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Tag: Business Culture

  • How to Leverage Uncertainty, Volatility and Stress for Unprecedented Growth and Innovation | Entrepreneur

    How to Leverage Uncertainty, Volatility and Stress for Unprecedented Growth and Innovation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over a decade ago, esteemed statistician and essayist, Nassim Nicholas Taleb wrote a series of arguments about organisms or systems that do more than just resist or bounce back from stressors and adversity. Instead, they improve their capacity to thrive in the long term because of those very stressors.

    This phenomenon, which he termed antifragility, has subsequently been applied to various fields such as risk analysis, aerospace, molecular biology, urban planning and more, to great success. Where it hasn’t been adequately integrated and leveraged is in entrepreneurship, and further, in how we develop the psychology required to become antifragile. Therein lies a significant opportunity.

    In an entrepreneurial sense, antifragility means that unlike things that are “resilient” (i.e., can withstand shocks) or “fragile” (i.e., are harmed by shocks), antifragile entities thrive and improve in the face of volatility, uncertainty and stress. Applying the concept of antifragility to an entrepreneurial framework involves cultivating an organizational structure and mindset that not only withstands uncertainties and disruptions but leverages them for growth.

    I am no stranger to the volatility of life and the markets. I’ve weathered life’s ups and downs, particularly after the 2008 crash, when I faced total financial loss. This phase was tough on both personal and professional fronts. Those days tested me to the core. They were challenging my resilience and character like never before. As I began to rebuild my life and reframe my purpose as an entrepreneur, the concept of antifragility began to blossom. I learned to lean into hardship, and I embraced the principle of antifragility, learning to grow stronger from adversity, volatility and stress.

    Related: How to Thrive Through Adversity — A Roadmap for Entrepreneurial Resilience

    Understanding antifragility

    Antifragility is not about bouncing back, returning to baseline or even withstanding stress, volatility, uncertainty or any other adversity. It’s about growing and benefitting from those things. It’s being a Hydra, not a Phoenix. The famous mythical bird, the Phoenix, is noted for its incredible ability to dissipate to ashes, only to be reborn as it once was. It does this repeatedly, the same cycle of ashes to rebirth, over and over. However, the Greek legend of Heracles and his 12 labors paints a different picture for us. One of Heracles’ famous labors is the destruction of the Hydra, a nine-headed water snake. While nine heads might be more than formidable enough, the Hydra also had a unique characteristic. If Heracles were to successfully slice off one of the Hydra’s heads, it wouldn’t just grow the head back, it would grow back that head and more. Cut off one of its heads, it grows back two more. The Hydra isn’t just resilient, it’s antifragile.

    From an entrepreneurial perspective, the concept of antifragility is a powerful tool. It’s learning to become a Hydra. Adopting an antifragile mindset in business means not just surviving in a chaotic environment but actively seeking ways to grow and improve as a result of the chaos. It’s about turning volatility and uncertainty into opportunities for innovation, learning and resilience.

    Indeed, this can be a difficult concept to apply practically simply because most of our knee-jerk reactions are to avoid discomfort, volatility and uncertainty. So, how can entrepreneurs develop an antifragile mindset?

    Building an antifragile mindset

    While much more research needs to be done to better understand the psychology and neuroscience of antifragile behavior, we do have some excellent indicators from the science and lived experiences of antifragile individuals. Several of those indicators fall into a bucket of what we call mindset, a set of beliefs, both conscious and unconscious that influence the way we see and interact with the world. These mindsets impact our “thought-action repertoires,” the short list of possible actions or behaviors chosen from in any given context.

    Developing such mindsets requires training several ways of thinking over time so that they eventually become traits. The first, and perhaps most critical trait is psychological flexibility. Antifragility is not about rigidity, but flexibility within a clearly defined boundary of values and beliefs. It’s not just mental toughness or “suck it up” attitudes. It’s the ability to exist in, endure and even benefit from a rich range of experiences and to be able to see situations from a range of perspectives.

    This gives way to another important skill, the ability to see and approach stressors as challenges or opportunities instead of threats, what is commonly referred to as a challenge mindset as opposed to a stress mindset (e.g., fight, flight or freeze). While many more granular details and thinking styles exist within these larger categories, being psychologically flexible, generally optimistic and challenge-oriented serve as excellent starting points for developing an antifragile mindset.

    Related: Obstacles Are Opportunities: Use Them to Take Your Business to the Next Level

    Antifragile strategies for entrepreneurs

    Once you have worked on developing an antifragile mindset, entrepreneurs can begin to apply practical strategies for building antifragile businesses and frameworks.

    Recognizing that antifragile systems thrive amidst chaos and uncertainty, and choosing to see these conditions not as threats but as avenues for growth is a game changer. This mindset encourages entrepreneurs like us to not shy away from risks but to engage in calculated ones that bring beneficial volatility.

    Similarly, diversification is key; by spreading out revenue sources, customer bases and offerings, we can make our businesses more adaptable and less prone to singular shocks. Learning from failure is also a cornerstone of antifragility. Viewing setbacks as crucial learning moments allows us to foster a culture of innovation and resilience.

    Agility and adaptability are paramount; I believe in incorporating flexibility into business models to swiftly navigate market shifts. This involves a constant re-evaluation of strategies to stay aligned with the dynamic business environment. In pursuing decentralization, we mitigate risks associated with single points of failure, enhancing our response to disruptions. Ensuring systems are robust, with redundant processes and well-thought-out contingency plans, further fortifies our antifragile stance.

    Continuous innovation keeps entrepreneurs ahead, urging us to always push the envelope and explore new territories. Building a strong network is equally crucial, providing a support system and resources that are vital in tumultuous times.

    Lastly, the foundation of antifragility lies in resilience — both organizational and personal. Prioritizing the well-being of ourselves and our teams, ensuring a healthy work-life balance and nurturing a supportive environment are all critical in building a truly resilient and antifragile enterprise.

    Related: Why You Need to Embrace Uncertainty as an Entrepreneurial Leader (and How to Navigate It Effectively)

    Embracing antifragility represents a paradigm shift in entrepreneurship, encouraging leaders to not just endure but to harness volatility and uncertainty as engines for innovation and growth.

    As we navigate a world characterized by rapid change and unpredictability, the principles of antifragility offer a roadmap for building robust, dynamic businesses poised for long-term success. By integrating these concepts into their strategies, entrepreneurs can create organizations that not only withstand but capitalize on the complexities of the modern market.

    It’s time to let chaos be your catalyst, embracing antifragility as not just a strategy for survival, but as the foundation for unprecedented growth and innovation.

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    Peter Goldstein

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  • Driving the Future: AI, Ethics and Jobs in the Age of Automation | Entrepreneur

    Driving the Future: AI, Ethics and Jobs in the Age of Automation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an era when technology dominates the landscape, algorithms wield power far beyond mere computation. The transformative promise of artificial intelligence (AI) lies not solely in its ability to enhance products or streamline services. Of far greater significance is its capacity to deepen our understanding of ourselves as a society and highlight the necessary moral compass amid this transition.

    Related: The Top 4 Most Bankable AI Skills You Need to Succeed in 2024

    AI is a catalyst — orchestrating pivotal revolutions across diverse industries — and the advent of driverless cars stands as a testament. Although autonomous vehicles foretell a future of unprecedented convenience and security, they also unravel a host of societal and ethical dilemmas. Can these machines make morally weighted decisions? And more pressingly, how can we program those decisions in a manner that upholds our collective ethical norms?

    This episode of the Beyond Impossible podcast, with special guest Jonathan Campos of Alto, isn’t just another fireside chat about emerging tech. Instead, Campos unravels the societal and ethical layers evolving alongside driverless technology. However, the realm of AI isn’t merely altering our roadways — it’s reshaping our workplaces. The transformation accentuates another driving concern: jobs. The futuristic promise of AI comes with an undercurrent of anxiety about job losses. In a world preoccupied with competitiveness, AI advancements can appear a double-edged sword. And Campos tackles this challenge head-on.

    Related: This Retiree’s ‘No-Brainer’ Side Hustle Makes More Than $1,000 a Month — and Is About to Grant Him Another Life-Changing Perk

    If Ben Angel’s Beyond Unstoppable lights up your day, please take a moment to rate and review the podcast! This is a great way to support our mission of empowering more individuals like you to supercharge their lives and businesses. What’s more, don’t forget to follow the podcast if you haven’t already. We’re spicing things up with lots of bonus episodes.

    Related: How to Start a ‘Million Dollar’ Morning Routine

    About Beyond Unstoppable

    Hosted by bestselling author Ben Angel, Beyond Unstoppable is a transformative exploration of biology, psychology and technology. Learn from world-renowned experts like Jim Kwik, Amy Porterfield, Mari Smith and Jason Feifer. Dive into advanced AI tools, biohacking, and strategies to make you unstoppable.

    Subscribe to Beyond Unstoppable: Entrepreneur | Apple | Spotify | Google

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    Ben Angel

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  • Why The NFL is A Leader in Social Impact | Entrepreneur

    Why The NFL is A Leader in Social Impact | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The expectations for this year’s Super Bowl were high, but I don’t think anyone predicted that this year’s event would turn out to be America’s most-watched program since the moon landing, with an astounding 123.4 million viewers tuning in to the big game.

    While the Taylor Swift effect certainly was a factor in achieving that staggering number, there is more to the modern NFL than celebrity fans, touchdowns and tailgate parties. The league has grown into a case study for a corporation seeking to support its communities across the country.

    The NFL has been a long-time supporter of charitable causes, but in recent years, it has significantly ramped up its player safety, social responsibility and social justice initiatives.

    A visit to the NFL’s Community page on its website shows the breadth of the league’s initiatives, from environmental sustainability to domestic violence education, youth fitness, early cancer detection and prevention, and building character in young people.

    I learned of the massive scope of the NFL’s social responsibility work through another of its initiatives, Inspire Change, the league’s social justice platform. Its goal is to reduce barriers to opportunity, particularly in communities of color. It operates at all levels of the league, from current and former players to the NFL teams and their owners and up to the league head office.

    Related: A Former NFL Plays Says ‘Indentity Shifting’ Is the Key to Success

    Inspire Change facilitates NFL investment in organizations, programs and initiatives that reduce barriers to opportunity, anchored in four pillars: Education, Economic Advancement, Community-Police Relations, and Criminal Justice Reform.

    My connection to the program came from a partnership between Inspire Change, my organization (Legacy+), and the Martin Luther King III Foundation.

    Martin Luther King III, his wife Arndrea Waters King, and their daughter Yolanda Renee King were seeking ways to commemorate the upcoming 100th birthday of Martin’s father, Dr. Martin Luther King Jr. The result was Realize the Dream, a bold new initiative that aims to transform, unify and uplift America by rallying communities to perform 100 million hours of service by the 100th anniversary of Dr. King’s birth.

    In seeking to amplify Dr. King’s vision of unity and launch the historic community service program, the NFL was an obvious choice. No other platform has the reach or worldwide profile held by the NFL. In 2023, the league averaged 17.2 million viewers per game for its 272 regular season games, creating a potential viewing audience unmatched in North America.

    Those significant audience numbers rise exponentially during the playoffs, so we worked closely with the NFL to launch the five-year service campaign during Wildcard Weekend, which coincided with MLK Day 2024.

    The game between the Philadelphia Eagles and Tampa Bay Buccaneers opened with a commemorative coin toss with Martin Luther King III, Arndrea Waters King and Yolanda Renee King.

    A series of events and activations took place over the weekend, with MLK decals and Dr. King’s iconic “Be Love” message affixed to the helmets of all 318 players participating in the weekend games. The “Be Love” and “It Takes All of Us” messages were also stenciled into the end zones for all games.

