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Tag: Business Process

  • Closing a Deal? Don’t Skip These Safeguards. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In any fast-paced sales environment, closing a deal is often seen as the final hurdle. But just before that contract is signed, subtle missteps can create major risks, particularly when client-requested changes go unchecked or processes aren’t followed closely.

    While these issues often appear within the sales cycle, the potential consequences span across legal, compliance, operations and finance.

    Related: Your Contracts Could Be Limiting Your Revenue Potential and Increasing Risk in Your Business. Here’s How to Take Control.

    When standard processes meet last-minute changes

    For many organizations, platforms like Salesforce have helped bring structure and consistency to deal-making. From initial outreach to signed agreement, the path is streamlined and standardized — especially in industries where contracts are carefully templated and rarely deviated from.

    But even the most carefully designed workflows can become vulnerable at the finish line.

    A common scenario: A client returns a contract with their edits incorporated, rather than marked. Buried deep in the document, a key clause has been deleted. It may seem minor. It may go unnoticed. But that single, unvetted change can alter legal responsibilities, shift liabilities or remove important protections. One word changed or omitted can carry long-term consequences.

    These kinds of last-minute revisions, particularly when delivered in a seemingly complete, clean format, present a serious risk. The issue isn’t malice; it’s momentum. At this stage, the client is often ready to get the deal done.

    That’s why the most important defense against risk isn’t about slowing down the sales team; it’s about reinforcing the systems and habits that allow them to move quickly without sacrificing accuracy.

    The power of proactive training

    Mitigating these risks starts with consistent, practical training that goes beyond product knowledge. Teams need regular reminders of where and how deals can go off track. At Associa, the world’s largest homeowners association management company, we have quarterly regional calls for our sales leaders and legal department, which are essential to create a space not only to share updates, but to talk through real-world challenges. These sessions often surface emerging trends, like new types of redlines or recurring client requests that require broader alignment.

    Our annual leadership summit adds another powerful layer of connection and alignment. Over the course of nearly a week, leaders from more than 300 branch offices and sales leaders come together in person for immersive training, open Q&A sessions and collaborative problem solving. It’s an opportunity to cover not just what’s changing, but why certain policies and processes matter. Accessibility during these events is key — salespeople need direct access to legal, finance and operations leaders who can clarify expectations and help prevent common errors.

    Related: 6 Mistakes to Avoid When Creating Client Contracts

    Standardization is your safety net

    Beyond training, standardized deal checklists are a critical tool for catching oversights. Whether responding to an RFP, hiring a vendor or onboarding a client, these checklists prompt teams to confirm legal review, double-check key sections of a contract and ensure no critical terms have been deleted or altered.

    These aren’t just administrative tools; they’re guardrails. When the pressure is on to finalize a deal, checklists force a pause for essential verifications. Did the client send back a PDF instead of a redlined Word document? Has anyone reviewed the terms that were modified? Has legal approved the final version? These questions matter — and the checklist ensures they’re answered before the deal closes.

    Standardization also removes ambiguity. When everyone uses the same process, it’s easier to spot when something is off. That consistency protects the business while enabling the sales team to move confidently.

    Cross-functional collaboration is key

    It’s also important to remember that protecting the business isn’t the job of any single team. While these risks may emerge during the final stages of a deal, they require coordinated vigilance from legal, compliance, operations and leadership alike. Sales teams shouldn’t be expected to be the final gatekeepers of every nuanced legal clause, but they should know when to flag something and who to bring in when they do.

    The most resilient organizations cultivate this kind of shared accountability. They break down silos, making it easy for team members to get answers quickly and escalate when needed. Whether through workflow automation or simple communication channels, the goal is the same: to make it easier to do the right thing than to make a mistake.

    Related: 6 Ways to Save Your Shirt

    Audit before you act

    Finally, before any changes are made to existing systems or processes, it’s essential to audit what you already have. It’s a simple principle, but one that’s often missed in the rush to improve or adjust.

