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Tag: Business models

  • The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

    The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Covid-19 cemented the expectation of two-day and next-day shipping for “free” with Amazon Prime. Just before Jeff Bezos stepped down in 2021, Amazon had added 50 million subscribers over the pandemic. Back then, Prime was $119 a year, a price set in 2018.

    Now, it’s $139 a year. Amazon recently announced it had updated its inventory management system and search algorithms to reduce the number of touchpoints in the delivery system to keep delivery times low. It’s also added a $1 fee for returning packages when an Amazon pickup/return center is reasonably close by. This and other minimum order limits have shown the shift towards moving costs back onto the consumer for home delivery. It’s not just Amazon, though.

    Walmart has had less luck in the optics of this shift, recently receiving vocal outcry on Twitter about their high delivery prices. If you’re not a Walmart Plus member, you’ll pay up to $9.95 for a delivery fee on regular orders. “Express” delivery is an additional $10, no matter if you’re a Plus member or not.

    So, why now?

    Amazon was trying things during Covid-19, like every huge ecommerce company. There were new problems to solve and plenty of money coming in, but now they’re done throwing spaghetti at the wall. Amazon is cutting back, with over 27,000 people laid off this year and programs like the Scout delivery robots, brick-and-mortar bookstores and Halo health device being shut down. With the experimentation phase over, the main concern is making costs.

    Related: Amazon Increases Prices for Prime Members Once Again. Is It Still Worth It?

    Bezos is gone, so there’s a responsibility to shareholders. Amazon is too large to be a completely lean and trimmed organization, but the core delivery service (200 million subscribers use) must work. To match consumer expectations, they’ve shifted to AI and robotics, emphasizing the “regionalization” techniques to get products delivered faster. They’ve shifted to AI and robotics to match consumer expectations. And it works. It’s good. But…

    Even though Amazon has such expansive warehouse distribution, it’s never going to be perfect. No matter what you have, logistics and robots, 90% will be good… but never 100%. The fully automated sci-fi future is still a ways away, so, for now, we need to be aware of the human element in delivery.

    Drivers, both short and long-haul drivers, are a key human element in the delivery system. People are necessary to move products, either between warehouses or to someone’s front door. Working conditions are tough. There’s no time for breaks, and there are expectations to get packages to as many doors as possible every day. In California, an Amazon Delivery Service Partner organized a union with the Teamsters to secure safety protections and pay increases.

    Related: ‘Amazon Is Too Big to Listen to Anyone’: Dum-Dums Says It Is Losing Millions to Amazon Seller Scam

    My dad is a long-haul driver, and it takes a lot of planning to maintain any semblance of work-life balance. Just to be able to work out, he had to find a gym membership that had locations along his routes in New Jersey. The human element is a limit that can’t be pushed within the delivery infrastructure, or you run the risk of dehumanizing your workforce.

    Drones have been talked about as an option for smaller products. Amazon even announced its new drone last year, but it is still limited in where and what it can deploy — it drops its payload from 12 feet in the air. There’s a “last meter problem” with drone delivery. It has to be safe for the package and everyone on the ground.

    For now, drones will be expensive to monitor and maintain. DroneUp, a Walmart-backed startup, had to lay off part of its workforce, saying new hires will come in the future. Scaling drones to cover the delivery process will work eventually, but that will take time.

    Where does that leave consumers today?

    Do you remember back in 2020 when all anyone could talk about was the supply chain? Container rates were soaring. Delays at L.A.’s ports were growing. It was the only thing we could talk about — until we all stopped talking about it. For a moment, though, there was a collective understanding of how difficult it is to move products around the world.

    Related: What Does ‘Free Shipping’ Really Mean for Retailers?

    As the world slowly bounced back from Covid, and many businesses, like Amazon, came out on top with the monumental shift to buying online, consumers forgot about those supply chain woes. It’s easy to forget — until it starts to hurt their wallets.

    And that’s precisely where they don’t want to feel it. Consumers don’t necessarily want fast. They want cheap. In a survey, shipping cost was 2.85 times more important than shipping speed. Consumers enjoy getting their products faster, but not at the expense of cost.

    It’s a miracle that two, one, or same-day shipping is accomplishable. The amount of advancement in delivery capabilities and logistics in just the past ten years amazes me. I remember when a delivery taking four to six weeks was the average. As our expectations for quick delivery have been surpassed, it may mean we need to pump the brakes for infrastructure to catch up.

    Maybe consumers learn to pay the extra price for delivery, or companies like Amazon and Walmart market a new, relaxed delivery tier; there are ways to put less stress on the system, and it may lie in putting the concept of “free” shipping to rest. Consumers need to know fast delivery isn’t magic and isn’t free.

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    Tyler Metcalf

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  • Elon Musk and Other Leaders Are Worried About AI. Here’s Why | Entrepreneur

    Elon Musk and Other Leaders Are Worried About AI. Here’s Why | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “The age of AI has begun,” Bill Gates declared this March, reflecting on an OpenAI demonstration of feats such as acing an AP Bio exam and giving a thoughtful, touching answer to being asked what it would do if it were the father of a sick child.

    At the same time, tech giants like Microsoft and Google have been locked in a race to develop AI tech, integrate it into their existing ecosystems and dominate the market. In February, Microsoft CEO Satya Nadella challenged Sundar Pichai of Google to “come out and dance” in the AI battlefield.

    For businesses, it’s a challenge to keep up. On the one hand, AI promises to streamline workflows, automate tedious tasks and increased overall productivity. Conversely, the AI sphere is fast-paced, with new tools constantly appearing. Where should they place their bets to stay ahead of the curve?

    And now, many tech experts are backpedaling. Leaders like Apple co-founder Steve Wozniak and Tesla’s Elon Musk, alongside 1,300 other industry experts, professors and AI luminaries, all signed an open letter calling to halt AI development for six months.

    At the same time, the “godfather of AI,” Geoffrey Hinton, resigned as one of Google’s lead AI researchers and wrote a New York Times op-ed warning of the technology he’d helped create.

    Even ChatGPT’s Sam Altman joined in the chorus of warning voices during a Congress hearing.

    But what are these warnings about? Why do tech experts say that AI could actually pose a threat to businesses — and even humanity?

    Here is a closer look at their warnings.

    Uncertain liability

    To begin with, there is a very business-focused concern. Liability.

    While AIs have developed amazing capabilities, they are far from faultless. ChatGPT, for instance, famously invented scientific references in a paper it helped write.

    Consequently, the question of liability arises. If a business uses AI to complete a task and gives a client erroneous information, who is liable for damages? The business? The AI provider?

    None of that is clear right now. And traditional business insurance fails to cover AI-related liabilities.

    Regulators and insurers are struggling to catch up. Only recently, the EU drafted a framework to regulate AI liability.

    Related: Rein in the AI Revolution Through the Power of Legal Liability

    Large-scale data theft

    Another concern is linked to unauthorized data use and cybersecurity threats. AI systems frequently store and handle large amounts of sensitive information, much of it collected in legal gray areas.

    This could make them attractive targets for cyberattacks.

    “In the absence of robust privacy regulations (US) or adequate, timely enforcement of existing laws (EU), businesses have a tendency to collect as much data as they possibly can,” explained Merve Hickok, Chair & Research Director at Center for AI and Digital Policy, in an interview with The Cyber Express.

    “AI systems tend to connect previously disparate datasets,” Hickok continued. “This means that data breaches can result in exposure of more granular data and can create even more serious harm.”

    Misinformation

    Next up, bad actors are turning to AI to generate misinformation. Not only can this have serious ramifications for political figures, especially with an election year looming. It can also cause direct damage to businesses.

    Whether targeted or accidental, misinformation is already rampant online. AI will likely drive up the volume and make it harder to spot.

    AI-generated photos of business leaders, audio mimicking a politician’s voice and artificial news anchors announcing convincing economic news. Business decisions triggered by such fake information could have disastrous consequences.

    Related: Pope Francis Didn’t Really Wear A White Puffer Coat. But It Won’t Be the Last Time You’re Fooled By an AI-Generated Image.

    Demotivated and less creative team members

    Entrepreneurs are also debating how AI will affect the psyche of individual members of the workforce.

    “Should we automate away all the jobs, including the fulfilling ones? Should we develop nonhuman minds that might eventually outnumber, outsmart, obsolete and replace us?” the open letter asks.

    According to Matt Cronin, the U.S. Department of Justice’s National Security & Cybercrime Coordinator, the answer is a clear “No.” Such a large-scale replacement would devastate the motivation and creativity of people in the workforce.

    “Mastering a domain and deeply understanding a topic takes significant time and effort,” he writes in The Hill. “For the first time in history, an entire generation can skip this process and still progress in school and work. However, reliance on generative AI comes with a hidden price. You are not truly learning — at least not in a way that meaningfully benefits you.”

    Ultimately, widespread AI use may lower team members’ competence, including critical thinking skills.

    Related: AI Can Replace (Some) Jobs — But It Can’t Replace Human Connection. Here’s Why.

    Economic and political instability

    What economic shifts widespread AI adoption will cause are unknown, but they will likely be large and fast. After all, a recent Goldman Sachs estimate projected that two-thirds of current occupations could be partially or fully automated, with opaque ramifications for individual businesses.

    According to experts’ more pessimistic outlooks, AI could also incite political instability. This could range from election tampering to truly apocalyptic scenarios.

    In an op-ed in Time Magazine, decision theorist Eliezer Yudkowsky called for a general halt to AI development. He and others argue that we are unprepared for powerful AIs and that unfettered development could lead to catastrophe.

    Conclusion

    AI tools hold immense potential to increase businesses’ productivity and level up their success.

    However, it’s crucial to be aware of the danger that AI systems pose, not just according to doomsayers and techno-skeptics, but according to the very same people who developed these technologies.

    That awareness will help infuse businesses’ AI approach with a caution critical to successful adaptation.

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    Hasan Saleem

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  • Adopting Business Value Does Good & Makes You More Money | Entrepreneur

    Adopting Business Value Does Good & Makes You More Money | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the past, society broadly — and entrepreneurs specifically — tended to embrace the capitalist rubric of “profit at all costs.” However, growing income inequality and increasing awareness of sustainability and employee well-being are fueling real change. Increasingly, altruism offers a better path for leaders to build resilient, future-proof enterprises.

    Here’s how.

    Words people first associate with for-profit structures likely don’t include altruism. On the contrary, the average person might offer diametrically opposed qualities, like greed and avarice. Unfortunately, this perception often perpetuates a dog-eat-dog culture, and the plain truth is that finding ways to embrace altruism as a core business value can fuel both broad societal good as well as revenue.

    A tale of shifting values

    People’s frustration with greed is growing, and they’re expressing it in various ways. As reported in a 2021 article in The Washington Post, employee loyalty is at an all-time low, reflective in part of the fact that the average worker typically receives little more than a paycheck in exchange for work. Largely gone are the days of fringe benefits, pension plans and generous vacation time allocations.

    Moreover, anxiety about growing economic inequality is increasing. Wealth disparities in countries like the U.S. are greater than ever, leading populations to face the possibility of their children winding up worse off than they are. In response, people are starting to think more broadly and deeply about how companies’ values reflect their own.

    One result of this is the growth of a new economic segment: the socially-conscious consumer. Among other qualities, these people think about the concept of wealth in wider terms than the simple accumulation of material things and are increasingly demanding that employers reflect this outlook. A remarkable 2022 Qualtrics survey found that 56% of respondents “…wouldn’t even consider a job at a company that has values they disagree with, while a 2020 CNBC/Momentive survey found that “40% of workers say they would likely quit their job if their organization took a stand on a political issue they do not agree with.”

