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Tag: Business models

  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

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

    This Week’s Featured Show!

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

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

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

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

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

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

    Elevator Pitch (Sunday, Tuesday, Thursday, Saturday)

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

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

    Mindvalley Talks (Sunday, Tuesday, Thursday, Saturday)

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

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

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

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

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

    Celebrity Business Tips (Monday, Wednesday, Friday)

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

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

    My Stories (Monday, Wednesday, Friday)

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

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

    Unfiltered (Monday, Wednesday, Friday)

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

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

    Habits and Hustle (Monday, Wednesday, Friday)

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

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

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    Entrepreneur Staff

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  • Entrepreneur | 3 Ecommerce Myths to Know Before Starting An Online Business

    Entrepreneur | 3 Ecommerce Myths to Know Before Starting An Online Business

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    Opinions expressed by Entrepreneur contributors are their own.

    I co-founded an ecommerce site for women-owned businesses in the spring of 2020. Like most people, I saw daily news about how the pandemic disproportionately affected women. Women were leaving or losing their jobs as schools and businesses closed, and the world moved to online shopping. I knew that I had to be proactive, and there had to be a place for women to start, pivot or grow their businesses through ecommerce.

    • “I can launch my ecommerce business for as little as $19.00 a month and start making sales immediately.”
    • “People will find my website and start buying my products as soon as it’s launched.”
    • “Launching your ecommerce site will net you immediate income!”

    Like many others, I believed these quotes and launched my business online. As I looked more deeply and learned the reality of starting an online business, I felt I had to share what I had learned. I want to save entrepreneurs focused on building and running their businesses from costly mistakes. The claims of easy, cost-effective and immediate sales do not reflect reality. Launching and maintaining an ecommerce business is complex, expensive and time-consuming.

    Nearly three years later, here is what I’ve learned:

    Myth #1: I can launch my ecommerce business for as little as $19.00 a month and start making sales right away

    Many ecommerce services simplify and streamline creating and maintaining your online shop. The initial fees for these services can be very low, ranging from $0 to $10 per month. But once you add in website hosting, paying for your domain name, ensuring your site (and your customer data) are secure, purchasing or upgrading the theme for your store, selecting a payment gateway to process credit cards, and any number of optional extensions to improve the look and shopability of your site, and then add in extensions to enhance discovery through search engine optimization (SEO) it all adds up to an average of between $600 to $5,000 annually. And that doesn’t include even a penny of marketing.

    Related: Thinking About Starting an Online Business? 2023 Is the Right Time to Do It. Here’s Why.

    Myth #2: People will find my website and purchase my products once I have launched my online store

    I hear this often from new entrepreneurs, and it sounds very reasonable. We are ALWAYS online and connected. There is a constant stream of shopping opportunities, so it seems it is just a matter of getting your products in front of people to buy. In ecommerce terms, this is “driving traffic,” and driving traffic can be expensive, time-consuming and prohibitively expensive. But how else will customers find you?

    If you have a large social media following, you can tell your community that you are selling products and that they should check it out. But if you are growing your social media presence along with your business, you probably need to purchase advertising on those social platforms so you can be found. This is expensive and time-consuming and has no guaranteed results. I know of established brands spending tens of thousands of dollars monthly to drive site traffic.

    Breaking through the noise of advertising on the internet to attract customers to your site probably is the most challenging part of ecommerce. For small businesses, the cost of social media or other online advertising is prohibitive; building a following takes time and money. Most entrepreneurs don’t have this time to spend while also trying to produce the product or service at the center of their businesses.

    Related: 12 Awesome Tips From Ecommerce Experts

    Myth #3: Launching your ecommerce site will net you immediate income

    If only this were the case. It sounds simple enough, but see myths 1 and 2. You are in business because you are passionate about the product or service you deliver and good at it. Taking the focus away from your primary business is risky, and learning to master ecommerce can be a steep learning curve. The time you spend learning SEO, setting up search engine ads, creating digital marketing assets and troubleshooting that miracle app you bought from the online store is time you are not focused on your core business.

    Online is increasingly the way consumers shop, and it is crowded. Breaking through the noise online is not fast, easy or cheap. Finding a community and resources to support your transition to ecommerce or online growth is necessary for small businesses. There are several sales channels and marketplaces that can be a great starting place. You pay commissions on sales, membership and promotional fees and become part of a larger organization that offers an online structure, domain, security, a payment gateway and marketing support and opportunities to promote or be featured to a larger audience.

    Related: 5 Things to Know Before Launching An Ecommerce Business

    Every channel or marketplace has nuances, and it’s critical that you look at all the details to ensure you find the best match for your products, budget, time and brand. Customer traffic to your products may come at a very high cost in time, money and margin. More to come on that.

    The bottom line is that, yes, technically, you can launch a website leveraging online tools for about $20.00 a month. But to sell your products or services on your website, to be found by customers outside your immediate network, and to grow your business? This takes an investment of learning, time and money. Your job as a business owner is to do your research before deciding what, when and how is the best channel for your brand to grow online.

    Nobody understands better than an entrepreneur that nothing in business is simple, inexpensive and “overnight.” Despite the hype, this may be doubly true for ecommerce. So again, do your homework, research and make sure that your business is ready for the challenges of ecommerce.

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    Kate Isler

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: Your Most Pressing Offshoring Questions, Answered

    What are the differences between these concepts?

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

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

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

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

    Related: 10 Strategies for Hiring and Retaining New Employees

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

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

    From my experience, you should outsource when an activity:

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

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

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

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

    Related: How to Prepare Your Employees for Outsourced Hires

    Should I go nearshore or offshore?

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

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

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

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    Pedro A. Barboglio Murra

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  • Entrepreneur | Here’s Why Learning to Say No Can Skyrocket Your Business

    Entrepreneur | Here’s Why Learning to Say No Can Skyrocket Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Many business owners may find it counter-intuitive to believe that saying “no” could lead to business growth. However, it can be one of the most important strategies for achieving success and long-term sustainability. By being selective in what tasks and projects are taken on, companies can free up valuable resources to focus on the most important opportunities and create an environment of success that most definitely led to business growth.

    1. Say no to unnecessary expenses

    In today’s competitive marketplace, cutting costs is essential for companies to survive or achieve business growth. Saying “no” can be a powerful tool in helping businesses reach their goals while saving money and having a better cash flow. When it comes to lower-cost operations, learning how and when to say “no” may be one of the most important lessons a successful business chief must master.

    Cutting back on expenses can drastically reduce overhead and increase profitability, but making this change means investing time into analyzing which costs are truly necessary for long-term sustainability versus those that are no longer required or affordable in the current climate. For example, having the courage to say “no” to your suppliers might lead to improved cash flow, decreased debt, and financial freedom over time. And as business owners, you’ll have to learn how to do it sooner or later so you better start right away.

    Related: How to Set Boundaries as an Entrepreneur

    2. Say no to job candidates who don’t fit your business — even during a talent shortage

    Poor staffing decisions have a major impact on the success of any business. Low-quality employees can cause decreased productivity, and when it comes to running a business, time is money. Therefore, it’s essential to make sure you hire the right people who are capable of delivering quality results in an efficient manner. By saying “no” to inadequate staffing decisions, you can ensure that your team is equipped with individuals who understand their roles and possess the necessary skill set to get the job done right. Properly staffed teams help improve performance and quality of work output while reducing costs associated with employee training or mistakes due to inexperience. In addition, having staff members with good morale helps create a positive work environment which further boosts productivity levels and contributes positively towards growing your business.

