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Tag: Business models

  • Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

    Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the contemporary business landscape, we can say in the last 20 years, the revenue per employee (RPE) has emerged as a salient financial metric, commanding the attention of Big Tech companies as a critical determinant of organizational success. RPE, which quantifies the average revenue generated by each employee, serves as a barometer for workforce efficiency and productivity. The impetus for Big Tech’s emphasis on RPE is multifaceted, encompassing operational efficiency, competitive advantage, cost optimization, talent attraction, retention, scalability, innovation and agility.

    In this article, I’m sharing the significance of RPE in Big Tech and delineating the potential of nearshore IT staff augmentation as a strategic lever for bolstering RPE and catalyzing growth.

    Related: What is Staff Augmentation? 3 Reasons It is Vital For Your Business

    RPE in Big Tech

    Operational efficiency: The quest for operational optimization is a perennial concern for Big Tech companies, and RPE provides a valuable lens through which to evaluate workforce utilization. By scrutinizing RPE, organizations can pinpoint opportunities for productivity enhancement and judiciously allocate resources to maximize returns.

    Competitive advantage: The Big Tech arena is characterized by intense rivalry, necessitating relentless innovation and differentiation. RPE is a comparative benchmark, enabling companies to gauge their performance vis-à-vis competitors and industry norms. A superior RPE ratio indicates an efficient and productive workforce, conferring a competitive edge.

    Cost optimization: Labor expenditures constitute a substantial outlay for Big Tech companies. Organizations can mitigate labor costs by amplifying RPE by generating higher revenue with the extant workforce, optimizing cost structure and bolstering profitability.

    Talent attraction and retention: A commitment to RPE can enhance Big Tech companies’ ability to attract and retain high-caliber talent. By manifesting a dedication to productivity and efficiency, organizations convey that they prize high-performing employees and cultivate a work environment conducive to innovation and growth — especially crucial when it comes to navigating the post-pandemic global market.

    Scalability: The rapid growth trajectories of Big Tech firms necessitates a workforce that can scale commensurately with burgeoning demands. By prioritizing RPE, organizations can monitor the ramifications of growth strategies on workforce productivity and implement adjustments to preserve or augment efficiency.

    Innovation and agility: The technology industry’s rapid pace of change demands innovation and agility. A robust RPE ratio signals a company’s capacity to innovate and swiftly adapt to evolving market conditions. By concentrating on RPE, Big Tech firms can ensure their workforce remains nimble and poised to capitalize on emergent opportunities and surmount challenges.

    In the past 20 years, I have seen organizations go through on-and-off cycles of RPE. It is a critical metric for Big Tech companies, underscoring the centrality of workforce efficiency, productivity and innovation in propelling growth and securing a competitive advantage.

    Related: Learn The Simple Equation That Tells You If Your Business Will Grow and Scale

    How nearshore IT staff augmentation can boost RPE

    Organizations can optimize operations, entice top-tier talent and achieve scalability and agility in a dynamic and competitive market by assiduous monitoring and enhancing RPE. Nearshore IT staff augmentation, as a strategic initiative, offers a viable pathway for augmenting RPE, facilitating sustained growth and fortifying Big Tech companies’ market position, especially in the post-pandemic era.

    In Latin America (LATAM), several countries have emerged as attractive destinations for nearshore IT staff augmentation, particularly for businesses based in North America. These countries offer unique advantages that can contribute to improved revenue per employee (RPE) and overall operational efficiency. Below are some of the LATAM countries that are well-suited for nearshore IT staff augmentation, along with the factors that make them unique:

    1. Mexico: Mexico’s proximity to the United States and its participation in trade agreements such as the United States-Mexico-Canada Agreement (USMCA) make it a prime location for nearshore IT staff augmentation. The country boasts a large pool of skilled IT professionals, competitive labor costs and a growing technology ecosystem. Mexico’s time zones are also closely aligned with the United States, facilitating real-time collaboration.

    2. Brazil: Brazil is the largest economy across LATAM and has a vibrant technology sector. The country produces almost as many STEM graduates yearly as the United States, providing a rich talent pool for IT staff augmentation. Brazil’s technology hubs, such as São Paulo and Florianópolis, are known for their innovation and entrepreneurial spirit.

    3. Colombia: Colombia has made significant strides in developing its technology and innovation sectors. The country’s capital, Bogotá, and cities like Medellín are emerging as technology hubs with many startups and tech companies. Colombia’s government has also implemented initiatives to promote digital transformation and attract foreign investment in the technology sector.

    4. Argentina: Argentina is known for its highly educated workforce and a strong emphasis on research and development. The country has a well-established software development industry and a reputation for producing high-quality IT professionals. Argentina’s technology sector benefits from a culture of innovation and a focus on advanced technical skills.

    5. Chile is recognized for its stable economy and business-friendly environment. The country has invested in technology infrastructure and education, resulting in a skilled IT workforce. Santiago, the capital, is a regional technology hub with a dynamic startup ecosystem. The government has also implemented policies to support entrepreneurship and technology development.

    6. Costa Rica: Costa Rica has a growing reputation as a nearshore IT destination, partly thanks to its political stability and high literacy rate. The country strongly emphasizes education, particularly in STEM fields, and offers a multilingual workforce. Additional advantages include Costa Rica’s strategic location and time zone compatibility with North America.

    Related: Why Entrepreneurs Are Looking Towards Latin America for Nearshoring Opportunities

    It is important to note that the suitability of a particular country for nearshore IT staff augmentation depends on various factors, including the specific needs and objectives of the company seeking to augment its workforce. Companies should conduct thorough due diligence and consider factors such as language proficiency, time zone alignment, intellectual property protection and cultural compatibility when selecting a nearshore IT staff augmentation partner. Please make sure they are transparent!

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    Lonnie McRorey

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  • 3 Things I Wish I Knew as a First-Time Airbnb Host | Entrepreneur

    3 Things I Wish I Knew as a First-Time Airbnb Host | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2017, I purchased a single-family home and listed it on Airbnb as a short-term rental. Several years and additional units later, the venture grew into a full-time business that now gives me around $150,000 per month. I could say I had a good ride.

    But the journey to this success wasn’t smooth. There were many things that I wish I had done differently, especially when I was just starting. And while some might say they’re part of the whole experience, I still won’t recommend them to anybody.

    And that is why I want to share the things I wish I had done when I was new to the Airbnb industry. These lessons impacted how I did my business, and if you’re starting on your own, these will be helpful for you too. The following are the three things I wish I knew as a first-time Airbnb host:

    Related: 10 Pieces of Financial Advice I Wish I Knew in My 20s

    1. An “employee mindset” won’t get you far in the business

    Now, I don’t have anything against employees. They’re awesome because they are the foundation of our labor force. I started as an employee myself, and I have a staff who helps me with my business too.

    However, if you want to create a flourishing Airbnb business, you don’t need the kind of mindset that most employees have. Allow me to explain.

    When I started my Airbnb business in 2017, my wife and I operated our unit, and we had no trouble doing so. Our profits were more than enough to cover our mortgage for the first three years.

    However, the struggle started when we decided to do all the cleaning ourselves. At that time, we didn’t think it was necessary to hire help because we could always do the cleaning on our own. Plus, we thought it was better not to pay anyone and keep the profits to ourselves. But we couldn’t have been more wrong.

    As days and months went on, we realized that we should have done things differently. We spent so much time cleaning our Airbnb that it was draining. Sometimes we’d be tired from appointments, and we still couldn’t rest because we had to clean our unit.

    It was then that we knew the business became another 9-to-5 job for us, and we were operating with an employee mindset. We wanted the job done right and to make more money, so we thought we had to do everything ourselves.

    But this employee mindset didn’t get us far, and neither would it be for you. The Airbnb business requires effort, and if you’re not careful, it could drain your time away from the most important things you should be focusing on. Instead, I recommend you get people who can make the work easier for you.

    Don’t hesitate to use some of your profits to hire help because, in the long run, you’ll benefit more from it. It’ll free up your time, and when you have more time, you’ll get the chance to focus on growing the business. You can even launch a new Airbnb if you want to!

    Related: How to Start an Airbnb Business Without Owning Property

    2. Delegation is the key to time freedom

    This is in the same context as the first lesson I mentioned, but it’s so important that it bears repeating.

    You see, there are three primary operations in the Airbnb business: cleaning, maintenance and communication. Now for your business to thrive, you have to take care of these three areas equally. But this would be extremely difficult, especially if you have more than one unit and you’re doing all the operations alone.

    People will check in and out of your Airbnb, so cleaning and maintenance need to be taken care of regularly. The problem when you’re doing those things yourself is that you are trading time for money. This is why you need to delegate those tasks and automate them for your work to be easier.

    You can hire people to do the cleaning and maintenance for you, create an automated cleaning and maintenance calendar that they will follow, and you’re good to go. You can even get a virtual assistant to help you on the communications side.

    This is how million-dollar entrepreneurs operate their businesses: by building a team and a system, hiring, delegating, and automating all the operations. And I wish I had known this sooner.

    3. Collecting a 1099 Form will reduce your taxes

    The IRS 1099 Form is a collection of tax forms that you have your subcontractor sign so you can take what you pay them as a tax deduction. This applies to the people you hire to clean, do the maintenance, and do your communications. As long as you pay them $600 or more within the same calendar year, you must collect a 1099 Form from them.

    This is something that I wish I had known when I was getting started. I didn’t know that I needed to collect a 1099 Form, so I ended up paying for money I didn’t keep.

    Now to be fair, no one told me about it then, so I didn’t know. But now that you have an idea make sure to implement it to protect your profits so that you won’t lose out in the end.

    Related: 8 Ways to Save Money on Business Taxes

    Conclusion

    Making mistakes as an entrepreneur is perfectly normal, especially if you’re new. However, no rule says you must make blunders for the sake of experience.

    Instead, you can learn from those who have already been through the same struggles and learn from their backgrounds. After all, success leaves clues. By learning from the experience of others who have overcome similar struggles, you gain valuable insights and avoid unnecessary pitfalls.

    So take advantage of the wealth of knowledge available to you, and start building the business of your dreams today.

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    Jorge Contreras

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  • The Entrepreneur’s Guide to Effective Time Management | Entrepreneur

    The Entrepreneur’s Guide to Effective Time Management | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From the moment I embarked on my multi-venture entrepreneurial journey, I learned that managing multiple businesses simultaneously presented a unique set of challenges. I found that organizing my time and working efficiently became increasingly harder as my businesses evolved and the overall potential of my time became a challenging aspect of daily life.

