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Tag: Business models

  • Should You Start a Business or Innovate Within a Company? | Entrepreneur

    Should You Start a Business or Innovate Within a Company? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you weary of the hamster wheel that is your 9-to-5? Are you torn between the siren call of unbridled freedom and the soothing lullaby of steady paychecks?

    If you’re currently stuck in a career crossroads, you might be pondering the eternal question: Should I rock the boat and start my own business, or play it safe and stick with the status quo? Well, fear not my indecisive friend, let’s dive into the murky waters of entrepreneurship versus intrapreneurship and see what lurks beneath the surface.

    Related: Are You an Entrepreneur or an Intrapreneur? (Infographic)

    Starting a business: The entrepreneur’s journey

    Ah, the life of an entrepreneur. Starting a business is like taking a trip to the amusement park — it’s a rollercoaster ride full of twists and turns. Sure, you get to choose your own adventure and chase your dreams, but be prepared to hold on tight and scream your lungs out.

    Building a successful business requires blood, sweat and tears — and sometimes a little bit of vomit. But if you’re brave enough to take on the challenge, you could be the next big thing in the business world.

    Entrepreneurs have the luxury of calling the shots and pursuing their wildest dreams. They can bring their craziest ideas to life and make it big. And let’s not forget the sweet smell of success (and money) that comes with it.

    But let’s be real, the journey to the top is like navigating a minefield blindfolded. According to a study by the Small Business Administration, there’s a high chance of stepping on a bomb and having your business blown to smithereens. So, get ready to take that leap of faith and hope for the best.

    Innovating within a company: The intrapreneur’s journey

    Ah, the intrapreneur. The perfect solution for those who want to dip their toes into entrepreneurship without fully committing to the risk and uncertainty of starting their own business.

    Intrapreneurs get to innovate and be creative within the confines of a pre-existing corporate structure. They can enjoy the stability of a steady paycheck, job security and even health benefits if they’re lucky.

    But, let’s be real, being an intrapreneur isn’t all sunshine and rainbows either. You have to deal with corporate bureaucracy, office politics and probably attend an endless stream of meetings. And forget about being your own boss, because your ideas still have to go through a chain of command. And while you may get a pat on the back for a job well done, don’t expect a giant bonus or a corner office with a view.

    So, which one is better? There’s no right answer, as both have their pros and cons. But let’s take a look at some examples.

    Related: 10 Questions to Ask Yourself Before Starting Your Entrepreneurial Journey

    Success stories

    Here are some success stories of both entrepreneurs and intrapreneurs that demonstrate their impact on the business world:

    • Elon Musk: Check out this guy Elon Musk, a real up-and-comer in the business world. He’s the mastermind behind companies like PayPal, Tesla Motors, SpaceX, Neuralink and The Boring Company. He’s a real trailblazer in the automotive industry, having shaken things up with electric cars and made space exploration a reality with reusable rockets. You could say he’s kind of a big deal.
    • Sarah Leary and Nirav Tolia: The founders of Nextdoor, a private social network for neighborhoods, have successfully connected people within communities. Their platform has become the virtual equivalent of a bustling town square, where local businesses can hawk their wares to unsuspecting passersby and neighbors can trade their homemade goods and services with one another. With over 10 million registered users, it’s no wonder that the platform has more users than the population of some small countries. It’s like a virtual party where everyone and their pets are invited.
    • Sara Blakely: The founder of Spanx started her business from her apartment with only $5,000 in savings. She faced many rejections before her product was finally picked up by a major department store. Well, look at her now! Her company is worth a whopping billion dollars, and she’s rolling in cash like Scrooge McDuck in his money bin. She’s living the American dream and making us all feel like underachievers.
    • Tina Sharkey and Ido Leffler: The founders of Brandless, an ecommerce company that sells high-quality products without a brand name, have disrupted the consumer goods industry. They have built a successful business by eliminating the middleman and offering affordable, sustainable products.

    On the other hand, intrapreneurs have also made significant contributions to the success of many companies. Here are some examples:

    • Sheryl Sandberg: As the second-in-command at Facebook, Sandberg has been the company’s resident taskmaster, keeping things running smoothly and monetizing the heck out of their user base through advertising.
    • Jeff Wilke: Wilke, the all-knowing master of Amazon’s consumer business(retired now), had been the chosen one responsible for expanding the company’s reach to every corner of the world. He led his minions to increase the product offerings to satisfy every customer’s whims and fancies, and he even managed to ensure their undying loyalty through exceptional customer service.
    • Evan Spiegel: As the CEO of Snapchat, Spiegel has created a platform that has become popular among younger generations. His innovative ideas have helped the company grow and adapt to changing trends in social media.
    • Ginni Rometty: Rometty, the former CEO of IBM, magically transformed the company by waving her wand and making hardware disappear into thin air. She also conjured up the company’s focus on software and services and introduced new spells like artificial intelligence and blockchain to keep IBM relevant in the modern world.

    So, what can we learn from these examples? Well, first of all, there’s no magical formula for success, whether you’re starting your own business or trying to innovate within a company. But hey, who knows? You might just stumble upon the next big thing and become the talk of the town. All you need is a brilliant idea, a solid plan and a bit of stubbornness to see it through. Easy peasy, right?

    Related: When You Should Be an Intrapreneur Instead of an Entrepreneur

    My advice

    As someone who has seen both sides of the coin, my advice to both entrepreneurs and intrapreneurs is to always stay curious, take reckless risks and rely heavily on the advice of others. Remember, you can’t do it all on your own, so find some yes-men and build your network.

    And if you ever feel like you’re not good enough, just know that even successful leaders like Richard Branson and Sheryl Sandberg have struggled with imposter syndrome at some point in their careers. So, take comfort in the fact that it’s a common experience, and don’t let it hold you back from reaching your full potential.

    Oh, don’t worry about the obstacles that may come your way! As an entrepreneur or an intrapreneur, you’ll face plenty of difficulties, but just ignore them and keep pushing towards your goals. After all, who needs a plan B when you have a plan A and sheer determination?

    So, what if the odds are against you? Just keep hustling, and success will surely follow! Remember, as the great inventor Thomas Edison once said, “I have not failed. I’ve just found 10,000 ways that won’t work.” So, keep pushing forward, keep learning, and keep adapting.

    Who knows, maybe one day you’ll end up like Elon Musk, starting your own car company and launching rockets into space, or like an intrapreneur at Google, inventing the next big thing in tech. Or maybe you’ll just end up creating the world’s most innovative paperclip. Hey, someone’s gotta do it, right?

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    Candice Georgiadis

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  • 5 Things Your Agency Must Know Before Establishing a Low-Code Practice | Entrepreneur

    5 Things Your Agency Must Know Before Establishing a Low-Code Practice | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Gartner predicts that 70% of new software applications will be built using low-code or no-code platforms over the next three years. Adoption will have surged by almost 45% when compared to 2020 data. What’s driving this growth?

    Along with the high demand for new applications, the global developer shortage and resource costs are undoubtedly playing a role. In response, digital agencies, consultancies and other software development firms need cost-effective ways to create software while reducing complexity and risks.

    Why low code?

    Low-code platforms can deliver significant productivity boosts while enabling developers to configure many common elements of modern software applications without code — while not inhibiting their ability to infuse code wherever needed. This flexibility allows agencies and their staff to design, develop, deploy and run applications more effectively and efficiently.

    • Architecture: Low code simplifies the architectural work required to build new applications. Technical architecture and the application underlying architecture are eliminated using these tools. The focus often becomes data and integration architecture. However, low-code tools provide simple ways to iterate on both options, minimizing the need for up-front or waterfall architecture. These time savings can then be passed on to clients.
    • Design: Rather than designing every single screen and user interface interaction, you can build a style guide and a few key screens. These can then be implemented into the low-code platform, and detailed design can happen inside the low-code application rather than in the design tools. Some low-code tools additionally allow for the import of designs done in Figma or Sketch for rapid integration.
    • Development: Low-code tools infuse improvements into the development process. Developers work differently, configuring pre-packaged components whenever possible and creating custom code when necessary. The best low-code platforms are fully extensible — providing the ability to import external code libraries and user interface components. Although the development process is faster and different, it does not negate the need for a professional software development lifecycle that includes different development environments and capturing versions in repositories such as Github, Gitlab, etc. For client projects and to satisfy compliance requirements, utilize low-code tools that accommodate these version control and environment capabilities.
    • Quality assurance: Quality assurance processes should be greatly simplified because of the more iterative nature of low-code development. That said, each new change to an application can break existing functionality, so the best low-code platforms offer regression testing capabilities. Beyond regression, unit and integration tests should be conducted by your team and managed using existing software development lifecycle tools.

    Related: Low-Code and No-Code Design Is the Future of Website Building

    What to expect in terms of productivity and financial outcomes

    Implementing a low-code practice can transform your team’s productivity. A low-code platform — and its out-of-the-box components and capabilities — can eliminate errors, save time, prevent headaches and improve project delivery.

    Digital agencies are poised to reap the benefits delivered by using low-code tools. Here’s how:

    1. Less reliance on highly technical developers

    ZDNet recently cited a report in which engineering managers and HR professionals said backend developers were the most in-demand hires. Instead of searching for more developers, consultancies have learned they can use a low-code platform to maximize their existing staff.

    Once your team is up to speed, they’ll work like full-stack developers. You can focus talent more on where value is added, resources can move easily across projects, and you’ll be able to address career paths in new and compelling ways.

    Related: I Left Google to Pursue No-Code — Here’s How It Changed My Perspective on Bringing Products to Life

    2. Delivering projects with compact and affordable teams

    Low-code platforms help agencies take on more client work with the same — or fewer — resources. Low-code platforms dramatically cut the manual coding typically required, which can significantly increase developer productivity.

    Smaller teams mean fewer friction-laden hand-offs and a reduced project management burden.

    3. Delivering faster and at higher profit margins

    As digital agencies consider acquiring tools or developing their repeatable capabilities to deliver client projects more rapidly and consistently, low code may provide the biggest return on internal transformation efforts. According to 451 Research, switching to low code reduces development time by 50% to 90%.

    By using a low-code platform to configure and customize application development, project scope, cost, time and quality shift in your favor. A low-code option is faster and less expensive than a traditional custom app. Your firm will have the edge over competitors that haven’t yet explored low-code solutions.