    Many entrepreneurs and company owners tend not to give proper attention to the importance of employees in their company. Still, many studies in recent years show that employees who are satisfied and engaged at work are employees who, in practice, bring higher productivity and higher income to their company and take an active part in the company’s growth. There is no magic formula for finding such employees, but one thing is certain: We must give great importance to recruiting personnel in our company.

    Our employees must be suitable and have the right skill set for the job they were hired for. It’s a win-win situation; the employees are satisfied at work, feel appreciated and valued, have a positive impact and are more involved in the processes. When this happens, you can expect an increase in productivity and income. Several years ago, a study examining companies with a low percentage of employee engagement versus a high percentage showed that high employee engagement in companies resulted in a 10% increase in customer positive ratings, a 22% increase in profitability and a 21% increase in work productivity. With such data, it is not worth arguing. Learn to say “no” to mediocre personnel, bring in employees with appropriate skills and give them the right conditions for growth. Their success = your success.

    3. Say no to (some) tempting business deals

    Knowing when to say “no” is an essential skill for any business owner. Refusing the wrong opportunities or deals can spell trouble, but so can saying “yes” to the wrong ones. Learning to keep sharks at bay, literally and figuratively, is always a good idea. Sharks in the water are a danger but don’t be fooled by sharks on land who want to buy out your company or offer you a bad deal; pay attention to them as well.

    Remember, sometimes the best deal is to remain independent and make your own decisions on the direction of the business rather than rely on advice from those you do not know or can’t be 100% trusted. Your fear is natural — we all have a fear of change in a way — but it doesn’t make it a good enough reason to say “yes” to the first competitor or investor trying to get you out of the game. Saying “no” and refusing such a serious offer should be carefully considered, but under the right conditions, the refusal may lead to greater business growth; now that you know people are interested in your activity, it may be a huge motivational shot for you and your entire staff down the road. In addition, the refusal may signal to potential buyers and other sharks that you value your company and operation at a higher value.

    Related: Why Setting Boundaries Is the Secret to Preserving Energy and Focusing on What Matters

    Take, for example, the navigation app Waze; the company received low bids early on and thought it was worth more. Later, very good offers came; according to the reports on various news sites, Apple offered about $500 million to buy Waze. What was Waze’s answer? You guessed right — the answer was “no.” Then Facebook made a very generous purchase offer of $1 billion. Waze company bravely said “no” once again. Then few offers were bid by Google, and the last one reportedly ranged between $1.1-$1.3 billion. This time Waze took the offer with both hands and achieved a very impressive high-tech exit. I can’t guarantee that the Waze example will work in most cases, but it’s a real example of why you must know when to say “no” even when the temptation is overwhelming.

    Saying “no” helps open up growth opportunities, and learning when to say no is a powerful tool that can help unlock potential for growth within the organization. The ability of a business owner or team leader to recognize their capacity is essential in order to turn down certain tasks and projects that may take away from the main objectives of their business, creating a more productive environment and happier employees, etc. A clever entrepreneur will know when it’s time to balance between saying “yes” and flowing with the river to taking risks and taking advantage of opportunities they can handle and convert into a business growth opportunity.

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    Barak Jacques

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  • Entrepreneur | 5 Ways to Gain More Runway for Your Startup

    Entrepreneur | 5 Ways to Gain More Runway for Your Startup

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    Opinions expressed by Entrepreneur contributors are their own.

    As founders, we know one of the biggest challenges is gaining funding. Entrepreneurs who are newer to the space (and even those who are veterans) tend to focus on raising capital and getting investments as the only or best way to get the funding they need. This is certainly the most attractive route on the surface because it’s an easier way to get larger sums of money more quickly. But as I tell my students at Columbia University in an entrepreneurship class I teach — raising capital from investors as your primary funding source comes with a lot of challenges on its own, and it places all your eggs in one basket.

    More often than not, founders come to me because they’re stuck in a bad situation of constantly raising in order to stay afloat. They have rolling capital raises or they raise often to cover expenses and can’t seem to get the ideal 12 months of runway needed to feel relief — and they’re burnt out in the process. Nothing makes me happier than when I get to work with founders at the beginning of their journey before they start raising, because we have the ability to create a strategy that helps avoid this type of scenario with a strong funding and growth strategy. But for many, we can’t go back in time, and we have to problem-solve how to get out of the rut of spending as quickly as the money is coming in. For this founder, the question becomes more about how they can gain more runway. And this is a question that I’m seeing a new wave of in desperation as new founders are entering the startup space.

    The short answer is there is no one answer. We diversify our personal investment portfolios in the stock market, and we should do the same for creating sustainable funding for our business to get out of the hole. Your revenue model should have a diversified approach to creating more runway, and I’ll cover five methods in this article.

    Related: It’s Winter For Startups! Here Are Five Ways To Extend Your Runway

    1. Raising more funds from investors

    Let’s knock out the most talked about option — raising more capital. Sure, you can raise more capital through equity financing or debt financing, but if you’re already doing this and struggling to create more runway, I’d recommend you keep reading. Continuing to raise more capital as your primary focus puts you in a position of running out of equity, which will make it harder to get investors after a certain point.

    2. Optimize cash flow management

    One of the most overlooked ways to stabilize your burn rate seems to be the most obvious. Cutting costs by reducing unnecessary expenses and optimizing cash flow management is one of the best ways to create more runway. We’re taught as startups that we need to spend to grow. While this is true to a degree, it’s also reckless. If you’re spending without a plan for that spend, then it’s just burning money senselessly without a clear aim. Creating a clear roadmap will help you prioritize expenses for each growth stage to get you to key milestones and inflection points so you can better pace your cash flow. Cutting costs doesn’t always mean cutting completely. Instead, it could mean that it’s a phased-out expense which a clear plan will help you outline.

    3. Increase revenue strategically

    Simply put, go back to the drawing board on pricing, customers and offerings. More often than not, I see missed opportunities to reposition the product with new markets to increase revenues. Or worse, I see early-stage founders simply raising without a plan for revenue mapped out. (Yikes!) Expanding your customer base, improving your pricing strategy and launching a new product or service could be an answer to creating more runway. What I’m not suggesting is spending more money to build something new here. Rather, I’m suggesting you look at how you can scale your existing offering to create new demand for it. I usually will work through a profitability audit with my clients to identify the most appropriate products for this to ensure we’re working smarter, not harder.

    Related: One Secret to Achieving Revenue Growth and Profitability Fast Without VC Funding

    4. Improve operational efficiency

    Again, this seems too easy. Improving your operational efficiency not only will impress your investors and give them confidence in your ability to grow a business, but it will also be one of the most impactful strategies you can employ. Something I hear from founders often is that they’re too early in their growth to think about this. But then again, they find themselves in a position of running low on cash every single month and struggling to keep up. Operational efficiency, simply put, is not optional. A great way to approach this is to look for ways you can automate processes and streamline operations across your six core business areas.

    5. Create strategic partnerships

    One of the most underrated approaches to creating more runway is to creatively approach your operational needs. Partnering with other companies for mutually beneficial collaborations and strategic partnerships can help you reduce costs, expand reach and boost efficiency.

