Creating A Positive Reputation For Your Business Startup

Reputation

The reputation of your business startup is an important factor to the success of your company. For most businesses that are starting out, it is the lack of a reputation that is troublesome. Creating a positive reputation from the get-go is the first step in being a recognizable brand that connects with customers. By focusing on your reputation early on, you can ensure your business startup resonates with consumers as well as with angel investors as you look to get off the ground.

Create A Strong First Impression

Start with creating a good first impression. While this goes without saying when you meet with anyone you do business with, it also extends to the appearance of your company. From your product packaging to your office location, everything needs to be pristine and show customers and clients that you are a serious business owner that cares about your company. Your reputation starts from within, and you need to make sure you look the part before you can expect customers to identify with your brand. Give your business startup the recognition it deserves and tidy up its appearance inside and out. When you look good, you feel good, and others will take notice.

Rely On Word-Of-Mouth

One of the single biggest ways that your business startup can expand and grow its reputation is through word-of-mouth. Uber is a prime example of using this strategy as the come used this technique to increase its recognition with customers. In the very beginning of its startup,it appealed to Silicon Valley techs that it knew would recommend them to others. The strategy paid off, and the company grew in monumental proportions.

Using word-of-mouth to spread the reputation of your business can be advantageous as you look to build your brand. Positive remarks about your company can ensure you reach the masses and help your business startup grow in popularity among consumers.

Empower Your Employees

Your employees are your biggest assets, and they can go a long way in supporting the reputation of your company. Encourage your employees to sing the praises of your business and the products and services you offer. If they like what they sell, they are more likely to tell a friend, family member or neighbor. This adds to your overall reputation as most consumers rely on others to help them with their buying decisions.

Also, be sure your employees are symbols of your business startup and a reflection of your values. As your staff interacts with customers, they can portray the brand of the company and help to bolster your business reputation. Good customer service is a mark of a solid reputation that can help you be a favorite brand of consumers far and wide.

Use Your Website As A Weapon

You literally have a few seconds to garner the attention of a customer on your website. Use this time wisely and be sure to make your message effective. Make your site as appealing as possible and ensure it is a reflection of your values and vision. Your customers should easily be able to tell what type of business you are and what you stand for in the mere seconds they are on your site. If you can grab their attention early, they will stay on your site and come back often to see what’s new and buy from you in the process.

Keep in mind that your customers are savvy and they use mobile devices daily. Your website should be optimized to work with these devices so that a client can purchase from you immediately on the go. Being known as a business startup that is easy to buy from will give you a strong reputation and increase the potential customers that purchase from you on a regular basis.

Realize The Power Of Networking

There is a power factor to networking, and you need to take advantage of it. The more influential people you can associate and align yourself with, the higher your brand will soar. Having power figures support your business startup, and the products and services you carry can help you become more recognizable with consumers as their opinion matters to consumers and gives value to your brand.

You can easily accomplish this by introducing yourself to professionals wherever you go. Try attending networking events and reach out to executives at likeminded companies to strategize. Take advantage of the opportunities before you and be proactive in your approach to learning and meeting someone new.

Make Your Presence Count

You are the ultimate ambassador for your business. You need to ensure that you represent your business startup in a positive light and tout its existence to everyone and anyone. Your brand needs to become recognizable to consumers, and the only way to do that is through promotion. You need to sing the praises of your business startup and not be afraid to share the secret that your company holds. Reach out and grab the spotlight. Take the mic and let your voice be heard.

There is no fear in showing value in your business startup early on if you have a strong vision and values to back it up. You need to show your company appeal and build your positive reputation early on using every tool available to you, which means you are the speaker box for that message. Don’t be afraid to boast about your products and services, you never know who is listening, and you just might gain a loyal customer in the process.

By focusing on your business reputation at the very beginning of the formation of your company, you can easily create a brand that consumers relate to and want to buy from. Your products will become recognizable on the shelves, and your services will be sought after by the masses. Concentrate on using the variety of approaches that are available to you to build your brand and create that positive reputation that your business startup will be known for now and into the future.

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Pros and Cons of Social Media Marketing for Business

Social Media

In the last decade, social media grew exponentially from being a digital channel for interacting with others into a powerful digital marketing tool for businesses.

With over 3.5 billion daily active social media users, there’s really no limit to how far you can go with it. Just imagine how many of them can eventually become your customers!

But, as you jump on the bandwagon of Social Media Marketing (SMM), you have to properly plan and assess the impact and effectiveness of SMM for your brand. This is because, just like with most things, there are two sides to the coin of social media marketing.

If done efficiently, one side promises success, while the other side can be detrimental to your business. While on the one hand, there are businesses who owe a great percentage of their success to social media, there have also been brand disasters, thanks (but, no thanks) to social media. So, in this post, we’ll be discussing some of the Pros and Cons of Social Media Marketing to enable you make informed decisions that will set the pace for profitable digital marketing. Let’s Dive in!

