More on Entrepreneurship/Creators

Aaron Dinin, PhD
2 years ago
There Are Two Types of Entrepreneurs in the World Make sure you are aware of your type!
Know why it's important.
The entrepreneur I was meeting with said, "I should be doing crypto, or maybe AI? Aren't those the hot spots? I should look there for a startup idea.”
I shook my head. Yes, they're exciting, but that doesn't mean they're best for you and your business.
“There are different types of entrepreneurs?” he asked.
I said "obviously." Two types, actually. Knowing what type of entrepreneur you are helps you build the right startup.
The two types of businesspeople
The best way for me to describe the two types of entrepreneurs is to start by telling you exactly the kinds of entrepreneurial opportunities I never get excited about: future opportunities.
In the early 1990s, my older brother showed me the World Wide Web and urged me to use it. Unimpressed, I returned to my Super Nintendo.
My roommate tried to get me to join Facebook as a senior in college. I remember thinking, This is dumb. Who'll use it?
In 2011, my best friend tried to convince me to buy bitcoin and I laughed.
Heck, a couple of years ago I had to buy a new car, and I never even considered buying something that didn’t require fossilized dinosaur bones.
I'm no visionary. I don't anticipate the future. I focus on the present.
This tendency makes me a problem-solving entrepreneur. I identify entrepreneurial opportunities by spotting flaws and/or inefficiencies in the world and devising solutions.
There are other ways to find business opportunities. Visionary entrepreneurs also exist. I don't mean visionary in the hyperbolic sense that implies world-changing impact. I mean visionary as an entrepreneur who identifies future technological shifts that will change how people work and live and create new markets.
Problem-solving and visionary entrepreneurs are equally good. But the two approaches to building companies are very different. Knowing the type of entrepreneur you are will help you build a startup that fits your worldview.
What is the distinction?
Let's use some simple hypotheticals to compare problem-solving and visionary entrepreneurship.
Imagine a city office building without nearby restaurants. Those office workers love to eat. Sometimes they'd rather eat out than pack a lunch. As an entrepreneur, you can solve the lack of nearby restaurants. You'd open a restaurant near that office, say a pizza parlor, and get customers because you solved the lack of nearby restaurants. Problem-solving entrepreneurship.
Imagine a new office building in a developing area with no residents or workers. In this scenario, a large office building is coming. The workers will need to eat then. As a visionary entrepreneur, you're excited about the new market and decide to open a pizzeria near the construction to meet demand.
Both possibilities involve the same product. You opened a pizzeria. How you launched that pizza restaurant and what will affect its success are different.
Why is the distinction important?
Let's say you opened a pizzeria near an office. You'll probably get customers. Because people are nearby and demand isn't being met, someone from a nearby building will stop in within the first few days of your pizzeria's grand opening. This makes solving the problem relatively risk-free. You'll get customers unless you're a fool.
The market you're targeting existed before you entered it, so you're not guaranteed success. This means people in that market solved the lack of nearby restaurants. Those office workers are used to bringing their own lunches. Why should your restaurant change their habits? Even when they eat out, they're used to traveling far. They've likely developed pizza preferences.
To be successful with your problem-solving startup, you must convince consumers to change their behavior, which is difficult.
Unlike opening a pizza restaurant near a construction site. Once the building opens, workers won't have many preferences or standardized food-getting practices. Your pizza restaurant can become the incumbent quickly. You'll be the first restaurant in the area, so you'll gain a devoted following that makes your food a routine.
Great, right? It's easier than changing people's behavior. The benefit comes with a risk. Opening a pizza restaurant near a construction site increases future risk. What if builders run out of money? No one moves in? What if the building's occupants are the National Association of Pizza Haters? Then you've opened a pizza restaurant next to pizza haters.
Which kind of businessperson are you?
This isn't to say one type of entrepreneur is better than another. Each type of entrepreneurship requires different skills.
As my simple examples show, a problem-solving entrepreneur must operate in markets with established behaviors and habits. To be successful, you must be able to teach a market a new way of doing things.
Conversely, the challenge of being a visionary entrepreneur is that you have to be good at predicting the future and getting in front of that future before other people.