    It cannot be said enough that no single one of these pathways will solve your runway challenges. You’ll want to employ a combination of these approaches as the most effective way to gain more runway and reach that 12-month minimum target. It’s worth noting that it doesn’t come by flying by the seat of your pants. Having a roadmap for how you’ll implement these strategies can make a complete difference. We’re reminded that most startups fail because they don’t have a strategy. While many in the space will tell you that you don’t need a strategy, many more will tell you that you do if you want to survive. Your strategy will help you create a roadmap for how you’ll gain runway while continuing to grow and meet key milestones.

    Related: The 10 Most Reliable Ways to Fund a Startup

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    Ciara Ungar

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: Empower the Employees Who Will Build an Amazing Culture

    Letting go is more productive

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

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

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

    Put guardrails in place

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

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

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

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

    How to build a workforce in a more flexible world

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

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

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

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

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    Mario Ciabarra

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  • How to Increase Storefront Revenues in an Online Sales World

    How to Increase Storefront Revenues in an Online Sales World

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    Opinions expressed by Entrepreneur contributors are their own.

    With over 5 billion Internet users and $870.78 billion in online sales in 2021, storefront operations have struggled. They have had to raise the bar and the customer experience to survive. They can no longer get by with the same old, same old. There is some good news here, though. Even though the digital market is going to get bigger, baby boomers, Generation X and millennials are quite happy to participate in a shopping experience. You may even occasionally bump into a Generation Zer.

    According to Morning Consult, more than 2 in 5 adults prefer shopping in-store versus online. There’s something to be said about feeling the experience whether we’re shopping with a friend or want to try something on. So, it’s time for retailers to step it up and compete with the online sales world.

    As a corporate trainer, I’ve consulted with entrepreneurs through Fortune 100 companies, and I’ve found four commonalities in storefronts that increase traffic and revenues while dramatically improving the customers’ shopping experience. Here’s what you can do:

    Related: The 6 Essential In-Store Experiences That Your Customers Want to See

    1. Use employee meetings as a proactive tool to understand customers

    Customer reviews can be abstract in their content, sometimes contrived to get a 5-star rating. If you can’t cite specifically what your employees are doing to get five stars, there’s no meaning in that review. There’s no way it can help you solidify or refine practices. It becomes about numbers.

    To avoid this trap, add a few questions to your weekly agenda. First, “what can we do to attract more customers to our business?” It’s your employees’ collective creativity that will foster innovation. Adobe lives this mantra. Your employees are your front line. They hear what customers like, don’t like, what they want and what they need. These employees’ perceptions can lead you to do things differently. Then whether it’s showcasing a specific product, holding an event or advertising a new product launch, make it big. Create an experience customers want to attend with food, entertainment and free gifts — the bigger, the better.

    Second, ask employees to identify customers who left happy and what specifically made them happy. All of these happy feelings tell you what you’re doing right. Similarly, ask your employees to share a customer experience where the customer left unhappy. Ask your employees to specifically identify what happened that left the customer feeling this way. This will enable you to assess processes that need to be changed, inventory requirements or training that needs to occur.

    2. All hands on deck with all customers

    Instead of allowing employees to point customers to an aisle to find a product, have employees walk to the product area with the customer. During the walk, employees should ask customers two key questions: “How often do you shop with us?” and “What are your two predominant purchases?”

    Inventory lists may tell you what the customer is buying, but your employees can tell you why the customer is buying. When we know why a customer is buying, we can stay ahead of the trend. If customers buy a specific hair conditioner because it has proven effects to withstand humidity, new product offerings may reflect these reasons. These questions may even enable you to change up your store layout so finding these products is easier for the customer.

    Related: 3 Key Takeaways About the Future of Retail: Selling Online, In-Store and Both

    3. Share the revenue

    Pay your employees well. If your employees contribute to a bigger customer wave and your storefront is thriving, your team should thrive. Offer bonuses, incentives, an employee of the month and other awards. Buy lunch for the team. Let them know you see their efforts and appreciate them.

    4. Innovative training

    Training is your secret weapon. There’s no more room for greeters, floor associates, cashiers or stocker jobs. Your employees are now salespeople and should be trained to do so. Most likely, they don’t consider themselves salespeople. This is where training becomes critical because the heart of selling is delivering high-level customer service. Selling is about caring, and you’re asking your people to do that. You’re asking them to care — to treat the customer as a friend. To relate, ask them questions and then provide solutions.

    Recently, I called an airline to rebook a ticket. While the representative looked up the details, we conversed about the holidays. She shared a part of her life with me. It was a very positive experience, but unusual. Typically, customer service representatives are focused on the customer solely. But this time, she was connecting with me as a person. One of the most revolutionary topics noted in my book, Sell Like A Cockatoo, is that a relationship isn’t just about you getting to know the customer. The customer must also get to know you. There must be reciprocity in every relationship. That’s what a relationship is.

    Related: 4 Ways Brick-and-Mortar Stores Can Outsell Online Retailers

    Training will also teach your employees how to upsell. It’s the difference between a customer being directed to an aisle to get a screw for a ceiling fan and the employee helping the customer find the screw while updating them on the latest ceiling fan models that have arrived. Customers can’t buy if they don’t know — and the more your employees care and share, the happier your customers will be and the happier you’ll be with your bottom line.

    To keep your storefront going strong, maximize employee involvement. Today’s digital world offers so many choices that when a customer enters our storefront, it should feel like home.

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    Gail Kasper

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  • 3 Books to Help Business Leaders Discover Innovation and Growth

    3 Books to Help Business Leaders Discover Innovation and Growth

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

    Related: Embrace the Unknown to Transform Your Life

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

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

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

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

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

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

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

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

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

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

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

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    Peter Daisyme

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  • Leaders: Stop Micromanaging and Do This Instead

    Leaders: Stop Micromanaging and Do This Instead

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: 8 Secrets to Success in Business

    Prioritize to protect your brand

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

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

    Related: 5 Ways Your Business Can Protect Its Online Brand

    Hire for your weaknesses

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

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

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

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

    Trust your team

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

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

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

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

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    Clate Mask

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  • 60 Second Business Tips: Set and Achieve Your Marketing Goals

    60 Second Business Tips: Set and Achieve Your Marketing Goals

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    As an entrepreneur, you know how important marketing is to your business. But the task at hand can be overwhelming, leading to disjointed efforts.

    It doesn’t have to be that way, says business development consultant and Entrepreneur magazine writer Terry Rice. In the above video, Rice outlines the Objective First Framework to help keep you on track and deliver the desired results.

    It all starts with your objective. What is your goal for the campaign? You want be very specific with this, so maybe it’s getting leads for your newsletter. And then beyond that, you want to have a numeric value. How many leads? And lastly, a time period.

    Know your KPIs. Your key performance indicators are the metrics that you know how well you’re achieving your objective. Cost per lead would be a KPI. You want to pay as little as possible per lead.

    Bring on the tactics. This is the fun part. How do you convince your audience to take the action aligned with your objective? This is where you get to be creative with the messaging you’re putting out there and the video you’re creating. After that, execute the campaign.

    Optimization. Look at your campaigns and segmenting. See where you’re getting the lowest cost per lead, and spend as much time and energy in those segments.

    Related: 60-Second Tip on Getting More Productive

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    Entrepreneur Staff

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  • 5 Key Benefits of Posting Reels on Instagram

    5 Key Benefits of Posting Reels on Instagram

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    Opinions expressed by Entrepreneur contributors are their own.

    As social media platforms continue to evolve and adapt to the changing needs of users, Instagram has introduced a feature called Reels. This feature, which allows users to create 15-second video clips set to music, has quickly gained popularity since its introduction in August 2020.