The Pros of Social Media Marketing

Business owners and marketers are going gaga over social media these days. Well, you can’t really blame them. Social Media Marketing comes with a lot of perks, and let’s talk about some of these:

Low-Cost Strategy

Compared to other marketing tactics, social media is significantly low cost, and this makes it very appealing. The most popular social media platforms are available to join for free, and all interaction tools are also free.

However, to get the most out of social media, some businesses are investing full time in SMM strategies such as content generation, digital design, page setups, influencers, and maintenance. On average, all these cost between $4000 to $7000 monthly.

But do you know what? This is relatively more cost-effective than the average of 11.1% of revenues spent on traditional marketing. SMM gives you excellent ROI for less financial investment!

Larger Audiences

Do you want to gain traction in your industry? If Yes, then social media is a powerful tool to use in achieving this. And this is one of the main benefits SMM has over traditional marketing.

While traditional media marketing only caters to fixed audiences (TV viewers, magazine readers, etc.), SMM allows you to reach out to a global audience that is unlimited in reach and scope.

Social Media is an open marketplace. With SMM, you are reaching out to a market space filled with both your existing and potential buyers who need a little push from you to decide whether or not to buy from you.

No Demographic Restriction

What’s more, social media marketing is not restricted by demographics such as sex, social status, and age. Current statistics show that 90.4% of millennials, 77.5% Gen-Z, and 48.2 baby boomers are active social media users.

So, you can have a big market for the age group you are targeting for your products and services. It’s even more impressive that SMM can pass your targeted demographic market and pave new channels for leads generation and sales.

Go International

Before we move on to the next advantage, we should also mention that SMM helps businesses that are struggling to get into the international market.

Thanks to the vast worldwide reach of social media, it becomes effortless for you to reach new potentials outside your suburb, city, or country. Facebook, in particular, has over 89% monthly active users who live outside the US. The audience potential of SMM is huge!

Brand Loyalty

It’s one thing to have customers, and it’s another thing to have a group of returning customers who are fans of your brand. This should be your goal, and social media can help you achieve this.

How?

Well, with social media, you can demonstrate your personality to customers and also tell your brand story. It helps you interact with customers, build relationships, show them that you care, and boost your reputation. This will, in turn, foster long-term loyalty.

Reports from Social Media Today show that;

  • Almost 70% of consumers have used social media for customer service-related issues at least once
  • Customers spend 20% to 40% more with companies that respond through social media

Market place Insights

Another plus of listening and engaging with customers in online conversations is that it will help you find out more about their problems, preferences, needs, likes, and dislikes.

These insights are crucial to the success of any business. They give you information on areas to improve turnouts and get ahead of your competitors.

The Cons of Social Media Marketing

For all the advantages of social media, it is not 100% perfect. There are some cons to Marketing that can lead to undesirable impacts on your brand.

Time Consuming

If you’re already into SMM, then you’d agree how much time it consumes. According to industry reports, 64% of digital marketers spend a minimum of 6 hours on Social Media Marketing.

And that’s not even the worse of it. The other 37% spend an average of 11 hours on SMM. Most business owners who want to get tangible results from their SMM efforts find this time-consuming.

Even more frustrating, if your time spent on SMM isn’t done correctly, it will lead to zero results or traffic that don’t convert into leads or sales.

Hard to Measure ROI

It is hard to define the ROI from social network marketing. A recent study indicates that 89% of digital marketers would want to know the exact ROI of their efforts on social network platforms.

Only 37% have a handle on defining the results of their SMM efforts; 35% say they aren’t sure they are correctly measuring ROI; 28% say they don’t know how to measure at all.

What’s more, it can take a long time – months, or even years before your SMM efforts start yielding sales and customer loyalty.

Loss of Control

The worldwide reach of social network means it attracts all kinds of users, including negative and malicious persons. Anything you post online is subject to comments and criticism. Providing a medium for people to publish damaging comments about your brand is literally the stuff of nightmares.

We should also mention that these negative people include scammers, spammers, trolls, hackers, and all other sorts who want to harm your online credibility.

Bottomline

From all the salient points we have discussed above, we can see that marketing really does deliver favorable results for your business.

In fact, consumers expect all brands to have a social network presence – as much as 63% of them. And 90% of social network users communicate with a brand using Facebook, Twitter, Instagram, LinkedIn, etc.

So, it is crucial for you to up your game and remain conscious of sticking to the best practices. This will allow you to get the most out of Social Media Marketing.

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What Is Factoring and Why You Should Consider It for Steady Cash Flow

flow

Whether you are running a mid-sized company or a startup, your company requires working capital with fast financing and flexibility. Factoring companies, in this regard, provide you this needed cash flow. A factoring company typically takes on waiting for burden for accounts to receive invoice payments. In return, it provides businesses and companies with timely advance cash.

