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Tag: Business Ideas

  • Want to Become an EdTech Leader? Never Stop Improving Your Product | Entrepreneur

    Want to Become an EdTech Leader? Never Stop Improving Your Product | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The interest in education among adults is constantly increasing, and the market reacts to this demand by introducing EdTech more and more. According to McKinsey, the most demanded characteristic of an education provider is that education there covers enough skills for the students to be hired. So, creating an up-to-date educational product that will satisfy your customers in the fast-changing world requires constantly changing materials. Apart from this, one should pay attention to a seamless product experience — students feel comfortable interacting with the materials if they are satisfied with the teachers, and so on.

    I’m sure it’s not enough to create something “good” for your clients once – you should improve it every day and share the changes you made with your students. Here are the rules that helped Refocus become the best educational product of 2022.

    Related: Why Investors Are Bullish on EdTech in 2023

    Listen to your clients

    When getting acknowledged with your product, people might face impossible-to-predict difficulties. For example, we initially implemented an ineffective onboarding system – students were joining their cohort a bit later after purchasing the course. The problem was that they were eager to pay off their investment to change their lives but didn’t get access.

    So, it is essential to monitor students’ feedback closely:

    • Track product analytics such as completion rate, customer satisfaction (CSAT), retention rate, and other key performance indicators. It’s easy to collect this data, which provides quite a complete picture of clients’ experience. If something is wrong with the materials, you will immediately see a decrease in the CSAT and completion rate.
    • Gather qualitative feedback from students, particularly on where they face difficulties or what they find confusing. More detailed reviews can help you identify details that need clarification or improvement.
    • Pay attention to how students assess the people they contact. Since maintaining motivation is the most significant factor in retaining students, tracking their satisfaction with mentors, community managers, support specialists, and anyone they contact regularly is vital. Sometimes, it may be necessary to let go of a mentor if their students’ marks are consistently poor.

    Collecting information about this regularly ensures you can constantly make the learning experience better. Therefore, make clients more satisfied with your product and more likely to share positive feedback with their acquittances and study more effectively.

    Related: 5 EdTech Trends That Will Change Learning Between Now and 2030

    Keep your program up-to-date

    According to LinkedIn, 55% of adults decide to study something new to increase their career opportunities or even change their occupations completely. Consequently, an educational product should provide them with the most relevant skills.

    Thus, working with professionals outside the company to provide feedback on your product is important. These can include:

    • Hiring managers from companies who are looking for people like your graduates. This external perspective from people with real-life experience decides if a candidate with a certain skill set should be hired and provides valuable insights into the skills and knowledge most in demand in the current job market.
    • External professionals to evaluate the clarity and accuracy of your materials. This is crucial to assess your product objectively regarding which skills are the most used in real life and what graduates might be lacking. From our experience, it’s worth working with a person who has a senior position with 5+ years of experience in the area you’re educating in.
    • Industry leaders from all over the world. Exchanging experiences with someone who is creating something similar but differently will help you keep track of the trends and best practices. If the person you are conversing with is not your competitor, you both will benefit from fruitful conversations.
    • Instructors and mentors. Sometimes, especially in larger companies, instructors involved in different parts of product creation don’t communicate with each other; however, such interactions shouldn’t be underestimated. For example, we usually work with different people for each block of the course to find the most competent in a particular area. Because they have 5+ years of experience in the same area, they can provide valuable advice on each other’s materials.

    Related: Will Edtech See a Paradigm Shift In 2023?

    Make regular improvements

    Finally, it is important to regularly implement changes to your product based on the feedback you receive. One of the ways to cross-check each other’s work and identify areas for improvement is to have dedicated meetings to discuss them. In these meetings, everyone who can make your picture fuller should be invited, and no one can share the same information except for them: for us, it’s the entire product team and the heads of the departments that are interconnected with it – community, support, marketing, etc.

    We normally have two types of meetings:

    1. Daily. These are needed to identify minor problems as soon as they arise. During this meeting, you can look at the product analytics to track all the changes, compare them to those done the previous day, and determine their reasons. For example, a rapid decrease in homework satisfaction means something was unclear. If something like this emerges, one should dig deeper and determine the reasons. Sometimes, these issues can be solved quickly. For example, we didn’t pay enough attention to a feature students needed for their homework, so they felt confused. In this case, it’s enough to attach another guide that describes it in more detail. So, we determine the person responsible for it and give them several days to improve the materials, which they will tell us about in another daily meeting. However, some matters require more significant changes, and we hold another type of meeting to plan them.
    2. Monthly. When the slight changes you make are not enough to fix the learning experience or if the qualitative feedback shows that students are generally dissatisfied with a whole course block, more significant improvements should be implemented. A dedicated monthly meeting helps collect everything you discussed before and form a whole picture. For example, we have refilmed several blocks of our course completely. In one case, it was because the students didn’t like the instructor; in another, it was because we included too much information, and they got confused with all the details, some of which could have been easily amended. Of course, it’s an extreme case: sometimes it’s necessary to refilm only one lesson or change homework, but this would still require some time.

    We launched our most popular product, a course on data analysis, only last spring, but people who sign up for it now will get completely different materials than the first cohort did. If you’re following the same strategy, it’s vital not to make your first students feel deprived and think they got a worse product than others. For us, the solution is to share the updated materials with previous cohorts’ students and keep their access to the previous ones.

    To conclude

    In conclusion, providing a constantly improving learning experience and materials is essential for the success of an EdTech product. Revising the course content to address areas of confusion or difficulty and updating the curriculum to reflect the latest industry trends and job market demands will help ensure that your educational materials will be in-demand for as long as education itself.

    And as we can see from the current trend on lifelong learning – this could be the case forever.

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    Roman Kumar Vyas

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  • 5 Proven Steps to Get Rich by Investing in Real Estate | Entrepreneur

    5 Proven Steps to Get Rich by Investing in Real Estate | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Instead of spending all of your time to earn money, you have to start making your money work for you. If you don’t start making strategic investments, you will never generate passive income. Passive income means that you can invest your money from savings into assets that will generate a risk adjusted return, without spending your time to earn it.

    Real estate is one of the best investments you can make because you can earn double-digit returns with the right deal. Once you find the right deal, you’ll have a superior asset compared to stocks and other alternative investments. There are many segments of real estate you can invest in, but one popular segment that has seen a massive shift in popularity is multifamily real estate.

    Times have changed with fewer people wanting to purchase homes and take care of maintenance, especially with the rising interest rates. Seniors are also opting for apartments and senior housing to have less to worry about.

    I took advantage of real estate investing by strategically finding deals that I could purchase below market value. This enabled me to make money on day one of purchasing the property. When I look for real estate deals, I search for apartment buildings and vacant land for development. These assets are low-risk investments that can be recession resistant if you choose the right locations.

    Your investment goal in real estate should be to replace all of your earned income from the job that you work with passive income from your real estate investments. Real estate is a powerful tool to multiply your money.

    Related: 5 Reasons Every Entrepreneur Should Invest in Real Estate

    1. Finding assets below market value

    When I look at new real estate deals, I focus on purchasing them below market value. This means you should find deals off-market with less competition bidding on the property, or it could mean that the current owner of the property is charging lower rents than the market. You can achieve this by reaching out to property owners and real estate brokers within your market.

    Relationships are a massive key to achieving success in real estate. Research what companies own real estate in your market, drive around the areas in your hometown with the most traffic and see what opportunities are available. There are dozens of opportunities available to place your money into real estate.

    The assets you purchase should be well located. The location of the property will determine the value. If you go under contract to acquire a building, make sure you do a thorough due diligence. Make sure the property’s capital expenditures (sidewalks, roofs, exterior) have not been neglected or delayed in replacement.

    2. Increase the value of the property

    Once you acquire the property, the first thing you need to do is implement your investment strategy. If you purchased a piece of land, determine how you will add value to it. Will you rezone it, construct a building on it, flip it or all three? Maybe you’re purchasing an existing building and your goal should be to increase rents or spend money on the property to increase its value.

    Before you purchase a property you have to see an opportunity and have a gut instinct on what you’re going to do very quickly. Search for ways to add value to your investment that will return your money with a profit. Determine how much money you have to spend to improve the value and what the return on investment looks like.

    Related: 5 Amazing Tips on Turning Real Estate Into a Real Fortune

    3. Optimize expenses to increase profit

    One trick to quickly increasing the value of your property is reviewing third-party contracts for vendors that service the property. Depending on who the prior owner used, you could find a better-priced vendor that produces the same value for your property. When you take over a property quote other people so you can compare pricing.

    Find other options that can do the work for a better price. If you can shave down your expenses and make them more efficient, while still achieving the same value, you will increase your return on investment.

    Look at your maintenance costs and determine what the largest repair costs are. When you have the right information, you can use it to your advantage and improve the performance of your investments. Find out what is costing the most money to maintain the property and try to value-engineer it.

    4. Review the upside potential

    This is my favorite part about investing in real estate. After you purchase an asset, you have to put together an investment plan for how much money you will spend to improve it. You have to carefully review the costs and compare them to the upside.

    Say, for example, you are renovating an apartment complex. Your renovation plan can include new kitchen cabinets, granite countertops, modern paint colors, new appliances and new flooring. This may cost you anywhere between $10,000 to $20,000 per unit, but you could potentially increase rent by $400 per month. If you can do this at scale, you will generate massive returns.

    Before you start this process, you should develop a budget to determine how much your improvements will cost. Your rent or increase in property value should pay back your costs within a three- to four-year timeline or generate at least $80,000 if you spent $20,000.

    Related: How to Start Investing in Rental Properties — Your Step-by-Step Guide

    5. Maintain the property

    Once you have assets under management, make sure you take care of your tenants to increase your retention rates. After you create an attractive place to rent, keeping your tenants happy is your final priority for long-term success. The less turnover you have the fewer new tenants you have to find to occupy your property each year.

    Make sure capital improvements are kept up to date including roofs, sidewalks, parking lots and common areas. Property maintenance is often an overlooked aspect of investing. If you don’t keep up with the maintenance, you may take a price cut when you decide to sell in the future.

    Conclusion

    Maximizing your earning potential by investing in real estate is one of the best paths to take. Your money will be useless if you spend it on things that don’t generate a return or if you don’t let it work for you. When you focus on these five steps I’ve outlined and stay on track, it will only be a matter of time until you see success!

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    Matt Green

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  • 6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

    6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you looking to build your reputation as a trusted authority in your industry? With the six strategies outlined below, you’ll learn how to create helpful and engaging content and build trust with your target audience so that they see you as a go-to source of reliable information. These strategies will help you gain more followers and ultimately help you become a trusted authority in your field. Let’s get started!

    Strategy #1: Create content that showcases your actual work

    It’s a no-brainer strategy, but many professionals feel guilty about promoting themselves on social media because they believe it makes them look pushy or needy. However, there are creative ways to showcase your expertise that can make you feel confident in what you share.

