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Tag: Business Ideas

  • Using ChatGPT and AI for Podcast Content Strategy | Entrepreneur

    Using ChatGPT and AI for Podcast Content Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Readwrite.com

    The world of podcasting has seen explosive growth over the past decade. We are a little more than halfway in 2023; the number of podcast listeners has reached 464.7 million, a number that continues to rise. With this rapid expansion, creators find it more challenging to stand out in a crowded market. A robust podcast content strategy is essential, and the power of artificial intelligence (AI) and predictive analytics can offer a competitive edge. Let’s dive deep into how AI and predictive analytics can be leveraged to enhance your podcast content strategy.

    1. Understanding the basics

    Before we delve into the strategies, it’s vital to understand what we mean by AI and predictive analytics:

    • Artificial Intelligence (AI): At its core, AI mimics human intelligence processes through machines, especially computer systems. It can involve anything from voice recognition (like Alexa or Siri) to problem-solving.
    • Predictive Analytics: This uses data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. In the podcasting world, it can help predict what topics will resonate most with listeners, among other things.

    Related: The Future Founder’s Guide to Artificial Intelligence

    2. Tailoring content to your audience

    To optimize your podcast content strategy, it’s paramount to fathom your audience’s preferences. AI can analyze vast amounts of data from listener feedback, reviews, and listening habits. By doing so, it can provide insights into:

    • Topics that resonate with your audience.
    • Preferred episode length.
    • Optimal publishing times.

    Predictive analytics can then forecast the likely success of future episodes based on this data. This allows creators to tailor content more precisely to their audience’s tastes, improving engagement and retention rates.

    3. Predictive topic analysis

    Using predictive analytics, podcast creators can analyze trends across various platforms (like social media, news outlets, and search engines) to gauge which topics are gaining traction. For instance, if a specific subject begins trending on Twitter, a podcast episode around that theme might be timely and relevant. By staying ahead of the curve, you ensure your content remains relevant and compelling to listeners.

    Related: How AI Can Revolutionize Our Broken Supply Chain

    4. Automated content curation and creation

    AI tools, like natural language processing (NLP) and machine learning, can assist in content curation and even content creation. For example, AI can:

    • Summarize lengthy articles or research reports, giving podcast hosts a concise overview.
    • Suggest relevant content or guests for interviews based on trending topics.
    • Automatically generate show notes or episode summaries.

    While AI should not replace the human touch entirely, it can significantly aid in streamlining the content creation process. Paid editing and marketing services can vastly reduce the time any creator spends on the production side of their podcast.

    5. Enhanced listener interaction

    Voice recognition and NLP can be used to enhance listener interaction. Imagine a podcast episode that can interact with listeners in real-time, answer questions, or adjust content based on vocal feedback. While this might sound futuristic, advancements in AI are making this a possibility. By making podcasts more interactive, creators can engage their audience innovatively, setting their content apart from the competition. There isn’t an AI tool that can do this yet.

    Related: Is There a Trick to Creating Viral Content? Here’s What We Learned From Recent AI and Barbie Trends.

    6. Personalized advertising and monetization

    For podcasts that rely on advertising, AI and predictive analytics can revolutionize monetization strategies. By analyzing listener preferences and habits, AI can suggest personalized ad content, ensuring that listeners hear promotions most relevant to them. This can lead to better conversion rates and increased ad revenue.

    7. Performance analysis and feedback loop

    A crucial aspect of a robust podcast content strategy is reviewing performance and making necessary adjustments. AI can offer real-time analytics on episode performance, from listener counts to engagement rates. Predictive analytics can also forecast future performance trends. This data can then be fed back into the content creation process, creating a continuous improvement loop.

    8. The human element: balancing AI with authenticity

    While AI and predictive analytics offer powerful tools for enhancing podcast content strategy, it’s essential not to lose the human element. Podcasts are inherently personal mediums, and listeners often connect profoundly with hosts. While AI can provide insights and streamline processes, the content itself should remain authentic and human-centric.

    Conclusion

    The fusion of AI and predictive analytics with podcasting is paving the way for a new era of content creation. By harnessing these tools, podcast creators can craft more targeted, relevant, and engaging content, setting their podcasts apart in a crowded market. However, it’s essential to strike a balance between leveraging technology and maintaining the personal, authentic touch that listeners love. With the right approach, AI and predictive analytics can significantly enhance your podcast content strategy, ensuring your podcast not only survives but thrives in today’s competitive landscape.

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    Adam Torkildson

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  • Why Your Favorite Hobby Shouldn’t Be Your Next Business Idea | Entrepreneur

    Why Your Favorite Hobby Shouldn’t Be Your Next Business Idea | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re interested in franchise or business ownership and you’re in the beginning stages of researching what kind of business matches your entrepreneurial goals, the options available can be overwhelming. After all, 20% of new businesses fail in the first two years of being open, 45% during the first five years and 65% during the first 10 years, according to the U.S. Bureau of Labor Statistics. Additionally, franchises exist in nearly every service industry, and there are more than 3,000 registered franchise brands across the United States.

    Because franchise and business ownership can run the gamut in terms of products and services sold, it isn’t uncommon for candidates to consider hobbies that already interest them when producing ideas for a future company. However, it’s important to understand that sometimes, hobbies and businesses don’t mix well.

    For example, let’s consider a hypothetical business owner candidate. Let’s call him “Phil.” One of Phil’s favorite pastimes is to hit the green for a round of golf. Since golf is already a longstanding interest, Phil is inclined to consider a franchise that sells a variety of golfing products: clubs, balls, tees, clothing, etc. However, before long, Phil’s working hours are consumed with all things golf, and his work days are filled with balance sheets, sales reports and expenses for golf products. Suddenly, escaping to play a few holes on the weekend isn’t the break away from work it once was.

    When a favorite hobby becomes synonymous with work, you find yourself in a lose-lose situation. To avoid this overlap, examine the following three tips below for considering possible options.

    Related: Mark Cuban Says “Follow Your Passion” Is the Worst Career Advice You Can Get. Here’s Why.

    1. Separate your personal hobbies from your business

    Rarely can a person spend their leisure time and work time focused on the same thing. It’s basic Business 101 to diversify your investments, and a business is a large investment of your time, energy and money — so why would you keep all your eggs in one basket? Best practice: Separate your personal hobbies from your business.

    Like Phil, you probably have a hobby or interest that helps you unwind after a long week. However, for a business to maintain longevity, sustainability is the name of the game. So take a moment to consider your hobbies, and rather than focusing on the hobby itself, take a look at the services that support that hobby.

    If we take our friend Phil, rather than a golf store, maybe he selects a franchise of dry cleaning stores, hair salons or group fitness studios that service a community with fellow golf lovers. Another option might be a B2B franchise in which Phil doesn’t perform the services himself but is client-facing and responsible for relationship-building by taking prospective clients out to the green for an afternoon. Either of these options supports his entrepreneurial goals while maintaining his favorite pastime.

    2. Be passionate about owning your business, not passionate about the widget

    Being a business owner means having more control over your life in so many ways. The top motivators for an individual to become a business owner are autonomy, more flexibility, more purpose/meaning and financial security.

    These benefits of business ownership and their ability to support yourself, your family or other financial and non-financial obligations outweigh the appeal of selling a specific product or service.

    Building on the previous tip, a way to avoid misalignment between the product or service you are selling and the overall vision of the business is to focus on bird’s eye metrics of success. For example, owning a chain of cleaning stores might not be your dinner party small talk highlight that “golfing” might be, but who’s hosting the dinner?

    Prioritize long-term goals over what sounds cool to sell — a.k.a. be passionate about owning a business and all the benefits that come from that, rather than being passionate about a specific widget you sell.

    Related: Why You Should Stop Trying to ‘Find Your Passion’

    3. Your business should match a lasting market

    A common misconception about franchises in particular is that they are all centered around the fast-food industry. This makes sense: Everyone eats multiple times per day, hence a stable and recurring consumer base. However, any company that can benefit from proper branding, repeatable processes and continuing product or service evolvement is a candidate to be franchised. While it’s true that there are a number of successful restaurant-style franchises, there are so many other options that fall into the “service-based” franchise bucket.

    In today’s business world, particularly with a younger generation of consumers, experiences are valued over material items. To support these experiences, a number of non-flashy but necessary service industry tasks are essential. What is a service that you use on a recurring basis that is not centered around food? Clean clothes perhaps? Monthly haircuts? Consistent trips to the gym? Phil would agree.

    If there is a recurring customer need, then there is likely a franchise that is seeking to capitalize on that customer need.

    At the end of the day, hobbies are a great place to start for brainstorming purposes, but think outside the box and ask yourself: What tangential services support your hobby or other hobbies that are similar in nature? Before long, you’ll have a list of services, and, to bury the lead, I guarantee there will be multiple franchises for you to consider associated with those services.

    So remember these three key takeaways when considering business ownership: First, hobbies and business are best kept separate. Second, owning a successful business is the goal (not selling a specific product/service). Third, set yourself up for success by selecting a business that has a strong base of perpetually recurring customers.

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    David Busker

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  • The Top 3 Business Opportunities of the Next Decade | Entrepreneur

    The Top 3 Business Opportunities of the Next Decade | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As someone who has been in the business world for some time now, I’ve seen trends come and go. One thing that has always remained constant is the need for entrepreneurs to innovate and create new ways to make money. There are a lot of ways to do this, but these three are my personal favorites.

    I predict that in the coming years, real estate, artificial intelligence and finance — specifically mortgage companies — will be the three biggest business opportunities. These are the three industries that will see a lot of growth over the next decade, and I’m going to explain why.

    Related: How AI Will Transform the Real Estate Market

    The rise of Proptech: Transforming the real estate industry

    While real estate may seem like a conventional industry, there are some unconventional concepts within it that I believe will lead to major progress in the coming years.

    Proptech (property technology) has been growing rapidly over the past few years, enhancing the way we buy, sell and manage real estate.

    The real estate industry has traditionally been slow to adopt technology, and that’s part of the reason why it’s taken so long for proptech to develop. However, I believe that as this technology becomes more widely used, it will dramatically improve the way we buy and sell homes. The first significant change will be in how we find properties for sale.