There is no denying this receivable financing method is not only flexible but and also a smart financing alternative as compared to conventional business loans. Businesses need factoring when their account receivable invoices are essentially put up for sale at a discount to a factoring company. Banks, on the other hand, require businesses to go through a burdensome and long approval process to apply for a loan. Not only this, bank loan bears interest at the current market rate and often results in heavy business debt.

Reputable factoring companies, however, start your approval within twenty-four hours and can give you the funds on the same day. This duration can be of ten days, if you are a new client. Factoring doesn’t subject your business to any volatile interest rate. This means factoring financing is a great way to avoid debt on your business or company’s book.

Factoring financing is a long-term solution for business when it comes to enumerating its benefits. However, to make the most of this finance alternative, it’s important that you have sufficient knowledge of factoring. To clear the mist, here we list some potential benefits of factoring to help you understand why you should incorporate it in your business for steady cash flow.

Before plunging into the discussion of factoring benefits, let’s understand what factoring is.

What is Financial Factoring?

In financial terminology, Factoring refers to an invoice discounting and it is used as a financing tool for businesses, particularly for startups. When a business sells goods or services to its customers, it typically offers various payment terms instead of cash at sales time. Although there are a plethora of reasons why businesses practice this, developing a long-term relationship and increasing sales are the most important. In this kind of transaction, businesses usually get accounts receivable, which they hold on their books until customers clear the debt.

Businesses Can Benefit From Long-Term Factoring

If your business faces the following scenarios, invoice factoring can be really beneficial:

  • Volatile and unstable cash flow
  • Seasonal sales
  • Long duration sales cycle
  • Business needs funding to maintain production and substantial inventory
  • Delayed payments, such as corporate buyers and government agencies

How a Factoring Company Helps Business

A factoring company deals with invoice financing, particularly for startup and medium-sized businesses that want a non-bankable working capital solution. A factoring company, typically, purchases invoices for your business from creditworthy clients. Once you do it with crediting invoices, the company advances your business with 90 percent of invoice amount within 24 hours. The remaining balance is cleared when your client settles the payment in full.

You can submit your invoices directly after the product delivery or work completion. One of the interesting features of the factoring company is it keeps your revenues inflow and causes no collection hassles or delays.

Why Your Business Should Consider Factoring for Steady Cash Flow

Fast Way to Raise Money

As mentioned earlier, factoring is an alternative financing solution for businesses looking for swift working capital. A factoring deal does not take more than 24 hours to process and complete. If your business is in need to expand its operations quickly, factoring is your go-to option. Unlike banks and other financial solutions that take a whole lot of time in applying, processing and sanctioning, invoice factoring is a fast way to raise money. In general, businesses do not have that much time when it is about making investment or processing payments.

An Easy Way of Reliable Cash flow

There is no doubt that the availability of manageable and consistent cash flow is significant for operating a successful business. This means if your business doesn’t have a reliable cash flow, it may struggle to meet its daily financial requirements. Financing factoring, in this regard, is an effective and easy financing option that can help you improve cash flow. By using financial factoring and its steady cash flow, your business can meet its daily cash needs. You can even use that money to grow your startup into an established and successful company.

Growth and Expansion

Continuing from the last point, businesses in the growth and expansion phase require working capital. Whether your business needs to hire more employees or purchase new equipment, factoring can provide your growing business the working capital it needs. It may bring endless opportunities for your business to expand.

Maxed Out Your Business Lines of Credit

A state of maxed out credit line can bring your business cash flow to a halt. Even if your company has good credit, banks can limit the amount that you can legally obtain. This may be hazardous for your business growth. However, with invoice factoring, it is only your account receivable base size that can limit. For instance, you can obtain more working capital if your business makes new customers or signs new contracts.

A Way to Handle Slow-Paying Customers

Slow paying customers are something that businesses simply cannot avoid. Managing cash-flow becomes hard if customers take 40 to 90 days for paying the due amount. Even if you work with a Master Services Agreement (MSA), which is a payment term, there are customers who pay as per their convenience. Invoice factoring allows you to benefit from instant access to your due cash. All the due payments are received within 24 hours.

Final Thought

In a nutshell, financial factoring offers multiple benefits for companies in need to raise cash without any delays. Particularly, when a traditional bank loan is unattainable and your rapidly growing business needs to meet payroll, purchase material or cover its other operating outflows, factoring is undeniably one of the best ways you can solve all these problems.

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What’s ERP Software and Why Do You Need One?

ERP

With the rapid growth in technologies, the ERP software market may cross $41.69 billion in profit by 2020. The statistics are enough to demonstrate the impact of this technology on businesses. This figure is undeniably impressive and reflects how important it is for companies in the future. Incorporating ERP software is one-way marketers can give their brand a competitive edge.

If your startup is in the initial phases and you are looking for a technology to help you manage business functions, ERP software is ideal, and if you don’t, this article is worth reading.

What is ERP?