    The game opened by the Kings drew an audience of over 29.2 million viewers. While that number seems low compared to the viewership for the Super Bowl, the game was ESPN’s second-most watched NFL game in its history. Public service announcements aired over the weekend on all the networks covering the games (ESPN, ABC and CBS), with over 180 million viewers taking in the games and viewing the powerful Realize the Dream messaging.

    Beyond its ability to reach tens of millions of viewers, we looked for the NFL’s support due to its work to raise awareness on diversity and equity issues. Along with Inspire Change, the league is on the record in committing to increasing the number of black head coaches and executives so that the diversity on the field is reflected back on the sidelines and in owners’ boxes.

    To that end, the league adopted the Rooney Rule in 2003. Named after a former Pittsburgh Steelers owner who also served as the chair of the league’s diversity committee, the rule set out hiring and interview requirements for filling coaching and front office positions to ensure more minority candidates were considered and hired.

    Related: Why All of Us Need to Join the Fight for Workplace Diversity

    The NFL’s support for Realize the Dream is yet another positive step in accelerating the league’s commitment to diversity and inclusion, and it may already be reaping benefits.

    Within days of the launch of the campaign, the New England Patriots named Jerod Mayo as their new head coach, the Atlanta Falcons hired Raheem Morris to lead their team, and the Las Vegas Raiders elevated interim head coach Antonio Pierce to full-time status.

    While those three hirings happening so close to the launch of Realize the Dream could be written off as coincidence, they may also reflect how the league’s open commitment to diversity can influence the actions of ownership, teams, and players.

    That is the power of corporate impact initiatives that permeate an entire organization. It would be one thing for the NFL to make a lump sum donation to Realize the Dream or some other cause, but the level of buy-in was visible on team uniforms and helmets, in the end zones on the field, all while tens of millions of viewers watched from homes and restaurants.

    While corporations making donations to charitable organizations is a commendable way to try and give back, concrete actions like those being taken by the NFL deliver true impact and will ultimately be the drivers of change.

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    Craig Kielburger

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  • How to Build a Culture of Radical Honesty (and Why You Should) | Entrepreneur

    How to Build a Culture of Radical Honesty (and Why You Should) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    What keeps me up at night? Watermelons.

    As a CEO, my biggest fear is that the digital dashboards capturing my company’s vital signs are the business equivalent of that tropical fruit — green and firm on the outside, but red and mushy underneath. At first glance, everything looks solid. Then one morning, I get a call from a client asking, “What the hell is going on with A, B or C?”

    This concern isn’t fair to my team, who consistently exceed my expectations. But the reality is that for many leaders, such nagging fears can persist. When there’s a problem, the last thing you want is for people to give you the impression — intentionally or not — that things are better than they truly are. So, how do you avoid this?

    For the past few years, I’ve led a company in an industry facing astronomical demand. One of the biggest lessons: The agility, operational excellence and innovation required to meet this challenge requires building a culture of radical honesty.

    Here are three ways that leaders and their teams can embrace radical honesty — and reap the benefits of better decision-making and a true picture of where the business stands.

    Related: How to Employ Radical Candor in the Workplace With 5 Simple Steps

    Encourage your people to admit their weaknesses — and play to their strengths

    A simple formula for business success: Do things consistently better than the competition, and those wins will compound over time. The key to pulling it off? Let people focus on their strengths and delegate everything else.

    That calls for honesty and transparency. “Fake it till you make it” doesn’t always work in business, where pretending can have disastrous consequences. As a leader, I want people to do the opposite — by asking for help and saying, “I don’t know.”

    One way to do this is by empowering and trusting team members to be rock stars in their domain. That makes our company better at creating innovative technologies, tackling new markets and responding nimbly to changing conditions.

    But at the same time, as I urge people to lean into their strengths, I give them permission to be less adept at other things. For example, if a member of my leadership team is no good at financial underwriting, I tell them to own it like a badge of honor.

    After all, that’s what hiring is for. To make up for their lack of knowledge and expertise in a particular area, we can bring on someone to fill the gap. It’s my job as CEO to explain that the goal isn’t to undermine or replace them, but to help them focus on what they do best.

    There’s a direct line between that mindset and business results. In one study, companies whose CEOs excelled at delegating grew more than twice as fast as those with a less skilled delegator at the helm.

    Don’t default to the rulebook

    For leaders, honesty is nearly always the best policy, even if it means ruffling a few feathers or going against convention.

    Sometimes this requires poking holes in well-intentioned ideas that also happen to be intellectually lazy. This came up recently in a chat with my team about how we plan to meet the demand that AI is creating in our industry. While some of the ideas presented were sound, others needed more probing.

    Take the argument for keeping someone in a management role because they’ve done the job forever. Many companies default to this way of thinking, but what if they’re overlooking a newer hire with a fresh perspective and a natural ability to inspire the team? To me, sticking with option A isn’t an intellectually honest approach.

    As hard as it is, leaders can’t escape making these kinds of tough decisions. Without abandoning all loyalty to people, they should consider what’s best for the business and make pragmatic rather than emotional choices. Even if those decisions aren’t always popular.

    In a broader sense, being intellectually honest means knowing when adhering to the rulebook is hurting the company, not helping it. For example, I’m a big believer in hiring top talent, telling them where our True North is, and then letting them figure out the best way forward. If somebody needs a course correction, that can be addressed. But expecting the entire team to follow every company rule to the letter? That will only slow us down.

    Related: Stop Lying to Your Team — And Yourself. Try Radical Honesty Instead.

    Give the team a license to speed without getting a ticket

    Leading with radical honesty also requires getting real with yourself and your team about how willing you are to embrace failure.

    At our latest companywide offsite, I told people I want them to fail more. For a business, that isn’t as risky as it might sound. Companies that are serious about innovation should be willing to try new things and pivot fast if they don’t work.

    Take Airbnb, which didn’t begin by building an elaborate home rental website. Instead, the founders tested the waters by renting out their own loft online. Google Glass — released by a company famous for its “moonshots” — is a good example of a failed experiment. When its smart glasses didn’t catch fire with consumers, Google moved on.

    Encouraging creative destruction means removing the fear of failure, a major cause of inaction. Within reason, people should be able to fail out loud without worrying they’ll get fired.

    For me as a leader, there’s little risk because I’ve hired talented people who are laser-focused on executing well. All they really need is a license to speed without getting a ticket.

    Unfortunately, many business leaders don’t see things that way. Despite all the rhetoric around moving fast and breaking things, less than half of companies have a leadership team that regularly tolerates small-scale failures, according to a recent global survey of CEOs.

    Someone should explain to them that the rewards of letting people fail can be substantial. In a study of 120 tech startups, those committed to learning from failure produced greater scientific output, raised more capital and innovated more.

    Of course, businesses must also know when to play it safe. For Amazon founder Jeff Bezos, there’s a big difference between “experimental failure” (good) and “operational failure” (bad). It’s the same at my company, where the mission-critical computer and electrical systems that power our facilities don’t leave much room for error. But even there we get creative — for example, by finding innovative ways to keep the lights on during a blackout.

    Related: How to Allow Room for Failure and Create a Successful Work Environment

    For leaders and their teams, the biggest benefit of a culture of radical honesty is the elimination of fear: that employees will get into trouble for taking risks, that folks aren’t good enough at their jobs or that the company is actually on shaky ground.

    Ultimately, ensuring that everyone knows where they and the organization stand is a competitive advantage, thanks to a more engaged workforce, a clear view of where the business needs to grow and iterate, and a culture where people feel as emboldened to innovate as they do to ask for help. When it comes to performance, what you see is what you get. So, here’s to keeping watermelons where they belong — at the company picnic.

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    Andrew Schaap

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  • Is Your Leadership Team Failing Your Employees? | Entrepreneur

    Is Your Leadership Team Failing Your Employees? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’m sure you have seen the headlines about quiet quitting, loud quitting and company struggles with employee retention. Since the Covid-19 pandemic, it has become very clear that many employees are unhappy in their current jobs, but what is the main culprit here? While this is a complex issue with many potential contributing pieces, there is one clear factor fueling a large portion of employee dissatisfaction, and it is poor leadership.

    Throughout my career, I have seen the ill effects of bad bosses from many different angles. During my time practicing in healthcare, I saw the physical, mental and emotional strain caused by poor leadership and its impact on patients, colleagues and even myself. I remember when I started my first “real” job after college. My boss at the time wanted me to check in with him before leaving for the day. Typically, around 6:00 pm, when all my work was completed, I would wait by his door with my stomach growling hoping to get the thumbs up to make the 60-minute or more commute home. My boss would see me standing there and would typically make a motion like he was busy, and I needed to wait (if he acknowledged me at all). If I was lucky, it would be about 15-20 minutes before I got the hand wave that he was ready to talk, but most of the time I would be there waiting for much, much longer.

    On the flip side, I have also been extremely fortunate to experience what empowering and supportive leadership looks like. During my keynote talks and corporate trainings, I have witnessed solution-focused dialogue around employee pain points and struggles. I have seen leaders actively asking for feedback from their employees, looking for ways to implement positive change to support their overall well-being.

    Related: 7 Timeless Principles That Will Help You Become a Better Leader

    For better or worse, the leaders in your organization can make or break employee happiness, well-being and company culture. I recently took a poll on LinkedIn where I asked the question, “If you are not completely fulfilled at your job, what do you think is the main reason?” Unsurprisingly, 56% of respondents chose poor leadership or their boss. When people don’t feel valued or fulfilled in their careers, their performance suffers, and the organization as a whole is negatively impacted.

    According to Gallup’s State of the Workplace 2023 report, almost 6 out of 10 employees were categorized as quiet quitting, and 51% of surveyed employed workers reported watching for or seeking out a new job.

    So, what do employees really want from their leadership team? While exploring this question, I ran another poll on LinkedIn asking, “What made the best boss you ever had such a great boss?” An overwhelming 77% of respondents reported that it was their support and advocacy. At the end of the day, people want a boss that is in their corner. They want to work for a leader they can trust; a leader who has their back. Now, developing that trust is not always easy. It takes intention, self-awareness, time and effort.

    That said, here are three steps to help you move in the direction of becoming a better leader:

    1. Optimize how you communicate

    How effective do you think you are at communicating? How does your communication style fluctuate based on your emotions? How are you perceived by others? A key part of being an excellent communicator is building self-awareness. When you start to recognize your tendencies and habitual responses to different situations, you can begin to see where there is room for improvement.

    Do you shut down when you get upset? Do you micromanage when you get stressed? Is there regular, clear and open dialogue between you and your team about expectations, workload, timelines and potential speed bumps? What does your team really think about your communication style? Getting feedback in this arena and working towards being an optimal communicator will help create an environment where everyone feels seen, heard, valued and supported.

    Related: 5 Steps to Communicate Like a Boss

    2. Build connection

    How well do you know the members of your team? As a leader, it is important to have regular check-ins with your group via different formats including, email, phone, virtual and in-person. You should also be having informal conversations in which you are able to get to know them as a person.

    Learn about your team members’ goals and aspirations. What are their strengths? Is there a time of day when they work the best? What are their pain points with their job? What kind of help and support could they benefit from? Discovering these things will help you more effectively lead each individual employee based on their unique situation. You won’t be able to provide support and potential solutions for problems if you don’t even know they exist.

    3. Be receptive to feedback

    Too often leaders are the ones providing the feedback, but they are not always getting honest feedback from their teams and groups. Leaders need to provide constructive feedback, mentorship and support, but they also need to be actively seeking out feedback from their team. You may be biased when it comes to your leadership style, or you may not be aware that some of your messaging is being misinterpreted, so getting feedback is essential.

    Now, no one is going to want to share feedback about their boss if they are afraid that it will negatively impact their job security or career advancement. As a leader, you are responsible for creating a safe environment and a feedback loop for employees to share suggestions, concerns and pain points.