    Each day, I found myself confronted with overwhelming to-do lists, desperately trying to divide while still dedicating my attention to my various ventures. The burden was heavy, and the lines between work, relaxation, and rest were blurring, leaving me feeling perpetually drained and disoriented.

    I struggled with prioritizing and delegating tasks, unable to move forward with purpose. As the hours of the day vanished into the ether, there was a persistent sense of inadequacy, and I was keenly aware that there was more I could do to propel my businesses forward.

    Juggling multiple businesses successfully requires entrepreneurs to maintain effective management. It’s taken me many years to forge more positive habits, and the process is an ongoing endeavor, but it does get easier. One vital aspect that often goes unnoticed is the importance of understanding the value of your time. Awareness of your time’s worth can lead to better decision-making, enhanced task prioritization and efficient resource allocation.

    Related: Here’s How to Calculate the True Value of Your Time

    Below are some effective methods to calculate the value of your time and the subsequent advantages of possessing this knowledge.

    Keep track of time spent

    The first step is to track how much time you spend on each of your ventures and different tasks within those businesses. This can be done manually using a spreadsheet or a calendar or by utilizing any of the time-tracking apps on the software market. This will help you identify where your time is currently being spent and how much time you have available for work.

    Related: Track Your Time to Get More Done

    Establish your hourly rate

    Next, divide the annual income of each of your businesses by the number of work hours you’ve dedicated to working in each. This calculation will provide you with a rough hourly rate.

    For example, if your income from one of the businesses is $1,000,000 and you work 800 hours a year, your hourly rate with that venture would be $1250 per hour.

    Assess the opportunity cost

    Opportunity cost refers to the potential gains from selecting a different course of action. As an entrepreneur with multiple businesses, consider the prospective income you could generate by dedicating your time to the highest-earning venture. Calculate the opportunity cost for each business by comparing the hourly rates and selecting the most profitable alternative.

    Consider personal satisfaction and preferences

    While earnings are crucial, personal preferences and satisfaction should also be considered. You might enjoy working on a less profitable venture more, or it could offer a sense of fulfillment or personal growth. Achieving a balance between financial value and personal satisfaction is vital when evaluating the worth of your time.

    Consistently review your time’s value

    As your businesses evolve, the value of your time will also change. Regularly review your earnings, hours worked, and personal preferences to ensure informed decision-making regarding effective time allocation.

    Related: 3 Ways to Figure out the Value of Your Time as an Entrepreneur

    Why is it important to know the value of your time?

    Enhanced decision-making: Being aware of your time’s worth helps you prioritize tasks and delegate efficiently, allowing you to focus on what is truly important.

    Greater efficiency: Recognizing the value of your time enables the identification of areas that can be optimized or outsourced, leading to increased efficiency and profitability for your businesses.

    Improved work-life balance: Calculating the value of your time assists in managing your workload and achieving a healthy balance between work and personal life.

    Stronger negotiation skills: Knowing what your time is worth equips you with the confidence to negotiate service rates or contracts, ensuring you receive fair compensation for your work and time.

    For entrepreneurs managing multiple businesses, determining the value of your time can be a game-changer as you utilise that knowledge to enhance your businesses’ performance and personal satisfaction. Before long, you will find yourself being more efficient and making smarter decisions about where and how you allocate your valuable time in every aspect of your life.

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    Ryan Godinho

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  • Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

    Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The dawn of the 21st century has ushered in the era of remote work. With technological advancements allowing for increased connectivity amongst individuals, organizations can now operate from disparate locations around the globe. The concept of remote work has been gaining traction over the last decade, with more companies embracing it as a viable option for their businesses.

    However, despite its potential benefits, particular challenges must be addressed if remote working is to become an integral part of the workforce. In this article, we will explore some of these challenges and opportunities that lie ahead regarding the future of remote work.

    Related: When Office Return Turns Sour: Apple and Twitter’s Struggles Reveal Fractures in Corporate Culture

    Challenges

    One of the primary challenges associated with implementing a successful remote work policy is ensuring that employees remain productive while away from their traditional office environment. It is essential to create effective communication systems and establish clear expectations around duties and tasks to ensure that employees remain motivated and productive. Without these safeguards, productivity could suffer due to distractions or lack of motivation.

    Another challenge is providing adequate support systems for staff. When managing a distributed team, it can be challenging to provide consistent feedback and guidance on activities and effectively monitor progress and performance. This can lead to feelings of isolation among staff members, which can harm employee well-being and overall business performance.

    Opportunities

    Despite these challenges, many opportunities are associated with introducing remote working policies into organizations. One such opportunity lies in cost savings for employers; by reducing rental costs on office spaces or eliminating travel expenses for commuting staff members, organizations can make significant cost reductions which can improve financial performance or provide additional funds for other investments within the business.

    Remote working is also beneficial from an employee perspective; studies suggest that staff who can work experience increased job satisfaction due to improved flexibility and control over their daily routine remotely. Additionally, enabling remote working also provides employers access to global talent pools as they no longer need to be confined by physical boundaries when recruiting new staff members.

    Finally, enabling flexible working arrangements could help organizations become more agile in responding to changing customer needs or market conditions; by having access to external resources, they’ll no longer need to rely solely on internal resources when adapting their operations quickly.

    Related: Benefits of Remote Work are a Widespread Success

    Impact of artificial intelligence on business and society

    As technology advances exponentially, so does its application within various fields, including business and society. Artificial intelligence (AI) presents great potential for increasing efficiency and creating innovative solutions within various industries such as healthcare, finance and manufacturing. However, like any new development, AI also raises concerns about its potential societal implications. In this section, we shall explore some key ways AI may have both positive and negative implications for businesses, society and human rights.

    Positive effects

    1. Enhanced accuracy and efficiency — One significant advantage artificial intelligence offers are its ability to improve accuracy & efficiency across many different tasks. For example, AI-powered bots and applications can automate mundane tasks with precision far beyond what humans would be capable of achieving. This increases output accuracy while freeing up valuable time, which could instead be used to tackle higher-value tasks. As such, adopting AI-driven solutions often leads to increased operational efficiency & cost savings, which can benefit both businesses and society.

    2. Improved decision-making capabilities — AI technologies also possess remarkable decision-making capabilities, which can significantly aid in strategic decision-making processes. For example, using automated data analysis algorithms, businesses can gain valuable insights about target markets and customers, leading to improved marketing strategies and customer service protocols.

    Similarly, healthcare providers may use AI-driven genomic mapping algorithms to identify diseases earlier than possible, enabling more effective treatment plans before symptoms develop. Such innovations present great potential benefits to societies at large, providing improved medical care while simultaneously reducing costs associated with wasted resources resulting from ineffective decisions being made previously.

    Related: How to Leverage AI for Maximum Benefits for Your Business

    Negative effects

    1. Loss of human jobs — One concerning factor raised frequently when discussing potential impacts AI might have upon society relates to the loss of jobs currently done by humans being replaced by machines taking over roles once held by people. At the same time, it may create social difficulties, particularly for those already vulnerable, such as low-income earners and elderly citizens

    2. Regulation — Another downside of automation through artificial intelligence lies in difficulty surrounding regulation and enforcement. Given the current rate of advancement, technology outpaces traditional regulatory systems meaning lawmakers struggle to keep up with ever-changing technical sectors. This means laws may not sufficiently address issues directly related to emerging technologies, leaving them open to exploitation.

    While artificial intelligence has great potential to enhance different aspects of our lives, both personally and professionally, there still remain ethical considerations, and problem areas arise should we fail to pay attention to what exactly controls us.

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    Kartik Jobanputra

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  • Why You Must Master the Power of Podcasts | Entrepreneur

    Why You Must Master the Power of Podcasts | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Podcasts have exploded in popularity in recent years, and for good reason. They offer a unique way to engage with audiences and can be a powerful tool in every stage of the marketing funnel. In this article, we’ll discuss how to leverage podcasts across different stages of the marketing funnel and achieve maximum impact.

    Related: 5 Reasons Why Brands Should Think About Creating a Podcast

    Top of Funnel (TOF): Attracting potential customers

    The top of the marketing funnel is all about attracting as many potential customers as possible. Podcasts can be an excellent tool for this stage as they offer a unique way to engage with a broad range of potential customers and showcase your brand’s thought leadership. By providing valuable content in the form of informative and entertaining podcast episodes, you can capture the attention of potential customers and start building a relationship with them.

    To leverage podcasts in the TOF stage, you’ll want to focus on creating content that’s informative, educational, and entertaining. Consider interviewing industry experts, providing behind-the-scenes looks at your business, or offering tips and tricks related to your niche. By providing value to your listeners, you’ll establish your brand as a thought leader in your industry and create a positive association with your business.

    Additionally, it’s essential to promote your podcast effectively to attract new listeners. Consider leveraging social media, email marketing, and paid advertising to reach new audiences and drive traffic to your podcast.

    Related: Podcast As Marketing Tool: It Creates Value For Listeners

    Middle of Funnel (MOF): Nurturing potential customers

    The middle of the marketing funnel is all about nurturing potential customers and building their trust. Podcasts are an excellent tool for this stage as they offer a more intimate and personal way to connect with your audience. By sharing your brand’s values, mission, and culture through podcasts, you can build a deeper relationship with your audience and create a sense of community around your brand.

    To leverage podcasts in the MOF stage, you’ll want to focus on creating personal and engaging content. Consider showcasing customer success stories, hosting Q&A sessions with your audience, or providing in-depth product demos. Doing so will build trust and credibility with your audience and create a sense of connection with your brand.

    Additionally, it’s essential to create a consistent podcast schedule to keep your listeners engaged and build a loyal audience. Consider releasing new episodes regularly, such as weekly or bi-weekly, to keep your listeners coming back for more.

    Related: 4 Reasons to Start Your Own Podcast

    Bottom of Funnel (BOF): Converting potential customers

    The bottom of the marketing funnel is all about converting potential customers into paying customers. Podcasts can play a critical role in this stage by providing an engaging and entertaining way to directly promote your products or services.

    By creating podcast episodes that focus on specific products or services, highlighting their features and benefits and offering exclusive discounts or promotions to your podcast listeners, you can convert leads into paying customers more effectively.

    To leverage podcasts in the BOF stage, you’ll want to focus on creating direct and actionable content. Consider featuring customer testimonials or case studies that showcase the benefits of your products or services, hosting live Q&A sessions to address any lingering questions or concerns, or offering exclusive discounts or promotions to your podcast listeners.