ERP stands for Enterprise Resource Planning system. Many organizations use this software package to manage business activities, including project management, procurement, accounting, distribution operations, and manufacturing. It helps in day-to-day business functions while centralizing them within an integrated system.

The software is more useful when managing supply chain activities or keeping a track record of the moving parts of distribution and manufacturing. The use of ERP software is not confined to these business domains. It is utilized by many different domains that include nonprofit groups, construction, healthcare, and hospitality. Companies requiring inventory, staff, and customer management can rely on this advanced software.

In addition, ERP software stores data in a single database that allows different sections to collaborate by using the same information. ERP can organize and analyze data in the form of reports. In short, ERP software is great for bringing together the following functions into a single system:

  • Human resources
  • Financial management
  • Customer management
  • Business intelligence
  • Inventory
  • Supply chain functions

Here are some more reasons why your business needs ERP software.

Why Your Business Needs ERP Software

You might be wondering how ERP software is different from other software that performs similar functions. Although ERP software has the same goals of managing business functions, it has several unique features that make it extremely distinctive from other software.

Saves Money

You may find it a surprising fact, but ERP software is a good investment in terms of flexible pricing and saving money. For small companies, the initial price may seem heavy, but once they start using it, the software can save a lot of money.

This means ERP software can significantly increase ROI. It is merely because the system unifies multiple systems that businesses often use in fragments. From accounts payable to product development, the staff can access the necessary tools using a single centralized system. The software efficiently helps save time by keeping employees from hunting down information across different systems.

Improves Collaboration

This ERP feature generally varies as it depends upon the program business is using, but it does have a substantial impact on collaboration in one way or another. As mentioned earlier, ERP works with a unique centralized database that provides the business a source to work in collaboration. Not only does it reduces the risk of errors caused by incorrect data, but it also minimizes costs.

Moreover, ERP software reduces during projects as team members can access whatever data they need. The information doesn’t require merging within sources or systems because data is carefully collected, stored, and shared through one system. To put it simply, employees do not have to worry about the accuracy, completion, and security of data files.

Helps in Better Analytics

Businesses need ERP software if they want to improve data analytics and statistical reporting. In this regard, ERP software is ideal as its store’s data as input and makes for an unparalleled business intelligence tool. If vendors provide good functionality, ERP can be a great help in generating fast and accurate reports. The efficient software makes report compilation (that used to take days) a matter of minutes.

Besides this, the option of a customizable dashboard enables executives to see the reports when they are uploaded onto the system. The reports include information related to expense statements and custom KPIs that has essential insights for specific functions. Report access is also beneficial when a company has to make a quick and better decision.

Improves Productivity

There is no comparison of software and traditional methods that make tedious tasks even more difficult. Employees used to invest hours for monitoring inventory, generating reports, processing orders, and timesheet tracking. These tasks were time-consuming and lowered the morale of employees, increasing the risk of errors.

ERP software solves all these problems as it can conveniently automate even the most tedious task. With its integrated database, ERP eliminates all the redundant and time taking tasks, like data entry. It improves productivity by allowing the system to do advanced calculations quickly. The automatic features free up employees and allow them to focus on other essential tasks to improve ROI. That means ERP software can increase business productivity, profitability, and efficiency.

Simplified Risk Management

ERP is must-have software if your business expands internationally to keep track of imposed regulations on the business. Even if the business is local, there is a plethora of human resources, information security, and environmental rules you need to consider.

The good news is that ERP considers these regulations so that businesses can maintain compliance. The software incorporates built-in auditing features to assist businesses with documenting tax provision and chemical use. This makes everything incredibly easy, from formulating reports to sending them to the pertinent governing authority. This feature makes ERP software a great tool to manage risk.

Final Thoughts

In a nutshell, ERP software is a panacea of all the hectic, tedious, and manual business functions. The advanced software is multifunctional and helps businesses improve functions, accuracy, reliability, and financial management. The integrated system can manage a wide range of business activities, from supply chain management and procurement to accounting and operations.

In other words, businesses cannot deny this all-in-one software’s functional significance to enhance their overall productivity.

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How Soon Should You Start Talking About Business Idea

Idea

Some people are just itching to launch their own business. But all they have is an idea.

It is true that being passionate about your idea is critical to establish a business. But should you discuss it with your friends and family before you have anything concrete?

When is the Right Time?

Naturally, all entrepreneurs are very protective when it comes to nurturing and protecting their business idea. Every entrepreneur initially fears that someone would steal his or her idea.

For that reason, it is important that you don’t share a business idea with people around you, without translating your idea into a viable business.

But in some cases, you can’t take things any further unless you share your business proposal with an investor who can finance your business. Seasoned experts recommend that you must never share any business plan or idea without getting a confidentiality and NDA agreement signed by the other party.

These legal documents are generally drafted by attorneys and must be signed before you discuss your idea.

How to Start Talking about your Business Idea?

