Variable | Step 1 | Step 2 |
---|---|---|
Constant | 4.43** | 4.18** |
Firm Age | 0.005 | −0.002 |
Ent XP | 0.52* | 0.59* |
Age | −0.02** | −0.02+ |
Education | 0.08 | 0.04 |
Case sample | −0.61* | −0.69* |
High Tech Firm | −0.10 | −0.16 |
0.09+ | ||
Write business plan | ||
Secondary data | −0.02 | |
Business plan feedback | −0.02 | |
Business plan funding | −0.05 | |
0.09+ | ||
Interview | ||
Prototype | −0.02 | |
Show prototype | 0.04 | |
Experiment | −0.02 | |
Preorders | 0.15* | |
Pivot | 0.06 | |
0.19 | 0.30 | |
Adjusted | 0.15 | 0.19 |
change | 0.19 | 0.10 |
Business planning | Lean startup | ||
---|---|---|---|
Supported? | Supported? | ||
: Write Business Plan | Yes | : Interviewed Customers | Yes |
: Secondary Data | No | : Created a Prototype | No |
: Feedback on Business Plan | No | : Showed a Prototype | No |
: Funding from Business Plan | No | : Experiment | No |
: Preorders | Yes | ||
: Pivoted | No |
Summary regression results for the growth DV
Variable | Business plan | Lean startup |
---|---|---|
Constant | 2.18 | 2.10 |
Firm Age | 0.03 | −0.01 |
Ent XP | 1.13 | 1.24 |
Age | −0.04** | −0.05* |
Education | 0.18 | 0.16 |
Case sample | 0.65 | 0.25 |
High Tech Firm | −0.61 | −0.48 |
0.30* | ||
Write business plan | ||
Secondary data | −0.17 | |
Business plan feedback | 0.01 | |
Business plan funding | 0.19 | 0.25 |
Interview | ||
Prototype | −0.11 | |
Show prototype | 0.14 | |
Experiment | −0.09 | |
Preorders | 0.89* | |
Pivot | 0.34* | |
0.39* | 0.51* |
Business planning | Lean startup | ||
---|---|---|---|
Hypothesis 1 | Supported? | Hypothesis 2 | Supported? |
: Write Business Plan | Yes | : Interviewed Customers | Yes |
: Secondary Data | No | : Created a Prototype | No |
: Feedback on Business Plan | No | : Showed a Prototype | No |
: Funding from Business Plan | No | : Experiment | No |
: Preorders | Yes | ||
: Pivoted | Yes |
We do not believe that business planning exists as a latent construct necessarily comprised of these activities, but rather each of these activities are potential components of the concept referred to as “business planning” in prior research.
Similar to business planning activities, we believe that lean startup is not a latent construct but rather these activities in some combination is what is meant when practitioners and scholars refer to lean startup. As such we test each of the activities individually rather than as a construct.
Following the extant guidelines on regression assumptions ( Osborne and Waters, 2002 ), we tested our model to ensure the regression assumptions were met. First, to check if our error terms ( Flatt and Jacobs, 2019 ) are normally distributed, the P - P plot suggests normality as the plot is largely linear. Second, to check for a linear relationship between the independent and dependent variable, our residual plot showed a linear relationship. Third, as our variables were not latent, there is no concern for measurement error for this approach. However, we did follow best practices suggested by Flatt and Jacobs (2019) and tested the Durbin–Watson statistic. Our value for this measure is 1.5 and their guidelines are that this statistic should be close to 2. Values between 1.2 and 1.6 represent only a minor violation of the statistical independence of error terms. Finally, to address the assumption of homoscedasticity, inspection of our standardized residuals showed our residuals scattered around the 0 (horizontal line). Therefore, for our dependent variable of success, we can feel comfortable our data meets the assumptions of linear regression.
As this dependent variable was analyzed using logistic regression, we analyzed our data following best practices from Garson (2012) . First, our dependent variable is dichotomous. Second our scatterplot showed no outliers in our data. Third, the correlation table showed no evidence for multicollinearity as no correlations were above 0.9 ( Tabachnick et al. , 2007 ). Hence, we feel our data meets the assumptions for logistic regression.
[Business Background]
Started (or am starting it) myself
When you first started pursuing the business, how many people were on the founding team (including yourself)?