    4. More maintainable applications

    Code is a liability. Reducing the amount of manual coding means introducing fewer errors. This can prove significant at scale, especially considering a Harris Poll survey that found developers spend at least 42% of their time maintaining and debugging code.

    With low-code platforms, visual development, configuration, automated code generation, and platform automation contribute to massive productivity gains. These capabilities bring an application’s features to life faster, making them far more maintainable.

    5. Easier sales and greater customer satisfaction

    When a digital agency can tell a prospective customer they can reliably deliver in a shorter amount of time, at a lower price point and more rapid rate of iteration, the prospect is thrilled.

    By presenting a low-code option that’s faster and less expensive to execute, your firm will have the edge over competitors that haven’t yet explored low-code solutions. You’re also better positioned for repeat wins, allowing you to become more entrenched as a vendor. Once you’ve successfully delivered your first low-code application, you’ll likely have the opportunity to discuss your client’s application backlog and present similarly priced bids for additional work.

    In short, leveraging a platform that reduces the time and complexity of delivering a client’s project enables repeatable success.

    Read More: 3 Things Entrepreneurs Should Focus on Before Investor Meetings

    The opportunities and risks

    While programming languages and frameworks have evolved, software development is still done the same way it was 20+ years ago. We have witnessed productivity gains in other functional business areas due to software efforts focused on process improvement and digital transformation. Unless you believe software development is immune to disruptions — highly specialized and customized to each scenario — logic will dictate that it is a business process that can be radically transformed.

    Low code presents a financial opportunity for digital agencies while highly disrupting existing business models.

    The benefits of low code for digital agencies are realized in an enhanced ability to scale the business, reduced staffing complexity and cost, increased client satisfaction, and delivery of projects with far higher profit margins. On the flip side, a reluctance to adapt to this new paradigm introduces risks as competitors transform their businesses.

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    Albert Santalo

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  • Entice Customers to Make Additional and Larger Purchases Using These Two Tactics | Entrepreneur

    Entice Customers to Make Additional and Larger Purchases Using These Two Tactics | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If the subscription methodology utilized by many software companies has served a larger purpose, it is that companies will benefit financially by focusing beyond just one-and-done purchases. Instead, they want repeat purchases from engaged customers. To entice customers to make more purchases, marketers may choose from two approaches — the cross-sell or the upsell. Both of these tactics are viable and convince shoppers to purchase something they hadn’t planned to buy when they first interacted with your brand. But because they’re fundamentally different approaches, they’re best deployed with a few considerations in mind.

    Understanding two different animals

    Upselling is where a company promises an upgraded or higher-value product version to a customer. It attempts to move the buyer from something relatively basic to a bit more advanced. A classic upsell is McDonald’s asking if customers would like to supersize their meals. But other upsells might include moving a customer to a higher tier in a subscription plan, showcasing a featured product, or offering a discount or free shipping if the customer spends a set amount.

    Cross-selling promotes additional products that supplement what the customer has already purchased or is looking to buy. The classic cross-sell at restaurants is to ask if the customer wants to add fries to their order. On a company’s website, if a customer has given permission to offer personalized recommendations, they should see articles with products that align with whatever they just bought. So if they bought an investment that focuses on energy companies, they might be open to learning more about another investment that focuses on water or utility companies. Many companies do excellent cross-selling by showing buyers what other customers frequently purchase together, or by offering product or service bundles.

    Related: Customer Service Is the New Upsell

    The perception of value

    If upselling and cross-selling can both generate an additional or larger sale, how do you know which one to use with a customer? It’s all about their perception of value, rather than your own. If they would see something more advanced as valuable, you upsell. If they would see something supplemental as valuable, you cross-sell. This concept challenges many professionals who let their own preferences, biases or excitement around their innovations drive what they market.

    So then how do you know what the customer thinks is valuable? You go back to your data. Look at the history of what they’ve bought and try to anticipate future needs based on that information. Previous sales open the door to talking with them about purchasing an additional or enhanced product. With the information about what they’ve already done on hand, you can educate them on better uses of the product, advise them on new ones, and even validate their purchase decision with case studies that demonstrate the value of that choice.

    You have many good options for applying your customer data in post-purchase communication. You can have a sales representative contact a customer after the sale to see if they’d like to upgrade or purchase anything else. Another website-based option many companies use is to show customers other products they might be interested in once they’ve made their purchase. Even if you don’t have a website, you can track what a customer searches for on a landing page. Whatever they enter can direct you to make an offer within an email, call or personalized exit/confirmation page.

    Related: How Up-selling and Cross-Selling Can Increase Your Revenues with Minimal Efforts

    Personalization makes a difference, but permission counts

    Personalization works wonders with upselling and cross-selling because each buyer’s interests and purchase history give you insight into what other products they may find valuable. It helps ensure that your recommendations are relevant and useful.

    The key is to remember that personalization requires permission. Without permission, you run the risk of violating privacy regulations. Even if you stay within the legal boundaries, customers can perceive it as unnerving if you know information that they didn’t volunteer. Opt-in is vital. It ensures that when you look at their history or other information to produce a new offer, the upsell or cross-sell seems like a logical progression in the interaction they’re having with you.

    In both upselling and cross-selling processes, be transparent

    Getting permission and buy-in by nature requires transparency between you and your customer. Be clear and honest not just about how their additional purchases can add value for them, but also about the ways in which you use their data.

    On the back end, transparency also means pulling in multiple data sources so you can see the big picture around the information you have. Those sources might include which pages the client has viewed on your website, which emails they’ve opened, what landing pages they’ve visited, etc. It’s important to track interactions on both the sales and marketing sides to get the most complete picture of how your customers interact with your brand. Once you can see everything they’ve done with you, you’ll have a core sense of the best way to provide value to them.

    Related: Cross-selling Strategies and Data-driven Analytics the Key to Driving Business Growth in the Financial Sector

    Effective upselling and cross-selling create new opportunities

    Despite their differences, upselling and cross-selling can help to maintain a strong connection between you and your customers. The trick to choosing the best approach is determining what they will perceive as adding the most value. To make that determination, customer history is your best friend — so long as you’ve gotten permission to use this data. But if you’re transparent about what you’re doing and consider multiple data sources for the big picture, it becomes easier to figure out when and what to offer. Once you’ve mastered cross-selling and upselling, and when to use each approach, the potential within your sales is limitless.

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    David Partain

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  • Cybersecurity Expansion Doesn’t Have to Be an Uphill Battle. Here’s Why | Entrepreneur

    Cybersecurity Expansion Doesn’t Have to Be an Uphill Battle. Here’s Why | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How much cybersecurity does a person actually need?

    Well, it depends on who you ask. Cyberattack damage will rise to $10.5 trillion by 2025, and security advocates say you can never be too careful when fortifying your data and devices. Of course, cybersecurity on both home and office devices is essential to navigating any digital space, and it’s vital to keep one’s information and sensitive data protected. But in day-to-day life, trying to keep your devices secured can quickly get convoluted.

    That’s partially because of the disparate state of the cybersecurity industry. Users are spoiled with protection options from multi-factor authentication (MFA) to VPNs, password managers and good old antivirus programs. But the issue doesn’t come from the selection available. Rather, it’s that most of these cybersecurity tools are not in conversation with each other.

    Yes, having your cybersecurity products connected can put them at risk to some extent should one of them become compromised. However, when an individual exclusively uses a password manager, a Google-generated “difficult” password, or MFA on one single account, are they really any safer?

    Related: Amazon Ring Is the Latest Target of Notorious Ransomware Gang

    Likewise, if a cybersecurity feature a consumer uses gets compromised or hacked, it could discourage them from exploring other security products while they cope with being burned by a clever hacker. Of the millions of accounts exposed in the LastPass breach, many of the consumers using the program probably assumed they were properly fortifying their devices and sensitive information.

    Although it’s likely not the best idea to merge every cybersecurity measure under one umbrella, entrepreneurs should see the value in trying to connect the industry’s loose threads.

    Making cybersecurity more seamless could end up keeping more people safe in the long run. Building bridges to improve user experience and creating solutions that cover multiple bases also spreads out the long-term viability of a cybersecurity company by expanding its security reach.

    If an entire security company’s business rests on the stability and success of one product, it will undoubtedly lose revenue and consumer trust should that one product get breached. And they would need plenty of luck to build up that goodwill without the PR artillery that Big Tech companies have.

    Another factor to consider in helping unify cybersecurity lies in its cost. While many programs operate through donations or are free to use in exchange for user data, most serious cybersecurity products come with a price tag.

    Around 61% of users in the U.S. rely on free antivirus software, according to an annual report from Security.org. No surprise there, but the same report states roughly 33 million households pay for some type of security software, albeit with no distinction as to how that is spread across VPNs, secure browsers, and other features. This indicates users are willing to pay for personal protection, but only for certain kinds of products.

    Likewise, while an individual might pay for an antivirus program or a VPN, it can be hard to convince users to pay for multiple security products unless the individual is a business owner or regularly deals with highly sensitive information.

    Related: A Successful Cybersecurity Company Isn’t About Fancy Technology

    Outside of home-bound device security, mobile devices have also pushed privacy and security issues to the forefront of tech conversations as they reach near-universal use. Consumers, in general, have become much wearier about their data privacy and how to secure smartphones from malware and attacks, given how much personal information these devices now hold.

    But most people don’t read the permissions they allow apps and programs to access on devices, and many don’t go the extra mile to secure their phones outside of the built-in safeguards developed by Apple or Android. As more users search for ways to “declutter” their mobile experience, this shows another clear gap in cybersecurity interoperability.

    Companies such as privacy-preserving mobile developer Unplugged are already banking on the need for cybersecurity convergence, offering a multi-pronged app suite to boost mobile and desktop privacy and security. The project operates through a subscription-based model, which creates a new pathway to access high-level security products without having to pay exorbitant fees for each new program.

    Despite the siloing of cybersecurity, changes are clearly on the horizon from both a developer and regulatory level. In March 2023 alone, the U.S. government unveiled a beefed-up National Cybersecurity Strategy to set new regulatory standards and corporate responsibilities surrounding cybersecurity. The extensively-updated strategy outlines key pillars, including support for critical infrastructure, addressing the cybersecurity skills gap, setting regulatory baselines and fostering collaboration between the public and private sectors.

    Although we have yet to see how these new frameworks will affect consumer-level cybersecurity, the U.S. government, echoing collaboration and connection, shows its necessity in building a resilient cybersecurity future.