An idea is fragile in its infancy stages. It must be developed into an elevator pitch or a business proposal before you could share it with other people. Don’t be discouraged if your idea doesn’t get the attention it deserves. Some of the best business ideas were once turned down by giant investors and people in general.

Believe in Yourself

Did you know that Chester Carlson, who was the inventor of the Xerox machine, received a rejection letter that stated ‘Who wants to copy a document on paper?’ Most of us still don’t know that his idea was turned down by 20 companies between 1939 and 1944. Today, Rank Xerox Corporation earns millions of dollars in profits.

The problem is not that you want to share your idea with people. What’s more important is who you want to share your business proposal with. Many start-ups and entrepreneurs simply abandon their business idea if they are rejected initially. But if you have worked on producing a quick and affordable solution to your target consumers’ problems, never doubt the potential of your business idea.

Many entrepreneurs or companies have re-located to other countries where there is more demand for their products or services. Every city and town has unique government-funded business development offices. You can get free or inexpensive resources to work on your business idea and find your target market.

Connect with Positive People

While keeping your business idea to yourself initially is the best policy, sometimes it helps sharing your ideas with motivated and positive people. Self-motivated individuals offer good advice and offer the best emotional support to help you launch a promising business.

But stay away from people who always bring you down. These people not just steal your energy, but can also rob you of your incredible business ideas.

Create a Strategy

Your business idea is like a small baby that has to grow before you could introduce it other people. Many entrepreneurs have an idea of what their business ideas or products are going to do, but they fail to figure out the ‘how’ part.

Work on developing a decent product or solution, before you could pitch it to investors. Work on creating an impressive proposal that highlights the best features of your idea as well as elaborates the mechanics or the process that’s involved.

When you re-invent something, you need to show why your idea is better than the rest. There has to be something unique about your business idea or product that offers something new or inventive. Going creative saves you from disastrous pitfalls and guarantees a steady source of profits.

Work on Promotion

A solid marketing strategy offers a strong back-up for your business idea. Once you have produced a great product, marketing it right lets you reach out to a wide audience. Study and reflect on how your competitors promoted their first products and services. Did they rely more on promotion or improving their initial business idea.

Relocate to a New Location

There are many reasons why many companies and business relocate to other cities or countries. Some firms require specialized employees while other companies might need an extra and affordable place to run their business.

Ask for Help

Connect with people who listen to your business ideas without any bias or prejudice. Most entrepreneurs look up to a role model if they can’t find a mentor. A mentorship or partnership between two parties can be both formal and informal.

You can also find true strength and support from your friends and family. Reaching out to others and asking for help is never a taboo for entrepreneurs. Successful people know that they can’t do everything. In fact, some of the most lucrative businesses were never built alone.

Test your Services

If you have developed a product, test it on a sample audience to identify its best and worst features. If you are setting-up an ecommerce store, make sure your website has gone through A/B testing and does not have any glitches before you run it live.

In case you have an idea for a mobile app, make sure it goes through a meticulous Quality Assurance process to get any bugs fixed. It is not easy to fool or satisfy today’s smart consumers. Once you have materialized your business idea, you need to promote it successfully across all channels to reach out to your audience.

Final Thoughts

The best time to share your ideas with your friends and family is when you know that your idea can successfully bridge the gap between a problem and a solution. The best time to share it with investors or other companies is when you have meticulously worked on creating and testing the implementation of our ideas. Never prematurely take an idea to an investor, he will reject it. Take a product or business proposal and you have higher chances of getting an approval.

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Working Without an Office: Can Business Startups Pull It Off?

office

One thing that would come to mind when we talk about business startups and small businesses is the idea of having a small office crammed with idealistic people who want to succeed in their chosen field.

In recent years, however, there has been an increase in the number of businesses function well despite the lack of an office. For the owners of these businesses, having a remote team is not so different from having a group of people work together in the same room. In fact, for many of them, they believe that these setups might even help in the success of their companies.

So what is the reality behind this trend? More importantly, can business startups really succeed if they adopt this kind of setup?

The answer, of course, is dependent on the nature of the business. Sometimes, businesses would require having a physical space where the employees can function efficiently. Others, meanwhile, are okay with the idea of working together via the cyberspace.

Entrepreneurs, therefore, should look into the status of the company before approving any plan of shutting down the office and hiring a remote team.

There are advantages in this kind of setup. For one, the company would not be limited to a group of people who live in the same city. They could even hire a competent consultant from another country since he would not be forced to go to an office every day.

Despite the advantages, there are downsides in not having an office. For instance, Continue reading “Working Without an Office: Can Business Startups Pull It Off?”

How Artificial Intelligence can be a great startup Business

Artificial

You might have heard of rising of Artificial Intelligence, right? Owing to utmost advancement in technology, people observe novel inventions in science and technology that bring unknown changes in every field of life. One of the very changes that have taken place is the incorporation of Artificial intelligence in most areas of life. Since it has been primarily infused in multiple departments of our lives, we can do a great business out of it. This article has been written to cast light on its applications and how it can be a great business. So, let us start without further ado!

