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Mathematics

Which describes a random selection procedure?

2

Answers

Marla Allentoff

Mathematics teacher. Business consultant

I believe the correct answer is B. We are looking at the relative frequency of letters, and you are choosing a random sample of books to count it. With respect to a random sample, we sample from a population. We like to randomly select a sample from a population. Thank you.

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JC Quek

Business Transformer and Shepherd

Almost all my clients have the same issue as yours. So your challenges are not unique. While making positive business progress is a wonderful thing, external growth must come with relevant similar pace of internal growth. It seems that you are using the same old management approach/ style despite your business has grown from 1 or 2 people into current size. It is no more purely a number game now, mismanaging people will lead to loss of knowledge, valuable customer, profits, and growth potential. Your backyard is having fire currently means your internal support team is having some challenges and you may have uneven growth in some business functions - immediately you should investigate the following areas: 1. Review your management approach/ style and system 2. Review whether you are capable to manage C-level employees. 3. Review your human capital policies and culture diversity 4. Review, whether you have clear/ appropriate a) accountabilities, b) roles and responsibilities, c) committed budget, d) monitoring and control system, e) KPIs, etc 5. Revisit your mission/ vision/ expectations, adjust if necessary. 6. Review workflows and communication models to identify what has triggered the conflict(s). I think the above should help. Upon making the reviewing, you may already have action plans. If you still have problems, feel free to drop me a message

Yogender Singh

Business Advisor | Strategist | Investor

Hello, The first step is to get the idea validated and opportunity assessed. It is important for an entrepreneur to invest time and energy in idea which has potential of getting transformed into sustainable business. I'd be happy to assist you move forward in your journey. Drop a message/schedule a call or you may further write to our incubator at startup@xlarise.com for extensive support

New Business Development

Should I invest my money before having clients?

11

Answers

Matteus Sobczynski

Vast experience in SCM, Change- & Innovation Mgt.

You need to be doing three things with the initial money you make .. You should be looking into updating your "toolbox" with sensible purchases… KNOW that buying that particular tool will make your product better, or better yet, give you a edge on your competitors… do not buy something because it feels logical for the business you do... Your purchase has to have an immediate impact on your next order... Secondly, but some aside... make sure that you have a little fall back money... there will be tough times.. there will be less tough, if you prepare.... and third... REWARD yourself....or others .. make having your back.. let it be noticeable that you are making money... it doesn't have to be a Rolex.... … have a story about how you spent your first hard earned cash.

JC Quek

Business Transformer and Shepherd

Doing forecasting need to determine: 1) the sources of revenue and the revenue drivers 2) the classification of costs and the costs drivers 3) the nature of costs and their patterns Then you develop profit and loss + balance sheet + cash flows forecast. With the above basis, you can perform the cost of customer acquisition per type of revenue per year; the cost of customer acquisition & maintenance / total lifetime revenue for ROI or NPV; break-even, the margin of safety, contribution per sales type; ROCE; market sensitive test; etc. If you adopt the above, you will somewhat be getting things in the proper place.

Matteus Sobczynski

Vast experience in SCM, Change- & Innovation Mgt.

Did you know that having an fancy expensive website doesn't do it either...I mean you can pour thousands of dollars into a website... but without traffic, it wont be worth it... Find you target demographic.. Schools, Community Centers etc... and go old school... HANG UP A FLYER!.... that will get you going... if your product is awesome... the organic word to mouth method will get you students... So two things.... do not be afraid to go OLD SCHOOL... and be sure that your product is of quality...

Jason Knott

International Tax Attorney and U.S. CPA

NDA's are certainly a must have for new startup companies, especially if you are developing intellectual property. I would recommend consulting with an attorney that is licensed in your home state. Attorney's have very strict client confidentiality obligations, so you won't need an NDA with your own attorney, but you will likely need one for employees, vendors and other subcontractors.

varun sharma

Growth Consultant & Founder of Upreports

1) First, selling something doesn't always have to be through testimonials or referrals. If your product -here commercial office space - makes sense, then, people will be interested. When I started my marketing agency, the first client I acquired was a big LED supplier in China and I did it by: a)Giving a practical solution to his problem b) Being professional at every front c) Referring to my industry experience (not clients) 2) There are many things you can do to connect with potential clients in your local region. Here are a couple of them: 1) You can highly target ads in your region 2) You can create a killer office space introduction video 3) You can channelize your current network to get introductions I think reading this B2B marketing blog I wrote couple of weeks ago will help you: https://www.upreports.com/blog/marketing-growth-strategies-hacks/ Need further advice? I'm just a call away!

