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Rachel Chong is the founder and CEO of Catchafire, the world’s leading volunteer-based skills platform. Rachael has been named one of the World Economic Forum’s Young Global Leaders, one of the Celebrating Society’s 100 Creative People in Business, NYC Venture Capital, received the Tribeca Disruptive Innovation Award and has presented at two TEDx events. […]
How Much Money Do You Need To Start A Bank Account At Chase
Richard Noctis is a graduate program combining management and Global Entrepreneurship facilitated by the University of San Francisco, Fu Jen University and the Quimic Institute of Sarria. Richard is also an alumnus of the Chinese Executive Leadership Academy in Pudong. Richard has various fields of business in different areas, especially in the fields […]
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Kelvin Is Funding Companies In Southeast Asia What is your story? I feel lucky to have grown up in the small town of Senai in Malaysia. I spent 15 years in ASEAN studying in Singapore and spent a year at UPenn in the NOC entrepreneurship program, then graduated valedictorian at NUS, before serving […]
Baptiste Designs Retro and Timepieces Poetry and Crafts Luxury Lighting What is your story? I came to Hong Kong in 2008 when I was just 22 and almost immediately started working for Kapok, a well-known brand store, after running errands for Arnault Castel, the founder. Beautiful and exciting years followed: Kapok was growing and we opened […]
A crazy obsession with Leslie Cheung led this entrepreneur to Hong Kong, where he established his translation and interpreting business. What is your story? As a CBC from Vancouver, I’ve always loved languages, and Leslie Cheung’s obsession paid off at a young age in Vancouver as an adult. Because I was […]
An internal response to the competitive threat posed by Facebook, the “Emerald Sea” project was launched, later becoming Google+. I remember Joseph Smarr and Chris Messina writing back in 2011 something to the effect that “the Internet is broken,” which was the first thing that gave me the sense that this team was not only interested in building […]
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Joseph Ho tried network marketing and many other ideas before learning more about search optimization and founding E-Alchemist, a Digital Marketing Agency based in Singapore. What is your story? I started my career as an IT technician, however after several years of working I decided to enter the business. My venture was network marketing […]
There are big changes in Malaysia right now as the government has identified entrepreneurship as one of the key drivers of the country’s development. These projects are China Entrepreneurship government malaysia thailand The Asian Entrepreneur Team Editorial Member since 4, 2015 Loading + Following The Asian Entrepreneur Team Editor consists of a team of committed […]
Key Takeaway: Liar cases continue to dominate the news cycle, with prominent cases such as Hunter Biden’s alleged lying to the government and George Santos’ alleged lying to donors. Actors, like listeners, are used to being brought into the middle of a lie, and they bring a personal connection to the telling of the lie. Recent empirical research attempts […]
Key Takeaway: Horror films often take musical influences from other genres, such as thrillers and action films, to create an ambiguous musical atmosphere. These ambiguous atmospheres often occur because of the lack of conventional melody and dissonant harmony. Repeated short melodies and tremolo techniques carry the tension, while drones and sudden sounds break out and […]
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A truly scary story never really leaves you. It hides in the long shadows of the evening, evokes the night through mysterious bumps, and strikes your neck when you feel a sudden shiver. With Halloween approaching, we asked six of our academic experts to tell us about the scariest book they’ve ever read. from the water […]
Key Takeaway: In 2007, a group of youths attacked shops in Tallinn, Estonia, sparking civil unrest over past political disputes. These disagreements arose from conflicts over “collective memories” of events and narratives. Collective memories are often at the heart of conflicts, as they are a social representation of the past and can be shared […]
Key Takeaway: Disney’s greatest legacy is not its stories or animated characters, but the acumen of its founders. The Walt Disney Company was founded in 1923 by brothers Walt and Roy Disney, who initially focused on animation. They followed products and technologies like Technicolor and sound to cut costs and promote their products. Later […]
Key Takeaway: Banksy, a famous graffiti artist, was involved in a defamation suit against Guess for using his image without permission. The identity of the artist is believed to be Bristol’s Robin Gunningham, who was named as a co-defendant in the defamation case. Despite many investigations, no one could definitively link Gunningham and […]
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Key Takeaways: Humanity’s actions have led to environmental disaster, harming animals, people, and ecosystems. But the planet is always surviving, with new species emerging. In 5 billion years the sun will reach the Schönberg-Chandrasekhar boundary, causing the sun to become a red giant. This event could lead to the stripping of the Earth’s atmosphere, […]
Key Takeaways: The industrial model of education that has fueled modern times and is reaching its peak has done its job incredibly well. In his writing, Flynn illustrates study after study, spanning countries and decades, in which modern education’s gift of abstraction — a transcendent sign of intelligence, as we saw in Raven’s Matrices — was […]
I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming the World’s Workforce into Lifelong Learners,” which focuses on the country’s biggest employment challenge, its workforce and the adoption of practices to convert to an electronic lifestyle. the growing digital transformation of their manufacturing facilities. How to transform the country […]
With the new year around the corner, now is a good time to re-evaluate your business plans and gear for the past year. For some businesses, the author himself seemed to need only real competition, credibility and transparency to make high promises. Some have said that they have failed […]
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I’m going to ask you to take a mental leap. For the next 8 minutes, suspend your ideas of what business is and look through a new lens. There are many questions about what the “community” of the business is. “Where should the community fit in my organization?” and […]
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This Is Exactly How Much You Will Earn And Spend In Your Lifetime • Money After Graduation
Many entrepreneurs start their business with little more than a dream and a proofreader. In fact, some business models require very little upfront costs, and we’ve personally witnessed the success of countless small business startups. But among the small businesses that take their business off the ground and don’t last, more than a third bring about a lack of money than the system.
? And do aspiring entrepreneurs have any misconceptions about what those costs will look like in the first year of business? In October, we surveyed 150 aspiring entrepreneurs and 300 business owners in the US to find out just that.
According to our research, small business owners spend an average of $40,000 in their first full year of business.
We also asked our respondents to take it one step further—we looked at their records for the first year and told us how much money they allocated to various business expenses as a percentage of their total budget. To keep it simple, we’ve broken down the following functionality and cost categories;
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It is important to note that business volumes varied significantly in their first year, depending on factors such as industry and business model; whether it was a full-time business, part-time, or a hobby venture; and whether it is an accessory business. But about this another time.
While new entrepreneurs often rely on personal savings to keep their business afloat in the early days, a third of respondents reported using revenue from the sale of their merchandise to cover their business’ costs in the first year.
Accepting that your first business year may not be very helpful, it’s important for both financial planning and mental preparation. Many founders are paid at the end of the first year, when all the company’s income comes in