    • Case studies: Use the power of storytelling in your case study posts and show the transformative journey of your client. What painful problems did they have, how did you come into the picture, and how did you solve them?
    • Behind-the-scenes content: Share sneak peeks of your process, challenges and successes as you work on a project. This kind of content offers a unique perspective on your work and helps build a personal connection with your followers.
    • Ask for feedback: Post your work on social media directly and ask for feedback from the audience. This content will put you in a position of not being pushy but instead looking for honest feedback. Readers will feel intrigued to look at your work.

    Related: 10 Social-Media Marketing Strategies for Companies

    Strategy #2: Do live AMAs (ask me anything sessions)

    There is no better way to demonstrate your expertise than to do live sessions answering questions. People love engaging with experts who have hands-on experience in the field. People consider you a valuable resource when you make yourself available for questions.

    You can host live AMAs once a week. Let your audience know there is a live session on a particular day of the week, and they will be more likely to join you with their questions in hand. Over time this practice creates a domino effect on your authority, and more and more people in your industry will flock toward you. It also helps you position yourself as an expert, build a community around your brand and lets you uncover less-known but critical problems in your market.

    Strategy #3: Bust the common myths around your industry

    Every industry has its assumptions and beliefs. Showcase what you disagree with to create interesting content. Here are some ideas for you.

    • Create a myth-busting series: Dedicate social media posts to busting the most common myths in your industry. It allows you to educate your audience and demonstrate your expertise over a long period.
    • Present alternative solutions: Offer unique solutions to common challenges and problems in your industry. Show people how they can do it better, faster, and cheaper. This demonstrates your ability to think outside the box and provide unique insights to your audience.
    • Use humor: Busting myths doesn’t have to be serious. Adding a bit of humor to your content can make it more engaging and memorable for your audience. Most importantly, it’ll add a personality to your brand.

    Remember, when presenting uncommon opinions, it’s essential to be respectful, open-minded, and well-informed.

    Related: How to Establish Online Authority

    Strategy #4: Share your pitfalls so others can avoid them

    People love reading about your vulnerabilities and mistakes. It helps people get a glimpse into the human side of you. This type of content gives insights to your readers to avoid errors and get better results from their endeavors.

    Highlight what you have learned from the experience and how it has helped you grow and improve. Offer advice to others who may be going through the same situation. Give them clarity on what exactly they should think and do to solve those problems.

    Related: Why Vulnerability Is a Strong Business Leader’s Most Powerful Weapon

    Strategy #5: Create how-to guides and show your deep expertise

    Creating “how-to guides” as part of your social media content effectively increases engagement with your target audience and demonstrates expertise in your field. All “how-to guides” should begin by introducing the problem that needs to be solved and providing an overview of the steps that will be taken to solve it. Once complete, highlight the benefits resulting from completing each of these steps.

    Make sure your how-to guides are detailed, easy to understand and actionable. This strategy demonstrates your deep knowledge of the subject, which can lead to increased engagement and, ultimately, more quality followers for your content marketing efforts.

    Strategy #6: Predictions and futuristic content

    Predictions can be a powerful driver of engagement on social media, giving people insight into new or changing trends or offering creative speculations about the future of your industry. Create content around forecasting future trends and advancements/technologies in your industry. It helps you establish a fast-forward thinking approach and position yourself as a thought leader.

    This form of content has its unique appeal as well: it taps into your reader’s collective curiosity and desires to learn more about the unknown, spurring conversations that can pique interest. Of course, on social media, you should handle predictions with caution. To make sure followers trust your credibility with such content in the future.

    Some futuristic content can be:

    • Ideas on how your industry can prepare for the future
    • The rise of new development and its impacts on your industry
    • Your thoughts on what the future may hold.

    Some final thoughts

    Gaining more trust and recognition in your area of expertise doesn’t happen overnight, but these six social media content strategies can help you a long way in your journey. Now it’s time for you to choose which of these content strategies to implement first.

    Utilizing the above strategies will give you the best outcome for being seen as a leader within your field but don’t let that overwhelm you. Start small by nailing down one or two of the above tactics and build from there. You should be able to see the results over time if you remain consistent across various platforms.

    What strategy would you like to try first? The power is in your hands!

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    Erica McMillan

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  • How to Take Advantage of The Unexpected Rise of Micro-Influencers | Entrepreneur

    How to Take Advantage of The Unexpected Rise of Micro-Influencers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The concept of influencer marketing has been around for a while, but it has traditionally been focused on celebrities and individuals with large followings. However, the rise of micro-influencers has changed the game.

    With a small but dedicated following, these individuals are considered experts in their respective niches, be it beauty, fashion, games or health and wellness. This makes them extremely valuable to brands that target specific groups. Let’s analyze why this shift came about in recent years.

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    Abeer Raza

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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    Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.

    This week be sure to watch episodes of:

    That Will Never Work (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Show!

    THAT WILL NEVER WORK’s lively conversations, showcase Marc’s unique combination of analytical skills, tough love, with a healthy dose of humor to provide actionable advice that will benefit founders – and would-be founders – at every stage of their business journey.

    Episode 111: Cicero Learning, a business that helps families with the problem of global education access on a bespoke basis. It’s an educational method referred to as “World Schooling” which has become a hot topic thanks to the pandemic when laptop wielding parents realized that certain job types can now be done from literally anywhere in the world.

    Episode 304: Have you ever wondered what people do with the advice that Marc gives them on the show? Well, David Silberman, co-founder of PingPod, is here to tell you just that.

    Action and Ambition (Sunday, Tuesday, Thursday, Saturday)

    ACTION AND AMBITION Andrew Medal goes behind the scenes to learn the world’s most ambitious people’s backstories, mindsets, and actions.

    Episode 111: Andrew Medal chats with Aubrey Marcus about the inception of Onnit on Joe Rogan’s podcast, where he derives his creativity and builds a mega millions dollar business.

    Elevator Pitch (Sunday, Tuesday, Thursday, Saturday)

    On ENTREPRENEUR ELEVATOR PITCH, entrepreneurs have 60 seconds to pitch a business idea to a boardroom of investors.

    Episode 704: Some are seasoned pros who have already built and sold businesses, while others have yet to complete their first product. But one trait they all share in common, however, is not being shy about having bold asks.

    Mindvalley Talks (Sunday, Tuesday, Thursday, Saturday)

    MINDVALLEY TALKS brings you the best personal growth video content from the most brilliant minds on the planet.

    Episode 105: “The biggest lie that we’ve ever been told or sold in our lives and businesses is that we have to be serious to be successful.”

    Cooking with Cohen (Sunday, Tuesday, Thursday, Saturday)

    COOKING WITH COHEN host Jennifer Cohen has been in the health and fitness world for some time, but she’s never had a cooking show quite like this before.

    Episode 103: Tom Sandoval from Vanderpump Rules is here this week to show us some recipes from his new book, Fancy AF Cocktails!

    Celebrity Business Tips (Monday, Wednesday, Friday)

    CELEBRITY BUSINESS TIPS showcases actors, athletes, and entrepreneurs as they share their best business tips to help you get started and find success with some humor and heart.

    Episode 101: Actors, athletes, and entrepreneurs alike all share their best business tips to help you get started and find success, with some humor and heart.

    My Stories (Monday, Wednesday, Friday)

    MY STORIES The life stories of Roshan Brown, former D1 Basketball player.

    Episode 101: This moment of my life was an eye-opener and put me on the path that I am now. Your current situation is not your destination. Always keep striving for more!

    Unfiltered (Monday, Wednesday, Friday)

    UNFILTERED with Jessica Abo pulls back the curtain to have candid conversations with business owners and entrepreneurs.

    Episode 102: Founders of companies like HeyMama, Pretty Litter, an event marketing company, and a children’s book author sit down with Jessica Abo.

    Habits and Hustle (Monday, Wednesday, Friday)

    HABITS AND HUSTLE host Jennifer Cohen brings thought leaders and notable game-changers into thought-provoking conversations identifying effective techniques and ideas to help listeners level up their physical and mental capabilities.

    Episode 151: Amanda Knox is an exoneree, writer, and NYT bestselling author. We discussed topics like stoic meditation, negative visualizations, and the creative mental exercises she used to get through this hellish period of her life. It’s truly impressive hearing Amanda’s ability to try to empathize with the people who had wronged her and the professional way she carries herself, especially after having every reason to be resentful.

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    Entrepreneur Staff

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  • 3 Crucial First Steps You Need to Take to Nail Your PR Strategy | Entrepreneur

    3 Crucial First Steps You Need to Take to Nail Your PR Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With 20 years of PR experience under my belt, I’ve gotten good at spotting common mistakes among well-intentioned clients looking for broader publicity. Executives come to PR firms looking for a magic bullet that will land them exposure. Little do they know that without these crucial steps, not even the most seasoned PR vet will be able to kickstart their strategy.

    What’s the common mistake you may ask? Misled clients haven’t taken the time to establish clear messaging for their offerings. Simple as that. They also lack clear narrative lanes for internal stakeholders like founders and c-suite executives.

    While it’s the PR team’s job to fine-tune messaging and share it with the masses, it’s ultimately the client’s job to have a clear sense of direction. They need to articulate why they are worth press attention. Clients should have a sense of what gap they’re filling in their respective industries and what they really want to achieve with a PR team.

    If you are thinking about embarking on a PR strategy but struggle to identify those building blocks, here are three simple steps that will save you time and money.

    Related: 4 Guiding Principles for Building and Deploying a Great PR Strategy

    Step 1: Establish your north star

    Every endeavor needs to have a clear north star. It’s the first question any PR firm worth their salt will be asking you to articulate when you try to engage them. When committing this north star to paper, be realistic with your goals. Stopping world hunger is a noble pursuit but one that will ring untrue to journalists. What attributes does your company have that make it well-equipped to chip away at the global macro problem? List them out carefully and think about the attributes you possess that nobody else has. These can include operations in a certain region, doing something with fewer resources or marrying two disciplines. After you’ve established those unique attributes, align your goals to them. Map back to your north star using the traits that only you can offer the marketplace.

    Step 2: Establish narrative lanes for media-facing stakeholders

    Every organization has a story to tell, but not everyone in that organization is best equipped to tell it. After you’ve established what your larger goals are, you need to figure out who within the organization is best equipped to talk about them. Your chief marketing officer may become animated when talking about creative pursuits within the business, but they may lose their audience when talking about numbers. And your vice president of marketing may love to dive into the nitty-gritty details of advertising strategies, but they may get caught up in the minutiae and embark on unrelated tangents mid-conversation. Identify every person within the organization that you would like to have a voice in the press. After those names are jotted down, establish a narrative lane for each that will help to guide them while representing your company. Putting stakeholders up for opportunities that allow them to speak to areas that excite them will make interviews more authentic and effective. It will make them authorities in their space and will have journalists proactively reach out to them seeking their expertise.