    Additionally, it’s essential to include a clear call-to-action in your podcast episodes to drive conversions. Consider directing listeners to a landing page, product page, or contact form to make it easy for them to take the next step and become paying customers.

    Related: The Basics of Podcasting and How It Can Grow Your Business

    Conclusion

    Podcasts offer a unique way to engage with audiences and can be a powerful tool in every stage of the marketing funnel. To leverage podcasts effectively, you’ll want to create valuable and engaging content that speaks to your audience’s needs and interests, promote your podcast effectively to attract new listeners, and include clear calls-to-action to drive conversions. By doing so, you can differentiate your brand from the competition, build trust and credibility, and reach new levels of growth. .

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    Lewis Schenk

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  • How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

    How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Traditional industries often change slowly, but they have a considerable market share and continue to succeed despite this because they are what customers are used to. They may hope for a more innovative product, but they have been content to settle for what the industry giants offer.

    However, in a post-Covid world, consumers are interested in something other than the same old tired products and services they’ve always dealt with. Instead, they’re demanding newer, better solutions. To stay alive, companies must rethink the customer experience and offer the public something fresh.

    Well-established industries can be slow to adopt new solutions, but there are a few ways to build a disruptive tech product and shake things up.

    Related: The Post-Covid Leader — How the CEO’s Role Has Changed in the Past 3 Years

    1. Build detailed customer profiles from scratch

    It’s time to toss out everything you think you know about your customers and start with a clean slate. A recent report from WeTravel found that travelers are increasingly looking for more personalized experiences, but how and why they travel has shifted in a post-Covid world.

    So, the best way to get to know your customers again is to throw away your notes, roll up your sleeves and figure out who they are and what they want. McKinsey recently found that there are more nuanced customer segments post-pandemic, so you might discover new categories of travelers with unique pain points and preferences.

    For instance, premium travelers are now more interested than ever in feeling like they’re part of an exclusive community. Meanwhile, boomers are looking for more hands-on human assistance when booking trips.

    The things that are most popular with your audience outside of your industry are the same things that will draw them to your product.

    As an example, millennials are a “subscription lifestyle” generation. They like products and services that allow access with a simple subscription fee. That’s why brands like Dollar Shave Club and Hello Fresh remain popular with that age bracket. Travel brands like Inspirato and Bidroom use this subscription-style model to provide better, customer-focused service.

    Gen Z, on the other hand, is more interested in the YOLO (you only live once) lifestyle and gamification. They’re spontaneous, experience-driven and attracted to things with fun game mechanics like the ability to unlock achievements or “level up.”

    Travel booking app Hopper has leaned into this, creating daily login streak bonuses, dropping surprise destination deals and offering “loot crate”-style rewards to use in-app.

    Related: 3 Books to Help Business Leaders Discover Innovation and Growth

    2. Look to other industries to find ways to disrupt your own

    Remember that you’re not the first to try to win against big players. Thousands of startups in dozens of industries are playing the same underdog game. Many are succeeding, so it’s worth considering what they’re doing right.

    Always monitor new emerging products and business models in related industries. The most popular models with different demographics in other areas, such as dating, dining or entertainment, can give you insights about what to incorporate into your disruptive product.

    This strategy is already working for companies like Turo, which utilizes an Airbnb-style model of peer-to-peer car sharing for short-term and long-term rentals. This was a truly disruptive idea. It opened up the car rental industry, allowing owners to earn money and renters to access vehicles at lower prices.

    Dating apps like Tinder and Bumble have long been popular with Gen Z, so travel app OfftheGrid decided to capitalize on that trend to create a brand-new travel experience for the younger generation of travelers.

    The brand allows users to “swipe on” and chat with travelers who share their interests while discovering new destinations. The result is a unique travel product that breaks away from the traditional model of sites like Expedia.

    Related: #Digital Nomads: Unraveling the Millennials’ Way of Working and Living

    3. Follow the tech trends

    It’s important to follow where technology leads you to maintain a competitive advantage. If your company can get ahead of the curve, it sets you up to control a huge market share once the tech you’ve already adopted starts trickling down to your competitors.

    For instance, once the internet became widespread, online travel agencies suddenly became popular. The logical progression that followed was moving from web browsers to phones as mobile internet overtook the telecom industry.

    We’re now in the early days of the era of big data and generative AI, so it’s natural for innovations like ChatGPT to start changing everything we know about travel. Big names like Expedia and Kayak have already begun leveraging ChatGPT to allow customers to build trips through natural conversations with their chatbots.

    By keeping abreast of technology trends, you can ensure the product you build is cutting-edge and can catch travelers’ attention.

    4. Think beyond your product

    Disruption won’t happen overnight. It usually has to be incremental because customers and competitors have to get used to the idea of being outside of what they already know.

    Because of this, you need to think about more than just the disruptive product you’re creating. Remember, if you succeed, you’re essentially turning your sector upside-down. Other brands will want to follow in your footsteps.

    So, ask the big-picture questions while you create: How will this change the market in the long term? What will the ripple effects be?

    For example, AI and ChatGPT are taking over nearly every industry (including travel!), even though they started as tech industry ideas. Now, we’re seeing companies that aren’t willing to jump on board with AI get left behind while the ones that dive in are finding success in unprecedented ways.

    We’ve figured out that a total overhaul of the customer journey is the key to successfully disrupting a traditional sector. If you’re looking to start a revolution in a well-established industry, you have to be willing to admit what you don’t know, get down in the trenches and figure out ways to make every customer segment feel like they can’t live without your product.

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    Ivan Saprov

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  • Improve Your Company’s Efficiency with These 5 Strategies | Entrepreneur

    Improve Your Company’s Efficiency with These 5 Strategies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A business that operates more efficiently is more likely to be successful in the long term. Your company’s efficiency can increase productivity and give you an advantage in today’s fiercely competitive market. However, this can sometimes be tricky to achieve.

    Due to inefficiencies, companies can lose up to an astounding 30% of their revenue each year. We know how easy it can be to get caught up in the everyday grind, where you do what you have to without reflecting on what can be done with less effort and time, thus allowing things to run much more smoothly.

    Related: 10 Tips to Boost Employee Productivity and Skyrocket Performance

    Efficiency comes down to having the right person do the right thing at the right time. This increases the capacity of the employees and the competitiveness of the business. Efficiency is everyone’s responsibility and an important factor for us to enjoy our workplace.

    There are various methods to help you organize your work to be as efficient as possible. Here are our best tips for how you can improve your company’s efficiency so that you can continue to grow and earn more revenue.

    Conduct a SOC 2 audit

    The SOC2 auditing framework was created by the American Institute of Certified Public Accountants (AICPA). It’s a system of controls that provides standards for managing client data in accordance with five trust-based service principles: security, availability, processing integrity, confidentiality, and privacy.

    Related: This Key Thing Will Make Your Company’s Data Safer and Get You More Customers

    Protecting your company against data breaches is not solely a defensive strategy. It can also help you grow your business and make it more efficient. SOC 2 compliance can give your company an edge and allow you to assure prospects and customers that you have taken all necessary steps to protect their data from any potential breaches.

    A SOC2 audit will help you become more efficient and secure. You can streamline your controls and processes based on your knowledge of cybersecurity risks. This will help you improve the services you provide.

    Improve communication

    Knowing when and how to communicate properly at work helps prevent misunderstandings, increases the sense of well-being in the team and strengthens cooperation. It is also one of the best ways to improve your company’s efficiency. Successful communication in the workplace is about discussing individual tasks, sharing updates on projects or giving feedback to managers or employees.

    Eliminating communication barriers in the workplace is an important part of effective collaboration. If you don’t communicate clearly, you risk creating confusion or even inadvertently hurting someone’s feelings.

    Related: Effective Communication Means Business Success

    Company managers should consider organizing communication training courses at their company. Improving communication skills benefits everyone. There might be times when communication hurdles become too much to handle, but fortunately, there are efficient coaching tools that can help you become more efficient, boost your confidence, help your employees understand new concepts, learn more about themselves, and make positive changes.

    Focus on the most important processes

    Anyone who looks around an ordinary workplace can easily find hundreds of things that could be improved for a more efficient work process: a list that can be created, a meeting that can be held or a routine that can be better defined. But before you put effort into the areas with the best improvement potential, it can be important to think about which processes in your business are vital. Focus on improving the work that contributes to you reaching your goals and leave the rest alone.

    Related: 11 Ways to Automate Your Business and Boost Efficiency

    Automating repetitive and time-consuming tasks you identify as problematic is also an option. This will make your life easier and help you do more work.

    Many tools available today can automate even the most complex administrative tasks. These tools include inventory management systems, attendance and payroll tools, accounting software and so on.

    Clarify responsibilities and roles

    Make sure everyone is clear about who is responsible for important tasks and processes and that each person does what they do best. Unclear responsibilities and the feeling that their skills are not being used can lead to employee dissatisfaction, conflicts and stress. This can, in turn, cause your business operations to be inefficient. Create a culture where differences in employees mean strengths for the team.

    To get there, the key is to encourage teamwork, improve performance, and reinforce roles. Your staff members need to understand their responsibilities and then held accountable for all tasks they perform. You should also recognize their achievements and reward them for doing a good job.

    Explore digital integration

    You can’t maximize your efficiency, no matter how productive and skilled your staff may be if you don’t provide the necessary equipment and digital tools.

    Integrating digital solutions can increase efficiency in many ways. Technology can automate tedious tasks so employees can focus on the things that need priority attention. Not only does digital integration improve collaboration and communication, but it also allows for faster reports to be generated and shared. Your employees can also work more efficiently with each other, and customers and suppliers will greatly benefit as well.

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    Under30CEO

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  • To Make More Sales, Improve Yourself First — Not Your Product. | Entrepreneur

    To Make More Sales, Improve Yourself First — Not Your Product. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    People today are bombarded with messages from morning until night. We can’t check email or drive to the store without seeing flashing banners, mostly aimed at selling us something.

    Today’s consumers are experts at tuning these messages out, leaving salespeople with an important question: Do you ensure your message is seen and heard? Connecting with clients today is often about building trust. Here’s where you can start.

    Related: What Does It Really Take to Be a Successful Salesperson? The Answer Is Simpler Than You May Think.

    1. Get to know your customers as well as their goals

    Everyone has needs. Building lasting relationships with your clients is all about helping them solve problems. Customers are far more likely to buy from you if they see value in it. Your products and services should improve your customers’ lives in ways they want (not just ways you want).

    A great test for you is to make sure you know how the product you’re selling to someone enhances their life before you recommend it. If you can’t answer the question, “How does this really help my customer?” then you’re not ready to sell.