    Security should be a tenet of any tech product, given how sophisticated attacks can get. As more facets of our daily lives move to the digital realm, there is an imperative to improve security processes before it turns catastrophic. Entrepreneurs should be considering projects in this sector that are working to build common ground and security seamlessness to cut through the general malaise that users might have around protecting their devices.

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    Ariel Shapira

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

    Habits and Hustle (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Featured Show!

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

    Episode 131: Heidi Powell is a Fitness and Transformation Expert from ABC’s Extreme Weight Loss, an author, and an Entrepreneur! She talks bout the importance of speaking kindly to yourself, overcoming eating disorders and dysmorphia, and being a female in a male-dominant world.

    Episode 133: Wallo 267 went from Serving 20 years in prison to be a Speaker, Activist, Marketer, and Connector. Navigating prison at 17, creating his “Book of Life” by asking new convicts to explain the outside world so he wouldn’t be lost when he got out, and sneaking in an iPod Touch to learn what Google is further using it to start an Instagram prepping for his wild success not even a year after his release at 37.

    Uncensored Crypto (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    UNCENSORED CRYPTO delivers information about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution shaping our economic, financial, and political future.

    Episode 104: NFTs, explained. What they are, why they’re a game-changer, why they went viral, and what’s next for this $20 billion marketplace.

    Episode 109: Bitcoin Mining, explained. How Mining works, why it’s important, and how you can get started as miner to potentially earn extra income. Plus – How crypto-mining is driving the next phase of Clean Energy innovation

    Elevator Pitch (Sunday, Tuesday, Thursday, Saturday)

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

    Episode 706: Pitches from minority founders in the finance, beauty, cannabis and beverage industries.

    Mirage (Sunday, Tuesday, Thursday, Saturday)

    In 1968, at the ripe age of 26, Peter Kalikow was confident he could build a better car than anyone else. So he took the money he made in the construction and put it all on the line to take on the automotive establishment.

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    Entrepreneur Staff

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  • Tweak Your Company’s Mission Statement to Inspire Sustainability With Just One Word | Entrepreneur

    Tweak Your Company’s Mission Statement to Inspire Sustainability With Just One Word | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies have vision statements that summarize their values for a reason — employees that get on board with your mission and vision tend to work harder for you, and according to the Dale Carnegie institute, companies with engaged workers outperform competitors by 202%. Still, as the current focus on environmental, social, and governance (ESG) demonstrates, times change. You’ll have to update your vision to keep pace with this new ESG focus, but as little as one word can be all you need to improve your relevancy and influence.

    Related: Vision Statements: Why You Need One and How to Create One

    Brief and built into everything

    Good vision statements are memorable. To achieve that memorability, your best bet is to keep your new, ESG-oriented vision statement as brief as possible.

    Take Cisco. If they had written something like “to build voice-over-IP systems that utilize the most advanced internet connection technologies, are the best in the industry, and return a great value to our shareholders,” people probably wouldn’t have given the words more than a quick skim before moving on to something more interesting. Their actual vision, “changing the way we work, live, play and learn,” is more to the point and free of jargon. It gets across that Cisco wants to be a change agent and that it understands the significance of connection and communication in our world.

    At Merchants Fleet, we adhered to this rule of simplicity first by consolidating the multiple vision statements we had for different areas of the business into just one: “Enabling the movement of people, goods and services freely.” To update this for ESG later on, we added a single word: “responsibly.”

    Once you have a concise vision statement that incorporates some ESG values, you’re not done. You then have to go back and look at all the training and messaging your company has. Are the ESG values there, too?

    Ensuring that the values are consistently visible in everything you do supports buy-in to the vision statement because it shows your team that you’re serious about the ESG shift and are going to follow it up with a real plan of action. At the same time, the concise vision statement helps workers understand why you’re approaching the training and messaging the way you are.

    Related: Why Companies Need to Think More Strategically About Their Environmental Impact

    Perspective and keeping promises matter

    When we added the word “responsibly” to our vision to ensure it had an ESG focus, we recognized a critical point — “responsibly” means different things to different people.

    If our business suddenly got rid of every gas vehicle we’ve got, it would seem responsible to clients who are fully behind electric cars, vans and trucks. But it would seem irresponsible to clients who don’t have a lot of charging stations around or who have to travel distances that are still beyond the range of an electric vehicle (EV). For one of our clients, it didn’t make financial sense to try to install the infrastructure EVs would have required.

    In the same way, our company’s diversity profiles in New Hampshire and Chicago are very different. In New Hampshire, our profile is at 5% diversity, yet that’s higher than the New Hampshire average. In Chicago, we’re 45% diverse, simply because that area is more diverse overall. To require 45% diversity would seem responsible in Chicago but near impossible in New Hampshire.

    So as you adapt for ESG, be careful to give the word or words you add careful thought and avoid absolutes, even as you push for something that’s still specific. The words should be acceptable and understandable on a broad level, but they should also be flexible enough that you can still meet the needs and expectations of your entire base. They shouldn’t alienate anyone, including your employees.

    Similarly, make sure that your mission statement is realistic and attainable. If you choose a word that makes it impossible to follow through on your promise, customers will see that you’re not doing what you said and lose faith in you. Suppose you’re an airline company. If you added the phrase “on time” to your mission statement, you’d be opening the door to a massive number of complaints, as there are just too many variables around airlines to promise you’ll hit every time point perfectly. If you add “safely,” though, that’s much easier to achieve consistently.

    The best practice is to aim for something that’s timeless and a little better than what you had. Leave buzzwords and trends on the shelf because the more you change your vision statement, the less memorable or sticky it will be.

    Related: Three Letters That Will Make Your Company More Successful and Sustainable

    The journey, action, and accountability are all ongoing

    Keeping in mind that there’s a connection between your ESG vision statement and the practices of your company, consider your vision statement an ongoing journey. Revisit it on a regular basis to make sure it still works for you in an authentic way.

    Any time you tweak your statement and add more words, make sure you have an execution plan and accountability. When we added “responsibly” to Merchants Fleet’s vision statement, we were clear that we were adding an ESG team. But your moves could also include reorganizing, doing more training or developing checks and balances. Expect to sum up what you’re doing and the results you’re getting in reports along the way. The rule is to understand that you’re signing up to develop new goals and take additional action with whatever you add.

    Related: Why ESG Companies Are Better Equipped to Weather an Economic Storm

    ESG can deliver both stability and positive change

    Even though ESG is getting more press than it used to, it’s something great companies have always practiced, and the need to connect your ethics to your action will always be relevant. ESG values can ground your business through multiple generations in a powerful way. At the same time, they can help you continuously explore how you can still grow to be a larger help to everyone around you. If you integrate those values into your vision statement, which is the foundation for everything you do, you’ll get the buy-in necessary for the positive change you want.

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    Brendan P. Keegan

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  • Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    Do You Know Why Your Customers Really Buy From You? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The following is a simple question for business owners. Why do your customers buy from you?

    I told you the question was simple, but an accurate answer, on the other hand, can be far more complex and perhaps even elusive. To achieve long-term, sustainable success, your understanding of why your customers choose to do business with your company needs to be both correct and substantial.

    Many business owners develop a customer value proposition (CVP) alongside their company mission and vision statements. The brief declaration is supposed to document why a customer would opt to buy your product or service over the competition.

    While developing a CVP is commendable in its customer-centric approach, it often falls short of its intended purpose due to ambiguity, a lack of self-reflection and sometimes even outright insincerity. Dollars to doughnuts, there is not a single CVP out there that reads, “Our customers turn to us because we deliver lackluster service and a marginally good product.”

    Related: Who Is More Important — Your Customers or Your Employees?

    I would also assume that there are many businesses whose CVPs portray an exaggerated sense of the company’s true customer value. CVPs should never be created based on hype or manufactured mantras; instead built from sincere, astute insight.

    Bravado and disingenuousness are not the only ways business owners are misguided in their understanding of customer engagement and loyalty. The following are common misconceptions related to the question of why customers buy from you.

    “We are the cheapest”

    Sure, this value statement might be dressed up as “We deliver the best value,” “We are the low-price leaders,” or some other cost-based differentiator. But when I hear any form of “My customers buy from us because we are the cheapest,” I cringe. Competing on price alone is simply not a good model and is often unsustainable. There is always some other business owner who is willing to run out of cash faster than you are.

    Most customers – both B2B and B2C – understand the balance between cost and value. They walk that tightrope in every purchase they make. Contending that cheapest is the key attribute that keeps them coming back shortchanges both your business and your customers.

    “We have the best employees”

    Forgive me for being a bit skeptical about this assertion as well. Sure, your business may have good employees; but are they really the best? You may provide excellent service, but your competitors probably do as well. Is it truly your employees that keep your customers coming back? With the rare exception of that ultra-charismatic salesperson who charms the socks of buyers, the answer in all likeliness is a resounding no.

    That is not to say that hiring for personality and alignment with company values is unimportant. It most definitely is. But to put the onus of success and customer loyalty squarely on the shoulders of your employees is shortsighted.

    Related: 3 Reasons Why I Gladly Welcome Competition

    “We’ve got the best product on the market”

    While possessing a corner on the market is a great position to be in, it does not account for innovations in the marketplace and often fickle changes in consumer preferences. Evolving customer motivations and expectations, coupled with aging business models, have been the downfall of even some of the most successful industry titans.

    Consider Blockbuster, that for more than 20 years, was the largest and most successful video rental company in the U.S. Then industry innovators like Netflix and Redbox entered the arena with new and improved ways to provide the same service and completely changed the playing field. While the business’s products and services may have been “the best” in their heyday, innovators with more modern and sustainable business models came along and essentially put the video rental titan out of business.

    Suffice it to say even the best products and services on the market have competitors nipping at their heels.

    So why do your customers really keep coming back?

    What you are selling vs. what they are buying

    In considering why your customers continue to purchase from you, it is important to understand the difference between what you are selling and what they are buying. This is such a crucial distinction. As Harvard Business School professor and economist Theodore Levitt famously said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”

    An accounting firm may see itself as selling tax preparation services, but its customers are seeking peace of mind. Apple offers not just its technology but a modern retail experience. A mechanic sells an engine tune-up, but the customer is purchasing a quieter and safer ride.

    As a customer-conscious business, it is essential to sell the hole, not the drill.