    In other words, we’re witnessing the growth of altruism in the business world from the ground up.

    Related: 18 Business Leaders on Creating an Inclusive and Equitable Society

    Turning altruism into an advantage

    Entrepreneurs have much to gain from making a practice of disinterested and selfless concern. In doing so, they can generate tremendous value within companies, enhance employee loyalty and engender public trust, gaining significant advantages over firms still prioritizing the bottom line above all else.

    Here are a few ways to make it a core business practice:

    • Prioritize employee well-being: A business that puts staff members’ needs above its own is more likely to have loyal employees that demonstrate altruism themselves, according to a 2022 report by the Research Journal of Management Practice. This could be achieved by providing paid leave during significant life events — extending beyond maternity and paternity leave to cover unexpected lapses in childcare coverage, as well as caring for a sick family member or attending to the mental health of a loved one. Offering remote work options can also help gain employee trust.
    • Build value-based business connections: Entrepreneurs might be wise to consider a policy of only doing business with firms that share their values, extending this approach to the way they connect clients with trusted partners. This arrangement can be mutually beneficial, even if it means choosing a partner that costs a bit more. Building industry partnerships based on shared beliefs rather than rote costs can lead to more sustainable and meaningful connections.

    Embracing an altruistic future

    Our world is already changing, with consumers, employees and the general public demanding more from companies. Entrepreneurs can embrace this change and use it to build entities that stand the test of time. “Doing well by doing good” has the potential to not only produce financial success but also create a more fulfilling and meaningful entrepreneurial journey — with benefits that include increased employee loyalty and public trust, as well as a growing market of socially-conscious consumers.

    Here are some additional strategies for integrating this spirit into entrepreneurial ventures:

    • Embrace corporate social responsibility (CSR): CSR initiatives that address social, environmental and economic issues relevant to your industry and community not only actively contribute to the well-being of society and the environment, but also demonstrate a business’s commitment to altruism, and will foster goodwill among customers and stakeholders alike.

    Related: Corporate Social Responsibility Can Actually Be a Competitive Advantage, So Where’s Your CSR Program?

    • Encourage a culture of giving back: Promote volunteerism and philanthropy within your organization by offering employees, say, paid time off for volunteer work, or matching their charitable donations. Such a culture can enhance staff morale and strengthen a company’s reputation as a socially responsible enterprise.
    • Practice transparent communication: Be open and honest with employees, customers and stakeholders about business practices, goals and challenges. Transparency fosters trust and demonstrates a commitment to ethics. So, share your successes and setbacks in implementing forward-thinking policies, and use the resulting feedback to make improvements.
    • Create an ethical supply chain: Work with suppliers that share your commitment to altruism, ensuring that they adhere to ethical labor practices, maintain sustainable operations and minimize their environmental impact. This can create a positive ripple effect that benefits all parties involved. A Business of Sustainability Index by GreenPrint revealed that 68% of Americans are willing to pay more for sustainable goods and otherwise support eco-conscious companies.
    • Measure and report on your impact: Regularly assess and report on the social, environmental, and economic impact of your business practices. By quantifying progress and sharing results, you showcase a commitment to altruism and inspire others to follow suit.

    Related: 3 Keys to Developing a Sustainable Supply Chain

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    Chris Porteous

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  • What New Aviation Trends Can Teach Us Running a Business | Entrepreneur

    What New Aviation Trends Can Teach Us Running a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The aviation industry is transforming thanks to the entrepreneurial spirit of individuals and companies launching their own MRO services in Europe. These entrepreneurs are disrupting traditional norms and bringing fresh perspectives to the industry. With a focus on innovation, specialized services and customer-centric approaches, they drive growth, deliver value and shape the future of aviation in Europe.

    MRO services, or Maintenance, Repair and Overhaul services, refer to a range of activities involved in the maintenance and upkeep of aircraft, ensuring their safe and efficient operation. These services encompass inspections, repairs, upgrades and overhauls of various components and systems within a plane. MRO services cover both routine maintenance tasks and more complex repairs or modifications.

    MRO services are critical for maintaining the airworthiness and reliability of aircraft throughout their operational lifespan. They involve comprehensive checks and inspections to ensure compliance with regulatory standards, identify potential issues and address required repairs or replacements. Additionally, MRO services encompass the management and sourcing of spare parts and the implementation of safety and performance enhancements.

    In this article, we will explore the advantages these entrepreneurs bring to the MRO sector, their innovative approaches and what they can teach us about collaboration and innovation.

    Related: Why the Drone Startup Market Holds Real Economic Potential

    Identifying niche markets and specialized services

    One of the key advantages that entrepreneurs bring to the MRO sector is their ability to identify untapped niche markets and offer specialized services tailored to specific aircraft types, customer segments, or regional needs. By conducting thorough market research and understanding the unique demands of these niche markets, entrepreneurs can position themselves as experts in their respective domains. This allows them to provide highly specialized and targeted services that meet the specific requirements of their clients.

    For example, entrepreneurs may focus on servicing particular aircraft models, such as regional or business jets and develop deep expertise in maintaining and repairing these aircraft. By concentrating their efforts on a specific market segment, they can differentiate themselves from larger MRO providers and offer their clients a more personalized and tailored experience. Furthermore, entrepreneurs may also identify regional needs, such as specialized maintenance services for aircraft operating in harsh climates or remote locations, and develop capabilities to address these specific requirements.

    Embracing technological advancements for efficiency

    Entrepreneur-led MRO services prioritize technology adoption to optimize operations, reduce downtime and improve maintenance processes. They understand that leveraging technology is crucial to staying competitive and providing efficient and cost-effective client services.

    One area where technology has made a significant impact is advanced analytics. By harnessing the power of data, entrepreneurs can analyze historical maintenance records, track performance trends and predict potential issues before they become critical. This proactive approach to maintenance allows for preventive measures to be taken, reducing the risk of unexpected failures and minimizing costly downtime. Predictive maintenance solutions enable entrepreneurs to schedule maintenance tasks based on actual equipment conditions, optimizing resource allocation and streamlining operations.

    Additionally, entrepreneurs are exploring using automation and robotics. Robotic systems can perform repetitive tasks with precision and speed, freeing up skilled technicians to focus on more complex and critical activities. Automation not only enhances efficiency but also improves safety by reducing human error.

    Furthermore, entrepreneurs invest in digital platforms and cloud-based systems to streamline communication, documentation and workflow management. These technologies enable seamless collaboration among team members, enhance data accessibility and facilitate real-time information sharing with clients. By embracing these technological advancements, entrepreneurs are able to deliver faster services and provide a higher level of transparency to their clients.

    Related: Where Did Go First Go Wrong & What Should Airlines Learn From It?

    Customer-centric approaches and enhanced service

    Entrepreneurs in the MRO sector prioritize customer satisfaction by offering personalized services, quick turnarounds and customized solutions. They understand that each client has unique needs and requirements, and they strive to provide a tailored experience that goes beyond the standard MRO services.

    Entrepreneurs foster close relationships with their clients, taking the time to understand their business objectives and aligning their services accordingly. They act as partners rather than just service providers, working collaboratively with clients to develop innovative solutions that address their specific challenges and goals. By actively listening to their clients, entrepreneurs can anticipate their needs and provide tailored recommendations and strategies to optimize their fleet’s performance and minimize operational disruptions.

    In addition to personalized services, entrepreneurs in the MRO sector are known for their quick turnaround times. They understand the importance of minimizing aircraft downtime, as it directly impacts their clients’ profitability and operational efficiency. Through streamlined processes, efficient resource allocation and effective project management, entrepreneurs are able to complete maintenance and repair tasks in a timely manner, getting their clients’ aircraft back in the air swiftly.

    Fostering collaboration and driving innovation

    Entrepreneurs understand the power of collaboration and actively seek partnerships with industry stakeholders to foster innovation and drive continuous improvement. By connecting with aircraft manufacturers, suppliers, regulatory bodies and other MRO service providers, entrepreneurs create an ecosystem of knowledge sharing and collaboration.

    Through these collaborations, entrepreneurs gain access to the latest industry trends, emerging technologies and best practices. This enables them to stay at the forefront of innovation and offer cutting-edge solutions to their clients. By challenging traditional practices and exploring synergies with their partners, entrepreneurs push boundaries and create novel solutions to address industry challenges.

    Furthermore, entrepreneurs often invest in research and development initiatives to drive innovation within their own organizations. They allocate resources to experiment with new technologies, test alternative maintenance methods and explore novel approaches to optimize MRO processes. This commitment to innovation allows them to constantly evolve and adapt to the changing needs of the aviation industry.

    Entrepreneurs launching MRO services are reshaping the aviation industry through their innovative approaches, specialized services and customer-centric focus. By identifying niche markets, embracing technological advancements and fostering collaboration, these entrepreneurs drive growth and shape the future of MRO services. Their ability to offer specialized services tailored to unique market segments, leverage technology for efficiency and cost savings, provide personalized and timely solutions and foster collaboration for innovation sets them apart from their competition.

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    Henri Al Helaly

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  • Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

    Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s nothing I’m more tired of than 19-year-olds on TikTok selling entrepreneurial advice. Well, there might be one thing: the fact that people listen to it.

    These content creators sell the perception that business is easy; all you have to do is buy a template and plug and play. They promise to teach you how to become rich on the stock market if you’ll only pay them $199/month to do it. But many of the creators giving this advice are not successful CEOs. They’re misleading at best and blatantly dishonest at worst. Unfortunately, an alarming amount of people in our society believe that everything they hear on the Internet is true. But we need to remember that Google is not a replacement for mentorship.

    At the end of the day, you have to find somebody who’s been successful and somebody who has failed — and then learn from both of them. You can’t get that from a 30-second TikTok video.

    What is social media good for?

    Social media is content. Entrepreneurs can never absorb enough content, so long as it’s relevant and reputable. I don’t use TikTok for business advice; I use it to follow my favorite chefs and keep a pulse on what my kids are up to.

    It’s OK to be an entrepreneur or a coach and try to use social media to sell your product.

    But it becomes a problem when people sell a dream that’s not reality. It’s deceitful. And unfortunately, social media makes it pretty easy to be dishonest. In the same way, you can apply a filter to a photo, you can filter reality. And this leads to being catfished on the business side of things. A person having 1.4 million followers on social media doesn’t make them a good CEO — it makes them a good content creator. You have to vet and verify to establish the first part.

    Related: Successful Entrepreneurs Don’t Follow Mainstream Money Advice, And You Shouldn’t Either

    If not TikTok, then who?

    The best advice I can give to someone looking for startup advice is to jump on LinkedIn, reach out to local business professionals who have been successful, and try to meet with them face-to-face. It’s much easier vetting someone’s credibility when they have to look you directly in the eye. But not everyone is who they say they are — LinkedIn doesn’t fact check resumès. Make sure you research by searching the individual’s online footprint and contacting people in their network to verify their reputation. If their online presence is hard to find, that’s a pretty big red flag.

    When seeking a mentor, look for gray hairs. It’s not just because we have more experience; it’s because we likely have more time on our hands. A 31-year-old executive running the same number of companies I do probably has a lot less time; I’m a bit further down the road, so I’ve been able to figure this puzzle out. People in my stage of life are also beginning to think about building a legacy and doing something meaningful with all the knowledge they’ve acquired. It’s wise to tap into that.

