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Building up a second mainstay alongside your job - How to take the step into self-employment

01/22/2024 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Find an idea

Before you build a second leg of your business, you first need to find an idea. Think about whether you want to start something business that you enjoy, or if you want to start a business that can generate additional income for you. Think about possible ideas and figure out how to make them happen.

2. Plan and prepare

Once you have an idea, you should think about how to implement it in a concrete way. Write down your goals and plan your steps. Create a business plan to review your idea and make sure it is profitable. Familiarize yourself with all the requirements and legal regulations that apply to your business.

3. Take your first steps

After you have reviewed your idea and made all the preparations, you can start building your second leg. To do this, you may need to register a business, create a website, or send out a newsletter. Find out about marketing opportunities to build a customer base.

4. Maintain a balance

It is important to keep a balance between your job and your second leg. Therefore, plan your work to ensure that you have enough time for both. Try to complete your tasks as efficiently as possible, and delegate tasks when possible.

5. Maintain perseverance

You will encounter obstacles on your way to becoming an entrepreneur. Do not despair and maintain your optimism. Don't let setbacks stop you and set small, achievable goals to guide you.

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Tips and tricks for your press work - Which pitfalls to avoid?

01/05/2024 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Avoid inaccurate statements and exaggerated claims.

2. Avoid using unusual or even questionable words or phrases.

3. Avoid making unconventional or even implausible claims.

4. Avoid over-marketing your press releases.

5. Avoid sending your press releases too frequently.

6. Avoid sending unsolicited links or attachments to your press releases.

7. Avoid not complying with applicable press and media regulations and guidelines.

8. Avoid pursuing commercial or political interests.

9. Avoid personalizing your press releases.

10. Avoid publishing too much information.

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Starting a business in Austria: A guide for aspiring founders

01/04/2024 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Austria is not only known for its picturesque landscape and cultural diversity, but also for its burgeoning start-up ecosystem. More and more people in Austria are dreaming of starting their own businesses and turning innovative ideas into reality. In this article, we offer a guide for aspiring founders in Austria and take a look at the hotspots for start-ups in this country.

Step 1: Develop the business idea

The first step in founding a company is to develop a clear business idea. This should be based on a solid market analysis and offer unique solutions to existing problems or needs.

Step 2: Choose the legal form

There are various legal forms for companies in Austria, including sole proprietorships, limited liability companies (GmbH) and stock corporations (AG). Choosing the right legal form depends on your individual goals and needs

Step 3: Formalize the formation

Founding a company in Austria requires the fulfillment of certain legal and bureaucratic requirements. These include registering the company with the commercial register and registering with the tax office

Step 4: Obtaining financing and resources

Funding is crucial to the success of a start-up. In Austria, there are various options for financing, including government funding programs, bank loans, investors and crowdfunding.

Step 5: Conquer the market

The market launch is a crucial step for the success of a company. An effective marketing strategy and identifying the target group are crucial.

The hotspots for start-ups in Austria:

Vienna - The capital of entrepreneurship: Vienna is the largest start-up hub in Austria and offers a wealth of co-working spaces, incubators and accelerators. The city is particularly known for its thriving technology and creative scene.

Graz - innovation in the south: Graz, Austria's second largest city, is characterized by its strong research and innovation culture. Here, founders find access to highly qualified talent and first-class universities.

Linz - Up-and-coming start-up scene: Linz, in the north of Austria, is developing into an up-and-coming start-up hotspot. The city promotes collaboration between start-ups and established companies.

Conclusion:

Starting a business in Austria can be a rewarding and exciting experience. With a solid business idea, the right support and the choice of the right location, founders can be successful in Austria. The hotspots for start-ups offer a thriving ecosystem that encourages the development of innovative ideas and the creation of successful businesses.

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The 4-Hour Work Week by Tim Ferriss

12/20/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
The 4-Hour Workweek by Tim Ferriss is a guidebook that aims to teach people how to use their work time more efficiently in order to have more free time. The book presents several techniques to help optimize work processes in order to have more free time. The techniques include defining important goals, automating processes, using technology to increase efficiency, and creating a new work ethic that recognizes work as something you only do as much as you need to. Ferris also argues that a reduced work schedule leads not only to more free time, but also to higher productivity.
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Which factors really influence the success of a company?

12/19/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Customer satisfaction: Customer satisfaction is an essential factor for the success of a company. A company must know and meet the needs of its customers in order to be successful.

2. Innovation: A company must offer unique products and services to differentiate itself from the competition. Innovation is a key component of a successful business strategy.

3. Finance: Finances are a key factor in a company's success. A company must have sufficient financial resources to make investments and enable growth.

4. Marketing: a company must be able to successfully market its products and services in order to build a strong customer base and establish itself in the market.

5. Teamwork: to be successful, a company needs to build a strong team that works together to achieve common goals.

6. Leadership: A company needs strong leadership to guide the company and promote the right behavior and culture.

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