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5 Movies Every Entrepreneur Should Watch

It’s important to select movies that improve our lives, especially as entrepreneurs. Here are five every business owner should watch.
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

January 12, 2021 3 min read
Opinions expressed by Entrepreneur contributors are their own.
We humans have loved movies from the first silent films of the 1880s. And while there are a lot of fun but useless movies out there, there are also those that stick to our brains and stay with us our whole lives. There are timeless classics like Forrest Gump, Titanic and Gone with the Wind that influence the way we think and see the world.
Since that’s true, it’s important to select movies that improve our lives, especially as entrepreneurs. Here are five every business owner should watch.
1. The Social Dilemma
“Nothing vast enters the life of mortals without a curse.”
This is the opening quote of The Social Dilemma, a documentary about the dangerous side of social networking. In a creepy, dystopia-like setting, tech experts behind Facebook, Google, Twitter and the infamous “like” button share their concern about their own creations. It’s uncomfortable, unsettling and a huge lesson to entrepreneurs, marketers, parents and everyone who’s ever created an account on a social platform.
2. Outsourced
Outsourced is a story about a salesman who travels to India to train his replacement after his whole department gets outsourced. It’s an entertaining, feel-good movie that deeply resonates with what’s happening in modern-day companies. For entrepreneurs interested in opening their eyes to the different cultures of people they work with from half the world away, it’s an excellent choice. Besides being an eye-opener, it’s an enjoyable treat filled with laughter and romance.  
Related: 10 Entertaining Business Documentaries Entrepreneurs Can Learn From
3. Horrible Bosses (1 and 2)
Comedies aren’t only about the laughs and endorphins: They’re also about real-life lessons that open our eyes in unique ways. This is true with Horrible Bosses, a tale about the scariness and power of quitting a job you hate and going on an unexpected path of your own choosing. As entrepreneurs, we have a lot to learn from the crazy, take-life-as-it-comes characters. Because in the end, wouldn’t we all rather jump off a cliff than be forever stuck in a dead-end situation? The bottom line is to be bold, be adventurous and never settle for a life you hate.  
4. The Wolf of Wall Street
The Wolf of Wall Street is a brash, daring, exuberant tale based on the true story of James Belfort. Part of the movie’s power comes from Leonardo DiCaprio’s portrayal of one of the world’s smartest, most cunning masters of stock-market fraud. The other part is the plethora of lessons to be learned, from how to handle impossible situations to how to talk to high-level people. Although it’s not a film to watch with your kids because of numerous vulgarities and profanities, it is a solid movie worth its three-hour length.
Related: 7 Movies on Netflix All Entrepreneurs Should Watch
5. Catch Me if You Can
Another classic tale based on the true story of a criminal, Catch Me if You Can is a sit-at-the-edge-of-your-seat thriller created to leave watchers breathless. While I don’t recommend using flattery to trick others, this movie gives us a glimpse into the human psyche and how we’re wired to respond positively to people who give us their wholehearted attention. It’s a great lesson to learn for marketers and entrepreneurs.

VIDEO: YouTuber Spent a Day in Airbnb's Smallest House and Went Viral

With only 2.3 square meters, the accommodation has running water, windows, a bathroom, a stove and even a fire extinguisher.
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

January 12, 2021 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The Airbnb hosting platform always surprises with the type of properties it offers, from huge mansions to tiny apartments. One blogger documented his experience renting the smallest house in the catalog: a motorhome measuring just 2.3 square meters in size.
Youtuber Ryan Trahan spent 24 hours in the micro-accommodation designed by sculptor Jeff Smith . This is located in the vicinity of Harvard University, in Boston, United States.
Despite its small size, the house has basic elements such as windows, a simple bathroom, running water and even a stove for cooking.

Ryan began his adventure by ordering a pizza delivery and even invited two friends to hang out. Later, a police officer approached him to inform him that the small motor home could not be there. So Trahan asked Jeff Smith and two unknown girls for help to move the house closer to the university.
During the night, the size of the apartment was the least of his problems, as a stranger tried to open the door. Since he was awake from the scare, the youtuber tried to make popcorn and almost started a fire.
Despite setbacks, Trahan overcame the challenge and spent an entire day in Airbnb’s smallest house. In the morning he made a whole bean coffee and shared his final thoughts.
“I entered this challenge to overcome one of my great fears. Realistically, it is not difficult to stay in a small space for 24 hours, it is just a mental challenge for me , “said the blogger. “It was actually super fun,” he added.
In just 10 days, the video that gives an account of Ryan’s adventure has accumulated more than 523 thousand views.