Juan Pablo

Positive person Successful I love what I Do!

psychological fatigue that's basically the reason entry level jobs fail to get higher positions the lack of motivation makes them psychologically fatigue if companies we have motivational speakers gift courses to everyone an entry level jobs they would be able to have more productive staff

Anntricia Bray

I am a professional speaker

I would suggest first contacting an independent consultant for Financial Education Services. They have been instrumental in my community.

Kerby Meyers

Strategic thinker and communicator, author

Hello: Great that you have some traction in this marketplace. Now you’re looking to grow. Your best resources for determining where expansion makes sense are your current customers. They know you, know what you offer and hopefully have a level of comfort with your business. So reach out and: * conduct a brief (3-5 question) survey on their needs outside of office/desk space * talk to your best clients personally to discuss their office-related challenges * meanwhile, are you doing everything you can do to build up your client base? Lastly, given the knowledge you’ve built up around the office/coworking space, perhaps it’s time to explore acquiring your own property to run. If you wish to discuss, send me a PM through Clarity for 15 free minutes. Thanks, Kerby

Kerby Meyers

Strategic thinker and communicator, author

Hello: That first toehold in the market can be the toughest to get. Especially when you’re working two sides of the street. Validating your idea is essential, but that means you’re in a listening phase more than a selling phase. Don’t simply write a blind email or two and wait for a response. You are the key to winning business in the early stages—your idea, your passion about the idea and your drive behind starting the business. So on the university side, zero in on a handful of schools—ideally nearby—and get face-to-face meetings with relevant people. Go in ready to hear what their pains are—based on your question perhaps around connecting with corporations? Work some queries around the space you’re addressing within your conversation but do not pitch your solution. Similarly on the corporate side, connect with relevant individuals—is it those in charge of training? You’re right, they’re busy, so a face-to-face might not work, but cold calls certainly can. Develop a concise script that focuses on listening (broad, open-ended questions) and start dialing. It is a numbers game, but you can help yourself by approaching mid-sized and smaller companies as well. If you wish to discuss, send me a PM through Clarity for 15 free minutes. Thanks, Kerby

David Favor

Fractional CTO

Email is likely a poor choice for this. Reminds me of the guy who goes to a bar + tries to hook of with strangers. To many steps missed between initial meeting + hoping into the sack. Repeat/Persistent business builds on relationships. Rather than email, go speak at local events. When you're comfortable, go speak at any of the 100s (1000s if you count all weekly https://Meetup.com groups) of E-Commerce industry conferences/events. Affiliate Summit + PubCon come to mind. If you've never done marketing by speaking at conferences, you can book a call with me or likely many others. Once you get the hang of this, you'll laugh about any other type of lead generation... well... if your funnel contains big ticket items. If you're working with small ticket items, you still won't use email. You'll use paid traffic, targeting your perfect client.

Mukul Verma

AI/ChatGPT Entrepreneur, ex-Mobile & Shopify Apps

I am not convinced you need an investor for what you are doing. Why give up part of your company and someone else having a say in your dream. I would start with some simple videos at Udemy, going through that you will learn a lot and move up from there. You may also consider a local intern to help you sort through the material and put it online.

shuv Chowdhury

I can help you with the design value proposition

I think what you need to do is market analysis. According to Labour Market Outlook, there is cumulative hiring requirements in Canada for ICT talent are expected to be over 182,000 by 2019. I think the number will vary by 10-15%. Having said that, I would suggest you focus on the ICT professionals. You have to design your business model, work on customer value proposition and business risk.

Jacob Johnson

Entrepreneur & SEO Specialist

Reviews can make or break some businesses. It can be very important for places like restaurants or other service related places to have good reviews. While reviews are still important for tech places they can be less important especially if the tech item can be easily dowloaded and removed. I would love to talk more with you. I have a lot of experience with Google and would love to help you out.

Dane Madsen

35 years of looking for the perfect business.

I have 35+ startups in my background in multiple industries and multiple roles. There is good advice from others on finding a real problem you inherently know and build a service you and others would find valuable to use. If you do not have this idea (not one suggested by us), it could be the fish and a bicycle cliche, a solution seeking a problem to solve. What you have not made clear is why you all want to start a business *together*. If it is only that you are three females in a tech-bro world where you all have frustrations where you all (individually or collectively) work, that is not a strong platform for success. Is it that you deeply like each other? Is it that you deeply trust each other? Do you share a common bond or interest in a specific subject (not what you do professionally, but something human)? Do you have other bonds than skills (hint, you all have the insufficient/wrong skills - as all of us did, so you will need more) and gender? In the 3 Ts - Team, Technology, and Traction, the reason you all want to work together is crucial since it is why you will not fall apart.