Both are difficult in different ways. So, smart entrepreneurs don't just chase opportunities. Smart entrepreneurs pursue opportunities that match their skill sets.

Startup Journal
2 years ago
The Top 14 Software Business Ideas That Are Sure To Succeed in 2023
Software can change any company.
Software is becoming essential. Everyone should consider how software affects their lives and others'.
Software on your phone, tablet, or computer offers many new options. We're experts in enough ways now.
Software Business Ideas will be popular by 2023.
ERP Programs
ERP software meets rising demand.
ERP solutions automate and monitor tasks that large organizations, businesses, and even schools would struggle to do manually.
ERP software could reach $49 billion by 2024.
CRM Program
CRM software is a must-have for any customer-focused business.
Having an open mind about your business services and products allows you to change platforms.
Another company may only want your CRM service.
Medical software
Healthcare facilities need reliable, easy-to-use software.
EHRs, MDDBs, E-Prescribing, and more are software options.
The global medical software market could reach $11 billion by 2025, and mobile medical apps may follow.
Presentation Software in the Cloud
SaaS presentation tools are great.
They're easy to use, comprehensive, and full of traditional Software features.
In today's cloud-based world, these solutions make life easier for people. We don't know about you, but we like it.
Software for Project Management
People began working remotely without signs or warnings before the 2020 COVID-19 pandemic.
Many organizations found it difficult to track projects and set deadlines.
With PMP software tools, teams can manage remote units and collaborate effectively.
App for Blockchain-Based Invoicing
This advanced billing and invoicing solution is for businesses and freelancers.
These blockchain-based apps can calculate taxes, manage debts, and manage transactions.
Intelligent contracts help blockchain track transactions more efficiently. It speeds up and improves invoice generation.
Software for Business Communications
Internal business messaging is tricky.
Top business software tools for communication can share files, collaborate on documents, host video conferences, and more.
Payroll Automation System
Software development also includes developing an automated payroll system.
These software systems reduce manual tasks for timely employee payments.
These tools help enterprise clients calculate total wages quickly, simplify tax calculations, improve record-keeping, and support better financial planning.
System for Detecting Data Leaks
Both businesses and individuals value data highly. Yahoo's data breach is dangerous because of this.
This area of software development can help people protect their data.
You can design an advanced data loss prevention system.
AI-based Retail System
AI-powered shopping systems are popular. The systems analyze customers' search and purchase patterns and store history and are equipped with a keyword database.
These systems offer many customers pre-loaded products.
AI-based shopping algorithms also help users make purchases.
Software for Detecting Plagiarism
Software can help ensure your projects are original and not plagiarized.
These tools detect plagiarized content that Google, media, and educational institutions don't like.
Software for Converting Audio to Text
Machine Learning converts speech to text automatically.
These programs can quickly transcribe cloud-based files.
Software for daily horoscopes
Daily and monthly horoscopes will continue to be popular.
Software platforms that can predict forecasts, calculate birth charts, and other astrology resources are good business ideas.
E-learning Programs
Traditional study methods are losing popularity as virtual schools proliferate and physical space shrinks.
Khan Academy online courses are the best way to keep learning.
Online education portals can boost your learning. If you want to start a tech startup, consider creating an e-learning program.
Conclusion
Software is booming. There's never been a better time to start a software development business, with so many people using computers and smartphones. This article lists eight business ideas for 2023. Consider these ideas if you're just starting out or looking to expand.

Muthinja
3 years ago
Why don't you relaunch my startup projects?
Open to ideas or acquisitions
Failure is an unavoidable aspect of life, yet many recoil at the word.

I've worked on unrelated startup projects. This is a list of products I developed (often as the tech lead or co-founder) and why they failed to launch.
Chess Bet (Betting)
As a chess player who plays 5 games a day and has an ELO rating of 2100, I tried to design a chess engine to rival stockfish and Houdini.
While constructing my chess engine, my cofounder asked me about building a p2p chess betting app. Chess Bet. There couldn't be a better time.
Two people in different locations could play a staked game. The winner got 90% of the bet and we got 10%. The business strategy was clear, but our mini-launch was unusual.