    When it comes down to it, no one really wants to be a bad leader. They may just be lacking the tools, skills or self-awareness needed to create a space where employees can thrive. Wherever you are at in your leadership journey, remember that there is always room for growth. By investing in leadership development, you will be planting the seeds for an empowering company culture with happier employees who will want to work with you for years to come.

    Related: 5 Tips to Help You Be the Sort of Leader Employees Love to Work For

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    Kristel Bauer

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  • 7 Traits Leaders Need to Attain to Visionary Leadership | Entrepreneur

    7 Traits Leaders Need to Attain to Visionary Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Thomas Jefferson had a bold vision as the United States broke away from British rule. Consider his letter to John Adams in 1823, when he said, “I like the dreams of the future better than the history of the past.” Jefferson was contemplative and progressive in emphasizing his dream of a different America. He was a visionary.

    Many others have failed in dogmatic pragmatism. George H. W. Bush had several leadership qualities, such as humility and integrity, but Bush scholars universally agree that he lacked vision. His perspective on the United States was similar to Blockbuster and Kodak: let’s double down on our history and what’s worked in the past.

    Bush is even known for saying that he doesn’t understand “that vision thing.” In his inaugural address, he said there’s no need for the country to “invent a system by which to live.” All we need to do is “act on what we know.”

    There’s utility in traditional thinking, but it becomes a strength overused when you can’t do the other side of the coin — vision. Bush was a one-term president, losing to a relatively unknown Bill Clinton because he lacked an inspirational message.

    So, how can CEOs create a vision so powerful that it ignites organizational transformation?

    Related: Are You a Visionary Leader? Here are 12 Ways to Cultivate and Enhance Your Leadership Vision

    1. Vision from the heart

    In Nietzsche’s words, “Only as an aesthetic phenomenon are life and the world justified eternally.” A vision should only affect us in the way art can, revitalizing the spirit and the selves’ experience, as opposed to the task-oriented and linear nature of day-to-day goals. The executive’s vision is an aesthetic, imaginative idealization that gives meaning to the organization, like an artist moving from a blank canvas to what could be.

    2. Align with the organization’s values

    Unlike strategic objectives, which are rationally derived, visions are values-laden. They give meaning through an ideological goal. Since they are about what should be, they are, by definition, an expression of values and corporate identity.

    Thus, effective CEOs keep the vision malleable in relation to the business landscape but never change the values underneath. Not only that, but their personal values align with the organization and its vision — one reason for doing a values assessment in CEO succession.

    Related: How Great Leaders Communicate Their Vision

    3. Create the vision with others

    The best CEOs have a clear vision that’s tied to their values. It isn’t a fully democratic process because the CEO must believe passionately in it. However, it’s essential that the vision is not unilaterally imposed but rather distilled from the contributions of leaders throughout the organization. The first reason is buy-in from everyone else. The entire company needs to feel it in the heart, too. The second reason is that the organization existed before the CEO and will after the CEO, so the vision must align with the entire organization for continuity.

    Related: How to Engage Employees Through Your Company Vision Statement

    4. Make it valuable to all stakeholders

    Some of the most catastrophic events in history have been the result of a psychopath’s vision. Visions can be powerful, influential and morally corrupt — all at the same time. Conversely, real leaders create a vision that benefits the entire ecosystem, where the rising tide lifts all boats and makes the world a better place. Robert House, from the University of Pennsylvania, defined a greater good vision as “an unconscious motive to use social influence, or to satisfy the power need, in socially desirable ways, for the betterment of the collective rather than for personal self-interest.” This is using the will to power for the betterment of humanity, to shape the future, rather than as a source of ruthless evildoing.

    5. Use the vision to galvanize change

    In academia, there’s a close relationship between visionary and charismatic leadership. Consider House’s Theory of Charismatic Leadership, Bass’ Transformational Leadership Theory, Conger and Kanungo’s Theory of Charismatic Leadership, and Sashkin’s Visionary Leadership Theory. They all emphasize how the most effective visions challenge the status quo and inspire evolution. The CEO evaluates the organization and its context, such as its core competencies and competitors, and through vivid mental imagery, paints a picture of the future.

    Since vision is related to influence and change, it’s easy to understand how Kay Whitmore from Kodak and George H. W. Bush had ineffective visions. They were preventative instead of future-oriented and, therefore, neglected to become bigger, faster, stronger, and even something brand new. They were demotivating instead of galvanizing and failed to energize the organization.

    Related: What Is Transactional Leadership and How Does It Work?

    6. Ensure it’s believable

    Visionary leaders are often bold and risk-taking, as well as imaginative. Like a psychic in Vegas, they’re bold enough to think they can see the future and inventive enough to dream up a new reality that challenges today. With this psychology, the strength overused is that visionary CEOs are often alienated from reality. Conversely, the most effective CEOs are versatile enough to, as inherent in Marshall Sashkin’s theory, balance vision with operational actions. Their visions are inventive, aesthetic, imaginative, bold, and innovative but believable and achievable.

    7. Use the vision for strategic decisions

    Another benefit of vision, besides influence, is that it frames consequential strategic decisions. At Netflix, Reed Hastings could have charged ahead with being the number one DVD-by-mail company in the United States. But, as explained in the book CEO Excellence, the new direction was supported by a vision of transformation. “The big strategic moves that followed made sense in ways they would never have otherwise: moving into video streaming, betting on the cloud, creating Netflix originals, driving exponential globalization, and so on.” The vision justified a series of innovations, decisions, and where the company should focus its limited time and resources.

    In all, the CEO’s highest duty is breathing life into the organization, giving it meaning and harnessing the social forces toward a worthwhile future. Only as an aesthetic phenomenon, not one of logic, power, and control, is an organization’s existence authentic and fully realized. Art reflects life, not just beauty, and an organization’s vision reflects its identity and fulfills its purpose, without which it is lifeless.

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    Derek Lusk

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  • How to Unlock Transformative Growth By Embracing Uncertainty | Entrepreneur

    How to Unlock Transformative Growth By Embracing Uncertainty | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the challenging realm of entrepreneurship, change is constant, and uncertainty is expected. It’s not a matter of if, but when, and how you navigate the unknown that defines your journey. Once you learn to accept uncertainty, entrepreneurs and CEOs will discover that it can be a gateway to transformative growth.

    Recognizing the inevitability of uncertainty is a strategic imperative. I have learned that it is not a challenge to overcome; but instead, something to be embraced as a tool for leadership and a catalyst for personal growth.

    As an entrepreneur and capital market expert with over 35 years of experience, I lost almost everything I had built during the Great Recession. It was a period that tested more than my business acumen; it was a profound examination of my resilience and integrity. During that time, the challenges were immense, but in retrospect, the lessons were invaluable. The strategies I learned to employ, the decisions I made and the mindset I cultivated during that tumultuous time continue to be guiding beacons for me in navigating the complexities of today’s business environment. Having been through a time that tested my resilience in business and life, I now understand the intricacies of leading through uncertainty.

    Related: How The Best Executives Show Leadership in Times of Uncertainty

    The inevitability of uncertainty in entrepreneurship

    In today’s business landscape, uncertainty presents itself at every turn. This state of perpetual unpredictability is simply a factor of modern existence in the business world. It is a convergence of factors — technological leaps, global interconnections, economic changes, geopolitical issues and environmental challenges. Together, these factors weave a complex narrative and result in an environment where change is not just a possibility but a constant force that shapes the very fabric of entrepreneurial endeavors.

    Yet, within these uncertainties lies a paradoxical truth — uncertainty, rather than a hindrance, can be a powerful catalyst for innovation and strategic thinking. Uncertainty can be a disruptor of conventional patterns, pushing entrepreneurs beyond their comfort zones and challenging established norms. The very nature of uncertainty demands a continuous reevaluation of strategies, which fosters a culture of adaptive planning and innovation. This can help businesses not just to survive but to thrive in an ever-changing market.

    McKinsey & Company, a beacon of strategic consultancy, echoes the sentiment of embracing uncertainty. Their insights on managing uncertainty in business emphasize the critical importance of preparation for various outcomes. They advocate for a shift toward creative problem-solving approaches and the need for new operating models to respond to extreme uncertainty. Strategic courage, according to McKinsey, is paramount in volatile times, urging organizations to build resilience for an uncertain future. This resonates profoundly with the idea that navigating the uncertainties of today’s business environments necessitates not just traditional strategies but innovative leadership and adaptable approaches.

    Case study in entrepreneurial resilience

    In the tumultuous IPO market of 2023, characterized by fluctuating valuations, tightened access to capital, rising interest rates, bank instability and global geopolitical challenges, several IPOs stood out as beacons of entrepreneurial resilience. One such success story was CAVA Group, Inc. (NYSE: CAVA), a leading U.S.-based restaurant chain that defied the odds and went public in June 2023.

    The IPO of CAVA Group, Inc. exemplifies strategic resilience in uncertain times. Despite the challenging backdrop, the company’s shares experienced a remarkable 37% rise from their initial offering price, signaling not only the market’s strong reception but also confidence in CAVA Group’s business model. Opening at $22 per share and raising $318 million, the IPO closed its first trading day at an impressive $43.78. This success underscores the potential for triumph in a volatile market, highlighting the importance of robust business strategies and adaptability.

    Related: 4 Ways Leaders Can Break Through Uncertainty and Unleash Meaningful Innovation

    How can leaders and entrepreneurs navigate uncertainty in their businesses today?

    Below are some key tips for navigating uncertainty in today’s business landscape.

    1. The power of a support network: The value of a robust support network is unparalleled during challenging times. Insights, emotional support and wisdom from peers, mentors and family form a crucial foundation for successfully navigating uncertainties. A well-established support network offers guidance and solace when it is needed the most, creating a sense of community amid uncertainty.

    2. Valuable lessons from failure: Uncertainty often accompanies failures and setbacks, providing invaluable lessons. These tough moments are educational, teaching resilience, refining problem-solving skills and emphasizing the importance of persistence. Lessons from failure become the building blocks of sustained success and continual personal development.

    3. Managing personal relationships in uncertain times: Navigating uncertain business environments can put a strain on personal relationships. This underscores the importance of maintaining open communication and a healthy work-life balance. Investing time and emotional energy in personal relationships not only strengthens bonds but also contributes to a more balanced and fulfilling life.

    4. Reinvention after setbacks: The journey of self-reinvention following significant setbacks is transformative. It involves reevaluating priorities, setting new objectives and acquiring new skills. Embracing change becomes an avenue for growth, allowing for personal and professional evolution. The ability to reinvent oneself is a potent strategy for thriving in uncertain times.

    As we navigate the complexities of uncertainty, these lessons can provide a transformative perspective. By embracing uncertainty as an opportunity for positive development and growth, individuals can not only weather the challenges but emerge stronger, more resilient and better equipped for the uncertainties that are to be expected as leaders and entrepreneurs. The journey through uncertainty can be a powerful catalyst for personal and professional advancement.

    Related: The 4 Things Leaders Need to Do First When Faced With Uncertainty

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    Peter Goldstein

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  • Walmart Store Managers Can Make $500K: Stock Grants, Bonuses | Entrepreneur

    Walmart Store Managers Can Make $500K: Stock Grants, Bonuses | Entrepreneur

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    This article originally appeared on Business Insider.

    It’s a good year to be a store manager at Walmart.

    Fresh off the announcement earlier this month of substantial pay and bonus increases, the company said Monday that it is adding annual stock grants of up to $20,000 to the store managers’ compensation packages.

    “A Walmart store manager is running a multi-million dollar business and managing hundreds of people, and it’s a far more complex job today then when I managed a store,” said John Furner, President and CEO for Walmart’s U.S. division, in a video posted on LinkedIn as the company kicks off an annual meeting in Houston, Texas.