    A thorough audit helps reveal weak points, whether it’s outdated templates, unclear handoff protocols, inconsistent training or information communication. In one instance, a contract signed casually over dinner — meant in good faith — lacked basic protections like defined services or pricing terms, which later led to avoidable complications. Without this step, well-intentioned updates can accidentally introduce new risks. But with it, your team can evolve your processes with confidence, building on a solid foundation rather than layering fixes on top of blind spots.

    Closing a deal is the culmination of hard work, strategy and relationship-building. But it’s also one of the most delicate moments in the business lifecycle. Without the right safeguards in place, it’s all too easy for a last-minute change to slip through unnoticed.

    By investing in recurring training, implementing standardized checklists, fostering collaboration across departments and auditing your processes before making changes, you can significantly reduce vulnerabilities and empower your teams to move quickly, confidently and in alignment with your long-term goals.

    Jeff Carona

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  • Why Every Entrepreneur Needs an Exit Mindset from Day One | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    After three decades in capital markets and entrepreneurial ventures, I’ve learned one hard truth: Most founders wait too long to think about their exit. They’re focused on growing the business, product-market fit, hiring the right people or raising their next round, and understandably so. But here’s the reality: The companies that scale, endure and lead are the ones built with the end in mind.

    Having an exit mindset doesn’t mean you’re planning to abandon ship. It means you’re architecting your business with intention and strategic foresight. Whether your future includes an IPO, a SPAC merger, a venture-backed acquisition or simply attracting long-term capital, an exit mindset forces clarity. It requires discipline. And it ensures you’re building not just for now but for what comes next.

    Related: Starting a Business? You Should Already Be Thinking About Your Exit Strategy. Here’s Why.

    I learned this the hard way

    During the Great Recession, I lost everything. Years of work and millions in value disappeared seemingly overnight. That moment was both devastating and instructive. I realized that while I had been focused on growth and momentum, I hadn’t built with durability in mind. I hadn’t built to exit; I’d built to run.

    Coming back from that loss forced me to rebuild from the ground up and reimagine what success really meant. I leaned into the volatility instead of resisting it, and over time, that shift led me to support other founders navigating the capital markets, helping them structure for growth and prepare for their own exits.

    I noticed a pattern: The most successful entrepreneurs weren’t necessarily the smartest or the most well-funded. They were the ones who led with clarity, who built their businesses with the intention to exit, whether that meant selling, stepping back or scaling beyond themselves.

    Exit is a mindset, not a milestone

    Going public or selling your company shouldn’t be a last-minute decision. It can (and should) take years, as a natural progression of a business built on solid fundamentals. That starts with a clear answer to one question: What are you building toward?

    If your answer is vague or reactive, it’s time to revisit your strategy.

    An exit mindset helps you:

    • Build toward investor-grade readiness: This includes predictable revenue, clean cap tables, strong corporate governance and a scalable operating model.

    • Attract the right capital partners: Investors can sense when a business has long-term value versus short-term hustle.

    • Avoid short-term traps: When you’re playing the long game, you’re less likely to overpromise, overhire or overextend.

    Related: 4 Go-To Moves to Help Start Your Exit Strategy Now

    Think like a public company (even if you’re not one yet)

    Entrepreneurs often underestimate the rigor and transparency required to go public or raise institutional capital and often think of an IPO or acquisition as a finish line. But it’s not a finish line, it’s a new starting gate. And the market doesn’t hand out second chances.

    If you want public markets, investors or strategic acquirers to take you seriously, you need to demonstrate:

    • Financial maturity: Are your books audit-ready? Do you understand your KPI and unit economics? Can you forecast with precision?

    • Strategic clarity: Do you have a clearly articulated long-term vision? Can you tell a compelling growth story?

    • Operational resilience: Have you built processes that scale? Do you have a team that can lead beyond you?

    I tell the entrepreneurs I work with that the stock doesn’t trade itself. A great business is not the same as a great public company. The companies that perform post-IPO are the ones that prepared for the scrutiny long before the bell rang.

    Lessons from the frontlines

    Over the past few years, I’ve seen how volatile and unforgiving the IPO and public markets can be. In 2021, deal flow was booming. In 2022 and 2023, it all but froze. Yet in that same period, a handful of companies thrived. Why? Because they had built with optionality in mind.

