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What are common sources of errors in startup?

06/08/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient financing: many entrepreneurs underestimate the start-up costs and the ongoing costs associated with running a business.

2. Insufficient planning: There is often a failure to create a business plan and define the goals of the business.

3. Insufficient knowledge: Many founders do not have the necessary skills and experience to run a successful business.

4. Insufficient management: many entrepreneurs do not have the necessary skills to lead and manage a business.

5. Inadequate legal advice: many businesses rely on their own knowledge for legal issues. They forget that a specialist lawyer can assist them with complex legal issues and decisions.

6. Insufficient market research: many entrepreneurs forget or ignore to explore the needs of their customers and adapt their product or service accordingly.

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Fundraising from corporate donors - We show how it's done

06/02/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Fundraising is an important activity that nonprofits use to raise money for their work. To be successful, organizations need to appeal to a variety of fundraising sources, including individuals, foundations, governments, and corporations. Corporate donations are a valuable source because they can donate a larger amount of money than individuals. There are several ways that businesses can help a nonprofit organization. These include financial donations, in-kind donations, employee time and donation programs.

The first task is to find businesses that may be interested in donating. Some companies have specific programs to support certain communities or nonprofits, while others specialize in a broader range of giving. It is important to research a company's donation policies and programs to ensure that the organization is relevant to the company.

After finding a company interested in fundraising, the organization needs to create a professional fundraising appeal. This should include a brief summary of the nonprofit and its mission, greatest needs and successes. It is important to have a clear plan for how the money will be used. If possible, specific examples of projects made possible by donations should also be included.

It is also important to include a contact at the organization with whom a direct dialogue can be opened. This contact can be the person representing the company in the fundraising effort or someone familiar with the organization.

After the fundraising appeal is created, the organization should contact the companies directly. It is important to provide a personal touch and convey a sense of the organization's mission and needs. It is also advisable to give the businesses a reason why they should support this particular organization.

If the company makes a donation, it is important to be grateful and show appreciation for the donation. This can take the form of press releases, social media posts, thank you cards and other forms of appreciation. These actions strengthen the company's image and increase the likelihood that it will make additional donations in the future.

Corporate fundraising can be a lucrative source for nonprofits. It is important to create a professional donation request and have a contact at the company with whom a direct dialogue can be opened. Once a donation has been received, it is important to be grateful and show appreciation in order to reinforce a positive image of the company and receive further donations.

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Press Release Distribution for Startups

05/30/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

If you want to create a press distribution list for your startup, you can take the following steps:

Identify your target audience: Before creating a press mailing list, you should make sure you know your target audience. Think about who your target audience is and what media they read or follow.

Research relevant media: Research the media that is relevant to your target audience. Look for publications that have covered similar topics in the past and can reach the target audience of your PR campaign.

Collect contact details: Once you have identified relevant media, you need to collect the contact details of the journalists, editors and other important contacts. Check media websites to find contact information, or search LinkedIn for journalists and other relevant contacts.

Make a list: Make a list with the contact details of the relevant media and contacts. The list should include each contact's name, position, and contact information.

Maintain your list: It's important to keep your press mailing list up to date by regularly checking for changes in contacts. Remove outdated contacts and add new ones.

Personalize your outreach: When you're ready to send out your press releases, make sure to personalize your outreach. Use journalists' names in your emails and be aware of why you think your message is relevant to them and their audience.

Track your outreach: After you've sent out your press release, you should make sure you track your outreach. Send follow-up emails or call the journalists to make sure your message got through.

Leverage Social Media: Use social media to draw journalists and media attention to your startup. Publish updates about your startup on your social media channels and tag journalists and media that may be relevant to your startup.

Build relationships: Build long-term relationships with journalists and media by regularly connecting with them and providing them with interesting and relevant information.

By following these steps, you can build a press distribution list for your startup and attract media attention to your business. It takes patience and perseverance to succeed, but it can be a valuable way to get your startup known and reach potential customers.

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The 5 most common mistakes when dealing with Google Ads

05/18/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Here are five common mistakes when using Google Ads:

Lack of keyword research: If you're targeting your campaign for keywords that aren't relevant or are too general, you may not be reaching the right audience. Conduct thorough keyword research to identify the right keywords that match your offers and target audiences.

Unclear ad copy: Your ad copy should be concise and meaningful to appeal to potential customers. Avoid using generic phrases or too many technical details that don't appeal to customers.

Lack of conversion tracking: if you don't do conversion tracking, you won't be able to see which keywords or ads are actually leading to sales or conversions. Make sure you have conversion tracking set up to measure and optimize the success of your campaign.

Excessive bidding: Bidding too high for keywords or ads can drive up your costs without getting the results you want. Use Google's bidding strategies to automatically bid on keywords and make sure your budget is being used effectively.

Lack of control: if you don't regularly monitor and optimize your campaigns, you may not get maximum return on your ad spend. Regularly review your campaign performance and adjust your bids and ads to make sure your ads are effective and you're getting the success you want.

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What is project management?

05/15/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Project management is a systematic approach to planning, organizing, managing and controlling projects. The goal of project management is to ensure that projects are completed successfully by effectively deploying all necessary resources to achieve the defined objectives.

Project management involves various tasks and responsibilities, such as defining project specifications and objectives, planning and monitoring resources, coordinating team members, monitoring project progress, and adjusting plans and budgets to address changes and risks.

Project management is used in many fields, such as IT, construction, product development, and research. There are different approaches and methods for project management, such as the waterfall model or agile methods like Scrum and Kanban. The choice of the appropriate method depends on the type of project, the available resources, and the needs of the customer.

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