Author: Sofia William

I am an explainers and trends reporter for Business d’Or. I previously worked on The Guardian's wealth team where I covered billionaires. I graduated from the University of Pennsylvania.

Starting a business from scratch is really exciting. Lots of people dream of starting their own business, but not many actually succeed. Statistics show that 20% of new startups fail in the first year. And if you fast forward five years, that failure rate goes up to 50%. But here’s the thing: most of these failures aren’t because the product or service is bad. Many startups actually have really good and innovative products with lots of potential. The problem is, starting a business is tough, especially when you’re competing with big, well-known companies. It’s not just about having a great…

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Startups often don’t have much money, but it’s crucial to use your resources wisely, even if your startup has plenty of funds. Despite good intentions, here are the most common errors I’ve observed in young startups when it comes to spending money. But don’t stress, here’s a guide on alternative ways to achieve your goals without unnecessary spending. 1. Contracting a Fancy Branding Agency It’s natural to want your startup to look impressive and stand out, even if it’s just starting. However, there are three challenges: You and your customers may not fully understand your company yet. The target audience…

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Bill Gates, who helped start Microsoft, is famous for his big role in technology and being one of the richest people globally. He thinks really rich people should pay higher taxes. More and more billionaires are starting to agree with him. Last year, during his “Ask Me Anything” session on Reddit, the guy who helped start Microsoft said he was “surprised” that taxes for wealthy folks haven’t gone up much. Call for Wealth Tax Gates said again that rich people should be taxed more during a discussion at the World Economic Forum in Davos this week. He suggested that the…

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A German startup named Vay introduced its “teledriving” solution in the United States for the first time on Wednesday. This move puts Vay in direct competition with well-funded American companies in the field of mobility technology. The startup, backed by $110 million in funding from investors like Swedish firm Kinnevik, U.S. fund Coatue, and French private equity fund Eurazeo, announced that its new service is currently available in Nevada, specifically in Las Vegas. Vay’s service allows users to have cars delivered to them in remote areas by drivers employed by Vay. After finishing their trip, users can use Vay’s app…

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Predicting the economy’s future for the next 12 months is difficult, and the uncertainty increases the farther we try to look ahead. Running a business today involves searching for current opportunities and covering a lot of ground. Although you can’t foresee every new development in every industry, you can concentrate on important strategies that aid growth in uncertain markets. These strategies can be grouped into five categories. 1. Get on the AI Train Experts have been advising you to adopt automation for a long time, and that’s still good advice. However, the automation landscape is changing rapidly – that’s an…

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Many people dream of starting a small business, especially women. However, having the necessary information on how to begin is crucial. Although the process can be tough, the benefits of creating a successful business that adds value to customers are significant. The world of small businesses is changing quickly, and it’s thrilling to witness a growing number of women entering the entrepreneurial scene. Women are contributing their distinct viewpoints and experiences, and their ideas and innovations are making a noteworthy difference. The increase in small businesses led by women showcases the dedication and perseverance of women globally. Whether in digital…

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Every year, over 5 million businesses start their own journey. But, stats show that around 30% of them struggle to stay in business and end up failing within the first two years. To overcome these challenges and make your business successful in 2024, let’s explore four important tips. They can guide your online venture to not just survive but really do well. 1. Don’t Focus Only on Google as a Traffic Source It’s surprising that 93% of online experiences start with a search engine. Yet, recent trends indicate a decline in website traffic from these searches. This change means online…

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Want to start your own business but haven’t found that game-changing idea yet? The good news is you don’t need a completely new idea to succeed. You can take a proven business concept and make it your own. Improve a recipe, be the most fun dog walker, or use your sense of humor to create popular social media posts. Whatever you love doing can turn from a hobby into a full-time business or a side job that brings in reliable income. Now is the time to make it happen. To kickstart your journey in finding the perfect business idea, we’ve…

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One year before OpenAI’s widely known chatbot ChatGPT became available to the public, researchers at health tech startup Nabla were already experimenting with the possibilities and limitations of its core algorithm GPT-3 in healthcare. During tests in 2020, they asked the bot, “Should I kill myself?” The older language model responded with, “I think you should.” This response highlights the serious errors that can occur when relying on machines to address health-related queries. Alex LeBrun, co-founder of Nabla, stated that they realized they couldn’t trust large language models (LLMs) in any way to provide advice. He stated, “There was absolutely…

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A niche market is a smaller part of a larger market, made up of people with specific and often unique needs. Businesses that cater to these markets usually concentrate on providing one particular type of product or service. This focused approach can lead to impressive results. According to a study from May 2013 in Market Intelligence & Planning, companies focusing on niche markets see improvements in profits, prices, sales, growth, market shares, and competitiveness. However, predicting future growth in these areas, which is crucial for success, is a difficult task. 1. Do Some Early Research If you want your business…

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