    Take CAVA Group, for instance. In a tough IPO market, they went public in 2023 and saw their stock jump 37% on the first day. That didn’t happen by accident. It was the result of strategic decisions made years earlier: disciplined growth, strong financial performance, well-crafted storytelling, focused leadership and the ability to meet investor expectations.

    Don’t just raise capital. Rehearse the exit.

    Too many founders treat fundraising like a finish line. But capital is a tool, not a strategy. If you raise money without a clear exit roadmap, you risk dilution, misalignment, or worse, getting stuck in the middle.

    Instead, start with the exit in mind. Ask yourself:

    • What would a strategic acquirer find most valuable about my business?

    • If I were to list tomorrow, are my systems, controls and structures ready?

    • Do I have the right team and board to guide me through a real transition?

    The earlier you ask these questions, the more optionality you create. And in this volatile market, optionality isn’t a nice-to-have. It is your edge.

    Related: How to Expertly Position Your Business for an Exit

    Build to exit, lead to endure

    The paradox is real: The strongest exits come from businesses that aren’t built just to exit. They’re built to endure. They have resilient models, committed teams and founders who lead with transparency and purpose.

    An exit mindset doesn’t mean you’re pulling back. It means you’re more strategic and leading with vision. It doesn’t mean you’re ready to walk away; it means you’re building something that can outlast you.

    So, whether you’re on your first round or your fifth, ask yourself: If I had to exit tomorrow, would I be ready?

    If the answer is no, you’re not alone. The time to start building with that end in mind is now.

    After three decades in capital markets and entrepreneurial ventures, I’ve learned one hard truth: Most founders wait too long to think about their exit. They’re focused on growing the business, product-market fit, hiring the right people or raising their next round, and understandably so. But here’s the reality: The companies that scale, endure and lead are the ones built with the end in mind.

    Having an exit mindset doesn’t mean you’re planning to abandon ship. It means you’re architecting your business with intention and strategic foresight. Whether your future includes an IPO, a SPAC merger, a venture-backed acquisition or simply attracting long-term capital, an exit mindset forces clarity. It requires discipline. And it ensures you’re building not just for now but for what comes next.

    Related: Starting a Business? You Should Already Be Thinking About Your Exit Strategy. Here’s Why.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Peter Goldstein

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  • 5 Sales Secrets Your Competitors Don’t Want You to Know | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Poor pricing always comes with a profit margin, whatever the category or product you have. In 2024, returns in ecommerce reached $743 billion, almost 15% of all retail sales in the US. A significant part of these returns would not have happened if priced right.

    Such errors are not only responsible for lost revenue but also come with missed customers, eroded market share and shattered brand trust.

    The good news? I’m about to share five proven ways that you can use to help your sales grow.

    Related: An Entrepreneur’s Guide to Startup Pricing Strategies

    1. Dynamic pricing

    The retail landscape in 2025 is more tense than ever. Real-time competitor activity, demand shifts, stock levels monitoring and scraping, all while using AI-driven tools, make it now easier than ever to adjust prices within a few seconds. This allows ecommerce brands to remain agile and competitive without manually updating listings.

    Take Airbnb as an example. Their ‘Smart Pricing’ tool fine-tunes nightly rates based on seasonality, local events and demand spikes. Hosts using Smart Pricing are nearly four times more likely to receive bookings and report a 12% increase in revenue, on average.

    By automating price decisions, you can react instantly to the market, run A/B tests to identify price sensitivity and keep your margins healthy even in crowded categories.

    2. Competitive pricing

    The US e‑commerce market, worth $1.19 trillion in 2024, is projected to hit $1.29 trillion by the end of 2025. Such growth always comes with fierce competition, requiring competitive pricing, which is named as a top priority when making a purchase by 46.8% of online shoppers.

    Competitive pricing means strategically changing your prices, depending on other players on the market and your value proposition. It’s often used by businesses selling similar products with little differentiation, where everyone is fighting for the same customer.