What is Artificial Intelligence?

Artificial Intelligence directs the capability of machines or controlled robots to perform specific tasks that are generally affiliated with intelligent or human beings. In simple words, Artificial Intelligence makes possible the simulation of human intelligence processes and functions by machines, particularly computer programs. Operations that AI performs are learning, planning, and problem-solving.

Typical examples of Artificial intelligence are the following:

  • Self-driving cars
  • Robo-advisors
  • Conversational Bots
  • Email spam filters
  • Smart assistants
  • Article spinning software

How does AI work?

Artificial Intelligence works by merging large sets of data with intelligent, mathematical, and programming processing logarithms to absorb patterns and features in the data being analyzed by AI systems. Artificial Intelligence applications can be gauged by their working and processing. AI enhances its performance and adds expertise by assessing and measuring its performance, each time performing a set of data processing.

Since it is operated through software, it does not need any break while calculating even thousands and millions of tasks exceptionally swiftly.

It still confuses you, right? But, essentially, AI consists of many computers to solve problems, making it an entire scientific discipline.

The critical goal of Artificial Intelligence and Robotics is to model human behavior. As a result, it can solve complex problems via human-like thinking processes.

To accomplish these problems, the AI system employs a whole series of strategies, techniques, processes, and a vast range of technologies.

What disciplines comprise the field of Artificial Intelligence?

Different components can also be referred sub-fields of the most crucial science of AI.

Each of these departments is generally employed by AI:

1-Machine learning:

AI has astounding applications in this field that enables computer systems, programs, and applications to learn and improve results based on experience automatically.

2-Deep learning:

It is a particular machine learning that permits Artificial Intelligence to learn and improve by processing data. Deep understanding utilizes artificial neural networks which imitate neural networks in the human brain to process.

3-Cognitive Computing:

It is another significant part of AI dedicated to mimicking the interactions between humans and machines. This incorporates text, voice, and speech AI parts.

4-Computer Vision:

One of the most prolific and applaudable uses of AI is to review and interpret the content present on the image with the help of pattern recognition and deep learning. For example, computer Vision allows AI systems recognize components of visual data like captchas you usually find on websites.

Common Applications of Artificial Uses:  

Although Artificial Intelligence applications are great in number in our natural world, we are presenting a few uses that we observe often:

1-Cyber-security:

AI plays the pivotal role of guarding against unauthorized attacks regarding important and susceptible data of an organization, be it private or governmental. The concept of Cybersecurity has been coined to cope with savage attacks from hackers, and AI plays an important in doing so for you. AI systems can detect cyberattacks and other cyber threats by monitoring the data that has been fed. Once this system detects a cyberattack, it can trace through your data to find the origin of the attack and help to prevent a potentially devastating failure.

2-Customer Relationship Management:  

Artificial Intelligence and Robotics are bringing massive changes to Customer Relationship Management systems. Since software involved in Customer Relationship Management like Zoho and Salesforce require considerable human intervention to run the system accurately, AI has great potential in carrying out such tasks. When you AI technology to these platforms, the CRM system advances to a self-updating, auto-correcting system that causes your CRM system to excel.

3-Internet and Data Research:

Artificial intelligence helps internet users to improve their search experience by affording them more relevant information about their inclinations and circumstances. As Artificial Intelligence technology advances swiftly, users get better and more customizable experiences.

4-Data Research Assistants:

AI has eliminated all the repetitive hassles of doing emails and answering common queries by completely changing the company operating from the inside. AI offers chatbots acting as personal assistants to assist manage your emails, maintaining your calendar, and even give you suggestions about smoothening processes. Moreover, these AI assistants can also help respond to questions customers ask who call or chat online.

We have summed up Artificial Intelligence Applications.

Why is AI business worthy of investing and what is its Future?

Having thoroughly read about this technology, you might have got some understanding regarding its bright future and demand. As technology progresses by leaps to bounds, the upcoming world will likely have much more crucial problems to contemplate and devise solutions to rather than doing simple routine tasks. Therefore, its future is very bright, and it will overwhelm the globe with its catchy features. Owing to its productivity, it will be a sought-after technology that is worthy of investment. The artificial Intelligence business is still soaring and will soar with more impetus, generating humongous revenues.

Funded.com is the leading platform for accredited investors network worldwide. We monitor and provide updates on important funding events. Angel Investors and Venture Funding can be a key growth for a startup or existing business. Whether it is a first, second or third round financing having a strategic alliance with an Angel Investor or Venture Capital financing can propel a business to the next level and give the competitive edge.

The Secret of Conceptualizing a Winning Idea for a Business Startup

Conceptualizing

For owners of business startups, conceptualizing a winning business idea is perhaps one of the most difficult things that they have encountered. Most of the time, people know that they want to have a business. The problem, however, is that they have no idea what are the things that they have to do first.