High Tech Startup (External/Venture funded)
Steady Growth Business (Internally/Self-funded)
Lifestyle Business
Business Idea
Decision to Start a Business
Occurred Together
Month (1–12)
Year (YYYY)
[Lean Start Up, Business Planning Practices]
Interviewed potential customers
Created a prototype
Showed a prototype to potential customers for feedback
Conducted an experiment to better understand some portion of your business
Wrote a business plan
Accepted money for pre-orders
Used customer feedback to alter the direction of your business ("pivoted")
Gathered secondary data on industry statistics or trends
Shared your business plan with people outside the company for feedback
Shared your business plan with people outside the company for funding
[Demographics]
How old are you? 0.5
Prefer not to answer
Black or African American
American Indian or Alaska Native
Native Hawaiian or Pacific Islander
Living with a partner
Never married
Up to 8th grade
Some High School
High School Diploma
Some College
Associate's Degree
Bachelor's Degree
Some Graduate School
Master's Degree
More than 1
[Success Criteria]
My business is a success
Increased Annual Revenue
Increased Annual Customers
Increased Number of Employees
Thank you for completing the survey!
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Join us as we sit down with Aidan Mehigan, a seasoned entrepreneur who's navigated the tumultuous waters of business with unwavering determination. In this episode, we delve deep into Aidan's journey, exploring the key moments that shaped his entrepreneurial spirit.
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Email has existed for over five decades, and its prominence is only growing. Not only do we use it extensively at work, but as a marketing channel , email has proven its effectiveness again and again.
By 2027, email marketing revenue will grow to $17.1 billion , a Statista report predicts. It's no wonder that 69% of marketers use email to distribute content, increase brand loyalty , and boost sales.
As a startup founder, you may be wondering how to achieve the same success. Perhaps you feel nervous about launching or haven't seen great results from your first campaigns. With a clear and strong strategy, you can confidently overcome those jitters and press send.
Here's how to improve your approach and avoid pitfalls when planning email marketing campaigns for your startup.
Before you start, define what you'd like to achieve with your email marketin g—whether it's boosting website traffic, increasing brand awareness or making sales. Having a goal gives you more clarity about the steps you need to take next and how you'll measure success.
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It's time to put together your email list and make sure it's ready for outreach. Don't worry if your database is small – many startups see high engagement from smaller databases. What matters more than your list size is its quality. Have all your subscribers opted in to receive emails from you? You want to reach out to an audience who is expecting to hear from your startup.
Aside from getting your subscribers' consent to send them emails, a high-quality list also means those subscribers are real and their contacts are accurate . Getting bounce-backs on your newsletters and campaigns will negatively affect your reputation with inbox providers. To avoid that, use an email verification service to validate your list before your emails go out.
Related: How to manage your email list like a pro
With an opt-in, healthy email list , you're steps ahead of many of your competitors. Next, to further fine-tune your approach, analyze your customers and prospects to see how you can organize them in separate groups. Start with one or two filters, such as one-time buyers and repeat buyers, and niche down from there. To boost engagement , send these groups emails that gently encourage them to try more of your products.
Now that your lists are ready, it's time to pick a service to send your emails. As a startup owner, you may be cautious about spending too much, but this isn't an area where you should cut corners. Your email marketing platform should allow you to streamline your efforts and, most importantly, ensure high email deliverability so your campaigns reach your audience. Go with a reputable company.
Some emails can look great on desktops but present errors on mobile devices, which can cause your audience to tune out right away. To keep people engaged, use a testing tool to point out any issues so you can fix them beforehand. Also, test your emails with your team. Apart from detecting errors, their feedback can further help you improve your content.
If your list is in good shape, you found a reliable email-sending platform, and you're proud of your content, it's time to hit Send. Startup owners and marketers often postpone taking that big step because they're nervous about customer feedback. But procrastinating and obsessing over the smallest details will only increase your nervousness. Send your email so you can get that initial feedback and learn how to improve.
This is probably the best email marketing habit you can adopt for your startup. Sending an email here and there won't make much of a difference in your business. Showing up for your subscribers regularly will. What's more, sending emails regularly also gives you a chance to see exactly what your audience most responds to – so you can focus on that in your future campaigns.
Related: 11 email marketing mistakes (and how to fix them)
While consistently emailing your audience is vital to your success, you must also strive to maintain and improve content quality. It's how you'll continue to boost your metrics: 47% of consumers open a brand email primarily because they always get good emails from that brand. So avoid sending an email just because it's due. Instead, work with your team to make every email count.