    Increasing accessibility and transparency: Fintech revolutionizing finance

    Finance has always been a lucrative industry, but it’s now becoming more accessible to the average person. This is all thanks to new technologies, such as fintech apps and peer-to-peer lending, which make it easier for people to manage and invest their money irrespective of the capital amount.

    Additionally, these technologies are making finance more transparent. Mortgage lending, in particular, is an industry within finance that is expected to see maximum growth.

    The U.S. alone has over $10 trillion in outstanding residential mortgage debt, and as AI continues to diversify the lending process, we can expect more people, even with average credit, to seek mortgage loans providing new opportunities for the lenders themselves and the whole real estate industry.

    These developments, of course, are likely to have a positive impact on the economy. As technology continues to make it easier for people to manage their money, more people will be able to invest in real estate and other assets. This could increase the number of home purchases and help make homes more affordable.

    Related: Is the Real Estate Market on the Verge of a Turnaround or Stuck in a Recurring Pattern? Here’s What You Should Know.

    AI in mortgage lending: Efficiency and opportunities

    Artificial intelligence (AI) may be applied to many different industries, but it has the most potential in mortgage lending. AI enables lenders to quickly and accurately underwrite loans, reducing the time and cost involved in the process, while also identifying patterns and trends in the market, allowing lenders to invest better.

    There are also AI-based solutions that specifically cater to better scenarios to offer premium services to specific niches, such as elder care recommendations in real estate investments. The mortgage industry is moving toward AI-based solutions because they help lenders to do more with less. As banks continue to deal with the costs of compliance, technology will be an important tool for them to stay competitive in the marketplace.

    The benefits of AI are not limited to mortgage lending. Auto lenders have already begun using the technology to streamline their processes, allowing them to provide more personalized offers and faster approvals.

    Implementing new business models: Networking and building strategic partnerships

    Networking and building strategic partnerships are essential for entrepreneurs seeking to succeed in the real estate, AI and finance industries. Entrepreneurs who want to enter these industries can begin by cultivating relationships with key players, industry experts and stakeholders. These valuable connections offer support, resources — and access to new opportunities.

    Moreover, you’ll have:

    Access to resources: Strategic partnerships and networking can offer access to a wide range of resources, including capital, technology, talent and industry expertise. Key partnerships can help leverage these resources effectively to achieve a specific goal.

    Collaboration opportunities: Building connections and partnerships with other industry players opens up opportunities for collaboration on projects, research and development initiatives. AI, finance and real estate are already complicated. To solve a problem in one area, it’s often necessary to combine knowledge from multiple disciplines.

    Business development: Networking and partnerships can offer opportunities for business development and expansion. Collaborations with real estate developers, fintech startups and AI companies can help entrepreneurs identify new markets, expand their service offerings or access new distribution channels.

    Related: What Impact Will Fintech Have on the Future of Investing?

    I have a strong conviction that the top three business opportunities for the next decade lie in real estate, AI and finance. This is because these three areas are ripe for disruption, and the use of technology will continue to shape our lives. As we move into an AI-driven world, businesses that can adapt to these changes will be more successful than ones that don’t.

    In the next decade, we will see massive disruptions in these areas. The most important thing for any business to do is to understand how technology is affecting their industry and use it to their advantage.

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    Roy Dekel

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  • How to Use Buy with Prime to Benefit Your Brand and Customers | Entrepreneur

    How to Use Buy with Prime to Benefit Your Brand and Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Amazon Prime has become associated with a level of consistency and dependability. It’s a brand over 200 million subscribers trust globally. Ecommerce sellers can tap into that subscriber base by adding Amazon’s Buy with Prime service into their websites’ checkout process.

    All the customer has to do is log in to their Amazon Prime account and all their payment and shipping information are available. Amazon says that Buy with Prime’s ease of use, free shipping and familiar checkout experience have increased shopper conversion by 25% on average. If you’re a brand, that’s conversion on your website.

    When a customer buys your brand’s product on Amazon, they’re Amazon’s customer. It’s hard to get around that — especially when tapping into Amazon marketing capabilities like Amazon DSP — you’re targeting Amazon customers on Amazon. Anyone using Buy with Prime is still your customer. By the time a customer gets to that checkout option, they will have interacted with your brand’s marketing funnel and website, but they get the convenience of Prime to boost their experience.

    Related: Amazon Just Updated A Service That Will Make Shopping Even Easier for Prime Lovers

    Buy with Prime merchants can also showcase reviews from Amazon. If your brand has a positive following on Amazon, it’s easy to tap into that consumer trust. Online shoppers depend on reviews when making their decision, and seeing reviews from both Amazon and your website helps to clinch that conversion.

    This is most useful for brands with an established Amazon presence, especially because of fulfillment. For Buy with Prime to work, you must have inventory in Amazon fulfillment centers. When Buy with Prime was first rolled out in 2022, it was only available to Fulfillment by Amazon (FBA) businesses by invitation only. Now any third-party merchant can use it — as long as they “pay for what they use, and all fees, except for those incurred for storage, are charged only after merchants make a sale,” Amazon notes in a FAQ section on the Buy with Prime page.

    For those prices, Amazon will deliver on delivery. Amazon has been bolstering its delivery process using artificial intelligence and “regionalization,” keeping inventory in areas closer to customers. Online shoppers prefer value over speed when it comes to delivery. In a survey, shipping cost was found to be 2.85 times more important than shipping speed. If they are already Prime subscribers, not having to pay for additional shipping along with fast delivery reads as the ultimate value—value that becomes associated with your brand.

    Overall, Buy with Prime integration is relatively easy, with minimal code to be added to your brand’s website, even if you use ecommerce platforms like Shopify. Sellers can choose which items are Buy with Prime compatible and their pricing. You can create bundles with higher price points, even varying from your prices on Amazon. Your website must have Amazon Pay integrated for Buy with Prime to work, though.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Buy with Prime does come with some endorsed integrations. No code is necessary for integration if sellers use a BigCommerce website. BigCommerce sellers can automatically sync their catalog across platforms and monitor orders and returns. If you’re a Klaviyo user, Buy with Prime also comes with integration for syncing purchase data to reach customers with targeted messaging. Klaviyo will allow you to reengage shoppers, encouraging Prime members to return and complete checkout using Buy with Prime on your site.

    Your brand gets access to the shopper information, including name, email address, shipping address and phone number. Amazon will also get that customer data about Prime, but they won’t get any data concerning your non-Prime orders on your site.

    Related: Amazon Slashes Dozens of In-House Brands. Did Your Favorite Line Get Cut?

    At my company, ChannelOp, I love to see brands excel using Amazon’s tools to boost their brand. Amazon’s greatest strength comes from having a diversity of sellers in its marketplace. However, there are sometimes disparities between how inventory moves on Amazon and its websites. We’ve found that when certain products sell well on a brand’s website and not on Amazon, Buy with Prime can move that Amazon inventory. It’s just another tool in your brand’s toolbelt.

    I do look forward to improvements from Amazon on these tools. One feature I hope to see is a Buy with Prime basket. Currently, it’s a single-unit checkout process, limiting online shoppers to single transactions. The margin will increase if three products can sit in a checkout basket instead of just one.

    I hope to see more brands tap into online shoppers’ trust in Amazon Prime. Whether you’re already a Fulfillment By Amazon business or a third party, Buy with Prime adds value to your customer’s journey.

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    Tyler Metcalf

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  • How to Lower the Risks to Your Brand Reputation (and Build an Image that Wins New Business) | Entrepreneur

    How to Lower the Risks to Your Brand Reputation (and Build an Image that Wins New Business) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s little doubt about what brand reputation means to your business and your bottom line. In fact, how people size up your image and, ultimately, connect with your brand, whether online or in-person, is more important than ever.

    It often takes years to build an image that engenders trust and cultivates customer loyalty. Yet, all the work you put into that effort can be shattered in a moment, many times due to unforeseen events, missteps or even things out of your control.

    As an entrepreneur or business owner, safeguarding your company’s reputation is critical for what happens tomorrow and next week and for long-term sustainability and success. And tackling reputational threats typically means taking a proactive approach, lowering the risks to your brand’s reputation through planning, careful strategy execution, deep research and understanding of your audience and market.

    Below, I walk you through a few practical strategies to protect and enhance your brand’s reputation while maintaining the razor-sharp competitive edge you need to stand out in our fast-paced (sometimes perilous) business environment.

    Related: The Relationship Between Reputation and Brand

    Make customer satisfaction your top priority

    Whether selling cars or delivering meals, customer satisfaction is always at the heart of a strong and compelling brand reputation. That may seem obvious, but in today’s online-driven, review-happy environment, customers have more power than ever to share their experiences and generate conversations (good or bad) about your company. Keeping those discussions on the positive side starts by prioritizing exceptional products and personalized services that strive to exceed customer expectations.

    Building a customer-first approach involves several factors, including actively seeking feedback and listening to customer concerns. It’s also centered on addressing issues promptly and apologetically and providing satisfactory resolutions. Remember: happy customers are more likely to become brand advocates on the web, spreading positive word-of-mouth and contributing to your brand’s positive reputation. Pursuing a top-notch customer experience model is one of the best ways to generate that praise and cultivate trust online.

    Related: 7 Powerful Ways to Improve Your Brand Reputation and Recognition

    Keep it transparent

    Transparency builds trust with those your business relies on to thrive. Taking a transparent approach means being open and honest with customers, employees, stakeholders and the public.

    If mistakes or crises happen, it’s generally best to acknowledge them and take responsibility (if needed) as quickly as possible. Concealing or downplaying problems can lead to PR nightmares that often do even more reputational damage down the road.

    Instead, aim for transparency whenever possessive, and leverage that approach as an opportunity to showcase your commitment to integrity and accountability.

    Monitor online presence and respond to feedback quickly

    In our hyper-digital age, your business reputation can be influenced, swayed or even destroyed by what’s said online. Monitoring your online presence, including social media, review sites and forums, is essential for knowing what’s being said about your brand on the web and staying ahead of negativity and optimizing your crisis mitigation strategy. Responding proactively to customer feedback, both positive and negative, is also a must. Engaging with customers online shows that you value their opinions and are dedicated to providing a positive experience.