    Related: Do You Actually Understand Why Your Customers Are Buying?

    Understanding customer loyalty

    How do you identify the true reasons why customers buy from you? Get ready for a shocker. You ask them.

    While this may sound flippant, you might be amazed by how many business owners never ask the right questions or truly listen to what their customers have to say. HubSpot recently reported that 42% of businesses do not survey their customers or collect any sort of customer feedback. Those that do elicit feedback often do not ask the right questions. And even fewer business owners take any action based on the responses they receive.

    Performing a customer survey can be a real competitive advantage for you. You can communicate by phone, on your website, in an email campaign or in person. The platform matters less than posing smart questions that evoke insightful answers. How important do they consider price? How would they rate your customer service? Why do they prefer you over the competition? Create a system for recording the answers you receive, which might be as basic as a spreadsheet or as comprehensive as entering responses into your CRM or other sales and marketing tools. Feedback should not be a one-and-done; make it a habit to speak to your customers regularly.

    Then the next time somebody like me enquires about why your customers buy from you, your answer will accurately reflect the true value your business brings to the marketplace.

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    Jason Zickerman

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  • How Web3 Is Making Now the Best Time to Be a Creator | Entrepreneur

    How Web3 Is Making Now the Best Time to Be a Creator | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.

    These are the words of the Nobel Laureate Paul Krugman from 1998, demonstrating how technology can have more farther-reaching effects than even the most brilliant minds can predict.

    To that end, few technological leaps have the power to impact the economy as much as Web3 and NFT infrastructure. Yet, early applications have kept much of the potential utility and economic benefits for creators and entrepreneurial businesses hidden beneath images of costume-wearing animals and cartoon profile pictures. The world has been going ape over NFT art with many a well-to-do individual treating these JPEGs on the blockchain as status symbols, wearing a “Bored Ape” on their profiles instead of, say, a Rolex on their wrist.

    Fueled by the surge in online activity and online gaming communities with the promise of metaverse to come, we witnessed the emergence of a new trend: a desire for digital art NFTs. Now the sale of these “digital originals” (verifiable as originals through their address and contract number on the blockchain) rivals their paint-and-brush analog counterparts.

    Related: Web3 Is the Future of the Creator Economy

    From social media to social marketplace

    With Web 2.0, we saw the birth of social media and higher degrees of social interaction both across countries and across continents. This unprecedented level of communication had substantial macro-behavioral and cultural consequences, giving us almost instant snapshots of events around the world. However, with Web3, we are now moving beyond only communication.

    Many Gen Y and Gen Z creators are turning down the prospect of traditional jobs in favor of a life where they can be fairly compensated for their value in the online economy. Web3 technology delivers the prospect for financial incentives, art and culture by joining communities of stars and brands where everyone will be more fairly rewarded based upon their value in the economy. Creators can be fairly incentivized as they build their own audience that consumes content and buys products while being given exclusive access, backstage passes and other rewards, even royalties for their involvement.

    Until now, despite being given a myriad of free platforms to utilize, creators of all kinds — musicians, coaches, experts, writers, athletes and artists — have been at the mercy of the tech giants and algorithmic gatekeepers. This has been an unfair bargain with large social media platforms keeping almost all of the revenues generated by creators.

    Web3 is here to change all of that, but you might be understandably wondering, “How?” How is this emergent technology rebuking and replacing the status quo and championing content creators to provide greater value to their communities? Tokenization of assets on the blockchain has the power to convert audiences into rewarded advertising engines that increase what they earn no matter how big or small by building incentivized, independent, cross-collaborative creator economies. This is a paradigm shift from competition to collaboration and from social media to a true “social marketplace.”

    Until recently, in the Web 2.0 and social media era, content creators would ask their followers and viewers to “like, comment, subscribe and share.” Yet once the devoted fan completes this mission of showing their support, what does the fan get for their efforts?

    Joel Comm, co-host of the Bad Crypto Podcast with over 10 million downloads and known for having minted over 1.5 million NFTs, had this to say: “Now I can reward you as a superfan and AirDrop into your wallet a discount, a bonus NFT, something that you can use for the future. It (Web3) really allows artists of all kinds, not just musicians, any kind of creator to connect with their audience and build community in a meaningful, significant way, so their audience is portable.” says Comm.

    Related: This Is What Content Creators and Entrepreneurs Need to Know About Web3

    From centralized to decentralized

    Despite flooding platforms with content, centralized institutions have held a monopoly on privacy, content, audience and on revenue. Even in the traditional publishing world and music industry, record labels and publishers keep the majority of all earnings while the artists and authors sign contracts to keep a small percentage of royalties. An increasing number of authors, however, are choosing to forgo the traditional route and instead are self-publishing, supported to best-seller status through swathes of their army of YouTube followers buying their book. This can be seen as evidence that a cultural and socio-economic shift is already well underway.

    “I don’t need to go to these massive studios or labels. I can go directly to my audience.” says Comm.

    One such platform aiming to help usher in this new era of collaborative success is StarStake. According to their homepage, “StarStake is collaborative commerce — launching the creators of today into the stars of tomorrow.” StarStake firmly believes we are witnessing a turn in the creator-community economy and wishes to play a leading role in facilitating this evolution and revolution.

    Chris Hawk, CEO of StarStake says, “Traditional creator-community relationships are limited, with minimal contributions and meager returns. StarStake removes the financial barriers for creators to earn more — reward their communities — and grow together.”

    Serial entrepreneur, Gary Vee, said in one of his talks that what the internet has done for information and data, NFTs will do for transactions and contracts, making us still in the visionary stage of the adoption curve of this new technology.

    NFTs are evolving beyond vanity to utility and are increasingly being endowed with powers such as exclusive memberships, reward contracts, perks, privileges and even access to products. The power may be tipping from the platforms to the people. Whether you are a creator or a consumer, the good news is you are still very early. Ultimately, the creators and their communities, through their newfound, deepened interaction, will decide what this technology is to become.

    Related: Why Web 3.0 Will Change the Current State of the Attention Economy Drastically

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    Maria Matarelli

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  • How to Improve Link Building to Rank Higher on Google | Entrepreneur

    How to Improve Link Building to Rank Higher on Google | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to getting your business to succeed online, SEO (search engine optimization) is everything — but link building can often fall through the cracks when it comes to website optimization. Adding hyperlinks to your website is one of the many ways to improve your Google rankings and ensure potential customers see your offerings.

    However, it’s not just about the quantity of the links on your website, but the quality — i.e., the source you’re linking to, the link’s position on the page and more. Understanding the reasoning behind Google’s link ranking will help you optimize your website for increased traffic and awareness.

    Luckily, Google just released an updated guide on its best practices for link building. As a marketing expert and business leader, I’ve sorted through these new guidelines and shared my expertise on optimizing content and link-building best practices, so your online business can thrive.

    Related: 7 Ways to Use Google Trends for SEO

    Google’s latest release

    The Google Search best practices documentation has existed for several years, with tips and tricks on improving your SEO for Google Search. It gives straightforward advice on optimization for numerous categories, from SEO fundamentals to monitoring and debugging.

    In February 2023, Google updated the online document to reflect new best practices pertaining to link building. Whereas before, the information about links was only about how to build crawlable links, it now includes several essential tips on creating links that will help your website perform well in Google Search results.

    Related: 7 SEO Copywriting Tips to Get Your Business Ranking on Google

    Making your links crawlable

    Creating crawlable links was a vital component of the earlier version of this Google Search best practices document. It remains a crucial tip for ensuring that links on your website are top quality. Essentially, for Google’s algorithm to be able to crawl (automatically comb through your site), the links need to be written in readable code.

    Google gives specific examples of what types of code are crawlable and what types are not. Look at the examples and code recommendations and ensure that your website coding follows these suggestions so that Google can understand your links and rank your page.

    Related: Learning Google SEO Can Help You Grow Your Business on a Budget

    Placing anchor text correctly…

    What is anchor text? Anchor text is the visible text of a link or what you, as a user, would click on. Google provides several tips about anchor text (most importantly, make sure you use it!). It’s also good to note that in the case of images used as links, Google suggests adding descriptive alt text because this will be attributed as anchor text.

    Related: Five Red Flags That Can Destroy Your Google Ranking

    …and writing better anchor text

    Besides knowing where and how to place your anchor text, writing clear and descriptive anchor text is essential. Strong writing will help Google categorize the relevancy of your links and will also, of course, help users better understand what they’re about to click on.

    For instance, if you’re hyperlinking to another page on your site and use the anchor text “Learn More,” Google (and users!) won’t find this satisfactory. Where does this link lead? If you were to read just the anchor text out of context, it would not make much sense.

    Instead, write anchor text that would still make sense out of context from the rest of the sentence — without being too long. Updating the anchor text to “our company’s mission statement” would better serve your purpose and meet Google’s requirements.

    Google also reminds users not to overdo it. Adding too many keywords can be considered spam, and adding too many different links right next to each other can confuse readers. In short: Space out your links, make your anchor text clear and descriptive, and don’t keyword stuff.

    Related: 6 Elements Your Link-Building Campaign Must Include

    The correct ways to use internal and external links

    The final section of the best practices for SEO links pertains to internal and external links. What’s the difference? Internal links refer to links that drive to a page within the same web domain (i.e., you’re pointing the user to another part of your website). External links take the user to an entirely new domain.

    Google recommends paying particular attention to internal links, as this is an often-overlooked area. The search giant also recommends including at least one internal link on every page of your website, primarily to provide clarity to any given section. Unsure how to incorporate more internal links? Imagine a user’s journey on your site and how other pages on your domain could be useful to a specific section.

    When it comes to external links, don’t be afraid! Just ensure that you’re linking to valid, trustworthy sources. Established news sources can be a great way to provide context and statistics to your website and prove to Google that your website can also be trusted.

    Finally, Google provides code-specific advice for sponsored and user-generated content and a way to ensure Google doesn’t crawl certain external links. Read up on these tips as well since they pertain to specific situations you may encounter.

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    Adam Petrilli

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

    Mirage (Sunday, Tuesday, Thursday, Saturday)

    This Week’s Featured Featured Film!

    In 1968, at the ripe age of 26, Peter Kalikow was confident he could build a better car than anyone else. So he took the money he made in the construction and put it all on the line to take on the automotive establishment.

    Tech Talk (Sunday, Tuesday, Thursday, Saturday)

    TECH TALK is the journey to discover innovators shaping our future.