    Related: 4 Tips to Launch Your First Effective PR Campaign

    Step 3: Create a brand “bible”

    Journalists typically write for a wide variety of outlets. Nevertheless, each outlet stays consistent because they put out a style guide for freelancers and contributors to reference. The style guide includes easy-to-understand dos and don’ts. This tried-and-true method can also work for your brand or company. Creating a brand bible doesn’t have to be complex. Jot down all key messages that you want outside stakeholders to take away from your interactions. Think about the ways you want your brand or company referenced, then jot those things down too. Think about ways you never want to come across, and write them down. Voila, you’ve just created your first brand bible. This document can be referenced at any point, during any campaign, by both inside executives and external PR stakeholders. This will also serve as a map to where you’re going and what your employers and PR team can turn to when they have foundational questions about your brand.

    These three easy steps will immensely help a PR team and, ultimately, your business in several ways. Following the above guidelines will guarantee that you and the hired PR team are on the same page and share a unified vision for how your company, product or story desires to be portrayed in the media. Additionally, through establishing a coherent brand identity and defining a consistent voice, your chosen PR firm will be able to better understand the business’s target demographic and will be able to take significant strides to help you achieve long-term goals. A clear sense of direction not only helps PR teams to find the most relevant connections, outlets and publications for your business but will also be beneficial in approaching large-scale campaigns geared towards client growth, attaining the most ideal press contacts and representing your company in the best way possible.

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    Priscila Martinez

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  • Want to Quit Your Job and Start Your Own Business? Here’s How. | Entrepreneur

    Want to Quit Your Job and Start Your Own Business? Here’s How. | Entrepreneur

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    In the throes of pandemic life, I told my husband I wanted to launch an online media training course. The next day, ads from Amy Porterfield started popping up on Instagram. That’s how I landed in Porterfield’s powerful orbit — joining millions of followers who turn to her for her business advice and products. Countless courses, newsletter emails, podcast episodes, and Clubhouse sessions later, I had a binder full of her workbooks, worksheets and downloads and launched my course a year later.

    Porterfield has been transforming the lives of entrepreneurs and business owners for more than a decade. For the past 14 years, the online marketing expert has been providing valuable insights, strategies and guidance through her engaging and informative content. Now, she’s taking her expertise to the next level with the release of her highly anticipated book, Two Weeks Notice: Find the Courage to Quit your Job, Make More Money, Work Where You Want and Change the World.

    In each chapter, Porterfield empowers readers with practical tools and actionable steps to help them create a business from scratch. Yes, that might involve creating an online course down the line but for now, Porterfield is focused on helping people who dream of leaving their jobs, walk out the corporate door and into financial freedom. She joined me from her Nashville home to talk about her eight-figure business, how you can go from employee to entrepreneur and what she does for fun. Click on the video above to watch the full interview.

    Jessica Abo: Amy, you quit your own nine-to-five job more than 10 years ago and went on to create an $85 million business. Take us back to when you were getting ready to give your notice.

    At my very last nine-to-five job, I worked with peak performance coach Tony Robbins. One day, he did a focus group and brought in a bunch of online business owners. I was the director of content, but I was brought in that day to take notes. So here I was sitting at a side table listening to all these guys around a big oak table talk about the businesses they built. They were talking about working when they wanted, where they wanted, how they wanted. They were talking about living a life on their terms. They were talking about making a lot of money and a lot of impact. In that moment, I thought, “I don’t even know who these guys are or what they’re doing, but I want a piece of it.”

    It was the first time in my life that I realized I’d never been free. I didn’t call the shots. I wasn’t my own boss. I wasn’t working when I wanted, where I wanted or how I wanted. So in that moment, I thought, “I want a piece of this, and I’m going to figure it out.”

    How long did it take from the time you sat in on that meeting until you actually gave your notice?

    It took me about a year from that moment to the day I drove out of those San Diego offices in my little white car with all the boxes packed in the back, and I drove off to start my own business.

    But in that year, I created a runway, like how am I going to quit this job with dignity and integrity, but also get ready to start my own business and figure that all out?

    What did that runway look like? What are some of the steps that people need to take to build their own runway?

    There are very specific things I did and I outlined them in my book Two Weeks Notice. The first thing is I had to get clear on my why. Because if you have a strong reason for leaving behind your job and starting your own business, your why will pick you up when your worries knock you down.

    My why was that I didn’t want a boss. I wanted freedom. I wanted to bust through that glass ceiling. I wanted to call the shots. Once I got clear on my why, then I had to choose my exit date. I wrote my exit date on a Post-it note and looked at it every single day and I asked myself, “What do I need to do today to move me closer to that date? Do I need to pick up a book? Do I need to listen to a certain podcast? Do I need to ask for advice? Do I need to get support?” Every day, I was working toward that date and starting to build my ideas for the business I wanted to create. That exit date is everything because you will not quit if you don’t have a plan.

    The next thing I did is I got really clear on my finances. I had to look at my finances and say, “How much do I really need to make each month to make ends meet?”

    Then I started a side hustle. This way I could bring in a little extra money, working on it mornings, nights and weekends. I started a side hustle to gain a little courage and bring in a little extra money in the meantime. My side hustle was really important because it was a starter idea that gave me momentum.

    Finally, I told three people: my husband, my mom and my best friend. In my book, I encourage you to only tell three people. Most people will not understand your dream of quitting a job and starting your own business. Most people, including your coworkers, will tell you all the reasons why you shouldn’t do it. Be careful who you tell.

    What roadblocks did you hit in the beginning?

    I really struggled with imposter syndrome. From the day I left my job to go out on my own, the thought was, “Who am I to be doing this? I am not smart enough.” I couldn’t even use the word entrepreneur. That was too fancy and too big for someone who had always had a nine-to-five job.

    But each time it came up for me, I kept going back to my why. Why do I want this? I want freedom. I want to call the shots. I want to build something amazing. I want to make a lot more money. So on the days that my worries and doubts knocked me down, my why would pick me back up.

    Let’s talk about the person who is unhappy in their job. How do they have the courage to give notice and how do they identify when it’s time to leave?

    This really is turning inward and asking yourself, “What do I want?” When you look around your job, and you think, “Okay, I’m underpaid and undervalued,” or sometimes people say, “I just feel ignored here. People aren’t even taking my ideas seriously,” or if you just look around and you think, “I don’t want my boss’s job. I have a desire to do bigger things in my life” you have to listen to those thoughts. The question you want to ask yourself is, “Okay, if I’m not happy here, if I want something bigger, what am I waiting for?”

    So it’s going to take courage, but also know that there are steps you can take. Two Weeks Notice is your guide to start getting a plan together.

    What are the steps that people need to take so that they know they’re building a strong foundation for the next chapter?

    We’re going to start out scrappy. We’re not going to have all the answers. You’re just going to go forward with your starter idea. So whatever that might be, here are a few things you want to think about.

    In Two Weeks Notice, I’m going to teach you how to put together an offer based on your starter idea, show you how much to charge, and how many customers you need in order to hit your goals. We’re going to break down the tools you need such as your website. There are so many resources today that you can get a website up in one or two days. I give a lot of resources in the book, especially if you’re on a budget.

    Of course, you’re going to use social media to start building up that business and I’ll show you how to do it on your terms.

    We’re also going to talk about growing an email list, your messaging, how to show up on video with confidence and how to really put yourself out there to find your ideal customer.

    Amy, give us an overview of your company today. You have 20 employees and a list of products.

    14 years in, my business looks very different from the days that I was doing social media for small businesses. That’s the point. Your business will evolve.

    But today, I have built a team that I’m so very proud of and here’s the funny thing. I teach people how to quit their jobs and start their own business. One question I get asked a lot is, “How do you keep employees if that’s what you teach people how to do?” I’ve built a business where it doesn’t feel like corporate, and that’s so important to me. Any of you that are watching right now that want to build a business, I’m sure you don’t want your business to feel like your nine-to-five job.

    So we do a four-day workweek, which is so incredibly powerful. We work Monday through Thursday, eight hours a day. We take Friday, Saturday and Sunday off. I want people to have balance in their life, and I want them to enjoy their time outside of work, so I make it a point to set up a business that way. They also have unlimited time off. I have perks in my business to make it feel very different than a nine-to-five job.

    Also, we do amazing projects, and we build really cool things, but we also make sure that we have fun in the business. We do in-person retreats since we work virtually, just to make sure we get time in each other’s proximity. The culture on my team is just as important as the students that I serve.

    What do you think young Amy Porterfield would be saying or be thinking about everything that you’ve created?

    She would say, “No way this is our life!” Never in my wildest dreams did I think I would have a business this successful or get to have a team that is amazing as they are, or get to work with the people that I get to work with. My life is beyond my wildest dreams, and that is why I do what I do.

    I know I am not special. I want to help other people leave their nine-to-five job, start their own business, and one day tell me, “Amy, my life is beyond my wildest dreams.” There’s a whole other world waiting for you beyond the nine-to-five, and I want to help more people realize this.

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    Jessica Abo

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  • Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

    Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

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    Opinions expressed by Entrepreneur contributors are their own.

    Large corporations have been using offshoring to gain a competitive advantage by lowering their manufacturing costs since companies like General Electric pioneered the practice in the 1960s. Outsourcing started in the 1950s and became an attractive business strategy in the late 1980s as businesses began focusing more on their core competencies (NCST). Initially, these business strategies were mainly reserved for big corporations. However, as remote work technologies have developed and offshoring has gone from a strategy for lowering manufacturing costs to recruiting talent from around the world, companies of all sizes have turned to offshoring or nearshoring as a business strategy.

    The strategy has grown since 2020 due to five main factors:

    • global competition and the search for the best talent
    • COVID-19 forcing businesses of all sizes to work remotely
    • employees voluntarily resigning from their jobs en masse, compelling businesses to find talent abroad
    • high inflation rates and fear of a recession prompting businesses to examine strategies for cutting costs and maximizing their budgets
    • companies applying these strategies to almost all positions and not only IT.

    Related: Your Most Pressing Offshoring Questions, Answered

    What are the differences between these concepts?

    We must first understand the difference between outsourcing and nearshoring/offshoring. Outsourcing is when one company hires another to be responsible for a complete activity, losing control of the work done; the former pays for deliverables. For example, when a company outsources its designs to a design company, it relinquishes control of the activity, and the hired company takes responsibility for the designs. It will manage the team and deliver the designs.

    Nearshoring or offshoring is when a company hires staff abroad through a firm. The company controls the team, which reports directly to the company. The firm oversees legal compliance, payroll and HR — it might also provide office space and other value-added services. Let’s say a company wants to retain control of its design team and design activities; instead of outsourcing the work to a design company, it would hire designers from Mexico through a nearshore staffing firm. That firm would be the employee and be in charge of everything related to staffing, but the staff would report directly to the first company, ensuring they share the same culture and values.

