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Top ten tips for entrepreneurs in Sweden

Dreaming of starting a business in Sweden? Doubting you can make it work? We caught up with equity crowdfunders FundedByMe to find out what makes "just another great idea" become a successful big-earner.

Top ten tips for entrepreneurs in Sweden

We recently featured the story of NFGL student Liridona Sopjani, who together with a few other international friends founded her own company while studying in Sweden.

Feeling inspired? Many NFGL students do go on to become successful entrepreneurs, both in their home countries and in Sweden. And if you think you might want to start a company in the future, it's never too early to start planning.

We decided to get a few tips from FundedByMe, the Swedish leaders of crowd-funding.

"We see thousands of great ideas every day," Susan Sjölund, Chief Marketing Officer for the Swedish organization, told SI News.

"Entrepreneurship in Sweden is booming," she said, adding that the number of people registering with FundedByMe was growing week by week.

Every success story is a little bit different, but Sjölund offered ten key pieces of advice for future entrepreneurs in Sweden:

1. Identify what makes your business idea unique

There may be ten others doing the same thing, but if you do one thing different, that will give your idea the leading chance to succeed.

2. Make a video

"Create a super video that conveys your brand's message in under three minutes," Sjölund says. With video editing software even available in the form of free apps nowadays, there's no excuse for not getting a video produced. And remember, it's free to upload it and share it through social media channels such as YouTube, Facebook, and Twitter.

Read also: Rags, riches, and research – student entrepreneurs 

3. Have an elevator pitch

Identify the Who, What, When, Why and How of your idea. Make sure you have a really good elevator pitch. You should be able to share your business idea with someone in the time that it takes to ride an elevator from the ground floor to the top, answering the 5W's and the H: Who, What, Where, When, Why and How.

4. Active, active, active

Tell the world about your business once you have the basics in place. No one is going to find you if you're not actively talking about what it is that you do.

5. Ask for help

Most established business people welcome the opportunity to share best practices and their experiences with budding entrepreneurs – connect via LinkedIn and offer to buy them a coffee in exchange for letting you pick their brain for an hour.

6. Appreciate your fans

"Turn your fans into super fans by offering them an opportunity to be part of your business – crowd funding is perfect for this," Sjölund adds.

7. Be open to feedback

You may think your idea is perfect, but ask people who have been there before, and then take their feedback on board. Especially when speaking with potential investors.

8. Make big deliveries

"Under promise and over deliver – this is always a good motto to have as you are more likely to impress your investors and clients by delivering more than they expected," Sjölund explains.

9. Never over-value your business idea

We receive many proposals for crowd-funding with business valuations that are way too high. It's never a good idea to aim too high in the beginning with fundraising (unless you are getting constant feedback confirming that your business is worth billions, it probably is not. Yet.)

10. Teamwork

"Build up your team to be trustworthy and able to deliver your dream," says Susan Sjölund of FundedByMe.

No man is an island. If you have friends who want to be involved, help each other out. Sharing the work can be fun, inspiring, and useful. But make sure your team members have the same goals. Hobby-business and sincere-business are two different things.

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ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

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A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

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