    The ability to edit videos in a new, innovative and extremely user-friendly way has gifted millions of Instagram users a new skill and creative outlet for producing content in ways they were unable to before. Though Instagram was not the first platform to introduce these fast-paced videos, its design has the unique ability to reward a majority of uploads with hundreds to thousands of views — it keeps users hooked! It is 2023, and Instagram Reels have become a significant part of the platform and offer several benefits for users.

    Related: 7 Instagram Reels Ideas to Better Connect With Your Audience

    1. Wider audience

    One of the most significant benefits of Instagram Reels is the ability to reach a wider audience. When a user creates a Reel, it appears in a dedicated section where users can discover and engage with new content. This means that even if a user has a small following, their Reels have the potential to be seen by a much larger audience. This can be especially useful for businesses and influencers looking to expand their reach on the platform.

    Related: Why Instagram Is Every Entrepreneur’s Most Powerful Tool

    2. Drive traffic

    In addition to providing a creative outlet, Instagram Reels can also be a great way to drive traffic to a user’s profile. When someone discovers a Reel they enjoy, they may be more likely to check out the rest of the user’s content. This can lead to an increase in followers and engagement on the user’s profile.

    3. Promote products

    Instagram Reels are also an excellent tool for businesses looking to promote their products or services. Since Reels are set to music, businesses can create catchy and memorable content that is easy for users to share. This can be especially effective for products or services that are visually appealing, as Reels allow businesses to showcase their products engagingly and interactively.

    4. Brand awareness

    Reels are great for content creators to show off their creativity and talents; and for viewers seeking fast entertainment, but they can be handy for businesses that want to increase their reach and brand awareness. There have already been countless brands that have become mainstream solely by promoting their business through platforms like Reels and Tiktok. With an audience this wide, it’s crucial for all businesses to have some sort of presence on these apps because they can lead to an easy reach to new audiences, and best of all, it’s free!

    Related: 6 Innovative Ways to Increase Brand Awareness

    5. Hashtags

    Instagram creates large communities with similar interests by using hashtags. Hashtags are a way to organize specific videos into niche categories that will be appreciated by an audience that actively searches for them.

    For instance, if you are a pastry chef, you might want to use #baking to have a higher chance for your video to be shown to people who already enjoy baking and pastries. This will lead to more likes, shares and views on your video. You are not limited to a certain number of hashtags, so your video could include hashtags: #cakes, #cooking, #bakery, #pastry. You can even get very specific, like #pastryphotography to target a particular audience.

    Related: #WhyweuseHashtag

    How can you use Reels to your advantage and promote your profile or business?

    First, you must understand how trends work and why specific videos get more views than others. While it’s true that Instagram Reels hand out views as if the world was about to end, if your video doesn’t align with the algorithm, it will never see the success you’re hoping for.

    Try using reels as a viewer; you might notice that most videos are not entirely original. You will probably realize that many clips have the same content and audio with only slight variations. This is because the algorithm encourages creators to copy and build off of one another’s content; this can be demonstrated with the “Duet” feature on TikTok, where a user copies another clip’s audio and context and creates a similar video in response or to parody to the first.

    So, to align with the algorithm, try adding trending music with a related design and context set-up but with your own content and creative touch.

    Try Instagram Reels for yourself, using these new insights about the platform! These quick and addicting videos have an audience as big as the sea. They bring together communities with matching interests and could grant you recognition and free business impressions. Don’t get frustrated if your videos don’t go viral starting out. After all, Instagram reels are meant to be fun, so just put out what you think is worth watching and let the algorithm find an audience for you!

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    Sean Boyle

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  • 8 Secrets to Business Success

    8 Secrets to Business Success

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    Opinions expressed by Entrepreneur contributors are their own.

    Yearly small business growth takes a vision and a plan. You need to envision where you’re going and develop a step-by-step guide to get there. Most of the time, growing your business requires doing things a bit differently.

    Many entrepreneurs get so bogged down in day-to-day operations that their growth goals become a distant memory. You may look back in Q3 and realize that what would have been possible if you started in Q1 may not be feasible this year at all. Avoid this scenario by understanding your goals and setting a path toward growth.

    Here’s what you should do differently to catalyze small business growth.

    1. Set 3-5 goals for the year

    Always start with goals. Set three to five overarching goals for the year with detailed steps on how you will achieve each one. Break down the plan by quarter. Assign due dates and add them to your calendar. Make room in your schedule to prioritize each step.

    Building a digestible structure helps you achieve your goals systematically instead of having them all on your plate at once, which might end up overwhelming and demotivating. Allow your team to assist with bringing your goals to completion. Share due dates on when each step will be finalized each quarter.

    Related: 7 Steps to Achieving Any Goal in Life

    2. Be transparent with your team

    Bring your team into the process. Be transparent about what you aim to achieve this year and how you plan to get there. By sharing your vision, your team gains visibility into their roles in accomplishing each goal. This enables collaboration and helps your team feel involved in what the business achieves.

    Further involve them by asking for input and ideas. You might be surprised by how helpful their perspectives can be. Stay open to recommendations as long as they point to more efficient strategies or better solutions.

    Related: 5 Things Preventing You From Being Transparent

    3. Get to know your customers or clients

    Be creative in getting to know your customers or clients. Send surveys and check in personally. Share in their wins as often as you can. Go beyond merely following them on social media and reposting content. Surprise and delight them by sharing their goals, growth and other exciting news they may share.

    Offering special attention to your clients enables them to envision a strong, long-term partnership with you. That mindset leads to raving fans who sing your praises and help grow your brand.

    4. Challenge yourself

    Challenge yourself each week to be 1% better. Reaching for that small 1%, even broken down over the year, will enormously impact your success. Think about continuous, mindful and meaningful improvements. Address your weaknesses and fortify your strengths. Make your impact through small wins over time.

    Related: 12 Actions You Can Take to Become a Better Person and a Better Leader

    5. Do what you love

    Determine what you love and do more of it — in business and life. This keeps you motivated and combats burnout. For example, traveling will be at the top of my list this year. With careful planning, a workcation — or an extended stay vacation with a mix of fun and work — is one of my main priorities and a practice worth following.

    Find what you enjoy (i.e., a big city, ocean, etc.) and take a workcation as part of your upcoming plans for the year. You will return re-energized and ready to tackle the road ahead. Plus, you more than likely have new business ideas that you discovered while away from your business’s day-to-day activities and stresses.

    6. Practice listening

    You gain so much more from conversations if you simply learn how to listen. So often, leaders listen to respond as opposed to genuinely listening to what is being said. In doing so, they miss out on subtext and depth in the conversation, especially since much communication is nonverbal.

    When you focus on listening, you gain a more accurate sense of what is being said and why it matters. And truly, doesn’t it feel great when you know you are being heard?

    Related: How to Listen to Your Employees

    7. Find a mentor or coach

    Find a mentor or coach. More specifically, find someone in your industry that you admire because they perform better than you in your space. They will help you develop better strategies and overcome challenges.

    A mentor or coach will provide a learning experience, offer a bird’s eye view of your company and help you reach the next level. Working with someone who understands your challenges and has risen above them can be priceless.

    8. Set your goals high

    Knowing what is truly possible, set your goals high. As an accidental entrepreneur, if you had told me 11 years ago that my business would grow to a more than two million dollar business, it would have been hard to imagine — it would have felt crazy.