    Create (and execute) a crisis communication plan

    No matter how well-prepared your team is, online crises can attack anytime. Having a crisis communication plan in place allows you to keep things in perspective and take control of the situation before it snowballs into a major brand disaster.

    An effective crisis plan provides the chance to identify potential risks and scenarios that could harm your brand’s reputation and develop a clear protocol for responding to problems. A well-executed crisis communication strategy allows you to mitigate the impact of an adverse event while preserving your credibility with customers.

    Foster a positive company culture

    Your business reputation extends beyond just your products and services; it includes your company culture and how employees perceive and connect with your brand. Cultivating a positive and inclusive work environment that values employee well-being and professional growth is critical to strengthening your image among those you depend on and earning positive, reputation-enhancing ratings on popular employee sites like Glassdoor.

    A satisfied and engaged workforce is more likely to advocate for your business and convey positive company sentiment that resonates with customers and the public.

    Engage in Corporate Social Responsibility (CSR)

    Incorporating CSR initiatives into your business strategy demonstrates your brand’s commitment to social and environmental causes. Engaging in meaningful CSR activities benefits society and strengthens your reputation as a responsible and compassionate organization. It also shows many stakeholders (customers, employees, etc.) that you share their values and have a sincere, proactive investment in building a safe and healthy community.

    Related: 5 Ways Leaders Can Make Their Teams Happier and Healthier Without Spending Much

    Taking action and lowering risks provides a big advantage online

    Your brand reputation is an intangible but invaluable asset that requires careful attention and protection. Cultivating a compelling brand means taking a proactive approach that includes prioritizing customer satisfaction, taking a transparent tack to communication, monitoring your online presence, implementing an effective crisis communication strategy, fostering a positive company culture and engaging in CSR initiatives that lower the risks to your brand’s reputation.

    Consistent effort, integrity and a customer-centric approach will help you build a resilient and positive brand reputation that stands the test of time and propels your business toward long-term success in today’s competitive landscape.

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    Adam Petrilli

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  • Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

    Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Accountability is a remarkably dynamic word and so much more than a simple promise to perform. While the concept is rooted in responsibilities, the term also implies continuous action and a healthy system of checks and balances. At its core, accountability is about showing up, claiming ownership of a task, and then accomplishing the things you have committed. And everyone in your organization should do the same – because accountability is not a solo act. Accountability is the kinetic energy that fuels every successful organization.

    Your own accountability as a business owner is a gimmie; as the leader of your company, your word is your bond. And there are also huge benefits in creating a culture of accountability throughout your organization.

    You want employees to be answerable for their responsibilities. You want your team to work toward company goals, maintain certain metrics and meet their deadlines. While these accountabilities might seem rudimentary, you might be surprised how many businesses struggle with them.

    I believe most employees want to do a good job and try hard to be accountable. If they fall short, a glitch in communication is usually at the heart of the problem. Maybe the employee was never clear on expectations. A lack of transparency possibly hobbled achievement. Or, as is often the case, perhaps the employee’s definition of success differed from that of their manager.

    Fostering a culture of employee accountability is key to the success of any business, and the formula almost certainly starts with respect for your team, their strengths and their goals. Best-selling author and TED Talker Daniel Pink says that fostering a spirit of autonomy, mastery and purpose in your employees allows them the freedom and inner drive to develop creative solutions. He is right; by affording them these opportunities for self-direction and responsibility, you create better alignment in an environment where your people feel valued and their talents nurtured. This is to say that you set the stage in your business for a culture of accountability.

    Related: How to Create a Culture of Gentle Accountability in 3 Steps

    Employees crave autonomy

    Autonomous employees are empowered to leverage their own judgment and take ownership of their decisions. Embracing a culture of self-responsibility throughout your business fosters a stronger sense of employee commitment, supports innovation and demonstrates your trust in your team’s capabilities and professionalism. By giving employees more flexibility and responsibility in their own approaches and outcomes, they become more thoughtful in their actions and decision-making processes.

    Accountability and autonomy might feel like conflicting concepts at times. Getting the balance right can be challenging, but it is well worth the effort. It starts with communication and clarity. When you or your management team assign a task to an employee, ensure that the person is clear about what you want them to do and the expected results. Ask the employee to confirm what you are asking them to do. Let them know you are available if they have questions about the task. Then allow them to do their job. You can check in periodically to track their progress along the way.

    Related: Want Elite Performance? Adopt These 5 Practices Of Top Tactical Units

    Employees want mastery

    Mastery is the process of honing one’s skills to a refined level. When you provide employees with development opportunities, they become quantifiably more engaged, productive and fulfilled in their jobs. Mastery boosts employees’ sense of accomplishment, positions them for a more rewarding career trajectory, and seeds the business with increasingly capable people. I talk a lot about win-win in business. Creating opportunities for your employees to master their skills while increasing your company’s competitive edge is certainly one of them.

    Consider investing in your business’s employee development, mentorship and leadership training programs. The ROI for learning initiatives tends to be high from a financial and cultural perspective. And while an increase in accountability is challenging to track with real numbers, it is most definitely positively impacted by employee mastery.

    Related: What is the Caliber of your Company Culture and How Can You Develop It?

    Employees desire purpose

    Now more than ever, employees yearn for a sense of purpose that serves as something larger than themselves in their professional and personal lives. Millennials and Gen Zs are particularly motivated to make a difference in the world around them at both a micro and macro level. By instilling a profound sense of purpose within the vision and mission of your company, you better attract and retain those people who are aligned with similar concerns and causes.

    When employees feel empowered and impactful in their ability to support what they care about, they are more committed, intentional and accountable. Greater purpose inspires ownership in achieving above-and-beyond outcomes.

    Purpose-driven employees also tend to be more adept at tackling challenges. They have faith in their own ability to overcome adversity to achieve a desired goal, so they willingly take on more responsibility and accountability to make things happen. Purpose is a powerful motivator on so many levels.

    When employees fall short on accountability

    What if you have put in the effort to create a culture of employee autonomy, mastery and purpose in your business, but your people are still lagging in the accountability department or are regularly just not meeting expectations?

    Rather than resorting to criticism, I suggest you take a coaching approach. Ask the employee how they felt a glitchy project went. What worked well and what panned out poorly. Ask them to analyze the processes and procedures, then have them share those opinions with you. This will provide you with enormous insight, at least from this employee’s perspective, that you may not have considered.

    While leveraging the coaching approach, you will often find that the employee admits their own culpability or poor performance in the project and makes suggestions for self-correction. Which, when you think about it, really is the definition of employee accountability, isn’t it?

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    Jason Zickerman

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  • You Only Need These 3 Things to Come Up With Your Best Ideas | Entrepreneur

    You Only Need These 3 Things to Come Up With Your Best Ideas | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s easier than ever to feel lost — lost in the workplace, lost in your personal life, even lost in your overall purpose and mission as a human being. I personally blame a lot of this on social media. It’s the perfect concoction for depression, anxiety and the feeling of not knowing what path is right for you.

    A couple of hours on the Zuckerberg Express (a.k.a. Facebook) and you’ll be fed other people’s successes so much you’ll start to doubt your own. A video of a fix-and-flip specialist will quickly make you think you need to stop what you’re working on, buy houses and renovate them yourself. You’ve never held a hammer and you don’t know what HVAC stands for, but if this 30-second video on Instagram taught you anything, it’s that the time is now…

    Excuse my sarcasm, but even as I’m writing, I’m reminded of the ridiculous paths I’ve gone down thanks to social media. That’s a story for another time though. Through exploring and failing on many of these voyages, I’ve learned a tried and true method to keep me goal-oriented and combat as much of the social media facade as I can: whiteboarding.

    Yes, you read that right. Structured and creative time away from all other work and life needs, with just a whiteboard, a marker and your thoughts. In my nine years as a business owner, I’ve found whiteboarding to be the single strongest tool for fine-tuning my ideas, innovating and niching down. Below are the three biggest rules I use for effective whiteboarding.

    Related: The Whiteboard Method: 5 Easy Steps to Discover Your Niche and Turn Your Passion Into a Career

    1. No erasing

    Before you start, remove the eraser from the room. It’s so easy to get hyper-critical of what you’re writing when you know you can erase it. By operating under the “no idea is a bad idea” philosophy, I’ve been able to discover new revenue streams for my business, fine-tune my goals and more. Not erasing anything is a great way to leave thoughts up on the board for further development. Sometimes an idea I quickly jotted down — that I would’ve erased in real time — just needed some further tweaking. That idea later became a huge component of my business moving forward.

    2. Time your whiteboarding sessions

    I like to do 20-minute sprints, but find an amount of time that feels comfortable for you. Remember, this exercise is for you. If 20 minutes is too long, do 10. If 20 minutes is too short, do 30. This is your time.

    Turn a timer on and turn everything else off for whatever amount of time you decide. I like to stand up in front of the board (sometimes even pace) and write as much as my brain and hand will let me. After the allotted 20 minutes, I sit down and spend time reading and digging into each thought. Oftentimes, this is where I’m able to expand a simple thought into something much more developed and fleshed out. If I feel like I hit an “aha” moment, I take a photo of the board, then erase and flesh that idea out further. If I didn’t, I spend some more time reading and digesting, then I take a photo and get back to my work. Not every time will be one of those euphoric highs we all love about entrepreneurship and finding new ideas, but the simple act of doing this frequently creates clarity.

    Related: How Journaling Can Make You a Better Entrepreneur and Leader

    3. Frequency

    I personally do these whiteboard sessions once a week. I’ve found that to be frequent enough to work through things, but not so frequent to the point of wasting time or energy on the same thoughts over and over. If I’m feeling extra lost that week, rather than adding an extra session, I prefer to jot it down to work on at my next whiteboarding session. Routines are everything.

    A lot of people talk about the power of whiteboarding in groups for creative brainstorming. I find that to also be an effective way to pull ideas out of a group, but the sessions need to be structured enough to not be a time suck for everyone and the groups need to be small pods before opening them up to bigger teams.