    How do you do this? Ask open-ended questions. Ask: “What’s most important to you right now?” or “What are some of your goals with this?” It doesn’t matter if you’re a travel agent, a financial advisor or selling makeup in a department store. If you haven’t figured out what’s important to your customer, you are not ready to sell.

    Ideally, you want to be able to say the following words: “You said” or “I heard.” If you’re the salesperson on the floor of a car dealership, it might sound like this: “You said that safety is your most important consideration because of your kids and gas mileage is number two because of your budget. Since those are your two most important considerations, I want to make the following recommendation.” Ultimately, your client should feel you care about them and their success (because you do).

    2. Be transparent

    Almost always, people can sense when someone isn’t forthcoming with them. When building a relationship with a client, level with them. If your product has a potential drawback, tell them. Don’t push it under the rug or gloss over it. Sure, it might be a year before that annual fee starts to hit, but don’t “forget” to mention it. It can be scary to present information that might hinder the sale, but strong, ethical salespeople with integrity do it anyway.

    If your client asks you a question that you don’t know the answer to, don’t bluff your way through it. Again, people can usually tell when this happening. Never say things like “probably,” “I think” or “my guess is.” If you’re only partly sure about how something works, seek more concrete information. Find a better answer. Usually, your client will respect you for having the courage to say: “I honestly don’t know the answer to that but let me find out and get back to you.” Making up an answer almost always comes back to bite you — and once your reputation has been damaged, it’s often hard to recover and rebuild it.

    Related: 5 Ways to Turn a Single Sale Into a Longstanding Relationship

    3. Ask tough questions

    All too often, we’re eager to hear what someone likes about us or our products. It’s not nearly as fun to hear what they don’t like. Ask anyway. It’s easy to assume that if someone hasn’t stated any reservations, they don’t have them. That’s not always true.

    Get comfortable with asking your clients about their concerns or what might hold them back from deciding to buy. You can’t address what’s not being said, so invite your prospective clients to be real with you and put it all on the table. Once it’s there, you can then respond to it. Don’t shy away from information you don’t want to hear.

    4. Make and keep commitments

    When you’re attempting to earn someone’s trust, there are few things worse than saying you’ll do something and then not following through. If you promised to send additional information over, make sure you’ll do it. If you promised a follow-up call to check in, make sure you do it.

    I can’t tell you how many times someone who’s trying to earn my business has broken a promise to me. People regularly promise to get back in touch, send a prospectus or brochure and then simply “forget.” Following through on what you said you’d do helps build your credibility. Most people want to believe the messenger just as much as they want to believe the message. So, be a reliable messenger. If you’re not true to your word, how can a prospective client believe anything else you said is true?

    Related: What Really Drives Sales Growth and Repeat Business?

    5. Remain patient and stay in touch

    Not everyone makes decisions on the spot. Some people need extra time after the initial conversation to think your proposal over. Sometimes this might take days or even months. People have different risk tolerances. Some want to consult with their spouse or the primary decision-maker in their household. Buying decisions can be difficult for people, as they sometimes involve a change to someone’s routines or life. Some like to consider other options. Some simply like to sleep on it. Embrace this.

    Great sales associates don’t get flustered or impatient when someone is taking time to decide what’s right for them. Don’t disappear. Stay in touch with your clients. When people are in the market for a product or service, they’re eventually going to give their business to someone — and usually, it’s the person who they’ve had the most contact with.

    Schedule follow-up calls with people or periodically send them relevant information. Reach back out and stay in touch. Make yourself available to answer questions. In general, familiarity breeds liking. Unless you’ve explicitly been told “no,” stay involved.

    Doing these five things will increase your chances that you’ll eventually earn the business. Not only will these steps help you earn the initial business, but they’ll help you retain your clients and keep them coming back for more.

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    Amy M Chambers

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  • 3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

    3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    With a year that has thus far been defined by interest rate hikes, layoffs and skyrocketing prices, the word “recession” continues to plaster media headlines. Amidst so much economic uncertainty, it is more important than ever for entrepreneurs to leverage business models that provide stability and support, and for government to protect their right to do so.

    If you are looking to grow your access to a stable customer base, look no further than online marketplaces, which many entrepreneurs have found to be fertile ground for innovation, access, and an expanded economy that helps businesses affordably reach a global audience. These sales channels account for the largest share of ecommerce retail purchases worldwide, contributing to the United States economy with annual sales of $792 billion.

    Here are a few reasons you should consider expanding your business from a storefront or a standalone website to an online marketplace.

    Related: How Online Marketplaces Are Changing the Face of Entrepreneurship

    Low barriers to entry

    Rather than paying for a physical store or building and managing your own website, online marketplaces offer a relatively inexpensive way to “set up shop” and keep your virtual doors open. The built-in infrastructure online marketplaces provide also makes it easy for brands to scale by providing search, shipping, return and customer support features in-house that allow entrepreneurs to focus on their business.

    With this in mind, it’s no wonder that the online marketplace model is particularly fruitful for smaller and newer businesses — fostering opportunities for entrepreneurs to start, grow and reinvest. All of these digital economies and platforms are basically giant entrepreneur creation machines. If you are a digital entrepreneur, there’s never been a better setting or a better time to start a business.

    Larger customer pipeline

    Perhaps the most appealing aspect of online marketplaces is that sellers not only introduce their brands to new audiences, spanning all corners of the virtual globe, but that online marketplaces inherently enhance their promotion through SEO and high web traffic. Amazon alone receives 2 billion visits a month from U.S. consumers.

    This is one reason why recent data shows that, despite looming recession fears, online marketplaces are actually growing. In 2022, U.S. consumers conducted 46% of their online shopping through marketplaces, a 10% year-over-year increase from 2021. Globally, more than 75% of consumers believe marketplaces are the most convenient way to shop online.

    Related: Marketplaces Are Taking Over Ecommerce. Here’s What Retailers Can Gain by Joining the Movement Now.

    Better customer experience

    Not only are online marketplaces beneficial for small business growth, but they have also become stalwarts of consumer experience and safety. The Organisation for Economic Co-operation and Development found that about 50% of participating marketplaces have signed up to a public commitment to enhance consumer protection beyond their legal obligations. For instance, Mercari reported that “it offered training/education sessions for school students” on how to shop safely and avoid selling scams.

    The government has also done work to further strengthen the safety of these marketplaces. Last year, Congress passed the Integrity, Notification and Fairness in Online Retail Marketplaces for Consumers (INFORM Consumers) Act, which was an important step in furthering the work online marketplaces already do to keep retailers and consumers safe. However, there were also harmful bills introduced in Congress that could have wreaked havoc on independent online sellers if enacted.

    This year, it will be important for legislators to keep the best interests of small online businesses and consumers in mind. Any future policy proposal should ensure that entrepreneurs can continue to enjoy the existing benefits and support of online marketplaces, including by protecting our unfettered access to customers worldwide without bogging us down in red tape, unwarranted litigation or unworkable compliance standards.

    Related: The Dominance of the Online Marketplaces in the Retail Industry

    No matter what products you sell or which customer segments you court, online marketplaces can and should be an important part of your growth strategy. They’re important to entrepreneurs as individuals and our economy as a whole — and they deserve to be protected.

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    Krystal Popov

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  • The Most Effective Ways To Assess If A Partnership Makes Sense For Your Small Business | Entrepreneur

    The Most Effective Ways To Assess If A Partnership Makes Sense For Your Small Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re running a small business, the right partnerships can help you reach new customers and improve your products and services. But, to find the right partners, you need to know what they can do for your company — and what it means to have partnerships in small businesses.

    What does it mean to have partnerships in small businesses?

    A partnership is a business relationship between two or more entities. They can be formal or informal but usually benefit both parties involved. For example, companies with brand partners share the same values and vision for their products or services. This means they work together to achieve common goals.

    These types of partnerships can help you grow your company faster than if you did everything independently. It gives you access to new audiences that may not be available through traditional marketing efforts — like advertising.

    A brand partnership can be a great way to expand your reach and increase your sales. However, it’s not without its risks. If one of the partners doesn’t do their part, it can cause problems for both of you and even hurt your reputation in some cases. So, this path should be trodden on carefully.

    The benefits of having business partners

    Partnerships can help you reach new customers. If you’re trying to grow your business, partnerships are essential. They can help you reach new markets and audiences, as well as new demographics and geographic areas.

    Partnerships are also a good way for companies that sell similar products or services to work together to boost sales or better understand their target audience’s needs. For example: if two companies sell books on Amazon, but one specializes in self-help guides. In contrast, another specializes in romance novels. They might partner up to cross-promote each other’s products.

    Related: 5 Secrets to Winning More Sales

    There are a lot of different kinds of partnerships. They can range from simple affiliate programs to joint ventures or company mergers. The key is to find one that makes sense for both parties involved and helps them reach their mutual goals.

    Partnerships can help you improve your products and services. Here’s how:

    • By working with other businesses, you can develop new ideas for products and services more relevant to customers’ needs.
    • Partnering with another company can also give you access to additional resources (such as capital or equipment) that would be difficult to acquire independently. This will allow you to create better products in less time at a lower cost than if the two companies were separate entities working independently.
    • Partnerships can also help reduce costs for both parties involved in an agreement by sharing resources such as employees, facilities or marketing materials between them — and saving money on these items altogether.

    It can benefit both companies and their customers when they come together to form a lasting business relationship.

    An opportunity to share resources and expertise

    Partnerships are an opportunity to share resources and expertise. For example, you can find out the real Wix pricelist and share them with your partners and see how you can benefit from this tool. The benefits of sharing resources include the following:

    • Reduced costs by consolidating tasks or services across multiple companies.
    • Increased capacity for growth as each partner’s offerings complement each other’s strengths. For example, when one company provides design work while another provides content creation.
    • Strategic advantage in the market by combining complementary products and services to offer more value to customers.

    When two companies work together, they can leverage their combined knowledge and expertise to create a product or service that is more attractive than each could offer. This could result in new product features, improved customer support or faster development cycles.

    How to find the right business partners

    A good partnership is one where each partner brings something different but has skills and expertise that complement each other’s needs. For example, if you run an accounting firm and need help with marketing and social media, look for a partner to assist with those areas of your business.

    Related: 5 Questions to Decide If You Need a Business Partner

    Partners who share your values and goals

    Both parties must have similar goals in mind when entering into a partnership — and if they don’t, it may not work out as well as expected.

    If this seems like something worth exploring further before making any commitments or signing contracts (and we think it should), then make sure everyone knows what their expectations are going forward so there aren’t any surprises later on down the road when things get complicated.