    With hard work, delegation, a dedicated co-founder and a team that supports us, it is now our reality. We continue to put goals and systems into place to sustain and multiply this growth.

    Follow these secrets to success to make 2023 a standout year for your business. Remember, success is achieved in your personal life as well as your professional life. Be sure to enjoy the entrepreneurial journey along the way.

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    Lauren Gall

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  • How One Entrepreneur Turned $40 Into $4 Million in Revenue

    How One Entrepreneur Turned $40 Into $4 Million in Revenue

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    • Tori Dunlap started her financial-advice blog with $40 and grew it to $4 million in revenue last year.
    • Today she teaches customers how to invest, save money, and build startups of their own.
    • She shares the most important investments for any business owner and what founders should avoid.

    This article originally appeared on Business Insider.

    Tori Dunlap started her business as side hustle in 2016 with just $40. Last year, her business booked $4 million in revenue.

    Dunlap has scaled the multimedia platform Her First $100K to also include a podcast, book, and more than 2 million social-media followers. Through her financial-advice platform, Dunlap shares her guidance for investing, saving money, and building a business.

    In a conversation with Insider, Dunlap shared the most important business investments she’s made and what founders should avoid. This is an as-told-to story based on an interview with Dunlap. It has been edited for length and clarity.

    Run a lean team, until you don’t have to

    I started the business with very little money, just $20 for the website and $20 for the domain. That low startup cost was crucial for the business, especially because it was a side hustle at first.

    Sometimes new founders try to take on too many expenses at once, which can drain your finances. Whether it’s purchasing brand-new equipment to launch or investing in too many ads before the business concept is proven, founders should keep it as lean as possible until their business is earning money.

    Most of my investments were in the form of time and energy for the first few years.

    People are the most important investment

    While I started the business on my own, outsourcing tasks and bringing people onto the team was the best investment I ever made. In fact, the moment I could outsource, I did: I hired my first freelancer when the blog was still a side hustle.

    They only worked around five hours a week and I couldn’t pay them much because the business wasn’t making a ton of money. But if I wanted it to grow beyond a side gig, I knew I needed the help.

    The first tasks I outsourced were email marketing, graphic design, Instagram posting, and calendar management. I realized that anything I didn’t have to physically be there for could be outsourced to save time and energy.

    I get a lot of messages from other entrepreneurs asking how I was able to trust others to help me build my business. There are great people out there with many different skills and strengths, so I relinquished control because I realized I couldn’t do everything alone.

    If you can afford to hire somebody and you don’t, you’re actively holding your business back.

    Investing in trends can be a waste of money

    Dunlap invested in her podcast after her audience showed interest. Courtesy of Dunlap

    Founders should remember their core business goals when making any financial decisions or investments. Decide your own priorities and determine your finances that way.

    I often see founders taking on too many expensive new ventures. For instance, it’s very tempting to go all in on creative projects, like a podcast or a YouTube show. But make sure that whatever you’re investing in will actually help you achieve those core goals.

    It can be a waste of money if you’re paying for something just because other business owners do.

    So many people want to be entrepreneurs because they look up to other founders online. Social media can make it seem like you need to buy the latest equipment, tools, or products or invest in new branding or expensive marketing tactics. But founders should take a look at their books and determine if any money is being spent just to keep up with a trend or someone else’s business model.

    Instead, think about the long-term effects of how that new venture or product will make you money in return.

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    Alexandra York

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  • 3 Things To Automate In Your Airbnb To Achieve Passive Income

    3 Things To Automate In Your Airbnb To Achieve Passive Income

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    Opinions expressed by Entrepreneur contributors are their own.

    Automating your Airbnb listing means being hands-free with the business. And this is the first step towards the location freedom you’ve always wanted. Location freedom is having the ability to go anywhere in the world and still earn money despite not being physically present. So when it comes to managing your Airbnb, how do you automate the process, and what strategies do you need to implement?

    Ask any Airbnb host about their goals in the business, and you’ll probably get a standard answer in return, “We all want passive income and location freedom.” And who wouldn’t want to continue earning money wherever they are, right?

    However, operating an Airbnb business is like any other full-time job — you’ll feel excitement and exhaustion during your run. But there’s a bunch of smart hosts who know how to manage their Airbnbs, remove the stress from the equation, and continue enjoying the fruits of their labor. You can be one of them. You can use their strategies and automate these three essential things in your Airbnb listing so you can work ON your business and not in it.

    Related: How To Create 7 Streams of Income for Passive Wealth

    1. Cleaning

    This is probably the most important aspect of running a short-term rental business. However, as vital as it is, you also shouldn’t try to save money by cleaning your property. If your goal is to be truly independent with your business, you need to automate it.

    For this, you can hire a professional cleaning company, or you can hire people you know. And there should be a system for your crew because for your business to be truly automated, it needs a process to follow. For example, your crew needs to be there right after the guests leave at a specific time window (for example, from 10 AM to 3 PM).

    When you put this on autopilot, your team will automatically pick up where the guests left off, clean during the window, and you don’t have to clean the place yourself.

    2. Maintenance

    The next thing you need to automate is maintenance. Hiring a maintenance person will ensure that anything broken will be fixed as soon as possible. This person ideally will work on call, and you should let them know that you have a window and that if there’s ever any handy work that needs to be done, they should do it during that window.

    As for the compensation, it is recommended you pay both your maintenance person and cleaners on a case-by-case or per-project basis.

    3. Communications

    And last but not least, the communications.

    This part of the operations is vital because it will make sure that you’re streamlining the tasks needed to be done and that you’re not doing all the work yourself. For this, you can use Slack, a communication platform that’s easier to manage.

    With proper communication, you must add the owner, the cleaners, the maintenance person and everyone involved in maintaining that property. For example, you can ask your cleaning crew to post pictures of the property after each cleaning. They can also visually inspect the property to see if anything’s missing or needs repairs.

    If there is, you can then tag your maintenance person so they can come over and handle it during the cleaning window. This will make everything easier for you.

    We recommend you do the communications for the first three properties you launch so you can experience it first-hand. Plus, it’s also difficult to delegate communication when you haven’t done it and don’t understand it yourself.

    The most important thing to remember during these operations is that you don’t do the cleaning or the maintenance yourself. Delegate those things or hire somebody else. This way, you’ll be able to start working on the business and not in the business.

    Related: 4 Powerful Tips To Create A Successful Airbnb Business

    Passive income through Airbnb short-term rentals

    As you know, Airbnb is a home-sharing platform where you can list your property so that guests worldwide can book your place for a brief time. But this is more than just a place made for visitors who like comfortable stays. It’s also a good business venture for people looking for passive income.

    So if you own a property, you can launch your listing and use the automation strategies we just shared with you. If you’re a newbie just looking around for tips for getting your Airbnb business started, then you tuck these tricks away for future use.

    Related: How to Start an Airbnb Business Without Owning Property

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    Jorge Contreras

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  • How Startups and Investors Can Thrive in the Current Economic Environment

    How Startups and Investors Can Thrive in the Current Economic Environment

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s macro-economic environment has changed significantly and we see the signs everywhere. There’s an obvious economic slowdown, the stock market has declined, and recent reports of layoffs – especially in the tech sector – point to a looming recession. Despite the negative elements of such an economy, it also presents an opportunity for smart startup founders and savvy investors to thrive.