    When my business partner Ian Rodriguez and I launched Innovo, we’d spend hours behind a whiteboard taking turns workshopping every little detail and idea. Those days were extremely effective for clarifying who we were and what we wanted to accomplish.

    Once your business is moving you obviously can’t spend hours weekly doing those sessions though. In my opinion, the best go-forward strategy I’ve found here is to whiteboard solo, develop some thoughts and opinions, then bring your partner(s) and team in to take it to the next level. This allows for personal clarity as well as tapping into others’ skill sets and ideas.

    Ideas are good, but clarity is great. Don’t be afraid to challenge yourself through whiteboarding — it’s become my secret weapon in entrepreneurship.

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    Sam Saideman

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  • How to Create Viral Content | Entrepreneur

    How to Create Viral Content | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Readwrite.com

    With an estimated 328 million terabytes of data created each day, it can be difficult for brands to find unique ways to reach and be remembered by potential customers. But brands have a greater chance of making a lasting connection if they can meet customers where they are and appeal to their interests.

    Related: A Retiree in Florida Started This ‘Fun’ Remote Side Hustle Out of Boredom. Now She Makes Up to $3,000 a Week.

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    RJ Licata

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  • 4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

    4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Any startup or newer business needs a strong focus on building an effective and productive team of employees. However, this remains somewhat difficult, as a job market favoriting candidates makes hiring new employees a costly and risk prone process. This is especially the case when considering the technology talent many new businesses need to execute the ideas at the core of their business hopes.

    With many startups suffering from a lack of capital, taking a different approach to finding talent serves to optimize their staffing spend. It helps these new businesses affect the organizational changes they need to achieve for a real chance of success. A mix of staff augmentation and strategic outsourcing ensures emerging businesses have access to the necessary talent in a cost-effective fashion.

    So let’s look more closely at these and other organizational changes new businesses need to consider for a better chance of success in 2023 and beyond. These ideas allow your emerging organization to stay nimble to take advantage of any new opportunities arriving on your doorstep. Leverage these insights to position your startup squarely on the path to success, providing a quick exit opportunity for your investors.

    Related: 4 Ways Leaders Can Navigate Change and Find the Hidden Opportunities

    Leveraging staff augmentation to maintain a startup’s talent pipeline

    Any new business needs a robust talent pipeline providing the flexibility to thrive in its earliest stages. We already mentioned the expensive and risk-prone aspects of sourcing permanent employees in the current job market. A startup might spend an inordinate amount of time and resources trying to hire a permanent candidate, only to fail, with all those sunk expenses as a result.

    However, adopting a staff augmentation approach provides talent from a development agency to quickly meet an acute skills gap or other talent shortage. It also remains a great way for startups to access the critical technology professionals they need to complete the technical product or service central to their growth potential. When considering this strategy, find a digital agency or staffing services firm able to provide a full team. It helps foster collaboration with your organization compared to contracting individuals.

    Add outsourced expertise to your organization

    Somewhat related to that point, in addition to using staff augmentation as a talent strategy, you might also consider outsourcing certain leadership and other managerial expertise to your organization. Many high-level consultants with experience in the same industry sector as your startup are willing to work with new businesses. It offers the critical know-how to help any new business devise a strategy to achieve its short-term and long-term goals.

    Once again, this type of “on-demand” staffing lets businesses add expertise at significant cost savings compared to making permanent hires. A startup conserves its limited capital by not having to pay benefits and salaries to a host of new employees. When the current project finishes, those contract workers simply move on to their next gig, while a startup’s staffing spend returns to normal.

    Data-driven decision-making helps startups gain a measure of wisdom

    Any startup benefits when focusing on tangible insights derived from data for their decision-making processes. It makes a difference in a variety of functional areas but holds special importance when considering market research when vetting a potential target market for a new business’s first product or service. Developing any digital product — typically a software app or similar platform — without any market insights results in a startup flying blind.

    Of course, data beyond market research also matters throughout the process of developing any software product. Any thorough testing process generates a massive amount of valuable data offering insights into the user experience — this helps inform the project team on what features to include and modify before the app goes live. Beyond that, never skimp on data analysis throughout a business’s history. Data remains the lifeblood of any successful company, after all.

    Related: What Stops Organizational Change From Sticking, And How to Change That

    Ensure your software projects follow an iterative approach

    One important organizational change relates to the methodology new businesses use for their software projects. Following an iterative software methodology, like agile or lean startup, provides many benefits to startups and emerging organizations. This approach ensures any bugs or design mistakes are caught early in the development process when more inexpensive to fix. Finding a critical bug right before going live might result in the failure of the startup.

    Lean Startup leverages a concept known as the minimum viable product (MVP). It’s essentially a prototype developed in short cycles that include sharply defined stages for testing, analyzing the data from those test results as highlighted above, and applying the lessons learned to a new version of the app. It keeps business stakeholders and the project team in close communication throughout the initiative, ensuring nothing gets lost in the fray.

    In the end, improve your chances of a successful startup by adopting these organizational changes. Leveraging staff augmentation at startup launch provides the critical talent it needs in the most cost-effective manner. Additionally, adopting an iterative data-driven software development approach reduces expenses while resulting in an app with a better chance of making an impact on the market.

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    Andrew Amann

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  • 5 Ways Startups Can Increase Their Visibility | Entrepreneur

    5 Ways Startups Can Increase Their Visibility | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    During the recent pandemic, many startups had to rethink their business models. In some cases, this meant refocusing on their core business and determining how well they served customer needs. In other cases, startups had to change their business models completely to succeed.

    Now that the world is back to normal, I recommend that startups place a new urgency behind becoming more visible and keeping their momentum going. Methods to do so include attending or speaking at events, competing in startup competitions and establishing new customer or partner relationships. Taking advantage of such opportunities will help startups emerge stronger than ever before from the pandemic.

    1. Target the right events

    Around the world, I see event organizers switching from virtual events to hosting in-person events. I recommend that startups take advantage of this opportunity to increase their visibility. Startups can research which events are the most relevant based on event themes and the typical attendee profile. At technology and business events, attendees often include corporate executives, other startups, potential partners and customers and investors. Most events publish in-depth profiles of their attendees, so startups can study these ahead of time and determine which events are the best fit.

    Before any event, take advantage of event websites and apps to see who is attending. This allows you to reach out to set up networking meetings ahead of time. Journalists often attend business and technology events, so there’s a good chance that startups can meet them and ideally set up press interviews.

    Related: 5 Ways to Make Journalists Actually Want to Publish Your Brand’s Stories

    2. Compete to promote your startup

    I also recommend that startups consider competing in startup competitions to raise the visibility of the business and its founders. Even if you don’t win, you get to pitch your business, fine-tune your elevator pitch and network with attendees – including other competitors, judges, investors and journalists.

    Typical opportunities include:

    • Business plan competitions are offered by MBA programs, which offer startups with a connection to the school to present their business plans and compete to win.
    • Pitch competitions are offered by leading technology events around the world, such as Collision, Web Summit, Startup Grind and The Next Web. Startups who compete typically take the stage to pitch their ideas in front of the event audience.
    • Startup competitions allow startups to compete on a local, regional, national or international basis. At the Startup World Cup, for example, startups compete at 70+ regional competitions worldwide. The grand finale winner earns a $1 million investment prize.

    Related: 8 Business Titans Reveal the Best Social Media Tactics to Promote Your Company

    3. Build new relationships

    While virtual meetings have their place, there’s nothing like meeting in person to build genuine, long-term relationships. Forbes Insights reports that 85% of people reported building stronger, more meaningful business relationships with people they’ve met face-to-face. When I attend events and competitions, I often meet influential people from different walks of life that I would otherwise not meet. Startups should take advantage of such opportunities and either ask for introductions or just introduce themselves. My business relationships with partners, startups, portfolio companies and journalists started with a casual introduction and in-person meeting.

    4. Publish thought leadership content

    Another good way startups can increase their visibility is by publishing thought leadership content. I often advise startup founders to write about what they know – whether about new technologies, business trends or leadership advice. This allows the author to establish themselves as an expert in one or more topics. The press might notice such content, and it often opens the door to new business relationships.

    Research shows that thought leadership works. In fact, 88 % of decision-makers surveyed by Edelman and LinkedIn think that thought leadership effectively improves their perceptions of an organization. Business-to-business decision-makers said that high-quality thought leadership strengthens a company’s reputation and positively impacts requests for proposal invitations, wins, pricing and cross-selling that occurs post-sale.

    Writing thought leadership content can take different forms. The most straightforward method is to write an article on LinkedIn, populate social media or use a self-publishing channel. Experts can also submit their articles to local, regional or national publications that accept contributed content. Doing so will help a startup founder share his or her expertise without generating news, which is typically required to get press coverage. Thought leadership content goes beyond articles. On the technical side, startup founders — or other experts, including chief technology articles — can publish technical articles or research findings. On the creative side, entrepreneurs can create short-form videos that demonstrate their expertise while entertaining the audience.

    Related: So You Want to Be a Thought Leader? Here are 5 Steps to Take

    5. Continue your momentum

    Now that it’s possible to meet people in person and attend live events, I recommend that startups work hard to increase their visibility and maintain their business momentum. Don’t sit back and hope that business will come to you. Put yourself out there and take advantage of opportunities to attend events, network, compete and build new relationships. Each can help startups grow more quickly, enabling them to capitalize on their innovative ideas and ultimately make the world a better place.

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    Anis Uzzaman

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  • Understanding the Latest Trends in the Global Energy Industry | Entrepreneur

    Understanding the Latest Trends in the Global Energy Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From the energy proposals in the Inflation Reduction Act to new concerns about fuel dependency following the war in Ukraine, it’s been a hectic couple of years for the energy industry, both in the United States and globally. There are several important current trends worth keeping an eye on in 2023 to see how the energy industry, particularly renewables, responds.

    Here are several of the most important trends I’ve noticed for renewable energy companies (and investors). These forces are having the biggest impact right now.