    Episode 107: See Flying Cars, Taxis & Rescue Vehicles, we go to find out more. Discover 3D holographic food and drones that fly into burning buildings to warn the Fire Fighters.

    Celebrity Business Tips (Sunday, Tuesday, Thursday, Saturday)

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

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

    Elevator Pitch (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

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

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

    Episode 802: Learn the finer points of pitching and deal-making in the new episode of Entrepreneur Elevator Pitch.

    Unfiltered (Sunday, Tuesday, Thursday, Saturday)

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

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

    Habits and Hustle (Sunday, Tuesday, Thursday, Saturday)

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

    Episode 102: Andy Petranek and Michael Stanwyck, the founders of Whole Life Challenge, talk about the difference between “being fit” and “being healthy” and how Andy and Michael went from the fitness-focused world to create a total wellness program.

    That Will Never Work (Monday, Wednesday, Friday)

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

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

    Action and Ambition (Monday, Wednesday, Friday)

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

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

    Mindvalley Talks (Monday, Wednesday, Friday)

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

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

    Cooking with Cohen (Monday, Wednesday, Friday)

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

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

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    Entrepreneur Staff

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  • CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

    CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a recent research report by Bank of America, analysts concluded that “CBDCs (central bank digital currencies) appear inevitable.” According to their research, CBDCs have “the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.”

    While the contents of this report have been making waves in traditional media circles, those of us that have been researching and working with CBDCs over the past few years have been saying similar things for quite some time now. In this article, I will tackle some of the more prominent misconceptions about CBDCs, especially the ones concerning anonymity and the technology’s potential use as a means of totalitarian control.

    Related: How This Digital Currency Will Transform The World and Benefit Cashless Societies

    Anonymity is not part of the agenda

    Some of the most full-throated criticism of CBDC technology tends to come from the cryptocurrency community, where many consider the rollout of state-backed digital currencies to be an existential threat to anonymity. But if you think bitcoin and stablecoins are about privacy, they’re not. Somewhere around 90% of addresses and transfers, if not more, have long since been traced and identified, and even in DeFi, cybercrime gets investigated, and the culprits get caught fairly quickly.

    Those who are active in the cryptocurrency industry and those who are knowledgeable about it know this. What is much more likely to be behind this vein of criticism of CBDCs is the perception of the technology not as an existential threat to privacy but as an existential threat to existing cryptocurrencies. However, this too is unfounded.

    From working with regulators and countries in the process of launching CBDCs, it has to be said that privacy simply is not on the agenda in most cases. The central issues that are being dealt with currently revolve around what the legal framework should be, how the linkage to banks should work, how to move from stablecoin currencies to CBDCs, how to integrate the technology into international trade, how to incorporate CBDCs into “superapps” and so on.

    Related: Crypto vs. Banking: Which Is a Better Choice?

    Using CBDCs on the state level

    When we move beyond the idea that CBDCs are a power grab by institutions looking to eliminate financial privacy, the actual value of the technology comes into view. There are two levels on which CBDCs offer vast improvements to the current status quo, that of the state and that of the individual.

    On the state level, it is important to understand that every foreign trade transaction now goes through the dollar. For example, take Pakistan and the Arab Emirates. When these countries trade, there is constant pressure on the national currencies because they must constantly sell their currencies and buy dollars. However, the dirham is quite trusted in Pakistan. So, direct payments in dirhams and rupees could be possible, but currently, there is no infrastructure to support this kind of transaction. This is where CBDCs come into play.

    Regardless of how it’s done, cross-border transfers must be straightened out. This could be achieved via currency baskets, AMM pools or mutual correspondent banks. One way or another, this will make economic processes easier and cheaper for almost all countries because cross-border rates and long chains of intermediaries will disappear.

    Related: Cross-Border Business Is Becoming a Non-Negotiable. Are You Ready?

    CBDCs for the individual

    The main task facing CBDC development right now is building a basis for cross-border payments, which individuals do worldwide. The need for this to happen can be seen in how cross-border payments currently work in the Philippines and the Emirates.

    There are generally two ways of sending money from the UAE. The first is the old-fashioned “hawala” system. Here, the sender goes to their local community leader, gives him dollars, and then the leader’s counterpart in the recipient’s country gives the recipient the same amount in pesos.

    The second method involves transferring money through services like Western Union. Depending on cross-border rates, the round-trip commission is between 6% and 12%. You inevitably have to have a double conversion. As a result, the cost of the transfer is extremely high.

    This is the process we are trying to build: the sender comes with digital dirhams either to a transfer point or a special machine. He needs to convert the dirhams into pesos. Both currencies are digitally deposited as stablecoins in an AMM pool, where the exchange rate changes very little. Conversely, the pesos are received through a transfer operator, which charges only 0.1% for the exchange of digital currencies. Thus, the total fees do not exceed 3% of the transfer amount.

    This is one way you can use CBDCs. And it is convenient and cheap for those who do not have cards or bank accounts, which in Southeast Asia alone amounts to several hundred million people. The fees these people have to pay to add up to a significant burden on a demographic that should be better served by governmental and financial institutions. And this is just a small picture of how revolutionary this technology can be. As development continues, the bigger picture will come into focus, but it is important now to recognize the potential CBDCs have to improve the lives of billions of people worldwide and focus on bringing that potential to fruition.

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    Sergey Shashev

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  • 5 Critical Questions You Must Answer to Master an Entrepreneurial Mindset | Entrepreneur

    5 Critical Questions You Must Answer to Master an Entrepreneurial Mindset | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Successful entrepreneurs are a special breed. They are maestros. They are innovators. And they are tenacious. The best of these business leaders understand how to drive sales, lead their teams and orchestrate growth. Perhaps not surprisingly, many entrepreneurs share common traits that position them well for both business and personal success. These qualities relate to having the right mindset, skillset and activity — topics often discussed in TAB board meetings. Out of the three, mindset is square one for business acceleration but ironically is also what usually keeps us from achieving our goals.

    An entrepreneur’s strong and positive mindset really is one of the biggest drivers of business success. But what does a strong mindset really mean? The obvious answer includes drive, attitude and maybe even a good dose of stubbornness. But a truly winning mindset requires something more.

    It demands self-reflection.

    To assess your own mindset — both as a business owner and in your personal life — ask yourself these five key questions:

    1. How committed am I?

    Commitment is the act of binding yourself in mind and spirit to a goal or course of action. But let’s be clear, having a goal is not the same as being committed to accomplishing it. A goal is something that you want to achieve, while commitment is the inner drive that will get you there.

    Commitment is also notoriously difficult to gauge. Setting goals and working toward them are standard visions for most entrepreneurs, but what is your threshold for overcoming hiccups, roadblocks and dealbreakers along the way?

    A key component of commitment is smart planning. Don’t just envision success, strategize how you are going to overcome all those inevitable obstacles along the way.

    Related: The Power of Your Own Personal Vision

    2. Do I believe in what I am doing?

    Many entrepreneurs launch their businesses based on some combination of personal expertise and market viability. But more and more, business leaders are being driven by their passion. Perhaps that passion is related to adding important products or services to the marketplace. It might manifest itself as contributing to the public good. Or maybe a business owner is energized by innovation and futurism.

    The specific catalyst for launching your business is far less relevant than your innate belief in the importance of what you are doing. By infusing meaning and purpose beyond financial objectives into your business and mission, you substantially enhance your entrepreneurial mindset.

    Related: Business Owners, Put On Your Own Oxygen Mask First

    3. Do I believe in myself?

    Self-confidence is such a central part of the winning mindset of an entrepreneur. Believing in one’s own ability to create, run and grow a business takes a lot of chutzpah. But it is important not to confuse boldness with fearlessness – and a good dose of fear is actually good. An entrepreneur’s ability to transform personal fear into positive action empowers them to be better business leaders. Self-trust enables you to take calculated risks, allows you to learn from your failures, and allows you to leverage your talents to achieve your goals. If you struggle with self-doubt and have ambitions for entrepreneurship, now is probably a good time to work on improving your confidence. It starts with recognizing your strengths, valuing your talents and trusting your capabilities to make smart decisions.

    4. Do I see setbacks as failures or opportunities to learn?

    While never an easy pill to swallow, entrepreneurs do actually learn more from their failures than from their successes. Henry Ford’s first automobile manufacturing business went bankrupt prior to his launching of the Ford Motor Company. Walt Disney’s first cartoon was a flop. And perhaps most infamously, Steve Jobs was fired from Apple. Of course, he was subsequently rehired and went on to mastermind Apple’s meteoric rise to become the largest public company in the history of the world.

    The point is that setbacks, even at the grandest scale, are often the sparks that set innovation and self-resolve into motion. Failure coupled with inquisitiveness can serve as a masterclass for entrepreneurs on what worked, what didn’t work and what is the best path forward.

    Related: Dealing Well With Setbacks Is Just as Important as Taking Advantage of Opportunities

    5. Do I have a fixed mindset or a growth mindset?

    Having the right mindset is essential to becoming the business leader you want to be. A fixed mindset is a limiting belief system that presumes talent, intelligence and the right path forward are rigid and unforgiving. This mentality can be debilitating for entrepreneurs and the success of their organizations. Think of all those times you have heard a business owner say, “It is just how we have always done it here.” Where are they now?

    Related: Why a Growth Mindset is Essential to Success and How to Shift Your Mindset

    On the other hand, business owners with a growth mindset are open to innovation, change and overcoming challenges. They believe talent can be developed through experience and training. Entrepreneurs with a growth mindset tend to be lifelong learners. They are innovators in their own sectors and throughout their industry at large. A growth mindset is indeed almost a prerequisite for success.

    Take some time to reflect on these important mindset-related questions and how they apply to you. By the very nature of delving into the topic and doing a little self-discovery, you almost certainly qualify as having a growth mindset and are that much closer to becoming the business owner you want to be.

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    Jason Zickerman

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  • How to Tell Your Bullying Client to Get Lost | Entrepreneur

    How to Tell Your Bullying Client to Get Lost | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s late in the evening, and while watching a sports game, the news, a movie or spending time with the family, a client suddenly calls, demanding their full attention. They call repeatedly and send endless texts, emails and even voicemails. They want something done — now.

    Then they claim you are not paying full attention to them for their last-minute deadline. They question your teamwork and dedication as a ploy to get their way. They say: “Hey, are you not part of the team? When did you stop caring?”