People started employing the same cheat engines I mentioned, causing user churn and defaming our product.
It was the first programming problem I couldn't solve after building a cheat detection system based on player move strengths and prior games. Chess.com, the most famous online chess software, still suffers from this.
We decided to pivot because we needed an expensive betting license.
We relaunched as Chess MVP after deciding to focus on chess learning. A platform for teachers to create chess puzzles and teach content. Several chess students used our product, but the target market was too tiny.
We chose to quit rather than persevere or pivot.
BodaCare (Insure Tech)
‘BodaBoda’ in Swahili means Motorcycle. My Dad approached me in 2019 (when I was working for a health tech business) about establishing an Insurtech/fintech solution for motorbike riders to pay for insurance using SNPL.
We teamed up with an underwriter to market motorcycle insurance. Once they had enough premiums, they'd get an insurance sticker in the mail. We made it better by splitting the cover in two, making it more reasonable for motorcyclists struggling with lump-sum premiums.
Lack of capital and changing customer behavior forced us to close, with 100 motorcyclists paying 0.5 USD every day. Our unit econ didn't make sense, and CAC and retention capital only dug us deeper.
Circle (Social Networking)
Having learned from both product failures, I began to understand what worked and what didn't. While reading through Instagram, an idea struck me.
Suppose social media weren't virtual.
Imagine meeting someone on your way home. Like-minded person
People were excited about social occasions after covid restrictions were eased. Anything to escape. I just built a university student-popular experiences startup. Again, there couldn't be a better time.
I started the Android app. I launched it on Google Beta and oh my! 200 people joined in two days.
It works by signaling if people are in a given place and allowing users to IM in hopes of meeting up in near real-time. Playstore couldn't deploy the app despite its success in beta for unknown reasons. I appealed unsuccessfully.
My infrastructure quickly lost users because I lacked funding.
In conclusion
This essay contains many failures, some of which might have been avoided and others not, but they were crucial learning points in my startup path.
If you liked any idea, I have the source code on Github.
Happy reading until then!
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Jenn Leach
3 years ago
This clever Instagram marketing technique increased my sales to $30,000 per month.
No Paid Ads Required
I had an online store. After a year of running the company alongside my 9-to-5, I made enough to resign.
That day was amazing.
This Instagram marketing plan helped the store succeed.
How did I increase my sales to five figures a month without using any paid advertising?
I used customer event marketing.
I'm not sure this term exists. I invented it to describe what I was doing.
Instagram word-of-mouth, fan engagement, and interaction drove sales.
If a customer liked or disliked a product, the buzz would drive attention to the store.
I used customer-based events to increase engagement and store sales.
Success!
Here are the weekly Instagram customer events I coordinated while running my business:
Be the Buyer Days
Flash sales
Mystery boxes
Be the Buyer Days: How do they work?
Be the Buyer Days are exactly that.
You choose a day to share stock selections with social media followers.
This is an easy approach to engaging customers and getting fans enthusiastic about new releases.
First, pick a handful of items you’re considering ordering. I’d usually pick around 3 for Be the Buyer Day.
Then I'd poll the crowd on Instagram to vote on their favorites.
This was before Instagram stories, polls, and all the other cool features Instagram offers today. I think using these tools now would make this event even better.
I'd ask customers their favorite back then.
The growing comments excited customers.
Then I'd declare the winner, acquire the products, and start selling it.
How do flash sales work?
I mostly ran flash sales.
You choose a limited number of itemsdd for a few-hour sale.
We wanted most sales to result in sold-out items.
When an item sells out, it contributes to the sensation of scarcity and can inspire customers to visit your store to buy a comparable product, join your email list, become a fan, etc.
We hoped they'd act quickly.
I'd hold flash deals twice a week, which generated scarcity and boosted sales.
The store had a few thousand Instagram followers when I started flash deals.
Each flash sale item would make $400 to $600.
$400 x 3= $1,200
That's $1,200 on social media!
Twice a week, you'll make roughly $10K a month from Instagram.
$1,200/day x 8 events/month=$9,600
Flash sales did great.
We held weekly flash deals and sent social media and email reminders. That’s about it!
