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Tag: Business models

  • How to Eliminate the Sales Funnel | Entrepreneur

    How to Eliminate the Sales Funnel | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As entrepreneurs, you know how challenging it is to prospect new clients. It is often the most challenging part of running a successful business. Finding the right sales strategy to meet your business needs and objectives can take time and effort.

    You’ve probably gone through various iterations of trial and error, from cold calling to email campaigns, experimenting with a mix of strategies rooted in the traditional sales model. While the conventional sales funnel works for many businesses, it’s not the only approach. You can tailor or even eliminate the sales funnel, the route we chose for Rentec Direct, the property management software company I founded. The traditional sales model didn’t make sense for us, so we focused on service instead of sales.

    Before I dive in, below is an overview of the typical sales funnel that most companies rely on:

    • Awareness: A prospect becomes aware of your business and its products and services, perhaps through an advertisement, Facebook post or Google search.
    • Interest: A prospect gathers more information about your company by visiting your website, reading a case study, or signing up for your newsletter.
    • Decision: A prospect decides whether or not to buy your product or service. Many companies entice customers by offering a promotion or discount code.
    • Action: A prospect buys your product or service. Many companies offer training, education and support at this final stage.

    Related: How I Built a Sales Funnel That Generates Over $80 Million

    The typical sales process also includes a lot of cold calls and prospecting through third parties. Through trial and error of the above, we discovered what worked for our business. We realized we were losing people at the top of the funnel when we didn’t establish that relationship early on. That’s when we shifted to building customer relationships at the very beginning through our free two-week trial, onboarding and training programs. As soon as a potential customer signs up for our trial, a dedicated account specialist reaches out to walk the prospect through the account setup process, provide step-by-step training, and go over how to access helpful resources on our blog to get the most out of the user experience. This personalized approach might seem like a high overhead to invest in a trial client who has yet to pay for the service, but we’ve found that the additional attention is of significant value to these new users.

    By focusing on service instead of sales, we no longer engage in prospecting. Instead, we meet our clients with what they need, proactively scheduling meetings to ensure they get set up correctly on our software. This approach stands out from competitors, allowing clients to ask questions early on and access resources at no additional cost. Consequently, we’ve built trust, resulting in more referrals and long-term relationships, with many clients staying with us for over a decade!

    Here is an example of that approach in action. We worked with a California landlord struggling with manual rent collection. She knew she needed to automate but didn’t know where to start. After a friend recommended us, she signed up for a free trial. Our account specialist contacted her when she signed up to set up her account and train her on automating rent payments. This one-on-one assistance helped her increase efficiency in minutes and gave her the confidence to incorporate the software into her daily routine. Soon after, she became a client. This personalized approach laid the foundation for a long-term relationship.

    Related: 7 Mistakes to Avoid in Your Sales Funnel

    Below is the framework that we use to focus less on sales and more on service, which may be helpful for your business, too:

    • Build relationships early: Build trust early with potential new clients through an educational blog.
    • Offer a free trial or demo: Give potential customers a chance to experience your product or service before committing to a purchase. Like in the use case above, the customer decreased her time processing rent in minutes, demonstrating the value of our software.
    • Provide proactive customer service: Learning a new technology can be overwhelming, and knowing where to turn to get the right help can be tricky. Don’t wait for your customers to come to you with questions or issues. Instead, offer assistance before they ask, showing that you are invested in their success early on.

    To summarize, focusing on service instead of sales has been a game-changer for our business. By providing this early support and training, we have built lasting relationships with our clients and have grown our business. It sets both parties up for long-term success and is worth a trial if you want a new sales approach.

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    Nathan Miller

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  • When Investing, Should You Go For Percentage or Dollar Returns? | Entrepreneur

    When Investing, Should You Go For Percentage or Dollar Returns? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I was recently speaking with an entrepreneur who’d passed on an investment because it would not need yield the company at least a 10x growth opportunity. I told him those returns might be reasonable when investing in small businesses (under $5 million) but that he should consider lowering his ROI threshold when investing in larger ones.

    My logic was twofold: First, bigger companies are harder to grow as quickly as small ones, so the growth percentages will be lower; and second, there’s the potential to make substantially more money on a bigger company investment, even if the ROI was only 3x to 5x.

    Here’s how to know when it’s better to focus on percentage returns vs. dollar returns when assessing your investment opportunities.

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    George Deeb

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  • Why Amazon, Zara and H&M Are Gambling Away Their Customer Loyalty — and Paying a Very Costly Price. | Entrepreneur

    Why Amazon, Zara and H&M Are Gambling Away Their Customer Loyalty — and Paying a Very Costly Price. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Why risk obliterating customer trust for a few dollars? That’s the high-stakes gamble that’s plaguing the business landscape as companies increasingly implement return fees. In a bid to curb a burgeoning problem of product returns, businesses have inadvertently stepped into a loyalty minefield. The trend, prevalent yet contentious, warrants scrutiny through the lens of behavioral science to grasp its long-term ramifications.

    So, here’s the conundrum: businesses are hemorrhaging money on returned goods. Happy Returns, a logistics company, released a survey that found 81% of retailers have implemented some form of return fee in the past year alone. On the surface, charging return fees seems like a logical step. It’s a move aimed at deterring frivolous returns, and according to many companies, it’s working.

    Amazon, H&M, and Zara, retail giants in their own sectors, are among many that have started charging return fees and are promoting in-store returns. Amazon levies a $1 fee for shipping returns through United Parcel Service, while H&M charges $5.99 for returns sent through the U.S. Postal Service. Zara takes $3.95 off your refund for mailed returns.

    Related: Amazon Is Now Charging a Fee For Some UPS Store Returns

    On one hand, these fees are modest, but they are potent enough to disrupt the shopping experience. Consumers are savvy; they calculate the entire cost of shopping, including the hassle and expense of potential returns. Happy Returns also found that about a third of companies surveyed lost customers due to these new fees. According to their survey, more than 80% of consumers check a retailer’s return policy before making a purchase with a retailer for the first time and 55% of the consumer population surveyed have abandoned a shopping cart if the return policy wasn’t convenient.

    Blue Yonder, a supply-chain software provider, further substantiates this in a different survey, revealing that 59% of consumers are deterred from making a purchase if they’re faced with tighter return policies. So, while you might stop the bleeding in the short term by charging return fees, you’re creating a less hospitable shopping environment that drives customers away in the long term.

    The intricacies of cognitive biases in return fee decisions

    While financial metrics and logistics often dominate corporate decisions about return fees, cognitive biases play an underrated but influential role in this complex equation. Recognizing these biases not only sheds light on why businesses might opt for such fees but also offers insights into how these choices can adversely affect customer behavior.

    First, consider the cognitive bias of hyperbolic discounting. This bias explains our natural propensity to opt for immediate rewards over future benefits. When a business is dealing with the costly logistics of managing returns, the immediate relief provided by implementing a return fee can be overwhelmingly tempting. It’s a quick fix that shows immediate results, thereby satisfying shareholders and seemingly tightening up a leaky supply chain process. However, by focusing so intently on the here and now, companies often overlook the long-term consequence, which is the gradual erosion of customer loyalty.

    Next, let’s delve into the empathy gap. This cognitive bias refers to the difficulty of understanding and predicting the emotional states of ourselves and others in situations that are different from the present. When board members discuss implementing a return fee, they may find it challenging to fully comprehend the emotional toll such a fee takes on consumers. Often encapsulated in corporate bubbles, decision-makers may not grasp that for many consumers, the fee is not just an economic cost but an emotional one. It feels like a betrayal, a breaking of the tacit trust between consumer and brand.

    Finally, we must discuss the anchoring effect, where we grow used to a certain anchor and feel that it’s the normal and appropriate state. For years, many consumers have grown accustomed to a no-fee return policy, viewing it almost as a retail standard. When they’re suddenly confronted with return fees, even seemingly nominal ones, their reactions can range from surprise to betrayal. This anchoring effect — where customers have mentally pegged their shopping experience to the absence of return fees — means that the introduction of such fees creates cognitive dissonance and a negative emotional response.

    This form of customer anchoring can have significant repercussions. Not only are these customers likely to reconsider future purchases, but their overall perception of the brand may also shift negatively. They may even become vocal critics, sharing their displeasure in reviews or across social networks, thereby influencing potential customers. Brands need to recognize that they’re not just introducing a new fee; they’re deviating from a consumer expectation that has long been anchored to a no-fee experience. This pivot can create ripples that extend far beyond a single transaction, eroding hard-won customer loyalty and affecting long-term profitability.

    By taking the time to understand these cognitive biases, businesses can arm themselves with the nuanced insight necessary to make better decisions about implementing return fees. It serves as a reminder that decision-making, especially on matters that affect customer trust and long-term loyalty, should never be taken lightly or made in a cognitive vacuum.

    Related: Want to Return Clothes? At this Fast Fashion Retailer, It Will Cost You

    The case for dropping return fees

    By analogy, consider Southwest Airlines. I love flying with them. Perhaps I’m revealing my age, but I started flying when airlines didn’t charge bag checking fees for less than two checked bags. When other airlines started to charge fees, I felt a real reluctance to fly with them. I tried to take Southwest everywhere it flew, not even checking other airlines if I had a decent option with Southwest. And I’m not alone. Many travelers like myself became anchored to no bag checking fees and won’t even consider other airlines if Southwest flies to their desired destination. Sometimes they – and I – end up paying more for a Southwest ticket, but the absence of baggage fees and the added layer of trust make all the difference. Southwest stands as a vivid example of how a company can benefit by not nickel-and-diming its customers.

    So, what’s a future-forward retailer to do? In a world where brand loyalty is the golden ticket, consider zigging while others zag. Instead of aligning with the immediate benefit of return fees, invest in enhancing the overall customer experience. In doing so, you’re not just retaining a customer for one transaction; you’re retaining them for life. Understand that businesses don’t merely sell products; they sell experiences. And you’ll steal the customers pissed off at the Amazons of the world who nickel-and-dime them over return fees.

    Conclusion

    In the relentless race to maximize immediate profits, companies charging return fees risk long-term loyalty, the cornerstone of sustainable business. While the initial numbers might seem favorable, they mask an undercurrent of consumer dissatisfaction that could eventually morph into a full-fledged backlash. In a landscape punctuated by volatile consumer sentiments, the question businesses need to ask themselves is simple: Is the immediate monetary gain from charging return fees worth the irreversible damage to customer loyalty? Southwest Airlines already has its answer. What’s yours?

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    Gleb Tsipursky

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  • How Pivoting Saved My First Business From Failing | Entrepreneur

    How Pivoting Saved My First Business From Failing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is like setting sail into uncharted waters, and the initial excitement can often be met with unforeseen storms. I relate my experiences as an entrepreneur who, teetering on the edge of adversity, made a critical decision to pivot.

    From grappling with market dynamics and culture to reimagining the very essence of my business model, this journey stands as a testament to the vital role that adaptability plays in the challenging world of business.

    Related: The Pivoting Playbook: How To Successfully Turn Adversity Into Opportunity

    Our business model

    In 2016, I started a venture in the UAE, together with my co-founder. Our experience in education and educational management totaled around 50+ years in the Middle East, and we were adamant about reshaping the tutoring landscape in Saudi Arabia. We came up with the idea to centralize the tutoring landscape, as it was, at the time, scattered. Every traffic light you would stop at would have dozens of pieces of paper stuck onto it with the names of teachers, their phone numbers, subjects taught and hourly rate.

    So, we created an app that allowed parents to “order” their teacher and slot in a session at their convenience. The teacher would then be “delivered” to the home of the customer using the Uber model, and the session would then be delivered and paid for after completion. We decided to start with B2C, create a buzz, and then on the back of that, enter the B2B market.