Jason Knott

International Tax Attorney and U.S. CPA

There are a lot of options here, but I think you may have already found the best option which is setting up a holding company to own separate subsidiaries. It's not uncommon for a holding company to create a conglomerate which owns many different businesses across multiple industries, even businesses that compete against one another. In your case, it would make sense for the holding company to act only as a shell company that owns the stock of the underlying entities, rather than an entity that performs day to day management functions for both subsidiaries.

Mukul Verma

AI/ChatGPT Entrepreneur, ex-Mobile & Shopify Apps

Hello, Congrats on creating your own agency. Software developers and clients often speak 2 different languages and your job is to communicate between then effectively. For your questions 1. This can happen, the agency is the project manager. Manages requirements, user needs, spec document, milestones, payments and everything outside coding. On the next project, they will see your value. 2. I would not mention it, it gives you less flexibility, if you have to change teams or something happens. I don’t see a reason for mentioning it 3. Everything outside the coding - getting clients, creating the spec document, customer care, making sure project on schedule and budget, launching the product, working with design teams 4. The most value a agency can provide is what I call a brain. When things go wrong (and they will) who can solve that problem. The programmer will hit some tough spots in a project and come to you to solve it. You need to know how to handle it and keep the project going. Now if the client worked directly with the agency, this is where your value came in. Last, I would suggest to get into each conversion and understand how everything works, it will help you build a better business, good luck. Cheers,
Mukul If you need help, call me

Jiri Fiala

EU based multiple Entrepreneur. Angel Investor.

1. Contract, contract, contract. Both with the client to avoid going directly under severe penalties, both for employees (even subcontracting entities or freelancers) to scare them off such behaviour. And of course, keep your guys happy and on interesting projects, that will help nowadays more then any penalties. 2. No. Either you're end to end responsible for the development and your contract says so (and allows you for subcontractors) or you're only providing on top of cream management service, in that case they should have separate contract with those guys. 3. Design, Scalling architecture, marketing mix, R&D....you can add a lot of flavour into this. Depends on your skillset. 4. A lot. One of my companies was focused as "Foundation house", project based only, including full business development & planning services, goverment discussions around regulatory issues and management of other third parties. Call me if you want more info, that's quite a broad topic and you probably need to have it sorted to have good client value proposition.

Chad Warren

WordPress and WooCommerce Expert

I have worked with many businesses who have both made the shift to hosted solutions and back to self-hosted solutions. Many ecommerce brands have been making a shift to hosted solutions such as Bigcommerce and Shopify. There certainly are benefits to using a hosted solution - software management, uptime, security management, no need to worry about hosting, technical support. However there is also a still a case for self-hosted ecommerce solutions as well. If you need to integrate with custom inventory or fulfillment systems, you may find a self hosted solution such as X-Cart or WooCommerce a good fit. If you ever find yourself needed to "break the mold" of your ecommerce solution, you may find it difficult to do with a hosted solution. If you are okay with staying within the lines so to speak, then hosted may be the right avenue for your business. With self hosted solutions you have full control over the code of the website unlike with hosted solutions (Bigcommerce and Shopify). The expense of moving is six of one, half a dozen of the other. You'll find the need for both design and coding requirements from each solution; the expense of migration of customer order records and products can be expensive and most certainly time consuming to massage everything into the new platform. If you require more specifics, feel free to setup a call with me to discuss your unique situation.

ISHAN GROVER

Chartered Accountant, Business Strategy Advisor

You can join a pool funding business wherein either you can be sleeping partner or active partner depending on your locations and interest. We can share the plans with you according to your investment size.

Rey Joshua

Founder @ MotivLeads - Paid Media Pro

I'd recommend attending trade shows and conferences focused on the tech industry. Another great option would be running a Facebook Ad campaign targeting organizations who best represent your ideal client. You can also try LinkedIn Sales Navigator and cold emails to cultivate your b2b leads. Any of these are viable methods for lead generation. It's best to try each one and see what results you get.

Jiri Fiala

EU based multiple Entrepreneur. Angel Investor.

Not easily answered without further info, best way for you to approach it would be to use comparatible service (be it shopify, attlasian, wix) and do your own market research on potential customer base as well as CVL. If you need help it would be fun to digg in, did a lot of research in this area for startups I was working my DD magic on.

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