Every year, more than half a million businesses are established in the United States alone. But this number is significantly smaller than the actual number of people who are thinking of starting a new business.

Before anything else, the first thing that business owners must keep in mind is that there is no bad time to start a new business. Sometimes, people decline to push forward with their plans because of unfavorable conditions such as economic recession, among others. But thinking through this situation would reveal a lot of things – for instance, a business that was launched during uncertain times may end up being successful primarily because of less competition.

Considering this, one must think through things and consider the ups and downs of launching a new business as soon as possible.

One of the pressures of starting a new business is the fact that the would-be owner has no idea what to do. For many people, they think that the key to be successful is to invent the next big thing in their chosen fields. Unfortunately, this is not the case.

Of course, there are Bill Gates, Steve Jobs, and other noteworthy people who became famous because of their “inventions.” But we have to consider many others who rose to the top not by inventing a new product but by improving what was currently in the market.

Thus, the first rule in conceptualizing a winning business idea is not to think about a unique product or service, but rather finding products or services that you think you can improve.

To do so, take a sheet of paper and write ideas that come to your mind. Try thinking about products or services that you are really familiar with – then conceptualize how you can improve them. Do you think you can merge some services? Or perhaps make the design of a particular product more ergonomic?

The secret is thinking through things – use your head, and eventually you’ll come up with a winning idea for your startup.

 

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E-commerce Business

How E-commerce can be a great startup business and can generate considerable revenue

e-commerce business

The contemporary age is influenced by modernized e-commerce business of variegated natures that will likely generate handsome revenues and innumerable jobs. Apart from conventional businesses, the world is steering towards crafting new startups to meet the ever-changing necessities of the globe. New startup businesses are not only imperative for generating new job opportunities but also beckon the interest of fiscally gigantic investors to invest and help these businesses to soar. Startup businesses should be vigorously funded to meet the needs and prompt the researchers to invent more objects and products to enhance the living standards of society. We have dedicated this blog to accentuating the lucrativeness of the E-commerce business so that readers become conversant with it. So, let us start without further ado!

What is E-commerce?    

E-commerce implies buying and selling different products and objects via the internet and transferring data and funds. Transactions in business can be made as either business to business, which is known as B2B, Business to Consumer (B2C), Consumer to Consumer(C2C), and Consumer to Business (C2B). Often, E-commerce and E-business are interchangeably used. Similarly, e-tail is employed for the transaction processes that constitute online retail shopping.

In the previous decades, the excellent use of e-commerce platforms like Amazon and eBay has efficiently brought about pronounced growth in online sales. Scalability of this business can be fathomed by its rapid increase to 16% from 5.1% in 2007 till now. This business has a base website called the E-commerce website.

How does E-commerce work?

Essentially, it works on the internet, allowing buyers easy access to products and services they are looking for and then placing an order for the desired service or product.

Once a buyer places an order, the web browser on the buyer’s side will start communicating with the server of the online website store. Data regarding the established order will be passed on to a central computer called the order manager; after that, the data is passed on to databases managing inventory levels and a bank computer. This whole process ensures whether the customer funds are sufficient for the order to be processed. Post to order validation, the order manager will instantly inform the store’s web server, then notify the customer by displaying a message that the order has been successfully placed. After that, the order manager will convey this data to the warehouse to prepare the product to be delivered. In this phase, tangible products are dispatched to the customer’s address, whereas access is given to digital products. In E-commerce, marketplaces are dedicated for sellers to sign up and start buying services and products simply. You can use an eCommerce application instead of using a web browser to carry out all this process.

Types of E-commerce:       

A few types of e-commerce need to be understood before you start an e-commerce setup. Let us have a glance over them:   

1-Business-to-Business (B2B):

B2B implies exchanging goods, products, or services between businesses rather than between customers. Typical examples of B2B e-commerce are online directories, development, and supply exchange online stores/websites that enable businesses to search for products, services, or information and commence transactions via e-procurement interfaces. 

According to research conducted in 2017, it was predicted that B2B will surpass 1.1$ trillion in the United States by 2023.

2-Business-to-Consumer (B2C):             

It is such a retail part of e-commerce that incorporates selling products, and services by businesses to customers directly. This term became popularized during the dot-com boom in the late 1990 when online retailing was no less than a marvel! Nowadays, there is a plethora of virtual stores and malls selling products and goods. The most prominent example of a B2C e-commerce website is Amazon which is the most dominating in this spectrum!

3-Consumer-to-Consumer(C2C):

It is a type of e-commerce that incorporates trading products, services, and goods between consumers. All the transactions in the C2C kind of e-commerce are conducted by a third party that affords an online platform on which transactions take place. Typical examples of C2C e-commerce are online auctions and classified advertisements, with eBay and Craiglist one of the most renowned platforms of this ilk.