    Marketing

    Our sales team traveled around the country, hitting the malls, educational institutions and pretty much anywhere people would gather in order to show the concept, get feedback and close clients. The campaigns were moderately successful, and we managed to close several clients on the spot, collect feedback and make small amendments to our services accordingly. This not only gave us proof of concept, but it also helped us identify any issues that we might have overlooked in terms of the practicality of our business model.

    The launch

    After we had generated interest through our presence, not only on the ground but also through our online marketing efforts, we were ready to officially launch our project. The expectations were high based on the legwork we had put in and the results it generated for us. However, despite all our initial efforts, when we officially launched … crickets!

    My co-founder and I were utterly baffled; how could it be that despite our data telling us that we were clearly onto something, the market didn’t react as we had expected it to? The answer was … culture!

    Related: 5 Ways Your Brand Can Pivot to Thrive in Uncertain Times

    The problem

    2016 was right before the online app surge in Saudi Arabia, and although people were very interested in the idea during our marketing campaigns, and many clients signed up on the spot, the idea of having a stranger come to your home and teach was met with apprehension by the people at the time (now, in 2023, this has changed dramatically).

    The pivot

    So, because we had our product ready, our teams in place and our consultants ready to commence, we adapted our business model and turned to the corporate sector. I put on my work boots, went completely old-school and started knocking on doors. With my laptop in hand, I was selling our services to anyone who cared to listen. I approached the larger corporations in the MENA region, and it turned out to be an immediate success!

    In no time, we had training contracts with the likes of IKEA, STC, The Ritz Carlton, and even Souq.com (now acquired by Amazon). And before long, we were able to close country-wide long-term agreements with several of them.

    Related: The 4 Secrets to a Successful Pivot

    Lessons learned

    The reason we were able to turn our B2C model into a B2B success was that the corporate landscape was already used to bringing in consultants for various corporate training sessions, which made entry to this market a breeze for us. Now that we were generating income, we utilized the customer base of the larger corporations to offer our B2C services through employee-loyalty programs they had with their customers. This helped us overcome the cultural barrier, as we were now not “a stranger” coming to the client’s home, but a legit partner of the brand they already trusted.

    As entrepreneurs, once we think that we have an idea that can be revolutionary in a certain market, we often go all-in expecting the market to respond as we would like it to. In my case, we were able to pivot and turn it around by hitting the B2B market first, then reverse engineer and turn to then still be able to enter the B2C market and be successful. However, I am sure that there are many situations where an entrepreneur was not able to pivot and had their brilliant idea go bust. So, make sure that in your business model, you leave room for the possibility to pivot, giving your business idea a second chance to survive.

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    Serge Antonie

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  • 10 Expert Principles For Designing Better CSAT Surveys | Entrepreneur

    10 Expert Principles For Designing Better CSAT Surveys | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a customer service consultant and customer service transformation expert, I’ve felt like cringing a few times (or more than a few!) when my client companies send out customer satisfaction (CSAT) surveys that are less accurate and customer-friendly than I’d want them to be.

    This is risky for any business, so I work with them immediately to make the needed improvements.

    Sending out poorly designed surveys can try the nerves of even your most loyal customers, mislead you with spurious results and waste the time of everyone involved — those who send it out and those who receive it. When designed and deployed correctly, however, surveys can reveal essential insights into how customers view their experience with your company and allow customers to vent!I encourage you to spend a few minutes with me learning the do’s and don’ts of designing and deploying customer surveys.

    Related: How to Measure Your Customers’ Happiness Score (and Why That Matters)

    1. Every survey question should be clearly worded and easy to answer

    It shouldn’t require your customer to do math or think too much about the inner workings of your company. Avoid anything like, “Compare this interaction with interactions you’ve had at similar departments at other fintech companies in our broadly competitive cohort.” Also, don’t ask questions you don’t care about and already know you’re not going to act on. (This seems obvious, but it happens all the time.)

    2. Don’t ask your customers to grade you on a scale of 1–10

    When you request their opinions on a scale of 1-10 (or 0-10), you’re confounding your customers at best. Why? You’re essentially asking your customers to determine the difference between a “six” and an “eight” or a similar nuanced gradation when choosing how to rank you. Provide your customer with no more than approximately five choices. (Why do I say approximately five? Well, I’d go with five, but I confess that there is an argument to be made for making it four or six: If you choose an even number like this, you take away an easy midpoint response, thus perhaps getting more reasoned answers.)

    Related: 4 Ways to Use Customer Feedback for Business Innovation

    3. The order in which you ask your questions matters

    The order matters because a prior question brings up images in a customer’s mind that will influence their answer to the next one. So, be sure to ask for your customer’s overall impression first. You don’t want to influence how a customer answers this central question by asking more nitpicky questions before you get to the most important, broad one.

    Asking several individual questions before asking for an overall rating will tend to color that overall rating, perhaps quite significantly. For example, if the question the customer encounters just before the big one asks about the cleanliness of your restrooms, which was just so-so, this will likely reduce your overall rating since you’ve left their mind in the toilets.

    Conversely, if they’ve just been asked about the availability of parking and parking was abundant, this is likely to artificially increase your overall rating since they are thinking about something positive (how easy it was to park).

    4. Include at least one open-ended question

    Doing this is valuable both to harvest customer insights and to let customers know you value and are curious about their thoughts and insights. For example, “Please share any thoughts you may have; we promise to read all of these!”

    The CEO of a major corporation told me that he transformed his entire level of customer service success by reading every one of these so-called “verbatims.” In these, he found a “staggering” level of nuance about his current operations and even some promising suggestions for innovations for the future.

    Related: You Need Consumer Insights To Ensure The Success Of Your Business. Here Are Five Ways To Find Them.

    5. Word choice matters

    I’m a fan of emotive rating options on surveys, such as “fantastic!” (for your top score), “meh” (for somewhere in the middle) and even “Are you sure you can handle the truth?!” (for your lowest). Only consider this approach if it conforms with your brand style! It wouldn’t be appropriate for a traditional jeweler or a business in a life-and-death industry like healthcare or mortuary services.

    6. Pay attention to the number of top ratings (5 on a scale of 5) that you receive

    While it’s nice to know how, on average, customers perceive you, It’s arguably more important to know the number of customers who give you a top (5 on a scale of 5) rating. This may be more important than your average score because the number of people who rate you as tops are the best representation of the number of truly loyal customers you have — or, at least, the number of customers well on their way to true loyalty. Of course, most important here is the trend: are you getting more loyalists than in the past, or is customer enthusiasm flagging?

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

    7. Don’t ask nosy questions

    Nosy questions include questions on income, sex or how old they are. First, you can never assume respondents will trust your privacy practices. Second, unless you’re a casino operator, cannabis dispenser or operate another type of business limited by law to serving adults, you don’t have a reason to ask for a complete birthdate. If you are trying to set yourself up to send out birthday cards or offers later, please at least stop asking for the year of birth. A complete birthdate is probably none of your business and makes identity theft all too easy in the event of a breach.

    8. Skim through your surveys right away, looking for any complaints or ultra-low scores

    Then respond personally and immediately to these upset customers. Don’t make them wait without a response, stewing in their own frustration, until such time as you’ve batched all your surveys for review.

    9. Put thought and attention into any preamble that accompanies your survey

    Your introductory note or cover letter, just like the survey itself, should be friendly, gracious and brand-appropriate. This way, whether or not the recipient chooses to respond, they’ll be left with a positive impression.

    10. Please don’t hound your customers if they don’t respond to your survey request(s)

    I would make one follow-up reminder the limit — or even zero. Once you’ve surveyed a particular customer, suppress future surveys of that same customer for at least 30 days.

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    Micah Solomon

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  • 5 Steps for Consistent Lean Operations | Entrepreneur

    5 Steps for Consistent Lean Operations | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Lean principles have proved incredibly effective for future-proofing organizations from wasting resources. Though the philosophy originated in manufacturing, its adaptability has made it essential for any modern business leader looking to eliminate resource waste, improve quality, reduce variations in customer service and increase productivity.

    Lean management principles can be applied to many essential parts of a company, including production, supply chain management, customer service and administrative processes — all to meet customer expectations while improving productivity consistently.

    Over 70% of lean implementations fail — so what are the critical differentiating factors for those who can succeed? If executed correctly, lean management improves both customer service and employee satisfaction while reducing overall costs via productivity gain continually.

    It’s easy for leaders to talk about optimizing processes, but a successful lean systematic approach requires a deep understanding of key customers’ critical needs and a well-integrated yet simple execution plan. Most importantly, it requires an energized community of employees dedicated to continuous improvement with unwavering support from the CEO and the executive team.

    These five steps are paramount for business leaders hoping to implement lean principles to deliver consistent results meaningfully.

    Related: How to Apply Lean Principles to Your Startup’s Productivity and Time Management

    1. Understand your key customers

    At the end of the day, business is about people. With all the pressure to innovate in today’s world, it can be all too easy to lose sight of what a company’s true customers actually want and need. Lean principles are centered around the “North Star” of any business: the pain points and opportunities within a company’s target audience.

    To eliminate excess and non-value-added activities, one must first identify those that best serve the customer’s needs and listen directly to customers to understand better how these desires are (or are not) being met. This concept is at the heart of the Lean pull system and just-in-time manufacturing, which urge companies to carry out work only when there is a demand for it rather than creating products based on forecasts.

    2. Diversify perspectives

    Lean principles seek to overcome four core challenges: drag (the resistance from sluggish markets or enterprise-wide misalignment of strategies); inertia (resistance to change, including functional siloes); friction (products or services not in sync with customer expectations); and waste (resulting from outdated KPIs, failure to evolve and disengaged leadership).

    Bringing key customer needs into a company can help align company practices, culture and products/services to combat these challenges quickly and effectively. Fresh eyes, especially those with a cross-functional team approach, are crucial for mapping out and augmenting processes within the company that deliver the right products and solutions to customers and can directly combat the static mindset of companies that may otherwise be resistant to necessary change.

    Related: 5 Reasons Not to Follow the Lean Startup Process for Your Next Idea

    3. Establish metrics for progress and success

    Knowing how to measure both progress and success helps businesses implement the lean philosophy as a long-term company strategy rather than just a project. These metrics/KPIs may take various forms — including visual tools or techniques that make information and work progress more visible, as transparency helps cross-functional teams monitor and manage work more effectively and in real-time.

    Moreover, all ideals related to progress and success must be fortified by direct engagement and leadership from the C-suite. Leaders must live the mindset expected of their employees; this can be done through a regular cadence of meetings where this commitment to constant adaptation and sustainable growth can be demonstrated and nurtured. High-potential employees are thoughtfully placed in Lean assignments throughout the company. Likewise, training on continuous improvement must be made regularly for all managers and employees, with rewards and compensation tied to the delivery of lean results.

    4. Organize collaborative, cross-functional teams to streamline processes

    If done right, lean management allows companies to achieve more with less instead of doing more with less. Establishing a smoother, uninterrupted flow of work or materials via the value stream will minimize delays, waste and bottlenecks. To achieve this level of synchronization, siloes must be broken down to make way for a holistic evaluation of all internal operations.

    With engaged participation from various functions, the sequence of activities and processes required to deliver the right product or service to the customer can be assessed and solidified. This holistic perspective is crucial for optimizing value streams, sharing best practices, regular checks and adjustments and future-forward planning. Collaboration across functions also allows for a holistic understanding of company obstacles, methodologies and goals so that employees across the business are aligned on a united, go-forward strategy.