    Expands your network

    Another point is that a partnership can help expand your network in ways you may not have previously considered. For example, you might find new customers, industry contacts and other partnerships to benefit both parties. This means that entering into a partnership can help you achieve goals that could not have been achieved alone.

    On the same page

    It’s also vital to ensure everyone is on the same page regarding what each party hopes to gain from the relationship. For example, are you looking to increase your customer base? Are you hoping for increased brand visibility? Or are you looking for a specific type of expertise?

    Establishing the right objective upfront will ensure that both parties are working towards a common goal rather than blindly entering into an agreement.

    Open communication

    Finally, you should establish how the partnership will be maintained over time. For example, will there be regular meetings? What are the expectations for each party? How often will progress reports be submitted? Answering these questions ensures both parties remain committed to the relationship and succeed in the long run.

    Remember that communication and mutual respect are vital components of any successful partnership. By ensuring that all parties understand their roles and responsibilities, you can create a mutually beneficial partnership for both organizations. With the right approach, you can reap the rewards of a successful business relationship for years.

    If you want to grow your business, developing the right partnerships is essential. Identify potential partners and create a formal arrangement that outlines expectations for both sides. This will allow you to maximize the benefits of the relationship and ensure mutual success for everybody involved.

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    Under30CEO

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  • 4 Reasons Why You Should Join a Collaborative Book Publications | Entrepreneur

    4 Reasons Why You Should Join a Collaborative Book Publications | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you heard of the power of a group when it comes to building your business? Well, now the power of a group is being used in publishing to launch niche, collaborative books.

    Multi-author books are one of the biggest publishing trends this year. Also called collaborative books or anthologies, multi-author titles typically work by gathering together a group of like-minded, aspiring authors. The publisher is usually a small, niche publishing house, which charges authors up front to participate in the projects in exchange for providing their services.

    There are obvious benefits to the aspiring author. Instead of writing an entire book, each co-author contributes just one chapter, usually 1,500-5,000 words long. The publisher then steps in to organize the editing, formatting, publishing, and collaborative book launch.

    These types of books are almost always bestsellers on Amazon because they have 10-30 authors promoting them at the same time. And that is a big draw to potential contributors; You can become a bestselling author without spending the time or money it takes to write and publish your own solo book.

    Multi-author books can be a great service for the right aspiring author. But it’s essential to be realistic about the advantages and disadvantages of joining one.

    Four benefits to being a co-author of a collaborative book

    1. You will get experience as an author. How do you start writing your own book, let alone publish and market it? It’s a complicated and overwhelming process, which is why less than 1% of aspiring authors succeed in finishing their manuscripts.

    Many co-authors join these types of projects as a stepping stone to their own solo books. They learn about the writing process, what goes into publishing and especially how to launch and market a bestselling book. By the time you publish your own book, you will be much more prepared.

    Related: 5 Business-Expanding Benefits of Collaborative Book Publications

    2. You will grow your network. What is your network worth to you? To your business? One of the biggest benefits of joining a group book project is the opportunity to meet, network and collaborate with like-minded peers. Your co-authors will likely be in your niche and have similar backgrounds and professional goals.

    If community and collaboration are important to you, then a multi-author book makes a lot more sense than going at it alone.

    3. You will expand your reach. It is getting harder and hard to reach anyone, let alone your ideal audience on social media. It is just too saturated. And to top it off, the algorithms are constantly changing. It’s frustrating and can be a serious problem for your business. The key to any algorithm is engagement. And that is the principle behind any group book launch.

    If you happen to see a multi-author book launch on your social media, take a second to look a little closer. You will likely see an exciting announcement where all the co-authors are tagged in the publication, that it has been shared several times and has plenty of co-author comments, emojis and GIFs below it.

    All of these factors tell the algorithm that this is a good post, so it will get shown to exponentially more people across all of the co-author’s networks. It costs a lot of money for solo books to compete with that kind of book promotion within their own niche.

    Related: Top 7 Questions About Publishing a Book That Every Entrepreneur Needs to Know

    4. You will open a lot of doors. Becoming an author will open you up to speaking engagements, press and media coverage, brand sponsorships and collaborations, and more. I‘ve also seen authors use their books for job hunting, handing them out as business cards and adding them to their resumes.

    But remember, you still have to be the one to walk through them. You will need to actively practice author marketing and branding if you want to make the most of your multi-author book contribution.

    What being a co-author of a collaborative book WON’T do for you

    1. You will not get rich from the book royalties. This is still a shock to many people. They think of a bestselling book, and thousands of dollars in passive income immediately pop into their heads. But it’s not like that at all. Let me explain why.

    First, when your book is published on Amazon, you must remember that Amazon keeps a cut of the profits. For an eBook, they take 30-70% and charge a delivery fee per copy based on the total size of the file. For a print book (paperback or hardcover), Amazon keeps 40% of the royalties after the printing cost.

    While these percentages might not be so bad for a solo book, when it comes to a multi-author book, you split the work between 10-30 authors, so you split the royalties as well. That’s why many multi-author book publishers don’t even include royalties for co-authors.

    Example: If you co-author a $2.99 eBook with 14 other contributors, that amounts to a $2.10 royalty per sale to be split between 15 authors. Each author would get .14 cents per sale. Considering the average non-fiction book sells about 250 copies in its lifetime, that would be only $35 in royalties per author.

    There you have it. These are the most important factors to consider when joining a multi-author book project.

    The decision to join one is right if it makes sense for you, your personal and professional goals, and if you deeply align with the project.

    Related: How to Make Money From Your Book Without Selling a Single Cop

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    Sara Tyler

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  • Free Webinar | April 6: When to Use an LLC, S-Corp, or C-Corp? | Entrepreneur

    Free Webinar | April 6: When to Use an LLC, S-Corp, or C-Corp? | Entrepreneur

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    Making your business official through incorporation can help attract investors, save you money during tax time and protect your personal assets from debts and liabilities. Incorporation can come in the form of an LLC, S-Corp or C-Corp. So which is right for you?

    Mark J. Kohler, CPA, attorney, and author of The Tax and Legal Playbook, and Mat Sorensen, attorney, CEO of Directed IRA & Directed Trust Company, and author of The Self-Directed IRA Handbook, will be breaking down all of the options and help you determine which entity is right for your business.

    Topics to be covered:

    • Pros and cons of an LLC

    • How an S-Corp saves taxes

    • Understanding asset protection of your entity

    • Why the C-Corp isn’t the right fit for most businesses

    • What state you should set-up your entity in

    • Avoiding bad advice and scams for your entity

    Don’t miss out! Register now join us on April 6th at 3:00 PM ET.

    About the Speakers:

    Entrepreneur Press author Mark J. Kohler, CPA, attorney, co-host of the Podcast “Main Street Business”, and a senior partner at both the law firm KKOS Lawyers and the accounting firm K&E CPAs. Kohler is also the author of “The Tax and Legal Playbook, 2nd Edition”, and “The Business Owner’s Guide to Financial Freedom”.

    Mat Sorensen is an attorney, CEO, author, and podcast host. He is the CEO of Directed IRA & Directed Trust Company, a leading company in the self-directed IRA and 401k industry and a partner in the business and tax law firm of KKOS Lawyers. He is the author of “The Self-Directed IRA Handbook”.

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    Entrepreneur Staff

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  • How to Select the Right Kind of PR Representation in the Current Economic Climate | Entrepreneur

    How to Select the Right Kind of PR Representation in the Current Economic Climate | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies looking to partner with external public relations (PR) agencies to help manage communications and brand reputation should know a few things. Not all public relations is the same, and each has its rightful place in the matrix, but it’s essential for C-suite decision-makers to know the difference.

    What often feels like a daunting task to identify multiple firms, conduct due diligence calls, review proposals and initiate follow-up meetings before a decision is ever made may be made easier to pull better candidates in step one. Here are the key differentiators that companies should consider when selecting an agency, with a priority on today’s economic climate.

    More agencies than ever are offering additional services as clients, primarily led by chief marketing officers (CMOs), are beholden to more data-driven results and need to do more with less. If a company is going through rounds of layoffs, it’s a tougher sell to keep outside vendors unless they can show value.

    While I previously discussed Reputation + and how that supports value and growth-focused organizations, public relations professionals from contractors through large agencies are revamping core offerings.

    Here is a breakdown of five different types of external public relations professionals, what they specialize in and who they are a “right” fit for.

    Related: Here’s One Easy Way to Establish Yourself as a Thought Leader in Your Industry

    1. Publicists

    During approximately one-third of the time potential partners get to us, they are looking for a personal publicist versus a full-scale strategic communications team.

    A publicist is someone who typically works 1:1 with an individual who has a sizeable personal brand and does not typically work for another organization. This may be a highly visible influencer, broadcast personality, author, artist, musician, etc.

    Publicists are exceptional at securing personal brand-earned media, especially broadcast tours, feature articles and other high-profile moments where the personality is the main story. It takes a nuanced skill set to represent a personality, and publicists should be the first stop if PR is just for “you.”

    These pros frequently work on a monthly retainer but may be available to do one-off moments like a TV or podcast tour.

    Related: How to Secure Game-Changing Media Coverage for Your Product or Service

    2. Media relations, Contractors and Freelancers

    This category sits just before reaching a small or boutique agency profile. I consider this one of the most important distinctions because almost every time someone engages with our agency in place of different representation, they communicate dissatisfaction around what is, at its heart, strategic partnership.

    The professionals in this category are phenomenal to work with if both parties fully understand the scope.

    Most freelancers and contractors are “pitchers,” either utilizing pre-packaged brand stories or offering some modifications and creativity on a brand’s editorial and messaging to secure a predetermined amount of earned media.

    They can do more if a brand can provide them with as much completed work as possible. This is because they’re one-person businesses and don’t have team members to support or delegate to. If they can spend at least 70 percent of their time conducting media outreach, they can deliver. However, if they have to cut from that time to do strategy, ideation, writing, editing, design or owned media, it drastically cuts into deliverables.

    And that is where the breakdown usually occurs. These budgets are much more brand-friendly, especially for startups or those with a smaller marketing budget. Both parties must understand what is possible with the scope and budget available.

    These pros also typically work on a monthly retainer but may be available to do one-off PR moments, like a brand launch or a more significant scope project (with enough planning time).

    3. Strategic communications

    This is our personal sweet spot and is often the perfect mix for brands with a dedicated marketing budget (including a CMO or communications leader) who need a team to manage key messages, narrative development, media relationship growth, earned media, thought leadership and owned media.