    “We ask our managers to own their roles and act like owners,” he added. “Now, they’ll literally be owners.”

    The amount of the grant will depend on the size of the store, with $10,000 for Hometown store managers, $15,000 for Neighborhood Market or Division 1 store managers, and $20,000 for Supercenter managers. Furner said the grants will start in April.

    Walmart operates more than 4,600 retail locations across the US and employs 1.6 million people here.

    These grants are on top of a new salary and bonus structure that will kick in on Thursday, February 1, bringing the average base salary for US store managers to $128,000, up from $117,000.

    Under the plan announced on January 18, the maximum bonus increased from 1.5x annual salary to 2x annual salary — and will focus more on store profitability in addition to top-line sales.

    This means a Supercenter manager with a top-end base salary of $170,000 could earn a total of $530,000 after receiving the maximum bonus and stock grant, while the average U.S. store manager could see roughly $400,000 in compensation this year.

    Roughly three-quarters of Walmart store managers started off in hourly roles, and the company does not require a college degree to be considered for the job.

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    Dominick Reuter

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  • How to Avoid the Pitfalls of Toxic Positivity in the Workplace | Entrepreneur

    How to Avoid the Pitfalls of Toxic Positivity in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the modern workplace, the concept of “toxic positivity” has become a subject of increasing concern. This term, trendy yet often misunderstood, refers to an overemphasis on positive outcomes and attitudes, to the extent that it becomes detrimental. It’s a phenomenon akin to the character Stuart Smalley from “Saturday Night Live,” who symbolizes the new age optimist, constantly affirming positivity, regardless of the underlying truth.

    We all know someone like this whose overwhelming positivity slowly withers the soul from within. While seemingly harmless, such behavior can mask deeper insecurities and disconnect us from our authentic selves.

    Eastern philosophies and warrior sage traditions teach us about the delicate balance between positive and negative forces. They assert that an environment — be it a world, company or organization — can never be wholly positive or negative. This natural balance is dynamic, ever-shifting and essential for genuine human interaction and growth. Recognizing this balance is crucial in avoiding the extremes of both toxic negativity and toxic positivity.

    Related: How to Avoid Toxic Positivity

    Toxic positivity: A workplace dilemma

    In the corporate world, toxic positivity often manifests as a facade of relentless optimism. This facade is characterized by superficial interactions where authentic feelings are suppressed in favor of a constantly upbeat demeanor. This creates a workplace culture where genuine communication is replaced by shallow exchanges and real issues are glossed over.

    The illusion of constant positivity:

    The illusion of constant positivity in the workplace can lead to significant problems. It creates an environment where employees feel pressured to mask their true feelings, leading to a lack of genuine human connection and understanding. This pressure to maintain a positive front at all times can result in repressing negative but necessary emotions, culminating in unexpected emotional outbursts.

    The power of authenticity:

    The solution to toxic positivity is not a swing to relentless negativity but a balanced approach that values authenticity. Authenticity, being true to oneself and others, resonates more deeply than forced positivity. It fosters an environment of trust, respect and genuine connection. In an authentic culture, people are encouraged to express their true feelings, experiences and perspectives, leading to more meaningful and constructive interactions.

    Related: What Is ‘Toxic Positivity’ and Why Is It Bad for the Workplace?

    Shifting from positivity to authenticity

    The shift from a culture of toxic positivity to one of authenticity requires a conscious effort from organizational leaders. It involves acknowledging and embracing the full spectrum of human emotions, not just the positive ones. Leaders must create a space where employees feel safe to express their genuine feelings, whether they are positive or negative.

    To cultivate an authentic workplace culture, leaders must first recognize the signs of toxic positivity. These signs include a lack of genuine communication, a culture of forced niceness and an avoidance of addressing real issues. Once identified, leaders can implement strategies that foster authenticity, such as encouraging open and honest communication, creating forums for sharing diverse perspectives and recognizing and addressing the challenges employees face.

    Training for authentic leadership:

    Leadership development, in its essence, is about equipping leaders with the tools necessary to build a culture of authenticity within their organizations. Such training focuses on nurturing leadership skills that are pivotal in facilitating honest and empathetic communication, creating a supportive team environment and encouraging team members to embrace and express their true selves.

    This approach to leadership development emphasizes the importance of understanding and empathy in fostering a genuine connection within the team, which in turn cultivates a more dynamic and authentic workplace culture.

    The role of empathy and understanding:

    A critical aspect of cultivating an authentic culture is empathy. Leaders must strive to understand the experiences and perspectives of their team members. This understanding helps in creating a supportive environment where employees feel valued and heard. Empathetic leadership fosters a sense of belonging and can significantly enhance team dynamics and productivity.

    Embracing the full spectrum of human experience:

    To build a healthy, authentic workplace culture, it’s essential to embrace the full spectrum of human experiences. This means celebrating successes and joys, as well as being open to hearing and understanding the challenges and struggles. It involves shifting focus from external roles, often associated with a facade of positivity, to a more profound connection with our authentic selves. When we operate from a place of authenticity, the dichotomy of toxic positivity and negativity naturally dissolves.

    Related: How to Create a Thriving Workplace by Leading With Authenticity

    Fostering authenticity for a healthier workplace

    The challenge in contemporary workplaces is to move beyond the superficial layer of forced positivity to foster a culture of authenticity and truth. By understanding and addressing the nuances of toxic positivity, organizations can create a more balanced, empathetic and effective work environment. This shift is not just about avoiding the pitfalls of excessive optimism but about embracing the complexity and richness of human experiences in their entirety.

    A workplace grounded in authenticity is one where every individual feels valued, heard and understood. It is an environment where the full range of human emotions is acknowledged and respected, fostering genuine connections and a sense of community. In such a setting, employees are not just workers but human beings with a diverse array of experiences and perspectives.

    Ultimately, the goal is to create a workplace culture that values honesty, integrity and authenticity above all else. This culture should be one where leaders are open to receiving and understanding their team members in all aspects of their lives — personal and professional. By prioritizing authenticity over superficial positivity, organizations can cultivate a truly healthy, dynamic and thriving workplace.

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    Satyen Raja

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  • How to Transform Your Business Through Inclusive Leadership | Entrepreneur

    How to Transform Your Business Through Inclusive Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Hold onto your seats, entrepreneurs, CXOs and everyone with a vested interest in the future of leadership. Today, we’re slicing through the noise and diving deep into the beating heart of what makes teams thrive: inclusive leadership. Forget your cookie-cutter management styles; this is the game-changer you’ve been waiting for.

    We live in an era of rapid technological advancements, global interconnectedness and unprecedented diversity. In this volatile, ever-changing landscape, what separates the winning teams from the sinking ships? If you’re thinking “inclusion,” pat yourself on the back because you’re spot-on. But let’s be real: Inclusion isn’t just tossing a couple of diverse hires into the mix and calling it a day. It’s a nuanced, intentional strategy that starts at the top — with you, the leader.

    Related: Why You Need to Become an Inclusive Leader (and How to Do It)

    Inclusive leadership — a framework, not a fad

    Ah, the age-old misconception that “inclusive leadership” is a mere buzzword, possibly thrown around by millennials seeking a warm and fuzzy work environment. If that’s your thinking, it’s time to recalibrate because you’re not just off the mark — you’re not even on the right playing field. So, let’s cut through the jargon and get down to the brass tacks.

    Inclusive leadership is anything but a fleeting trend or a checkbox on your HR audit. The linchpin holds your organization together in an increasingly complex, diverse and global marketplace. Those who underrate its impact are missing out on a force multiplier that has the potential to revolutionize the very fabric of their organizational success. Let’s dissect why.

    1. Self-awareness is your starting point

    Listen, the “know thyself” mantra isn’t just philosophical mumbo-jumbo; it’s Leadership 101. You must be acutely aware of your tendencies, biases and triggers. The road to inclusion starts with you. Dive deep into introspection — audit your choices, behaviors and especially those hidden biases you think you don’t have. Brave enough? Seek candid feedback. The goal is to turn self-awareness into your internal compass for making inclusive decisions.

    2. Action over words

    You know what the world doesn’t need? More lip service to diversity and inclusion. Enough with the platitudes and performative gestures! We’re talking about actionable initiatives. Revamp your recruitment processes, run workshops, form employee resource groups, and launch mentorship programs. Do something that moves the needle. Inclusion isn’t a checkbox; it’s a long-term investment. Make sure your actions deliver tangible results, not just Twitter applause.

    3. Your company culture isn’t a billboard

    Company culture isn’t what’s plastered on your website or embroidered on your merch. It’s what happens when the boss leaves the room. Culture is shaped by what you tolerate, not just what you advocate for. Inclusivity should be so ingrained in your culture that it feels like second nature. Reward inclusive behaviors, and be explicit in condemning exclusionary or toxic conduct. No exceptions. Talent should never be an excuse for toxicity.

    Related: Do You Have an ‘Inclusion Delusion?’ Here’s How a Lack of Inclusivity Can Create a Toxic Culture

    4. Data-driven decisions

    In God, we trust; all others bring data. If you’re not measuring your inclusion efforts, you’re playing a guessing game. Start treating inclusion like any other critical business strategy — back it up with data. Capture metrics that matter: employee retention rates, diversity in leadership roles, the effectiveness of inclusion initiatives and so forth. Analyze, adapt, and execute.

    5. Empower to elevate

    Leadership is not about creating a legion of followers; it’s about nurturing future leaders. Empower your team by giving them the tools, resources and opportunities they need to excel. When people feel valued and capable, they perform better, innovate more and elevate the team’s effectiveness. Your job is to set them up for success, then step back and let them shine.

    6. Accessibility is non-negotiable

    Let’s broaden the scope of inclusion beyond gender and ethnicity to encompass physical abilities. Are your office spaces accessible? Can everyone participate in company events? Compliance with the Americans with Disabilities Act (ADA) is the starting point. Aim to create a space where everyone, regardless of physical ability, can bring their A-game.

    7. Be ready to pivot

    We live in a dynamic world; what worked yesterday may not cut it tomorrow. The trick is to remain agile. Always be ready to pivot your strategies based on the feedback loop from your team and real-world results. Stagnation is not just a roadblock; it’s a cliff edge. Keep your ears to the ground, and be prepared to iterate.

    Related: 4 Commitments All Truly Inclusive Leaders Must Follow

    Inclusive leadership is not just a moral imperative; it’s a business one. Teams under inclusive leaders are more engaged, innovative and likely to go above and beyond. So, make the switch — your business’s success depends on it.

    If you’ve been coasting on outdated leadership models, now is the time for an overhaul. The future belongs to leaders who embrace, empower and elevate every team member. Be one of them. Because in the end, inclusive leadership isn’t just about making everyone feel welcome — it’s about creating a dynamo of creativity, innovation and success. Anything less is not just detrimental; it’s entrepreneurial malpractice.

    So, what’s your next move, leader?

    Keep this article bookmarked, share it with your C-suite buddies, and start making those actionable changes today. Your future diverse and effective team will thank you.

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    Chris Kille

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  • Outlast Your Competition By Focusing on These 3 Areas | Entrepreneur

    Outlast Your Competition By Focusing on These 3 Areas | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In every enterprise, whether you own a football team or run a shoe company, you have a few strategic moments when you can change the way you deploy resources to get a new outcome.

    For most businesses, that time comes in the fourth quarter, a reflective period when you can take a fresh look at how you leverage people, time and money. Businesses who approach this opportunity with intention can start the new cycle with the right tools to meet the three greatest challenges businesses face, altering their course and rising to the next level.