    These are all ploys. Counterpoint: Why did they not call you during business hours if it was that important? This scenario and many like it are familiar to public relations firm owners.

    In fact, business owners of any kind will encounter the same narcissistic bullying tactics repeatedly. Bullies and narcissists aren’t just career obstacles; they permeate all walks of life. You’ll have met them as early as the schoolyard. And just like how acquiescing to a schoolyard bully’s every demand would do you no favors back then, it’s the wrong decision now. You have to stand up for yourself.

    Succumbing to clients’ unreasonable demands and tantrums is an easy mistake for business owners. After all, they have the money. And we’ve all heard the adage, “The customer is always right.” But taking a stand against narcissistic behavior will help your business in the long run. And the best part is you can tell them to back off — politely and professionally — to ensure that you keep their business while ditching the toxic power dynamics festered by meek surrender.

    Related: 3 Lessons a Toxic Client Taught Me About Entrepreneurship

    What to do when a client is too demanding at the last minute

    In a perfect world, there is a strong line of communication between yourself and the client from the get-go. Managing client expectations and establishing an agreed-upon project timeline is integral to an amicable relationship. But, no matter how clear you have been on what can and cannot be done, you will have an unreasonable client who is too demanding at the last minute. Bending to accommodate last-minute excessive demands will shift the relationship dynamics into an unsustainable place — they are presumably not your only client, and they will feel entitled to be treated as such if you are too accommodative. This will hurt your business in the long run.

    Instead, remain firm on your previously established boundaries. Don’t simply ignore the request; instead, listen to it and propose an alternative timeline. Gently remind them of the agreed-upon terms, and explain why their request will not work in the form in which it’s been proposed. Ensuring the client feels heard and establishing a workable timeline to fulfill their wants will go a long way in retaining their business.

    How to take back control when a client is bullying or manipulating you

    As tempting as it may be lose your cool with a bully client, confrontation and arguing will only exacerbate tensions and likely lead to losing their business altogether. But this doesn’t mean you can’t take control of the situation with a more measured response.

    To take control of the situation, you must remain laser-focused on the situation. A bully will likely cast aspersions and blame and pitch a fit involving all kinds of unpleasantries. Remain calm and cut through the noise. Focus on the business end of their concern and what they want. Ignore everything else.

    You will lose if you get into a mudslinging contest with a bully. They’ve got too much practice; they’ve been slinging mud since the schoolyard. You regain control by steering the conversation toward what they want and how you will achieve it.

    Related: Why Empathy Is One of the Most Overlooked Skills in Business

    Best approaches in collecting payments for invoices on time

    The best way to ensure payments are received in a timely manner is to communicate expectations at the start of the client-business relationship. Offer the client a personalized invoice schedule and follow up with polite reminders if they lag on payments.

    If the client fails to pay or escalates the situation, you may be forced to withhold services until a resolution is reached. A contract with terms and boundaries is a great place to start. Follow a uniform approach and stick to it. Also, include a termination clause in your contract, like a 30-day notice of termination.

    Related: 6 Strategies for Dealing With Unpaid Invoices That Get You Paid Sooner

    So, how do you really deal with unreasonable and even narcissistic clients?

    Narcissistic clients are a handful from day one. But other times, clients become unreasonable simply because they have lost track of the process and become overwhelmed. In either case, reminding them you are on their side is essential.

    Use inclusive words like “us” and “we” when addressing their concerns. Remind them you are all on the same team. Reply to their concerns promptly and develop a plan with action items to resolve their concerns. This doesn’t mean dropping everything and giving in. Stand your ground, stick to your principles and the terms of your agreement but remind them you are on their side and willing to take reasonable steps to address their concerns.

    The client is not always right, and there is a nice way to call them out on their behavior

    Whether the client is making unreasonable demands or being an outright bully, it’s important to let them know their behavior is unacceptable. While you may fear losing their business, their problematic behavior creates a toxic environment for you and your team. This ultimately hurts your reputation and business in the long run.

    Be specific about the inappropriate behaviors when it comes time to put your foot down. Many people defer to generalized and accusatory language in the heat of an argument. For example, an unconstructive reply may be, “you always make last-minute demands.” Instead, isolate and address exactly what happened in a specific instance and explain why this will not work.

    Related: Customers Are Not Always Right. They Are Just Never Wrong.

    Act like you don’t care: The best tips on dealing with bullies and narcissistic clients

    The temptation to argue with bullies will always be there, but it is unlikely to pay dividends. Act like you don’t care when a client like this throws a tantrum. Focus on actionable items to address their genuine business concerns. What’s good for them is good for you.

    Rather than argue, reflect your client’s words to them without vocalizing support for their point of view if it is unreasonable. Let them know they are heard. Don’t be afraid to put your foot down on toxic behavior. You can also spend time ignoring them all together for a few days, as playing silent with a narcissist or bully drives them crazy and drives your point home. It’s all about respect, right?

    Stand up for yourself no matter what and watch your business grow to new heights

    Be yourself, call people out, own conversations and projects and don’t wear your clients’ emotions. Sure, you may lose their business, but it’s better for your health and business operations in the long run. Stand your ground, and you will be richer on every level. Remember that when you call out bullies, you will gain a firm reputation, and most start-ups and businesses will admire this now and in the long run.

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    Paul Fitzgerald

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  • The Logistical Nightmares of Trade Marketing — and 5 Tips to Escape Them | Entrepreneur

    The Logistical Nightmares of Trade Marketing — and 5 Tips to Escape Them | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s no doubt that trade marketing is one of the most logistically heavy functional groups of the marketing world. This fact typically is ignored by other departments, which does nothing to ease the strain felt by your trade marketing team.

    Fact: Your trade marketing team has to deal with every internal group in your organization, (like sales, operations, finance, product, brand marketing, campaign marketing, shipping and many others). In addition to this, they must also liaise with a slew of external teams (such as printers, fabricators, installers, rentals, warehouses and more). This means that a single person in the trade marketing department might have hundreds of points of contact per task.

    Related: Top 5 Marketing Tips for a Successful Brand

    Trade marketing = sales tools

    Your entire brand should be aware that trade marketing = sales tools. In this scenario, without sales tools, your field personnel walk into the retailer with nothing but a pricelist, which puts them at a huge disadvantage compared to their competitors.

    What are sales tools? Here are just a handful of items that the trade marketing team can be entrusted to deliver to the sales teams working in the brick-and-mortar market:

    POP (point of purchase)

    Fixtures & displays

    Promotion marketing

    Digital activations

    Retailer Advertising & art

    Events

    Education

    Shop-in-shops and pop-ups

    In-market print and digital custom art

    For the brick-and mortar marketplace, the trade marketing team members can have many touchpoints through the entire life cycle of every single sales tool, from conceptualization, production and fabrication to distribution in the market.

    Example

    Let’s take one of their simplest jobs as an example and look at the logistics of a single custom art order for a retailer from the perspective of just two of the key players in a trade marketing team — the field personnel and trade marketing manager. The complexity of the task is staggering, and to do this manually requires a great deal of resources, time and skill.

    Custom art order process: field personnel

    Step one: Review and confirm the trade marketing budget, brand account planning and retailer selection.

    Step two: Approach retailer, negotiate deal for space and product, and get a sales commitment.

    Step three: Define supporting elements (education sessions, matching promotions, etc), determine delivery date, and confirm art deliverables (what art is needed to drive the sales goal).

    Step four: Measure and confirm space for production, relay all technical requirements and deal points to the trade marketing manager, prepare project details and steps, and communicate with retailer.

    Step five: Confirm final delivery or install details, conduct all post-execution reporting and follow-up to ensure retailer satisfaction.

    Related: Does Your Marketing Team Have These 9 All-Star Qualities?

    Custom art order process: trade marketing manager

    Step one: Review and confirm. This includes field personnel trade marketing budget, brand account planning, field personnel retailer selection, requirements to fulfill deal points, project details and cost, art selection and technical details (sizing, photos, retailer requirements).

    Step two: Identify any issues. The list of logistical issues to identify can be ridiculously long and complicated, varying wildly from project to project. Here are just four very basic examples of what a trade marketing manager might have to consider:

    Step three: Track progress. This includes communicating the actual time to complete the project and deliverables, confirming the actual delivery date, sending art to the production/design team, tracking timelines, confirming and approving final art with the retailer via field personnel, confirming correct material and accurate brand colors, as well as sending art to print for final use.

    Step four: Organize and dispatch. Arrange and dispatch shipping to the local install team, organize install team, ensure the contractor is ready to work on the specified schedule, check retailer requirements for final finish and health and safety, and put out any fires or issues in real-time during install.

    Step five: Finalize. Collect final photos of production from the install team, ensure retailers’ needs are met and that they are pleased with production, track and collect all costing for production, deduct final amount from budgets, maintain and update records of what image has been placed, at what time and location in a master list in case of recall of art (for example, a brand ambassador goes sour and their likeness needs to be scrubbed out of the market ASAP like Lance Armstrong). Collect and house all elements to reproduce the project (i.e., sizing, deal points, communications, decision making, costs, install details), collect and store all photography to send upstream to the brand team so they can have market examples (good and bad), and create a removal and disposal plan (if the retailer desires).

    Let me be clear: The above was for ONE simple job alone. The list of potential issues and complications is endless. Not only does the trade marketing team have to perform the physical aspects of the job, but they must also be communication gurus, and operational wizards — and be able to do it at scale.

    Related: The Formula To Sales and Marketing Success

    5 tactical takeaways

    1. Perhaps the trade marketing team deserves a little more respect than what they are usually dealt. What can your organization do to combat logistical complexity?

    2. Consolidate communication into an open, searchable platform.

    3. Stop using multiple ad-hoc platforms, and adopt ONE platform as your primary system.

    4. Require your field teams, vendors and internal team to operate inside your platform so all requests (i.e., timelines, budget, speed, etc.) are captured in the cleanest and fastest way possible.

    5. Ingest all filed requests and process them with very defined automated systems. Automate any step in the process that can be automated, no matter how small and seemingly insignificant.

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    Jamie Calon

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  • 5 Tactical Tips to Grow Your Brand | Entrepreneur

    5 Tactical Tips to Grow Your Brand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I was obsessed with bullwhips as a kid. Who wouldn’t want to be Indiana Jones? Unfortunately, the first time I managed to get my hands on one, I accidentally whipped myself in the face. While a bullwhip might not be the best toy for kids, it is the perfect analogy for how your business structure and its functional groups should interact.