Partnering with other companies for co-marketing initiatives has been one of the best ways I've grown my own startup, ZeroBounce. My team and I continue to pursue these types of engagements as they help us gain exposure to new audiences. Reach out to businesses in your space and suggest a partnership, including an email cross-promotion. It will help you earn awareness and even new subscribers.
The email industry has seen many changes in recent years – from Apple releasing its Mail Privacy Protection update to Google and Yahoo enforcing new sending rules . To enjoy great email marketing results for your startup, stay abreast of any similar updates. For instance, large email service providers now require email authentication from senders reaching out to more than 5,000 subscribers daily. Following the rules ensures you're compliant with these protocols and helps you land your campaigns in the inbox and increase sales.
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Taking advantage of the compound growth, tax advantages, and investment opportunities provided by the best retirement plans is the first step in building long-lasting wealth. But how do you know if you've contributed enough to support yourself during your golden years?
Business Insider's free retirement calculator offers free estimates to help you plan accordingly based on personal details like your life expectancy, income, expected expenses, and estimated retirement age.
Here is how you can use an online retirement calculator and the information you need to generate an accurate estimate.
Use insider’s calculator to see if you’re on your way to a comfortable retirement by answering a few questions about yourself, your savings, and how long you expect to keep working..
70% of pre-retirement income
*Need is based on covering 70% of your annual pre-retirement income and a life expectancy of 100 years.
Retirement calculators are free online planning tools that estimate how your invested savings will grow based on personal and economic factors.
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Business Insider's retirement calculator, above, is designed to track your savings progress with detailed retirement projections. It's based on the idea that Americans generally spend less as they age and can sustain a 30- to 40-year retirement on 70% of their pre-retirement income.
The calculator generates two important numbers:
How much you'll need to retire may be more or less than the 70% rule of thumb, depending on your lifestyle. For a more accurate estimate of how much you can expect to spend in retirement, consult a financial advisor .
The best retirement calculators estimate how much you need to save for your future using personal and financial information. A general rule of thumb is that the earlier you start saving, the better.
Investing your savings and accumulating compound interest is the best way to grow long-term wealth. Now is the time to start if you're not already contributing to a retirement savings plan like a 401(k) or IRA.
Inflation is considered when calculating retirement savings. But remember, a retirement calculator can't predict the future, and the actual inflation rates may vary. It can't predict market crashes, failed investments, or future financial hardships. It is only one of many financial planning tools you need to ensure a comfortable retirement.
For the retirement calculator, we define a comfortable retirement as living on 70% of your pre-retirement income. However, the calculator is customizable. If you're able, incorporate as many specific details as possible.
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The following inputs are pre-filled, but you can change some to customize your retirement calculation further.
Don't be discouraged if the retirement calculator shows you fall short of your financial target. There's still time to adjust your savings rate or investment strategy to meet your goal.
Increasing your income is one of the most effective ways to catch up on retirement savings. If you cannot score a raise in your current position, consider switching jobs for a higher salary or better benefits, such as a more generous 401(k) match, or investing in stocks and similar assets.
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Using a retirement calculator to see where you stand provides several perks. Here are some of the benefits of retirement calculators:
"Depending on when you want to retire, your employment, your tax status, and other considerations, a blend of multiple accounts may be suitable," says Jordan Gilberti, senior financial planner at Facet.
The accuracy of a retirement calculator can vary, but it is always a rough estimate. Online calculators cannot predict economic shifts or financial hardships that may impact invested funds. Retirement calculators provide estimates based on your inputs, but their accuracy depends on the data you provide and the assumptions used.
The information you need to use a retirement calculator includes details about your current savings, income, retirement age, expected expenses, and similar data. Retirement calculators also adjust estimations based on predicted inflation and compound growth.
A retirement calculator can help you save more by revealing whether your current contributions and investment strategy are on track. Based on your estimated retirement age and preferred lifestyle, you can better gauge how long your savings will last. It helps to set realistic goals and adjust your retirement saving strategies accordingly.
Many free retirement calculators are reliable financial planning tools using standard financial models. However, retirement calculators only provide estimates, so the generated rate of return may not always be accurate. If you're worried about coming short, consider consulting a financial advisor to help grow your retirement savings.
You should use a retirement calculator on an annual basis or whenever your financial situation changes. It is a good idea to recalculate your estimated retirement savings if you change your salary deferral rate, have increased income, or are considering withdrawing from your retirement savings to afford other expenses.