    Strategic communications firms can come in various sizes but most often provide full-service support with personalized strategies for each client.

    It’s important to look at industry-specific experience when partnering at this level. It is because every industry has unique challenges, trends and players. An agency with experience in a particular industry is better equipped to navigate these intricacies and create targeted campaigns that resonate with the target audience.

    Industry-specific experience also allows for a deeper understanding of a company’s competition and helps the agency craft strategies that can give their client a competitive edge. Moreover, a PR agency with industry-specific experience has established relationships with key media personnel, influencers, and stakeholders, which is crucial when securing media coverage and amplifying the client’s message. In summary, industry-specific experience ensures that the PR agency can create an effective campaign that meets the client’s needs and delivers measurable results.

    These professionals almost always exclusively operate on a monthly or annual retainer and rarely do one-off moments unless the scope is large enough to justify onboarding an entire account team.

    Related: 7 Ways to Build Strong PR for Your Personal Brand

    4. Public affairs

    Most of the time, companies that need a public affairs (PA) agency realize it right away. Still, there are times we get approached about this type of work and have to recommend our peers who specialize in this area.

    Companies that need PA representation often fall under one of three categories: 1) advocacy and coalition building, 2) government relations or 3) regulatory and policy issues.

    It means you may be involved in heavily regulated industries, like healthcare, energy and finance or need to build relationships with key government officials or policymakers. These types of agencies are experts at building third-party coalitions, educating consumers on various issues that may impact them at a local or personal level and help to mobilize others advocating for changes in policy or regulations.

    Just like media relations excel because of strong journalism relationships, so do PAs who know key stakeholders in politics, organizations and other important decision-makers that impact a brand.

    Budgets may vary widely depending on the scope, local, state or national, though almost all work on a large budget project basis or long-term retainer as an organization’s agency of record.

    5. Crisis communications

    If you know your brand is constantly under stakeholder scrutiny, is on deadline with a current crisis or just wants to be prepared should one ever occur, this is the type of agency you need.

    A crisis today can range from disinformation campaigns to product recalls to negative national media or social media coverage. A primary benefit of working with a sector-specific crisis firm is that they have a deep understanding of the challenges and sensitivities of the industry and know how to tailor messages (both in terms of who should deliver said messages and prioritization of messages) and tailor crisis strategies for every individual instance.

    Composed primarily of senior-level strategists, they likely have a wealth of experience managing crises in your industry — and know how to do it to meet the speed of the threat or issue. Any brand knows that when a crisis happens, time is of the essence. The ability to quickly mobilize a team who are already familiar with the industry and external sources in play enables a targeted crisis response plan to be executed quickly.

    When looking at budgets, these agencies will be on the higher end of the PR spectrum. Still, effective crisis management can go a long way toward preserving a brand’s reputation and mitigating financial damages.

    Related: 5 Lessons Entrepreneurs Can Learn About Preparing for Crisis Communications

    Here’s a bonus

    Once you’ve decided on the type of agency that is a fit for your brand, here are the things you should have on hand to help determine who is the best fit:

    • Research the potential partners — Once you initiate communication, a good PR pro is also researching you and your brand. Things to look for: previous wins, track record of success, communications styles and account team background.
    • Define your goals and expectations — If you don’t have an RFP available for an individual or agency, that’s okay, but you should be able to provide an idea of what you need. They take this information to use when building out your proposal, including scope and budget.
    • How goals are tracked and shared — Every organization is different and needs goals communicated uniquely. Whether you use OKRs, KPIs or other metrics, talk about this upfront in initial conversations and negotiations so it’s built in as soon as a team onboards.

    Choosing the right PR representation for your brand is a critical decision with long-lasting implications. Investing time and resources in understanding the different types of agencies and their approach to PR can help you make an informed decision and find a partner that aligns with your brand’s goals and values. A good PR agency can help your brand reach new heights and build meaningful connections with your target stakeholders. So take your time, do your research, and choose your PR agency carefully – your brand’s reputation and success depend on it.

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    Sarah Evans

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  • Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

    Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Research is a crucial component of any successful business decision. One of its most popular and effective forms is focus groups, where people are brought together to discuss and provide feedback on a product, service or idea. Usually, it’s conducted after people have interacted with the product for some time.

    My company tried applying this research method in a bit different format. By dividing the data collection into two parts, one just after another, we made the process faster and more accurate than ever before. Here’s a guide on how to level up your focus group if you’re limited in time.

    Related: If Your Company Is Not Customer-Obsessed, You’re Doing It Wrong

    How to organize focus groups differently

    The main difference in our type of focus group was collecting data on your customers’ opinions on the service or product almost simultaneously while interacting with it. We asked our participants twice: briefly while they were getting our services and more lengthy as soon as they were finished. Here’s how to build this type of focus group.

    1. Gather a representative sample: Inviting people who closely match your target audience is essential. For example, you can select participants who have already registered for your service and have some familiarity with our product. In our case, we randomly invited people who enrolled in our free webinar. Of course, you should offer compensation for their participation.

    2. Don’t set any limits: Explain that people shouldn’t treat your study as something they should change their behavior for. In particular, they are free to drop out if they don’t like something or get bored.

    3. Collect feedback while they are getting your service: You can chat using the most popular messaging app among clients to collect feedback in real-time. We asked questions regularly so that participants could share what they liked and didn’t like as the webinar was taking place.

    4. Arrange a follow-up call: After the webinar, we arranged a group call that was just like the usual focus group to get additional feedback and more detailed information. During this, give a brief intro and encourage participants to take turns telling you about themselves. Then ask questions on matters that are most significant for you, like:

    • Did you finish taking the service?
    • What were the good parts?
    • What were the inconveniences you experienced?

    Related: This Is Why You Should Never Ignore Customer Feedback

    Benefits of “real-time” focus groups

    As mentioned above, our goal was to make more data-driven decisions about the webinar funnel. We were looking for some little insights that might not be obvious at all, which people will soon forget about but are crucial in decision-making.

    There are several benefits to changing your approach to focus groups. Here are the key ones:

    • Unfiltered feedback: When participants provide feedback in real-time, their thoughts and feelings are not distorted by time or memory, resulting in unfiltered feedback. For example, we learned that people were really annoyed when the speaker’s icon covered a piece of presentation. It’s not surprising that it can be unpleasant, but we were astonished to know that it could be a reason for people to leave the webinar!
    • Realistic representation: It was important for us to allow the participants to drop out or lose interest in the webinar, just as they would in real life, providing a more realistic representation of the process.
    • Simultaneous information acquisition: By providing a platform for real-time feedback, we can understand the perspectives of different participants while gaining insights into cultural and social differences.
    • Quick implementation of changes: Consequently, you can plan improvements on your product significantly after just one round of data collection.

    Related: Steal These 4 Proven Customer-Retention Strategies

    Challenges

    While real-time decision-making during focus groups has many benefits, it is not without its challenges. The main problem one would face is typical for any kind of focus group: this format is not for newbies. To gain valuable insights, it is essential to have a skilled moderator who can keep the discussion on track and ensure that all participants are heard.

    Moreover, there is a risk of people who talk too much – those who form opinions for other participants or do not let them express themselves. In this case, the moderator should encourage others to speak during their turn and know how to interrupt and even silence that person politely. Of course, all the participants must have a stable Internet connection. It can be hard to reassure, and technical difficulties can disrupt the process.

    Moreover, it would be a mistake to think that focus groups are less expensive than other qualitative interviews. To recruit the participants, you will likely have to pay each of them the same honors as for other interviews, so you will spend several times more for one hour and probably learn less from each participant. Apart from them, you will need to hire a research team if you don’t have one, which would cost you extra. However, if your goal is to get the most information from several people simultaneously, you’re unlikely to find a better solution.

    Conclusion

    Real-time decision-making during focus groups is a revolutionary research method that can provide quick, unfiltered feedback and a realistic representation of the decision-making process. By following our step-by-step guide, you can organize your own real-time focus group and take advantage of the many benefits this method offers. While there are challenges to consider, the rewards are well worth the effort.

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    Roman Kumar Vyas

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  • How to Craft the Best Benefits Package for a Global Workforce | Entrepreneur

    How to Craft the Best Benefits Package for a Global Workforce | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When employers operate across national borders, financial compensation is relatively simple. Software can effortlessly convert currencies and send payments around the world at the snap of a finger. But benefits packages for a global workforce? Well, they’re a bit harder to translate across international borders.

    If you’re struggling to provide perks for your global workforce, here are some tips to help you craft the best benefits package possible for everyone on your team.

    Centralize your tech stack

    Before you start strategizing about a benefits package, ensure you have a solid platform in place to run your global compensation activity. Distributed HR provider Oyster refers to this as a “global employment platform.”

    Related: How to Choose A Tech Stack for Your Startup

    A “global employment platform” is an all-in-one solution for distributed companies that want to compliantly hire, pay, and provide benefits to talent worldwide. Compensation and benefits are just one piece of the employment puzzle. Why not centralize your tech stack and use one solution to help with hiring and paying your team, too?

    A global employment platform streamlines everything from onboarding to payroll. In essence, it creates a central hub through which you can funnel the bulk of the compensation and benefits you offer to your employees. While it isn’t technically necessary, having this beforehand is useful.

    If you plan on expanding your team around the world quickly, a sprawling tech stack can definitely slow you down. Laying a strong foundation, in the beginning, can be a game-changer.

    Remember that not all benefits are created equal

    When creating a benefits program designed to cross national borders, it’s important to consider each country and culture you’re working within. Something that is considered a benefit in one place might be an assumption in another or even an unwanted or unnecessary luxury.

    Related: The 25 Best Companies for Employee Compensation and Benefits

    HR Morning provides a good example of this in the form of PTO. In the U.S., paid or at least partly paid time off is a requirement in certain situations, such as parental leave after having a child or time off to address mental health concerns.

    However, additional paid time off is often added to compensation benefits as a special perk. In places like Panama, though, PTO isn’t a perk. It’s a necessity. Employers must offer at least 30 business days per year and ten public holidays.

    As you begin to sort through your benefits options keep this in mind. Not all benefits are the same everywhere.

    Look for universal benefits

    Benefits are often specific to a geographic area. For instance, a health insurance plan will likely follow state or national policies and standards. Something like a parking spot is even more specific.

    If you want a benefits package to resonate with a global workforce, you want to build it around perks that are universally (or nearly so) appreciated. Look for things that most of your employees will find advantageous. After all, a benefits package’s primary goal is to help you attract and retain talent. It should provide clear value and come across as a special bonus reserved for your workers.