    But just as it’s important to seek advice from the right professionals, it’s also important to diversify your perspective. Opinions and recommendations from mentors both inside and outside your industry are critical in widening your lens and creating an all-inclusive view. When you go to these mentors for advice, make decisions that make sense — don’t take shots in the dark by asking generalized questions to people outside your industry. When you look for an outside opinion, choose someone with experience with a problem you immediately need to solve. Maybe they have the financial experience you don’t have or have found innovative solutions to an important tech problem.

    This practice also indirectly introduces you to people who may be able to support you down the road. The person you connect with may have connections to bankers, business insurance reps, etc. Receiving mentorship is more than learning how to run a business; it’s about forming those necessary connections your business will need to survive. Numerous unexpected fires will inevitably pop up that you probably haven’t thought about, and this is how you plan for the unplanned.

    Related: Elon Musk, Richard Branson & Jeff Bezos’ Best Advice for Ensuring Your Startup Doesn’t Fail

    What to expect and how to get there

    Experienced entrepreneurs will tell you the truth: being a CEO is not a comfortable 9-5. It’s an 8-8, and people will have problems at 3 am. Every successful CEO will probably tell you they have 30 sleepless nights a year. If you’re actually invested in your business, that is what it takes. If you don’t work hard, work doesn’t get done. And if you want your team to work hard, you must show up alongside them and lead by example.

    When you approach these potential mentors, there are a few things to keep in mind if you actually want to get their ear. The first is to do your damn research. As an investor, I shouldn’t receive a copy/paste email from you. I want to know why you think I’m the person you need to talk to. Why do you know who I am? What do you think I have to offer you? I’ve received several requests from hopeful entrepreneurs offering to meet me in person and buy me a cocktail, and because they’ve come across as pleasant human beings who have done their homework, I’ve taken them up on it.

    Related: 5 Types of People Who Can Help With Small Business Mentoring

    You can’t replace face-to-face.

    I’m not against online courses, in-person seminars, or other exercises in business education. But nothing can replace face-to-face. It gives you a chance to ask tough questions, be vulnerable and experience their vulnerability in return. The result is a much more valuable learning experience.

    I won’t say everything business-related you find on social media is garbage; it’s not. But the opportunity to look someone in the eye and see their hard-won successes (and failures) is priceless. Take the extra time to find “real” human beings to connect with. You won’t regret it.

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    Shannon Scott

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  • How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

    How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As someone who is a huge tech enthusiast, I have been privileged to witness the continuous evolution of technology throughout my career. From groundbreaking innovations like the iPhone to cutting-edge advancements like 5G, the pace at which our world changes never ceases to amaze me. However, amidst this ever-changing landscape, one particular technology has captured my attention and sparked my curiosity: generative artificial intelligence (AI).

    Generative AI, at its core, is a remarkable fusion of human ingenuity and machine learning. Its capacity to go beyond our preconceived limits and generate, imagine and produce is truly awe-inspiring. As someone who has always been captivated by the transformative potential of AI in various industries, encountering generative AI took my fascination to an entirely new level.

    When I first witnessed the capabilities of generative AI, I was left in awe. It’s almost as if the AI possesses its own inherent creative instincts, blurring the boundaries between the realms of human imagination and machine intelligence. While the notion of machines creating art, music, or writing that can rival human creativity might appear daunting to some, with fears of the automation apocalypse rampant, I think otherwise.

    In the 2023 edition of its annual Future of Jobs Report, the World Economic Forum reports that out of the 803 businesses that it surveyed from around the world, 25% believe that the integration of AI tech will lead to job losses, while 50% believe that it will create job growth. AI can only replace humans if you think it will and stop progressing and upskilling alongside it.

    The potential for AI to push the boundaries of what we thought was possible is truly inspiring, and that can be illustrated in the way that it can reimagine the 9-to-5 workday.

    Related: Why Are So Many Companies Afraid of Generative AI?

    Reimagining the 9-to-5 workday

    The traditional 9-to-5 work schedule has long been the standard in the corporate world, but with the rapid advancements in artificial intelligence (AI), the concept of “clocking in” and “clocking out” is undergoing a profound transformation. AI technologies are revolutionizing work, allowing flexibility, personalized schedules and reimagining the traditional workday.

    Every position within every organization holds the potential for reinvention. Accenture conducted a manual assessment of 200 language-related tasks to gauge the impact of generative AI. The aim was to identify which tasks were more likely to be automated or augmented through AI. The results showed that generative AI is projected to influence approximately 40% of individuals’ working hours.

    In this article, we will explore how AI is reshaping the 9-to-5 paradigm and empowering individuals to “flex out” of rigid work schedules

    Related: How ChatGPT and Generative AI Can Transform the Way You Run Your Business

    Embracing flexibility

    Within any given role, generative AI will help automate certain tasks while others will be assisted, freeing up individuals to focus on more meaningful endeavors. Rather than being bound by inflexible schedules, workers now have the chance to embrace flexible work setups that cater to their personal preferences and productivity patterns. Companies can optimize workflows, automate repetitive tasks and streamline processes, increasing employee flexibility.

    Additionally, there will be tasks that remain unaffected by the technology. The advent of generative AI will also usher in many new responsibilities for human workers, such as ensuring the responsible and accurate utilization of new AI-powered systems. This contributes to creating new job roles like AI system managers, AI ethics experts and prompt engineers.

    The rise of remote work

    AI has also played a crucial role in facilitating the surge of remote work, granting individuals the freedom to work from any corner of the globe. The advancements in communication and collaboration technologies, combined with AI-driven virtual meeting platforms, have simplified the process of remote collaboration for professionals.

    The flexibility offered by AI-powered remote work helps eliminate the need for lengthy commutes, reduces overhead costs for companies, and expands opportunities for individuals in remote locations. Moreover, AI-enabled remote work allows organizations to tap into a global talent pool, accessing a diverse range of skill sets and perspectives that can fuel innovation and foster growth.

    Related: How The AI Revolution Is Liberating Workers from the Office

    Redefining work-life balance

    The conventional 9-to-5 work model frequently falls short when it comes to striking a healthy work-life balance. AI is helping reshape this paradigm, granting individuals the liberty to manage their time in a manner that aligns with their personal obligations and outside responsibilities. Nobel Prize-winning economist Christopher Pissarides believes that AI can enable humans to work just four days a week.

    With the aid of AI, flexible work schedules empower individuals to allocate dedicated time to personal endeavors like quality family moments, pursuing hobbies, or prioritizing self-care activities. By nurturing a more harmonious work-life balance, AI isn’t just bolstering employee satisfaction and well-being but also improving productivity and overall job performance.

    A flexible and personalized approach to the 9-to-5 workday

    With the continuous advancement of AI, the inflexible 9-to-5 work model is gradually being replaced by a more adaptable and personalized approach. Professionals now have the chance to break free from the confines of the traditional workday structure.

    Embracing this transformation facilitated by AI can result in heightened productivity, increased job satisfaction, and a more balanced and fulfilling work-life equilibrium. As we progress, it becomes crucial for individuals and organizations to harness the potential of AI to reshape work hours and unlock the full capabilities of the modern workforce.

    Related: It’s Time to Prepare for the Algorithmic Workforce

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    Asim Rais Siddiqui

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  • The Growing Trend of Personal Injury Impacts on Small Business | Entrepreneur

    The Growing Trend of Personal Injury Impacts on Small Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The personal injury industry is worth roughly $53.1 billion as of 2022. The majority of these claims fall under motor vehicle accident claims or medical malpractice.

    With more than 64,000 personal injury law firms in the United States, it’s an increasing reality that small business owners will face a claim against them or their insurance provider over the years.

    Although a car accident claim may not be directly relevant to all small business owners, other types of personal injury claims are. More relevant claims would likely involve product liability or a workplace accident lawsuit.

    For small businesses to grow, businesses to incorporate more services and offer their expertise to more people. But as business owners increase their reach, many will eventually encounter a situation involving a personal injury claim.

    Personal injury claims are among the most common types of lawsuits filed. For example, in 2020, personal injury/product liability increased by 97% over the previous year.

    Related: 7 Workplace Injuries That Can Put You Out of Business

    Suppose someone is injured while on your property or by one of your products; you and or your insurance provider may be in a position to be held liable for the injury. But how could this have been avoided in the first place? Various factors play into establishing fault.

    Accidents and the unforeseen occur constantly. It’s critical, though, to think as critically as possible and prepare yourself and your staff for the possibility of this situation. Savvy small business owners will know to not only be ready for this possibility but assume it will happen eventually.

    Protect your team through adequate insurance coverage

    At a minimum, small business owners are recommended to carry commercial general liability insurance. This will help support your staff in case of an injury on your property. It goes in tandem with creating a safe work environment, which is also critical. Keep floors clean, walkways available, and doors are clearly marked. If you work with specialized equipment, ensure all staff members are trained and certified to use said equipment.

    Be up to date on the law and keep an evolving record

    The rules that govern local small businesses include employment, environmental and product liability laws. Knowing the latest changes and amendments to these and related laws are essential, as they will impact your business operations. Keeping digital and printed records of all rules is recommended for quick accessibility and reference. Document everything if something occurs on your property leading to an accident, injury, or complaint. If you are sued or face a legal challenge, showing all your steps with written documentation can be hugely beneficial.

    Related: What Happens When Self-Driving Cars Crash? The Legal Ramifications of Automation

    Keep a written policy on customer service and be responsive to customer complaints

    To minimize confusion and help your staff interact with customers, display your customer service policy for any patrons visiting your establishment or office. This policy should include clear guidelines for an emergency involving an injured guest or staff member. If anyone is injured on your premises, request medical assistance immediately. Taking any injuries seriously in this situation is paramount.

    It may not be easy but keep a positive outlook

    It’s understandable to feel stressed when faced with injuries and a potential personal injury suit against you or your insurance policy. You should consult with an experienced legal counsel in these scenarios. Many personal injury lawyers often also provide defense litigation services. Talking with a legal expert who knows both sides of the personal injury coin can go a long way in helping to provide you relief in a stressful situation.

    Small business owners are expected to keep their products and property safe. This was what’s commonly referred to as the duty of care. Many personal injury claims will revolve around the legal claim that this duty was broken.

    Duty of care is typically defined as a base requirement that a person be attentive, exercise caution, and be mindful while in public. The small business owner and their patron/user are expected to follow this. A personal injury case could be possible if one party is found to have acted in a directly negligent fashion.

    Related: 5 Reasons Personal Injury Law Firms Are Thriving

    Defending yourself and your business from an accusation of negligence will be a significant deciding factor in the validity of the case. This is why thinking ahead is crucial to running a successful business. In addition, speaking to a trusted legal counsel on potential issues that could arise in connection with your business will help to minimize risk and protect all parties.

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    Hank Stout

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  • How You Structure Your Business to the IRS Matters. Here’s Why. | Entrepreneur

    How You Structure Your Business to the IRS Matters. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The business formation structure you chose at startup may no longer be the best one for your business. As you grow, your company’s legal entity can affect your tax bill, personal assets and ability to attract investors, raise money and expand your business.

    Those are many variables, so let’s explore your options.

    Related: Which Business Structure Is Right for You?

    Sole proprietorships

    Most startups in the U.S. start — and stay — as sole proprietorships. Of 33 million U.S. small businesses, the Internal Revenue Service (IRS) says 28.3 million are nonfarm sole proprietorships.

    Sole proprietorships are the simplest form of legal business entity. The setup process is easy. While sole proprietorships without employees don’t need an Employer Identification Number (EIN), it’s recommended since many banks won’t let you open a business account without one.