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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies.
How to make a good business plan: step-by-step guide A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business. A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.
Most business plans have several distinct sections (Figure 11.16). The business plan can range from a few pages to twenty-five pages or more, depending ...
Read our simple guide to learn how to write a business plan quickly and easily. A solid business plan is essential for any new business.
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Here's how to write a business plan that will formalize your company's goals and optimize your organization.
Your business plan is the foundation of your business. Learn how to write a business plan quickly and efficiently with a business plan template.
Here's the no-nonsense guide on how to write a business plan that will help you map success for your startup.
Learn how to write a business plan to help you communicate your business plan and vision to investors and business partners.
A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines ...
As the road map for a business's development, the business plan. Defines the vision for the company. Establishes the company's strategy. Describes how the strategy will be implemented. Provides a framework for analysis of key issues. Provides a plan for the development of the business. Helps the entrepreneur develop and measure critical ...
In this step-by-step guide, you'll learn how to write a business plan that's detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.
The guide covers every step I've discovered you need to start a business, from the paperwork and finances to creating your business plan and growing your business online. At the bottom, you'll find a library of the best free tools and resources to start selling and marketing your products and services.
Learn the essential elements of writing a business plan, including advice and resources for how to write and conduct each section of your business plan.
A business plan lays out a strategic roadmap for any new or growing business. Any entrepreneur with a great idea for a business needs to conduct market research, analyze their competitors, validate their idea by talking to potential customers, and define their unique value proposition.
Bplans offers free business plan samples and templates, business planning resources, how-to articles, financial calculators, industry reports and entrepreneurship webinars.
How to Write a Business Plan, Step by Step A well-written business plan should include details about your business's goals, products or services, and finances.
By organizing your thoughts on a possible business venture into a business plan, you begin the process of creating a successful enterprise. This publication addresses common questions about business plans and then discusses what is included in the major sections of a business plan. At the end, it also describes a number of common errors made when developing a business plan.
Developing a Business Plan. For any aspiring entrepreneur, a well-crafted business plan is an essential tool for success. It functions as a guide that outlines the desired goals of the enterprise and details how they will be accomplished. A successful business plan includes a concise executive summary, an in-depth description of what makes up ...
For key insights on the why, when and how to create a business plan, and emerging alternatives for startups versus small businesses, see my Forbes article on How To Create A Business Plan.
1. The Entrepreneur - The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity).
An Introduction to Business Plans Introduction to a tutorial on business plans written by the staff at Entrepreneur magazine. Business Planning Guide Step-by-Step guide to write a Business Plan by Bplans site. Create Your Business Plan, from the U.S. Small Business Administration (SBA) The SBA has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of ...
Our findings suggest that certain lean startup activities and the act of writing a business plan are correlated with success. These findings help to undo a false dichotomy of either lean startup or business planning by suggesting that some activities from each side can lead to success.
An Introduction to Business Plans Why is a business plan so vital to the health of your business? Read the first section of our tutorial on How to Build a Business Plan to find out.
In the new book "Write Your Own Business Plan," business expert Eric Butow takes the anxiety and confusion out of planning and offers an easy-to-follow roadmap to success. Entrepreneurship Business
Program Overview:The NxLeveL Entrepreneurship Program is a 10-week, statewide, accelerator sponsored by the Benedict College Women's Business Center (WBC). This program is designed to support and empower entrepreneurs by providing them with the skills, knowledge, and resources needed to grow their businesses. The overarching goal of the program is to help participants develop a business plan ...
Building a business plan, conceptualizing a product design, defining a target market, and making a successful pitch: High school students from throughout the greater Pittsburgh region explored many facets of entrepreneurship as they took part in Point SPARK: Entrepreneurship, a three-day summer camp designed to ignite students' entrepreneurial spirit and foster innovation.
Join us as we sit down with Aidan Mehigan, a seasoned entrepreneur who's navigated the tumultuous waters of business with unwavering determination. In this episode, we delve deep into Aidan's journey, exploring the key moments that shaped his entrepreneurial spirit. Key takeaways: The power of resilience and determination in the face of challenges.
Here's how to improve your approach and avoid pitfalls when planning email marketing campaigns for your startup. 1. Define your goal. Before you start, define what you'd like to achieve with your ...
Business Insider's free retirement calculator offers free estimates to help you plan accordingly based on personal details like your life expectancy, income, expected expenses, and estimated ...