    Fuel costs remain high, with mixed results for renewables

    I expect fuel costs to remain very high, especially natural gas, coal and oil. Global prices have decreased somewhat in 2023, but reports still indicate that energy prices are hovering at an incredible 75% above the average heading into next year. Reasons for this include the war in Ukraine and sanctions against Russia, new geopolitical alignments that have cut oil production, and general high demand in many sectors.

    Some nations are focusing even more on fuel production as a result. United States’ natural gas production and exports have increased, for example. But these high prices have also pushed more investment in renewable energy and helped encourage removing some of the older barriers to development. If your renewable energy business is ripe for expansion or new partners, now is an excellent time to develop a proposal and focus on the need for energy independence, regardless of what’s happening in the world.

    That also means more competition for renewables, but there’s plenty of room for growth in many sectors and energy transition plans pick up steam.

    Related: 3 Ways to Make a Commitment to Sustainability Your Customers Want to See

    Energy storage heats up

    The continued growth of renewable energy in 2023 has also led to realizations worldwide that renewable energy storage hasn’t quite been keeping up with demand. In the United States, this trend with a renewed focus on batteries, from EVs to helping regulate solar systems across the country. Japan and China are also working on increasing battery availability.

    Batteries are only one part of the supply chain issue clean energy is seeing, albeit one of the most notable. But increased production following Covid-19 is helping reduce these tensions and improve production results. Manufacturers should start looking for better supply options if they’re struggling – things are improving!

    Related: Tesla is Quietly Working on a Project to Help Texas’ Power Grid

    The nuclear pendulum swings back up

    Nuclear energy has been an infuriating prospect for energy investors in recent years. It has the potential to fill an ideal niche in the renewables market and circumvents some of the steep problems involved in transitioning to clean energy. But the public generally hates it, and research is conducted at a snail’s pace. Also, renewed fears of nuclear attack or contamination in Ukraine have not been inspiring for the sector. But there’s also lots of good news.

    In 2023, nuclear may finally be ready to assume a key place in clean energy plans worldwide. Germany is rethinking after pulling back from nuclear power in recent years. New plants are being built in Georgia (U.S.), and American research continues to unveil new ways to make nuclear energy more efficient for older reactors and safer for newer models being planned. Turkey, Egypt and China are also investing in new nuclear plants as well. Now’s the time for nuclear to show the role it will take.

    States war between renewables and the old guard

    This trend is most noticeable in solar states like California and Florida. Still, it is happening in many ways across the U.S. Existing power producers, fiercely protective of their rate management and grid operation, are lobbying hard to prevent consumers from benefiting from their solar use. That includes getting rid of credits from selling excess power and limiting future solar installation opportunities. This underlines the need for the renewables industry to spend time on representation and answering proposals like this with quick, decisive alternatives.

    Offshore wind is continuing its march in the United States, with wind companies looking to the 19 GW of offshore wind power working through the permitting phase in 2023. This will unleash a wave of new development in the coming years. Wind is just getting ready for a very eventful decade, but long-term planning is required.

    Related: Top Solar Energy Trends To Look Out For in 2023 and Beyond

    How clean hydrogen has new potential

    One exciting development I noted from the Inflation Reduction Act changes was a new emphasis on clean hydrogen. Also called green hydrogen, this type of hydrogen is safely produced and disposed of without creating a significant carbon footprint. It’s fairly rare in the United States, which uses mostly “gray” hydrogen production. But the IRA includes big tax credits for clean hydrogen, which will likely prompt a mass transition through the United States and open up many new opportunities for carbon reduction programs.

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    Abe Issa

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  • 3 Valuable Leadership Lessons From Disney’s ‘The Little Mermaid’ | Entrepreneur

    3 Valuable Leadership Lessons From Disney’s ‘The Little Mermaid’ | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The Little Mermaid, a live remake of the original 1989 Disney animated classic, was released at the start of the summer with a bang. The big-budget live-action remake passed what the original film generated, making more than $550 million in ticket sales at the worldwide box office. Young girls of color were excited to see themselves reflected on the big screen. But the film’s success was not without controversy and racist attacks, which started long before the movie even began filming.

    The Little Mermaid once again reminds us of the power of storytelling and the power we as leaders have to disrupt bias and shatter stereotypes. Here are three lessons we can take from the movie.

    Related: Will a Professional Mermaid’s Business Idea Sink or Swim?

    1. Reimagine who is included in the world of fantasy

    Disney has been on a journey to build a more inclusive culture and to focus on a diversity of representation in content. Disney launched the Reimagine Tomorrow initiative, which sets inclusion standards across Disney general entertainment and live-action studio productions. The goal is to advance representation in front of and behind the camera, in marketing and more. Disney has shared its goals and progress publicly to hold itself accountable.

    We have a responsibility to remind the world that everyone deserves to be represented in fantasy. All of our children should be able to imagine themselves in made-up cultures, countries and worlds. Creating goals and tracking progress is one way to ensure that we are focused on a diversity of representation in the world of fantasy — and all types of media.

    2. Stand up to the critics

    When Disney released its first trailer for The Little Mermaid featuring Halle Bailey singing “Part of Your World,” the internet exploded with racist comments. On YouTube, users left more than two million dislikes, making fun of the lead actress and including a barrage of racist comments. Hashtags like #notmyariel gained traction.

    Disney didn’t back down. Director Rob Marshall said, “When that controversy arose, from narrow-minded people, I thought, wow, that really feels like it’s coming from another century. Are we really still there?” From the moment it was announced Bailey was cast as Ariel, the backlash mounted. Disney stayed the course when it came to producing the movie and bringing it to market.

    We can’t let racist criticism and backlash change the course of our storytelling. Our stories have the power to change hearts and minds and inspire change. Don’t be the leader or brand that backs down; be the leader and the brand that stands up for what is right in times of intense hate.

    3. Remember the details matter

    When it came to Bailey becoming Ariel, the details mattered. The film’s hair department head, Camille Friend, was nominated for an Oscar for her work on Black Panther: Wakanda Forever. Friend was on a mission to create a look for Bailey that would work and still capture the essence of the famous redheaded mermaid Ariel. Maintaining Bailey’s natural hair was a must; she has long locs and it was important to stay true to her Black heritage. With many scenes being filmed underwater, little details mattered — just as small details should matter to leaders as they strive for inclusion.

    In my new book, Reimagine Inclusion: Debunking 13 Myths to Transform Your Workplace, I share how focusing on a diversity of representation among talent is only the first step in filmmaking and other content businesses. How talent is represented on screen, respected on set, and how they are able to be true to themselves and their characters are details that can’t be overlooked. Disney shows us again that we have the power — and responsibility — to reimagine who is included in the world of fantasy.

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    Mita Mallick

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  • Our Side Hustle Lets Us Stay for Free in Homes Around the World | Entrepreneur

    Our Side Hustle Lets Us Stay for Free in Homes Around the World | Entrepreneur

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    Like many young couples, Austin Andrews and Jori Kerr wanted to travel but couldn’t afford the sky-high expenses. Then Jodi stumbled upon a blog post touting the benefits of pet sitting.

    “I discovered we could stay in amazing homes around the world for free, caring for great animals,” Kerr recalls.

    They paid an annual fee (around $130/year) to join a service called Trusted House Sitters and waited for a response. After a few months, the couple from Bend, Oregon, got an invitation to go down to Grenada in the Caribbean for 14 days to care for a few pets.

    The trip was magical, with endless sunsets, long walks on the beach, and free lodging.

    “That set our path. After that, we just knew that was what we wanted to do,” says Andrews.

    Two years later, the couple has made their love of travel and caring for animals a full-time job. Their company Nomads and Pawpads is a content marketing business that chronicles their adventures pet sitting in 11 countries in 5 different contents. In addition to staying in luxurious homes around the world for free, they earn up to $22,000 a month.

    Nomads and Pawpads

    Related: These Dog Walkers Are Making $100,000 a Year

    Starting as a side hustle

    Before launching Nomads and Pawpads, Andrews and Kerr were content just traveling the world taking care of pets as a side hustle.

    Kerr worked at a brewery in customer service, and Andrews was a landscaper. They traveled during the winter when Andrews wasn’t working, and Kerr could work remotely.

    Although their rent was free, they weren’t getting paid to pet sit. Visa restrictions do not allow international house sitters to get paid for their work. House sitting is a free exchange. They occasionally received money to pet sit around the U.S., but international travel excited them. They needed to figure out a way to make it work.

    The solution: Write about their travels using affiliate marketing and social media collaborations to monetize. The couple uses their website, Instagram, and TikTok to market their pet-sitting lifestyle, offering advice, resources, and paid links to house exchange platforms such as Trusted House Sitters.

    Other popular pet-sitting sites include:

    HousesittersAmerica.com

    Rover.com

    MindMyHouse.com

    As content marketing revenue increased, they could quit their other jobs and take on full-time pet sitting. They now spend about 6 to 9 months out of the year abroad.

    Some of their most memorable experiences include trips to the beaches of South Portugal and stays in Singapore and Hanoi.

    Most of the requests are easy—walk and feed the dog and/or cat, change the litter, give them fresh water, and light grooming. They’re also asked to take out the garbage and collect the mail, simple requests that leave them plenty of free time to explore their location.

    But sometimes, pet owners require something a little out of the ordinary. Recently, they were asked to walk a cat in a stroller. They also had to feed a bearded dragon named Athena.

    “That was definitely one of our most exotic pets,” says Andrews. “But she was super easy.”

    Related: Do You Love Animals? Here Are 5 Ways You Can Turn Your Passion into Real Money

    Is pet sitting right for you?

    Pet sitting may sound like a fun and affordable way to see the world, but it’s not for everyone. Andrews and Kerr believe there are a few traits you need to possess to make it work.

    You have to be an animal lover. Both Andrew and Kerr are big animal fans. Kerr grew up on a game bird farm with dreams of being a veterinarian. “But I couldn’t really handle the sad part of that,” she says. “Pet sitting is perfect because I still get to be around animals, and, you know, there are some stressful moments for sure.

    You have to be flexible and creative. Travel schedules change, so you need to be willing to adapt. You also have to be creative about your going pay your way. Remember, international pet-sitting jobs only cover your housing costs. So you’ll need to figure out how to pay for the rest of the trip. One bonus about Europe, says Andrews. “It’s much cheaper once you get there. It’s like $60 to fly from Rome to Paris.”