How are mystery boxes put together?
All you do is package a box of store products and sell it as a mystery box on TikTok or retail websites.
A $100 mystery box would cost $30.
You're discounting high-value boxes.
This is a clever approach to get rid of excess inventory and makes customers happy.
It worked!
Be the Buyer Days, flash deals, and mystery boxes helped build my company without paid advertisements.
All companies can use customer event marketing. Involving customers and providing an engaging environment can boost sales.
Try it!
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Nathan Reiff
3 years ago
Howey Test and Cryptocurrencies: 'Every ICO Is a Security'
What Is the Howey Test?
To determine whether a transaction qualifies as a "investment contract" and thus qualifies as a security, the Howey Test refers to the U.S. Supreme Court cass: the Securities Act of 1933 and the Securities Exchange Act of 1934. According to the Howey Test, an investment contract exists when "money is invested in a common enterprise with a reasonable expectation of profits from others' efforts."
The test applies to any contract, scheme, or transaction. The Howey Test helps investors and project backers understand blockchain and digital currency projects. ICOs and certain cryptocurrencies may be found to be "investment contracts" under the test.
Understanding the Howey Test
The Howey Test comes from the 1946 Supreme Court case SEC v. W.J. Howey Co. The Howey Company sold citrus groves to Florida buyers who leased them back to Howey. The company would maintain the groves and sell the fruit for the owners. Both parties benefited. Most buyers had no farming experience and were not required to farm the land.
The SEC intervened because Howey failed to register the transactions. The court ruled that the leaseback agreements were investment contracts.
This established four criteria for determining an investment contract. Investing contract:
- An investment of money
- n a common enterprise
- With the expectation of profit
- To be derived from the efforts of others
In the case of Howey, the buyers saw the transactions as valuable because others provided the labor and expertise. An income stream was obtained by only investing capital. As a result of the Howey Test, the transaction had to be registered with the SEC.
Howey Test and Cryptocurrencies
Bitcoin is notoriously difficult to categorize. Decentralized, they evade regulation in many ways. Regardless, the SEC is looking into digital assets and determining when their sale qualifies as an investment contract.
The SEC claims that selling digital assets meets the "investment of money" test because fiat money or other digital assets are being exchanged. Like the "common enterprise" test.
Whether a digital asset qualifies as an investment contract depends on whether there is a "expectation of profit from others' efforts."
For example, buyers of digital assets may be relying on others' efforts if they expect the project's backers to build and maintain the digital network, rather than a dispersed community of unaffiliated users. Also, if the project's backers create scarcity by burning tokens, the test is met. Another way the "efforts of others" test is met is if the project's backers continue to act in a managerial role.
These are just a few examples given by the SEC. If a project's success is dependent on ongoing support from backers, the buyer of the digital asset is likely relying on "others' efforts."
Special Considerations
If the SEC determines a cryptocurrency token is a security, many issues arise. It means the SEC can decide whether a token can be sold to US investors and forces the project to register.
In 2017, the SEC ruled that selling DAO tokens for Ether violated federal securities laws. Instead of enforcing securities laws, the SEC issued a warning to the cryptocurrency industry.
Due to the Howey Test, most ICOs today are likely inaccessible to US investors. After a year of ICOs, then-SEC Chair Jay Clayton declared them all securities.
SEC Chairman Gensler Agrees With Predecessor: 'Every ICO Is a Security'
Howey Test FAQs
How Do You Determine If Something Is a Security?
The Howey Test determines whether certain transactions are "investment contracts." Securities are transactions that qualify as "investment contracts" under the Securities Act of 1933 and the Securities Exchange Act of 1934.
The Howey Test looks for a "investment of money in a common enterprise with a reasonable expectation of profits from others' efforts." If so, the Securities Act of 1933 and the Securities Exchange Act of 1934 require disclosure and registration.
Why Is Bitcoin Not a Security?
Former SEC Chair Jay Clayton clarified in June 2018 that bitcoin is not a security: "Cryptocurrencies: Replace the dollar, euro, and yen with bitcoin. That type of currency is not a security," said Clayton.
Bitcoin, which has never sought public funding to develop its technology, fails the SEC's Howey Test. However, according to Clayton, ICO tokens are securities.
