Critical Process of identifying the Right Co-founder

Would you spend the additional time it takes to find the perfect co-founder, resulting in a better balance sheet and a more robust skill set available to your team, or would you settle for just an alright candidate? Getting the right co-founder helps to generate ideas and give a business a competitive edge. Working on a startup alone can be difficult, but at the same time, what is the process to identify the right co-founder?

Alan Safahi, an executive who’s been in the Fintech space for over a decade, believes that two heads are better than one when it comes to business startups. There exists a need to have someone that shares the same burden of the business with the founder. Not only this, they both share ideas, risk, complement each other’s skills, and have the same aims and goals — having a co-founder offers the entrepreneur a diverse host of benefits.

Identifying a co-founder is not an easy task, and I hope that the tips below will help you make the right decision.

● Ensure you have the same work habit:

Alan Safahi reveals that it is essential to choose a co-founder with the same common ground as you. This common ground might not be a perfect similarity but might be a bit of the same work habit. This aids efficiency and allows for perfect communication for both parties. It is good to ensure that your co-founder is willing to put in as much energy as you put in and communicate in a similar style. Discuss your work habit and be honest with each other when you consider putting forces together.

● Complementary Skills:

A right co-founder should have the skills that the founder is lacking. The founder must try to identify his weakness and make sure that the co-founder chosen can work correctly in complementing the founder’s skillset. You want to ensure that you and your co-founder have different skills that can complement each other.

● Go for Character:

Alan Safahi agreed that skills are essential, but that should not take the place of character. You can learn a skill, but nothing can replace it with compatibility, trust, loyalty, and personality. Choose someone you like. Co-founder character and morals are often as important as their skills.

● Learn the other side:

As much as you identify a co-founder with complementary skills, Alan Safahi suggests that it is also necessary for the founder to eventually learn the skills and have an idea of what the skills entail for better communication between the founder and co-founder.

● Communication is key:

How do you intend to get things done if you don’t communicate well with your co-founder? Each individual has a different mode, or process of communication. Some people prefer direct contact, while some might require communication through email. Others might prefer focusing on asking questions and getting around to the main point steadily. No communication style is terrible, though. Different communication styles, however, might not work well for startups, which are very volatile at the start.

Conclusion

The process of identifying the right co-founder is not an easy job; many factors need to be put in place before concluding. Consider having a co-founder that you trust, and one you have a level of mutual respect for. Remember, skills and networking alone will not save the business.

Originally Posted: https://medium.com/@AlanSafahi/critical-process-of-identifying-the-right-co-founder-c09e40370848

Why Entrepreneurs Should Plan For Failure and Not Success

A lesson every entrepreneur learns: “Hope for the best but prepare for the worst”, failure is nearly inevitable for many entrepreneurs. It’s just a channel to the route to success. Every successful business has, at one point in time, failed. So tell me why you are scared of failure when you need to focus on using it as a platform to get better, and learn from your mistakes. Alan Safahi, a fintech CEO says, “Don’t view failure as the ending, rather view it as the beginning of your business.”

Always plan for the worst scenario when it comes to doing business. This makes you plan for the potential obstacles that lie ahead, such as intellectually, emotionally, and financially. Planning to fail and thinking to fail, however, are different concepts entirely. Planning to fail is being practical and makes you aware about every possibility that may occur. This will even gear the entrepreneur up to work. Thinking of failure is like conceding without even trying. This might lead to a decrease in growth, discouragement, and give room for doubt, according to Alan Safahi.

Do you wish to understand why it’s necessary to plan for the worst-case? The following tips below explain why an Entrepreneur plans for failure and not success.

It Ensures Progress: Having planned for failure makes it easier to move on with the business. It does not make you take things personally, which might occur if you have not planned, and were faced with sudden news that could be difficult to handle. Entrepreneurs should face situations as they’ve expected because they will be prepared ahead of time, but if he/she has not, it will come as a shock and affect team morale, efficiency, and psychology. I know you don’t want this to happen. That’s why you plan for failure, to ensure the progress of your business. Know that failure is part of the game you opted in, and, who knows, It might serve as a platform for something far more significant and better.