    You have to be a good communicator. Make sure you’re in good communication with the pet owners. Leaving your home and pets in the hands of strangers can be stressful. “You wanna make sure everyone’s comfortable and on the same page,” says Andrews.

    Nomads and Pawpads

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    Jonathan Small

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  • Drew Brees: From Football to Franchising | Entrepreneur

    Drew Brees: From Football to Franchising | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this captivating podcast episode, hosted by Jeff Fenster, founder and CEO of Everbowl, former NFL quarterback Drew Brees shares his remarkable transition from the football field to the world of entrepreneurship. The conversation between these two accomplished individuals offers a unique blend of insights from both the host and the guest, adding credibility and depth to the discussion.

    Jeff Fenster, a highly successful entrepreneur himself, brings his expertise and experience to the table as the host of the podcast. As the founder and CEO of Everbowl, a fast-casual restaurant chain specializing in superfood bowls, Fenster has demonstrated his ability to identify market opportunities and build a thriving business. His entrepreneurial journey serves as a testament to his knowledge and understanding of the challenges and triumphs that come with building a successful brand.

    Fenster’s entrepreneurial journey began with a vision to create a healthy and delicious dining option that would cater to the growing demand for nutritious food. With a passion for health and wellness, Fenster recognized the need for a fast-casual restaurant that offered nutrient-rich meals without compromising on taste. This realization led to the birth of Everbowl, a concept that has since gained popularity and expanded to multiple locations.

    As the founder and CEO of Everbowl, Fenster has been instrumental in shaping the brand’s identity and driving its growth. His hands-on approach and commitment to quality have earned him a reputation as a respected figure in the restaurant industry. Fenster’s ability to identify market trends, adapt to changing consumer preferences, and build a strong brand presence has been key to Everbowl’s success.

    On the other side of the conversation, Drew Brees, a legendary NFL quarterback, brings his own credibility and expertise to the discussion. With a career spanning two decades, Brees is widely regarded as one of the greatest quarterbacks in NFL history. His accomplishments on the football field, including a Super Bowl victory and numerous records, have solidified his status as a respected and admired figure in the sports world.

    Beyond his football career, Brees has also made a name for himself in the business world. As a franchisee for Jimmy John’s sandwiches and an investor in various other ventures, Brees has demonstrated his entrepreneurial acumen and ability to navigate the complexities of the business landscape. His experiences as a franchise owner and his commitment to authenticity in his business ventures further enhance his credibility as a successful entrepreneur.

    Brees’ journey into entrepreneurship began with his foray into the world of franchising. As a franchisee for Jimmy John’s, Brees gained firsthand experience in running a business and managing a team. This experience sparked his interest in franchising and opened his eyes to the possibilities that lay beyond the football field. Brees recognized the value of aligning himself with established brands that shared his values and resonated with his personal brand.

    Brees’ commitment to authenticity has been a guiding principle in his entrepreneurial endeavors. He understands the importance of staying true to oneself and maintaining unwavering integrity in business. This commitment not only ensures a genuine connection with his business ventures but also helps build trust and loyalty among his customers. Brees believes that authenticity is the key to building a successful and sustainable business.

    But what sets Brees apart is his ability to find love in difficult situations. He fearlessly opens up about his personal encounters with failure and adversity, emphasizing the importance of resilience in overcoming challenges. Brees firmly believes that setbacks are not the end of the road but rather stepping stones to success. He encourages aspiring entrepreneurs to embrace failure, learn from it, and use it as fuel to propel themselves forward. By reframing challenges as opportunities for growth, entrepreneurs can approach difficult situations with a positive mindset, unearthing the hidden gems within every setback.

    Brees’ experiences as a franchisee have also highlighted the value of the franchise community. He recognizes the wealth of knowledge and support it offers. Brees cherishes the opportunity to learn from fellow franchise owners, understanding the power of collaboration and shared experiences.

    The franchise community provides a vibrant platform for entrepreneurs to connect, exchange ideas, and gain invaluable insights from others who have walked a similar path. Brees’ experiences underscore the importance of building relationships and leveraging the wisdom of others in the pursuit of success.

    In addition to his franchise ventures, Brees has also found success in expanding his Everbowl locations. Everbowl, a fast-casual restaurant chain specializing in superfood bowls, aligns with Brees’ commitment to health and wellness. Through his involvement with Everbowl, Brees has not only expanded his business portfolio but also contributed to promoting a healthy lifestyle among his customers. This expansion showcases Brees’ ability to identify opportunities that align with his personal values and leverage his platform to make a positive impact.

    Brees’ journey into entrepreneurship is a testament to the power of setting goals and embracing challenges. He emphasizes the importance of having a clear vision and working tirelessly to achieve it. Brees’ relentless pursuit of excellence on the football field has seamlessly translated into his business endeavors. He believes that the same principles of discipline, hard work, and dedication that propelled him to success in football are equally applicable in the world of entrepreneurship.

    As Brees reflects on his journey, he acknowledges the lessons learned from both successes and failures. He understands that failure is not a reflection of one’s worth but rather an opportunity for growth and improvement. Brees encourages entrepreneurs to embrace failure as a stepping stone to success, reminding them that even the greatest achievements are often preceded by numerous setbacks.

    In conclusion, Drew Brees’ journey from the gridiron to the boardroom is a captivating tale that offers invaluable insights for aspiring entrepreneurs. His entrepreneurial mindset, emphasis on authenticity, unwavering resilience, and commitment to personal values serve as a beacon of inspiration. Brees’ unwavering belief in finding love in difficult situations and his deep appreciation for the franchise community further underscore the importance of resilience, collaboration, and continuous learning in the entrepreneurial journey.

    As entrepreneurs navigate their own paths, they can draw inspiration from Brees’ experiences and apply his insights to their own ventures. By embracing challenges, staying true to their values, and seeking support from the vibrant community, entrepreneurs can conquer obstacles and achieve their loftiest goals. So, gear up, embrace the unknown, and let Drew Brees’ entrepreneurial spirit guide you to victory in the game of business.

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    Jeff Fenster

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  • How This Couple Turned Their Hobby Into a Big Business | Entrepreneur

    How This Couple Turned Their Hobby Into a Big Business | Entrepreneur

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    In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)

    Who are you and what’s your business?

    Brynn McLeod: We are Brynn and Antoine McLeod, the husband and wife team behind STREX Fasteners, a system that makes the process of covering a boat much easier and faster. We’re originally from Anchorage Alaska. We met and started dating in high school over 20 years ago and have been married and business partners for nearly 10 years.

    Antoine McLeod: Now we live on a lake near Seattle and when we’re not working, we’re typically on our boat with family and friends. We came up with STREX Fasteners because we were tired of the old way of putting on our boat cover when we were done having fun on the water.

    What inspired you to create this business?

    Brynn: We thought that there just had to be a better way to cover a boat. Pressing on and snapping in dozens of metal buttons not only took forever but was also very painful on my hands and fingers.

    Antoine: Once we realized that there was really nothing on the market that addressed this common problem we knew that this was a great opportunity. We started working with Brynn’s father, who is an engineer, on different designs and after testing out several prototypes finally landed on the STREX Fastener design that we offer now. The best thing about our patented design is that they are very durable yet flexible and they make covering a boat super easy.

    Brynn: And we are currently working on several new products that utilize our one-of-a-kind STREX systems: a universal pontoon boat cover with integrated poles that circumvents the need for costly custom canvas covers and eliminates the hassle of crawling underneath the boat to attach it. The other is an OEM design that would provide new covers with the same benefits as our retrofit product.

    What advice would you give entrepreneurs looking for funding?

    Brynn: I’d say to first start with friends and family. If you have an idea that you believe in and a business plan that clearly shows how you intend on returning their investment chances are you can find someone close to you willing to help.

    Antoine: These days there are several Venture Capital and Angel Investor online platforms that can help just about any type of business find funding. I recommend doing your research and trying to find an investor that not only meets your financial needs but aligns with your vision as a brand or company. Once you have identified a good investor that matches what you’re looking for, provide them with your pitch deck and arrange a meeting. From there it’s up to you to deliver a compelling pitch.

    Related: Watch the new episode of “Entrepreneur Elevator Pitch” now

    What advice would you give for preparing for a pitch meeting?

    Brynn: The key to a great elevator pitch is to keep it short and to keep their attention.

    Antoine: Practice your elevator pitch over and over again until it becomes second nature to deliver. Then, after you have perfected it, practice your pitch some more.

    How did it feel the first day you opened for business?

    Brynn: I was super excited once we finally launched our product. Just to think about all the progress we made from the early days of creating prototypes to seeing our final product in its packaging ready to be delivered seemed surreal. Once we started getting orders and sending products out, it finally set in that we did it.

    Antoine: I was nervous about everything. Was our website working correctly? Were our ads performing well? So many different things could go wrong. There’s definitely some self-doubt that sets in because you wonder if your idea is really good or not. But it’s in times like those that you just have to believe in your process and trust that all of your hard work will pay off.

    Related: It’s Never Too Late to Launch Your Dream, Say These Skincare Entrepreneurs

    What was your toughest challenge and how did you overcome it?

    Brynn: Being the new guys in the industry. Most people in the boating business know of each other from different trade shows and marine organizations. We literally had to start from scratch and try to develop relationships with as many professionals in our line of work as we could. What we have found is that most people in our industry were more than willing to help out newcomers like us. It really just took us getting out of our comfort zone to set up meetings and cold call anybody that we thought or hoped would listen to what we had to say.

    Antoine: There are so many moving parts that come with this kind of endeavor from handling logistics to payroll to customer service and countless other responsibilities. When you start thinking about all the things you have to do just to get up and running its remarkable that anyone starts a business at all. What I have found helpful is to prioritize keeping everything about your business hyper-organized so that you can feel that you are in control of things while being more productive and hopefully a little less stressed out.

    What does the word “entrepreneur” mean to you?

    Brynn: Self-starter. Someone who is adventurous and willing to take big risks.