    Related: 5 Must-Haves for Entrepreneurs and Their Startups to Be Successful

    1. Standing out

    Your greatest competition is not necessarily other companies or influencers in your space. Your greatest competition is everything you don’t know about what they do well and how you can capitalize on areas of weakness. The first step in launching or rebranding is research. Everyone thinks they have a unique business, but is that true? It’s important to research the marketplace, taking a close look at the standouts.

    Who is in your space? Find out who they are and how your concept differs from theirs. What is the one thing they do best? How can you fill a need they don’t?

    In-N-Out Burger found a way to stand out. While many burger joints offer multiple specialty burgers, In-N-Out made things easy. Their brand is total simplicity from the limited choices to the clean-cut staff and basic color scheme in their stores. In-N-Out Burger fills a need: People’s lives are complicated. A burger order should be simple. The company delivers on that, and their sales prove it.

    While you research the space you’re in, develop your unique selling proposition to ensure you are meeting customer demand. Be willing to make changes based on the research and reflection you do throughout the year.

    2. Building a community

    With more people working remotely, staff shortages and dwindling customer service hours, consumers are complaining about a lack of response when they reach out to many companies. Your business is a community. Do people enjoy being a part of your neighborhood? Or do they feel alienated and outcast?

    Cultivating a sense of community starts with accessibility and connection, for clients and for employees.

    When customers call, someone should be able to at least process a request and move it up the chain. Loyal customers should feel that their commitment is appreciated. Some of the best companies offer topical meetings once per week, a space where clients can learn more about products and services as well as a chance to give feedback. This is an opportunity to identify problems early rather than after it’s too late.

    In the same way, you can build meaningful connections with your workforce. With so much work happening remotely, blogs, newsletters and digital messages can help your entire network feel a part of what your company does. CEOs can meet virtually or in person with a rotating small group of employees to exchange ideas and gain important feedback. Special corporate events and retreats can create a stronger sense of camaraderie among teams and a chance for leaders to get to know their employees on a more personal level. This will create an inspired synergy amongst the team.

    Related: 6 Best Practices to Grow Your Small Business

    3. Navigating uncertainty

    The only guarantee in the world of business is the knowledge that big changes and shifts will always be a part of what you do. Growth forecasts can be wrong. The business climate can be unstable. However, some of these big changes and “unforeseen events” are quite predictable. If you are planning a beach party to launch a new surfboard company, you can predict weather changes that could ruin your event, costing you tens of thousands in marketing and set-up.

    It’s important to research the fiscal year of the industry you are targeting. There’s an economic cycle you must consider. For example, if you’re marketing, it’s important to understand that every corporation has a different tempo. If you’re booking a speaking tour, most organizations want proposals in the last quarter. But if you’re launching a campaign or a business, December is not a good time since you’d be competing with the holidays. It’s important to know your seasons and plan accordingly.

    With all the unknowns, the best approach is to find ways to bring stability. In the planning phase, ask questions, consider the timing of everything and be flexible. An outdoor event doesn’t have to take place in Sioux Falls in January; there are plenty of better months to choose from.

    Another area of uncertainty is people. If you’re experiencing staff shortages, you can create teams of diversified roles but make sure everyone has the same basic tools and knowledge base. Football teams have the first string, second string, down to the practice squad. In other words, they have backups. If everyone has the same basic skillset, they can move up and fill in as needed.

    It’s important to look at all the factors when you’re bringing new people on board. Is it the right time for you to partner with people or contract with a group to take on a big project? Asking the right questions can help you avoid paying good money for expertise that can’t be put to use because the timing is off.

    Related: Invest in Growth or Cut Costs? 3 Things Top Companies Do Well Despite Economic Uncertainty

    Final thoughts

    A few simple strategies can help your business thrive while others are closing their doors. Taking the time to do needed research will help you establish a brand that stands out and outlasts the competition. Leveraging your resources wisely will help you navigate any business challenge. You can eliminate some uncertainty by knowing and respecting the season you’re in. You may not be able to stop the cycle of change coming your way; however, you can make a few small adjustments that will mean all the difference for you and the community you serve.

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    Nancy Solari

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  • How to Master Negotiations and Make Winning Deals | Entrepreneur

    How to Master Negotiations and Make Winning Deals | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over 35 years in business, working across four continents in real estate, finance and tech, I’ve made a lot of deals. Some were easy to close, most were not, and a handful were nearly impossible. But in every case, both sides signed on the dotted line, and that’s what matters.

    Business, after all, is about negotiations. If you’re no good as a negotiator, your company may have a short half-life. But if it’s not one of your strengths right now, don’t give up just yet — good negotiating can be learned.

    Sure, it requires a complex skillset you’re unlikely to pick up in an afternoon, but with time and experience, trial and error, improvement is all but inevitable. I’ve engaged in every possible type of business talks, and over the years I’ve developed a shortlist of optimal negotiating tactics and techniques.

    Related: Game, Set, Match: The Art of Negotiating

    R & P: Research and Preparation

    The first, and perhaps most important, is preparation. Entering negotiations is like going into battle, and no general ever won without assessing his own capabilities and those of his enemy, as well as the terrain, conditions and other factors. Similarly, a negotiator would be foolish to begin talks not knowing his own strengths and weaknesses as well as those of his foe, so doing research and prep is crucial.

    Nail down your objectives and red lines, and estimate, as best you can, what your interlocutor will and will not accept. Dig into the background of your potential partner, and examine the companies involved. How are they doing financially? Any major hurdles or looming events? Might they be looking for something other than money? For your last prep step, put together a fantastic opening offer that could bring the talks to a close just as they begin.

    Build rapport and listen

    Flush with knowledge, you’re ready to engage. Start by establishing a real connection. Assuming you don’t reach a deal straight away, communications throughout the talks will need to be clear and straightforward if progress is to be made, so set a strong foundation by opening with a warm greeting. Speak plainly at the outset so your potential partner trusts that you’re negotiating in good faith, without deception or a hidden agenda.

    Now it’s time to listen. Put your goals on the back burner for a moment, ask useful questions, and focus on fully understanding the responses. On which elements are they focusing? Are you hearing any absolute must-haves? What do they need to avoid?

    Listening shows respect and interest, but be ready and willing to answer their questions as well. Still, the more your interlocutor talks, the more they show their hand. Just remember that sometimes the words they don’t use say as much as those they do.

    Related: 5 Negotiation ‘Don’ts’ That Must Be Avoided

    Stand your ground

    As you wade deeper into the talks, it helps to be hard-nosed. Few businesspeople want a partner who is unwilling to take a stand or shies away from disagreement. Of course, you don’t want to be ornery or unpleasant, but you are going into battle and will likely need to be assertive and stand your ground to make a winning deal.

    One of the places where this is most true is Tel Aviv. Some years ago, I was mildly surprised to find that Israel’s business environment is rife with opportunity, especially when it comes to tech — a field I focus on with private equity firm Anfield Limited. With just 8 million people, Israel has created 100 Nasdaq-listed firms — more than all of Europe.

    Tech represents more than a fifth of GDP, and the World Economic Forum lists Israel as the world’s second-most innovative country. Top chipmaker, Intel, recently made one of its largest-ever global commitments in Israel: $25 billion for a factory in the south. But if you do go, be sure to bring your A-game, as Israeli businesspeople tend to be sharp and unyielding. This means that if you do make a deal, you’ve likely made a wise investment.

    Returning to tactics, if both sides have made initial offers and counter-offers and little progress has been made, it’s time to step outside the box and look at the problem from new angles. What have you not thought of? What might be added or taken off the table to sweeten the deal? Take a break, go for a walk, talk to a smart friend, or get a good night’s sleep — changing perspective often sheds new light.

    It’s getting late

    Finally, the last arrow in my quiver is the hint of a goodbye. It’s unwise to set a hard deadline, as that would be dishonest, and most potential partners would likely see through it. But giving a sense that your patience is wearing thin, that you’re ready to walk away should the deal you’ve envisioned not materialize, has the potential to be a real game-changer.

    Of course, the wise course is to play the long game — to negotiate with patience and build a relationship regardless of the fate of this possible deal. But sometimes the application of pressure can work wonders. Just be sure to choose your words wisely. As King Solomon said: “A word fitly spoken is like apples of gold in a setting of silver.”

    Related: 10 Tips to Negotiate Like a Boss

    Make the deal

    If all of the above fails and you have little desire to walk away empty-handed, there is one last move: Let them win. Some would call it caving. But I’ve found that in many cases, even a deal that is less than financially fantastic for your business in the short term will end up paying dividends down the road.

    That business leader you’ve just made a deal with is no dummy — she knows you’ve done her a solid. And if she understands business, there’s a good chance she’ll pay your good turn back to you in the future. Negotiations, in the end, are really about building relationships.

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    Adnan Zai

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  • Building an AI-Augmented Workforce While Remaining Human-Centric | Entrepreneur

    Building an AI-Augmented Workforce While Remaining Human-Centric | Entrepreneur

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    Artificial intelligence gets a lot of media attention, and for good reason. Surveys of CEOs conducted by organizations like Gartner and EY have predicted it to be the most disruptive technology of 2024. This is because an AI-augmented workforce provides increased efficiency and productivity, enhanced data analysis and decision-making, and automation of routine tasks.

    For example, imagine an employee’s timesheet being tracked automatically so they can focus on higher-value tasks.

    The impact of AI is clear. It streamlines operations by processing vast amounts of data at speeds incomprehensible to humans, reducing downtime, and optimizing workflows. It also enables predictive maintenance in industries with heavy machinery that can fail and cripple operations. And it provides data-driven insights that were previously hidden or too complex to discern.

    Of course, there are also challenges, including employee anxiety over displacement and fear of redundancy. Automation through AI and machine learning can make certain jobs obsolete. And, if they aren’t immediately displaced, employees have concerns about its introduction into the workforce.

    The Ethical Dilemmas Surrounding AI

    Making matters worse, AI systems are trained on data. Biases in this data can be perpetuated or even amplified if not kept in check. This makes transparency and accountability important as developers work to address moral and ethical concerns.

    Related: How CIOs Are Integrating BI and AI in their 2025 Vision?

    It’s a topic leaders are just now starting to think about. Strong governance is needed to face these obstacles head-on to ensure human and AI integration run smoothly.

    The Impact of AI on the Workforce

    Although the recent wave of development with large language models (LLMs) and other generative AI has leaders finally understanding the power of these tools, AI development has been around for some time. American Express, for example, employs AI to analyze millions of transactions in real-time. It identifies potentially fraudulent activities, saving the company millions and enhancing customer trust.

    The most important aspect leaders need to be aware of in an AI integration is their ethical responsibility. It’s tempting to focus on the bottom line and drive efficiency, but leaders have a responsibility to prioritize human beings with a human-centric approach. This requires soft skills like empathy and understanding to create an inclusive company culture built on trust and acceptance.

    Taking Bad Actors Into Account

    However, with great power comes great responsibility. These AI systems work with large volumes of proprietary data, and developers aren’t always transparent about updates. Bad actors can warp the data (check out this AI poisoning tool from researchers at the University of Chicago), and data breaches at companies like OpenAI and Microsoft’s Wiz expose the problems that could occur.

    Because of this, leadership needs to implement a strong human and AI integration plan accounting for potential hazards while focusing on an AI-augmented workforce.

    Fostering Human and AI Integration

    It’s important for leadership to set the strategic direction of the human and AI integration. They must have a clear understanding of their strategic goals, whether that’s improving efficiency, enhancing customer experience, or driving innovation.

    The AI rollout should align with organizational goals and involve all stakeholders to ensure buy-in. Employee involvement is essential, and this means being transparent and communicating priorities and goals to the entire team. Create a forum and foster a dialog among all applicable stakeholders (internally and externally) to address concerns and clearly define expectations. This puts everyone on the same page.