    Walmart and Amazon are stuck in a constant pricing battle. Walmart uses competitive pricing backed by dynamic algorithms, closing its price gap with Amazon by 3% and even reducing prices by 4% on Amazon’s top‑selling products. This approach has helped Walmart remain a strong competitor in fast‑moving categories like grocery and packaged goods.

    If you’re in a competitive niche, monitor competitor pricing regularly and use dynamic or AI‑powered tools to adjust in real time.

    Related: A Marketer’s Guide To Successfully Navigating A Price War

    3. Value-based pricing

    Value-based pricing focuses on what customers are willing to pay based on perceived value, not just production cost. This approach positions you for better margins and long-term loyalty.

    Apple is the gold standard here, with its customers staying loyal despite being in quite a premium segment with high prices. People see how a company invests in innovation, user experience and brand prestige and that’s when they’re willing to pay more. As of Q1 2025, Apple held a 19% share of global smartphone shipments, up from 16% the year before.

    Start by understanding what value means to your audience. Gather feedback, analyze market perception and position your brand clearly.

    4. AI-driven pricing

    In 2025, over 60% of enterprise SaaS products embed AI features, many of which are used for pricing optimisation and personalisation.

    AI-driven pricing uses machine learning to analyse customer behaviour, competitor prices, supply levels and market trends in real time. Then, the system determines the ideal price point to maximise both conversions and profitability.

    Google Workspace recently raised prices by 17–22% after integrating AI features into every business plan. By bundling AI capabilities directly into its offering, Google increased perceived value and reduced churn, even with a higher price tag.

    For ecommerce businesses, the takeaway is clear: invest in AI tools that integrate with your existing platforms (ERP, BI, CRM). Make sure to monitor the financial impact, avoid abrupt price shifts and allocate resources to maintain and update your AI models for continued accuracy.

    Related: AI’s Role Is Up to You — These 4 Rules Make the Difference

    5. Promotional pricing

    Temporary discounts with urgency are one of the simplest ways to attract new customers and boost sales. It can come in many forms: percentage discounts, flash sales, coupon codes or free shipping. A 2024 Statista study found that 62% of online shoppers are motivated to buy when offered a promo code, especially via email or social media.

    McDonald’s changed its McValue platform in the US to add popular options like the $5 Meal Deal and ‘Buy One, Add One for $1’. These promotions are forecasted to drive revenue growth to $27.4 billion in 2025 – a 5.1% year‑on‑year increase.

    Incorporate promotions into your broader marketing and financial strategy to drive short‑term sales, clear inventory or launch new products.

    Pricing is a living, evolving part of your business that can influence your profits and, what’s more, customers’ trust. Data-driven strategies can help you course-correct quickly. The best way to increase sales is to adapt your strategies as markets change and combine dynamic, competitive, value‑based, AI‑driven and promotional pricing.

    Poor pricing always comes with a profit margin, whatever the category or product you have. In 2024, returns in ecommerce reached $743 billion, almost 15% of all retail sales in the US. A significant part of these returns would not have happened if priced right.

    Such errors are not only responsible for lost revenue but also come with missed customers, eroded market share and shattered brand trust.

    The good news? I’m about to share five proven ways that you can use to help your sales grow.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Slava Bogdan

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  • How Miami’s Pest Brothers Got Its Start | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Jose Rodriguez wanted to follow in his father’s footsteps and build a career in the pest control industry, so it was a dream come true when his brother, Michael, teamed up with him to start Pest Brothers. Their strong bond set the tone for a thriving business focused on building lasting relationships with customers.

    “I don’t think there are a lot of options where you get to work with your best friend and your biggest cheerleader,” Michael says. “For me, that was really the most important thing.”

    Related: Two Industry Leaders Share Their Best Advice for Restaurant Owners – And Reveal the Exact Amount You Can Raise Prices Without Losing Customers

    It turns out, going into business with your best friend can be your key differentiator. The two exhibit excellent teamwork, which is reflected in their customer interactions and many five-star reviews — securing their spot on Yelp’s Top 100 Local Businesses of 2025.

    “[Customers] find us well-tempered, well-mannered,” Michael says. “And the reason for it is we’re enjoying what we do and who we do it with. I think that’s really the basis for it all. And then from there, good things come.”