    Nearshoring/offshoring is sometimes referred to as staff outsourcing because a company is outsourcing everything to do with staffing in a given country to a firm. Another term used for these practices is virtual staffing, where a company hires, for example, virtual designers. However, virtual staffing is a misnomer because the staff would not be virtual; they would report directly to the hiring company and would be an extension of its team in another country.

    The difference between nearshoring and offshoring is that, in the former, staff is in a neighboring country rather than an overseas country, as with offshoring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Which one is better for my company, outsourcing or nearshoring/offshoring?

    Deciding which strategy is better for your company requires first understanding your needs.

    From my experience, you should outsource when an activity:

    • is not your company’s core competency
    • does not affect your clients directly
    • does not involve support for your clients
    • does not strictly have to be controlled by you
    • cannot be handled by someone hired in-house, and economies of scale are available (for example, needing designs but not many scenarios would justify hiring a designer via outsourcing, whereas nearshoring/offshoring will be cheaper when you need to hire and manage a designer)
    • is one you do not know how and do not want to oversee (for example, outsourcing your accounting and taxes to a CPA firm makes sense when you prefer not to invest time and energy in an accounting and tax department).

    You can always use nearshoring or offshoring to cut costs or stretch your budget while getting talent from around the world. For example, if you have the budget to hire one digital designer but require a team, you might be able to hire three digital designers in another country. Based on my experience, I recommend analyzing which positions can be performed remotely by:

    • ascertaining if you are having trouble filling a position;
    • reviewing for each position how much you would save if you were to nearshore/offshore it; and
    • identifying any department, such as customer service, that could be completely nearshored or offshored.

    These analyses will guide you in developing a plan for building your remote team through a staffing company.

    Related: How to Prepare Your Employees for Outsourced Hires

    Should I go nearshore or offshore?

    Companies initially recruited from developing countries primarily to save money. They, therefore, turned to counties like India and the Philippines and began offshoring low-level positions.

    Companies are now using offshoring and nearshoring to save money and tap into global talent. They are offshoring positions of all levels. Companies are not looking for the cheapest solutions but for workers in the same time zone, countries with cultures similar to that in their country, and firms that share their values. Companies thus often look in neighboring countries, which is why nearshoring has been growing.

    Whether nearshoring or offshoring is better depends on what you are looking for. If you are looking only for savings, I recommend offshoring. Offshoring’s likely drawbacks are differences in time zones, culture and distance. If you are looking to save but willing to save a little less to have your team in the same time zone as you, in a country with a similar culture, and one flight away from your offices, then nearshoring is the best strategy for you.

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    Pedro A. Barboglio Murra

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  • Entrepreneur | What’s on Entrepreneur TV This Week

    Entrepreneur | What’s on Entrepreneur TV This Week

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    Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.

    This week be sure to watch episodes of:

    Never Settle (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Show!

    NEVER SETTLE is a critically acclaimed production that has been recognized with an Emmy Award win for “Best Interactivity,” an Emmy Award Nomination for “Best Program Host,” a Digiday Publishing Award nomination for “Best Use of Facebook Live,” a Webby Honoree Award for “Social: Experimental & Innovation,” and an award for “Best Live Show” from the International Academy of Web Television Awards. Mario combines entertaining information and interviews with actionable advice and takeaways for creators to propel forward with their personal and professional goals.

    Episode 201: Have you ever wondered what you could do to ensure you’re bringing value to your community? Have you ever thought about how you could improve your community engagement? And what do you think about your branding? How can you market and monetize your brand? Today, we’re joined by Nicky S, and she’s here to shed light on all your questions regarding personal branding!

    Episode 202: The personalized T-shirt industry is growing exponentially. In this episode of the Never Settle Show, I talk to Kalilah Wright, CEO of Mess In A Bottle, about how to monetize your merchandise, grow your apparel business, find the right talent to work with, and how shoot your shot.

    Episode 105: Life is a hustle. We live on automatic 24/7. We’re all doing so much more with a lot less, but somehow we’re getting it all done. But instead of living in our lives, we’re living in the hustle—the chaos, the craziness. But we can find balance by embracing the MINDFUL HUSTLE. It’s a whole new perspective on living your life.

    Uncensored Crypto (Sunday, Tuesday, Thursday, Saturday)

    UNCENSORED CRYPTO delivers information about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution shaping our economic, financial, and political future.

    Episode 101: How the carnage of the 2008 financial crisis birthed a new type of monetary system and how this revolutionary new system works for you.

    Start Up (Sunday, Tuesday, Thursday, Saturday)

    START UP offers its viewers an up-close and personal look into the world of the modern American entrepreneur.

    Episode 601: Daniel Rose wanted to help people, so he left health care, found a plot of land in northeast Tulsa, Oklahoma, and opened Grassroots Ranch. Daniel and his wife Maria provide old-fashioned, all-natural foods using sustainable farming methods.

    Chicago CEOs (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    CHICAGO CEOs, have you sat down with Chicago’s top CEOs as they discuss what brought them success?

    Episode 101: Bigger than the internet? Why Bitcoin’s underlying technology was as disruptive to the web in 1995 and how it will transform almost every aspect of society, whether you invest or not. A simple breakdown of the Blockchain and why it’s the only way to restore our freedom and our sovereignty and escape “surveillance capitalism.”

    Burt’s Buzz (Monday, Wednesday, Friday)

    BURT’S BUZZ looks at the world of Burt Shavitz, the face, and co-founder of Burt’s Bees.

    Movie: Journey into the remarkable double life of Burt Shavitz, a reclusive beekeeper who reluctantly becomes one of the world’s most recognizable brand identities.

    Mindvalley Talks (Monday, Wednesday, Friday)

    MINDVALLEY TALKS brings you the best personal growth video content from the most brilliant minds on the planet.

    Episode 102: How can you take the message you have and present it to your community (be it in your personal life or business) in a way that allows them to connect and engage with what you have to share?

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    Entrepreneur Staff

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  • Entrepreneur | Why 2023 Will Be a Great Year to Start an Online Business

    Entrepreneur | Why 2023 Will Be a Great Year to Start an Online Business

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the big stories of the pandemic, especially during the early uncertain days, was the rise of entrepreneurship. Millions of Americans started new businesses and side hustles, experimented with working from home and expressed an openness to new ways of creating economic value. Recent data from the U.S. Census Bureau on Business Formation Statistics found that the pandemic’s burst of entrepreneurship was no one-time fluke: Americans formed more than 5 million new businesses in 2022, representing a 44% increase in new business formations compared to 2019.

    It appears that the 2020s boom in entrepreneurship is here to stay — and that’s good news for the digital economy. Despite some recent gloomy headlines from Silicon Valley and Wall Street and some painful downturns in the stock market, there are strong signs that 2023 might be an even better year for entrepreneurs to start a business — especially in the online small business space.

    Let’s look at a few big reasons why 2023 will be a great year for digital entrepreneurs.

    Related: 4 Reasons Why an Online Business is the Best Investment You Will Ever Make

    Big Tech layoffs lead to new opportunities

    Just within the past few weeks, we’ve seen thousands of job cuts at Big Tech companies like Google, Meta, Microsoft and Amazon. Of course, these job losses are painful in the short run for the affected employees and their loved ones; no one likes to get laid off. But this temporary pain can lead to bigger opportunities for the future.

    Thousands of entrepreneurs with valuable, in-demand tech skills are now looking for their next gig. Some of them might want to start their own business, and some might band together to launch a new startup with their colleagues; some might want to consult, while others might want to invest in acquiring an existing online business.

    There’s going to be an unleashing of human capital and ingenuity that was concentrated at a few big companies; this is ultimately going to spark new growth in digital entrepreneurship. Lots of great companies get started during an economic downturn when customers are looking for new innovations and there’s less competition and noise in the market.

    I’m excited to see what new ideas and innovations emerge from today’s Big Tech layoffs. There are people getting laid off today who might become the CEOs of the next decade’s biggest success stories.

    Related: Laid-Off From Your Big Tech Job? It Could Be The Ideal Time to Pursue Entrepreneurship.

    Strong opportunities for “Main Street” online businesses

    Publicly traded Big Tech companies have attracted lots of hype and massive investment in the past few years, but the digital economy is not just about these large public firms. There is a very large underrated area of the digital economy that we call “Main Street” — sub $10MM revenue businesses including blogs, apps and ecommerce stores.

    There are lots of ways for entrepreneurs to make real money with online businesses, and it can often be done with limited upfront investment and minimal overhead costs, such as starting a Fulfillment by Amazon (FBA) business. Starting a content-based website or blog can help digital entrepreneurs serve a unique niche and build a loyal audience of fans, followers, and repeat customers. Mobile apps continue to be the center of people’s everyday lives — and there are big opportunities for helpful, profitable mobile apps that can provide a useful service.

    The next wave of innovation in the digital economy is going to come from small online businesses. These are often generating steady revenue and offer big upside potential for growth. Look for more entrepreneurs to explore the Main Street of the digital economy.

    Freedoms of being your own boss

    The continuing boom in new business formations, worker shortages in many industries and the rise of remote work are all strong signs that entrepreneurs are fed up with the traditional corporate workday grind. They want to create value on their own terms, be productive on their own schedule, enjoy better work-life balance and unlock opportunities for themselves in new ways.

    Online entrepreneurship can be a huge force in this larger transformation of how people work and live. When you own a digital small business or other digital assets, you can work from anywhere in the world. You don’t have to punch a clock or report to a manager or be surveilled by an employer. You don’t have to ask permission to go on vacation. You can explore new business ideas, try new things, launch new products and discover new markets without the bureaucracy and limitations of a traditional employer.

    The pandemic caused millions of people to reassess what they want out of life, where they live and how they work. The freedom and flexibility of digital business ownership can be a good fit for many new entrepreneurs.

    Related: 5 Steps to Start an Online Business and Living a Much Better Life

    High-growth online businesses categories

    Digital small businesses offer many flexible models to help entrepreneurs capitalize on the newest trends and consumer lifestyle shifts. No matter what customers are demanding now, digital small businesses are adaptable and well-positioned to deliver it. A few high-growth online business categories that I’m hearing about from digital entrepreneurs right now include fitness, travel, health, finance and pets.

    Think about how consumer behavior has changed in the past few years. People want to focus on their health and wellness; they want to exercise and feel better; they want to take vacations; they want to improve their financial situation; and they want to pamper their pets.

    All of these consumer needs are well-suited to online business ownership. There are many creative ways to build relationships with customers in these categories with valuable products, advice and professional services.