    Here are four key steps to rolling out an AI-augmented workforce:

    1. Identify AI Integration Opportunities.

    The first step is a comprehensive assessment of your organization’s operations. Leaders must identify areas where AI can add significant value, like enhancing customer service, streamlining data analysis, or optimizing supply chain management.

    A gap analysis is crucial in this phase, comparing the current state of operations with the desired outcomes to pinpoint specific gaps that AI can effectively address. Estimating the potential return on investment (ROI) for AI initiatives is equally important in determining the prioritization of AI projects; focus on those that offer the most impact and are feasible within the organization’s capabilities and resources.

    2. Build AI Competency.

    Success in AI integration is heavily dependent on the workforce’s ability to adapt and work alongside these new technologies. Skill mapping is essential to identify the specific skills and knowledge that employees will need in an AI-enhanced workplace. It’s essential to recognize that training needs will vary. Investing in customized training programs that cater to different roles and skill levels within the organization is vital.

    Related: The Importance Of Continuous Learning In The Era Of Artificial Intelligence

    Because AI and related technologies are continually evolving, fostering a culture of continuous learning through regular training sessions and refresher courses is crucial to keep staff up-to-date with the latest developments and applications in AI.

    3. Create Synergy Between AI and Human Teams.

    Building effective hybrid teams that combine AI systems and human employees is critical. These teams should leverage the strengths of both — AI’s capabilities such as data processing and consistency, and human skills like creativity and empathy. Clearly defining roles within these hybrid teams is imperative, ensuring employees understand when to rely on AI and when to apply human judgment.

    It is also essential to invest in collaborative tools that enhance the interaction between AI and human teams. These tools, such as intuitive dashboards, alert systems, and communication platforms, can significantly improve productivity and the overall efficacy of AI integration.

    4. Continuously Improve Through Engagement.

    It is pivotal to implement an open feedback system where employees can share their experiences and suggestions regarding AI tools. Regular meetings, surveys, or suggestion boxes can serve as effective channels for gathering this feedback, ensuring your AI processes are evolving to meet changing needs and remaining user-friendly.

    By actively seeking and responding to employee feedback, leaders improve AI systems and empower their employees, making them active contributors to the AI integration process. This approach enhances the effectiveness of AI tools and fosters a sense of ownership and engagement among the workforce.

    AI is a powerful technology that can augment human capabilities in the workforce. However, great care must be taken to ensure its implementation is both ethical and efficient. With a strategic approach, leaders can build an AI-augmented workforce that improves the bottom line and everyone’s quality of life.

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    Chad Alessi

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  • This Japanese Word Changed How I Approached My New Year's Resolutions | Entrepreneur

    This Japanese Word Changed How I Approached My New Year's Resolutions | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Ikigai (ee-key-guy) is the Japanese word for the meaning of life. “Iki” means “life,” and “gai” denotes value or worth. It is a philosophy that overlays someone’s passions, skills and money-making capacity with their potential contribution to the world. Each aspect is represented by a circle in a Venn diagram, and where they overlap at the center is one’s ikigai. Ikigai gives a person purpose and inspires them to get out of bed every day.

    When I discovered ikigai, I found that it linked up perfectly with the upper level of Maslow’s five-tier model of the hierarchy of human needs: self-actualization. Many people do not understand what self-actualization means, and even fewer people are able to achieve that level of personal development. Ikigai makes it more comprehensible. When we are able to work through the four questions of ikigai, we can fill in the gaps of how we are living. As a philosophical formula, it is the perfect way to craft a New Year’s resolution and lay out an approach to fulfill it in the year ahead.

    Related: The Meaning of Life for Entrepreneurs: Find What You Love, Then Share It

    The value proposition of ikigai

    To grasp ikigai, visualize the four overlapping circles representing these questions: What are you passionate about? What are you good at? What can you be paid for? And what is it that you have or can do that the world needs?

    The key to starting the year by using ikigai is seeing how all four circles come together. To answer those questions and discover one’s ikigai, you must, as the ancient Greeks understood, “know yourself.” Knowing yourself is the same as knowing your value proposition. It is why, in the business world, when one knows their value, they should worry less about the competition — they can always come up with a different perspective.

    Where people go wrong is being unable to even identify their passion. Without knowing their passion, they fail on the second layer (expertise) and the third (making money), and so they have no resources to offer something of value to the world. Finding the bottleneck in one’s personal process can define how they strategize putting their New Year’s resolution into action.

    Taking it one bite at a time

    In Chinese, we say “It’s impossible to become fat with just one mouthful.” Or in English, “Rome was not built in one day.” There is no rush. Knowing the ikigai process will help individuals understand their next bite as they contemplate their broader objective. Similarly, in business, there is always some bottleneck in the supply chain.

    In ikigai, the first link in the chain is identifying your passion. Think about it in terms of attention. Google’s 2017 research paper, “Attention Is All You Need,” introduced a deep learning architecture that revolutionized artificial intelligence and laid the foundation for AI in its current form. It also made it very fashionable to say that attention is everything.

    But everything does start from attention, which means it starts from passion. We can focus on the negative, but even that form of attention is not dichotomous. Las Vegas was built in the imagination before it was physically built. Starbucks changed coffee culture forever when it became the “third place” — that space between home and work where people enjoy coffee and life outside home or office. Both started as an idea. Identify where your attention often goes, what excites your imagination, and you have your passion.

    Related: Happy New Year! Now, How Exactly, Are You Going to Make Those Resolutions Stick?

    Working through the layers

    My passion is to use my expertise in strategy development to help people, so the next step for me is to establish authority through the classic rhetorical triangle: by building trust and credibility (ethos); appealing to emotion (pathos); and appealing to the audience’s intellect (logos). That is how I map out expertise so that it will be easier for others to accept what I promote.

    If you are passionate about organic coffee, then go to that industry to see how other people make money. If expertise is missing, then take steps to develop it. Ideally, that would have been your New Year’s resolution — but it is not too late to shift focus.

    When we address the third aspect of ikigai, making money, we want to get our mentality right. I tell the people who come to me for help that they are not going to be a slave for money — but the master of it. To realize the meaning of life, we need money. That is just the reality of our world. Then, once we have addressed any reticence around money, we can focus on how we are going to have a global impact.

    Enacting your New Year’s resolution

    The last piece of the ikigai puzzle can be the easiest one. What can you do to help change the world? Once you have answered the first three questions, finding the affinity between what you do and what the world needs is usually not difficult. Ikigai assumes the intrinsic connection between personal fulfillment and social contribution. If you have identified what you love and what the world needs, the next logical step should be quite obvious.

    For instance, if someone has a passion for dogs and wants to utilize the ikigai philosophy, they could put themselves in a position to understand any gaps in the market. Once they develop their expertise, it is time to find a way to make money from their passion — so they could create a monetized YouTube channel dedicated to dogs. Then, they would use that platform to educate viewers on dog adoption, health, grooming or however else they can serve the market. Wherever one is weak in this example, that ought to be the focus of their New Year’s resolution and beyond.

    It is safe to assume that most people have not found their ikigai yet, so the new year is the perfect time to begin to put the four aspects together, one layer at a time. In this Japanese philosophy and model, the value of life is hidden in plain sight and is awaiting your discovery in 2024.

    Related: Why Most New Year’s Resolutions Fail and What You Should Do Instead

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    Simin Cai, Ph.D.

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  • How to Find the Strength to Get Out of Your Own Way | Entrepreneur

    How to Find the Strength to Get Out of Your Own Way | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Assuming you have all the courage you need, what action could you take that would have the greatest impact on your life?

    That’s a powerful question. It has profoundly impacted me over my 18+ years as an entrepreneur. It has precipitated profound transformation in many entrepreneurs’ lives.

    Recently, at a conference, I delivered my workshop on taking your life back from your business. I concluded with this question and asked attendees to share their responses as they saw me during the conference. Over the next day or so, I was in deep conversation with entrepreneurs, sharing their courageous actions and fears. I was touched by the vulnerability and the difficult life circumstances we entrepreneurs endure as we grow our businesses. There is a profound impact on our personal lives when times are tough in the business. Likewise, there is a significant toll on our leadership when we face stressful circumstances in our personal lives. The work we do on ourselves to lead with love is profoundly impactful.

    Decisions, or a lack of decision, out of fear are constricting. Fear keeps us playing small. Years ago, on a teleseminar (back in the days before Zoom!) I asked this question. One of my clients immediately knew his answer: to place a bid on a new building. He placed the bid, and his offer was accepted. His business has since expanded multiple times across multiple locations. When he called me to tell me what happened, he confided he needed a bigger location for quite some time, and the idea of taking out a substantial loan to pay for it made him fearful: “What if I can’t make the payments?” What if I am misjudging the demand for our services?” What if we go bankrupt because of me?” These were just a few of the gremlins running through his head.

    Related: 4 Strategies to Increase Your Success

    Our gremlins are the enemy of change. They demand the status quo. On the surface, they may sound like the voice of reason, protecting us from rash choices we could regret. In reality, our gremlins keep us stuck. Our gremlins come out in full force when contemplating transformative action in our lives and businesses.

    One of the reasons I love this particular powerful question is that it surfaces what we intuitively know to be in our best interest. I was reminded of this when I asked this question at the conference. Multiple entrepreneurs are stuck in (i.e., tolerating) dysfunctional marriages and business partnerships. Others have team members undermining productivity, profitability, and good culture.

    If you are avoiding making decisions due to fear, instead of dwelling on the “what ifs,” ask yourself powerful questions to get out of your own way:

    • What’s possible when you stop tolerating this situation or behavior?
    • What opportunities arise when you make this significant change?
    • When others react positively to your choice, what will they be saying?
    • Twelve months from now, what will you appreciate most about your choice to take action?

    Our blindspots keep us stuck. Ten years ago, when I was choosing to stay in a bad marriage for the sake of my kids, a good friend asked me what I thought my kids were learning. That one question opened my eyes to a significant blind spot. My fear had me focusing on how a divorce might damage them. Her question made me consider how they might be damaged by staying in the marriage. Her question also got me to consider what good might come of this significant life change. She moved me from fear-based thinking to making choices out of love, knowing that not only could I handle the fallout of a divorce but that my consistent love for my children would pave a healthy path forward for us.

    Related: How to Harness the Power of Fear in 8 Steps

    A client recently called to tell me he fired a team member immediately following our meeting last week. He was planning to take another six months to take this action out of fear about its impact on production. As he tuned into how much this team member’s lack of accountability was costing the business and undermining the culture my client was trying to create, he was no longer willing to tolerate it. He made this decision with confidence in his leadership to see his team through the challenges this situation creates in the business. He made this decision with confidence that he would identify opportunities to do so even though he did not immediately know how to replace the team member. He made this decision out of love for the future he is creating for his team and his family.

    What opportunities are created when you make decisions out of love rather than fear?

    What are you tolerating?

    With the new year upon us, what is it time to change? What impact will that have on you and your business?

    I’d love to hear your answers.

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    Dr. Sabrina Starling

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  • Why You Should Learn New Skill Sets This Winter | Entrepreneur

    Why You Should Learn New Skill Sets This Winter | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Here’s a harsh truth: unemployed people are having a hard time finding a new job because many companies halt their recruiting efforts during the last quarter of the year. This is not new – it is a well-known fact that big companies often do a headcount at the end of the year, and they often significantly slow down their hiring process.

    Instead of unsuccessfully searching for opportunities when there is little to no hiring, many look to expand their arsenal of skill sets, which can propel their pursuit of better, bigger opportunities in the few months to come.

    For those looking to embark on the journey of acquiring new skill sets during the slower pace that winter months often offer, I’d like to delve into five unique avenues to discover inspiration for skill sets that can benefit your life and career in the near future.