It Helps To Get Rid Of Fear: Most of the time, the fear of failure holds us back from exploring different opportunities and leads us to stick to our comfort zone. Once an Entrepreneur makes a plan for failure, it gives him/her the confidence to make potentially risky decisions.

Sense of Direction: Planning for failure gives you the room to double-check a decision you intend to carry out, thus giving you a path for redirection. Planning for failure provides clarity on issues that might go wrong, or have gone wrong in the past.

Planning For Failure Gives You Strength: Failure can indeed knock you down, but it can also be used as a tool to help get you back on your feet. It makes you feel stronger and builds you instead of tearing you down. This is why Alan Safahi believes that you should plan ahead, and plan for failure as an entrepreneur instead of success.

Conclusion

The journey from success to failure and failure to success is not an easy one at all. At the same time, dealing with failure in the wrong way will also keep you away from success. We need to resiliently accept failure sometimes, to learn from the situation and make ourselves stronger on the road to success.

Planning for failure as an entrepreneur, and not for success, is a plan for strength, a sense of direction, and the removal of one’s fear. Lastly, it’s a plan for progress.

Originally Posted: https://alansafahi.com/entrepreneurs-should-plan-failure-and-not-success/

Key Characteristics Every Entrepreneur should have

Having an idea and plan is not quite enough to see you through the business's whole process. Success as an Entrepreneur is not just about the concept and how much money is poured into the venture. To be a successful entrepreneur, you have these essential characteristics, according to Alan Safahi, a Fintech CEO.

An entrepreneur refers to a person who undertakes the process of opening and managing a business, usually someone who has the ability to manage the risk inherent in the aforementioned process, as well as managing the venture, having a long term goal, and most importantly, staying profit-oriented. However, the fact remains that not all entrepreneurs are successful. While we see some success, we have also seen some entrepreneurs start well but, unfortunately, not end well. Why do you think we have this? You might even see certain entrepreneurs who have a great concept and a solid launch but in the end the company folds. Some might ask themselves, what happens along the way? Could it be that this entrepreneur lacks specific characteristics of entrepreneurship that produce a successful venture? Let's talk about these traits that every successful entrepreneur should possess (In our opinion).

Key characteristics of an Entrepreneur

● Ability to Take Risk: The first characteristic perceived by Alan Safahi is the Entrepreneur's ability to be a risk-taker. An Entrepreneur has to understand that risk is part of a business, which can either come with failure or success. Playing it safe never leads to winning in a company. Therefore, the courage and capacity to take risks are essential for entrepreneurs.

● Teamwork: The best business operates as a team where each member of an organization is saddled with responsibility and everyone has the mindset of focusing solely on the business's future. This doesn’t just happen by chance. A good entrepreneur shares responsibility within the team and gives them room to operate in whatever role that they have been assigned. In addition to this, the business's goal must be set so that every team works towards achieving it.

● Vision: Alan Safahi explained that every entrepreneur must be a visionary. He must be able to recognize how the business started, where the business is, and where he/she envisions the company being in the long run. Without this, forget about a successful venture. He or she would only be working aimlessly without having a direction and without reaching any point of success.

● Leadership: As important as a vision is, it takes a leader to transform the former into reality. Without a proper leader, there won't be an assigned role to the employee, resulting in everyone working aimlessly, independently, and without a direction. A leader needs to inspire his/her employees towards achieving a common goal and be able to motivate them anytime they are down.

● Creativity: One of the critical characteristics of entrepreneurs is the ability to be creative. An Entrepreneur must be able to do things differently without depending on the majority's standard approach.

● Passion driven: Every business starts with a spark of an idea. Having a passion for a startup gives you the drive to turn your vision into reality. You must have the necessary motivation to keep the business going, even if there are ups and downs in the venture. The passion of the entrepreneur drives the business going, and is often the soul of the company

Conclusion

Think about how you can develop yourself and become an exceptional entrepreneur even as you consider the following critical characteristics provided by Alan Safahi. Always try your best to network with others, and to recognize the different partnership opportunities available at any given time. 