    The impact of venture capital

    It may be surprising how much venture capital (VC) investing impacts the global economy. Forbes reports that VC investing used to be very risky; even as it has grown, in the U.S., it accounts for only 0.8% of the gross domestic product, compared to about 5% for the private equity industry. The numbers are even smaller in the United Kingdom and Europe. Despite that, between 1980 and 2020, about 39% of all IPOs were venture-backed; VC-based companies have also been proven to grow more than two times as fast as their non-VC-backed peers over a ten-year horizon.

    Data also shows that VC investing drives innovation and employment. Public companies with VC funding account for 44% of U.S. public companies’ research and development spending. Over ten years, employment by VC-based startups increased by 475% compared to 230% for the control group.

    In my experience, startups are typically funded by the founder at first and later with the help of family, friends or angel investors. Beyond that, VCs often provide the additional capital needed for a startup to expand its market and scale to new geographies. VC firms are composed of experienced investors who provide not only funding but also valuable advice — helping startups avoid typical mistakes and connecting them with corporate partners to move their business forward.

    Many of the most valuable companies in the U.S. were funded by venture capital. These include Pegasus investments in Airbnb, SpaceX, Stripe, DoorDash, Instacart and Robinhood.

    Related: Why Some Startups Succeed (and Why Most Fail)

    Succeeding in this environment

    How should investors make decisions in this environment? I recommend they invest in stable, high-quality companies with limited debt, strong balance sheets and good cash flow. It’s ideal if the companies are in stable sectors that are expected to grow. Now is not the time for highly speculative investments, and it’s not the time to bet on highly leveraged startups. A reasonable debt-to-equity ratio — comparing liabilities to equity — indicates that companies are not taking on unnecessary risk in an attempt to grow.

    A recessionary economy changes the game for both startups and VC firms. Since funding may be less available, startups need to refine their business strategy and be disciplined in spending money, making the companies more sustainable in the long term. Entrepreneurs may see it as riskier to start a business. Still, startup hiring becomes easier at the same time, given the number of tech layoffs in the corporate section, such as those at Meta, Amazon and Twitter in recent months.

    This environment presents opportunities for investors to fund startups at better pricing than during the booming economy. Deals are typically less competitive, and lower valuations mean that investors get more for their investments. VCs also need to be extra careful to conduct due diligence to ensure their chosen investments are worthwhile.

    In my experience, I’ve seen up to 30% lower pricing in venture investments during a down economy, spanning from the seed-round stage to later rounds. This reinforces that a slow macro economy helps VCs get good deals, and the pricing of shares tends to stabilize in such an environment — giving investors more peace of mind than they would otherwise have.

    Related: Diverse Hiring and Inclusive Leadership Is How Startups Thrive

    Act now to benefit

    Despite the bad news in today’s economic environment, I recommend that startups refine their business strategy and that VCs take advantage of less competition to invest. Many successful companies were founded in recessionary times, so smart founders and investors can each benefit by actively participating despite the perceived risks.

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    Anis Uzzaman

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  • To Succeed in 2023, Consider These 10 Business Strategies

    To Succeed in 2023, Consider These 10 Business Strategies

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    Opinions expressed by Entrepreneur contributors are their own.

    As we enter 2023, it’s clear that we are entering an altered business paradigm driven as much by new technology represented by electric vehicles and the metaverse as it is by anachronistic conflicts such as the one instigated by the Russian Federation. The global recession, ongoing war in Ukraine and increased credit rates have all presented new challenges for businesses looking to grow. However, it’s important to remember that adversity can also present opportunities for growth and innovation. With that in mind, here are 10 strategies that businesses can use to navigate these challenges and come out on top.

    1. Diversify your product or service offerings

    By offering a wider range of products or services, businesses can hedge against market fluctuations and ensure a steady stream of revenue. This can be especially effective in times of economic uncertainty, when customers may be hesitant to commit to a single product or service offering. Consider Amazon and Google — both technology giants have expanded into multiple markets relying on organic growth, innovation and strategic acquisitions of profitable businesses. Google originally launched with search and dominated that space (or to use wunderkind tech investor Peter Thiel’s argument in his book, Zero to One, monopolized it). Amazon was an online bookstore. Enough said.

    Related: 5 Questions to Ask Before Diversifying Your Business

    2. Expand into new markets

    Expanding into new markets, either domestically or internationally, can also help businesses diversify and mitigate risk. This can be especially relevant for businesses that are heavily reliant on a single market or industry.

    3. Focus on customer retention

    In times of economic uncertainty, it’s more important than ever to prioritize customer retention. By offering excellent customer service, businesses can create loyal customers who are more likely to continue doing business with them even in tough times. In 2023, excellent service means personalized service if you are catering to higher dollar customers, because many successful people feel snubbed when their first line of customer interaction is bots, algorithms and ultimately some untrained call center worker who reads from a poorly constructed script.

    If you are catering to the masses, great customer service is predicated on community feedback, interaction and algorithms that are designed to empower the customer rather than further marginalize that person. There are systems in place that look to metaverse and community models to achieve these objectives and allow customers to provide feedback that’s truly meaningful to them rather than to the enterprise.

    4. Embrace digital technologies

    The Covid-19 pandemic has accelerated the shift toward digital technologies, and businesses that embrace these technologies will be well-positioned for the future. From ecommerce platforms to remote work tools, there are numerous ways that businesses can leverage digital technologies to streamline operations, improve efficiency and reach new customers. Artificial intelligence will become the ace card in 2023 with natural language processing, smart media, PR products and machine learning leading the way. Artificial intelligence will write articles, press releases, books, essays and speeches. It is also safe to assume that 5G will impact the way we live and work in 2023.

    5. Invest in employee training and development

    Investing in employee training and development can help businesses stay competitive by ensuring that their workforce has the skills and knowledge they need to succeed. This can be especially important in times of economic uncertainty, when businesses may be hesitant to hire new employees. Forward-looking corporate enterprises will need to consider management of a workforce that will be working from home or remote locations. Business leaders will need to consider adopting what Silicon Valley has pioneered — a health-focused communal work environment driven by deconstructed management that empowers its employees. The days of rigid corner office hierarchies and rituals driven by cultural pressure may be on the way out.

    Related: 4 Big Benefits of Improved Employee Training

    6. Collaborate with other businesses

    Frenemy relationships are in — and not only because they signal good corporate citizenship, but also because competition should not lead to adversity in 2023. As much as the opaqueness of globalism is uncomfortable in geopolitical settings, in the corporate environment, it may have an entirely different effect, and corporate globalism should be welcomed as a way to overcome market entry challenges. Collaborating with other businesses, whether through partnerships, joint ventures or other arrangements, can help businesses tap into new sources of expertise, resources and customers. This can be especially relevant for small businesses that may not have the resources to do it alone. By way of analogy, think of this concept as an open format for expanding one’s markets. Apple may be altering its marketing and technology strategies in the near future where decentralized models and open sources will dominate.

    7. Seek out funding and investment opportunities by leveraging technological innovation

    While the economic climate may be challenging, there are still opportunities for businesses to secure funding and investment. This could come from traditional sources like banks and venture capitalists or from alternative sources like crowdfunding platforms or accelerators. Even conventional businesses should consider adding a technology component to their offerings in order to be more appealing to investors and lenders in 2023.