A Security Defined by the SEC
In the public and private markets, securities are fungible and tradeable financial instruments. The SEC regulates public securities sales.
The Supreme Court defined a security offering in SEC v. W.J. Howey Co. In its judgment, the court defines a security using four criteria:
- An investment contract's existence
- The formation of a common enterprise
- The issuer's profit promise
- Third-party promotion of the offering
Read original post.

B Kean
2 years ago
To prove his point, Putin is prepared to add 200,000 more dead soldiers.
What does Ukraine's murderous craziness mean?
Vladimir Putin expressed his patience to Israeli Prime Minister Naftali Bennet. Thousands, even hundreds of thousands of young and middle-aged males in his country have no meaning to him.
During a meeting in March with Prime Minister Naftali Bennett of Israel, Mr. Putin admitted that the Ukrainians were tougher “than I was told,” according to two people familiar with the exchange. “This will probably be much more difficult than we thought. But the war is on their territory, not ours. We are a big country and we have patience (The Inside Story of a Catastrophe).”
Putin should explain to Russian mothers how patient he is with his invasion of Ukraine.
Putin is rich. Even while sanctions have certainly limited Putin's access to his fortune, he has access to everything in Russia. Unlimited wealth.
The Russian leader's infrastructure was designed with his whims in mind. Vladimir Putin is one of the wealthiest and most catered-to people alive. He's also all-powerful, as his lack of opposition shows. His incredible wealth and power have isolated him from average people so much that he doesn't mind turning lives upside down to prove a point.
For many, losing a Russian spouse or son is painful. Whether the soldier was a big breadwinner or unemployed, the loss of a male figure leaves many families bewildered and anxious. Putin, Russia's revered president, seems unfazed.
People who know Mr. Putin say he is ready to sacrifice untold lives and treasure for as long as it takes, and in a rare face-to-face meeting with the Americans last month the Russians wanted to deliver a stark message to President Biden: No matter how many Russian soldiers are killed or wounded on the battlefield, Russia will not give up (The Inside Story of a Catastrophe).
Imagine a country's leader publicly admitting a mistake he's made. Imagine getting Putin's undivided attention.
So, I underestimated Ukrainians. I can't allow them make me appear terrible, so I'll utilize as many drunken dopes as possible to cover up my error. They'll die fulfilled and heroic.
Russia's human resources are limited, but its willingness to cause suffering is not. How many Russian families must die before the curse is broken? If mass protests started tomorrow, Russia's authorities couldn't stop them.
When Moscovites faced down tanks in August 1991, the Gorbachev coup ended in three days. Even though few city residents showed up, everything collapsed. This wicked disaster won't require many Russians.
One NATO member is warning allies that Mr. Putin is ready to accept the deaths or injuries of as many as 300,000 Russian troops — roughly three times his estimated losses so far.
If 100,000 Russians have died in Ukraine and Putin doesn't mind another 200,000 dying, why don't these 200,000 ghosts stand up and save themselves? Putin plays the role of concerned and benevolent leader effectively, but things aren't going well for Russia.
What would 300,000 or more missing men signify for Russia's future? How many kids will have broken homes? How many families won't form, and what will the economy do?
Putin reportedly cared about his legacy. His place in Russian history Putin's invasion of Ukraine settled his legacy. He has single-handedly weakened and despaired Russia since the 1980s.
Putin will be viewed by sensible people as one of Russia's worst adversaries, but Russians will think he was fantastic despite Ukraine.
The more setbacks Mr. Putin endures on the battlefield, the more fears grow over how far he is willing to go. He has killed tens of thousands in Ukraine, leveled cities, and targeted civilians for maximum pain — obliterating hospitals, schools, and apartment buildings while cutting off power and water to millions before winter. Each time Ukrainian forces score a major blow against Russia, the bombing of their country intensifies. And Mr. Putin has repeatedly reminded the world that he can use anything at his disposal, including nuclear arms, to pursue his notion of victory.
How much death and damage will there be in Ukraine if Putin sends 200,000 more Russians to the front? It's scary, sad, and sick.
Monster.