    Acquiring existing businesses as an investment

    2022 was a terrible year for the stock market and lots of investors got burned by meme stocks and overhyped alternative asset categories. What if there was a better way? Investing in online businesses by buying an existing website or other small business can be a great way to invest, and these digital small businesses never got overhyped or overvalued. In fact, some digital small businesses are delivering 30% or more annualized returns.

    Acquiring an existing business is often faster, easier and lower risk than starting an original business, and acquiring a business gives you the reassurance of knowing that this business is generating real revenues and has a base of users, customers and web traffic to build upon. Look for more investors — individual entrepreneurs and larger aggregators and institutional investors — to buy into online small businesses as an investment category in 2023.

    Bottom line: Despite some gloomy headlines from Wall Street and short-term pain for Big Tech, the future is bright for the digital economy. One of the biggest growth areas in tech for 2023 will be on “Digital Main Street,” in small online businesses like mobile apps, SaaS solutions, ecommerce stores, blogs, content-based websites and other digital assets. Small online businesses can spark big growth and open up a new era of digital entrepreneurship.

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    Blake Hutchison

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  • Entrepreneur | How User Research Helps You Win Before a New Product Launch

    Entrepreneur | How User Research Helps You Win Before a New Product Launch

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    Opinions expressed by Entrepreneur contributors are their own.

    Creating and launching new products is an exciting yet daunting period for both startups and enterprises. If the new product succeeds, it will lead to huge sales and business success. However, this is not always what happens. According to research from Harvard Business School, 95% of new products introduced each year fail.

    When you’ve poured millions of dollars and immeasurable labor into launching a new product, and it tanks, this is a crushing blow for the business.

    While there is no definitive way to guarantee success with a new product launch, you can dramatically improve your chances by understanding your users and their needs. It seems obvious, but you’d be surprised to know that 50% of businesses still don’t invest in deep user research.

    When you understand your users’ goals, struggles and anxieties, you will not have to guess what to build. Read on to dive deep into how to conduct user research correctly so that you can read your user’s mind and build successful products and stronger startups.

    Related: How to Nail a Successful Product Launch

    1. Deeply understand your user behaviors and motivators

    Have an idea for a new product? It’s easy to think that’s what your users want, and that’s why most businesses start with a solution. But if you want to create products that your users want, it’s crucial that you don’t put solutions in front of potential users while doing user research.

    Instead, spend your time deeply understanding the space you’re trying to operate in and the people for whom you’re trying to solve it. A deeper understanding of your users will help you avoid confirmation bias, and it will help you create products your users need, not just something you need to sell. If you fail to do this, you won’t be able to launch a successful product.

    Remember, it’s easy to get attached to an idea or solution you’re sure will be great without getting the real users’ input; it happens to the best of us. But creating and launching successful products requires listening to your users and adapting to their needs.

    2. Focus on the right users — don’t build for everyone

    Building great products is difficult — we all know that. But do you know you reduce your chances of launching a successful product if you make it for multiple users?

    Why? Because not all users are equally important, especially in the enterprise world of buyers. So, to launch successful products, you must make the hard decisions about which users are more critical.

    Still, many businesses don’t differentiate, so they don’t make hard decisions. But to succeed, you must be clear about which users are crucial for your product and business success.

    So, the first step to creating and launching a successful product is not just to understand your users but to understand all the people who are going to use your product. So, you can pick and build your product for the right users.

    Related: Why Research Is Key to Startup Growth and Customer Centricity

    3. Combine qualitative and quantitative research

    Most new products fail because companies take shortcuts and don’t invest in collecting data — mainly qualitative data. They feel they “know” their users or that the collection process is too expensive or time-consuming. So, they rely on quantitative research, which helps them confirm their assumptions.

    Remember, it is crucial to collect qualitative data when exploring new opportunities. In fact, qualitative research is vital for every business’s success. With qualitative data, you can get a deeper understanding of user attitudes about product adoption and interest.

    With today’s integrated market research platforms becoming more accessible, affordable and faster, there’s no reason to launch products under a cloud of dust and gas. You can collect data about people’s perceptions of an idea, product or brand. If you use qualitative information to calibrate the quantitative research before launch, you will be more likely to start down the right path.

    4. Pay attention to the user’s unstated responses

    Most new products fail because, while researching, we discount users’ unstated preferences. You should never discount users’ unstated preferences — even when the data says something completely different.

    Before you invest time and money into creating a new product, you need to confirm your product is something people want. And gathering unstated feedback will help you refine your original idea and can even generate a pivot to an entirely new and better product idea. It’s not a step you want to skip.

    Now, I am not saying you shouldn’t listen to what users say. But you should pay equal attention to what they do as well.

    Deeper user research will allow you to discover your users’ true needs, wants and motivations, which will help you create successful products — the ones your users really want and need. And with solutions such as eye-tracking and facial coding, it has become easy to read your user’s minds and uncover their true responses.

    Related: Developing a New Product? Here’s How to Make It a Hit Success

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    Reshu Rathi

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  • Entrepreneur | Elon Musk Got it All Wrong. Here’s Why Effective Leaders Need to Loosen the Reins

    Entrepreneur | Elon Musk Got it All Wrong. Here’s Why Effective Leaders Need to Loosen the Reins

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    Opinions expressed by Entrepreneur contributors are their own.

    In a flexible, hybrid and remote work environment, many leaders have failed to let go: The Elon Musks of the world are demanding their people come back to the office or else. These leaders worry that without the ability to look over everyone’s shoulders, their employees aren’t working, are quietly quitting or aren’t working on the right things.

    They may feel the need to babysit because they don’t trust their team. But threats and micromanaging don’t work. They haven’t empowered their teams or inspired them with a shared mission. Maybe it’s on them for not building that initial foundational trust.

    It may seem that some jobs “need a babysitting culture,” where people show up, punch a clock and spend the day waiting to leave. They’re just picking up a paycheck. But the reality is that the promise of weekly payments alone can never buy loyalty, nor can it build a team passionate about working together on a shared mission. To create an environment where people love to come to work, leaders need to empower their teams, give autonomy and build a workforce prepared to take on responsibility.

    Related: Empower the Employees Who Will Build an Amazing Culture

    Letting go is more productive

    Giving people the space and autonomy to succeed fuels their fire to achieve more. My first experience with this was with a boss named Ryan in my first post-college job. I still tell him that he was the best boss I ever had. From day one, Ryan would simply ask me to get something done. Then, when the deadline was approaching, he would ask if I had finished. He gave me complete freedom not to do the right thing. I probably could have done the job better, especially with more guidance, but I got it done, and it felt empowering. The experience grew my confidence.

    People want the freedom to be empowered and create success. That’s why people come to work at Quantum: They want that autonomy, and we give it to them. Our people are passionate about their work and have ideas to drive the company to success. I have made the mistake of being involved in the middle of a work task, and I’ve gotten lots of feedback on it. They would rather me just tell them what I want them to achieve and let go. When I empower my team members to rise to their best, they learn to trust me and work harder to achieve our goals in return.

    Related: Why You Need to Stop Micromanaging Your Team and Learn to Let Go

    Put guardrails in place

    Of course, I can’t just let go of every project and hope that everything will be fine: There must be some frameworks and guardrails in place to help, and sometimes we need to get a little closer to the fire. Balancing how and when to step in is critical, especially when things get tough. There have been moments where I have taken tighter reins — a 30-minute daily call to get feedback and adjust. But I asked everyone to let it happen because rarely will I be that leader who gets so deeply involved every time, and they know it. That’s not my management style, so when I have to step in, they know it’s a higher priority and a working discussion that fuels the need to get my hands dirty.

    Elon Musk, on the other hand, is surrounded by smart people passionate about their mission, but his management style is the epitome of a leader who can’t let go. It’s worked for him because he’s detail-oriented and gets minutely involved in everything to ensure success, but micromanagement doesn’t work for most people.

    Instead, we can provide rails or infrastructure to make sure everything is happening as it should. Ensure everyone understands the mission and is aligned around the core objectives before they take off running in the wrong direction. When we know everyone has their sights set on achieving the right outcomes, it’s easier for us as leaders to step back and give them the autonomy they need.

    Related: What Happens When You Empower Employees Instead of Micromanage Them?

    How to build a workforce in a more flexible world

    Especially with so many people working from home, it can be challenging for leaders to know that they’re building the kind of workforce responsible enough to take on autonomy. Creating a workforce that wants to wake up daily and work towards the company’s mission requires certain personal attributes. At Quantum, we look for three core values:

    1. Passion: It’s hard to motivate someone to be passionate, so find people who already love their work. Ask them: “Are you passionate about what you do? Would you push me out of the way and get this done?” I want people who wake up passionate about our company’s mission, and if they ever lose that feeling with our company, I would hope to help them re-ignite that passion or help them find their next job where they could find it again.
    2. Persistence: People can be passionate but not persistent enough to take something across the finish line. A friend of mine is passionate about art, an incredible artist who could be famous, but he struggles with rejection and the persistence needed to keep driving forward. Someone ready for autonomy must be willing to take on rejection, failures and “no’s” to get across the finish line. It’s a top attribute of an entrepreneur, and to have a team of 500 entrepreneurs that will fight through any obstacle is amazing to see in action.
    3. Integrity: If I can get people who are persistent and passionate but can’t act with transparency — being honest with themselves, their peers and our customers — it doesn’t matter how much we win, it won’t be enjoyable. I want to come to work because it’s fun, and when people aren’t telling the truth, I don’t enjoy it; the work becomes much less meaningful.

    Passion, persistence and integrity — I interview every prospective employee and have them tell me what those words mean to them. Their definition and embodiment of those words get them a job at our company, and it becomes an unspoken contract: If they lose any of those values, I would rather they leave and find a place to rediscover them all.

    Elon Musk has the right concept — only work here if you can love my vision — but his “my way or the highway” approach may not work for everyone. Instead, leaders should nurture the trust and autonomy needed to build a team that loves what they do.

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    Mario Ciabarra

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  • 3 Books to Help Business Leaders Discover Innovation and Growth

    3 Books to Help Business Leaders Discover Innovation and Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to leadership development and business growth, more leaders and entrepreneurs are looking to achieve their growth goals by looking for “outside-the-box” opportunities.

    According to McKinsey & Company, “About a quarter of companies don’t grow at all, and between 2010 and 2019, only one in eight achieved more than 10% revenue growth annually.” Thus, profitable growth arises when leaders can swiftly adapt, shift, move and adjust to new ideas and ways of thinking when building a business from the ground up.

    Check out these new publications that offer a new way of thinking regarding leadership, innovation and growth.

    Related: 4 Ways Market Leaders Use Innovation to Foster Business Growth

    1. Mastering Microdosing: How to Use Sub-Perceptual Psychedelics to Heal Trauma, Improve Performance and Transform Your Life by Paul Austin

    In his newest book, Paul Austin provides a comprehensive look at using sub-perceptual psychedelics to address mental health and wellness needs, discover innovative business ideas and find out-of-the-box solutions to team performance issues.