    Related: 5 Ways Lean Teams Can Work Smarter and Get More Done

    5. Foster a culture of continuous improvement and respect

    Continuous improvement is not a fad; it is an ongoing and integral element of operations, depending entirely on the business’s human element. While various technologies are helping to modernize, restructure and simplify processes, we must not take for granted the human touch that is embedded into the nature of all work. Lean principles emphasize respecting and valuing individual employee contributions and engagement and building a culture of continuous improvement through human interaction.

    By encouraging employees to be involved in decision-making, training and support, leaders lay the foundation for a community of people who are personally connected to the customers and their teams and are personally invested in the company’s future.

    Likewise, by fostering a culture of teamwork, empowerment and accountability, leaders can recognize and harness underutilized employee skills for greater success — all of which have been proven to improve retention rates.

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    Jack Truong

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  • How to Choose a Reliable PR Agency in 6 Steps | Entrepreneur

    How to Choose a Reliable PR Agency in 6 Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you own a business, you know that reputation is everything. It’s not enough to know what your brand is about and its values – you must communicate all these things to clients, partners and stakeholders. This is where PR places your company on the map and establishes the right communication channels. But with so many names out there competing for clients’ attention, how do you know you’re hiring a reliable PR contractor?

    In this guide, you’ll discover six tips to help you choose a professional, result-driven PR agency that will work to effectively build your brand reputation and make your brand stand out on the market.

    1. Look for an agency with a rich media catalog

    A long list of media outlets in an agency’s database is not just a sign of extensive connections in the industry. It also means it will be easier for a media expert to select the outlets that perfectly fit the client’s criteria, such as budget, niche and target audience. Let’s break it down with a simple comparison:

    Bad agency: Offers you a list of a couple of dozens of media to choose from to publish your story. It’s unlikely you’ll find an outlet that satisfies all your PR needs – even the core ones.

    Good agency: An extensive media catalog with outlets covering various industries, reader demographics and geographic regions. No matter what your PR goals are, you’ll be able to find the right place to publish and promote your business.

    Related: Why You Need A PR Agency and How to Choose One Wisely

    2. Analyze the media you’re offered to appear in

    Remember: quality always beats quantity. Instead of bringing your brand name to the pages of several little-known or low-quality outlets, it’s crucial to focus on choosing a few or even one reputable source. Expert PR agencies live by this rule and would not waste your time and money on publications with little to no impact.

    Bad agency: Likely chooses cheaper outlets with fewer readers to save their (not your) budget. They might also conceal what outlets your piece will feature in until the moment of publication.

    Good agency: Focuses on results and transparently communicates the selection of reputable outlets, even if it means a higher price. You will be able to make an informed decision and know exactly what impact the PR campaign will have on your business growth.

    Related: How to Make the Most of Your Public Relations

    3. Request the agency’s portfolio

    Imagine you come to a real estate agency looking to buy a property. An agent keeps pushing you to buy this “amazing” apartment with a “great” interior design and a “fantastic” infrastructure. But they never tell you where the property is or even show you any pictures. That’s what happens if you work with a PR agency that has no open portfolio. It’s a leap into the unknown, often not worth the risk.

    Bad agency: Doesn’t have a portfolio. Agents refer to vague NDAs as an excuse, so you don’t really see any examples of the agency’s work and achievements.

    Good agency: Shows you real client cases and publications. Better yet, it has a diverse portfolio published on its website, so you can take your time to see and analyze it.

    4. Seek full clarity on price and service-wise

    When something is too good to be true in the PR industry, it probably is. So, if you found an agency that offers publications in great media for unusually low prices, it’s reasonable to be suspicious. Always explicitly ask for all the details of each publication. Does it come with special tags? Is it a full-on piece about your brand or just a mention? Try to eliminate all the blind spots.

    Bad agency: Sells you a publication marked as “advertising” so that search engines will treat it as an ad, not a piece of organic content. Or will promise a high-profile placement but deliver a brief mention in an unrelated article.

    Good agency: Is straightforward about prices and services. Will tell you what page your publication will appear on, whether it will carry any tags, etc. You’ll know for sure where you land.

    Related: 10 Tips to Negotiate Like a Boss

    5. Look for diverse contract options

    Traditional PR agencies often insist on signing long-term contracts regardless of their clients’ needs. It means a higher price and a lower level of flexibility. What if you can’t afford it consistently due to financial struggles? Or perhaps you will no longer need the PR services in a couple of months. Canceling such contracts can be costly and legally painful.

    Bad agency: Pushes you to sign a year-long contract and make a large advance payment and is not fully transparent about the cancelation policy.

    Good agency: Strives to be flexible. Offers short-term contracts and is open about the cancellation policy, ensuring you have the freedom to tailor your PR services according to your needs.

    6. Read real client reviews

    When choosing a PR agency, it’s smart to see what other clients have to say. Reviews provide valuable insights into how the agency operates, the quality of its services, and whether it can truly meet your needs.

    Bad agency: Avoids sharing client feedback or only shows you a few cherry-picked positive cases. Or it has many generic reviews that lack specific details about the agency’s actual performance.

    Good agency: Is proud of its track record and will show you a range of feedback, both positive and constructive. Reviews include photos and/or links, feature brand names and real company representatives.

    All these tips revolve around one core idea: work with professionals. Just like you’re looking for a qualified doctor to attend to your health, an expert mechanic to fix your car, or an experienced teacher to educate your children, only say yes to a PR agency that inspires trust and shows professionalism. After all, PR is a key aspect of your brand’s reputation and success.

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    Irina Proskurina

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  • 4 Ways to Increase Efficiency Within Your Business | Entrepreneur

    4 Ways to Increase Efficiency Within Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    Operational efficiency is always important for a business. Everywhere you turn, there are threats to stability, from supply chain disruption to war in Europe to inflation in the US and even deflation in China.

    Efficient activity and productive operations haven’t been more important to successful business since the Great Recession started fifteen years ago. With that in mind, here are a few techniques and strategies you can use to improve operational efficiency in your company.

    1. Make communication a perpetual investment

    Optimization isn’t something reserved for search engine marketing or data and analytics. It also applies to more nuanced activities — like communication.

    Related: What Are The Safest Investment Options for Earning a Good Return Over Time? A Financial Expert Explains.

    It’s easy to set a vague standard of “prioritizing communication” at work. But the truth is, healthy communication isn’t a set-it-and-forget-it kind of activity. It requires ongoing investment, adjustment, and improvements.

    Forbes and Harvard Business Review Advisory Council Member Sharesz T. Wilkinson points out that communication is the “core activity” at work. It is the number one thing we all do. Wilkinson adds that despite its critical role, there is a significant skill gap between current employee communication skills and those required to unleash higher efficiency and, by extension, greater success.

    Both the need and lack of communication skills make it a key investment. Businesses that want to remain efficient must start by addressing this core activity. You can do this through perpetual upskilling and setting communication standards.

    You can also improve and consolidate your communication tools and channels. Using a platform can facilitate faster, clearer communication by seamlessly recording and sending videos and screenshots between coworkers. This reduces the number of unnecessary meetings, improving communication and enhancing productivity.

    2. Consolidate your tech

    Speaking of consolidation, the concept should be applied to much more than communication. Technology has been a godsend for businesses everywhere, but it is a two-edged sword.

    A quarter of the way into the 21st century, many companies that previously basked in the efficient power of cutting-edge tech solutions are now mired in an expensive and complex tech stack that keeps growing. The solution? Consolidation.

    While there are still plenty of companies leading the charge into new ideas and iterations of technology, a growing number of brands are focusing their software development on consolidation. Tools like Trello bring everyone’s workflow into a single platform, boosting productivity in the process. Slack helps communication take place in a single app.

    Related: 14 Proven Ways to Improve Your Communication Skills

    Investing in both targeted and comprehensive consolidation tools like these can have a dramatic effect on efficiency. It removes complex barriers and siloed information and helps teams tap into the true productive power of their technology.

    3. Try a SOC 2 audit

    A SOC 2 audit is a framework created by The American Institute of Certified Public Accountants (AICPA). The system focuses on managing client data in a trust-approved way and emphasizes things like data security, confidentiality, privacy, and integrity.

    While the focus of a SOC 2 Audit is often on data privacy and security, it is also a powerful way to improve efficiency. A thorough audit of your data management can improve the availability and processing of information within your organization.

    In addition, the security offered by the audit can help you avoid downtime or other time and resource-related costs that come with a security breach. By investing in up-to-date and strong data management practices, you can create a clean environment that keeps your company firing on all cylinders.

    4. Consider a 4-day work week

    Sometimes, the right thing to do is the most counter-intuitive option. In the case of looking for greater efficiency and productivity for a brand, a 4-day work week may be the solution.

    The efficiency angle actually isn’t too hard to grasp here. If everyone only works for four days a week, they will be able to come to work more rested and apply themselves more fully throughout their shorter work week.

    Surprisingly, studies have shown that a 4-day week isn’t just more efficient. It can also be more productive and improve overall job satisfaction and well-being.

    A shorter workweek enhances productivity by motivating and equipping employees to get more done in a smaller window of time. The end result, when observed for 18 months, was that workers could still get the same amount of work done in 33 hours as they originally had done in 38.

    This means more productivity in less time and with fewer resources and overhead. Translation: it’s efficient.

    Increasing efficiency within your business

    We are in an economic environment where businesses don’t have the luxury of making mistakes. Efficiency and productivity are no longer tools to excel. They’re required for survival.

    As you guide your business, remember to invest in efficiency — no matter what form it may take. Improve communication. Consolidate tech stacks. Audit data management. Embrace a shorter work week.

    If you can make these kinds of changes with confidence, you can pave the way for your company to survive the present and thrive in the future.

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    Kimberly Zhang

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  • This Leadership Style Is Redefining Success in the Business World | Entrepreneur

    This Leadership Style Is Redefining Success in the Business World | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s business landscape, a distinct type of CEO stands out. These are not the conventional leaders solely driven by profits or quarterly results; they are transcendent leaders.

    A transcendent CEO embodies a visionary mindset that goes beyond the confines of conventional leadership. While many leaders might tunnel-vision on short-term profit margins or the next quarterly report, a transcendent CEO adopts a panoramic view of the business landscape. Their vision is not limited to mere fiscal performance; they aim to foster an environment where every stakeholder finds their place in the bigger picture.

    Related: How to Improve as a Leader by Optimizing Your Management Style

    Qualities of a transcendent leader

    For a transcendent CEO, business success is a multi-faceted gem that radiates with the collective fulfillment of everyone linked to the organization. They believe that an organization’s true value is realized when its employees find not just jobs, but purpose and passion in their roles. It’s reflected in suppliers and partners who feel genuinely valued and engaged, not just as transactional entities, but as pivotal cogs in a larger mission.

    Furthermore, their vision extends to the broader community. They understand that businesses don’t operate in isolation; they’re part of a community, a society and an ecosystem. As such, a transcendent CEO seeks to ensure that the organization’s impact is positive, sustainable and enriching, not just within its walls, but beyond. This ripple effect, where value and purpose permeate every layer of interaction and engagement, is the hallmark of transcendent leadership. It’s a leadership style that doesn’t just aim for success but seeks to redefine what success truly means in the modern business world.

    These leaders operate with a commitment to ideals that go beyond the bottom line. They use their influence to promote values such as unity, freedom, truth and love. This approach doesn’t disregard profits but prioritizes a balance between financial growth and ethical principles.

    Drawing an analogy, transcendent leaders are akin to modern-day alchemists. While they don’t literally turn metal into gold, they do strive to evolve rigid, outdated business models into more flexible and inclusive ones. This “Omni-win” approach ensures that success benefits the individual, society and the environment.