    Remote employers can’t lean on basic perks anymore, either. You can’t assume that things like “remote work” and “flexible work hours” count. They are assumed benefits at this point, not perks. However, most employees would consider something like a housing allowance or reimbursement for educational costs a special advantage.

    You can also adapt traditional perks for an international workforce. For instance, while a health insurance program may be tricky, an HSA account can pay out in many different countries.

    Personalize your benefits package for a global workforce when you can

    Finally, whenever you can personalize a benefit, do so. This gives your employees the ability to tailor a benefit to their unique circumstances.

    If you need to create a benefits package for a global workforce, start with a streamlined global employment platform. Consider how each of your employees will view each perk and try to build a foundation of benefits that apply to everyone. From there, fill in the gaps with targeted benefits that employees can tailor to their unique situations.

    If you can do that, you can create a benefits package for a global workforce that will speak to all of your workers. It will stand out as a desirable element that can attract top talent, whether they’re hailing from the mountainous Welsh region of Bangor, India’s tech capital of Bangalore, or anywhere in between.

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    Under30CEO

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  • Want Your Podcast to Make It Past Episode 12? Here’s Some Advice. | Entrepreneur

    Want Your Podcast to Make It Past Episode 12? Here’s Some Advice. | Entrepreneur

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    Michelle Abraham has launched more than 200 podcasts. She sat down with Jessica Abo to share her advice for hosts and producers.

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    Jessica Abo

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  • Choosing A Bank For Your Startup: Here’s Some Things To Consider | Entrepreneur

    Choosing A Bank For Your Startup: Here’s Some Things To Consider | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a newly established startup, there are some key elements that your business requires to ensure your short and long-term success. A detailed business plan, a launch plan, early funding, and the right talent and equity from founders are among the basic ingredients that can help get a startup off the ground.

    Aside from the basics, finding the right bank, and pairing it with the right bank account is a consideration many startup entrepreneurs and small business owners often overlook during the initial induction phase of their company.

    Related: You’re Losing Money at your Bank – 9 Banking Alternatives That Pay Better

    Following the collapse of California-based bank, Silicon Valley Bank (SVB) in early March 2023, startups and organizations that were caught in the middle of the catastrophe showed many other entrepreneurs and new business owners the importance of partnering with the right financial institution.

    Although the fall of SVB has sent shockwaves across the economy and banking sector, for many small startups it’s crucial to find the right bank that offers them a range of tailor-made products and services. Banks that equip businesses with the right tools and resources, other than financial support and backing, can help small startups leverage financial capital to build towards a long-term goal.

    While the broader economy is still battling with stubbornly high inflation and soaring interest rates, startup owners will need to consider some key aspects when choosing a bank for their business going forward.

    Industry authority

    When it comes to finding the right bank for your business, size matters, and in this case, the authority a bank has within the financial system.

    Many large banks often provide capital resources for specific businesses depending on their industries. In some instances, more established banks will often have a range of products and services that cater to a wide variety of businesses, regardless of whether they are early biotech startups or small-scale e-commerce businesses.

    Although smaller community banks may be centered around the direct market, focusing on providing businesses in the area with the right capital and resources, it’s often riskier to place long-term bets on these institutions, especially if you’re considering expanding in the coming months or years.

    Look for banks with a longstanding track record of operations and who have provided customers with the right services to get their business going.

    Location. Location. Location

    Another thing to consider is the location of the bank. If you reside in a rural part of the country and have limited access to bank branches and ATMs, you might want to consider partnering with a bank that’s widely available in your area.

    Related: Banks Have Failed Small Businesses. Here’s How They Can Change That

    Although a lot of today’s banking is done online, for small startups and businesses, it’s a safer option to choose a bank that they can directly find in their area in case of any disputes or discrepancies.

    Different products and services

    As mentioned, not all banks will offer their clients the same type of services. Some providers will have a range of businesses-related products, with less focus on individual banking solutions.

    Then some banks may offer attractive business loans at low-interest rates, but product selection may be somewhat limited. The easiest way to approach this is to list a few services you may require for your business and match this with a bank that can provide you with affordable solutions.

    Fees and costs

    Another thing that comes to mind when choosing a bank is how much you will end up paying in fees and additional bank account charges. There are no standardized or base-level fees for opening bank accounts, and prices will differ across the board.

    In some cases, banks will have pricing structures designed to cater to small businesses and new startups. Typically these services and products have more affordable fees, less additional costs, and come with a limited selection of banking services.

    Digital features

    With so much of the banking and financial ecosystem relying on digital infrastructure, it’s important to think about how these digital features will enhance your business, its performance, and forward-going growth.

    For startups, it’s always better to side with a bank that provides native digital tools, such as a banking platform for online transactions, and other digital integrations. These services make it a lot easier for startups and small businesses to communicate with institutions and give them direct and on-demand access to the tools they require in their day-to-day operations.

    Interest rates

    Navigating ongoing interest rate hikes has been a challenge for many new startups and businesses, especially for those that have taken out loans during the early months of the pandemic when interest rates were near zero percent.

    Now that the so-called free-cash era is over, it’s difficult to find a financial institution that can provide businesses and individuals with interest rates that can help them grow their savings.

    Online banks often provide more attractive interest rates, but these should be cautiously approached, especially for new and young businesses. Shop around, and see which bank can offer you the best possible interest-rate deal. Not only will this help you find the most applicable bank, but it’s also a way to weigh out different options.

    Customer support

    Customer service is another aspect worth considering. Some banks don’t have brick-and-mortar stores and purely rely on digital communication such as instant messaging, chatbots, and artificial intelligence (AI).

    If you’re comfortable with using these tools to resolve any problems or issues before being put in contact with a human agent, consider your options carefully.

    You’ll want to make sure that you have access to the best customer service agents to help you resolve any disputes or answer any queries. On top of this, some banks may provide around-the-clock service, while others may limit these operations to designated business hours.

    Check your credit

    A low credit score may often mean you have access to a limited range of products and services. On the other hand, the opposite is true for those individuals that have a higher credit score.

    Larger banks will often want to partner with business owners and their companies that have a stronger line of credit. Other smaller community-orientated banks may be more lenient towards locals that have lower credit scores.

    Your credit score will impact which loans you can apply for and what interest rate is offered to you. It’s often advised for startup entrepreneurs and small business owners to check the credit requirements of their banks and to see whether or not they qualify for the necessary services they require.

    Final thoughts

    Finding the right bank for your startup at a time when household names are falling apart can leave any business owner and startup entrepreneur feeling uneasy. Having a few options is always better, and making sure that you partner with the right people that will help your business grow while fostering a longstanding relationship is crucial for any young startup.

    Consider the needs of the business, and how the services and products these banks offer can match them. It’s best to shop around at first, to widen your options and to see what is available.

    The more information you have, and know what you want for your startup, the easier it will be to find a bank that checks all the boxes and delivers financial services specifically tailored for your new business.

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    ReadWrite.com

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  • How Private Businesses Can Partner With Government Agencies to Facilitate Change | Entrepreneur

    How Private Businesses Can Partner With Government Agencies to Facilitate Change | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Governments and political leaders are increasingly interested in investing in environmental and social projects to improve life, according to Under30CEO.com. Businesses are doing their part, as well. Many are pushing beyond vague corporate social responsibility initiatives and actively investing in measurable, money-backed welfare efforts through things like ESG 3.0.

    The impact of these initiatives is powerful and only increases over time, according to Under30CEO.com. However, the greatest change can happen when the two halves of the business and political world come together. Wealthy, profit-driven companies partnering with government agencies can create an explosive, synergistic environment.

    Here are a few recent examples of private businesses partnering with government agencies to facilitate real, tangible change.

    Enhancing animal welfare

    The welfare of humanity’s winged, finned and four-legged friends has become an increasingly important focal point. Younger consumers are interested in investing in improving the lives of domesticated and wild animals.

    CitizenShipper is a transportation platform that has been doing its part for animal welfare, too. The company is built on creating a community around the need to move things from one place to another. Since its inception over a decade ago, the platform has created jobs for an army of drivers who have helped move many priceless items across the country.

    Related: Considering a Government Program to Support Your Startup? Here’s What You Need to Know First.

    In 2018, the company gained momentum when it began to focus on its pet transport capabilities. The service became a trusted online platform where pet owners safely move their animals — over 100K of them to date — from point A to point B.

    Part of CitizenShipper’s success was fueled by its willingness to engage and work with the USDA with a specific focus on animal welfare. The company encouraged its drivers to become certified by the U.S. Department of Agriculture (USDA) and worked to streamline the USDA certification process.

    “Pet transportation in particular presents unique shipping challenges and often requires consumers to navigate a confusing landscape,” Richard Obousy, CEO of CitizenShipper said. “The USDA provides a wealth of educational and other resources regarding animal welfare regulations and best practices, so as the #1 pet shipping platform in the US, we are always looking for new ways to encourage USDA registration and engagement with the agency among our large network of transporters.”

    It’s an initiative that is both historical and ongoing, too. The two entities continue looking for ways to educate pet handlers on animal welfare and make achieving the right certifications desirable. One of these is an animal welfare tutorial that the USDA is in the early planning stages; it would be available to any registered transporter. CitizenShipper, in turn, would award drivers who successfully complete the tutorial with a badge for their profile on the CitizenShipper platform, where transporters can distinguish themselves from others.

    Relieving pandemic pressure

    When the pandemic started in 2020, many companies had to make drastic changes. For a time, manufacturing facilities and assembly lines were unable to operate.

    This natural lull had a huge impact on auto-makers as the facilities of major brands lay idle. China’s zero-Covid policy meant parts were hard to come by. Social distancing mandates made operating facilities challenging. But the restrictions sparked something the private sector is renowned for: innovation.

    Several car makers, including Ford and GM, began working with the Trump administration a few months into the pandemic. The goal? To convert vehicle assembly lines into systems that could create ventilators. Ventilators were currently scarce due to their need to address patients with severe Covid symptoms.

    Related: 5 Lessons the Pandemic Has Taught Entrepreneurs

    Other companies also used the occasion to spark their creativity. Tesla and Space X worked on sourcing pre-existing noninvasive ventilators for hospitals to repurpose for their needs. Virgin Orbit began working on a brand new breathing device design. The collective effort of private sector companies and government agencies showed how fast collaboration can allay a growing need, even in a time-sensitive crisis.

    Improving health conditions in Africa

    When the hotel magnate Conrad Hilton passed in 1979, his charity, the Conrad N. Hilton Foundation, was relatively small. However, after the death of its founder, the non-profit became the chief beneficiary of his estate. This supercharged its ability to create meaningful change practically overnight.