    8. Stay agile and adaptable

    In times of uncertainty such as the one anticipated in 2023, it’s prudent for businesses to stay agile and adaptable so they can quickly pivot as market conditions change. This might involve adjusting business models, shifting focus to new products or services or exploring new channels for growth. Ultimately, the mantra here is to embrace technology and employee efficiency while empowering customers. For instance, enable customers to process payments and build their products through your web interface, consider closing brick-and-mortar offices and shift to online, or seek out joint venture partners that have proven market success.

    Related: 5 Ways to Adapt to Change and Build a More Resilient Business Model

    9. Emphasize the value of your product or service

    In times of economic uncertainty, it’s more important than ever to clearly communicate the value of your product or service to customers. By highlighting the benefits that your offering brings, businesses can differentiate themselves from competitors and convince customers to make a purchase. This may involve leveraging public relations firms and utilizing AI to communicate your offering through online marketing platforms and social media.

    10. Take advantage of low-cost marketing and advertising channels

    While traditional marketing and advertising channels may be less effective in times of economic uncertainty, there are still plenty of low-cost options available to businesses. From social media marketing to content marketing, businesses can reach new customers without breaking the bank.

    As the Greek philosopher Aristotle once said, “Pleasure in the job puts perfection in the work.” By following these general strategies, businesses can mitigate the economic risks of 2023 and benefit from new tech trends that will likely become the new norm.

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    Yuri Vanetik

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  • Why Founders Are Hiring These Two Coaches to Supercharge Their Business

    Why Founders Are Hiring These Two Coaches to Supercharge Their Business

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    Ankita Terrell and Emily McDonald are the women behind My Founder Circle, a community designed to support female founders while they start, grow and scale their companies. They sat down with Jessica Abo to talk about how they’re helping female founders supercharge their business and how you can too.

    Jessica Abo: Ankita, let’s set the stage for a second. How many female founders start their own business every year and how many of those actually make it to year five?

    2.6 million businesses are started by women every single year. Now, of course, the actual number is probably way higher because a lot of solo entrepreneurs never register themselves as a business. And of those, 50% fail by year five. So only about 1.3 million make it to year five and beyond.

    And why do you think that is?

    The timing of their launch often isn’t right, the product-market fit isn’t right, or perhaps they just don’t have the right tools or a community to help them in their success. Entrepreneurship is a lonely journey, and we want to change that.

    Emily, when women come to you, what are some of the challenges that they’re facing?

    Women come to us typically when they already have a business, they already have revenue, and they already have customers, but they’re really confused about how to scale their business. They’re often feeling overwhelmed. And I actually built a seven-figure fashion business myself and I faced those same problems, so I totally understand. They don’t know what to try and what works. And there are so many options in front of them that they feel alone and overwhelmed by how to get from where they are now to a scaled, more successful, more profitable business.

    Ankita, when you say you helped top founders supercharge their growth, what does that look like?

    Emily and I have very unique experiences. She built a seven-figure company. I previously worked in venture capital, worked for a startup and in a nonprofit, and I went to business school. So between us, we’ve both done and studied what we teach. So we help founders supercharge that growth through very tactical support. We act as their co-founders. We provide a lot of support with mindset growth as well. So both tactical support in group and one-on-one settings, and also a small group community they can lean on.

    I recently heard that we have more than 6,000 thoughts a day, and 85% of those are negative. So how do you help your clients and your students who are in that negative mindset? How do you help them shift?

    We want to remind our founders that having negative thoughts is really common. It’s really common to encounter bumps along the road as you’re growing a business and as you’re growing as a human. We support founders very deeply, both in a group setting and one-on-one, and help them overcome their limiting beliefs. We want to hold up a mirror to you and help you be the best you that you can be. We heavily invest in learning different modalities and techniques to be better founders and now better coaches. Often, these techniques and modalities have taken us years to learn and we continue learning from them and bringing in outside support to help our founders.

    And like Em said before, we have a lot of experience. She built a seven-figure business and overcame a lot of these challenges. I worked across nonprofit and venture and in funding B Corps and have absorbed a lot of what makes a business successful. And having a plan in place and having coaches that really believe in you as a human goes a long way.

    And to add to that, we like to remind founders that some of the things that you perceive as negative that happens in your business actually end up being some of the biggest growth moments and some of the things that lead you to some of your biggest successes.

    Speaking from experience, I think every time I’ve hit a low, climbing out of that process has always led me to my next offer or my next program. So that brings us to growth. How do you advise people when it comes to growing their business?

    What I want to encourage founders to do is invest in help, join a community or hire a coach, or get an advisor who can really be there in a more effective capacity, someone that you can bounce ideas off of, someone that you can be extremely honest with when things are going wrong. You need that support. You can’t build the business alone. And it really takes a combination of mindset and strategic work. So when we work with founders, we build a strategic roadmap while we also work on this mindset and in their professional growth. We believe that you cannot have a successful company without both pieces of the puzzle.

    What do you want to say to the women out there who are listening to this and just feel bad that they might need help?

    Here’s what I say about juggling it all, is that, think about it as if you’re juggling balls, and some of the balls are glass and some are rubber, and your clean house is a rubber ball and your health is a glass ball. So make sure that the balls that you’re dropping are rubber and not glass. You’ll always be dropping balls. And the other thing is everyone needs help. Even male founders aren’t nervous about asking for help from their friends or their business advisors. You are more successful, you’ll make more money faster, you’ll make fewer mistakes, and you’ll save time when you actually enlist help with your business.

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    Jessica Abo

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  • Top 5 Fastest Growing Industries for 2023

    Top 5 Fastest Growing Industries for 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The world is changing rapidly, and with it, the industries that drive the global economy. In recent years, some industries have seen explosive growth while others have slowed or disappeared entirely. In this article, we’ll take a look at the top five fastest-growing industries and discuss what makes them so successful. From technology to health care, these sectors are driving the economy forward and paving the way for a brighter future.

    Related: These Are the 10 Fastest-Growing Jobs in the U.S.

    1. Shipping and delivery services

    The rising popularity of online purchases has led to an increased demand for shippers and is fast securing its place as the growth industry front-runner.

    The American Shipper reports that as much as 8% of all retail sales are made online, or $394 billion. With an increasing number of people purchasing items from websites like Amazon and eBay, there will be an increased demand for individuals who can transport these items from one location to another since the pandemic. It is predicted by many economists to be the fastest-growing industry world-over within the next year.

    As a result, shipping companies are hiring more people than ever, and your skills may allow you to join them. If you’re looking for a career that allows you flexibility in scheduling while still maintaining a stable income while working remotely (or at least part-time), this industry might be right up your alley.

    There are many benefits associated with being an independent contractor: flexible hours, no commute time, no dress code and a choice over how much work or money you want out of it (or how much time). These perks make it easy enough to fit into any lifestyle and succeed.

    2. The healthcare industry

    The healthcare industry is projected to expand by 19%, making it the second-fastest growing sector.

    The reason for this growth is the increasing demand for healthcare insurance and the need for more people to fill jobs in the healthcare industry. As our population grows, so do its medical needs — companies have to hire more doctors and nurses to meet those demands. More people are getting sick, which means that more people need treatment. This increase in demand has led to a rise in healthcare professionals’ salaries and an influx of new patients into the field.

    The influx of new patients who require medical attention due to new laws will also cause the demand for insurance policies to rise. For example, in 2019, many states mandated that employers cover their employees’ contraception costs under their health plans. This development has significantly increased the demand for healthcare insurance among young people seeking birth control coverage.