    There is a downside, however. There is no legal separation between a sole proprietor and the business. So, you are personally liable for any debts, obligations and lawsuits against your company. If your company is sued, your personal assets (property, bank accounts, etc.) can be at risk.

    For tax purposes, sole proprietors report their profits and losses on their individual tax returns (IRS Forms 1040) and attach a Schedule C Profit or Loss From Business, showing income, expenses and allowable tax deductions. In addition to income taxes, sole proprietors pay self-employment taxes of 12.4% for social security and 2.9% for Medicare. Taxes are due April 15.

    Partnerships

    Many entrepreneurs start businesses with family or friends or look for partners when their businesses grow. Like sole proprietorships, there is no legal separation between the partners and the company, so the partners’ personal assets are at risk if something goes wrong.

    Unless specified differently in the partnership agreement, all partners are equally responsible for paying taxes. Partnerships use IRS Form 1065, Schedule K, to list partners and the business’s revenues and expenses. Plus, all partners must pay self-employment and estimated taxes. Partnership tax returns are due March 15.

    Related: 5 Tips for Structuring Your New Business Like a Pro

    LLCs offer liability protection

    As their businesses grow, many entrepreneurs become uncomfortable with their personal assets being at risk and explore incorporating their companies.

    There are two ways to incorporate: forming a Limited Liability Company (LLC) or a C Corporation. Both structures are considered separate legal entities and protect business owners from the company’s liabilities, shielding their personal assets.

    Owners of LLCs are called members. Single-member LLCs are taxed like sole proprietorships using tax form 1040 and Schedule C. Multi-member LLCs are taxed like partnerships and use partnership forms 1065 and Schedule K and K-1. LLC members must still pay self-employment taxes. You can also opt for an S Corp election (see below).

    You must file Articles of Organization with your state to form an LLC. And while not required, it’s recommended that you create an operating agreement. An operating agreement defines the roles and responsibilities of a multi-member LLC.

    LLCs are becoming increasingly popular due to their relatively simple management structure, fewer compliance requirements and flexible tax treatment. They’re essentially a “have your cake and eat it too” option. For instance, multi-member LLCs can allocate percentages of the company’s profits and losses to the members as they see fit.

    LLCs have fewer and less complex compliance responsibilities than C Corps. They don’t have to elect officers or a board of directors. There are some ongoing compliance requirements — check with your state to learn more.

    The biggest disadvantage of owning an LLC is that you can’t issue company stock, making it more challenging to raise money.

    C Corps offer robust liability protection

    As your business grows, you may want stronger liability protection and opt to form a C Corporation. While C Corps are more complex to form and operate, they provide the most robust liability protection for the company’s shareholders. C Corps must file Articles of Incorporation in the state where you operate.

    A C Corp is a separate business entity and files a tax return on its profits and losses using IRS Form 1120. But the owners/shareholders are considered corporation employees, receive W-2s and are taxed as individual taxpayers, often called “double taxation.”

    However, C Corps can deduct employee-related costs, like wages, health care, retirement plans, operational expenses and fringe benefits like company cars. Ultimately, the current C Corp flat tax rate of 21% may be lower than what sole proprietorships and partnerships pay,

    In C Corps, the company and its employees each contribute 6.2% of the employee’s wages to Social Security and 1.45% to Medicare. Plus, employers contribute to their state-run unemployment insurance funds (SUI).

    It’s easier to raise money and attract investors since C Corps can offer unlimited numbers of shares and multiple classes of stock.

    C Corps typically have higher registration costs and more compliance requirements, including adopting bylaws, submitting annual reports, holding shareholder and board of director meetings and more.

    Related: The 5 Biggest Tax Differences Between an LLC and Corporation

    The S Corp tax election

    LLCs and C Corps can elect to be taxed as S Corporations, allowing them to divide profits into wages and dividends. While dividend distributions aren’t subject to employment taxes, shareholders must be paid reasonable compensation as defined by the IRS. Electing to be taxed as an S Corp can lower your overall tax bill while maintaining liability protection. S Corps use IRS Form 1120-S, and tax returns are due on March 15. To elect S Corp status, you must file IRS Form 2553 no later than March 15 of the tax year the election is to take effect.

    However, only American citizens and residents can be S Corp shareholders, and only 100 shares can be issued, so check with your accountant before choosing this path.

    Get advice

    It’s crucial to weigh the advantages and disadvantages of the different business structures. For many entrepreneurs, the liability protection and possible tax savings outweigh the added costs and complexity of incorporation.

    With so much at stake, it’s recommended that you consult with your accountant or attorney to help determine which structure is best for your business today and for future growth.

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    Nellie Akalp

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  • Top Solar Energy Trends To Look Out For in 2023 and Beyond | Entrepreneur

    Top Solar Energy Trends To Look Out For in 2023 and Beyond | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With the latest Energy Information Administration (EIA) report now out, we have a more precise look at renewable energy numbers throughout the United States, including the latest growth. Renewable energy investors and developers should already feel encouraged by the broad goal set for reaching 100% clean electricity by 2035.

    But there are several important current trends worth keeping an eye on.

    Renewables did well during the pandemic and are posed for more growth

    The EIA reports that through October 2022, renewables grew to provide 22.60% of the total United States electrical energy generation. That included an impressive 14.26% growth compared to previous numbers from a similar timeframe in 2021 and a prediction that renewables will reach at least 25%.

    This is good news for solar investors, not only because of the growth rates but because so many different sectors have contributed to it. Growth is coming from state programs and grants, more commercial applications than ever, and global trends pushing toward broader, more affordable solar energy.

    Solar energy also has more room to grow than wind energy, which has seen similar growth rates but holds nearly 10% of the U.S. market compared to around 5% for solar energy, a gap that offers plenty of potential for future developments.

    Related: Why the Tide Is Turning for the Energy Sector

    Where businesses will see the most growth this decade

    What does the EIA report say about support for renewable energy growth in the coming decade? One crucial goal the EIA cites is reaching a global “net-zero” state by 2030. This means roughly 61% of the United States’ electricity will come from renewables. The EIA also provides several ideas on what kind of energy growth can get us there, which is a roadmap for potential high-growth areas in the coming years.

    • More grants for construction: Government investment in grants for builders and business owners interested in solar are likely to increase in the coming years. But there is a caveat: much of the support for these grants on a federal level currently comes from the Inflation Reduction Act (IRA). The House of Representatives is now in talks about managing the U.S. limit, and one of their demands is cutting many of the programs included in the IRA, which could affect energy investment across the board. If the IRA remains intact, it will be a vast boost for renewable construction. If it is significantly altered, grant programs may largely be left up to the states.
    • Heat pump growth: Heat pumps are one of the most underutilized traditional methods of saving energy and cutting out fuel use for the average home or business in the United States. State regulations, such as those passed by NY and others, will only encourage more adoption of heat pumps in the future. Owners will be happy to go along when the cost benefits compared to fuel become clear, and HVAC installers can expect growing interest over time.
    • Wind energy: While wind energy has narrower investment opportunities than other options — primarily wind farms — especially offshore building — I expect this sector to see significant future growth, including the Midwest and coastal states.
    • Targeted solar installations: Solar is more affordable than in years past and offers significant advantages for businesses, especially when it can capitalize on existing space while cutting costs. Two examples are parking lot installations (which also provide shade for cars) and additional rooftop installations on compatible commercial buildings, as well as new residential interest.

    Related: Why Investors Should Look at Vietnam’s Renewable Energy Industry

    Pushback from utility companies

    The growth of renewable energy now sees considerable pushback from utility companies, which see solar energy, in particular, as a threat to their profit models. Among other decisions, utility companies are lobbying state governments to retract programs meant to encourage solar construction and kill models that allow solar energy owners to benefit from the excess electricity they produce.

    This war has already done immense damage in key solar markets in the United States, including California, where regulators have killed solar-related incentives, and Arizona, where utility companies backed a successful campaign to remove any benefits from rooftop solar and Florida, where utility companies are directly writing legislation and sending it to state congress to limit solar power.

    The way forward here is unclear. A war between renewable energy and traditional utility companies yields only the worst results for end users, and governments caught up in shifting laws or regulations make the solar investment even more confusing for newcomers. This may be one of the most significant challenges moving forward from 2023.

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    Abe Issa

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  • Why Holding Groups Won’t Work for New Marketing and Media Giants | Entrepreneur

    Why Holding Groups Won’t Work for New Marketing and Media Giants | Entrepreneur

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    Change comes. It may be glacial, or it may come at the speed of a raging forest fire. But it is inevitable.

    And it could be that such an accelerated upheaval is headed for big marketing and media organizations that service global clients — what we commonly call the holding groups.

    While I’d never label the existing “big six” holding groups as out-of-touch dinosaurs as there’s much they do very well and admittedly much we can learn from them, whether they’re a template for the future is up for grabs.

    And the question is certainly one for now, given that there’s a hungry new cohort of expanding marketing and media companies on the horizon. These “underdogs” are busy building up their talent, resources and focus. Oh, and they’re also landing impressive clients and fees.

    A changing of the guard may very well be underway

    The huge amount of M&A activity in the past few years reflects this potential “changing of the guard.” While M&A activity in marketing and media has slowed somewhat this year thanks to uncertainty caused by inflation and the war in Europe, among other things, in the first quarter of 2022, M&A transaction volume rose 19% quarter-over-quarter. It reached a peak in value over the past five quarters.

    Stunning numbers, yes. But this also means that the acquisition groundwork has been done for independent agencies, particularly within digital and performance, to prepare to springboard into the big leagues… as long as they called the right shots, of course. I’d number S4Capital, Stagwell Group and PMG among the frontrunners, and I, for one, am excited to see what 2023 brings for each of them.

    But if the new breed is going to come to the fore (and coming soon), how will they structure and organize themselves in a way which works best for clients, as opposed to what might work best for their own objectives? Because it’s most assuredly the client-centric agencies that will win the work and the applause, as time and experience have shown.

    Related: How to Find International Customers and Partners as Your Expand Your Market

    For starters, clients don’t want to deal with complexity

    Yes, clients will always want sophisticated solutions to address the multiple challenges of a complex world, but they want to be able to access agency thinking, tools and talent quickly. These wishes won’t be served by navigating numerous agency brands within a holding group and figuring out what each one “stands for” and its area of expertise. There’s a saying about moving an oil tanker instead of a speed boat… nimble and light wins the speed race.

    Clients will want one-stop shops that can quickly organize specialist teams to work on their specific solutions without any politics or internal siloes creating an obstruction.

    To be fair, the holding groups have recognized this new reality. Consolidation has been a trend within the big groups, including WPP, Publicis and Omnicom, while S4Capital wasted no time folding all its acquisitions under the Media.Monks name in 2021.

    But in the short term, these mergers — as absolutely no one likes to call them — disrupt operations as senior directors vie for top jobs, people look to their earn-outs, offices are relocated and maybe most importantly, different cultures try to align. All this distracts from servicing the client — no ifs, ands or buts about it.

    Furthermore, the established networks also have the challenge of wrestling with departments set up to service legacy media, with teams and individuals often managing steady decline. Newer media businesses, on the other hand, can focus solely on digital solutions or build robust omnichannel teams from the start.

    Read More: AI Is Considered the “Wild West” — Here’s How Marketers Can Rein It In and Ensure Ethical Use

    Herald the super-adaptoid

    The future looks increasingly like one super-adaptive, agile agency that can operate at scale and is simultaneously equipped with best-in-breed tech stacks, an agency that can dial resources up and down as needed with flexibility woven into its fabric. The new generation will also wield the power of complementary AI and Machine Learning tools that remove a lot of the repetitive “grunt work” from operational implementation.