    Central to this leadership style is empowerment. Every team member, regardless of their position, is valued as an essential contributor with unique potential. This leadership model doesn’t strictly follow a top-down or bottom-up approach; instead, it incorporates the strengths of both. This balanced approach recognizes the mutual growth of individuals and the organization.

    But this leadership isn’t just about external tactics. At its core, it emphasizes personal growth and inner alignment. For a transcendent leader, internal spiritual and psychological alignment is crucial. They understand that true leadership starts from within.

    Related: Empowering Your Team Should Be a Top Priority. Here’s How to Start.

    Transcendent leadership vs. traditional leadership models

    Historically, the model of leadership in the corporate world mirrored that of ancient hierarchies: a structure similar to the pyramids, where a select few at the top wielded immense power, while the majority at the base supported these upper echelons. This authoritarian model, while stable and structured, was often imbalanced, relying heavily on a top-down approach. It primarily favored those in command, often sidelining the potential of those below.

    Such a leadership model, while credited with several milestones in business advancement, has inherent flaws. Centralized power often breeds a sense of complacency and entitlement in leaders, while the potential of countless employees is left untapped. In a world rapidly evolving, this is no longer sustainable. A vast reserve of innovation, creativity and productivity remains dormant when leadership fails to recognize and harness the brilliance that every individual brings to the table.

    In contrast, the servant-leader model attempted to subvert this hierarchy, placing the CEO at the foundational level, directly in service to customers and employees. While this approach brought a wave of fresh perspectives, promoting empathy and service, it also had its limitations. It sometimes led to leaders becoming too accommodating, often at the cost of decisive action and strategic foresight.

    The true evolution in leadership bridges the strengths of both these models. Enter the transcendent leadership approach. It understands that every individual, irrespective of their position, has something unique to offer — a specific talent, a distinct perspective or a groundbreaking idea. It acknowledges that leadership isn’t about dominance but about fostering an environment where each individual feels empowered to bring their full selves to work.

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

    Transcendent leadership is more than a strategy; it’s a mindset shift. It requires leaders to introspect deeply, to align their inner psychological and spiritual values with their outward actions. In a world full of distractions and pressures, this might seem like a daunting task. However, the benefits of such alignment are unparalleled. Leaders who can harness this balance are not just efficient; they are holistically effective. They lead businesses that aren’t just profitable but are purpose-driven, communities that are not just engaged but empowered, and teams that are not just productive but passionately innovative.

    Reaching this state of transcendent leadership isn’t an overnight transformation. It requires continuous learning, self-awareness, and most importantly, a genuine commitment to seeing and treating every team member as a potential leader. The outcomes of this approach, though, are profound. Organizations that embrace this model don’t just thrive; they redefine success in terms that are both quantitatively impressive and qualitatively enriching. In essence, the evolution of leadership is the journey from power for a few to empowerment for all.

    Transcendent leadership offers a fresh perspective in the business world. It suggests a model where organizations don’t just thrive financially but also contribute positively to the broader ecosystem.

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    Satyen Raja

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  • How to Using Influencers, AI and Social Media to Drive Growth | Entrepreneur

    How to Using Influencers, AI and Social Media to Drive Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    ‘Prime Energy Drink’ — it’s everywhere! Their striking cans are impossible to miss in supermarkets and convenience stores. What fueled their surge? The secret ingredient is the influencer duo Logan Paul and KSI.

    Despite looming concern (its caffeine has triggered calls for the FDA to investigate), Prime Energy has quickly created a space for itself in a crowded and competitive market. This curious case begs the question: If influencers can spearhead a product’s success, how does this revelation apply to your brand? How can you get the most bang for your buck when leveraging social media? My teammate, Ronan O’Callaghan, and I did the research, so you don’t have to.

    This article explores this subject by examining a series of case studies about influencers, the power of blending the digital and physical worlds and AI. By the end, you’ll have a strong understanding of how to leverage these powerful tools for all they are worth.

    Part 1: Using influencers the right way

    Influencers possess immense power to shape consumer perceptions. The previously mentioned meteoric rise of Prime Energy is only one example. Mr. Beast, the world’s most popular YouTube personality, has transformed his name into several successful consumer brands, including a chain for ghost kitchens, chocolates and athletic clothing.

    It might seem like influencers have a Midas touch: an uncanny ability to turn ventures into success stories. However, these successes only materialized after years of painstaking brand cultivation. That means your next big marketing success won’t just come from getting your product into an influencer’s hands and hoping some of their magic will rub off on you. You need to select influencers whose brand values resonate with yours and engage innovatively.

    Häagen-Dazs offers an instructive case study. Häagen-Dazs wanted to remind New Yorkers that ice cream is integral to summer. They partnered with millennial influencers living in New York to promote their product throughout the city. The campaign generated 14.3 million impressions, 4 million more than their goal. If they had tried to reach that number of people through conventional means, it would have cost them 3x as much. The lesson: working with influencers whom your target customer can relate to can create a real connection. In a deeply digital and distressingly disconnected world, this is especially important to remember.

    You can reach a broader audience by working with a diverse range of influencers. When the HISTORY channel started a TikTok account in 2021, they wanted to reach beyond their typical audience. They contacted Paralympians, cooks and hurricane chasers on TikTok to promote their wide range of educational programs — the result: 21 million views and exposure to a new audience.

    To harness the true power of influencers, businesses should aim for a more profound alignment than a mere product endorsement. This collaboration should reflect shared values, a unified vision and genuine resonance with the target audience. This deep-rooted connection has the potential to foster not just temporary engagement but long-term brand loyalty.

    Related: 5 Ways to Stop Wasting Money on Influencer Marketing

    Part 2: Blending digital and physical worlds

    Many brands focus heavily on the digital realm when considering social media. However, the recipe for substantial success lies in orchestrating a symphony between digital engagements and physical realities. Especially for brands with brick-and-mortar stores, this harmony can engage the younger generation of consumers who seamlessly navigate between the online and offline worlds.

    McDonald’s ‘Grimace Shake’ campaign is an excellent example of this philosophy. This initiative didn’t just create a buzz; it crafted an engaging narrative that allowed consumers to participate actively. Consumers posted themselves getting the shake; some even made animated parodies, giving the shake to fictional characters from media franchises.

    The genius of the Grimace Shake is that it understood that engaging with social media is not simply a matter of advertising. People don’t want to stare at ads; they want to be a part of the action. This trend created a global cultural moment anyone could engage with: the gold standard of social media engagement.

    Another brand that has effectively harnessed this strategy is Duolingo, which leveraged its mascot for user engagement and kept a keen eye on evolving trends like TikTok’s rise. By focusing on this larger trend and creating content that matches young consumers’ irreverent and self-deprecating sense of humor, Duolingo earned 6.3 million TikTok followers, making it one of the most followed accounts on the website. Duolingo has been so successful that they are now starting to forgo TV advertisements.

    McDonald’s and Duolingo also share a marketing strength: their recognizable mascots. Their simple and iconic designs make it easy for young people to create memes featuring them. Again, hooks like these allow customers to engage. These monocolored, simple mascots can easily be inserted into images, making them ‘memeable,’ a valuable asset for engaging with GenZ consumers.

    However, this approach requires a shift from traditional advertising mindsets. It’s about embracing social media not merely as a billboard but as a platform for storytelling. The best stories aren’t just read or heard—they’re experienced. Brands need to create immersive experiences that allow consumers to be a part of the narrative, leading to stronger connections and loyalty.

    Related: How to Make Social Media Marketing Effective for Your Brand

    Part 3: Seeing through the noise with AI

    So, how can your brand forge such victories? The answer lies in understanding these insights and tailoring them to your unique brand proposition. Staying ahead of trends — both ephemeral fads and lasting shifts — is key to gaining a competitive edge.

    AI-powered sensing is an invaluable tool for identifying these trends and recognizing which ones will strike a chord with your consumers. For example, BeReal is a fast-growing social media platform with 20 million daily users. Yet, no companies have been able to capitalize on this space for marketing. Despite this, one of our AI sensing partners identified it as a growing space where companies could succeed by promoting their brands.

    To make the most of these trends, brands must be agile, constantly adapting their strategies based on these insights. It’s not enough to just know what’s “in” today. Businesses should be proactive, anticipating what’s coming next and positioning themselves at the forefront of these trends. This approach boosts brand visibility and positions the brand as an innovator in consumers’ eyes.

    The realm of social media presents an unparalleled opportunity to engage consumers in ways traditional advertising could never dream of. You can revolutionize your marketing strategy by creating brand-aligned partnerships with influencers, crafting narratives that interweave digital and physical experiences and harnessing AI’s trend-predicting powers. By channeling these strategies, you can become the next big sensation.

    The question is – are you ready?

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    Francesco Fazio

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  • How to Determine the Best Location for Your Business | Entrepreneur

    How to Determine the Best Location for Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Some of the most successful companies in the world started off in the family garage — like Apple and Amazon, for example. For many entrepreneurs, evenings spent working on a side hustle slowly transform into days running a full-fledged business, leading entrepreneurs to a key question: Where — literally, where — do I take this next?

    Knowing where, when and how to move your business from an informal setting to a true base of operations can be daunting. There are many factors to determine the best fit — such as commercial real estate costs, building amenities, location within your central business district or office park, parking and more. Understandably, the process can be intimidating.

    While there may be headaches that come with finding the perfect space and location, here are some considerations to make the transition feel more manageable.

    Related: Ready for a Legit Office Space? Think About These 4 Things Before Starting Your Search.

    Where will your business thrive?

    Every business has different needs for the perfect location to service its clients and customers, whether that be office space, a boutique or small storefront, a workshop or even an online marketplace.

    A good starting point is to determine whether your business’s primary footprint should be a physical location or online. In a recent Bank of America survey of more than 500 small business owners, we found their top three concerns when determining the best location for their businesses are customer service, employee needs and their community’s needs. Sixty-five percent of business owners surveyed said they have a physical storefront as their business’ primary footprint, but there are many pros and cons to consider for each option.

    Today’s business owners say they are experiencing challenges with their current physical location, including high utility costs and property taxes. Many also note that they had issues finding enough physical space to satisfy their business’s needs. Contrarily, almost half of business owners who run a primarily online operation said a virtual format is more cost-effective, and nearly half also reported that an online marketplace is the easiest option for them to reach their target audience. So, ask yourself — which model will be best for my business while also providing the best service to my customers?

    Related: 10 Questions to Ask Yourself Before Choosing an Office Space

    When do you make your move?

    Beyond tactical considerations for your business’s long-term future, looking at the current real estate landscape, state of the economy and your business’s cash flow are crucial steps to determine when you should put your plan into action. While you may decide that a physical location is the perfect place for your business to flourish, there could be limitations outside of your control.

    1. Real estate considerations

    If real estate prices in your area are soaring or rapidly fluctuating, purchasing real estate may not be the best decision, and you may want to table a planned expansion until prices settle. Pricing should also factor into your decision on whether to rent or purchase space. Once you have budgeted accordingly to pay for a physical space, it’s smart to establish a timeline that feels realistic — to meet your expansion goals in a timely fashion while still managing the day-to-day realities of running a business. Depending on the products and services your business provides, and how large of a space that requires, it can take a while to get up and running.

    2. Economic impacts

    With shifting economic conditions, including cooling inflation and high interest rates, some entrepreneurs are undoubtedly wondering if now is the best time to invest in their business location. In fact, 20% of the business owners we recently surveyed said interest rates are making them more likely to not have a physical location. As you consider your own business’s primary footprint, evaluate all relevant economic impacts to ensure you are maximizing the value of your business’s footprint.