    To ensure the safety of the practice, Austin provides an all-inclusive guide to the practice, protocols, benefits and potential drawbacks of microdosing.

    While this may seem like a wild idea to some, Austin’s approach incorporates a wealth of research and anecdotes to demonstrate the effectiveness and positive impact that sub-perceptual psychedelics can have on the general well-being of today’s entrepreneurs, leaders, creative minds and healers — and he is not the only one.

    In 2022, the MIT Sloan Management Review offered a study on the progressively mainstream practice of business leaders using psychedelic medicines and therapies to address mental health and illness. This includes the practice of taking small amounts (a “micro dose”) of psychedelic drugs that may consist of lysergic acid diethylamide (LSD), psilocybin mushrooms and other common psychoactive substances that impact your perceptions, thoughts and emotions of the world and ideas around you.

    Such studies have continued to modernize the idea of how we address mental health and wellness, including when it comes to encouraging the growth of safe and inclusive work cultures. In 2022, the American Psychological Association (APA) conducted a Work and Well-being Survey that found 71% of employees “believe their employer is more concerned about the mental health of employees now than in the past.” This belief, in itself, has the capacity to improve individual and team performance for a company.

    Related: Embrace the Unknown to Transform Your Life

    2. DEO’s Financial Secrets to Grow Dental Organizations by Ken and Ashley Kaufman

    In this book, Ken and Ashley Kaufman give their insight into the top financial tools and best practices that dental entrepreneurs can use to succeed as business leaders.

    The authors recognize that many of the common challenges entrepreneurs face during the startup process are related to common financial pitfalls. This includes everything from the location of your business to local tax regulations and operational expenses to financing strategies.

    To help entrepreneurs identify these common mistakes, errors, traps and pitfalls — the authors seek to empower business leaders to take charge of their businesses and find financial success. As a result of this financial leadership growth, entrepreneurs can find greater clarity in their work to focus more on the people they serve rather than worrying about financial business woes.

    Related: Best Financial Tools and Business Ideas to Make More Money in 2023

    3. Innovating Innovation!: Why Corporate Innovation Struggles in the Age of the Entrepreneur by Mike Stemple

    The first year of any business startup is crucial to its long-term success. Last year, HubSpot found that at least 90% of startups fail within their initial year, while another 10% fail before the following year. Yet, according to Mike Stemple in his new book, more startups are successful in driving innovation compared to their large corporate counterparts.

    Entrepreneurs can learn a lot from corporate leaders. And the main question corporate executives are asking is, “What can large companies do to innovate as easily as their disruptive startup competitors?”

    The objective of Innovating Innovation! is to help prevent businesses from going under and to continue to see growth throughout their maturity. Mike gives support to leaders looking to transform their company’s sense of innovation by understanding the contemporary building blocks necessary and how to effectively execute a modern innovation program.

    As a result, readers finish the book understanding how they can catch up in their industry and find the same quick-to-market innovations that new business startups use to disrupt entire industries.

    If you are looking to recapture an innovative culture, become more financially savvy in your new business venture, or focus more on mental health and well-being, these new books can help guide you.

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    Peter Daisyme

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  • 6 Reasons to Consider Making a Mobile App for Your Business

    6 Reasons to Consider Making a Mobile App for Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Ever look at a family that should be spending time together, but instead, everyone is on their phones scrolling while focused, bored or even excited? Well, because this is the age of technology, a smartphone could mean a person is checking the news, working, gaming, entertaining themselves through social media, shopping, chatting with a friend or maybe doing their school homework.

    Mobile app statistics for 2023 state that there are 1.96 million applications available on the Apple Store and 2.87 million on the Google Play Store. From schools to multinational companies, everyone is leaning towards building their own mobile application in order to be more connected globally and make it easier for people to reach anything they want through a quick tap on their smartphone’s screen. In this article, we’ll go over the advantages of mobile applications for your business.

    There are many different benefits to having a mobile application for your business. Creating a mobile app that fits your vision could help you build brand loyalty, improve relationships with clients and stay relevant, up-to-date and on the cutting edge of new technology. What does it mean, though? How could an app strengthen customer or client relationships? Let’s just say that people nowadays WANT to save time; time is a valuable asset, so finding ways to save it for people is important — and a business application could do that for them. For example, if you wanted to shop for groceries but had to go to work and had no time to do so, you could open your groceries app, tap on the products you wanted, add them to your cart, checkout and voila! You’ve just gone grocery shopping.

    So, let’s break down the various benefits of having a mobile app for your business:

    Related: Does Your Business Really Need a Mobile App?

    1. Increases brand awareness

    Having a branded app allows you to spread the word about your business with a click. It allows people to get more acquainted with who you are and the services that you offer. Additionally, apps create an opportunity for brands to strengthen emotional connections with their customers. A branded app lets people know about your business and makes it easy for them to do business with you with just a few taps or clicks.

    2. Allows you to personalize

    With an app, you can personalize your services to cater specifically to your target market. For example, you can make a quiz to find out what your customers like so you can make their content and notifications more relevant to them. This makes it easier to make personalized experiences that keep customers coming back and get more people to use your app. It will also give you valuable information about how users act, which you can use to improve your marketing strategies and learn more about your customer base.

    3. It saves time

    Studies have proven that an application was better than a website in terms of saving time. A website could take time to load or simply crash at some point in your process. An app could just save your customers’ time by giving them fast, easy access to your business’s services. When it comes to paying through an app, a study in 2019 found that payments on mobile applications are estimated to increase from 41.8% in 2019 to 52.2% in 2023.

    Related: Here’s Exactly What You Need to Do to Launch a Mobile App

    4. Better engagement rates

    Business apps could also play a necessary role in raising people’s engagement rates in your business. Creating app-only deals, offers or creative campaigns to increase people’s engagement with your app and business is one way to do so. With an app, businesses are able to reach a wider target audience. An app can make people more aware of your business and make it easier for them to find you and use your products or services. You don’t have to be limited by physical location; now you can reach a broader audience, no matter where they are in the world.

    5. Strengthens your business

    A mobile business application could also help strengthen your business by building relevance, familiarity, trust and credibility through your business-customer relationship. You could use an app to help you manage your relationships with customers by keeping track of how they use it and learning more about it. The app would give you perfect and convenient customer insights. For example, you could make changes to your app by looking at which features your customers use the most and which ones are most popular. That could definitely help you plan and strategize your futuristic app growth. If your app were perfectly made, you could just create a marketing campaign by finding the best way to get information and feedback from your customers.

    6. Marketing assistance

    If you’re a person who worries about marketing, then you should definitely be developing your own mobile app, as it could be an excellent marketing tool. A customized mobile app increases your communication needs. Contact information, specialized messaging and even engagement tools like deals, contests and campaigns can be managed from the app. You can stand out by branding them with your own colors, logos and taglines. Another benefit is that a mobile app is cost-effective in terms of marketing. This means you could be saving money internally through your business app, as it eliminates the need for tangible marketing goods and can cut down on live marketing campaign costs.

    Apps could also be a booster for employee efficiency by increasing communication and engagement and cutting down on streamlining data. There is also the option of making money through your app with ads targeted at in-app purchases. There is also the “effective frequency” strategy that developers use as a marketing rate measurement: The more customers recognize your marketing message, participate in campaigns or engage with your app, the more likely they are to recognize it and have a long-term memory of your brand.

    Related: 5 Data-Driven Reasons You Should Build a Mobile App for Your Business

    Technology is constantly evolving and updating, and so are customers’ expectations and demands — hence the importance of keeping up with the competition in application marketing. It’s more important than ever to keep your app competitive by meeting customer needs, growing your business and attracting potential customers. With the expansion of the digital landscape, you need to broaden your ideas and your way of looking at business development. Moreover, you need to be up to date on all the new app upgrades in order to stay on top of your brand and get the best results when developing an application for your business.

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    Omar El Bahr

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  • What’s on Entrepreneur TV This Week

    What’s on Entrepreneur TV This Week

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    Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.

    This week be sure to watch episodes of:

    Tech Talk (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Show

    TECH TALK is the journey to discover innovators shaping our future.

    Episode 107: See Flying Cars, Taxis & Rescue Vehicles; we go to find out more. Discover 3D holographic food and drones that fly into burning buildings to warn the Fire Fighters.

    Episode 108: Drones pose a significant security threat to all. Meet the inventors of 360-degree drone defense systems. Then, watch Jonny’s connected car get hacked by a trained cybersecurity expert!

    Episode 109: Visit IDC Herzliya, one of Israel’s leading universities. We also take you to one of the leaders behind self-driving cars and discover mind-blowing 3D holographic surgery.

    Episode 110: Augmented reality snowboarding helmets made by ex-military fighter pilots. Jonny then visits the Robotics Lab at Bar Ilan University to meet the Israeli Robot Soccer team.

    Episode 111: See intelligent drone delivery systems for any business. JC tests a TV scanner app to get audio on any TV. Finally, Ruth discusses her impactful venture to protect us from old age.

    Episode 112: Season Finale discovers five outstanding innovators ranging from futuristic zappers to Autonomous Robot Window Washers & Mind Controlled Games to assist with ADHD.

    Elevator Pitch (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    On ENTREPRENEUR ELEVATOR PITCH, entrepreneurs have 60 seconds to pitch a business idea to a boardroom of investors.

    Episode 801: Entrepreneur Elevator Pitch is back! Season 8 starts with entrepreneurs building intergenerational wealth through hat sales, building bodies back with foam roller water bottles, and building a new way to co-own vacation homes.

    Episode 802: Learn the finer points of pitching and deal-making in the new episode of Entrepreneur Elevator Pitch.

    Episode 806: See if our investors think there’s something fishy about her concept on the new episode of ‘Elevator Pitch.’ You never know who will walk (or swim) through the doors of Entrepreneur Elevator Pitch. So check out episode six for some genuine surprises!

    Celebrity Business Tips (Monday, Wednesday, Friday)

    CELEBRITY BUSINESS TIPS showcases actors, athletes, and entrepreneurs as they share their best business tips to help you get started and find success with some humor and heart.

    Episode 101: Actors, athletes, and entrepreneurs share their best business tips.

    Mindvalley Talks (Monday, Wednesday, Friday)

    MINDVALLEY TALKS brings you the best personal growth video content from the most brilliant minds on the planet.

    Episode 103: In this talk at A-Fest Portugal 2019, Keith Ferrazzi is an American author and entrepreneur. He shares some of his critical insights into how you can analyze your team’s effectiveness and performance at work.

    Mirage (Sunday, Tuesday, Thursday, Saturday)

    Featured Film.