    Certainly, size, as measured by staff numbers or by “buying power,” is no barrier to winning the biggest client accounts. Just look at how independent media agency PMG outpaced holding company agency brands to carry off Nike’s North American prize, ultimately being named integrated media agency of record and global digital capabilities partner. Big news. Big shoes (to fill).

    Automation will give us the ability to increase particular efficiencies. Still, it’s important to remember that we’re service- and people- companies rather than tech businesses (perhaps the ones that adopt a tech mindset will flourish). All agencies contain valuable talent — it’s just a question of how best to deploy that talent. Perhaps it’s a matter of pulling talent from across departments and even locations to answer a brief or allowing talent — the freedom, even — to jump in and out of projects. Making the best use of employee expertise will be a challenge for all agencies, but as an industry, we’re always finding new ways to stretch and excite our teams.

    Undoubtedly, we’ll continue to witness disruption in the agency landscape over the next few years, and there is a race to see whether the agency holding groups can evolve quicker before the underdogs can muscle up enough to grab more of their lunch.

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    Kristopher Tait

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  • 3 Lead-Generating Strategies To Implement In Your Sales Process | Entrepreneur

    3 Lead-Generating Strategies To Implement In Your Sales Process | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As one of my first mentors said: “In business, sales solves all.” This reigns true in the majority of cases. When you make a sale, you can re-invest that into a new employee, advertising campaign, software, marketing, etc. You get the point. The problem with lead generation and sales for most SMEs, however, is that they depend solely on one channel — which, more often than not, is inbound leads or referrals.

    While these are arguably the best forms of lead generation, as the prospect is “warm” & they already know, like and trust you, these methods are the least scalable. Why? Because you’re putting your fate in other people’s hands and not taking a proactive approach to growth.

    Now more than ever, it is essential to diversify your approach to lead generation, leveraging different strategies that work best for your business and target market. In this article, I’ll break down three automated outbound lead generation strategies we use with great success and how you can use them to drum up more business and, more importantly, epic client case studies.

    Related: 5 Ways Businesses Can Get Traffic and Generate Leads

    1. Cold email

    With advertising costs on the rise, companies are looking for more cost-effective ways to generate attention and leads. Now, before you think, “Cold emails are for spammers and scammers,“ — please read this with an open mind. A cold email has become one of the hottest topics in the B2B marketing space, with many new tech and SaaS startups emerging in the cold email automation space to fill these needs.

    All seasoned cold emailers understand that it provides unparalleled scalability for the cost. That said, don’t expect to start emailing today and drumming up new business immediately. It takes time to tweak, refine and improve upon your process. It took us four months of trial and error before we found an email that really hit the mark.

    And just a word of warning — no matter what, you will get people that dislike your email and will respond with criticism. Understanding that this is part of the game will help you persevere and succeed. The best resources I’ve come across and used to learn the A-Z of cold email are Alex Berman’s YouTube channel. Some baseline metrics to aim for in your B2B cold email campaigns are a 75% open rate, 10% reply rate and 2.5% meeting book rate. Review your cold emails every week to ensure you’re constantly improving and hitting these baseline numbers.

    2. LinkedIn outbound

    To be completely honest, I slept on LinkedIn for a long time. While it isn’t my preferred place to consume content, it has been tremendous for us in terms of lead generation. It also has some incredible automation abilities and will produce epic results when done right.

    Where I see most people go wrong on LinkedIn is primarily a basic lack of understanding of people. Who in their right mind will respond to a 7-paragraph, 800-word introductory message? Don’t worry, at some stage, pretty much everyone has been there (myself included).

    Why I believe LinkedIn is far superior to other social networks for B2B lead generation is 3-fold.

    Firstly, it’s a business platform. People expect to be doing business there. Secondly, it has a sales navigator tool. A way to get directly into people’s inboxes without even connecting. Thirdly, it has a lot of automation capability — we use a Walaaxy for this.

    This allows you to import a list of your ideal customers automatically and then automatically connect with them, sending them an invitation message and even a follow-up message sequence, which you can use to explore potential meetings or synergies. Again, the messaging sequence here needs to be short and sweet — as I mentioned, there’s nothing worse than an unsolicited four paragraphs from a stranger trying to get you onto their “free webinar.”

    Related: How to Get High Quality Leads From LinkedIn At No Cost

    3. Twitter outbound

    Twitter has quickly become my favorite social media platform — it is a no-BS place, and people don’t have time for fluff. With that in mind, that’s why it’s such a fun platform to try and crack the challenge of outbound. It’s not uncommon for people to screenshot a bad DM they receive and shamelessly post it to their thousands of followers, causing public embarrassment to the person who sent the DM.

    That’s why it’s so challenging. You need a unique approach. The approach that we have used, which works incredibly well, is a purely value-based message. We essentially offer our services for free — no strings attached. Doing so builds a relationship, an audience and a network of influential people. Believe me, when I say you will be shocked at the kind of connections and relationships you can build. I was even shocked at how I immediately received referrals and people wanting to do more business with us.

    Final thoughts

    If I haven’t convinced you yet to implement these strategies, the fact that it costs me five times less to acquire a customer with these strategies compared to paid advertising says everything you need to know.

    Forget manually sending 100 emails, DM’s, and messages per day. Leverage automation to do the heavy lifting for you, then take over to complete the process. Remember always to constantly tweak and optimize your processes to make micro-improvements throughout all stages of your sales process.

    If you implement all these strategies effectively, watch your pipeline and sales skyrocket this year.

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    Lewis Schenk

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  • How to Protect Your Law Firm’s Public Perception by Managing Online Reviews | Entrepreneur

    How to Protect Your Law Firm’s Public Perception by Managing Online Reviews | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s digital landscape, choosing a law firm is largely influenced by online reviews. For better or worse, when prospective clients begin their search for a law firm these days, they usually start with a search engine.

    And while that may be convenient for them, it opens the door for a slew of biased or untrue opinions that can put your practice on the defensive.

    That’s why it’s never been more important to evaluate and manage your firm’s Google search footprint and your online reputation. Though you may be aware of your reputational standing in the real world and the legal community that sees your work, crafting a positive image for your practice takes a different type of awareness — and approach. While this may take an upfront investment, it’s well worth the time and money to ensure new clients can find your firm and entrust their case and legal needs to your team.

    As a digital marketing and online reputation expert, I’m well aware of the power an online reputation can have on an attorney’s reach, revenue and long-term growth. To that end, I’d like to share a few best practices for managing law firm reviews and protecting your firm’s reputation. These crucial behaviors can help you control the online narrative while focusing on the work that truly matters.

    Related: Why Your Company’s Online Reputation Matters

    Determine where you stand

    Before making any changes to your online reputation, you need to determine where your law firm currently stands on the web. It helps to picture yourself as the average client in need of what you offer and create a list of search terms or keywords relevant to what they need and to your firm. It can help to start your search in incognito mode to ensure your previous search history doesn’t influence your results.

    Begin compiling your results into a spreadsheet, pulling from the wide range of review sites as well as any third-party blogs, articles, profiles and other online elements (good, bad and neutral) you may find. This database will help paint a bigger picture of your online reputation and what platforms or areas may need more attention.

    Related: How to Build a Reputation That Will Become a Real Asset for You

    Note repeat issues

    As you compile your results, take note of issues that crop up repeatedly. While some law firm reviews may be from difficult clients whose experience does not accurately represent your firm or your team, certain repeat problems can shine a light on issues that can be easily addressed and shored up as needed.

    When you find negative reviews, take care to respond publicly and empathetically. Your response to each negative comment will remain online and linked to the original negative review, providing balance when future prospective clients are reading reviews and demonstrating that your firm takes client feedback seriously.

    Related: 7 Ways to Recover After a Reputation Crisis

    Engage with the positive

    While responding to negative reviews — politely and apologetically, of course — is key to mitigating their impact on your online image, just as important is replying to positive reviews. As with negative reviews, your responses remain linked to the original posts and provide an easy but fairly powerful opportunity to bolster your online cred.

    When replying to positive feedback, ensure each response is personalized rather than issuing a boilerplate reply template. Robotic replies can often hurt authenticity and sometimes undermine your efforts altogether. You may also consider reaching out to individual reviewers and asking permission to share their positive feedback. Direct quotes from satisfied clients can be shared and utilized in various ways, including on your website, in email campaigns and across other aspects of your firm’s outreach strategy.

    Related: 3 Tips for Managing Your Business’ Reputation Via Social Media

    Create a review pipeline

    Once you’ve addressed existing reviews affecting your firm’s brand online, you can begin gathering new reviews. Encouraging and sometimes even incentivizing client reviews (strategically, of course) can generate activity that catches Google’s attention and push your firm to the top of organic results pages. In some cases, this increased positivity can help push negative feedback off of page one. No matter what, don’t attempt to create false reviews with accounts of your own. Such black hat techniques can often create red flags that ultimately do more damage than good.

    Automated email drip campaigns can provide an excellent opportunity to encourage happy clients to review your firm online. Updating your website with easy-to-find links directing clients to feedback surveys can also be an effective way to solicit positive feedback. These outlets can provide quotes you can use in both organic and paid marketing campaigns.

    Related: The Relationship Between Reputation and Brand

    Branch out to new platforms

    A major step in managing your online reputation is branching out to new digital platforms. If your firm isn’t active on social media, consider creating accounts and posting regularly. You don’t need to jump on every new app. Instead, focus on the platforms that make sense for your law firm, such as LinkedIn. There, you’re better equipped to control the narrative and present positive messaging.

    It can also help to work with a public relations expert with the focus, skillset and media relationships to incorporate mentions of your law firm’s successes into high-authority online news outlets, local blogs and other high-traffic venues. Even short, relevant blog posts on your own website can help promote your practice and increase client trust in your firm. Over time, expanding to social media and other online outlets can boost your placement in search engine results while promoting your law firm where it generates the best results.

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    Adam Petrilli

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  • 5 Ways Real Estate Investors Can Thrive in the Current Economy | Entrepreneur

    5 Ways Real Estate Investors Can Thrive in the Current Economy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In only six months, the average interest rate on a 30-year fixed mortgage has surged significantly, climbing from 2.65% to 3.17%. This substantial increase of 0.52% has undoubtedly caused concern for real estate investors. However, amidst the changing landscape, it is important to remain optimistic as there are still viable opportunities within the market waiting to be explored.

    The sudden spike in interest rates has undoubtedly created a challenging environment for those involved in real estate investment. Nevertheless, it is crucial not to succumb to worry as the market presents avenues for potential gains. Despite the rising borrowing costs, strategic and astute investors can adapt to these changes and uncover untapped prospects that align with their investment goals.

    Related: How to Invest In Real Estate Amid High Interest Rates and Inflation

    1. Keep your eye on the long-term prize

    The rising interest rates may make it more difficult to purchase property in the short term, but remember the long game. Real estate is an investment that can appreciate over time, and the key is to make smart purchases that will hold their value.

    Instead of buying a fixer-upper that may require expensive repairs, consider investing in a property already in good condition and with growth potential.

    2. Consider alternative financing options

    With the rise in interest rates, traditional mortgages seem less appealing to some. However, it is worthwhile to consider alternative financing options. One such option is hard money loans, short-term loans secured by the purchased property. While these loans usually have higher interest rates, they offer greater flexibility and are often easier to obtain.