    Related: Master New Skills From the Comfort of Your Home With This Bundle, Now Less Than $175

    Exploring LinkedIn job applications

    One valuable resource for finding inspiration for new skill sets is right at your fingertips: LinkedIn job applications. Start by identifying professionals with positions similar to your current role, your desired career path, or roles with the title of the person you used to report to in your last job. Take a closer look at the job description for those roles, paying close attention to the skills and qualifications they require.

    For example, if you’re in marketing and aspire to move into a leadership role, analyze profiles of Marketing Managers or Directors. Note the skills they require or those with that job title have honed over the years, such as data analysis, digital marketing or project management. These insights can guide your skill acquisition journey, helping you align your skill set with your career aspirations.

    Mentorship and networking

    Seek out mentors who can offer guidance on skill acquisition. If you are still close or have a great relationship with the last person you reported to, you may seek them for advice, asking which skill sets would be valuable for you to acquire if you intend to continue to pursue growth in your current career path.

    Conversations with mentors and industry peers can provide valuable insights into skill sets that have contributed to their success. These personal anecdotes and recommendations can steer you toward acquiring skills that align with your goals and aspirations.

    If you’re not in touch with them anymore or would rather avoid contact with them, engage in mentorship and networking activities to discover skill sets that have proved valuable for others. Attend industry events, webinars, or virtual conferences where you can connect with experienced professionals who may have a similar career path to the one you’re pursuing.

    In my experience, I found people I highly admire and invited them to step into a virtual group call once every other month. In our one-hour meetings, we discuss what’s been working for each of us and provide valuable guidance for everyone in the group. I like to call this exercise “Business Therapy,” in which we often discuss our past experiences and challenges and how we overcame them.

    Learning from the experiences of others may end up saving you years of continuous hustle. Never rely solely on your experiences when you can learn from the experiences of others.

    Related: Looking for a Mentor? The 7 Best Places to Start.

    Personal interests and hobbies

    Sometimes, inspiration for new skill sets can emerge from your personal interests and hobbies. Consider activities you’re passionate about outside of your professional life. These interests can be a foundation for acquiring skills that bring joy and fulfillment.

    For instance, if you’re an avid photographer, you may explore photo editing or digital marketing courses to promote your work effectively. Blending your passions with skill acquisition can lead to a well-rounded skill set that enhances your personal and professional life.

    Fun fact: that’s how my journey in the technology industry began. I am an Architect by profession, but I am such a tech nerd that I always sought to acquire technical skills, which is how I came up with the business idea that ended up becoming Replay Listings, the company I’ve led for over seven years now.

    Related: How to Turn Every Adversity You Face into an Advantage

    Tapping into industry trends

    As industries evolve, new demands arise, creating opportunities for individuals to acquire relevant skills. For instance, if you’re in the technology sector, consider the rise of artificial intelligence and machine learning. These cutting-edge technologies are shaping various industries, from healthcare to finance.

    By understanding industry trends, you can pinpoint relevant skill sets and future-proof your career. Stay updated with the latest industry trends and advancements. Explore industry-specific publications, blogs, or podcasts to gain insights into emerging skills in your field.

    Online learning platforms and courses

    Online learning platforms offer various courses on various subjects, making skill acquisition more accessible than ever. Platforms like Coursera, Udemy, and LinkedIn Learning provide various courses, from technical skills to soft skills like leadership and communication.

    Browse these platforms to discover courses that align with your career goals or personal development objectives. The flexibility of online learning allows you to acquire new skills at your own pace, making it a convenient option for the winter months.

    The bottom line is the slow winter months often present a unique opportunity to embark on a skill-acquisition journey. Whether you draw inspiration from LinkedIn profiles, industry trends, mentors, personal interests, or online courses, acquiring new skill sets can enrich your life and open doors to exciting possibilities. Embrace the season as a time of growth and discovery, and you’ll emerge with valuable skills that can shape your future success.

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    Rodolfo Delgado

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  • How Bitewell Won $200K on Entrepreneur Elevator Pitch | Entrepreneur

    How Bitewell Won $200K on Entrepreneur Elevator Pitch | Entrepreneur

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    Entrepreneur Elevator Pitch is the show where contestants get into an elevator and have just 60 seconds to pitch their business to our board of investors. In this ongoing article series, we’re celebrating the entrepreneurs who walked out with a win and sharing their tips for pitching success. (Answers have been edited for length.)

    Bitewell bills itself as the world’s first digital food pharmacy. The platform educates people on the use of food as medicine with its proprietary food navigation tool called the FoodHealth Score and then helps them shop for meals and ingredients that fit their needs, preferences, and budget.

    After a super-sweet appearance on Entrepreneur Elevator Pitch, Bitewell co-founder Sam Citro walked out with a $200K investment from investor Kim Perell. Watch Sam’s pitch, then read on to learn how she prepared to make sure that the investors were hungry to be a part of her company.

    How did you prepare for the show?

    I have a BFA in Drama from NYU’s Tisch School of the Arts, so I have a bit of a leg-up when preparing for public appearances. It was a combination of doing investor pitch prep and scripted TV prep. I memorized my 60-second pitch and drilled it into my brain so that I was saying it in my sleep. For me, knowing the business fundamentals of my company is easy — it’s what I spend all day, every day building, so I know those numbers like the back of my hand.

    Related: See Who Wins Big on the High-Stakes Season Finale of ‘Elevator Pitch’?

    What did you think was going to happen? What was different from your expectations?

    I’ve been on TV before, so I had a pretty good idea of what was going to happen. What I wasn’t expecting was the 12-hour day! I didn’t realize how much content we’d develop over the course of the shoot. It was incredible.

    Why do you think they opened the doors?

    You’d have to ask the investors to know for sure, but if I were a betting woman, I’d say it’s the combination of the market opportunity size and our demonstrated traction. Eliminating diet-related disease is a multi-trillion-dollar opportunity, and we’ve shown that we can make that vision a reality.

    How did the negotiations go? Would you do anything differently?

    I wish I would have pushed back on Kim a bit more about the valuation. Our business has grown so much since the last financing, and I let her in on the same terms. So, it was a great deal for Kim!

    What do you plan to do with your investment?

    It’s all going toward growth-related activity: marketing and hiring additional members of our sales team.

    Related: Would You Give a Former Hacker Your Money?

    What did it mean to you personally to get in the boardroom and walk out with a win?

    I believe in what we’re building, so when I went into the boardroom believing we’d come out with a deal. I think you have to be that confident, that sure in your business, to be a founder. That said, I’m incredibly proud and grateful that we left the boardroom with an investment from Kim. As a female CEO, it’s important to me to have equal representation of female investors around the table. I’m looking forward to all of the great work Kim and I will do together!

    What is your advice for anyone thinking of applying to be on a future episode?

    Do it! But remember that luck is what happens when preparation meets opportunity. Come prepared to walk out with a deal.

    Related: Netflix Co-Founder Marc Randolph Made a Surprise Move That Stunned Investors.

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    Entrepreneur Staff

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  • How to Navigate the Pitfalls of Trust in Business Relationships | Entrepreneur

    How to Navigate the Pitfalls of Trust in Business Relationships | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Across all industries, from new startups to companies listed on the New York Exchange, companies now fly their flags as being committed to building lasting relationships with their customers. They claim that their business is centered around building authentic relationships, which places high value on building customer relationships. Indeed, one of their most prominent selling points is that they claim to prioritize long-term connections with the hope of encouraging customer engagement, building trust and sparking feelings of loyalty.

    Sadly, these claims couldn’t be farther from the reality. Many businesses’ practical behavior shows that they decidedly remain transactional or, worse, predatory. This begs why companies pretend to be relationship-focused when their behaviour suggests otherwise.

    The promise of relationship business

    Perhaps the first thing we should discuss is why businesses try to paint themselves as a relationship business even though they’re mostly all about transactions. Companies understand that the concept of existing as a relationship business entices potential customers. By giving this impression, companies appear to care about their customers genuinely. It paints them as a body willing to go the extra mile not just to understand the needs of their customers but that they are also intentional about fostering long-term connections with their customers. By presenting this image, customers are enticed by the promise of a sense of belonging and personalized recommendations.

    Related: How Entrepreneurs Can Fuel Innovation and Push Societal Limits

    The reality of transactional behavior

    In an ideal business world, building and maintaining business relationships can be a deciding factor in determining the long-term success of a business. Yet many businesses turn a blind eye to business relationships and instead focus on the short-term benefits of transactional behavior. In many instances, businesses’ efforts end the moment they collect customer data or a sale. While one would imagine that such data would be used to personalize and deliver relevant experiences, many businesses simply fall short.

    A common real-life example many consumers have experienced in their relationship with businesses is getting generic responses to their inquiries. Another transactional behavior common with businesses is outsourcing support to reduce their costs. Although there’s nothing wrong with them trying to reduce costs, this move cannot come at the expense of the consumers. How? Outsourcing support often means consumers relate with people who are not very familiar with the business processes. The support offered then shifts focus from attending to consumer issues to just closing case tickets raised by the consumers. Actions like these point to one truth: the business prioritizes short-term gains over long-term customer satisfaction.

    Why the discrepancy?

    Naturally, businesses vary in their approach when delivering customer experience. Some companies emphasize personalizing interactions and invest in customer service training, while others employ cost-cutting measures; here, business is strictly transactional.

    Typically, in businesses, there’s usually a discrepancy because of the following reasons:

    1. Neglecting relationships means transactions are straightforward to manage because they don’t involve human feelings. The summarised process is simply a buyer getting what they need from a seller, made available through a quick exchange and rarely any human interaction. This business model can be successful depending on the industry and business goals. However, it’s a limited model if relationships are key to your existence.
    2. Pressure to deliver immediate results due to the fast-paced business environment is another reason businesses focus on transactional efficiency. Thus, they focus on quick transactions rather than building relationships that pay off over time because they’re in a race to meet target earnings and satisfy investors.
    3. Strictly transactional businesses tend to generate more profit in the short term. This makes it a more enticing approach as companies prefer to focus on individual transactions and thus accommodate more customers in a shorter time frame.
    4. Companies that put up a front as a relationship business sometimes stop at just collecting customer data because of a lack of understanding of what the data says. Although they have the data, translating the data into actionable insights is something they don’t understand and thus neglect.
    5. Businesses sometimes lack the understanding to justify allocating resources to building relationships. They don’t understand the long-term benefits of customer relationships, such as customer loyalty, brand advocacy, and sustainable long-term repeat business.

    Related: How Your Entrepreneurial Spirit Can Lead The Way in Crisis

    The impact of transactional behavior

    A transactional behavior model might seem appealing and like a fast route for businesses, but it comes with risks. Relationships are important to customers, and they quickly notice when the company’s actions don’t align with the initial promise. It’s only a matter of time before they switch to alternatives that offer more genuine engagement. Other risks associated with adopting transactional behavior include:

    • Limited growth potential because of failure to cultivate customer loyalty. Such businesses miss out on repeat business and referrals, thus limiting their growth.
    • Creation of a negative perception among customers
    • Reduced job satisfaction and morale for team members in the business as they are just focused on pushing sales.

    Embracing authentic relationship-building

    All said and done, to bridge the gap between promise and disappointing reality, it is clear that businesses need to adopt the habit of authentic relationship building.

    Here are some tips on how to become a relationship business:

    1. Foster a culture where customers’ interest is ingrained in every decision.
    2. Train, coach, and equip your employees with the tools to build customer relationships. The goal should be to prioritize long-term values instead of quick wins.
    3. Invest in data analytics to better understand customer preferences and behaviors. This knowledge should be used to deliver personalized customer experience.
    4. Implement metrics that show customer satisfaction and retention indicators to inform your staff about the importance of genuine relationships, not only for the business’s good but also for every team member’s personal benefit.