    Antoine: Free thinker. Someone with big ideas and the guts to pursue them.

    Related: How the Founders of SpaceIt Are Re-Building the Way Real Estate Brokers Do Business

    Is there a particular quote or saying that you use as personal motivation?

    Brynn: “Do what you can, with what you have, where you are.” That’s Theodore Roosevelt. I love this because there have been so many times in my life that it’s been really easy to make excuses like “We don’t have enough money or experience to pull this off.” This quote reinforces to me that it’s not about your resources but your resourcefulness.

    Antoine: “You miss 100% of the shots you don’t take.” — Wayne Gretzky. This quote always inspired me to not fear or shy away from failure. I believe that athletes and entrepreneurs have a lot in common including failing often. In business and in sports failing is a part of the game, and those who win are usually the ones who keep trying until they achieve success.

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    Dan Bova

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  • The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

    The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Labor shortages across the U.S. are impacting businesses of every size across all industries, with a whopping 9.9 million job openings and only 5.8 million unemployed workers available to fill the roles, according to the latest data from the U.S. Chamber of Commerce. While many factors are contributing to the labor shortage, at the heart, the problem is structural, with declining U.S. birth rates and the drop in net immigration resulting in a lack of available workers.

    Warehouse operations have been hit particularly hard by the labor shortage, complicated further by the extremely high turnover rate in the industry. According to the U.S. Bureau of Labor Statistics (BLS), 216,000 people in the transportation and warehouse industry quit their job in April 2023. With 351,000 hires in the month, this exodus translates to a 3% quit rate, second only to the retail (3.5%) and leisure and hospitality (4.6%) sectors. Figures like these shine a spotlight on the retention and hiring challenges that business leaders across industries are facing.

    Related: The Labor Shortage Is Only Getting Worse. What’s Causing It and How Can I Avoid Losing Staff?

    Focus on happy teams

    In light of the labor supply/demand imbalance and the potentially crippling impact of peak season volumes on warehouse teams already stretched to the limit, meeting the demands of fulfillment operations is dependent on retaining quality workers. But employee retention is a significant hurdle, with an abundance of warehouse vacancies available across multiple industries and low barriers of entry for dissatisfied workers looking to change jobs. How can business leaders cope with this revolving door?

    Keeping existing warehouse staff happy with less stress and friction in their workday is fundamental to retailers’ retention efforts. While labor shortages are forcing organizations to do more with less in the warehouse, streamlining fulfillment workflows to increase efficiency and productivity, savvy business leaders are also looking at ways to optimize warehouse operations with the employee experience in mind.

    By leveraging warehouse management technology to simplify and expedite fulfillment tasks, companies can prevent workload overwhelm, reduce stress and improve job satisfaction for their warehouse teams which, in turn, helps to build loyalty and reduce employee churn.

    Related: 4 Ways to Boost Your Employee Retention in an Uncertain Economy

    Simplifying with tech

    While shipping the right items in the right quantities to the right customer may seem like a no-brainer from the outside looking in, warehouse teams relying on manual, paper-based practices are up against a wall. Given that one of the most common complaints of warehouse workers is unmanageable workloads, it’s a smart strategy to leverage technology that helps employees alleviate workplace stress by completing tasks faster yet with less effort.

    In addition to enabling more efficient workflows to boost fulfillment capacity, the aim of warehouse management systems (WMS) is to simplify and accelerate employees’ day-to-day tasks. When it comes to receiving, merchants without a WMS typically rely on specific staff to determine where to put inventory, which means that, oftentimes, the broader warehouse team does not always know where exactly to go (e.g. floor/area/aisle/shelf/bin) to find what they need for an order.

    With WMS technology that supports barcode scanning, inventory can be registered quickly into locations by scanning the location and the item. Barcoded items can be easily moved to new locations by scanning the item or selecting all items in the location. Armed with a barcode scanner and mobile app — instead of a clipboard — warehouse workers receive a digital pick list and follow guided optimized walking paths throughout the warehouse. Given they can walk several miles every day, reducing “mileage” makes the job easier and less physically taxing.

    In addition, tech-enabled pick methods (e.g. single item batch picking, pick and sort to trolley, multiple orders by item) enable workers to easily handle more volume, faster; for example, multi-order picking can decrease walk time by 85% compared to single order picking.

    Related: Using Tech to Build Supply Chain Resilience in a Changing World

    Job satisfaction linked to better operational metrics

    For businesses in diverse industries, adding a WMS to the tech stack is not just a boon for employee satisfaction, it produces substantial gains on the operational front as well. Organizations can manage their warehouse operations in real time, ensure inventory counts are accurate and synced with online storefronts and marketplaces to reduce the risk of overselling and increase fulfillment capacity with more efficient order picking and shipping. The ability to process more orders accurately and efficiently without hiring more people is particularly valuable in light of ongoing staffing challenges, helping to increase profit margins and drive growth.

    How business leaders are the gatekeepers to warehouse innovation

    For an organization to successfully leverage technology like WMS in the warehouse, top management must realize that supply chain and logistics agility is critical to company performance and take steps to enable innovation.

    Indeed, there’s a clear correlation between the strategies and decisions of top financial performers and those companies whose senior management hold the belief that supply chain and logistics innovation is crucial to success versus those whose senior management feels differently. Ultimately, business leaders across industries are the gatekeepers to technology innovation, and supply chain innovation in particular can make or break a company’s bottom line.

    This is underscored in the research study Supply Chain and Logistics Innovation Accelerates, but Has a Long Way to Go, which surveyed 1,000 global execs in the supply chain arena: “Respondents who said they were better financial performers were 20% more likely to have senior management who believes innovation is important and 16% more likely to have lower employee turnover.”

    In fact, when it comes to warehouse management in particular, 23% of respondents said that WMS technology will be one of the top focus areas for innovation for the next two years.

    In light of warehouse worker shortages, leaders need to prioritize the employee experience in the warehouse to ensure workers are happy, healthy and not looking for the door. They can accomplish this goal — and boost the bottom line at the same time — by opening the doors to innovation in their organization and leveraging warehouse management technology in order to streamline, accelerate and simplify order fulfillment operations. Everyone wins!

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    Johannes Panzer

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  • Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

    Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2021, Wall Street and private equity firms invested 12 billion dollars in startups consolidating popular brands sold on Amazon. These aggregators of brands seemed like they would be the next big thing. By 2022, that number had risen to 16 billion dollars in capital raised. It was a “cool” time to be in ecommerce.

    The tone around aggregators has begun to shift, though, as it’s difficult to maintain this kind of growth non-stop. These aggregators are now aggregating themselves as rising interest rates and sinking online demand change the mood.

    Thrashio is the largest aggregator in the spotlight, notoriously the first unicorn aggregator. It raised billions and bought hundreds of brands selling on Amazon. This reorganization was an indicator of an industry rightsizing — aggregator growing pains. Amazon seller acquisitions declined in 2022 but didn’t stop completely. Strategic players, such as holding companies and private equity funds, continued to buy, but most Amazon aggregators saw the writing on the wall: the gold rush was over.

    Every aggregator is different, but generally, their funding takes the form of one part equity and three parts debt. The debt was used for acquiring Amazon sellers, while the equity expanded the aggregator’s operations. As the initial loan covenants prevented aggregators from selling assets below a set amount, they have to be revised for these new deals and acquisitions.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Aggregator giants like Thrashio, SellerX Group and Razor Group are shoring up for uncertain times. Capital isn’t flowing like it was in 2020; the threat of recession is right around the corner. If you’re wondering why these large mergers are happening now, the key to understanding it all lies in the special recession we’re having— a rolling recession.

    As Loyola Marymount University economics professor Sung Won Sohn identified, we aren’t seeing the economy-wide recession many were expecting. Instead, it affects industries and sectors in waves. According to Sohn, the Federal banks’ transparency in its rate-hike campaign and general access to information online, promote action in advance. The tech sector, including aggregators, has been acting accordingly.

    So, where does this leave all the Fulfillment By Amazon brands looking to get scooped up by an aggregator?

    I’ll start by saying we were very fortunate to have this sort of energy injected into the e-commerce industry and the Amazon marketplace. We shouldn’t be disappointed it’s over, but grateful it happened in the first place. Aggregators, as a whole, aren’t going to disappear. They’re now a cornerstone in e-commerce, and deals will continue.

    Related: Want to Sell Your Amazon FBA Business? Here Are 5 Lessons From Someone Who’s Overseen $100 Million in FBA Acquisitions

    As all the aggregators merge and mix, we’ll continue to see those select few giants establish themselves on the larger stage. Eventually, it will be a clear divide, like Coca-Cola and Pepsi. And just like Coke or Pepsi, they’ll keep acquiring the smaller innovating brands.

    We’ll see this new ecommerce model start solidifying in the coming years: create a brand, build it up, sell it to an aggregator and exit. It’s an option for liquidity in what has traditionally been a non-liquid industry (pun intended).

    Plus, you don’t have to bank on selling to an aggregator. For each Coca-Cola and Pepsi, there’s a Red Bull. Red Bull continues to maintain its autonomy, unbeholden to investors. Its brand is independent, built from its own capital. It’s similar to how Anker built up its brand on Amazon. Most of these aggregators were inspired by Anker’s ability to grow as an Amazon-native brand. It tapped into multiple categories, spun off its own brands like Soundcore and Eufy, and became a household name. It’d be like if Coca-Cola and Pepsi had started by trying to replicate Red Bull’s success. Is that sustainable for aggregators, though? Can they solidify their own brands?

    Related: The New Pandemic and Its Effects on Amazon Aggregators

    I’m curious to see what will happen in the next five years. We know aggregators have reached a limit and won’t be growing like they used to. Investors will eventually want their exits. Will aggregators need to downsize? Will they be focusing exclusively on the brands that they’ve acquired? Will we see dramatic restructuring? We’ll have to wait and see.

    For the Amazon-native brands out there looking to capitalize on the aggregator landscape, I say: aim to be Red Bull. Strengthen your brand, but be open to that potential liquidity. If you’re lucky, you might be aggregated. If you’re even luckier, you’ll inspire another whirlwind movement in e-commerce.