    Hard money loans can benefit those looking to make a quick purchase or who need help meeting traditional lending requirements. By using the property as collateral, the lender takes on less risk, making the loan easier to obtain. Additionally, hard money loans can allow for more flexibility in purchasing, making them a valuable tool for real estate investors looking to act quickly on a good opportunity. Though they come with a higher price tag, hard money loans can be an attractive financing option in certain situations.

    Related: How Does Inflation Affect Real Estate? Here’s What You Need to Know.

    3. Focus on up-and-coming neighborhoods

    The adage “location, location, location” still holds regarding real estate. Although some parts might be unaffordable due to increasing interest rates, several good neighborhoods still need to be explored. As a prospective homebuyer, focusing on areas experiencing renovation projects with excellent educational institutions conveniently located near public transportation is crucial.

    When searching for a neighborhood, keep in mind that revitalization efforts can have a significant impact on property values. These areas often attract new businesses, increased foot traffic and community events. Furthermore, families with children should prioritize areas with reputable schools, as education quality can affect property prices. Lastly, being close to public transportation is ideal for those who rely on it for work or leisure activities. This not only saves time and money but can also increase the accessibility of the area to potential buyers.

    4. Diversify your portfolio

    Diversification is a vital aspect of achieving success in real estate investing. Although investing in a single property can be alluring, spreading investments across various properties and neighborhoods can help reduce the risk of loss. It’s crucial to explore different types of real estate investments, such as commercial or multifamily properties, and not limit oneself to only one variety.

    Investors should be bold in taking risks in exploring alternative types of real estate investments. Rather than relying on a single property, investors should consider diversifying their portfolio to include a range of assets. Commercial or multifamily properties, for instance, are excellent options for those looking to diversify their investments.

    Related: The Real-Estate Game Is Changing Fast. Are You Ready to Win?

    5. Take advantage of low inventory

    Rising interest rates can affect confident prospective homebuyers, leading to a decline in the number of available properties. However, this situation can present an advantage for real estate investors. With decreased market competition, investors may uncover valuable opportunities to acquire previously acquired properties beyond their financial reach. The reduced buyer demand creates a favorable environment for investors to find lucrative deals and expand their portfolios.

    The increase in interest rates has the potential to deter potential homebuyers, resulting in a limited supply of homes for sale. Nonetheless, this circumstance can benefit those involved in real estate investment. The decreased market competition opens avenues for investors to secure properties at favorable prices, which were previously unattainable. As buyers become scarce, investors

    In conclusion, while rising interest rates may pose challenges for real estate investors, there are still opportunities in the market. You can adapt and thrive in a changing market by keeping a long-term perspective, exploring alternative financing options, focusing on up-and-coming neighborhoods, diversifying your portfolio, taking advantage of low inventory and maintaining a sense of humor. Remember, real estate investing is a journey, and with the right strategies and mindset, you can navigate the challenges and continue to find success. So stay proactive, stay informed and keep investing with confidence.

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    Chris D. Bentley

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  • Make 6 Figures Right Out Of College With This Job | Entrepreneur

    Make 6 Figures Right Out Of College With This Job | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Congratulations! You have graduated from college… Now what? This is a question asked by many new graduates every year, with many struggling to reach that ideal 6 figure pay for years! Don’t get stuck in the system and break out using this method. I will teach you how to make over $100,000 per year by practicing and finding a fully remote job for “appointment setting.”

    Appointment setting

    All you need to do for this job is bring potential clients and a dedicated salesperson together. An appointment setter plays a crucial role in the sales process and acts as the first impression for the brand. You will be in charge of generating leads for the sales team to follow up with.

    With this job, you can make large amounts of money from commissions without having to have the experience and skill of the actual salesperson. This job serves as a great introduction to a career in selling, with a massive potential for growth in career and salary wise.

    Related: The Appointment Economy: Customer Engagement

    Learn the skills

    To find success in appointment setting, you need to have the skills. Fortunately, these skills require no degree or certification and can be mastered quickly. Use free resources like Youtube and Google to learn about the job and how to sell.

    This alone is good enough to find a 6-figure job right out of college, but if you want to learn more about the intricacies of selling and how to win, read these books on sales that shaped me into the salesman I am today: 100M Offer by Alex Hormozi, The Challenger Sale by Matt Dixon and How to Win Friends and Influence People by Dale Carnegie. Sharpen your skills by practicing selling to your friends, family and eventually to ideal clients of your desired field; more on that later.

    Related: 7 Tips for College Graduates Looking to Jump Into the Small Business World

    Find the right company

    When getting into sales, many rookies make the mistake of working for companies that pay high commission percentages but for a relatively inexpensive product. This is why choosing a company that sells a “high-ticket” product or service is essential.

    These high-ticket products are usually in the range of thousands to tens of thousands in price, including automobiles, software, medical procedures and consulting services. This is where the real money is and where just a small appointment-setting position can yield significant amounts of commission and soar to 6 figures.

    But why stop there? With the advancement of technology and the changing office environments post-2020, finding a remote job is easier now than ever before. You can reach that 100k salary working from your home.

    Get hired on the spot with this trick

    To the anxious new grad, this all may seem too good to be true. Though finding a 6 figure remote job in appointment setting is relatively easy, you need to be good at sales to be hired. So here you have two options: One, you could grind at a low-paying sales job until you have enough experience on your resume for years, or you could use this trick to give the company you are applying for an offer they CAN’T refuse! The trick is to show up to your interview with three potential clients under your belt who are ready to schedule a demo with the sales team.

    Not only will you prove you can sell their product, but you will also have made them some business before they even hired you. To accomplish this, research your company closely and find ideal clients for their product through Google and social media.

    Once you find these clients, cold call or message them asking if they would be interested in a demonstration with the sales team. This could take some work, but remember you don’t have to sell the product to these potential clients, just a meeting with the sales team. Reach out to as many people as possible, and once you have three interested people, schedule your interview with the company. With this trick, you have an extremely high chance of being hired on the spot right out of college.

    Related: 3 Books That Made Me 6 Figures That Aren’t About Business At All

    In closing

    Start making six figures this year by becoming a fully remote appointment setter and nailing that first interview with three clients ready to go. The best part is it doesn’t have to stop there — mastering selling will benefit other aspects of your life and career. Once you reach that 6 figure goal, you can spend the time you saved where you would have been grinding with a low wage for years to enhance your skills further and reach your next goal faster!

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    Sean Boyle

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  • How to Attract Investors During Tough Times | Entrepreneur

    How to Attract Investors During Tough Times | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Whether the economy is doing well or in a phase of uncertainty, the fundamentals of building an investable start-up remain the same. You don’t need to be a mind reader to determine what investors want to know.

    Here are five tips to help convince potential investors that your solution solves a big problem for a large market and that your team has the talent, creativity and character to deliver on your business plan in favorable or uncertain market conditions.

    1. Be clear about the problem

    It is more important than ever to be clear with investors about the problem your company solves. The number one thing that matters today is how quickly and clearly an entrepreneur can articulate the problem that her startup solves. Why? Because investors know that when a startup fails, it is usually because there is insufficient demand for the product. What specifically about your solution will make customers change what they are currently doing and pay for your new product?

    Related: 5 Things to Do Now to Propel Your Business in 2023

    2. Know your audience

    Determine beyond any doubt that you are working in a space that an investor cares about and that your vision and goals align with theirs. Investors in technology-driven high-growth companies are looking for hyper-growth in specific industries, for example, advanced materials, information technology or biotechnology — large markets with tremendous opportunities. If your vision isn’t stoked by the risk and endurance it takes to build and scale those businesses, high-growth entrepreneurship is likely not the right path for you.

    3. Provide the evidence

    Nothing beats demonstrating your first-hand understanding of your market. Entrepreneurs who have lived with a problem in previous roles or their personal lives uniquely understand the impact and the potential gains of their solution. Suppose that’s your backstory, great. If not, describing what you learned and how you pivoted from surveys, interviews and by listening to customers builds credibility—especially when some of those customers are willing to become early adopters and go through multiple iterations to prototype your technology and prove your business model. Convincing customers helps convince investors.

    Investors expect entrepreneurs to be enthusiastic. When that passion is combined with an understanding of customers’ needs and of the impacts that your startup solving their problems can have on their bottom line, investors pay attention. Focusing on your customer’s pain points and the payback of your solution encourages investors to focus on you.

    Related: A Good Story Isn’t Enough to Get Your Startup Funded. Here’s What Else
    You Need

    4. Understand the economics

    What has to happen for your new business to achieve 20, 50 or 100% year-over-year growth? Investors will listen when you demonstrate your clear understanding of the business unit economics for your company. Show how you can gain enough traction with the first feature set and early adopters to prove the market and technical viability of your solution and market. Sometimes entrepreneurs are so focused on a specific solution that they become less open to a solution that could be better. Show that you know how to listen for signals and to narrow up or pivot if that’s what it takes to scale.

    While there may be multiple longer-term markets and product enhancements, don’t dilute your team’s focus. Can you build the solution? Is there a gap in the solution? Can you plug in? Focus on business development, not product innovation. Prove scalability in the first market and generate enough revenue to secure follow-on funding to support additional growth.

    Related: 5 Things Investors Want to Know Before Signing a Check

    5. Show your flexible mindset

    Investors want to collaborate with high-integrity, coachable entrepreneurs. Every interaction with you influences whether you are someone investors will trust and want to invest in. Balance the tightrope between ego and confidence. Be willing to acknowledge what you know and what you don’t. It’s rare to find an entrepreneur who hasn’t made mistakes.

    Eventually, almost every startup will need a flexible mindset to pivot on some aspect of their business plan. Seek trusted advice, then follow your instincts. Successful entrepreneurship always comes back to the basics — market validation, product/market fit and staying focused on the business plan.

    Trustworthy, confident and coachable entrepreneurs don’t allow an uncertain economy to distract them from executing their business plan.

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    Kristy Campbell

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  • The Top 12 Myths of Affiliate Marketing | Entrepreneur

    The Top 12 Myths of Affiliate Marketing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Affiliate marketing is a popular strategy businesses use to drive sales and grow their brand. Although it’s one of the most popular marketing tools in the booming creator economy, some misconceptions about using affiliate links can prevent bloggers from benefiting from them.

    1. Affiliate marketing is dead

    Statista shows that from 2010-2022, U.S. affiliate marketing spending has steadily increased, reaching $8.2 billion in 2022. Clearly, this channel is not only not dead but also thriving. These days, over 80% of brands run affiliate programs, with 16% of online orders attributed to affiliate marketing.

    Affiliate marketing drives sales and is used by anyone from media companies, such as Business Insider and The New York Times, to smaller startups and brands that use it through referral programs.

    2. It’s too much work

    Modern tools make creating an affiliate link easy. Bloggers can start posting affiliate links and earn money from them on day one.

    Popular programs include Amazon Associates, ShareASale and Commission Junction. The idea is to connect customers with brands through relevant content and tools by posting affiliate links that generate sales.

    Related: How to Start Your First Affiliate Marketing Campaign

    3. It’s passive, low-effort income

    While some believe affiliate marketing is too much work, others mistakenly believe it takes virtually no work. Although implementing these links is indeed easy, bloggers need to work on their content, presence, and credibility and attract followers to generate sales and make money with affiliate marketing.

    Influencers must be mindful of conversions since they are paid by actions. This means that more active calls-to-action, more selling content and more creative product presentation will be needed.