    3. Cash flow capabilities

    I’d highly recommend confirming that your cash flow is in a good position to comfortably establish your physical location or digital capabilities. If you’re unsure where to start, SCORE provides a very useful cash flow template that can help you manage your business’ expected revenue and expenses.

    Related: 5 Simple Rules to Follow When Looking for Office Space

    How do you make your move?

    Once you’ve determined the best fit for your business, it’s exciting to jump in and take the next step. However, if you realize you’ll need additional financing to move forward, you should start by looking into financing options. There are numerous options available to help make your dreams a reality, like lines of credit, Small Business Administration (SBA) loans or real estate loans, depending on your needs.

    If all of these questions and considerations sound overwhelming, maybe it’s time to take a step back and evaluate your business plan. Banks, such as Bank of America, provide resources and advice that can help you navigate the ins and outs of business ownership — whether you’re starting from scratch and need help starting your business or have determined you’d like a physical location but don’t know where to begin. If you have a relationship with a business banker, I’d recommend working closely with them throughout this process as a resource and sounding board.

    There are many outside forces that can influence where, when and how you choose to structure your business. With a solid business plan in action, you can find more clarity on the business footprint that works best, allowing you to focus on growing your business.

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    Sharon Miller

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  • How to Think Like an Investor When Preparing Your Pitch Deck | Entrepreneur

    How to Think Like an Investor When Preparing Your Pitch Deck | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Startups are no longer confined to their local markets for fundraising. In the last decade, global venture capital (VC) investment in the startup ecosystem surged from $347 billion in 2010 across 31,623 deals to $671 billion in 2021 across 38,644 deals.

    Startups are looking for more than just cold monetary transactions to fuel their growth and global exposure.

    Today, successful startup fundraising boils down to one single most important thing: the pitch deck. It’s still the golden ticket for startups to secure both local and global VC funding. However, there are strategic differences between these two.

    Related: Stop Giving Boring Presentations — Follow These 6 Presentations Hacks to Captivate Your Audience

    The differences between the investment strategies of local and global VC firms

    Local VC firms usually invest close to home, often within their own country. This is usually because they know their local market well, including its trends and regulatory nuances. Moreover, they often invest based on personal connections and grasp local culture and business habits well. This helps them pick and support startups that fit well in their region.

    Local VC firms typically invest in newer startups but in well-known markets. They’re also a bit more careful with their investments, building trust and checking everything before investing.

    As their name suggests, global VC firms invest all over the world. They’re open to investing in startups from different countries, giving them a wider view and spreading their risks. Usually, they have a mix of investments in different areas and industries. And they’re especially interested in new tech and business ideas that can change industries.

    They mostly invest in startups that have already shown some success and focus on newer markets. They’re willing to take more risks and generally quicker in making decisions. While they, too, check everything before investing, they are more likely to invest if they feel there is an excellent opportunity.

    So, it’s fair to say there are some basic differences in their investment perspectives. That’s why your pitch deck must be more than just a presentation for securing global VC funding and exposure.

    Let’s dig deeper into the stats.

    1. Techcrunch analyzed that VC investors are spending 24% less time evaluating pitch decks in 2022 than in 2021.
    2. According to Infobrandz’s recent research paper, global startup funding astonishingly crashed down from $42 billion in 2021 to $25 billion in 2022, 40.5% less than in 2021, as investors were looking for more risk-averse investment opportunities.
    3. A recent industry research report published by AstelVentures highlights that you have to capture investors’ attention in the first 30 seconds or first 2 to 3 slides of your pitch deck presentation else you risk losing them for the rest of the presentation.

    Factually, it’s getting tougher to win global investment, and your pitch deck can turn it around.

    Related: Here’s What’s Brewing in the Minds of Startup Investors

    Proven pitch deck trends

    Let’s now study the trends and understand the investors’ perspective here. After all, investors see hundreds, if not thousands, of pitch decks each year. So, finding what sets the successful ones apart is crucial so you can learn what investors look for and optimize your pitch deck accordingly.

    First, visual content plays an increasingly crucial role in a pitch deck. This is because it helps to simplify complex information, making it easier for investors to understand your business model, market opportunity, and growth strategy. A well-designed pitch deck can make a lasting impression, helping you stand out in a sea of startups. Investors also want to see that you’ve identified a significant problem and have a unique solution that is different and better than what’s currently available, as this directly affects your sales. Moreover, investors are looking for businesses that can scale over time. They want to see a large and growing market for your product or service to ensure long-term returns.

    Most importantly, they want to know how you will make money. This is a key question investors want answered to see a clear and viable business model that shows potential for high returns. But one key factor is as important as the numbers and aesthetics — a factor often missed in pitches. Yes, I’m talking about the human factor!

    Investors invest in people as much as they invest in their business ideas. They want to see a passionate, capable team with the skills and experience to execute the business plan. After all, it’s often the grit and determination of the team that makes all the difference when a business faces challenges in a volatile market.

    How to craft a pitch deck in 2023

    Now that we understand what investors are looking for, how do we craft a pitch deck that ticks all the boxes?

    Here are the essential elements of a Pitch Deck:

    1. Storytelling and design — A successful pitch deck tells a compelling story about your business idea and team. It uses visual content to engage the audience, create an emotional connection, and make the business idea come alive. The pitch deck’s design should be professional, clean, and on-brand.
    2. Data and validation — Investors want proof. Include data that validates your market opportunity, business model, and growth projections. This could be in the form of market research, customer testimonials, or key performance indicators that are presented aesthetically.
    3. Call to action — End your pitch deck with a catchy and convincing call to action. What do you want investors to do next? Whether scheduling a follow-up meeting or investing in your startup, make sure it’s clear and compelling.

    Understanding the investor’s perspective is key to crafting a successful pitch deck, as the future of global fundraising is likely to be even more interconnected and competitive. Further, startups that can adapt to the evolving funding landscape, leverage technology, and align to the multi-cultural nature of the business will be well-positioned to stand out in the international arena.

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    Vikas Agrawal

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  • 3 Ways to Start Your Startup On The Right Foot | Entrepreneur

    3 Ways to Start Your Startup On The Right Foot | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    You’ve got your great business idea, but how can you execute it? It’s easy to feel like passion and excitement are all you need to get a business off the ground. The rest will come together as you go along, right?

    Wrong. Unfortunately, inspiration and emotion do not make a successful business. The good news, though, is that if you’re willing to invest some time, effort, and resources, you can dramatically increase your chances of success.

    There are many easy-to-overlook factors that, when tended to properly, can give your startup a much higher chance of taking off. If you’re starting a business, here are three key areas to take into consideration as you prepare to get things up and running.

    Related: 2 Grammy-Nominated Musicians Share What They Consider the Greatest Assets to Any Startup

    1. Purposefully develop your leadership skills

    Focusing on your strengths is tempting as you look for ways to get a company off the ground. Maybe you’re good with money, have a creative eye, or a history in sales.

    These are all good things, but there’s one area that you have to be comfortable with more than anything else if you want your startup to get going on the right foot: leadership.

    One of the easiest business areas to underestimate is the demands and complexities of being an executive. CEOs and other members of the C-suite aren’t just responsible for making practical decisions in a startup. They also need to establish the heart and soul of your company.

    If you and your founding partners need help finding your footing as a founding team, take time to invest in developing your leadership skills. You can do this by finding mentors or reading books on leadership. You can also work with an executive coaching firm to guide you.

    If you’re launching a business, make cultivating leadership skills a priority.

    2. Keep your founding team lean

    As you look for ways to help your startup thrive, remember that you don’t want to inflate your staff with unnecessary hires. A lean, mean founding team is almost always the best recipe for success.

    As you consider hiring your initial staff members, don’t “follow your gut” or listen to third-party advice — and for goodness sake, don’t hire your family members or best friends because they need work.

    Related: This Startup Is Reinventing the Yellow School Bus. Here’s Its Playbook for Winning Over the Hardest Customers (Like Public Schools).

    Instead, invest in a thoughtful, targeted hiring process. Co-founder of Under30CEO, Matt Wilson, recommends a three-step system for choosing each member of your bootstrap staff. This includes:

    • A phone interview
    • An in-person interview
    • A group interview and reference check

    Wilson adds that once hired, you should still keep an eye on new employees. “One of the hardest lessons I’ve learned with regards to staffing is that things are not always as they seem during the interview,” he says, adding, “Behavior, work ethic and attitude can shift once a new employee clicks out of interview mode and into work mode.”

    The takeaway here? Build your team thoughtfully. Make each hire slowly and evaluate each team member as they settle in. Make sure everyone is buying into your startup culture, vision, and mission — and they’re contributing to your group efforts and pulling their own weight, too.

    3. Stay flexible and ready to adapt

    Finally, remember to stay flexible as your startup gets off the ground. This is commonly referred to as a “growth mindset.” Stanford psychologist Carol Dweck coined the phrase as a way to differentiate from a “fixed mindset” — that is, a stagnant belief that your abilities, talents, and intelligence are inherent and unchangeable.

    In comparison, a growth mindset believes humans can grow and adapt to feedback.

    Related: Do This Simple Exercise to Unlock Your Potential, Says the Psychologist Who Coined the Phrase ‘Growth Mindset’

    While this is excellent self-help advice, it also applies to a startup mindset. As you build your business, remember to stay resilient, flexible, and ready to adapt to whatever circumstances arise as you go along.

    Pivots have saved many companies in the past. Sometimes these happen within the scope of a business, such as Netflix shifting from DVDs to streaming. At other times, it is a full-blown deviation. That’s how Slack was born from a failed gaming company.

    Whatever your startup’s initial goals may be, don’t be afraid to adjust them as you go along in the name of chasing success.

    So there you have it. Develop your leadership skills. Keep your founding team lean. Stay flexible and adapt when necessary. If you can master those three elements, you can give your startup the best chance of starting on the right foot.

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    Kimberly Zhang

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  • The Rise and Impact of Independent Contractors in 2023 | Entrepreneur

    The Rise and Impact of Independent Contractors in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Readwrite.com

    The seismic shift in the global workforce towards the inclusion of independent contractors has marked the dawn of a new era in employment trends. The democratization of work, propelled by technological advancements, legislative changes, and evolving worker preferences, has paved the way for this paradigm shift. In the 2020s, these contractors— once seen as peripheral players — have gradually moved from the fringes to the heart of the modern workforce, embodying a transformative trend that promises to redefine the future of employment.

    This article explores the journey of independent contractors, tracing their evolution from niche roles to mainstream workforce options. It analyzes how the acceleration of remote work, spurred initially by technology and later dramatically propelled by the COVID-19 pandemic, fostered an environment conducive to the growth of independent contractors. The increased reliance on the gig economy is also assessed, shedding light on its contribution to the surge of independent work.

    Related: Yes, You Can Use AI for Marketing. But Don’t Forget About the Benefit of Human Touch.

    Looking into the future, this piece explores the potential trends and challenges that independent contractors could encounter. The advent of Artificial Intelligence (AI) and automation, the continued rise of the gig economy, evolving legal landscapes, and the possible impact of broader economic and societal factors are all critically examined. These elements will undoubtedly shape the future of independent contractors in the workforce.

    Employment trends in the 2020s

    As we enter the third decade of the 21st century, one of the most notable shifts in the labor market has been the rise of independent contractors. This trend is not just a minor blip on the radar but a significant shift reshaping the nature of work, employment, and business operations.

    Shift toward remote work

    The shift toward remote work has played a significant role in the rise of independent contractors. Technological advances, particularly the widespread availability of high-speed internet and the development of various digital tools and platforms have made it possible for individuals to work from anywhere in the world. This shift has increased the demand for independent contractors and created an environment where it is easier for individuals to start and operate their own businesses, often working as independent contractors themselves.