    Related: Telemedicine is the New Normal in the Health Care Industry

    3. Travel and food industries

    With the growing population and interest in traveling after years lost to the pandemic, dream jobs that combine travel with food and culture are set to land in third place.

    If you love to travel, consider a career as an agent or guide who helps others plan their trips. Ensure you’re certified by your local government to become a tour guide (usually required for historical sites).

    You could also be certified through organizations like the Professional Tour Guide Institute of San Francisco or the International Institute of Travel & Tourism Studies (IITTS). If you don’t want to work directly with tourists but still want to help with travel, become an agent for a company specializing in international flights and accommodations.

    Related: The Travel Sector Is Getting Upgraded

    4. Online retail

    As more consumers turn to online platforms for shopping, businesses are quickly adapting to meet this demand. Companies like Amazon, Walmart and Target invest heavily in online efforts to serve their customers better. With more people using the internet to shop and take advantage of discounts, the online retail sector is expected to grow significantly this year.

    The convenience of shopping online through the pandemic has significantly expanded — albeit less for wants and more for needs. However, e-consumerism is already showing a strong return, with 1 out of every five retail purchases occurring online and an estimated end-of-year worth of $1.1 trillion.

    5. The AI revolution

    The future of the global economy lies in Artificial Intelligence (AI). AI is expected to be one of the fastest-growing industries of 2023, already valued at $328.34 billion. AI has begun to revolutionize many industries, such as healthcare, finance and transportation. Through automation, improved data analysis capabilities and predictive analytics, AI is helping businesses become faster and more efficient while cutting costs. With its potential for tremendous growth and its ability to revolutionize existing industries, AI is set to be one of the most important drivers of economic growth not just today but for coming years.

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    Christopher Massimine

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  • 6 Steps To Follow When Choosing a Real Estate Agent

    6 Steps To Follow When Choosing a Real Estate Agent

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    Opinions expressed by Entrepreneur contributors are their own.

    Due to higher home mortgage loan interest rates, many homebuyers are sitting on the sidelines, waiting to purchase a home. The high-interest rates have also reduced the homebuyer’s purchasing power making a once manageable monthly mortgage payment an unaffordable expense.

    However, homes that show well, are priced well and are in a highly desirable part of town will sell very quickly with multiple offers. If not, your home may be on the market for 30-plus days before you receive an offer.

    If you’re thinking of calling an agent, like me, to purchase or sell a home, here are a few ways to prepare yourself for the journey ahead; have all of the money matters taken care of. What I mean by that is to be pre-approved for a mortgage loan if you’re purchasing a home and know how much you’re going to net off the sale of your current home if you’re planning to sell it. Assuming the home is presentable, we’ll be ready to show it within a few days.

    You already know buying or selling is not an overnight task, but how much time it takes depends on the layout of your home and your budget. Don’t take the chance of making a bad first impression in real estate.

    Related: 7 Secrets Luxury Home Buyers Need to Know

    To decide on an agent, first complete the following:

    1. Get a mortgage pre-approval

    To begin, research your mortgage choices before signing a contract with a real estate agent. The mortgage you can afford depends on several factors, including the length, price and interest rate of the mortgage you choose.

    Getting pre-qualified for a mortgage is not the same as getting pre-approved. Both pre-qualification and pre-approval need a thorough examination of your financial situation, but only the latter requires a formal mortgage application.

    Related: The Property Line: What’s With the Surge in Mortgage Rates?

    2. Research the market

    Your search for a new home should be limited to properties within the price range established by the mortgage for which you have been pre-approved. However, if you plan on selling simultaneously, you should research comparable homes in the neighborhood. Remember that the asking prices listed in real estate ads, whether online or in print, are all you will learn. A real estate agent can provide information on how long a home has been on the market, if there have been any price reductions and, most crucially, how much you may expect to pay at closing.

    While studying the real estate market is crucial, avoiding falling in love with any particular property is essential. If you need to sell your current house before buying a new one, there’s a good possibility the property won’t still be available when you’re ready to purchase. Offers contingent on selling another property, known in the real estate market as “yes, but…” offers, have a lower likelihood of being accepted by the seller than those with a stable financial background.

    Related: Single Home Purchase Error Gives Woman Entire Neighborhood

    3. Remove clutter

    Many of us have seen “Trading Spaces” and feel confident in our home-staging abilities. You probably already know that making a good impression on your real estate agent is crucial. If you want your real estate agent to see the full potential in your home, you should have an open house before they come over.

    • Extra shoes and coats should be stored. Keeping these items in plain sight indicates a closet or storage area deficiency.
    • Take off your belongings. Potential buyers want to envision themselves living in your home, and seeing photos of your family reunion can soon dash any hopes.
    • Empty the fridge. The home’s appearance of order and tranquility is ruined by the accumulation of alphabet magnets, postcards, and receipts.
    • Clear out the clutter. Larger homes with more open floor plans give visitors more room to move about and think creatively about how they may use the property.

    Related: 5 Essential Tips for Networking in Real Estate

    4. Clean

    If you’re trying to sell your property, a spotless look will get you far further than you think. A neat dwelling indicates a sense of ownership and pride. The entrance, for example, should be given as much care and attention as the rest of the building. Clean up the area around your entrance, mailbox, mat and trim. While you might not give much thought to dust and insects living in your light fixtures and shades daily, prospective purchasers who do their due diligence might be put off by such slovenly maintenance.

    Window cleanliness is directly proportional to the amount of natural light let in and the degree to which one can take in the scenery outside. It’s a good idea to change out the furnace filter once a month to keep the air flowing freely and to keep the air quality high in your home. Finally, make sure the restroom is spotless. The ancient rule of bathroom etiquette that states you shouldn’t touch anything other than the toilet, the bathtub and the tiles suddenly becomes extremely important. Do not stand on the toilet seat.

    Related: 5 Ways to Sell Your House Fast

    5. Replace, restore or resurface

    Many long-term residents have come to accept the need for constant maintenance and the presence of outdated or broken fixtures. Walls, for instance, need to be patched and painted. Neutral paint colors make it easier for potential buyers to picture themselves in your home (like a blank canvas), and a fresh coat of paint on an undamaged wall shows that you take pride in maintaining the property.

    Consider the home’s street charm as well. Are the weeds pulled and the grass cut? Most potential buyers will form their first impression of your home based on its outside, so give it its best face forward.

    A pre-sale home inspection might be helpful if your property is older or you suspect there may be surprises that would cause potential buyers to back out of their offer. An estimate of the repairs needed will let potential purchasers know what they’re getting into.

    6. Search for prospective brokers

    Try not to settle for the first agent that pops up in a web search. Find an agent who is a good fit for your needs by doing some research. Referrals from recent movers are an excellent place to begin, and there are also many online resources for researching and evaluating real estate agents. Also, it’s important to find a real estate agent who has experience selling properties in your area since they will know how to set a fair price for your property.

    A real estate agent with years of expertise will know how to market your home effectively and where to look for a new one. Remember that real estate brokers can take as much as 7% of your home’s sale price at closing, so choose carefully.

    Related: Signs You are in a Bad Relationship With Your Real Estate Broker

    In conclusion

    The first things to do when selling or purchasing a home are the same as they would be for any other large purchase: research and planning. Before you call in a real estate agent, you must make your house look desirable. Keep in mind that if you don’t get an offer, your real estate agent can’t help you sell, and if your home isn’t in good shape, it won’t be in high demand.

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    Chris D. Bentley

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  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

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    Francesco Fazio

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