    4. Size matters

    A common misconception is that only influencers with a big audience can benefit from affiliate marketing. The truth is that conversions play a bigger role than audience size.

    Not only do micro-influencers (those with 1,000-100,000 followers) perform at least 90% of successful influencer marketing, 90% of brands actively want to work with them through affiliate strategies. Because of their smaller followings and high engagement rates, micro-influencers are often seen as a cost-effective way for brands to reach targeted audiences and drive sales.

    5. Affiliate marketing blocks other income streams

    Earning through affiliate programs does not prevent bloggers from entering into direct contracts with brands, but it does help them attract the attention of companies they’d want to work with.

    Additionally, affiliate marketing often becomes a stepping stone to working more closely with the brand. Active blogger partners always have an advantage when selecting brands for the partnership since they have the results and audience data to back up their “influencer” status.

    Related: How To Start Affiliate Marketing with No Money in 2023

    6. “My audience is too niche”

    Believe it or not, a niche is often good for affiliate marketing.

    Remember, you can’t be successful if you’re trying to appeal to everybody. Having a specific niche is good because it gives you a clearly defined audience with reliable preferences, tastes and buying habits. Brands know these things, so if your niche has gained interest from fans, it can earn interest from brands, too.

    7. Brands only care about sales

    Sales are no longer the only available form of brand partnership. Brands are willing to collaborate with other targeted actions that generate awareness and credibility, such as starting a trial period, installing a mobile app or requesting a free consultation.

    These alternative forms of action are suitable even for bloggers who are particularly sensitive about maintaining their audience’s trust and wish to foster a relaxed atmosphere.

    8. It’s not a viable long-term plan

    Long-term partnerships are common in affiliate marketing because both parties benefit from sustained collaboration: You get to know the audience better, so your offerings are more relevant, and the audience builds trust in you and the brand.

    Cultivating a relationship with the audience and building trust allows marketing expansion to include content like online courses, software and other digital products.

    9. It’s too late to get started

    The misconception is that there is too much competition in affiliate marketing. However, with new companies emerging each year, the range of advertisers to promote is constantly expanding. Blogs that provide value will always stand out and have access to profitable brand partnerships.

    Related: 8 Things I Wish I’d Known Before Starting Affiliate Marketing

    10. It’s just advertising

    When Forbes surveyed millennials, 84% said they hate advertising, so equating affiliate marketing to advertising can make it seem unappealing.

    However, as an affiliate, you only recommend products you have personally tried and liked while providing valuable content to your audience. Your readers will appreciate your tips and personal experience because they don’t want to spend their time and money experimenting. Affiliate marketing provides a more authentic and unique approach to promoting products.

    11. You need a blog to be an affiliate

    To sign up for affiliate marketing programs, you just need a following somewhere that will see and click your custom links. Having a community is much more important than being on a specific platform.

    For example, beauty influencers often promote brands through sponsored content on their social media platforms by creating makeup tutorials and including affiliate links to their websites in the description box of their videos.

    12. Affiliate marketing is expensive

    Affiliate marketing is the least costly way to monetize a blog on any social media platform. You can create a website for free and maintain a following using tools that social networks provide. For example, banners, plugins and CPA tools are usually accessible for free within affiliate marketing platforms.

    While it is true that you will need to invest time and potentially some money to market your blog, it is no more expensive than monetizing through any other available tool on the market if you plan to make it a full-time job and earn a substantial income.

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    Ksana Liapkova

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  • 5 Signs Your Startup Could Benefit from Outside Leadership | Entrepreneur

    5 Signs Your Startup Could Benefit from Outside Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Running a startup isn’t easy. With a smaller workforce, you may be responsible for growing sales, sustaining your operations, keeping in compliance and many other tasks. And when something goes wrong, you’re often the one that clients and employees turn to for help. So while company ownership is rewarding, being the leader and wearing so many hats can be tough at times.

    Thankfully, outside assistance can lift a significant burden from your shoulders. A new leader could identify potential opportunities you’re passing up or areas where you could improve your business operations. Above all else, it allows you to step back from the day-to-day operations and focus on big-picture ideas that will grow your business.

    Here are a few signs that it’s time to bring outside leadership to your organization.

    1. You’re planning to expand the business

    Most businesses will have varying growth goals. Perhaps you want to open a new office in another city or introduce a new product or service line to benefit your customers.

    With growth comes the potential for higher revenue, but it also means more risk. You’ll likely need to invest some money up front to support the expansion, which may require taking on debt or digging into your savings. Your workload will also increase, so you may need to work longer hours to make your endeavor a success.

    To smooth the path forward, it’s often best to bring on a qualified leader who can support your business expansion. New leadership can take the helm of your existing operations while you focus on your growth — or vice versa. You’ll have someone you can turn to for help instead of stretching yourself too thin.

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

    2. You’re tapping into a new market

    Are you planning to market your products or services to a new customer demographic? If so, you might benefit from the expertise of a marketing executive familiar with your target audience.

    Opening your company to a new market is similar to a business expansion; there’s a potential for revenue growth and opportunities. However, you’ll likely need to switch up your marketing techniques. After all, your current advertising strategies aren’t likely to work with an audience with different buying behaviors and demographics.

    A new marketing leader can help you fine-tune and tailor your advertising strategies for your audience. They can also provide strategic insights into your current marketing plan and revitalize it.

    Related: 8 Practical Tips for Successfully Launching Your Startup

    3. Your existing employees are handling multiple roles

    Startups often have a few key employees that have been with the company since its infancy. As a result, founders value and trust these workers, turning to them whenever they need assistance — even if the responsibility falls outside their routine tasks.

    While having an employee you rely on is something to be proud of, you may be giving them work that someone else could perform better. For instance, you may have an office manager with versatile finance, marketing and operations skills. While these qualities may have supported your initial growth, continuing to spread your team too thin may lead to burnout.

    Furthermore, it’s unlikely that an office manager has specialized training in finance or marketing, and continuing to rely on them in these areas will only hinder your growth. You may find that you get better results by hiring someone who is an expert in a specific area — especially if you’re planning on significant changes for your company in the future.

    Related: Up Your Game As a Business Leader By Looking Outside Yourself

    4. Company growth is stagnating

    After a certain point, you may find that you’re not seeing the same significant results you did in your first few years of business. This is a sign that your organization has entered into its maturity phase.

    The maturity phase is something startup owners strive for. However, once the maturity phase hits, revenue growth can often slow to a crawl.

    The good news is that you’ve built a solid platform for future growth, but you may need some strategic insight to attain it. Hiring a new executive who can partner with you and formulate a vision for pushing your company past its current milestones can be a step in the right direction.

    5. A valued team member is leaving

    Has your current COO decided it’s time to retire? Is a trusted Head of Sales starting their own business? If so, you’ll need to hire someone to replace them — and quickly.

    While leadership turnover can be problematic for startups, it’s a natural part of growth. Nothing is permanent, and your experienced team members will leave at some point — just as you will if you decide to exit.

    It’s not easy when a key team member leaves, but it can be the preface of a new beginning. Bringing on a new leader means you’ll have fresh eyes in areas that likely haven’t been seen by anyone but you and your prior employee in years. Their unique perspective can breathe new life into your brand and workflow in ways you didn’t even realize you needed.

    If your prior team member had significant responsibilities in your organization, you’d want to replace them with someone equally qualified who brings new talents to your company. Use the opportunity to find someone with an up-to-date skill set that can revitalize your organization.

    New leadership can be scary, but it’s also good for your organization

    It can be tough to hand over the reins of essential responsibilities to someone you’re unfamiliar with. After all, your company probably means as much to you as your family — you’ve seen it through multiple milestones and accomplished more than you could ever hope for. It’s only natural to want to ensure it’s in good hands.

    However, if you keep a positive attitude and seek a qualified leader who can add value to your company, you’ll reap significant benefits. Bringing on new leadership can be all you need to spur future growth in your organization.

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    Shawn Cole

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  • The Ultimate Guide To Building An Effective Digital Branding Strategy | Entrepreneur

    The Ultimate Guide To Building An Effective Digital Branding Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you wondered how leading brands have gained exponential popularity and become household names? It’s no secret that businesses apply various branding techniques to connect with the audience and build a positive image, but what do the industry giants do differently?

    The answer is strategic digital branding. After all, with over 4.57 billion active internet users worldwide, the digital medium offers unparalleled opportunities for brands to reach a wider audience compared to traditional methods. And businesses that have leveraged digital mediums with a clever strategic approach have found great success with branding.

    Sounds interesting? Keep reading to learn how to create and implement the proven digital branding strategies that have earned top brands their place as industry behemoths.

    The importance of a digital branding strategy

    A digital branding strategy is the process of communicating your brand’s identity to consumers online, with the ultimate goal of increasing customer loyalty and sales. A company without a brand is akin to a person lacking a personality — dull and uninspiring. Unsurprisingly, people tend to avoid such entities.

    In contrast, a well-executed digital branding strategy can help you foster trust, which is crucial given that 81% of consumers say trust is the leading factor in their purchasing decisions. A strong digital branding strategy can also increase company value, boost sales, heighten perceived brand quality and reduce employee turnover.

    Related: 5 Mistakes To Avoid in Your Digital Marketing

    How to implement your digital branding strategy

    Let’s discuss the steps to make and use a powerful digital branding strategy that will take your brand image and popularity to the next level.

    1. Assess your brand identity

    Before diving into your digital branding strategy, take the time to define and assess your brand identity. This involves determining your brand’s mission, vision and unique selling proposition (USP). Your brand identity should convey who you are, what you stand for and what you aim to achieve. By clearly understanding your brand identity, you can ensure that all aspects of your digital branding strategy are consistent and aligned with your core values.

    2. Understand your target audience

    An in-depth understanding of your target audience is critical to the success of your digital branding strategy. Conduct thorough research to analyze their demographics, interests and preferences, and use this information to create detailed buyer personas. By having a clear picture of your target audience, you can develop content and messaging that resonates with them, increasing engagement and conversions.

    Related: How Your Business Can Maximize Your Content Strategy and Achieve More Results

    3. Creating a unique value proposition

    Your unique value proposition (UVP) is the reason customers should choose your brand over competitors. It highlights the benefits and features of your products or services that make you stand out. To create a powerful UVP, focus on the aspects of your offerings that differentiate you from others and communicate this message clearly, concisely and compellingly. A strong UVP not only attracts customers but also helps build brand loyalty.

    4. Choose the right platforms for your brand

    Selecting the appropriate platforms for your brand is pivotal in reaching your target audience. Investigate the social media platforms, websites and other digital channels that your audience frequents, and concentrate on establishing a strong presence there. You can connect with your audience, increase brand visibility and foster long-lasting relationships by being active on the right platforms.

    5. Crafting compelling content

    Content is the cornerstone of your digital branding strategy. To craft compelling content, focus on developing engaging, informative and relevant pieces for your target audience. Utilize storytelling to build emotional connections with your audience, making your brand more relatable and memorable.

    Also, consider diversifying your content types, such as blog posts, videos, podcasts and social media posts, to cater to different preferences and consumption habits. Videos are particularly effective, as about 86% of businesses use them effectively as a marketing medium.

    6. Monitor and analyze performance

    Continuously tracking the performance of your digital branding strategy is crucial for its success. Monitor relevant metrics like engagement, conversion rates and website traffic to gauge the effectiveness of your strategy. Analyzing this data will help you identify areas for improvement and optimize your approach for better results. Regularly assessing your digital branding strategy ensures that it remains relevant and impactful over time.