    The move toward remote work started to gain momentum in the early 2000s, but it was the COVID-19 pandemic that really accelerated this trend. As businesses were forced to close their offices and shift to remote work, they had to rethink their staffing strategies. Many found that hiring independent contractors already set up to work remotely was an effective solution. This shift has not only led to a rise in independent contractors but has also opened up a whole new world of opportunities for individuals and businesses alike.

    The gig economy

    The gig economy, characterized by short-term, flexible jobs often facilitated by digital platforms, has also contributed to the rise of independent contractors. Gig workers, who are usually classified as independent contractors, offer services per job. This includes everything from ride-share drivers to freelance writers and graphic designers.

    The gig economy has exploded in recent years, driven by the desire for flexibility and the ability to work independently. For businesses, the gig economy offers a flexible workforce that can be scaled up or down depending on demand without the overhead costs associated with traditional full-time employees. For workers, the gig economy allows the freedom to choose when, where, and how much they work.

    Changes in employment legislation

    Changes in employment legislation have also played a role in the rise of independent contractors. In many countries, employment laws have been updated or revised to reflect the changing nature of work. These changes often focus on providing more protections for independent contractors, recognizing their growing importance in the modern workforce.

    How have independent contractors changed in the past decade?

    From peripheral to mainstream: The rising role of independent contractors

    A decade ago, independent contractors were a peripheral part of the workforce. They were typically engaged in specialized tasks that were not within the core competency of organizations. However, over the years, they’ve moved from the fringes to the core of the workforce.

    Related: Do This Simple Exercise to Unlock Your Potential, Says the Psychologist Who Coined the Phrase ‘Growth Mindset’

    Today, independent contractors are integral to the functioning of many organizations. They bring in unique skills and flexibility that allow organizations to adapt quickly to changing business landscapes. The rise of independent contractors has been facilitated by several factors, including technological advancements and changing workers’ attitudes and preferences.

    Technological innovations facilitating independent work

    Technology has played a pivotal role in the rise of independent contractors. The advent of digital platforms has made it easier for organizations to connect with independent workers.

    These platforms have increased the visibility of independent contractors and made it easier for them to find work. They have also simplified managing independent workers, making it more feasible for organizations to incorporate them into their workforce.

    Additionally, the proliferation of remote work tools, like project management software and video conferencing, has enabled organizations to collaborate effectively with independent contractors, regardless of location.

    Changes in workers’ attitudes and preferences

    Alongside technological advancements, there’s been a shift in workers’ attitudes and preferences. More and more workers, especially from Generation Z, are now seeking flexibility and autonomy, which independent work offers. Independent contractors have the freedom to choose their projects, set their own rates, and work at their own pace. The traditional 9-to-5 work schedule does not bind them, and have the liberty to work from anywhere. This shift in workers’ preferences has further spurred the rise of independent contractors.

    Future trends for independent contractors

    The continued growth of the gig economy

    Looking ahead, the gig economy is expected to continue its upward trajectory, propelled by its advantages to organizations and workers. For organizations, independent contractors offer a cost-effective way to access specialized skills. They also provide the flexibility to scale up or down depending on business needs. For workers, the gig economy offers the flexibility and autonomy that many seek in their work. The continued growth of the gig economy will likely further increase the prevalence of independent contractors in the workforce.

    The role of AI and automation in independent work

    AI and automation are set to play a significant role in the future of independent work. These technologies can automate routine tasks, allowing independent contractors to focus on more complex and value-adding tasks. They can also help match independent contractors with suitable projects, making finding work more efficient. However, they also pose a threat to jobs, especially those that involve routine and repetitive tasks. Independent contractors must continually upskill and reskill to stay relevant despite these technological advancements.

    Evolving legal landscape for independent contractors

    The legal landscape for independent contractors is also evolving. Governments worldwide are grappling with the challenge of protecting independent contractors’ rights while fostering the growth of the gig economy. Some countries are introducing laws to provide independent contractors with benefits typically associated with traditional employment, like paid leave and health insurance. However, these laws also risk stifling the flexibility that makes independent work attractive. Striking the right balance will be a key challenge for policymakers.

    Potential impact of economic and societal factors

    Economic and societal factors could also impact the future of independent contractors. Economic downturns, for instance, could lead to a surge in independent work as organizations look to cut costs. Conversely, economic booms could decrease independent work as organizations have more resources to hire full-time employees. Societal factors, like changing attitudes toward work-life balance, could also influence the prevalence of independent contractors. The demand for independent work could increase if more workers prioritize flexibility and autonomy.

    Conclusion

    In conclusion, the rise of independent contractors has been a significant shift in the modern workforce. This trend is likely to continue, driven by technological advancements, changing workers’ attitudes, and the evolving economic and legal landscape. As we navigate this new world of work, organizations, workers, and policymakers must understand and adapt to these changes. Independent contractors are here to stay, and they will play an increasingly important role in shaping the future of work.

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    Gilad Maayan

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  • How to Successfully Transition From Solopreneur to Team Leader | Entrepreneur

    How to Successfully Transition From Solopreneur to Team Leader | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Strap in, ambitious solopreneurs, because we’re about to elevate your game from one-man wonder to a synergistic powerhouse. You’ve hustled hard, pulled all-nighters and turned your nascent idea into a full-blown operation. Kudos! But here’s the real talk: You’ve hit that proverbial ceiling, and it’s time to break through.

    We’re transitioning you from solopreneurship to a dynamite team, and we’re doing it like pros. No fluff, no filler — just actionable, expert-level insights that you can implement right now. Ready to multiply your impact and skyrocket your enterprise? Let’s dive in.

    Related: 4 Key Indicators It’s Time for You to Hire Your First Employees and Stop Doing Everything Alone

    Step 1: Acknowledge the inflection point

    Let’s not sugarcoat it — there comes a moment in your solopreneurial journey when you’re straddling the fence between self-sufficiency and needing an extra pair of hands. You’ve got more business than you can handle, and sleep has become an estranged friend. This, my friend, is your inflection point, and it’s the universe screaming at you: “Hey, it’s time to scale!”

    So, how do you know you’ve reached this milestone? You’re drowning in tasks, your calendar looks like a game of Tetris, and let’s be real, you’re not Elon Musk — you can’t single-handedly launch rockets and run multiple companies. So, don’t. Instead, focus on strategizing your next move, which is assembling your dream team.

    Step 2: Strategic role identification

    Before you spam LinkedIn with job postings, pause. Take a deep dive into your operational workflow. Identify the bottlenecks only a specialized skill set can alleviate. Look, not every Tom, Dick or Harriet with a CV can drive your vision forward.

    Create a list of roles critical to your business. But don’t just create any roles. I’m talking about roles so strategic that filling them will multiply your efficiency, not just add to it. Think — a Tech Lead who can spearhead your product development or a Digital Marketing Wizard who knows SEO like the back of their hand.

    Step 3: Financial forecasting and budget allocation

    Unless you’ve discovered a tree that grows money, you need to allocate your finances meticulously. Bootstrapping is not going to cut it when you’re onboarding a team. Sit down with your financial statements, and let’s do some adulting.

    How much revenue are you generating? What are your projected earnings? Calculate the ROI for each new hire. Will they bring in more business? Enhance productivity to a point where you can accept more clients? If the math doesn’t add up, you’re not ready. If it does, proceed with purpose.

    Step 4: The hiring process

    Hold onto your hat because the hiring process is a rollercoaster ride. You’re essentially dating professionally, and you can’t afford to match with the wrong person. Utilize specialized job boards, network ferociously, and even consider headhunters if you’re looking for rare skills.

    During the interviews, go beyond the technicalities. Assess cultural fit, soft skills and their vision alignment with your enterprise. You’re not building a team of robots; you’re constructing a powerhouse of innovative minds.

    Step 5: Onboarding and culture development

    Congratulations, you’ve got your team! But hold those horses; we’re not popping champagne yet. An effective onboarding process is not a nicety; it’s a necessity. Spend quality time educating your team about your business processes, culture and expectations.

    Remember, culture is not built overnight but through consistent actions and shared values. Be the leader who doesn’t just tell people what to do but shows them how it’s done. Create an environment of open dialogue, continuous learning and mutual respect.

    Related: Transitioning From Solopreneur to a Team Leader

    Step 6: Performance metrics and KPIs

    In business, what gets measured gets managed. Implement Key Performance Indicators (KPIs) that align with your business objectives. You can’t gauge the effectiveness of your team without solid data. I’m talking hardcore analytics, feedback loops and quarterly reviews.

    Your team should not just know what their roles are; they should be crystal clear about how their performance will be evaluated. Remove subjectivity and replace it with measurable outcomes. Anything less is managerial malpractice.

    Step 7: Conflict resolution and team dynamics

    Human beings are wonderfully complex creatures. No matter how meticulous you’ve been in the hiring process, conflicts are as inevitable as taxes. But guess what? They’re not necessarily a bad thing. Conflicts can lead to constructive discussions, challenge stagnant perspectives and birth innovative solutions.

    The key is to not let conflicts fester. Address them head-on. Create a culture where employees feel comfortable voicing their concerns. Remember, as the leader, you set the tone for conflict resolution. Use structured frameworks to mediate disagreements, such as an interest-based relational (IBR) approach or principled negotiation. These are not mere buzzwords; they’re the bread and butter of effective team management.

    Step 8: Continuous learning and skill upgradation

    We live in a digital age where the landscape changes faster than you can say “disruptive innovation.” Continuous learning isn’t a nice-to-have; it’s a must-have. You and your team need to be in a state of perpetual skill enhancement. I’m talking webinars, online courses, certification programs — the whole nine yards.

    Set aside a budget for professional development. Encourage your team to identify skill gaps and find ways to bridge them. Is your digital marketer falling behind on the latest SEO trends? Time for a course. Is your tech lead scratching their head over a new coding language? A coding boot camp might be the answer. Make it known that growth isn’t just a company objective; it’s a personal mandate for each team member.

    Step 9: Scale, evaluate and iterate

    Your team is in place, and the ball is rolling. This is not the time to kick back and relax; it’s the time to scale, evaluate and iterate. Keep an eye on your performance metrics, and never let complacency creep in.

    Evaluate your team’s work, assess your own role as a leader, and make necessary pivots. Perhaps you need to refine your marketing strategy, or maybe your product development needs a more agile framework. Be prepared to make real-time adjustments. The marketplace waits for no one, and certainly not for an entrepreneur too stubborn to adapt.

    There you have it — an expert-level, no-nonsense guide on transitioning from a one-man-show to a high-impact team. In the cutthroat world of entrepreneurship, standing still is moving backward. Remember, building a team doesn’t dilute your vision but amplifies it. You’re not losing control; you’re gaining traction. Now, go build that dream team, and let’s rocket that business to the stratosphere!

    Related: 9 Tips Guaranteed to Build a Winning Team

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    Chris Kille

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  • 5 Recession-Proof Businesses to Start in a Turbulent Economy | Entrepreneur

    5 Recession-Proof Businesses to Start in a Turbulent Economy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Economic downturns are no joke. Recession throws a massive cog in the proverbial wheels of several established entrepreneurs as well as new startup owners. A recent study by Startup Genome found that a staggering 74% of startups saw their revenues plummet since the pandemic. Even more grim is how many of these (16%) were forced to lay off 80% of their workforce.

    No wonder, then, that companies are afraid to raise capital, or even start a business at all. Experts are warning about an impending global recession, so companies are apprehensive about scaling, hiring new talent and retaining the ones they have.