    In 1968, at the ripe age of 26, Peter Kalikow was confident he could build a better car than anyone else. So he took the money he made in the construction and put it all on the line to take on the automotive establishment.

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    Entrepreneur Staff

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  • The Best Time to Start Your Dream Business Is Now. Here’s Why You Shouldn’t Worry About Timing.

    The Best Time to Start Your Dream Business Is Now. Here’s Why You Shouldn’t Worry About Timing.

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    Opinions expressed by Entrepreneur contributors are their own.

    If you have a business idea, the best time to start is now. If you’re worried about timing, don’t be: The economy doesn’t matter. And if you are worried about failing again and again, that’s okay too — because it’s impossible to time the market perfectly anyway!

    Everyone has a business idea, but not everyone takes the time to pursue their dream. Your idea doesn’t have to be perfect and ready because you can always refine it later on in the process.

    If you start now, even if you are not fully prepared, at least you will have taken steps toward making your dream come true! It’s better than never starting at all. There will always be reasons why it’s not the right time for someone else or themselves, but when asked why, it’s always the fear of uncertainty and failure.

    Related: Why Right Now Is the Best Time Ever to Start a Business

    Keeping an eye on the economy should be the last thing on your mind.

    When it comes to getting into business, don’t wait for the economy to improve. Don’t wait for the economy to worsen. Don’t wait for the economy to recover. And definitely don’t wait for it to crash or burn down around your ears before you get started on a new venture.

    The truth is that no one really knows what will happen with our nation’s economic future, and there’s no way anyone can predict its direction with any real accuracy. It stands to reason then that if we’re going to be successful in business, we need not worry about what might happen tomorrow or next year — we just need to focus on today and ensure that our businesses thrive now, regardless of what lies ahead in years to come!

    Don’t listen to the naysayers

    You may hear a lot of people telling you that you’re not ready for business or that it’s too risky. Don’t let them talk you out of your dreams, and don’t let them pull you into their own beliefs and ideologies. Many have fallen victim to these naysayers because they didn’t know how powerful they could be when they put their minds to it.

    There is never a better time than now! The world has never been more connected and open than it is today, which means we must take advantage of this unprecedented opportunity before someone else does.

    You will fail, again and again. And that’s okay.

    Failure is part of the process and in many ways a learning experience. But it’s not just about learning from your mistakes either; failure is an opportunity for growth, for new ideas and perspectives that can help you succeed in the future. You won’t succeed if you don’t take risks, so keep at it!

    Related: How to Become an Entrepreneur – 8 Tips to Get Your Business Going, Even if You Don’t Know Where to Start

    Listen to your gut. Don’t wait for inspiration.

    The most important thing to remember is that you can’t wait for inspiration. You need to start now, and trust that you will find your way.

    It’s all too easy to wait until you have everything figured out. The truth is that there are no answers — not really — and nobody has it all figured out. Not even me.

    There never will be a perfect time or circumstance where we can say with confidence: “This is the moment I start my business.” Every single entrepreneur goes through their own journey of exploration and discovery as they learn what works best for them personally when deciding when (or if) they should take the leap into entrepreneurship.

    Yes, there is risk — so what?

    There is no such thing as a risk-free business. There are only different levels of risk and how you manage your risks.

    One way to think about it is like this: If you never take any risks, then nothing will ever change in your life. You won’t get ahead or even stay in the same place. You may be comfortable, but if things don’t change, then everything around you will eventually become boring and unfulfilling.

    Additionally, taking no risks means everything becomes risky, as it can result in unpreparedness. It is impossible to develop a plan or structure to manage risks if you don’t take risks. In fact, most businesses fail because their owners didn’t properly mitigate their business’ biggest risks before getting started on day one!

    It is impossible to time the market perfectly

    You are better off starting when you want to, even if the timing is “bad.” You can’t time the market. It is impossible to predict what will happen with the economy or with your business. You have to work with the information you have at the time. If you’re lucky and fortunate enough to have an idea for a new business that you want to start, then don’t let anyone tell you not to do it because of “bad timing.”

    There are many reasons why now is the best time, and I think it boils down to one simple truth: You only get one chance at life. Don’t waste your time by waiting for the perfect moment or trying to predict the future. Instead, focus on what you can do right now and how much better tomorrow will be because of it!

    Related: The Complete, 12-Step Guide to Starting a Business

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    Roy Dekel

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  • Leaders: Stop Micromanaging and Do This Instead

    Leaders: Stop Micromanaging and Do This Instead

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the most common complaints of entrepreneurs is, “I’m doing everything and can’t get it all done!” I’ve been there, and I know just how easy it is to take everything on yourself until you end up completely overwhelmed.

    But there’s no glory in being an entrepreneurial martyr, and certainly no business sense in it either. It’s time for entrepreneurs to stop thinking it’s their job to pile on the hats, despite the costs. Here’s what to do instead.

    Related: 8 Secrets to Success in Business

    Prioritize to protect your brand

    As a business owner, there are certain things you and you alone should own. Namely, the big-picture tasks of setting your company’s vision and protecting your brand. This has always been hugely important to me, to the extent that some might say I’m territorial about it. But you have to be.

    You created your brand, and you know it better than anyone else. You know what products or services will align with your mission and vision and what could threaten what you’re trying to build. As the business owner, you might choose to retain ownership over partnerships. This way, you ensure any partners you engage with have the same commitment to quality you do so that joining forces with them will strengthen your brand rather than weaken it.

    Related: 5 Ways Your Business Can Protect Its Online Brand

    Hire for your weaknesses

    To stop taking responsibility for every single part of your business, you need a team to support you. What is the best way to create one? Don’t hire to replace yourself; hire for your weaknesses. In other words, don’t hire people like you who share similar strengths. Hire folks with wildly different skill sets and even opposing perspectives, so you can have a robust team that fills all your gaps.

    If you’re unsure of your strengths and weaknesses, it’s worth taking the time to figure them out. First, consider what areas of the business only you can handle. Maybe it’s strategic planning, forming strong vendor relationships or managing production. Also, think about the parts of the business you enjoy. Your strengths won’t always magically line up with the fun parts of entrepreneurship, but there’s a good chance the areas where you naturally excel are also the areas you’re drawn toward.

    Next, consider where you’ve had hiccups in your business. Even if you’re a young company, the odds are that you’ve encountered friction at least a few times. Was it when you tried to handle customer service? Did you flub a technical matter? Being honest in conducting a self-assessment will help you determine the exact types of people you need most.

    Related: 4 Reasons Why You Should Always be Hiring for Your Business

    Trust your team

    This will help you create a more functional business and prioritize properly to protect your brand. Of course, there’s one major caveat: none of this will work if you insist on micromanaging. You have to have enough trust in your team to give them the autonomy to execute their roles.

    As a business owner, you shouldn’t be the one stepping in to comment about the color of a banner ad in a newsletter or weighing in on email copy (unless graphic design and marketing are your strengths). The little things should be left to the people you hired to own them. If you can’t trust them to make decisions, you need to hire new people or do the hard work required to relinquish control.

    Wearing all the hats as an entrepreneur is unsustainable and not in your business’s best interest. It results in burnout and pulls you away from the areas where you contribute the most. By prioritizing, hiring for your weaknesses and trusting your team, you’ll go much further and faster.

    Related: What Happens When You Empower Employees Instead of Micromanage Them?

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    Clate Mask

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  • How to Manage Cash Flow for Your Home Pet Business

    How to Manage Cash Flow for Your Home Pet Business

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    Rich Mintzer’s new book, Start Your Own Pet Business, outlines everything you need to know about launching and growing an animal-based business from your home. In this excerpt, he dives into the specifics of managing your finances to keep your business as healthy and happy as your tail-wagging clients.

    Sign up for an accounting workshop

    No matter if you are caring for two dogs or two hundred, every business needs to keep track of money coming in and money going out. One way to make the accounting and financial framework of your business less daunting is to take an accounting class. You can find many online classes, as well as articles, on basic accounting and/or managing finances for a small business. You can also check with your local Small Business Development Center (SBDC), which may offer small-business accounting classes or keep a list of classes offered through local community colleges or continuing-education programs at a local university. Be logical when you sign up for an accounting class—don’t sign up for a class that covers information beyond your current need or ability to understand. You don’t need to know how to read the financial report of a $60 million international company to run your $20,000 local pet-sitting operation.

    Keep receipts

    If you have ever had even the smallest business or if you have ever worked for anyone else, you probably have heard this before, but it bears repeating: Keep every receipt for any dime you spend on the business. Keep them in one place and record them in your ledger at least weekly. These records tell you a lot about your business. You may notice patterns, expenditures that seem excessive, or other changes you could make for your business to be more efficient.

    Related: Dive deeper with Start Your Own Pet Business on sale now

    Set up a separate checking account

    Because pet-sitting businesses often don’t take a lot of capital to set up, you have to be careful not to fall into the trap of starting your business and simply using your personal checking account to pay for expenses and to deposit income. Set up a separate checking account and designate it for the business. Pay for everything with this account, even if you use its debit card instead of actually writing a check. It doesn’t have to be a “business” checking account—another personal account will do—just give the business an account all its own. Not only is it good for keeping accurate track of expenses, but some psychological aspects result from having separate accounts and ledgers for taking yourself and your business seriously. Have the business name printed on your business-specific checking account—it lends an air of professionalism.

    Get bookkeeping software

    Many software programs exist for easy setup of bookkeeping for your small business. Two commonly used ones are QuickBooks and Microsoft Office. Set aside a large chunk of time to get yourself set up, and then set aside time on an ongoing basis, maybe an hour weekly and a morning monthly. Be sure to keep these software products up-to-date by signing up for automatic updates or reminders so you can keep as up-to-date as possible. Although the bookkeeping programs probably won’t have as much in the way of updates, tax programs have constant updates. If you know yourself well enough to know you are not going to set aside this time to feed your bookkeeping software, then hire an accountant. The same goes for tax time. You may want to enlist a small business tax expert to decipher what expenses can and can not be deducted, at least for the first year of running your business.

    Creating invoices and receipts

    Even if you require payment on the spot, you always want to provide your client with an invoice for your services. This allows both of you to keep a record of your visits. Depending on how fast your business plan shows your business increasing revenue and adding clients, you may want to think early on about having client software that keeps records of your clients. If you look to have only ten clients for the first year, you could create a spreadsheet using Excel or Google Sheets. As you grow, you may want to invest in a business software package. Besides generating invoices, it keeps an easy-to-access history of services you provided.

    Related: Pet Lovers, Here’s How to Get Your Dream Business or Side Hustle Started

    Payment options

    The easiest manner in which to collect money in a business such as pet-sitting might be good old cash or a simple account transfer via an app like Venmo or PayPal because your fees are typically for only a few hours at a time. As your company grows, you’ll want to look into having credit card options, such as the easy-to-use Square payment system, which allows you to use your cell phone as a mobile cash register (https://squareup.com). This will entail setting up a credit card merchant account, a bank account, and a way to process payments. Some startup payment fees and fees per transaction (which are usually around 2 to 4 percent) apply. The merchant account will allow you to accept payments through Visa, Mastercard, American Express, and other credit card companies. You can Google merchant services and compare options.

