world scientists are working to prepare the human race for climate changes, food limitations, and issues involving overcrowding. 2013 could be the year a strange innovation finally resolves human problems such as HIV and trash recycling.

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5 Critical Reasons Hiring a Financial Advisor Is Best for Your Online Startup

On the average, an online startup business will have more assets and financial concerns than the individuals who run and manage the company. While many look to financial advisers to aid them in personal affairs, business owners will benefit by hiring an adviser for a number of reasons.

1. Determine a Company’s Financial Health

There’s a reason corporate balance sheets have areas for long-term investments and fixed assets such as land, buildings and equipment. In addition to these accounts, there are also liabilities for short and long-term loans and owner’s equity.

To the average business owner, a review of the balance sheet may not reveal the financial health of the business but to an experienced financial adviser  they are educated in delving deep into these accounts to find bad investments, fixed assets no longer viable and analyzing the company’s true liability behind short and long-term loans.

These insights will help business owners obtain needed knowledge on making changes to company assets and liabilities and advisers can help lead entrepreneurs in the right direction with sound strategic plans.

2. Company Retirement Plans

If business owners offer retirement plans to their employees, there are rules to these plans. CEO of Fisher Investments, Ken Fisher recommends enlisting the help of experts in the field who can cultivate a good plan that will benefit not only employees but the business owner(s).

Many financial advisers also offer entire benefit plans and in today’s economy, many employees choose to work for a company based on the benefits they offer such as healthcare, EAP plans and retirement benefits.

3. Recommend Tax Strategies

For Limited Liability Companies and S-Corporations, tax strategies are key on earned income. Because these types of corporations are pass-through entities which means profits pass to the owners and partners of the business, a solid tax strategy is essential.

Is it best to reinvest in the company or place profits in personal investments? What tax liabilities will the company face with a profitable year? As a business owner, if you’re unsure of how to manage your tax liability, a knowledgeable financial adviser can be gold.

4. Business Plans and Case Statements

Not only can a qualified financial adviser help you with essential business plan elements like forecasting revenue and expenses, they can also review current business plans to determine if the business is on track or going downhill fast.

Through an analysis process and working with corporate leaders, an adviser can guide and suggest the right path to financial health which will ultimately help businesses develop realistic case statements investors or lenders will find attractive.

5. Business Valuation

Most business owners know what their equity is on paper but don’t know the actual value of their business. It is essential to understand that value to attract investors, succession planning or when selling a business.

How do you value intangible assets or intellectual property? A financial adviser is versed in business valuation can help determine the right method for valuing a business based on the industry—and there is more than one way to place a solid valuation on a business.

Hiring a financial adviser for your online business can be invaluable for a number of reasons. If you randomly guesstimate, expenses are eating your revenues, don’t understand business plan structure or how much your business is really worth, it’s best to turn to an adviser who is knowledgeable in these areas.

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