    However, not all startups struggle in times of recession and economic downturns. Some startups may, in fact, thrive during economic crises. As someone who has been in the VC industry for over a decade, sold several companies and launched an accelerator that helped over 200 entrepreneurs, I have learned that there is a crucial difference between startups that survive and succeed in a recession and those that struggle and fail. That difference is in the business model itself.

    As the CEO of Builderall, an all-in-one solution supporting over 20,000 small businesses worldwide, I have a bird’s eye view of the best-performing business models. Where other startups flounder, startups in our ecosystem continue to pull in more customers. In fact, we do not experience an economic downturn at all.

    If you are wondering whether to start your business, scale your startup or cut back operations, read on for the five recession-proof businesses I recommend during turbulent times:

    Related: 10 Businesses to Start That Can Weather Any Economy

    1. Service-based businesses

    Any time you provide a skilled service to your customers, whether online or offline, it’s a service-based business. For instance, a bookkeeping/accounting service or a digital marketing agency both provide services that require special knowledge and expertise. These companies are really crushing it today — and for more than one reason:

    • Their startup costs are low. Entrepreneurs can get started with a lower initial investment and fewer subsequent capital infusions.

    • They can operate with a minimal workforce. Companies can go fully remote with the advantage of tapping into low-cost talent markets, or they can go hybrid.

    • Faster turnover and revenue generation. Receiving payments from new clients and generating cash flow happen much more quickly.

    • Recurring payments keep the money flowing in. Service-based companies can benefit from employing subscription or retainer models. This guarantees two things: repeat customers and a continuous revenue stream in exchange for ongoing services.

    Customers are effectively fronting the cost, which reduces the necessity for venture capital or working capital. Then, three years later, they have built up a solid customer base of recurring revenue customers who simply keep paying on a monthly basis, and the money from those payments becomes your operating expenses.

    2. Influencer marketing

    You really can’t go wrong with being an influencer. It won’t be a stretch to say that influencers are ruling the digital world right now. Look at what Khaby Lame, Zach King, Addison Rae and Charli D’Amelio have achieved. During my years in business, I have closely followed the rise of several popular influencers, and I have found two common threads among all of them:

    One, all successful influencers work in a particular space or in a specific niche in which they are experts and know what they are talking about. And two, they are pure content creators, and their content resonates with their audiences, helping them attract more followers.

    Once you amass a substantial following on social media platforms such as Instagram, YouTube or TikTok — that’s when the magic begins. You leverage your online presence to engage with your audience and promote products or services, effectively becoming brand advocates for the companies you work with.

    3. Brand ambassadorship

    Being a brand ambassador is a close off-shoot of the influencer business. A brand ambassador has always been a cornerstone of successful marketing for several companies. Back in the day, when social media wasn’t a thing, only A-list celebrities or professional athletes and musicians would get top dollar for their endorsements.

    Like influencers, brand ambassadors also excel in specific niches. They position themselves as thought leaders or experts, and the association with them brings credibility to the brands they are endorsing. While influencer relationships are typically one-off arrangements, brand ambassadors generally work with the same brand for years and provide a deeper level of exposure and education for their audiences.

    Related: Scared of a Recession? Follow These 5 Tips For a Recession-Proof Business

    4. Online educators

    With upskilling and side hustling turning into major buzzwords, I have seen so many people asking, “What else I could do?” on social media platforms like Reddit and Twitter. Those who get laid off want to increase their skill set and willingly pay hundreds or even thousands for continuing specialized education rather than returning to college or seeking an advanced university degree. This is the major reason why online educators are making a killing by selling their courses online.

    People are learning all sorts of skills on e-learning platforms today. For example:

    How to turn sketches into finished digital artwork

    How to compose music

    How to create effective marketing funnels

    How to write screenplays

    Online educators are just normal people who are good at what they do. Becoming an online educator requires just taking the knowledge that they have, putting it into a course and selling it. They craft an exhaustive course structure and deliver courses that cover an extensive range of subjects, from practical skills to creative arts and everything in between. Platforms with user-friendly e-learning tools are making this easier than ever.

    Marketing, business, entrepreneurship, creative arts, coding and personal development are always popular with learners.

    5. Unique products

    Selling a unique product can be a tough nut to crack. But when a company achieves this feat, it can consider itself practically recession-proof. There are startups in the market that are selling a one-of-a-kind product to a narrow, but interesting, subset of consumers. It could be T-shirts, stickers, plush toys or anything else.

    And with the online platforms available today, it is so simple to launch an online shop, spread awareness and begin building a customer base. Paid ads are something that big companies use as they scale. But when you’re a small company, you can get creative and use Instagram reels and TikToks to drive audiences to your product. Try to create a niche product as opposed to trying to sell basic T-shirts to everybody, which is very difficult. Do something that’s very targeted to a specific niche. For instance, you can come out with a whole line of T-shirts for people who love unicorns.

    Related: 3 Key Strategies That Helped My Business Grow During a Recession

    At Builderall, we have not seen businesses negatively affected by the recession; if anything, it has been a positive catalyst for entrepreneurs. According to this recent survey by Gusto, 56% of individuals launched a business due to concern over inflation. The World Economic Forum reports that women entrepreneurs increased to 47% in 2022 up from 27% in 2019.

    So, while it may seem scary to try to launch or scale a company in today’s economy, with the right business model, now is the perfect time — and the future is bright.

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    Pedro Sostre

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  • Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

    Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Imagine a world where mattresses aren’t just about sleep but are associated with beauty, stress relief and overall well-being, where millions of data points can predict when the “next big thing” is right around the corner. This is the world today, driven by ever-evolving consumer preferences, where companies strive to stay ahead by honing their customer-centric strategies.

    Achieving business success means going beyond what customers say they want and digging into why they want it. This often reveals a gap between their words and actions. Businesses tend to make products based on guesses about what customers want, both from what they say and what’s assumed. However, customers might struggle to express their needs clearly, and what they claim to prefer might not match what they’re ready to spend on. Closing this gap between talk and action is the key to genuine customer-centricity.

    For years, Treacy & Company by Cherry Bekaert has been exploring consumer centricity through work with our clients. Our recent interactions with innovators have inspired us to share our latest thinking. In this article, we will delve into the importance of uncovering deeper customer meaning and AI’s role in helping to accelerate this customer discovery process.

    Related: 10 Ways to Keep Making Your Clients Happier and Happier

    The gap in customer-centricity

    Amid the intricate landscape of consumer dynamics, a crucial gap often emerges between what customers vocalize and what they truly prioritize. Companies frequently design products based on their assumptions or direct customer feedback, which overlooks a vital reality. Customers’ explicit desires may only sometimes reflect their true preferences or willingness to purchase a product.

    Take the instance of sustainability; even though customers might stress their preference for eco-friendly options when faced with the prospect of paying more for such alternatives, a majority opt for convenience and affordability. This gap between words and actions is a pivotal point for companies to refine their customer-centric approach. It’s where they can reshape strategies to truly meet customers’ deeper motivations and bridge the divide between what’s said and what’s done.

    Unveiling the deeper meaning

    Human discussions and trends often carry a hidden depth beyond the surface. We are much more than our surface-level desires or expressed preferences. Consider the unassuming mattress — an everyday item that carries a remarkable weight of association. When thinking about mattresses, people often associate them with the “culture of sleep” (per MotivBase). In reality, customers implicitly instill mattresses with a broader meaning, encompassing beauty, stress relief and overall well-being.

    Casper, a prominent player in the mattress industry, embraced this profound insight and launched their 2022 campaign, “This is where dreams begin.” This initiative was fueled by a recognition that customers’ authentic desires often reach beyond explicit preferences or assumptions. By tapping into these true motivations, Casper aimed to establish connections that resonate with customers on a fundamental level. This strategic shift acknowledges that customers seek more than just functional products — they yearn for solutions that align with their deeper aspirations.

    There is untapped potential for companies to not only provide products but also offer holistic experiences that cater to customers’ deeper emotions, forging lasting bonds of loyalty and satisfaction.

    Related: What The Fastest-Growing Companies Have In Common

    Transforming insights into actionable strategies

    By analyzing long-form text from social/search channels and applying an anthropological lens, AI can play a pivotal role in helping uncover the hidden motivations and behaviors that shape customer preferences. From first-hand experience with our customers, we are finding that consumer behavior studies that once took ethnographers months to complete can now be done in weeks or even days.

    For example, for a leading consumer brand’s cleaning division, we recommended a sensing AI tool that could uncover opportunities to fill the R&D pipeline. By sensing millions of data points using search, social and new product data, we identified the emerging, maturing and declining trends related to the cleaning category by analyzing growth and size.

    Related: How AI Can Turbocharge Innovation and Help Destroy Your Competition

    This approach uncovered not only expected trends but also unexpected shifts. Instead of listening to a focus group of customers and sorting through reviews, the team could now better understand the true trends of the masses. These millions of consumer engagements led the team to find surprising and unfamiliar trends popping up in the category, which they were able to capitalize on by better prioritizing their R&D roadmap.

    These stories offer a fresh way to see the old saying, “The customer is always right.” It’s not just a rule anymore; it’s about exploring why customers want what they want. Customer-centricity means bridging the gap between words and actions, digging into the reasons behind surface desires and using AI to make smarter decisions. In a changing consumer landscape, those who understand this approach will be skilled at meaningful engagement and gain a strong competitive edge, shaping an environment where every customer interaction resonates deeply.

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    Francesco Fazio

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  • The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

    The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you gearing up to launch an internal customer service initiative? Well, you’ve come to the right place. I’m happy to equip you with insights that can catapult your initiative into success if you choose to do it on a DIY basis.

    Before we dive into the details, let’s take a breather and understand the similarities and differences between internal and external customer service. While their essence should be the same, their surface manifestations differ.

    Both types of customer service, at their heart, have the same goal: to create and sustain comfort, positive feelings, and, of course, results. However, there are a few notable places where the way you provide service should diverge.

    Related: 8 Initiatives to Make Your Customers Loyal Advocates

    Here are some differences between internal customer service and external customer service (when they’re done right):

    • Jargon and shared language: Every industry, as well as almost every company, has its own set of terminologies, a sort of coded language that outsiders (at least if they’re not also in your industry) might find hard to decipher. With your internal customers — your colleagues in different departments or your own — you can use this jargon and language shortcuts freely, confident in their understanding and without fear of alienating them with phrases, terms, and abbreviations that may be foreign to them.
    • Level of formality: With internal customers (colleagues), you are free to adopt a casual tone, skipping the formalities you would use with someone who is outside of your company. In fact, the formalities essential for external customers may be unnecessary (or even sound a little silly) when you’re interacting with colleagues.
    • Transparency with company information: This one is obvious. You must protect your company’s private matters when working with external customers. With an internal customer, such data may be essential, or at least helpful, in completing their work.
    • The amount of abuse you should be willing to take: Okay, this is a big one and not a very pleasant one to ponder. When working with an external customer, if they are rude, they may be a rude person all the time, or they may be “just” venting this one time and will return to being themselves the next time you encounter them. Either way, because external customers pay for our company’s success, you may need to put up with it. With an internal customer, if they behave badly, you may want to call them on it or even alert a superior, particularly if you have clear internal (company) behavioral guidelines. Of course, in some company cultures, this may be a career suicide move, so you should still proceed with caution.

    Related: 5 Shocking Customer Service Mistakes You’re Making Every Day (And How to Fix Them Right Now)

    Armed with this understanding, let’s dig into the bedrock principles of internal customer service. Here are eight essentials to build into your internal customer service training — and, if all goes well, your internal customer service culture.