    Paying yourself

    One of the perks of opening a low-cost, no-overhead business is you can usually start taking some money for yourself early on while putting the rest into the business. If you know your ongoing expenses, you can cover them and have some money left over. If, however, you are looking to build a large pet-sitting business with offices and many employees, then—like most startups—you will need to put nearly all the money earned back into the business for the first year or two. This means you need to have some money set aside to help you pay your bills when starting the business. If you can afford to do this, that’s great—you should probably plan to do this for at least the first year, depending on how complex a business you establish.

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    Entrepreneur Staff

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  • 7 Crucial Ways To Scale Your Startup or Business

    7 Crucial Ways To Scale Your Startup or Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that Quibi launched in April 2020 and imploded six months later? It shut down in October 2020, despite receiving funding of $1.75 billion. This article should motivate others to start scaling, so why did I start so dismally?

    Entrepreneurs want to scale, but not all businesses are ready for scaling. Some startups never make it big, so first, analyze if your business is prepared to scale up.

    Related: 4 Keys to Grow and Scale Your Startup

    3 telltale signs you are ready to scale

    1. You meet and exceed business targets: As a new business, your sales forecasts and action plans cannot predict how your business fares. Use exact time frames, expenses and average revenue for accurate sales predictions and increased profitability. Document met (and exceeded) targets to assess your statistical data. Next, set attainable, higher goals; if you still beat those, it may be time to scale.

    2. Your long-term business goals are challenging: If you are meeting revenue targets, why would the long-term goal of increasing profits be an issue? Your monthly returns may be great because you are fulfilling existing demand. Your long-term success may seem challenging because you currently lack people or resources. Refusing sales orders as your demand increases makes extended goals look challenging. This lack indicates that your business is growing quicker than you expected.

    3. Your supply is insufficient for your demand: Rising demand for your products or services is precisely what you aimed for, right? You will lose customers if you lack inventory, employees, or time to keep up with surging demand. The hype and brand image you build will also dissipate. Your revenue and expansion depend on your customer base. Improving customer handling ensures that they remain satisfied with your brand. If your startup is ready to grow, reinforce your infrastructure first.

    Related: How to Know When It’s the Right Time to Scale Your Business

    Successfully scaling a startup

    Entrepreneurs and business owners who scale up earn higher revenue at lower investments. Effective scaling improves your profit margin and increases revenue while reducing costs. Once you have determined that you are ready, the next question is how to scale your business. Below are seven ways you can successfully scale your startup.

    Data helps predict the resources required to scale. While scaling, it is crucial to maintain productivity and efficiency. A successful business handles spikes in workflows without losses like employee turnover. The following strategies make scaling up less stressful and improve efficiency and productivity.

    1. Create a business plan

    Create a durable strategy and include a monthly sales projection and milestone deadlines. List your target audience, ways to approach them and marketing strategies for conversions. These guidelines will help you track your progress.

    Do not forget to log known and expected expenses. Your current expenditure will be the baseline to measure how much it will cost to scale up. Make sure you document all the relevant details, or you may run into cash flow problems.

    Related: 7 Steps to a Perfectly Written Business Plan

    2. Build a team

    Hire employees or contractors, or embrace a franchise model as your operation scales. Work towards developing a cohesive team of people with diverse skill sets and talent.

    Inform your team members about all expected goals and objectives. Look after your team, and encourage regular meetings to understand their pain points. Brief them on key performance indicators to improve their performance. Do not foster employee burnout by expecting employees to take on added roles as you grow.

    3. Reduce costs of products or services

    Reduce material costs and buy used equipment. Hire inexpensive labor and reduce wastage. Compare vendor services and choose the most cost-effective ones. Use effective online marketing strategies that are often free.

    Negotiate for lowered rent or equipment expenses with vendors. Ask shippers for special rates to reduce shipping charges. Find ways to lower energy consumption and switch to green energy, which will cost less in the long run.

    Related: 4 Smart Ways to Reduce Costs Starting Right Now

    4. Optimize your product (or service) for buyers

    Identify your target market and learn how to reach and sell to them before you scale. Keep building your brand image on established online platforms. Create value additives, such as blogs, DIY articles, press releases and industry publications. Ask customers for reviews to build credibility.

    Track sources you get the most traction from to identify and fix issues in your lead funnel. Use the money saved by reducing costs to augment your product or service. Invest in customer service and functionality improvements, add new features and train your employees.

    5. Streamline processes

    Processes and procedures should be in place before companies scale up. Break tasks down and assign priorities. Automate because it saves you time and money and boosts employee productivity.

    Automated billing invoices your customers or adds any applicable surcharges. Automated customer support boosts your customer experience.

    Related: Want to Streamline Your Life? Get a System.

    6. Assess finances and funding

    Scaling costs money. It uses lesser investment but yields better returns. Scaling by using only reinvested profits may be difficult. You may choose to bootstrap to be self-sufficient, but that is not always possible.

    Apply for a business loan or line of credit from banks or lenders, or approach investors to fund your growth. The money you borrow will cost less than equity if you manage repayments well. Carefully choose repayment schedules, interest rates or investor control options.

    7. Improve your marketing

    Small businesses often rely on referrals or free online social media campaigns. You may need to supplement your marketing efforts as you scale.

    Focus on organic marketing channels such as search engine optimization and content marketing. Optimize your campaigns to control budget spending if you run paid campaigns on any platform, and set realistic goals to track campaign performance.

    Related: 10 Marketing Strategies to Fuel Your Business Growth

    Conclusion

    Any business growth requires elaborate planning for short-term and long-term business goals. These goals will guide you on the need for investors, recruitment and automation and their relevant solutions. Scaling is attractive because of its returns, but you will face challenges.

    Stay efficient and avoid errors by keeping data and processes streamlined. Increased customer retention helps; use your customers’ feedback and suggestions for improvement. You can do this.

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    Yasin Altaf

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  • How to Provide a Must-Have Product In a Do-Without Economy

    How to Provide a Must-Have Product In a Do-Without Economy

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    Opinions expressed by Entrepreneur contributors are their own.

    Consumers might not be putting the brakes on their spending. However, they’re certainly letting up on the gas.

    According to Deloitte’s most recent State of the US Customer report, around 75% of buyers remain concerned about prices. This is nine fewer percentage points than seven months prior. Nevertheless, it’s still a reason for company leaders to take notice. And with 47% of people worried about their savings, consumers could quickly tighten their purse strings.

    There’s a shiny silver lining, though: As long as your product is needed, you can expect sales. Think about what happened in 2020. Shoppers didn’t stop purchasing items they considered “must-haves,” including home gym tech, machines, and accessories. This caused a lasting trend that’s pushed the expected CAGR of the fitness equipment market to 5.2% until 2028.

    So what does this mean for your product or service lineup? You need to make sure that you are providing something that seems necessary to target users. “Seems” is the operative word. Were Pelotons necessary during pandemic shutdowns? Not from Maslow’s hierarchy of needs perspective. But don’t tell that to the customers who pushed the brand toward the billion-dollar revenue mark.

    Related: This Is the Framework to Make Your Product a Smash Success

    To help you review and revise your marketing in a do-without economy, take these recommendations into consideration.

    1. Solve a recession-proof need

    People change their behaviors during recessions and near-recessions. Nevertheless, the dad who switches to generic grocery labels may still buy his kiddo the more expensive bike. Why? Maybe it has earned higher safety marks. Perhaps it’s the same brand as the one he rides. Either way, he views the higher bike investment as necessary because he can justify it.

    Take a moment to think about what your company sells. What recession-proof need could it satisfy? You may want to work backward to come up with an “Aha!” answer. CitizenShipper, for instance, connects private drivers willing to move pets and precious items across the nation for people interested in bypassing the big shipping companies. One of the biggest requests the company fulfills is the need for reliable, personalized ground transportation of pets. When pet parents need to relocate their pets, they will pay a reasonable price in order to be able to do so.

    While you’re undergoing this exercise, don’t be afraid to think about niches within your current target customer base. With a little digging, you may be able to uncover smaller consumer segments that would see your offerings as a must-have. Once those segments are identified, you can begin marketing to them.

    Related: 3 Tips for Using Consumer Data to Create More Personalized Experiences

    2. Go for the feels

    We’d like to think that we make purchasing decisions solely based on objectivity, data and logic. We don’t. Our brains are wired to take the information into account but add a modicum of emotion to the mix. With that in mind, head back to the drawing board regarding your sales and support. The more of an emotional connection you can make with leads, the more likely they will return.

    One way to add more of an emotional link between you and your customers is with personalization. About seven out of 10 people told McKinsey they wanted more personalized engagement with their preferred brands. Your job, then, is to find ways to make the customer journey more of an individualized experience.

    Are you looking for inspiration for personalizing a product or service? Check out Sephora. The company has consistently won kudos for its personalization machine. You can book an appointment online with a conversational “assistant.” You can find the right foundation shade in the store using Sephora’s software. You can become an Insider and get extra rewards. It’s personalization all over — and that’s why Sephora, which isn’t “need to have, “is still seeing incredible revenue growth.

    Don’t instantly picture that your team will need to babysit every email or text. You can leverage tech tools that integrate with your existing systems to make interactions feel more one-to-one. That way, you don’t have to exhaust your human resources to offer up Sephora-level personalization.

    Related: Why People Buy What They Buy

    3. Explain your value-added differentiators

    Now isn’t the time to hold back on all the differentiators that set you apart from your competition. The more value you can bring to consumers, the more likely they’ll be to pick your products over others’. For best outcomes, make sure that the differentiators you pick matter.

    Case in point: If you sell socks, you could point out the many benefits your socks provide. These could include added cushioning, reinforced heels, moisture-wicking qualities, quick-dry technology, etc.

    For the past few years, Chipotle has been a solid case study for the power of differentiation. Its growth continues into 2023, despite other fast food chains like Burger King losing their luster. Chipotle’s key to remaining a top pick for hungry eaters is a mixture of picking top ingredients, making everything fresh and offering flavor consistency.

    Related: Why Your Business Idea Should Sell Itself

    Want to dive deeper into your differentiators and perhaps uncover some you didn’t know were important? Consider surveying your employees and customers. A well-written survey can highlight what matters most so you can lead with it in future “here’s why we’re the ONLY choice” campaigns.

    Even if inflation causes prices to creep upward more, consumers will still spend money. Your diligence and strategic planning today could ensure that some of their disposable income goes toward your products and services.

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    Kimberly Zhang

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