    Image credit: Jasmine Holmes

    Let’s dig into the mechanics of the whip

    Whips generate force using the momentum (energy) of a loop traveling along a tapered strip of leather. As it travels, the energy is focused on an ever-narrowing structure. This amplifies the energy to drive the tip to over 30x faster than the initial motion in the handle. That telltale “crack” of the whip is a small sonic boom. Isn’t it crazy that 2,000 years ago, man was able to break the sound barrier with just a strip of leather? Over 1,900 years passed before scientists could mechanically reproduce it!

    Image credit: Jasmine Holmes

    Related: 5 Marketing Strategies That Will Boost Your Business

    How does this relate to your marketing structure?

    In many organizations, marketing is the most operationally challenging division, containing many complex issues. The best marketing structures are smooth, sleek and have results that break the sound barrier, regardless of what season, campaign or product is being marketed. To understand how to achieve that satisfying crack in the market, let’s go back to the start … the hand.

    The hand of the brand steward holds the whip. Traditionally, the brand steward was the CMO, with a singular focus on marketing. In startups, it is usually the founder. However, in progressive organizations, it’s the Chief Growth Officer. A CGO is a catalyst for cross-functional collaboration and sustainable growth while the marketing whip acts as an extension of the brand itself. So, when the brand steward brandishes the whip, the brand’s power and influence travel through each section, guiding all strategy and movement in the same direction.

    The whip handle can be compared to the brand itself, where management, market equity and brand fundamentals are stored (including brand ideology, identity, market positioning and culture). This is where brands establish a market presence, cultivate consumer perception and attract their target audience. With just the slightest movement, the brand steward inputs energy into the handle, which travels down the whip, amplifies and creates a loud crack in the market.

    The functional groups are the body (or thong) of the whip, through which the brand’s energy flows, amplifying in speed and power while traveling from group to group. Like strands in the whip, the groups weave together to support each other, maintaining the perfect balance to allow for creativity and productivity. Most importantly, they strengthen the entire structure. If one strand breaks, there’s no chance of making a loud crack. These groups are teams like sales, finance, creative, communications, trade marketing or any team that contributes to your go-to-market. Like bullwhips, better materials (i.e., your team’s skillset), get better results.

    Image credit: Jasmine Holmes

    The hitch is where the body of the whip gets thinner — the motion getting faster and faster until product launch — and all the efforts of the functional groups get focused into sales tools. Logistically, this can be extremely complex and time-consuming, with trade marketing teams having the least amount of time to execute their work. If trade, event and digital marketing fail, all previous work done by the functional groups above is null and void. Without sales tools, the brand and its ambassadors are dead in the water.

    The fall is where all marketing has been delivered in the form of sales tools into the digital and brick-and-mortar marketplaces. It’s the thinnest part of the whip, traveling at the fastest speed, with the most urgency behind it. Sales tools are designed to attract and engage the target consumer, including things like sales promotions, social media, custom art, POP, signage, displays and more.

    The popper is the intended effect: converting the target consumer! For a consumer brand like Nike, it’s the sale of their new line of shoes. For a non-profit, it’s donations. Sales tools should guide consumers towards the product and ultimately win the sale, creating that loud crack in the market. Each successful whip-crack adds value to the brand, making the next one faster and louder.

    If you listen to the echoes (sonic boom) of the whip crack, it’ll provide an inordinate amount of data and feedback on what was successful and what wasn’t. Those holding the whip should learn something new each time that contributes to their next GTM cycle — otherwise, they’re destined to make the same mistakes over and over.

    After the crack, the hand of the brand steward needs to follow through with the motion, (so they don’t end up whipping themselves in the face). This means taking post-sale action on the consumer, operational data, issues and market feedback received from the product launch, thereby readying the whip for the start of the next cycle.

    Image credit: Jasmine Holmes

    Related: How Collaboration Makes All Departments Revenue Generators

    Tactical takeaways

    One: Ensure the person holding the whip has a holistic understanding of your organization, with the ability to align departments and create sustainable growth.

    Two: Be confident in your brand’s vision and values. Make sure the brand is at the core of every functional group so all teams pull in the same direction with easy cross-collaboration.

    Three: Maintain a balance of skill and technicality between functional groups. Backfill any weak teams with the correct talent, education and tools.

    Four: Overcome tricky logistics with automated, streamlined pipelines to avoid bottlenecks.

    Five: Observe, analyze and act upon all insights, feedback and market data gained from cracking the whip.

    The best structures have clearly organized operational data and a defined automated process that produces smooth pipelines. It’s clear that the future of marketing begins with a system designed to streamline cross-collaboration, glean optimized insights from embedded metadata and enable instantaneous decision-making with purpose-built tools. You want people to hear the “crack” from miles around, and the sound should increase in volume and travel a further distance every time you brandish the whip. Get crackin’!

    Related: Ditch Those Silos! 3 Ways to Embrace Cross-Departmental Relationships

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    Jamie Calon

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  • ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

    ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

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    From Pinky Cole to Gabby Bernstein, we asked ten people with devoted, lucrative followings to share the most unexpected takeaways from their wild and winding journeys of building personal brands.

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    Liz Brody, Jason Feifer, and Britta Lokting

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  • The Importance of Data in Outdoor Advertising | Entrepreneur

    The Importance of Data in Outdoor Advertising | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that big data has changed the world. Capturing and processing information at scale have impacted every sphere of our lives, including health, wealth, business and leisure activities. Advertising is no exception, and marketers continue to discover how data empowers them to rethink promotional strategies. The enormous outdoor advertising market, which is projected to be worth $34.4 billion by 2027, is a prime arena for companies to apply data to boost their marketing activities.

    Discover how to optimize outdoor advertising and spur your company’s growth by harnessing and applying data in your marketing plans.

    Related: It’s Time to Shift Your Advertising Budget to Outdoor Media. Here’s Why and How to Do It.

    Using data in outdoor advertising

    All advertising strategies depend on specific criteria for success. To implement an out-of-home (OOH) campaign, marketers need in-depth knowledge of the target audience, recognition of the prospect’s media channel preferences and an understanding of consumer behavior concerning the product.

    Big data provides valuable intelligence on these issues, including what advertising methods work and which don’t. Analyzing data and applying the insights enables your enterprise to maximize specific OOH media, such as billboard advertising, digital out-of-home (DOOH) and even wild posting tactics.

    With the detailed analytics available and the right tools to use them, you can now optimize your outdoor campaigns beyond any previous capability.

    Related: Outdoor Advertising Is Conquering. Why Aren’t You Using It?

    Applying data analytics in outdoor advertising

    Data analytics is the processing and examination of datasets and the drawing of conclusions about the information they contain. Business intelligence derived from analytics enables you to create OOH advertising strategies focused on the needs and preferences of the people passing through each touchpoint.

    The types of outdoor advertising analytics you can generate include descriptive analytics and predictive analytics. The first interprets historical data to identify trends and patterns and determine what happened in the past, spot potential problems, or uncover opportunities for improvement. The second — predictive analytics — uses statistics and modeling techniques to project future outcomes and performance.

    Generating useful metrics and insights

    The intelligence delivered by data analytics allows OOH marketers to segment their audiences effectively, determine media placements and audience movement patterns, and use performance metrics to optimize their outdoor advertising campaigns.

    For example, location analytics add a layer of geographical information to datasets to generate more valuable insights. These might include audience saturation, the population’s purchasing power and brand affinities, and the product categories that usually do well in each location.

    Mobility analytics provide information about foot traffic, peak hours in specific locations, and the hours of highest demand. When you know in detail which consumers will be exposed to your advertising, your company is in a much better position to maximize its return on investment.

    Determining data validity

    It’s one thing to have access to a ton of data and quite another to know that it’s valid and you can rely on it to improve your campaigns. Bad data is a perennial problem, with Gartner estimating that poor-quality information costs organizations an average of $12.9 million annually.

    If inaccurate or unreliable data make their way into a company’s outdoor advertising analytics, the resulting poor strategy choices could be devastating for both the marketing department and the company as a whole. To ensure decision-making accuracy, you need to ensure you’re using data that has been validated. Companies can use first-party data that belongs to them, combined with second- and third-party data purchased from reputable suppliers. Examples of this type of quality data include Geopath’s impression numbers and their Insights Suite for audience measurements.

    Related: Marketers, Turn Your Data Literacy into a Data Superpower

    Benefits of data analytics in outdoor advertising

    Data analytics delivers multiple benefits for outdoor advertisers. The intelligence provides a 360-degree, unified view of the customer’s journey, including all their interactions with the company.

    Purchase insights: Evaluating OOH impressions in tandem with your website activity, social media engagement and digital chat records offers insight into customer needs and wants and helps you clarify the consumer’s typical path to purchase.

    Audience targeting: With analytics, you can see which customers contribute the highest percentage of your revenue. You can also identify customers with the highest lifetime value and those who consistently share positive information about the brand. This information enables you to define your “ideal customer” characteristics, which creates valuable insights for audience targeting based on these metrics.

    Customer personalization: Consumers these days typically expect highly relevant offers and messaging across all their media channels, not just OOH. Analytics insights support more personalized outdoor advertising designed for each target segment. This tactic benefits the customer journey and increases your chances of making a sale.

    Effective iteration: Analytics enables precise performance measurements across all your campaigns and marketing channels, including OOH. These insights allow you to identify real-time improvement opportunities and iterate your actions mid-campaign to achieve them.

    Accurate forecasting: Performance projections are complex because they include multiple campaign variables, but analytics enable you to examine past performance and make more accurate future predictions. Scenario modeling helps identify likely outcomes of an OOH campaign depending on external factors. This allows you to accurately forecast lead volumes and conversion rates and take more effective actions.

    Improved ROI: By analyzing the performance of each channel and platform, including OOH, social media, email, websites, smart TV and direct marketing, you can identify those performing best for any given market segment and customer journey point. Based on this data, you can reallocate your ad spend and improve your ROI.

    Organizations that use data-driven insights to inform their outdoor advertising strategies typically experience a 10% to 30% improvement in overall marketing performance. Data takes the guesswork out of outdoor and billboard advertising. It helps you optimize your marketing budget, improve your customer experience, and understand which channels, touchpoints, and strategies work. And insights like that are invaluable when it comes to increasing ROI.

