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3 Things Entrepreneurs Can Learn from Professional Industries – ReadWrite

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Deanna Ritchie


It’s no wonder the career path of an entrepreneur draws so many people to try and make it their lives work. To have the ability to be your own boss, make your own team, and decide exactly how you’re going to change the world is liberating. What some young entrepreneurs lose track of, though, is that entrepreneurs still need to do something if they want to be successful. You can’t just be disruptive — you have to earn your place by disrupting an industry.

Entrepreneurs have to learn from the industry’s they enter.

Bearing this in mind, entrepreneurs have a lot to learn from industries themselves. Professional tricks of the trade are in every segment of business. Sectors from construction to logistics all have information that must become second-nature for the entrepreneur. If you’re an entrepreneur looking to study up on industry wisdom, here are four key takeaways to get you started:

1. Efficient Specialization

The number one cause of failure among budding entrepreneurs is the “do it all” syndrome. It can be very tempting to dip your toes into as many industries and sectors as possible in the hopes of conquering them all. Trying to conquer all is a strategy that will only leave you stretched too thin and helpless down the line. If you want to see measurable success — you’ll need to specialize.

For a professional analogue — look at lawyers and law firms. While there are large firms that can handle a number of different types of cases, the vast majority of successful operations hone in on certain types of law.

“Specializing in personal injury law allowed my firm to handle those types of cases better, more efficiently, and with higher success rates than we would’ve seen if we had tried to be generalists,” says Marc Anidjar, partner at Anidjar & Levine.

The same logic goes for entrepreneurs: if you want to be a jack of all trades, you’re going to spend your whole career playing catch-up with the specialists.

2. An Appreciation for Numbers

Entrepreneurs like to think of themselves as “ideas people,” and that’s often true — you can’t break through without having a breakthrough first. The less-discussed aspect of entrepreneurship is the nitty-gritty, day-to-day efforts and work of running a business. You must manage personnel, oversee your supply chains, and, most importantly, you have to become good at crunching the numbers.

The numerical principles of accounting can actually make your life easier as an entrepreneur.

Rachel Blakely-Gray, content manager at payroll services firm Patriot Software, explains: “If you have shareholders in your small business, you know how important it is to show rather than tell. Accounting does just that. Your shareholders hold you accountable for the success of your business. They can observe your business’s growth and success by looking at your accounting records.”

The right accounting practices can help you lock down your company’s numbers, making everything from investor pitches to taxes to payroll significantly easier down the line.

3. Project See-Through

In the early days of an entrepreneurial journey, anything can seem possible. Once you’re deep in the weeds, though, a path forward may become depressingly murky and unclear. The solution here isn’t to throw up your hands and resign from the get-go — the solution is to adopt a whole-project mindset that characterizes so many industries.

All entrepreneurs need to begin their journeys the same way that construction managers do: with a conception phase.

Take construction as an example. Construction managers are required to know exactly what features and refinements a building is going to need before the foundation has ever been laid in the first place. There has to be a plan and the plan has to be carried out in phases. The construction manager has to know the road-map and an entrepreneur needs to know and understand their road-map in any business.

The “idea” or conception phase of construction “is the starting point where the stakeholders for a project will conceive the idea for a construction project,” says project management expert Nicholas Morpus.

Just as happens in any industry for the entrepreneur — there is research. “For construction,” Morpus continues, “the research has to take the form of “locations for the build, establishing the first set of standards for completion, and establishing when the project must be completed.”

If that description sounds familiar, it’s because it’s exactly how all ventures should start as well — an examination of who’s involved, what the goal is, and how it’s going to be achieved.

Entrepreneurs are not a class unto themselves. The best entrepreneurs know that everything they could ever want to learn is nestled in the logic of the industries they hope to disrupt. Once you have that under — now it’s up to you to uncover it.

Image Credit: andrea piacqudio; pexels

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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