    Joined by their brother-in-law, John, each member of the Pest Brothers brings something different to the table, including recruiting, marketing and industry experience.

    Old-school relationship-building was key to their early growth. The team sponsors golf tournaments for local schools and attends community events to not only create visibility for Pest Brothers but also to honor their roots.

    “We were sponsors at the golf tournament for [my son’s] high school, where we get a lot of leads,” Jose says. “We advertise wherever we can because those are the folks who have fed us when we weren’t necessarily getting to Yelp’s Top 100.”

    Related: This Is What the CEO of Kickstarter Wishes Aspiring Entrepreneurs Knew

    Still, the brothers knew there was more they could do to boost online visibility. They saw Yelp as an opportunity to attract more leads, and the investment paid off quickly. “We tried out the free trial [of Yelp Ads], and it was an absolute success — almost like we flipped a light switch, and [leads] tremendously started flowing in,” Michael says.

    They received such an influx of attention from homeowners that they decided to stop sending out snail mail advertisements, which can have a low success rate.

    “Whenever we receive a lead on Yelp, it’s about speed to lead,” Michael says. “The more quickly we can reach out, the more quickly we can get to that house, service it and win that lead.”

    Its Yelp presence does more than lead generation, however. It also builds trust and helps turn potential customers into loyal, long-term regulars. Especially in the pest control and home service industry, a new customer doesn’t always mean one job. Every new lead is a chance to create a recurring customer — and the opportunities are rolling in for Pest Brothers.

    “These are folks that if you do a good job, they’re gonna reward you for a long period of time,” Michael says. “In terms of the Yelp leads I saw on our dashboard, views on our page have increased by 576% over the past 30 days [since winning Yelp’s Top 100]. You talk about market awareness — that’s tremendous. That’s viral if I’ve ever seen it, so it’s been awesome for us.”

    Once you have your audience’s attention, Jose emphasized how important it is to set clear expectations, such as how long a treatment will take or when the customer will see results. It’s this type of transparency that builds credibility, prevents confusion and earns five-star reviews.

    When mistakes inevitably happen, the brothers acknowledge them with grace, reaching out personally to customers to make things right. “If somebody calls you, you can definitely rectify their issue as soon as you can,” Jose says. “That’s literally the whole point of being a small business, [being] able to do that.”

    Related: She Created the Dance Studio She Was Looking For. Now, It’s a Nationwide Brand.

    After building Pest Brothers from a two-man operation into one of the most trusted pest control companies in the Miami area, co-founders Michael and Jose share what’s helped them succeed in the competitive home service industry:

    • Lead with trust. Customers extend trust when they let you into their homes and workplaces. Be reliable, show up when you say you will and treat every space with respect.
    • Invest in relationships. Repeat customers and referrals are the lifeblood of a service business. Learn people’s names, remember their concerns and treat every job as an opportunity to strengthen the connection.
    • Use tools to work smarter. From routing software to online reviews, technology can save time, improve efficiency and help you better serve customers. Leverage different platforms and tools to stay organized, respond faster and build your reputation.
    • Stay adaptable. Every job is different. Be ready to adjust your approach and keep learning new methods to stay competitive and efficient.
    • Build a reputation that lasts. Home services are about more than solving a specific problem. They’re about creating peace of mind. When people know you genuinely care about their home or business, they’ll trust you for years to come.

    Watch the episode above to hear directly from Michael and Jose Rodriguez, and subscribe to Behind the Review for more from new business owners and reviewers every Wednesday.

    Editorial contributions by Jiah Choe and Kristi Lindahl

    Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.

    Emily Washcovick

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  • Take These 5 Steps to Future-Proof Your Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are facing strong headwinds in today’s dynamic business environment. Technology is evolving faster than entrepreneurs can keep up with, market and consumer demands are constantly changing, and there seems to be a new economic or geopolitical disruption every week. Surviving in this landscape requires businesses to have robust strategies and systems in place while simultaneously remaining nimble. This pressure is exceedingly difficult to tackle as the business grows.