    Fast forward 35 years, and the Hilton Foundation made another leap forward by partnering with the CDC. The government agency and private nonprofit joined forces in 2015 to help improve WASH (water, sanitation, and hygiene) conditions in sub-Saharan Africa. The two powerful organizations became the nucleus of a cabal of other NGOs (non-government organizations) and local health offices. Together, the group worked to improve care and reduce disease in portions of the struggling continent.

    By connecting the wealth of private funding with the infrastructure of a government entity, the partners could implement more effective and sustainable interventions. These propped up rural healthcare facilities throughout the African regions in which they were operating. The CDC would use its experience to assess current conditions. From there, its nonprofit partners would create targeted interventions with measurable outcomes. The result was better standards and higher quality that filled WASH gaps in places where people suffered most from them.

    Government agencies, for-profit companies, and nonprofits each have their own ways of impacting the world around them. They already invest sizable quantities of time and resources into creating positive change.

    When these organizations join together, the results are almost always greater. When the private sector partners with government agencies, it creates a powerful incubator for change.

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    Under30CEO

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  • How Creators Can Harness the Power of AI Like Everyone Else | Entrepreneur

    How Creators Can Harness the Power of AI Like Everyone Else | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence is all the creator economy seems to be talking about these days — including my team. At a recent company-wide event, I was inevitably hit with questions and ideas from team members who wanted to discuss what the future would look like now that language models like ChatGPT and image generators like DALL-E are part of the mix. Like many others, I’m also exploring these questions — especially as they relate to the many creators we want to help succeed.

    There are still many questions to be answered, but what’s clear is that these transformative tools will impact our products and services and the creators who use them.

    Creators who innovate and find useful, ethical ways to harness AI (or, more accurately, machine learning) tools will prosper. That means embracing this experimental moment to discover and systematize thoughtful, ethical, original and strategic uses for machine-learning programs.

    Through our work with creators, I’m at the center of many discussions about how AI might transform the industry. Here are three important things every leader and entrepreneurial creator must consider when incorporating machine learning tools.

    Related: Is AI A Risk To Creativity? The Answer Is Not So Simple

    AI assistance is content creation’s new normal

    Clearly, there’s enormous curiosity about and demand for tools like ChatGPT. More than a million people logged on to the platform within the first five days of its release. Buzzfeed’s stock soared by 200% after the company announced AI would generate a significant portion of its future content. But the important question is not whether to use machine learning. It’s how.

    Much early use has been surface-level queries and exploration. But this honeymoon period will quickly give way to more deliberate experimentation. Funders, customers, clients and team members will all be deeply invested in finding the most useful AI assists. The nuance is in the values, parameters and processes devised in these early days of ubiquitous machine learning. Companies and creators who think differently about using AI will lead the way.

    Using AI for outsized returns

    Because AI is now available to all, creators can’t expect exceptional results if inputs or queries are generic. For example, I asked ChatGPT to produce a course curriculum on being a good CEO and received surprisingly good outputs, but anyone can ask that question and get a similar result.

    Creators experimenting with longer, more detailed inputs or asking machine learning programs to review existing content, projects, data or theories are more likely to generate unique and impactful outputs. Similarly, those who input unique or proprietary data sets, who ask the generative programs to find problems with or poke holes in ideas or expand on existing projects, will achieve the best results.

    Related: Artists Are ‘Concerned For The Future Of Human Creativity’ After the Use Of AI-Generated Art

    Defining success

    On a broader scale, the ethical framework creators use will determine the AI’s ultimate value, beginning with how they define success.

    Forget about whether AI-assisted content could be considered “stolen” or whether creators should disclose machine-generated or assisted content. There are serious ethical questions at the input level, including datasets, guardrails and success parameters. This is particularly relevant in content creation, where short-term goals of increasing revenue and grabbing attention may take priority over deeper ethical concerns.

    Remember Microsoft’s failed Twitter bot, which spewed hateful, untrue and racist garbage into cyberspace? In this case, the issue stemmed partly from the inputs we fed the machine. Similarly, failing to target more robust and meaningful outcomes than clicks and views could undo decades of progress in corporate ethics and responsibility. In the past, business leaders were considered solely responsible for revenue, but today there’s a growing recognition that they must also be accountable for other social and environmental impacts of their business. If the success parameters of AI are defined purely by dollar signs and eyeballs, it may undo much of this great work.

    Because they are nimble, entrepreneurial and relentlessly creative, content creators will lead the way during this new era. That’s why their priority should be to develop and refine processes and protocols to generate quality outputs regarding ethics and content.

    Remember the early days of SEO when you could beat the search engines by hacking the algorithm — for example, by filling a page with keywords even though the content wasn’t particularly valuable. That short-term strategy worked until the algorithms were updated to better find true value for end users.

    If you apply a similar principle to AI — those that win with it, in the long run, will be those that provide differentiated and valuable outputs.

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

    Beyond content: AI as a thought partner

    Some of the most interesting potential uses for machine learning in content creation will never be seen by an audience. They involve enlisting AI as a thought partner, not just a content mill.

    Creators can use machine-learning tools as sounding boards, asking questions that will lead to better outcomes. For example, to seek out logical mistakes and fallacies in a piece of content or list counterarguments to a proposal. They might input their proprietary datasets to instantly analyze audience preferences and needs (a powerful proposition when reflecting on the importance of community to a successful creator business). Alternatively, these AI could generate unique insights from public domain data. Say you’re teaching a cooking class. You could use machine-learning tools to find out what recipes and approaches are working on popular social platforms. With enough data and information, you might predict the next big trend.

    Importantly, entrepreneurial creators might use AI tools as mentors, tapping into the aggregate wisdom of thousands instead of one person’s experience. Content generation is an exciting productivity hack, but these deeper uses hold the potential for true and lasting transformation. By keeping purpose in mind and digging deeper, leaders and entrepreneurs in the creative industries can guide the development and implementation of AI technology toward positive outcomes that benefit both the industry and society.

    This is truly an exciting time of experimentation, but human nature — not computer programming — will ultimately determine how AI-assisted use unfolds.

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    Greg Smith

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  • Is Your Start Up Safe? Here Are 7 Reminders On How To Protect It From Common Threats | Entrepreneur

    Is Your Start Up Safe? Here Are 7 Reminders On How To Protect It From Common Threats | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s a lot of moving parts when it comes to starting a business. And always the topic of security will come up.

    Security is one of those things that has been discussed in detail, but to arm your organization, it’s about making sure that you understand what threats you are up against. It requires a number of physical, digital, and mental security measures to protect your startup; here are some tips that can help you protect your company and promote longevity.

    Proper identification

    If you want to secure your premises, you’ve got to look from the outside in. Exterior security comes in many different ways, like security cameras, security guards, or fencing, but one of the simplest methods you can use to prevent any intrusion is to issue company ID badges for every member of staff. There are a number of external components that you can leverage, but you must think about proper identification as being a simple notion that underpins your entire business.

    Communicating properly

    It is essential to make sure your employees are knowledgeable in basic security that can minimize threats. Something like phishing scams is still commonplace, and one of the biggest reasons that companies fall foul of these is because they’re not communicating security measures in simple language. When we talk about security and compliance, we can easily start to overcomplicate the language, and providing information in the most basic ways that everybody can understand means you are not suffering from oversimplification but are benefiting from over-communication.

    Related: Your Fight-or-Flight Response Can be a Good Thing at Work — Here’s How to Take Advantage of It

    Security is something we must work hard at for our business and of the major problems that can be endemic in startups is using overly complicated language, not just in security but in every other aspect of our business. Ensuring we talk about things clearly and in language that everybody understands can get our point across so the message will spread further.

    Appropriate surveillance

    Whether inside or outside of your business, you can benefit from surveillance like CCTV, but there’s more to it than just the most up-to-date security system. Surveillance is also about providing deterrence. Potential intruders will weigh up a location to see if it is worth breaking into before anything else. While a security camera can be enough to deter a thief, there are other methods, like clear signage and a professional security firm, that provide reassurance. Surveillance is easier to achieve than ever, as long as you ensure your physical surveillance is more robust you should have no problem protecting your assets.

    Internal physical startup security

    The topic of security is not just about the exterior. Ensuring that we go beyond ID badges and provide greater access to certain members of the business (and limited access to others) is about a logical approach to investing in security. There are a number of methods beyond ID badges you can take advantage of; physical barriers are one approach, but you can also limit access to more sensitive locations, like data centers, where certain members of staff would not be able to infiltrate. While this can go against the grain of transparency in an organization, if you are looking to protect a number of physical assets from within, you have to implement greater supervision. One of the more common methods of theft comes from within.

    Related: 3 Biggest Cybersecurity Threats Facing Small Businesses Right Now

    Understanding your employees can steal too

    When we place a lot of trust in our employees and someone breaks that trust, it can hurt. Breaking trust can make us feel more inclined to increase our security measures. This is partly why simple internal security measures like a security camera can do a lot, but it’s also about making sure that you recognize the signs of a fraudulent employee.

    Backing up data

    Regular backups are a simple thing but are critical to disaster recovery. The act of regular backups to a cloud system is one approach. However, if you are not utilizing the cloud yet and are still using hard drives, these can be physically stolen. Keeping them under lock and key is one simple approach. On the other hand, you should implement company policies that stipulate backups need to be stored securely.

    Embedding a culture of startup security

    To increase your security measures, you need to prioritize a security-oriented culture. Many startups are aware of the importance of culture. They see it as a way to increase trust and help onboard new team members. Whenever somebody comes into your business, this is the ideal opportunity to reiterate your security-based objectives. When you start to bring new team members on board, you can start bringing in new rules. You can also start fine-tuning those security practices. We should take advantage of bringing in new practices especially if we found our security methods have been underwhelming in the past.

    It is such a simple thing. When you start to bring newer team members on board, you can give them greater understanding in what makes a more secure business. The foresight to adopt new measures and adapt to older ones will provide greater reassurance. A culture of security within your business has nothing to do with your budget or your employee skill set, but it is one component that greatly improves a business in subtle ways.

    When employees have a greater level of autonomy, they will work better. For this to work for your business, you’ve got to fine-tune the culture. Fine-tune what makes a great culture in the first place. Employees need to have that peace of mind. However, you must also ensure you are running a safe company. Placing trust in your employees and implementing autonomous practices can significantly enhance your business’s security. This can be done without necessarily requiring additional equipment investment.

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    Under30CEO

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