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    Tyler Metcalf

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  • Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

    Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

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    On the season nine finale of “Entrepreneur Elevator Pitch,” find out what happens when entrepreneurs with big ideas meet investors with big money.

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    Entrepreneur Staff

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  • Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

    Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For years, I’ve heard people say that “culture eats strategy for breakfast” — a phrase I have always found frustrating as a business leader. Not only are these words misleading, but they also perpetuate a dangerous misconception. Strategy and culture are completely dependent on one another, yet I would venture to say that more than 90% of C-suite executives fail to understand why and how the two must be integrated in the right way to drive sustainable results.

    Business strategy is essential for reaching a new, profitable growth level; it is the vision, the plan, the choices and the decisions made — the what, where, why and how much of any company.

    Company culture encompasses the values, behaviors, attitudes and standards that unite a workforce — the who and the how of any company. Culture is the sum of a workplace environment and stretches beyond the formalities of strategy. Yet to say that one is more important than the other negates the fact that strategy and culture must be thoroughly and properly integrated for a company to execute its vision in a sustainable way properly.

    Related: Why Being Profitable is a Business Strategy in Itself

    Strategy and culture are always intertwined

    Action without vision wastes time and resources. Vision (AKA strategy) without action (AKA culture) is just a dream. Of 300 executives, only 56% said they used an integrated approach to strategy and culture, while 30% said they put strategy first. Both elements of business should be developed in tandem, yet too often they remain siloed. While a strong strategy is a company’s north star, companies looking for comprehensive growth must be clear and strategic about what this growth will require of the organization’s culture.

    So, what does effective integration look like? The top three categoric enablers of change are tone from the top, communications and incentives or compensation (PWC). When properly understood and utilized correctly, an organization’s unwritten and informal cultural sentiments and norms will successfully drive change — and, therefore, enable the proper execution of the strategy — but only if both strategy and culture are interconnected.

    Businesses must understand and value the various skillsets, learning and working styles and perspectives of their workforce — then, resources must be allocated from the top down, investing in those key behaviors that are most crucial to overall company success. This is where the infamous 80/20 rule comes into play: 80% of resources should be allocated to 20% of activities, specifically, those founded on the efficacy of the overall strategy.

    However, when it is left to HR to foster culture, and the marketing and leadership teams alone handle strategy, there is little to no shared dialogue about the holistic vision for the company. In these instances, essential aspects of the business suffer — including buy-in, collaboration and cross-functional communication. It is the role of leadership to integrate strategy and culture and then enable and drive the change.

    Related: 4 Ways Leaders Can Create Award-Winning Corporate Culture

    Strategy must be developed based on the core strengths of its existing culture

    Every company’s unique culture lays the groundwork for an actionable strategy; culture is the raw material but is of little value if the strategy does not capitalize on its core strengths. Microsoft is known for optimizing its strategy this way following Steve Ballmer’s exit in 2014. Satya Nadella understood how to motivate and unite Microsoft’s workforce of engineers, developers and programmers to make Microsoft a better place to work. During his tenure as CEO, Nadella minimized the then-cutthroat, arrogant culture to heighten the workforce’s more explorative and empathetic growth mindset — laying the groundwork for a step change and sustainable profit growth.

    To best understand where the company’s core strengths lie (and how much upskilling may be required), leaders must run diagnostics on the culture. Then, the symptoms and limitations can be alleviated, and sources of productivity and innovation can be prioritized. A common language is essential for honing key mindsets and concepts. This language might include values, traits, value propositions, business models and capabilities — these can all be essential in nurturing cultural strengths into strategic advantages.

    In addition to identifying key strengths and building a common language, leaders must identify and engage the key drivers of change. These individuals may not be speaking from the C-suite but serve as change agents for the company. These passionate advocates should be present at all levels and represent the model behaviors for the evolution of the culture.

    Four types of change agents are essential to the process: pride builders are master motivators; exemplars act as respected role models; networkers are hubs of internal personal communication; and early adopters are earnest, curious enthusiasts for change. By modeling these attributes, change agents help spotlight and hone the strengths of the company-wide culture, making achieving company goals through strategy more possible.

    Related: If You Are Choosing Between Culture and Strategy, You’re Choosing Wrong.

    Culture must change and evolve to accommodate strategy

    Of course, both culture and strategy must be adaptable. While the two should grow together, there are times when the already established culture must adjust to better support the new strategy directing the company.

    Netflix, a company famous for its “radical reinvention,” faced this task when shifting its focus to streaming. CEO Reed Hastings took an interest in the behaviors of Netflix workers, cultivating an environment of “freedom with responsibility.” Regarding expenses (such as travel, etc.), time off and other benefits, Netflix has only one policy: “Act in Netflix’s best interest.” Hastings credits this policy for the shared trust that helped the company pivot successfully, as the freedom offered by Netflix has fostered a culture of loyalty, curiosity, and enthusiasm among its employees.

    Related: Why “Culture Eats Strategy For Breakfast” Misses the Point of a Truly Healthy Work Culture

    Microsoft, Netflix and Best Buy are prime examples of when leadership understood the critical, equal importance of strategy and culture when changing the company’s trajectory. The market capitalization of these companies had step-change increases from static baselines before the change.

    Business leaders must know which behaviors drive the best work and what fosters or hinders these actions or behaviors. Likewise, leaders should evaluate which behaviors should be eliminated and what changes are needed to do so. From there, leaders can assess the opportunities on the horizon and how best to reach them — but such a trajectory requires an interwoven approach to strategy and culture, understanding their unique importance and mutual exclusivity.

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    Jack Truong

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  • The 6-Step Blueprint for Excellent Customer Service and Lifelong Customers | Entrepreneur

    The 6-Step Blueprint for Excellent Customer Service and Lifelong Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every day, as a customer service consultant and customer service turnaround expert and trainer, I work with companies to lift themselves up and out of the cluttered marketplace in which many of today’s businesses find themselves.

    My goal with each of my clients is to use exceptional customer service to elevate you to the point that you are no longer considered an interchangeable commodity in the eyes of your customers. Through developing an ethos and practice of exceptional customer service, we work together to get their companies to a place where they command engagement and true loyalty from their customers for now and as they grow.

    To create lasting impressions and build enduring loyalty, businesses need to transcend the realm of the ordinary and venture into the extraordinary. This is because humans remember events in their lives in terms of images and in stories they tell themselves. And a great way to have your business and brand star in these stories is to deliver “wow” experiences that will leave an indelible mark in your customers’ minds.

    A “wow” customer experience requires you to go beyond just fulfilling basic expectations. It’s about serving (and, ultimately, engaging) customers in creative, unexpected ways that connect emotionally with them. Such experiences live on in customers’ memories and become stories shared with friends, family, coworkers and potentially a wider audience through social media.

    Related: Yes, the Rich Are Different — Here Are 5 Customer Service Secrets I Learned While Working With Wealthy Clients

    Creating wow moments not only benefits customers but also inspires employees. It can foster teamwork, improve employee retention and boost company-wide morale. But how can your organization consistently deliver such remarkable experiences?

    Here is a six-step blueprint for achieving ‘wow’ customer service and creating lifelong customers:

    1. Empower employees to create ‘wow’ moments

    The first step towards creating ‘wow’ experiences is the (scary) one of empowering your employees. They should feel confident about making on-the-spot decisions without needing managerial approval every time. And don’t treat empowerment as some add-on or “nice-to-have.” rather, the time spent by your employees creating ‘wow’ is their job.

    2. Celebrate ‘wow’ efforts

    When employees go the extra mile for customers, applaud their efforts rather than penalize them for spending extra time. Positive reinforcement encourages employees to continue delivering exceptional service. You need to take care not to criticize your employees if they don’t complete all their functional, checklist-type items because they were otherwise engaged in creating ‘wow.’ Or to give them a hard time if their early, awkward efforts at ‘wow’ don’t go entirely smoothly.

    Related: The Importance of Recognizing Your Employees

    3. Encourage anticipatory service

    Anticipating and addressing needs or desires that customers haven’t even voiced can significantly enhance customer service. Strive to serve even the unexpressed needs and wishes of your customers. This depends on various factors and behaviors working in concert:

    •Training your employees in what is called “situational empathy”: the type of empathy that can be transformational, in real-time, on the phone call or face-to-face or digital interaction that your employee is engaged in with a customer right now

    • Collecting useful data on individual customers and their preferences and past behaviors and putting this conveniently at the fingertips of your customer-facing employees

    • A mindset — that needs to start, organizationally, at the top — that we are more than order takers and problem solvers; we are here to find ways to go above and beyond in ways that our customers will find both useful and “wowing.”

    4. Be mindful of timing

    Not every interaction is an opportunity for a ‘wow’ moment. A customer in a rush or busy with their phone call may not appreciate an interruption, no matter how well-intentioned. Train your employees to recognize when it’s the right and wrong time to ‘wow’ customers. If an employee is sensing a “please, just the facts!” attitude or a sense of being in a hurry, then the employee should back off and save their ‘wow’ efforts for another more suitable moment. (Or, if this seems to be always the disposition of this particular customer, then they should save the ‘wow’ to use on other customers who will be more appreciative.)

    Related: Investing in Your Employees Is the Smartest Business Decision You Can Make

    5. Create ‘wow’ moments through meaningful connections

    ‘Wow’ moments don’t always require grand gestures. Sometimes, an empathetic conversation or an emotional connection can leave a lasting impression. For instance, Zappos employees strive to make a connection on every phone call by bonding over shared interests or concerns based on cues they pick up on from the customer.

    6. Hire wow-capable employees

    While almost any employee can be trained to deliver ‘wow,’ starting with the right team can make your journey smoother. Aim to hire individuals who naturally exude warmth, empathy, teamwork, conscientiousness and optimism – traits that are instrumental in delivering ‘wow’ customer service.

    Creating ‘wow’ customer service is a strategic process that requires a shift in mindset, a commitment to employee empowerment, and a focus on anticipatory service. By implementing these steps, you can create memorable customer experiences, build enduring loyalty and ensure the sustainability of your business model.

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    Micah Solomon

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