    Examples of an effective digital branding strategy

    Here are three examples of brands that have successfully crafted and implemented a digital branding strategy to grow their popularity and reach-

    Apple’s “Share Your Gifts”

    Apple stands as an excellent example of a brand that has mastered the art of storytelling. Through digital content such as videos, podcasts and social media posts, Apple’s branding experts communicate passion, creativity and relationship-building. Their popular video, “Share Your Gifts,” has garnered over 25 million views on YouTube and demonstrates their ability to prioritize storytelling instead of merely showcasing their products.

    In the video, Apple evokes emotions and builds connections with viewers without explicitly promoting its products. This approach helps the audience relate to the brand personally, enhancing brand recall and loyalty.

    IKEA’s “Oddly IKEA”

    IKEA, a furniture store with affordable pricing, is growing alongside its customer base. This brand is popular among younger demographics and is known for its fun and quirky personality. IKEA’s branding strategists realized the need to stay connected with their buyer personas. They created personalized campaigns using digital content channels such as social media, YouTube and art installations, such as the Oddly IKEA campaign.

    Researchers noticed a trend of ASMR videos among younger demographics, particularly college students. They produced a 25-minute ASMR video featuring IKEA merchandise such as comforters, pillows and sheets to appeal to this trend. The team thought outside the box and used innovative methods to engage with their target audience.

    By thoroughly understanding your brand identity, knowing your target audience, crafting a unique value proposition, choosing the right platforms, creating compelling content and regularly monitoring performance, you can develop a digital branding strategy to help your brand thrive.

    If this sounds complicated, you can always take the support of a competent digital branding agency. So, start working with an experienced digital branding agency to build and implement a proven branding strategy to drive your brand’s growth. All the best!

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    Vikas Agrawal

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  • Why Businesses are Failing to Build a Sustainable Growth Model with Satellite Technologies | Entrepreneur

    Why Businesses are Failing to Build a Sustainable Growth Model with Satellite Technologies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With around 5,000 active satellites orbiting Earth, sattech propels modern agriculture, telecommunications, environmental monitoring and national security. Recent advancements like commercialized SAR technology, improved AI and data analytics fuel the global satellite data services market’s 19.5% annual growth.

    However, this growth remains suboptimal for many small and medium-sized businesses, which flock to the enticing sattech market for revenue and innovation but struggle to unleash its full potential.

    Understanding the challenges

    To create a sustainable growth model in the sattech market, it is crucial to understand the industry challenges businesses often face. One primary obstacle is the allure of short-term gains over long-term value creation. Reselling sattech data or analytics can provide immediate profits, but it lacks the long-lasting impact of creating tailored solutions that address clients’ specific needs. By focusing on solving clients’ problems, businesses can foster lasting relationships and ensure a sustainable growth trajectory.

    Another challenge lies in the insufficient understanding of clients’ needs. Without a deep comprehension of their clients’ industries, objectives and pain points, businesses may struggle to develop optimal sattech solutions. This lack of insight can lead to missed opportunities and a failure to capitalize on the full potential of satellite technology.

    The increasing availability of sattech data and analytics has also resulted in its commoditization. As satellite data becomes more accessible, price erosion becomes a real concern for businesses that rely on reselling models. In such a landscape, differentiating through value-added services, such as technical support, market insights and consulting, becomes vital for long-term success.

    Industry players like Planet, Orbital Insight and EOS Data Analytics have set the bar high by shaping the satellite data market with innovative analytics algorithms. However, their partners often need help in understanding the intricacies of these sophisticated solutions when they attempt to resell the data and products. Success in the sattech market demands a deep comprehension of the target audience’s challenges, whether it is addressing the skepticism of Argentine farmers towards new technologies, or easing the concerns of African consulting companies who are unsure about the return on investment when adopting cutting-edge satellite data analytics.

    Related: Can Satellite Imagery Help Bridge the Gap of Food Security?

    Investing in innovation and differentiation

    In the rapidly evolving sattech landscape, investing in innovation is paramount for businesses to maintain a competitive edge and adapt to changing market demands. Companies that rely solely on reselling sattech data often allocate insufficient resources to research and development, consequently limiting their ability to create new, value-added offerings that cater to emerging needs and opportunities. By prioritizing innovation, businesses can not only enhance their existing solutions but also identify new ways to serve their clients, ensuring long-term sustainability.

    Differentiation through value-added services is another crucial aspect of building a sustainable growth model with sattech. As satellite data becomes increasingly commoditized, businesses must set themselves apart by offering more than their technological partner’s platform or satellite images. Addressing local problems in the region, providing actionable insights and delivering tailored consulting services can significantly increase the value proposition for clients. In doing so, businesses can foster deeper relationships and improve customer retention, contributing to their ongoing success.

    Innovation in the sattech industry typically seems daunting for small and medium businesses, but there are ample opportunities to innovate in applying these technologies to specific regions and sectors. From identifying prime locations for mining to tracking carbon footprints, finding a niche and validating demand is vital for sustainability. Furthermore, businesses must resist the temptation to assume that sattech’s prowess will sell itself. Regardless of the market, customers want to be convinced that the product or service offered is user-friendly and beneficial. By emphasizing on the ease of use and tangible advantages, businesses can differentiate themselves and foster long-term growth.

    Related: What Agribusinesses Should Do To Profit From Modern-Day Satellite Technologies?

    Leveraging partnerships both globally and locally

    Strategic partnerships and collaboration play a vital role in building a sustainable business growth model with sattech. Forming alliances with other players in the sattech ecosystem can enable businesses to access complementary skills, technologies and resources, enhancing their ability to create tailored solutions for clients. Collaboration helps businesses stay abreast of industry trends and leverage collective expertise for better problem-solving.

    Examining case studies of successful sattech integration can provide valuable insights into best practices and strategies. By analyzing the key factors that contributed to these companies’ success, other businesses can learn from their approach and apply similar tactics to their own operations, ultimately driving growth and long-term sustainability.

    The significance of partnerships cannot be overstated, as many current leaders in the sattech industry owe their success to collaborations with technological partners, such as satellite assembly, rocket launching or geo-intelligence companies. Newcomers in the industry can take heart in knowing that they can rely on the support of established technological businesses. Success in the sattech market is a collective endeavor, contingent upon effective communication and collaboration among all players, fostering a shared vision and commitment to progress.

    Related: 6 Tips to Drive Sustainable Business Growth

    Bottom line: Now is the time

    To achieve sustainable growth in sattech, businesses must pivot from reselling to crafting client-centric solutions. Through innovation, differentiation and strategic partnerships, they can harness satellite technology’s potential and gain a lasting competitive edge. There is no better time than now for businesses to embrace change and secure long-term success in the dynamic sattech industry.

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    Rim Elijah

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  • 7 Essential Questions to Ask Yourself Before Starting a Franchise | Entrepreneur

    7 Essential Questions to Ask Yourself Before Starting a Franchise | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    More people than ever are curious about starting a franchise business. The potential rewards seem obvious, but the risks also seem high. Even more than risk and reward, starting a franchise requires a hard look in the mirror to decide if you really have the makeup to become an entrepreneur.

    Here are seven questions you should ask yourself before starting a franchise business.

    Related: 7 Things You Need to Know Before Becoming a Franchise Owner

    1. Do I have a future vision?

    To take action and start a franchise, you need to understand your why, not necessarily the widget. Do you have a future vision of your life you’re trying to achieve? Think of that as the destination and the franchise as the car — the vehicle to help you get to the destination.

    A clear future vision should include your involvement in the business, your career and the lifestyle you visualize for yourself. This will help you select the right franchise model that fits this vision.

    2. Do I have confidence, grit, determination and resilience?

    Every business owner in America had to deal with the impact of Covid-19. There will be unknown future obstacles when you start a franchise.

    To move forward, you must bridge uncertainty with an emotional commitment and confidence to overcome obstacles. You must also have the grit and resilience to see through difficult periods. A franchise can help you launch more quickly than starting a business from scratch and will help you navigate any difficulties through best practices from a network of fellow franchise owners.

    3. Should I go it alone or engage a franchise consultant?

    Like shopping for a house, you can certainly find franchise opportunities on the internet. However, it’s a noisy environment with thousands of brands — and like everything else, some are good and some are bad. And no franchise brand shows its business model on its website, so you’re drawing conclusions purely from a consumer viewpoint.

    You cannot easily find newer emerging brands on the internet and can waste tons of time investigating brands only to find out they’re not a fit. A franchise consultant, like a good financial advisor, will reverse this process and start with you and your goals, help you set your criteria and only then match you with franchise brands that fit. They then will guide you through the investigation with education and resources.

    Related: How to Narrow Down Thousands of Franchises to Find the One That’s Right for You

    4. Do I have the capital to start a franchise?

    You should carefully consider your financial ability when starting a franchise. To understand the specific capital requirements for any particular franchise, you can consult Item 7 of the Franchise Disclosure Document, which details the Estimated Initial Investment. These are based on actual franchises and tend to be very accurate. However, make sure to build your own estimates, as these line items can vary significantly between franchisees.

    While there are always exceptions, investment ranges can commonly be broken down into three categories. These include self-employment or work-from-home models; scalable executive service models; and semi-absentee or semi-passive models:

    • Self-employment or work-from-home models with few or no employees that do not require customer-facing real estate generally range from $75,000 to $150,000 in total investment per territory or unit.
    • More scalable, equipment-intensive service brands that do not require customer-facing real estate tend to range from $100,000 to $350,000 per territory or unit.
    • Brick-and-mortar location-based franchises require more real estate investment but tend to be more semi-absentee and can range from $250,000 to $1 million or more per unit.

    5. How will I finance the franchise?

    There are many options to help you finance your new franchise. If you have a former 401(k) or IRA, you can roll over a portion of your retirement account balances in your new business’ stock tax-free. Candidates also use personal loans, such as a home equity line of credit (HELOC) or a securities-backed portfolio loan, which have the lowest debt costs and easiest access to capital.

    You can also obtain an SBA-guaranteed bank loan, which is a popular option. Many franchisors will have prearranged financing with preferred vendors. Regardless of your financing choice, it is important to consider it ahead of time to make sure your business and personal needs are covered during your business launch.

    6. What franchise industry is right for me?

    Many of my candidates are looking for a business they’re passionate about. Of course, you need to believe in your product or service, but it doesn’t need to be your hobby. It is the business model that needs to fit. For example, I owned a fitness franchise. While I’m not a fitness junkie, the business model fit and seeing the joy in our clients transforming their health was very gratifying.

    Going through a deliberate process of investigating business models that fit your criteria and comparing them with the help of an experienced consultant is often the best way to find the right industry. By focusing on the business model and your role as a franchise owner, you will find the industry can be a secondary criterion.

    Related: Check Out the Fastest-Growing Franchises In 2023

    7. Do I believe in continuous improvement or “if it isn’t broken, don’t fix it?”

    If you have a more reactive style, franchise ownership is likely not for you. Owning a franchise requires you to constantly look at the business with an eye toward continuous improvement — making each process, such as sales, marketing, operations or customer service, continuously better for your customers. Having a proactive approach versus a reactive approach is critical to success.

    While there are many considerations in starting a new business, fundamentally it is an emotional decision that starts with you doing some self-reflection. Asking yourself the hard questions will let you know if you’re emotionally ready to take the next step.

    If you’re not ready, consider what changes or milestones in your life need to be achieved so you’re ready when the time comes. If you find you are excited and ready to move forward, seek out the resources needed to explore franchising and commit to follow through the process. This will bring you the confidence you need to find success.

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    David Busker

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