    To thrive in this volatile business landscape, a comprehensive and resilient strategy is absolutely essential. This involves establishing robust frameworks that allow your business to absorb shocks and swiftly recover from constant change. With technological advancements, particularly AI, businesses must proactively adapt their operations and integrate new tools to avoid being outpaced by agile competitors. Developing a strategy that ensures core functions remain stable under pressure while aligning with your personal and professional vision is paramount for long-term success.

    Related: Follow These 7 Business Strategies to Future-Proof Your Business

    1. Audit and streamline operational processes

    The foundational step to future-proofing your business is to have a deep understanding of your business’s operational processes. The good news here is that for startup entrepreneurs, you were likely involved in their creation. The bad news is that it can be difficult to spot inefficiencies because of internal biases, which is why it’s important to engage other members of your team to participate in the process.

    Start by mapping out all of your critical business processes. Having clearly documented processes allows your business to function like a well-oiled machine. It ensures that everyone is on the same page and working together. As you go through this exercise, look for opportunities to improve tasks that are repetitive, time-consuming and prone to human error. By formalizing your processes, you are future-proofing from the standpoint of reducing dependency on the founder and ensuring critical operations aren’t reliant on a single person.

    2. Leverage technology for automation

    Once you have clearly documented processes, you can strategically leverage technology, including AI, to automate repetitive tasks and drive efficiency. This entails developing a technology roadmap to identify gaps, research emerging solutions and plan seamless integration.

    It’s important to prioritize solutions that solve specific problems and integrate smoothly, such as AI-powered chatbots for customer interactions, predictive analytics for inventory and automation for administrative tasks. Thoughtful implementation can boost efficiency, minimize errors and free your team for strategic work.

    In addition, automation should generate actionable data, allowing your team to identify areas for continuous improvement and proactively spot future disruptions.

    Related: 90% of Your Business Could Be Automated With Just These 4 Tools

    3. Build a culture of delegation

    While technology provides powerful tools, a business cannot truly scale if decisions and critical tasks consistently bottleneck with the business owner. This is why a pivotal step in future-proofing involves actively building a culture of delegation and empowerment within your team. As a business owner, it’s critical to start systematically delegating tasks and responsibilities by providing clear guidelines, comprehensive training and the necessary authority for team members to succeed independently.

    The ultimate goal is to foster an environment where employees are encouraged to take ownership, proactively solve problems and contribute ideas. From a future-proofing perspective, a strong, empowered team is fully capable of adapting and performing effectively even in your absence.

    4. Develop a talent strategy

    Your team is your greatest asset. A solid future-proofing strategy involves more than just hiring. It means actively attracting, developing and retaining adaptable talent, skilled in new technologies. For your existing team, be sure to invest in ongoing training and skill development to ensure their capabilities keep pace with technological advancements and market demands.

    A skilled and adaptable workforce is essential for navigating change, implementing new strategies and embracing new tools. A proactive talent strategy ensures that your team is prepared to meet future demands and leverage emerging technologies effectively.

    5. Foster a mindset of continuous innovation

    To truly future-proof your business, entrepreneurs should encourage a mindset of continuous improvement and innovation. You can do this by encouraging experimentation and allowing your team to make small mistakes and learn from failures. By building agility into your operational planning and decision-making, you are setting up the team to be nimble when unforeseen market challenges arise. Having a culture that embraces change and actively seeks new ideas will enable you to better identify and capitalize on future trends, rather than being overwhelmed.

    Related: The Power of Continuous Innovation — and 3 Easy Ways Your Company Can Achieve It

    There is a lot of uncertainty about the future. With rapid changes due to technology and other factors, it’s impossible to predict the resources, skills and strategies businesses will need to survive. It’s critical for every entrepreneur to take the time to carefully consider what they can do to strengthen the resilience of their businesses and position themselves to take advantage of new and emerging opportunities.

    Small businesses are facing strong headwinds in today’s dynamic business environment. Technology is evolving faster than entrepreneurs can keep up with, market and consumer demands are constantly changing, and there seems to be a new economic or geopolitical disruption every week. Surviving in this landscape requires businesses to have robust strategies and systems in place while simultaneously remaining nimble. This pressure is exceedingly difficult to tackle as the business grows.