4-Consumer-to-Business (C2B):  

It is a sort of e-commerce business where consumers craft products and services for online companies and corporations to meet their manufacturing needs. This is contrary to the traditional trading model of B2C.

A prominent example of a C2B platform is a market that aims to sell royalty-free images, photographs, and design elements like iStock.

Advantages of E-commerce:

E-commerce business wields enormous profit when set up professionally. Here are some of the advantages of E-commerce that are fetching enough to invest in this business.

1-24/7 Availability:

Irrespective of electricity and internet outages, e-commerce sites are 24/7 available to generate revenue by allowing customers to browse their desired products and services from an unending panorama of variety. Its super availability makes it a worth-investing business.

2-Wide availability:

E-commerce enables the online business to span across the whole globe and possesses many products that are quickly dispatched to the customer’s doorstep. In this way, every nation or country is aimed at without much hassle, leading to massive revenue and brand development. Moreover, every person can easily avail of services by using E-commerce applications.

3- Ease of accessibility:  

Customers can easily access their desired products by scrolling through the variety of products on the online store without the hassle of physically visiting the out-let that is entailed in conventional marketing. So, this feature makes it a profitable investment business.

Why should new E-commerce businesses be started?

Our world is gradually being overwhelmed by the internet world that is changing the modality of several processes, with the conventional ones being obsoleted by the modern ones. Business through E-commerce has gravitated a huge number of people towards it since it eliminates hassles of physically outreaching the outlet, punctually adhering to time for the outlets being open. Although there are already a few booming e-commerce businesses, there is a vast scope in this business that can be racked up by targeting several specific niches and maintaining great quality and timely delivery. Therefore, we are inviting investors to help bolster E-commerce businesses since these businesses are highly profitable and easy to build a brand.

Author statement:

Funded.com is the leading platform for accredited investors network worldwide. We monitor and provide updates on important funding events. Angel Investors and Venture Funding can be a key growth for a startup or existing business. Whether it is a first, second or third round financing having a strategic alliance with an Angel Investor or Venture Capital financing can propel a business to the next level and give the competitive edge.

Manage Your Fears: Six Exercises for Startup Owners

fears

At any given time, establishing a startup is never an easy task. This, however, becomes more difficult and fears for first-time entrepreneurs who do not have much background and experience in managing a company.

Because of the uncertain and ambiguous nature of most startups, would-be entrepreneurs usually find themselves facing a number of fears and misgivings about starting a business. These fears – which are often tied with the need to perform unfamiliar chores and tackle unforeseen challenges, among others – affect one’s performance and would usually lead to a rather disastrous outcome.

Fears are always present, that is the reality. And in order to overcome them, entrepreneurs should keep in mind that their goal is not to get rid it. Instead, they need to have the ability to transform the adrenaline that naturally arises from fears into an energy that can inspire them to move forward. Unmanaged, fear can be destructive. But with proper control, it could turn into a motivating force. 

In an address at the University of California at Santa Barbara, entrepreneur Seth Epstein – an owner of a popular clothing line and the Founder-CEO of broadcast design firm FUEL – talked about fear management and provided several exercises that could help entrepreneurs, first-time or not, harness their fears.

The exercises try to deal with common trepidations faced even by those who are not in entrepreneurship. Nevertheless, Epstein notes that following the suggested tasks would increase one’s chances of being a successful business owner. He said that in order to thrive and enhance their capacity to deal with problems, entrepreneurs must face and do things that they are afraid of.

Following are Epstein’s list of exercises to help startup owners manage their fears:

Go out on a date. Inviting someone to have dinner or watch a movie is one of the most common fears in town. This, therefore, should be on the top of the “face your fears” list. Unfortunately, this exercise is only for those who are still available.

Talk to strangers. People are usually afraid of conversing with unfamiliar people. This is understandable, considering the popular warning that parents often say to their children. Grown-ups, however, must keep in mind that it is important to talk to others, especially in social gatherings and other events.

Engage in an extreme challenge. A lot of people do not participate in extreme physical activities because they are afraid of falling, drowning, or simply losing control of themselves. If you want to know how to manage your fears, then start engaging in activities such as parachuting, bungee jumping, surfing, diving, etc.

Connect with our idol. Try to contact a very important person that you really admire. Look for his or her e-mail address or send a note via regular means. This does not only give you an opportunity to connect with your idol, it also prevents you from being intimidated whenever you face a high-profile person.

Go out and have an adventure. Participating in a challenging trip to an unfamiliar location will help you get used to unfamiliar circumstances and develop your resourcefulness – a very advantageous exercise for entrepreneurs.

Say yes to every opportunity for a week. People are afraid of grabbing opportunities because they are afraid that it will disrupt the status quo and will eventually lead to disasters. For a week, try to keep an open mind and say yes to every relatively safe opportunity that you come upon. This will help you discover things that you will never learn every time you say no.

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