    Businesses must stop selling themselves as relationship-focused when reality tells a transactional tale. Companies should be ready and willing to commit to understanding customers intimately to achieve a shift towards authentic relationship building. Only with a dedication to delivering value over time can companies claim to be relationship businesses, and they’ll be rewarded with their customers’ trust and loyalty; your customers know when you are faking it.

    Take the decisive next step: Forge, a culture brand that embodies authenticity and galvanizes a workforce dedicated to fulfilling its core promise unwaveringly. Act now to intentionally transform your vision and reap the benefits in the ever-changing marketplace.

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    Jon Michail

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  • How to Use Rejection as a Tool For Success | Entrepreneur

    How to Use Rejection as a Tool For Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When I was 22, I had a boss who taught me to crave rejection. At that time, I was in a sales role and had shared with her that I felt all I ever heard was the word “no.”

    The following month, she ran a competition to see who could hear “no” the most. And yes indeed, I was the victor. So much good came from that experience. I realized that rejection is a part of sales, and it’s also a part of life. I learned that highly successful people know this and aren’t miffed when they’re told no. In fact, they embrace rejection and even learn from it.

    Successful people use rejection to get stronger. However, many people don’t feel this way about rejection. If you’re struggling to feel good about being rejected, here are four steps you can take to completely rewire your brain.

    Related: 5 Ways to Turn Rejection Into Resilience

    1. Don’t take it personally

    Often, we struggle with rejection because we feel it’s personal. But rejection usually isn’t personal.

    When rejected, it’s easy to wonder what the rejection says about us. But often, rejection doesn’t say anything about us. Instead, it says something about the other person. Frequently, we ignore or discount the reasons we’re given for the rejection. Instead, we look for another reason (the real reason). Usually, another reason doesn’t exist.

    If someone says they don’t want the product or service we’re selling because they can’t afford it at that time, they usually mean it. If someone says they can’t attend the event we invited them to because they’re too busy, they usually mean it. Spending time beating ourselves up and wondering what the rejection really says about us and how likable we are is often a tremendous waste of time. When we trust the reasons we’re given for the rejection, we can move on and strike out again much faster.

    2. Get excited about being rejected

    Rejection usually doesn’t feel good. For many, that’s why it’s hard to imagine what (if any) good can (and will) come from it.

    Remember: Pain is inevitable, but suffering is optional. Recognize that you have a choice in how you feel about rejection. Whatever story you tell yourself about rejection comes from you. It’s up to you to interpret the information that exists in your world. You have the power to flip the script, change the narrative and tell yourself a different story.

    You can choose to view rejection as a good thing — it means you put yourself out there, asked a tough question and exuded courage. It means you got out of your comfort zone, which always helps us grow and evolve. It means you got to practice a skill (the skill of asking, influencing or selling). That practice will help you grow thicker skin and hone your craft, making you stronger and tougher. With that in mind, you can choose to view rejection as a good thing.

    Related: How to Overcome Rejection and Move Forward With Your Big Goals

    3. Ask why — and learn from it

    Most people feel pain when rejected. When we experience any kind of pain, our first reaction is often flight or fight. We either walk away, as quickly as we can, or we double down and argue. When it comes to rejection, neither approach works well.

    Here’s what does: Engaging the person who rejected you from a place of true curiosity. Questions such as: “What was the biggest factor in your decision?” or “What, if anything, would’ve made you say yes?” or “What could I offer or do next time that would excite or interest you more?”

    These questions are great tools to help you learn from rejection. Perhaps you can give feedback to your boss that your product’s price point isn’t appealing or the benefits aren’t meeting market demand. You might learn that a slightly altered product or service would’ve garnered a yes, and perhaps you can negotiate an exception from your company that allows you to go back and offer the client what they really want.

    Every so often, there is something you could’ve done or said differently that would’ve been persuasive. Getting information about how to proceed more effectively next time is a win. With that mindset in mind, rejection is actually a good thing — it helps you improve.

    4. Know that things can change

    Remember that most things in life aren’t permanent and people’s situations can change dramatically from one year to the next (or even one month to the next). Just because someone turned you down once doesn’t mean they’ll turn you down every time.

    Ask permission to reconnect or touch base again later. Maybe your friend can’t make time to see you this month, but they’ll be able to next month. Perhaps the client you’ve been trying to sign all year will be in a different financial situation next year. Recognize now simply might not be the right time for whatever you’re proposing, and while that’s okay, it may not always be the case.

    Related: 4 Ways to Handle and Overcome Your Fear of Rejection

    5. Adjust your strategy

    After you get enough information to learn following a rejection, you get to employ what I call PDCA — plan, do, check and adjust.

    Once you’ve been rejected and know why, you can adjust your strategy. You might learn that making calls at lunch time isn’t effective because no one answers the phone. You might learn you’ve been targeting the wrong demographic and need to pick different prospects. You might learn prospecting on the weekdays isn’t as effective as prospecting on weekends.

    Rejection, if used correctly, can be an excellent teacher because it can guide us to make changes to what we do and how we do it. You might decide to start frequenting community events or join a networking group to be more successful. In the end, if being rejected causes you to do something new and different, that’s another win.

    Having a healthy, strong relationship with rejection is a true game changer. If you adopt these five philosophies on rejection, you’ll find rejection isn’t nearly as painful as it once was. You might even begin to look forward to rejection.

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    Amy M Chambers

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  • What You Must Focus on to Achieve True Entrepreneurial Success | Entrepreneur

    What You Must Focus on to Achieve True Entrepreneurial Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In my 35-year career spanning pivotal roles, including CEO, chairman, investment banker, founder, board member and investor, I’ve learned firsthand about entrepreneurial triumphs, where success is often measured by financial milestones.

    My experiences in orchestrating successful IPOs, financings and M&A transactions have shaped my perspective on what it truly means to succeed, which I continually redefine as I evolve over the years — an insight I’m eager to share with fellow entrepreneurs and CEOs.

    Related: ROI Isn’t Everything — Don’t Overlook These 6 ‘Immeasurable’ Metrics That Define Business Success

    Understanding entrepreneurial success

    Embarking on the entrepreneurial journey is a profound expedition, transcending traditional notions of success. Beyond financial metrics, success involves nuanced and evolving concepts — leadership, personal satisfaction and a sustainable vision. Success is not just about revenue growth, profitability and KPIs, or about how much money you earn, the valuation of your business or your perceived popularity. Rather it’s about a journey beyond balance sheets — embracing fulfillment and impact that weaves through your entrepreneurial career.

    Metrics beyond money: Measuring success holistically

    In the pursuit of entrepreneurial excellence, success must transcend traditional metrics, extending into areas like customer satisfaction, team culture and personal growth. As a globally embedded entrepreneur, I’ve come to understand these non-financial metrics as pillars supporting a comprehensive and sustainable definition of success.

    Shifting from a transaction-driven to a value-driven approach can profoundly transform the entrepreneurial landscape. For me, this shift has meant prioritizing long-term strategic actions with clients and stakeholders over short-term financial gains. Instead of focusing solely on immediate profitability, I evaluate success based on sustained growth, innovation and ethical standards. This approach not only enhances my brand reputation and integrity but also ensures a more significant and lasting impact. By adopting this value-driven perspective, success becomes a more meaningful pursuit, aligning with deeper business ethics and long-term vision.

    Similarly, team culture, another success metric often overlooked, is the heartbeat of any successful venture. Leading your team through the shift from CEO to industry expert and mentor involves guiding them with your accumulated wisdom, fostering an environment of continual learning, and encouraging them to innovate and think strategically. Personal growth, as an entrepreneur and leader, is a compass guiding the entrepreneurial journey and must form the foundation of your pursuits. A CEO with no desire for personal growth and merely seeking financial success is a vacuum. In contrast, the deep desire for personal growth is not only a professional evolution but a personal one marked by continuous learning, adaptability and unwavering commitment to growth.

    It’s time for entrepreneurs to begin viewing success as a dynamic journey. The entrepreneur’s role is to foster an environment where success means more than financial metrics. By prioritizing this holistic approach, an entrepreneur not only elevates their achievements but also inspires those around them to embrace a broader, more enriching definition of success.

    Related: 5 Intangible Qualities That Hold the Key to Unparalleled Business Success

    The journey from knowledge to wisdom in entrepreneurship

    No entrepreneur, CEO or industry expert starts their journey with a wealth of knowledge. Rather, knowledge accumulation comes from experience and often also from hardship. Knowledge, experience and hardship act as the building blocks for success. It’s like assembling a toolkit, each piece representing industry insights, market trends and business intricacies. The phase of building industry knowledge and experience is instrumental in providing entrepreneurs with the necessary foundation for informed decisions and strategic plans.

    However, the crux of entrepreneurial prowess lies in the journey from knowledge to wisdom. Knowledge, in this context, is possessing the right answers — the foundational understanding of business dynamics. Wisdom transcends knowledge; it’s the art of asking the right questions, sharing lessons learned and delving deeper into the complexities of entrepreneurial success and failure.

    Wisdom within entrepreneurship is a dynamic process, involving not just knowing facts but applying knowledge and experience to reflect profound understanding and foresight. It’s a shift from rote application to strategic insight — a transition defining an entrepreneur’s evolution from novice to seasoned leader. It’s about understanding the why behind the what, steering clear of one-size-fits-all approaches and embracing a dynamic mindset for sustainable success.

    Crafting your wisdom: A self-mentoring blueprint

    For entrepreneurs seeking to foster wisdom, actionable advice is paramount, and self-reflection is a crucial tool. I have also found that mentorship acts as a guiding beacon, offering diverse perspectives that enrich decision-making. The pursuit of wisdom in entrepreneurship must be deliberate and strategic, and it must invite a structured self-assessment process.

    So, how can this be achieved?

    • Reflective evaluation: Initiating the self-mentoring journey begins with a reflective evaluation. Entrepreneurs must engage in a thoughtful examination of their decision-making and problem-solving skills, asking targeted questions focusing on the effectiveness of past decisions and lessons derived.

    • Establishing insight goals: Differentiating goals that deepen understanding from those expanding knowledge is critical. Insight goals should aim at developing a nuanced perspective and foresight, shifting from accumulating knowledge to establishing goals that contribute to cultivating insights.

    • Active application: Entrepreneurs are encouraged to actively apply their understanding through real-world challenges. This hands-on approach tests comprehension and allows for refining knowledge into actionable insights, contributing to overall wisdom development.

    • Embracing calculated risks: Wisdom often emerges from well-considered risks. Entrepreneurs are urged to embrace calculated risks as part of the self-mentoring blueprint, involving a careful evaluation of potential outcomes, encouraging them to step out of their comfort zones strategically and expanding understanding.

    • Mentorship dynamics: Central to the self-mentoring blueprint is seeking mentorship and engaging in mentorship roles. Entrepreneurs are advised to actively seek guidance from experienced mentors while contributing insights to others. This reciprocal exchange fosters an environment conducive to wisdom cultivation, enriching understanding through diverse perspectives.

    • Progress indicators: In the journey toward wisdom, tangible indicators are crucial for tracking progress. Entrepreneurs are encouraged to document key decisions and their impacts, offering a tangible way to measure the transformative transition from knowledge to wisdom.

    Related: Defining Success: 4 Key Measurements That Go Beyond Revenue

    The journey ahead

    In navigating the dynamic landscape of entrepreneurship and redefining success, I invite fellow entrepreneurs to connect and share insights. The entrepreneurial community holds a reservoir of diverse experiences and perspectives, offering the opportunity to redefine success resonating with each entrepreneur’s core values and aspirations.

    Success, in its redefined form, becomes a tapestry woven with the threads of varied experiences, shared insights and a commitment to a profound understanding of entrepreneurial triumph. Beyond the balance sheet, we can forge a path leading to holistic and enduring success — one resonating not just in the boardroom but in the essence of our entrepreneurial endeavors.

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    Peter Goldstein

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