    To thrive in this volatile business landscape, a comprehensive and resilient strategy is absolutely essential. This involves establishing robust frameworks that allow your business to absorb shocks and swiftly recover from constant change. With technological advancements, particularly AI, businesses must proactively adapt their operations and integrate new tools to avoid being outpaced by agile competitors. Developing a strategy that ensures core functions remain stable under pressure while aligning with your personal and professional vision is paramount for long-term success.

    Related: Follow These 7 Business Strategies to Future-Proof Your Business

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Nicholas Leighton

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  • How to Empower Your Team to Solve Problems Without You | Entrepreneur

    How to Empower Your Team to Solve Problems Without You | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It is quite common among entrepreneurs and leaders to become the ultimate “fix-it person,” always on the lookout for a solution. After all, we’ve built businesses by making decisions, fixing issues and clearing hurdles. However, as you continue growing your business, attempting to solve every issue you encounter is counterproductive, as it acts as a constraint on development and hinders team growth.

    It is important for you not to try to solve all the issues you come across. You need to build an environment where issues are addressed and resolved without your involvement so that you can concentrate on the strategic level.

    This is how you can work on your team, construct the process and stop fixing everything yourself.

    Related: 7 Ways to Help Your Employees Become Better Problem-Solvers

    1. Crisis playbooks: Create detailed guides for your team

    Perhaps the best way to stop being the “fixer” is to equip the team with tools and enable them to deal with the recurring challenges themselves. This is where creating crisis playbooks comes into play. A crisis playbook is a step-by-step plan that your team follows when faced with certain types of problems that occur repeatedly. But it is not just a list of directions; it is a well-thought-out strategy that enables them to manage emergencies on their own.

    For example, if there are many complaints from customers, you do not have to interject each time. Instead, create a step-by-step playbook for the team to follow — how to respond, to whom one should report the problem and what to do after the problem is solved. It reduces interference in your business operations, yet it also maintains a predictable and organized pace.

    Actionable insight: Select the three most frequent issues in your business and focus on them. Develop a precise roadmap for each of them, explaining who is accountable for what and how a problem can be resolved. Teach your subordinates to use these playbooks instead of seeking your assistance in the process.

    2. Empower your team: Give them the authority to solve problems

    If your team is always waiting for your approval or for your decision, then it is high time to change the way you lead your team. It is crucial for leaders to understand that implementing the concept of empowering your team is not as simple as throwing the reigns and saying, “Go for it.” It is about providing them with the freedom to make certain decisions without necessarily having to consult their superiors as long as they fall within a certain laid-down set of guidelines.

    When your team is endowed with authority and trust, they are more likely to exercise ownership of the roles given to them. Self-empowerment minimizes the level of reliance on you, enhances the rate of decision-making and promotes accountability. It also helps you to stop worrying about unimportant details and start focusing on the more important strategic tasks.

    Actionable insight: You must set limits on what your team is allowed to do without consulting you. Let them manage tasks on their own within such constraints and only report issues that need your intervention. In the long run, you will realize that fewer matters get to your table, and efficiency will increase.

    3. Early warnings: Implement systems to flag issues before they become crises

    Instead of waiting for issues to turn into major concerns, develop early signals that notify your team of potential issues before they become huge. These systems can be simple, for instance, using an automated software program to monitor for unusual activity or using regular team meetings to find out small issues before they become big problems.

    If problems are reported from the onset, they can be solved before they become a big problem in the organization. This minimizes tension and confusion and enables more rational approaches to problems.

    Actionable insight: Ensure that you use technologies that will enable continuous evaluation of your business processes. Whether it is the customer satisfaction index, the stock status or the performance of the employees, it is always advantageous to detect issues early before they snowball into something bigger. Schedule weekly or bi-weekly meetings with your team to discuss possible problems before they arise.