Originally Posted: https://vocal.media/journal/key-characteristics-every-entrepreneur-should-have

Four Trends Startups Need to Know Now

New trends are emerging as young organizations are finding their bearings in the business operation, founding new startups and leading in product innovation. ? Striving towards branding that dominates the last decade is crucial if you desire a breakthrough for your startup.

There exists a need to keep up with the latest trends in startups by acquiring new and valuable skills, and keeping up to date on recent news. Over the years, innovation and inclusion in changing market conditions have given a lot of small startups competitive advantages over the larger ones. Alan Safahi, a serial entrepreneur and Fintech CEO,  reveals that you should not be ignorant of new, potentially risky, trends as the nature of work is evolving.

Four significant trends that can give your startups an edge over others: Follow closely with the tips provided below.

Remote Worker: In recent years there has been a change in the system of performing duties in the traditional office as it used to be. The inception of smartphones, laptops, tablets and other technological gadgets has increased worker mobility, allowing office work to be carried out anywhere, anytime. Achieved technical means, it could potentially herald a new era of businesses built around serving these remote workers There has been a change in how startup owners are setting employee schedules as well because of the digitalization of office tasks. Startups around the world are getting into the game faster by tapping into remote workers. Alan Safahi encourages startups who haven’t already pursued outsourcing some projects to at least try it, as it may end up saying costs, time, and increase creativity in your team.

Captivating brand name: A first step that connects an audience to your brand is the brand name. Greater attention should be given when deciding a brand name, to ensure a name that draws consumer attention, and one that has a high retention rate in their minds. Make sure your brand name is one that resonates with the values and ideas of a customer, or one with no meaning in their native language at all, as long as it isn’t offensive or alientates them. .

Computing Edge: We are in a cloud computing era, where machines can offer a stable computing environment with very little to no A startup that makes use of cloud computing, by shifting their processes online, has a higher potential to revolutionize the industry they’re in.

Artificial Intelligence: A niche of computer science that simulates human intelligence in a machine. Have you ever thought about a machine doing exact things human intelligence can do? Imagine applying it in decision making, pattern recognition, creative usage. Artificial Intelligence is no longer a dream concept, but has offered great use cases in business and marketing as well as analytical tools, for customer service platforms, digital ads, and of course the smartphones we all have.

Conclusion

Never neglect social media interactions. This is one of the fundamental ways audiences personalize themselves with the product.

Originally Posted: https://www.allperfectstories.com/trends-startups-need-to-know-now/

Amazing Apps to Increase Business Productivity

The world has gone digital, and the business world is not left out. The productivity of a company is essential to check the activity and management. 

One of the greatest successes of app developers is designing tools that can help workers and their business. Many applications help improve performance and the entire business world.

Here are some amazing apps that help increase business productivity, from prioritising tasks, sharing projects with teams, fighting stress, etc.

1.Trello 

As the saying goes, “Two good heads are better than one.” Trello is a good app to help optimize performance and increase productivity when carrying out any teamwork. The main feature of the Trello app is its high level of interactivity among group members, to such an extent that any member can consult others’ work. It is simple, flexible, and accessible.

2. Google Calendar

Another basic and simple tool with which you can have a well-organized calendar. Although you also have your schedule to organize daily tasks, Google Calendar allows you to have well organized “important events” such as meetings, doctors, trips, etc.

Alan Safahi, a CEO and 6X serial entrepreneur, believes that proper planning serves as a great guide for business productivity. With Google Calendar, you can plan and schedule your business activities more efficiently.

3. Evernote

Evernote is one of the dominant applications in the competitive world of work schedules. Its goal is the organization of personal information utilizing the note file. Also, you can attach images, documents, and can share them via email from this app. Evernote also has a feature with which you can scan receipts, documents, and so on.