    1. Every service interaction unfolds in three stages: the warm welcome, service or product delivery and fond farewell. Far too often, we ignore stages one and three and focus all our effort on the middle one, what we consider the actual work. But the pleasantries at the beginning and the end of any customer service interaction are key, considering how human memory emphasizes beginnings and endings in how it later reviews an event.
    2. Mental reframing can be a game-changer. Start viewing tasks in your inbox as requests from valued customers instead of just “those folks in the other department.” — You’ll observe a boost in your own efficiency and enthusiasm.
    3. As with external customers, internal customers desire recognition. They want their colleagues to see them, not just think of someone who fills up their inbox.
    4. Address both the spoken and unspoken needs and desires of your co-workers. When they communicate with you, listen for the undertones that can give you clues to their emotional (and practical) desires, even if they’ve never verbalized them to you.
    5. Emphasize the principle of lateral service: stepping out of your comfort zone to help colleagues during staff shortages. This fosters a more resilient company culture.
    6. Respect should be a given. Bullying, regardless of its source, should be nipped in the bud. (Whether this is realistic depends on your company culture, level within your company, and other internal factors.)
    7. Consideration (kindness, really) should be at the base of everything we do.
    8. Language is potent. Steer clear of phrases that belittle or devalue your colleagues (“Like I told you previously,” “You’re not my only priority, you know,” and so forth.) And remember, “please” and “thank you” pack a positive, if quiet, punch. Use them liberally.

    Related: 4 Investments Brands Should Make to Upgrade Their Customer Service

    What format should be used for internal customer service training?

    When it comes to internal customer service training, there are a few formats to consider. One option is customer service eLearning-based training, which offers the advantage of being asynchronous (can be used at any time and at any pace) and long-lasting (has value in the future as well as present). With eLearning, employees can access the training material at their own pace regardless of their shift or schedule, and it can be used by future employees and as a central part of your future onboarding process.

    Live customer service training is another effective route to take, whether conducted in person or through remote video. This allows for real-time interaction and immediate feedback. To enhance the effectiveness of live training, it can be beneficial to supplement it with physical collateral, such as handouts or reference materials. These aids can help reinforce the essential points and ensure that everyone is on the same page — literally!

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    Micah Solomon

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  • How Business Leaders Can Embrace Social and Environmental Responsibilities | Entrepreneur

    How Business Leaders Can Embrace Social and Environmental Responsibilities | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a connected and digital world, consumers aren’t interested in just the products they’re buying – they want to know the faces behind them.

    Entrepreneurs today have corporate social responsibility. Profit results from motivated employees, loyal customers and new investors wanting to be involved with a business that is mindful of its surrounding community and environment. To be successful, entrepreneurs need an eye for sustainability.

    What does social responsibility look like? What falls under the umbrella of environmental sustainability? This article will explore ethical entrepreneurship and what it means to run a business and understand consumer behavior.

    Related: Ethics in Entrepreneurship: Learning from Elizabeth Holmes’ Lies

    Ethics explained

    Broadly defined, ethics is the theoretical study of “right” versus “wrong” – it provides a lens into morality and judgment.

    • Applied ethics assesses what a person should (or shouldn’t) do in a given situation. Many fields — from engineering to science, public service to business — incorporate applied ethics.
    • Business ethics pertains explicitly to the trust built between consumers and business owners. The discipline rose in prominence in the 20th century as society became consumer-based and held corporations accountable for their influence on the environment and social causes.
    • Clarity and transparency about core values are key to cultivating this public trust.

    Related: 7 Critical Pieces of Business Advice for Entrepreneurs Just Getting Started

    Being an ethical entrepreneur

    When starting a new business, entrepreneurs today must focus on well-defined goals. They consider their personal aspirations, tolerance of risk, the strength of their strategy and their potential to execute said strategy. Forward-thinking is critical: What impact will their businesses have, what values will they endorse, and how will they be consistent in doing so?

    Communicating corporate values to employees ensures business representatives act with the customer in mind rather than themselves. Entrepreneurs can develop an ethics statement and make it public. A strong foundation allows leaders to highlight scenarios that show ethics in practice and clarify what to do when those values are broken. Allocating the time to define and communicate core values encourages workplace integrity, attracting stakeholders.

    Related: Are Employees Truly More Ethical in the Office? A Behavioral Economist Debunks This Deeply Rooted Belief.

    Why transparency matters

    By 2025, millennials will comprise an estimated 75% of the American workforce. This generation wants to be led by business leaders who are driven and accomplished, act as willing mentors, and don’t shy from transparency in their personal and professional lives.

    Similarly, millennials, as consumers, expect businesses to be transparent on social media. They want brands and CEOs to share their values and be reassured that these individuals are fair, respectable, and considerate – and worth their money.

    While millennials have a strong presence on Instagram, Gen Z leads consumer behavior on TikTok. In fact, out of all the age demographics, Gen Z has the biggest influence on consumer trends. They have an estimated buying power of over 400 billion dollars in the United States alone.

    As digital natives, Gen Zers expect businesses to be authentic and relevant on social media. They want to buy – and accept brand deals – from businesses spearheading social change and prioritizing fair labor, diversity, inclusivity, and sustainability.

    Across the board, 70% of consumers feel a stronger connection to brands with CEOs with active social media accounts. They like brands that positively contribute to society and help people in need. Overall, 81% of people think brands are responsible for being transparent on social media. Entrepreneurs are expected to:

    • State company values.
    • Welcome discussion.
    • Clarify how and when customer data is used.
    • Explain all facets of billing and fees.

    Above all, entrepreneurs should stand by their word and keep their social and environmental stewardship promises.

    Related: How to Balance Ethical Growth and Competitive Advantages

    Social responsibility

    Having a core ethics statement and being transparent about it is necessary for ethical entrepreneurship — but what activities do business leaders actually participate in? How do they engage their social responsibility?

    Entrepreneurs can take part in philanthropic work, whether donating money, products, or services, volunteering with nonprofits, or partnering with charities and local community groups. Business leaders might also encourage their employees to volunteer. According to a 2017 Deloitte Volunteerism Survey, 74% of working Americans thought corporate volunteerism provided an improved sense of purpose. In addition, 89% believed companies that sponsored volunteer activities boasted a better work environment overall. Social impact is a significant motivator, as well. Of the millennials surveyed, 75% felt they would volunteer more often if they had a better understanding of the impact of their work.

    Ethical entrepreneurship ensures fair wages, treatment, and working conditions, and it promotes community engagement in matters that truly resonate with the business. This authenticity radiates to all stakeholders: investors, employees, suppliers, and customers.

    Environmental sustainability

    Business owners also have a responsibility to the environment. Sustainability (defined by the UN World Commission on Environment and Development) is the balance between meeting the needs of the present without compromising the future. It operates under the assumption that resources are finite.

    As suppliers of a service or product, entrepreneurs are part of a cycle that requires giving back and doing their part to ensure the longevity of resources. Business owners can adopt green habits, such as reducing paper waste, incorporating reusable products into their practice, lowering emissions, and improving energy efficiency by using LED bulbs, for instance.

    Consumers look for companies with a dedicated mission to environmental sustainability and are willing to pay more for sustainable products. While millennials and boomers think about the materials a company uses, Gen Z is starting to focus on the manufacturing process itself. A company focused on sustainability – from material sourcing to manufacturing, shipping, and selling – benefits not only from a strong reputation but also from the long-term cost savings of improved operational efficiencies.

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    Prabhat Sharma

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  • 10 Things to Consider When Shopping for a Coworking Space | Entrepreneur

    10 Things to Consider When Shopping for a Coworking Space | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    There are many benefits to having a coworking space, whether you’re shopping as an individual or on behalf of your business. But if you want to make the right decision, you’ll need to make sure you’re comparing spaces logically and methodically.

    That decision is more difficult than ever, considering the number of coworking spaces in major cities around the country. But if you reduce your decision to a few primary factors, it becomes much easier.

    The diversity of coworking spaces

    Coworking spaces were once a rare novelty — but now that remote and hybrid working has become more popular, the number of available coworking spaces has exploded.

    Related: AI Is Making Market Insights Accessible to Businesses of Any Size — Not Just the Big Names. Here’s How You Can Use It.

    There’s a coworking space out there for everyone. If you want a budget space, it’s there. If you want all the amenities, you can get them. Some spaces try to give their members a little bit of everything, but because everyone has different wants and needs, there’s really no such thing as a perfect coworking space.

    You’re probably not going to find a coworking space that’s perfect, but with the right criteria, you can find one that’s ideal for your set of priorities.

    Things to consider when shopping for a coworking space

    For most people, these are the most important things to consider when shopping for a coworking space.

    1. Location

    First, you’ll need to think about the location. Most people don’t want a lengthy commute, nor do they want to work in a location that makes them feel unsafe or uncomfortable. Generally, people want a coworking space that’s as close to them as possible, though you may also want a space that’s closer to a city center if you want to be where all the action is happening. Lucas Seyhun, creator of coworking space TheFarmSoHo, says, “Our clients often choose our space because it’s close to them – and being close to some of the best restaurants in the city doesn’t hurt,” according to Under30CEO.com.

    2. Parking

    If you currently drive as a primary form of travel, you’ll need to make sure there are parking spaces available for this coworking space. Otherwise, you’ll want to look for a coworking space that has convenient access to public transportation. It’s a little thing, but the right dynamics here can save you at least several minutes a day – and several hours every year.

    Related: Successful People Have 2 Types of Goals, a Stanford-Trained Mindset Expert Says. Without Both, You Won’t Reach Your Potential.

    3. The view

    When you look out the windows, what do you see? Do you get to look at a broad, beautiful forest? Do you get to people-watch as thousands of people walk the sidewalks? Or, do you have an amazing view of the city skyline? A good view can help you destress during the day and generally beautify the space.

    4. The atmosphere

    You should also consider the overall atmosphere of the coworking space, which you’ll only be able to fully absorb by visiting it in person. Does this space seem more formal or more casual? Is there a lot of background noise, or is it relatively quiet? Are people friendly and outgoing, or do they mostly keep to themselves? There’s no true ideal in any of these categories; what matters is that you find a space with an atmosphere that’s going to be conducive to your work.

    5. Available amenities

    There are countless potential amenities you could enjoy in a coworking space; it all depends on what’s offered by the owners. You might have access to meeting rooms, free coffee, high-speed internet, break room luxuries, or in rare cases, even an in-house production team. Keep in mind that the more amenities there are, the higher the price is likely to be.

    6. Accessible space

    How much space is available and is this always accessible? For example, are there large meeting rooms that you can take advantage of? And if so, are you required to submit reservation requests in advance of your need? If you wanted to take a break and walk around the office, could you do so effectively?

    7. Flexibility and accessibility

    Some coworking spaces are functionally open 24/7, giving you a key card that can grant you access at your discretion. Others are only open during business hours, and only during weekdays. If you work conventional hours, this factor may not matter much to you. Otherwise, you’ll need to find a space that accommodates your most productive hours.

    8. Privacy potential

    Some coworking spaces are very open, enabling people to converse and collaborate freely. Others are more private, giving people isolated individual space. It’s up to you which one you prefer.

    9. Security

    Location has an impact on your safety and security, but you should also consider additional security measures, such as the presence of a security guard or active security cameras. Safety-conscious spaces can be highly advantageous.

    10. The price

    The cost for a single desk in a coworking space is usually somewhere between $200 and $700 per month, but this varies heavily depending on where the space is and what it offers. You might be able to find limited accommodations for less, and incredibly luxurious accommodations for much more. Your budget may be a highly constraining factor, so the price of a coworking space bears heavy weight.

    What are your most important priorities? How do you envision using a coworking space for your business or career? No matter what, there are probably options available to you. Do your due diligence, see what’s out there, and pull the trigger when everything seems right.

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    Under30CEO Staff

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