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How to Compete in a Competitive Industry

If you can come up with a truly unique idea, this is a gateway to success with enormous potential. With no competition, you’d have exclusive access to your target customers. But truly unique ideas are rare.
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

January 12, 2021 5 min read
Opinions expressed by Entrepreneur contributors are their own.
Some of the wealthiest and most successful entrepreneurs have been those who broke entirely new ground. They created markets where there previously were none or invented lines of products and services that never existed before. For example, the first social media platform, SixDegrees.com, technically arose in 1997, but no social media platform was as robust or commonly accepted as Facebook was when it became popular in the mid-aughts.
If you can come up with a truly unique idea, this is a gateway to success with enormous potential. With no other businesses to compete with, you can gain almost exclusive access to your target customers.
The trouble is, truly unique ideas are ridiculously difficult to come by. Unless you have clairvoyance or both innovative thinking and luck on your side, the chances of coming up with a new business model are slim.
Most entrepreneurs end up slightly modifying a model that already exists, or rise up to challenge an existing competitor. In other words, they try to flourish in a competitive industry. How can you compete in such a situation?
Related: How Can I Tell Whether My Business Ideas Are Good or Bad?
Appeal to a different demographic
One of the most straightforward strategies is to target a different demographic. You can serve mostly the same purpose, but target an entirely different selection of customers to avoid competing with other established companies directly. Leaning back on our Facebook example above, LinkedIn attempted to capitalize on an audience of career-focused professionals, rather than college students (though by that point, Facebook’s appeal was already expanding).
Consider targeting different people based on factors like:
Age. Is there a product for teenagers that may also appeal to middle-aged adults if it’s branded or packaged differently? Oftentimes, a small tweak is all it takes to completely shift customer perceptions.
Income level. Try targeting a different income level. For example, if there’s a cheap, readily available product that can improved and marketed as a luxury version? Or is there a luxury product that can be made cheaper and more accessible?
Geographic location. You may also distinguish yourself by targeting people in a specific geographic location. This is especially powerful if you’re investing in local marketing strategies like local SEO, since you’ll be able to reduce your competition to almost nothing on these platforms. 
Make your products better
This is somewhat obvious advice, but you can get the edge on your competition by making your products better in some important way. If you’re charging the same amount of money but your product offers a distinct advantage, you’ll win a significant share of customers over from your competitors.
Related: 10 Business Lessons I Learned Studying My Competition
“Better” is an ambiguous term that can be interpreted in many different ways, depending on your goals and access to resources. For example, you may be able to offer a more durable product that lasts a longer time or a product that is somehow more efficient.
Reduce costs
Oftentimes, improving product quality means increasing costs. You’ll spend more time developing it, use higher quality materials, and/or spend more time on production. But there’s another avenue to be competitive; you can reduce costs and offer products at a lower price.
Lowering prices is a complex strategic move because it can sometimes work against you. However, offering a similar product at a lower price will definitely attract at least some customers away from your competitors.
Consider reducing expenses, or making up for the lost profitability in other ways (such as with value-added services).
Add value in other ways
Most customers make purchasing decisions based on the expectation of value. They understand that they’ll get some benefit from purchasing this product and that it will cost them a fixed amount of money. You can improve this equation by improving the quality of the product or by reducing costs, but there’s another method as well: adding value in secondary ways.
For example, you can invest heavily in customer service, or add free peripheral services as a bundle with your core products.
Related: 6 Reasons Every Company Needs a Customer Service Roadmap
Strengthen your brand
Finally, you can make a push for more customer appeal by strengthening your brand in the following ways:
Highlight your distinguishing features. Rework your branding by highlighting the features that make your company unique. What can customers get from your brand that they can’t get from other companies? Make this evident.
Remain consistent. Branding only works if it’s consistent. Invest in solid marketing and advertising to make sure your customers understand what you’re about.
Build familiarity and engagement. Use social media and ongoing customer engagements to build relationships and familiarity.
Launching a business in an industry that’s already competitive isn’t a death sentence. In fact, competitive industries can be valuable opportunities. No matter what, you’ll need some way to distinguish your business, but you’ll have ample flexibility to find a route that works for your model.