4. Freelancer

Freelancer presents itself as the largest community of freelance professionals in the world. A platform where you can find collaborators to develop specific tasks. It also allows you to organize types of delivery, tasks, manage finances, or carry out marketing campaigns. 

5. SurveyMonkey

If you’re one of those employees responsible for checking how the team’s professional development is going and obtaining your customers’ feedback, SurveyMonkey can help you with that.

This is because this application can optimize and receive questionnaires in real-time that can be sent on different platforms, such as social networks.

6. Canva

It is a very intuitive design and creativity tool that allows every worker to include small traits of a creative profile. With the Canva App, you can design flyers and cards for your business.

Alan Safahi advises entrepreneurs to use their creativity to enhance your messaging and cut costs, especially in the crucial early stages when reacting to customer feedback and product-market fit is essential and cash is like oxygen and in short supply. 

This application is the only one on the list that we recommend using in an Internet browser since it focuses on graphics production. So, for instance, if you need to make presentations to run your company or even put together charts that show possible weekly and monthly returns, the Canva app will give you the most varied options for you to do so. 

Also, something that can also be quite relevant is its function of calculating the size of what you are designing in centimeters and pixels. 

There are more amazing apps online to increase your business productivity, and they are all easy to install.

Originally Posted: https://www.allperfectstories.com/apps-increase-business-productivity/

What it takes to be a Successful Entrepreneur

Being a successful entrepreneur requires a lot more than having a good idea. 

Having the best idea is a good starting point, but you have to put your ideas into actions, taking note of the following tips:

1. Understand what you want to do

Yes, you want to be an entrepreneur, having your job, and not work for any boss or CEO; but do you understand what entrepreneurship entails? 

“It may be cool to start your own business and you may also make a lot of money but these should not be the ‘goals’ but the byproducts of a startup” according to entrepreneur, 6X Startup Founder, and advisor, Alan Safahi.

To be a successful entrepreneur, you have to learn the basics of captaining your ship. Being a successful entrepreneur requires you to take risks and not to sit in your comfort zone. Stepping out of your comfort will help you to learn and relearn.

2. Ask questions

A successful entrepreneur is a good listener. First, you have to listen to yourself and then listen to your mentor(s). But “most importantly, you have to listen to your customers” says Alan Safahi.  How do you listen? By asking questions.

What questions should you ask yourself?

• Why do you want to be an Entrepreneur?

Is it because of your boss, or to prove your siblings wrong that you can also do better, or maybe you feel it’s a quick means to make money?

Yes, money is good but if you want to be an entrepreneur because you want to make money quickly, then you have to get rid of that idea as you won’t get anywhere with such a mindset.

Maybe the reason you want to be an entrepreneur is to find a path to your passion or solve a problem for yourself or your friends.

Alan Safahi suggests that a purpose-driven venture that “solves a problem you are intimately familiar with and creates something that people are willing to pay for” is much more likely to succeed.

• If you could spend your entire life doing one thing, what would it be?

Would it be something you enjoy doing or something you have to do just to make money?  Alan Safahi advises to “follow your passion and do what you would ordinarily do for free as a hobby”

What questions should you ask your mentors?

Ask your mentor(s) questions like:

• What worked well for you?  
• What would you do differently?  
• How would you solve a difficult problem?
• Where do you get your inspiration from?
• What keeps you up at night? 
• What advice do you have for me? 

What questions should you ask your customers?

• What do you like or dislike about our products?
• What would you do differently? 
• Would you recommend us to your friends?
• If not, what would we need to do in order for you to enthusiastically refer people to us?

3. Build Relationships

Your environment is your biggest influence. To be a successful entrepreneur, build a strong relationship with people who share the same ideas and values as yours.

Surround yourself with people of value who always motivate you to do more and better and not people who justify your excuses.