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    Gino Sesto

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

    Chicago CEOs (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Show!

    CHICAGO CEOs, have you sat down with Chicago’s top CEOs as they discuss what brought them success?

    Episode 101: Sit down with the CEOs of the Chicago Bulls, White Sox, Cubs, personalized video app Cameo, healthy food producer Simple Mills, and the Wintrust Financial Corporation.

    My Stories (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

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

    Episode 101: This moment of my life was an eye-opener and put me on my current path. Your current situation is different from your destination. Always keep striving for more!

    Celebrity Business Tips (Sunday, Tuesday, Thursday, Saturday)

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

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

    Habits and Hustle (Sunday, Tuesday, Thursday, Saturday)

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

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

    That Will Never Work (Sunday, Tuesday, Thursday, Saturday)

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

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

    Burt’s Buzz (Monday, Wednesday, Friday)

    Our featured film BURT’S BUZZ looks at the world of Burt Shavitz, the face, and co-founder of Burt’s Bees.

    Movie: Journey into the remarkable double life of Burt Shavitz, a reclusive beekeeper who reluctantly becomes one of the world’s most recognizable brand identities.

    Action and Ambition (Monday, Wednesday, Friday)

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

    Episode 102: Brothers John Resig and Leo Resig founded Chive Media Group and its flagship site, theCHIVE.com, in November 2008 with no capital and much hustle. With backgrounds in digital publishing and financial backing from partner Doug Schaaf, John and Leo were able to turn a three-person project into the nationwide, 170-employee entertainment digital media company that Chive Media Group is today.

    Elevator Pitch (Monday, Wednesday, Friday)

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

    Episode 803: They say to dress for the job you want. So why did one contestant show up without a shirt? Watch to see if going a little risque was worth the risk, and take in the lessons of other pitches on an episode that scored the most deals in show history.

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    Entrepreneur Staff

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  • How to Build a Million-Dollar Social Media Business | Entrepreneur

    How to Build a Million-Dollar Social Media Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every time I speak to entrepreneurs and brands, they always seem to complain about a lack of reliable and skilled social media managers. A quick glance at your social media feed will show you how even 8- and 9-figure companies are lost when it comes to posting online.

    This is why, if you have a Wi-Fi connection, a phone, and you know how to write and schedule a few Instagram posts, you could easily replace your current 9-5 job with something that allows you to work from anywhere, whenever you want.

    Related: 12 Tips and Tools for Managing Multiple Social-Media Accounts

    But where should you start?

    The first thing you should do is create a portfolio that shows potential clients your skills when it comes to managing social media accounts.

    If you don’t have any experience yet, you could reach out to friends or family members who have a social media account and ask them if you can manage it for them for free. You only need to do this for three months to have a substantial portfolio that will put you ahead of anyone who has a degree in communication, social media management or marketing but no practical experience.

    Another way to build a portfolio is to apply for beginner paid gigs. The best platforms to do this are Upwork or Fiverr. Sure, the pay might not be the best in terms of compensation, but you’d be building a portfolio in no time and get testimonials that you can use once you start approaching bigger clients.

    Once you have gained some experience managing social media accounts, it’s time to attract clients that can pay you $500-2000 a month to manage their accounts.

    Here, most aspiring social media managers will usually resort to cold emailing or cold calling to find potential prospects and initiate a conversation. And while this approach might work for some, it puts you in a weaker position and makes negotiating a higher rate more difficult.

    That’s because, when it comes to negotiating, you always want to come from a place of authority. Contacting a client that has never heard of you can work if you’re already an established figure. But if you’re just a beginner, it will just show that you’re desperate to work.

    So, what’s a better approach to finding those clients that pay you premium fees?

    Related: How This 18-Year-Old High School Student Built a 6-Figure Social Media Consulting Business

    How to attract high-paying clients

    One way is to keep using platforms like Upwork and Fiverr. If you started there, it’ll be easier to keep searching for clients there, as you’d have collected good reviews and will have built a reputation as a trustworthy professional.

    But a better way is to post on social media platforms to build your authority. This has two advantages. First, it will show potential clients that you aren’t just claiming you can manage a social media account. You are practicing it, which is the strongest form of social proof you can have. Second, it will help you attract potential clients that will see you as an expert in your field and will happily pay you your fee without any hassle.

    Once you have attracted four to five clients this way, it’s time to turn them into repeat customers. The simplest way to do it is to overdeliver so much that they’d be crazy to not continue working with you. If you do so, you simply need to create an offer to manage their social media accounts that can last between three to nine months that gives you some predictable revenue.

    The goal when working with a client on a retainer basis is to keep communications tight and constantly remind them of the wins you are providing them (like increasing their followers or monetizing their platforms). Doing so will also help you routinely raise your rates without losing too many clients and can even make those clients refer you for more work.

    On top of maintaining good relationships with your existing clients, you should still actively search for new clients by posting on your pages (or using other lead-generation methods). This will put you in a stronger position when it comes to raising your rates or negotiating different packages.

    Still, there is always a cap on how much money you can make working 1-1 with a client. This is why every smart social media agency will eventually package the solutions, frameworks, templates and any other assets they use with their clients in a format that can be sold to many people at the same time.

    Related: 6 Tips to Start Your Million-Dollar Business From Scratch

    If your clients all share the same struggles, and you have a solution for it, you can easily turn that into an ebook, a video course or anything else that can be sold digitally. This will allow you to break through the freelance income barrier and scale to a million dollars a year.

    It might take some time to get there, but these are the steps that 99% of successful social media agencies have followed. The earlier you begin building your social media agency, the sooner you will reap the benefits.

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    Rudy Mawer

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  • 6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

    6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

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    Are you looking to build your reputation as a trusted authority in your industry? With the six strategies outlined below, you’ll learn how to create helpful and engaging content and build trust with your target audience so that they see you as a go-to source of reliable information. These strategies will help you gain more followers and ultimately help you become a trusted authority in your field. Let’s get started!

    Strategy #1: Create content that showcases your actual work

    It’s a no-brainer strategy, but many professionals feel guilty about promoting themselves on social media because they believe it makes them look pushy or needy. However, there are creative ways to showcase your expertise that can make you feel confident in what you share.

    • Case studies: Use the power of storytelling in your case study posts and show the transformative journey of your client. What painful problems did they have, how did you come into the picture, and how did you solve them?
    • Behind-the-scenes content: Share sneak peeks of your process, challenges and successes as you work on a project. This kind of content offers a unique perspective on your work and helps build a personal connection with your followers.
    • Ask for feedback: Post your work on social media directly and ask for feedback from the audience. This content will put you in a position of not being pushy but instead looking for honest feedback. Readers will feel intrigued to look at your work.

    Related: 10 Social-Media Marketing Strategies for Companies

    Strategy #2: Do live AMAs (ask me anything sessions)

    There is no better way to demonstrate your expertise than to do live sessions answering questions. People love engaging with experts who have hands-on experience in the field. People consider you a valuable resource when you make yourself available for questions.

    You can host live AMAs once a week. Let your audience know there is a live session on a particular day of the week, and they will be more likely to join you with their questions in hand. Over time this practice creates a domino effect on your authority, and more and more people in your industry will flock toward you. It also helps you position yourself as an expert, build a community around your brand and lets you uncover less-known but critical problems in your market.

    Strategy #3: Bust the common myths around your industry

    Every industry has its assumptions and beliefs. Showcase what you disagree with to create interesting content. Here are some ideas for you.

    • Create a myth-busting series: Dedicate social media posts to busting the most common myths in your industry. It allows you to educate your audience and demonstrate your expertise over a long period.
    • Present alternative solutions: Offer unique solutions to common challenges and problems in your industry. Show people how they can do it better, faster, and cheaper. This demonstrates your ability to think outside the box and provide unique insights to your audience.
    • Use humor: Busting myths doesn’t have to be serious. Adding a bit of humor to your content can make it more engaging and memorable for your audience. Most importantly, it’ll add a personality to your brand.

    Remember, when presenting uncommon opinions, it’s essential to be respectful, open-minded, and well-informed.

    Related: How to Establish Online Authority

    Strategy #4: Share your pitfalls so others can avoid them

    People love reading about your vulnerabilities and mistakes. It helps people get a glimpse into the human side of you. This type of content gives insights to your readers to avoid errors and get better results from their endeavors.

    Highlight what you have learned from the experience and how it has helped you grow and improve. Offer advice to others who may be going through the same situation. Give them clarity on what exactly they should think and do to solve those problems.

    Related: Why Vulnerability Is a Strong Business Leader’s Most Powerful Weapon

    Strategy #5: Create how-to guides and show your deep expertise

    Creating “how-to guides” as part of your social media content effectively increases engagement with your target audience and demonstrates expertise in your field. All “how-to guides” should begin by introducing the problem that needs to be solved and providing an overview of the steps that will be taken to solve it. Once complete, highlight the benefits resulting from completing each of these steps.

    Make sure your how-to guides are detailed, easy to understand and actionable. This strategy demonstrates your deep knowledge of the subject, which can lead to increased engagement and, ultimately, more quality followers for your content marketing efforts.

    Strategy #6: Predictions and futuristic content

    Predictions can be a powerful driver of engagement on social media, giving people insight into new or changing trends or offering creative speculations about the future of your industry. Create content around forecasting future trends and advancements/technologies in your industry. It helps you establish a fast-forward thinking approach and position yourself as a thought leader.

    This form of content has its unique appeal as well: it taps into your reader’s collective curiosity and desires to learn more about the unknown, spurring conversations that can pique interest. Of course, on social media, you should handle predictions with caution. To make sure followers trust your credibility with such content in the future.

    Some futuristic content can be:

    • Ideas on how your industry can prepare for the future
    • The rise of new development and its impacts on your industry
    • Your thoughts on what the future may hold.

    Some final thoughts

    Gaining more trust and recognition in your area of expertise doesn’t happen overnight, but these six social media content strategies can help you a long way in your journey. Now it’s time for you to choose which of these content strategies to implement first.

    Utilizing the above strategies will give you the best outcome for being seen as a leader within your field but don’t let that overwhelm you. Start small by nailing down one or two of the above tactics and build from there. You should be able to see the results over time if you remain consistent across various platforms.

    What strategy would you like to try first? The power is in your hands!

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    Erica McMillan

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