4. Develop the right habits

Develop these two major habits:

• Take care of your body: sounds strange right? But your body is the engine that processes all ideas and actions for a successful Startup. This isn’t a fitness article but strife to stay healthy and keep fit always. You can maintain a regular workout routine, eat a healthy diet. Create time for your health; else, you’ll create time for your illness.
• Learn to embrace uncertainty

Successful entrepreneurs possess the attribute of embracing uncertainty. They achieve this by practicing how to get out of their comfort zones. 

Robin Sharma says, “The fears we don’t face becomes our limit.”

Do something outside your comfort zone, and everything will fall in place.

Originally Posted: https://www.allperfectstories.com/successful-entrepreneur/

5 Fundamentals of Growing Your Startup

Growing your Startup doesn’t happen by magic. If you have a business idea and want to grow it into a business, there are some essential tips you shouldn’t miss to make it successful. 

• Everyone wishes to have a business of their own, but they don’t have a clue on what it entails.
• There have been difficult days for the economy, and some argue that the worst is yet to come.
• Entrepreneurs must make the right decisions to improve their business performance.
• To make the best decisions, one has to maintain a positive attitude.

This article discusses the fundamentals of growing startups for potential entrepreneurs.

What is a startup? 

A startup is a business created by an entrepreneur with the sole aim of solving a problem either with goods or services. Startups are businesses in the embryonic stage of development. Most startups are funded by investors who believe it will yield a great return. Hence to have a successful business, Entrepreneurs must have proper thinking to know what type of business & how to run it properly.

How to Grow your Startup 

Many entrepreneurs have drawn inspiration from Alan Safahi, a six-time startup founder with over 30 years of experience in the information technology, telecommunications and payments processing segments.

After knowing what type of business, where to develop it and how much budget you have, now you must take care of the details so that everything happens in line with your plan.

Let’s evaluate them.

1. Business plan

As an entrepreneur, you have to be clear about the future of your business. This involves having the Vision and Mission of the company well defined, as well as the set of values ​​that govern the behavior of work teams.

Alan Safahi advises every entrepreneur to take proper adequate time in drafting a good business plan. A good business plan brings your vision to reality.

2. Time management 

Time is a limited resource, and there must be a fine balance between operational or strategic activities in a company. While startup founders should personally get involved in all aspects of a new startup dealing with their clients, long term business owners should focus on strategic activities rather than falling into the temptation to “get their hands” on operational activities.

3. Good customer Service

Growth should not sacrifice service levels, nor the quality of product or service delivery. Customers want satisfaction at all times, and that means giving them more than they bargained for.

Good customer service will not only increase loyalty but will also be a source of future recommendations. It is advisable to ask for feedback from customers to know how you can improve your services.

4. Finance

Financial reports must be available to assess business performance. An essential element is to know the financial stability of the company, which will reveal the sales that need to be made to cover costs and expenses.

Alan Safahi suggests that entrepreneurs document expenses and keep a record of cash  flow to have a clear financial record. At all times, it will be crucial to have control over the structure of cash flow.

It is also fit to review and understand the Income Statement and the Balance Sheet at least once a month. Actions must be taken to:

• reduce costs
• review credit options and
• Settle debt and interest rates
• Manage burn rate to allow for a minimum of 12-18 months runway

5. Online presence

Many customers use the web to search for products and services. If you want to get results and be found by your potential customers, it is essential to build an online presence for your Startup. There are three elements to take into consideration at this stage:

• Website: Any business should have one. It connects you with your customers.
• Search Engine Optimization (SEO):Once you have your website, ensure that it is found by those who search online. Google data shows that 89% of people search for products through search engines.
• Social media: Social Networks are also an essential part of your Startup; they help you interact with customers and increase their loyalty to your product.

Entrepreneurs who make the best decisions and execute the right plans will always reap the rewards. However, it is also essential to have a firm foundation so that growth becomes fun and not a headache.

Key takeaway: to have a successful startup, you must have: a good business plan, an online presence, proper use of finance, adequate time management and good customer service.

Originally Posted: https://www.allperfectstories.com/5-fundamentals-of-growing-your-startup/