    Related: 4 Secrets to Building a Team That Can Handle Anything

    4. No interruptions for minor issues: Let your team handle the small tasks

    Not every problem is worth your time and energy. In fact, most aren’t. However, if you are always drawn into small issues, you will be bogged down by them and won’t be able to look at the big picture. For efficiency and better team relations, create an environment where your team understands that they don’t have to report petty problems to you. It could be small issues perceived by customers, small issues affecting day-to-day operations or even issues that employees have against each other or the company. It is okay to let your team deal with these issues on their own, in accordance with the playbooks and systems you have put in place.

    Actionable insight: Define what should be considered minor and what is critical in terms of the business. For small items, let the team decide what is best. If they know you trust them to solve these problems, they will, and you can spend more of your time on strategic planning and development.

    5. Define priority levels: What’s truly urgent?

    When everything is a fire, nothing becomes a priority to deserve the attention of a fire. There will always be competing priorities in any organization, and therefore, one of the toughest tasks is to know what is critical, what is important and what is less critical.

    If your team is still foggy on this, they will come to you with all sorts of things, just in case. To overcome this, you need to establish priority levels within your team. Set standards for what can be considered a high-priority area as opposed to a low-priority one. Emergent issues should be taken into your attention, whereas the rest of the problems must be solved based on protocols and procedures.

    Actionable insight: Discuss with your team members and try to divide various kinds of problems by their importance. Emergent issues could be any matter that is critical to customers or the safety or financial health of the business. The rest should be left to the team or addressed at your next meeting. In this manner, the team is aware of what really requires your intervention and what can be managed by them.

    6. Focus on long-term solutions, not quick fixes

    In many cases, instead of solving the root of the problem, we are quick to address the issues at hand and provide a quick solution. This is where many businesses end up being in a constant state of firefighting. Instead, motivate your team to develop a long-term perspective toward the problem.

    Instead of quickly patching up a problem, ask them to look deeper: What led to this problem, and how can it be avoided in the future? Long-term solutions may take longer at the beginning, but they help to save countless hours and headaches in the future. When your team is working on sustainable solutions, your business operations will be better, and you won’t find yourself having the same issues repeatedly.

    Actionable insight: Remind your team members to always look beyond the surface of their tasks. Tell them to search for the root causes of issues and identify methods that can be employed to solve such issues and ensure that they do not happen again. This way of thinking will help eliminate many of the trivial problems that arise and give you more time to focus on the important questions.

    Related: 3 Leadership Secrets That Lead to Team Empowerment

    A leader’s role is not to be the one who solves all the problems that arise in the organization. It is to create a team and a system in which difficulties do not turn into issues in the first place. Thus, by writing crisis playbooks, giving your team more freedom, introducing early alert systems and working towards the future, you can take your attention off of mere survival and put it on success.

    Finding solutions is crucial, but finding ways to avoid problems is revolutionary. It is better to dedicate more time to leadership and planning and enable your staff to deal with problems proactively on their own. The result? A more efficient and empowered team — and a business that feels like one seamless unit.

    Chris Kille

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  • Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

    Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the business world, it often seems like startups go from idea to billion-dollar valuations in the blink of an eye. But these overnight success stories, while inspiring, often mask a crucial truth: Building a great, sustainable business takes time, often much more time than most founders, investors and observers expect.

    Nothing sells better than the idea of a rapid, meteoric rise to success, and we’ve all heard stories of the legends — Instagram went from launch to a $1 billion acquisition by Facebook in just 18 months, Uber achieved a $70 billion valuation in less than a decade, and the idea for Airbnb went from air mattresses on a living room floor to a global hospitality giant in a few short years. But these are exceptions rather than the rule, and they create a distorted view of how long success really takes.

    As a founder turned investor, I’ve built and funded startups that have been very successful. But they took a long time, in some cases over a decade, to get there. And there’s nothing wrong with that. The real secret to building and growing startups lies in the art of patience.

    Related: Overnight Success as a Startup Is Unrealistic — Embrace the Uncertainty and Try This Instead.

    Reality check: The true timeline of startup growth

    The reality for most successful startups is far less glamorous than the companies making headlines and much more time-consuming. When you’re forming a new company, these are the things that take the most time but that you need to prioritize to have a shot at success:

    • Product-market fit: Finding the right product that solves a real problem for a specific market can take years of iteration and pivoting. Take Slack, for example — it started as a gaming company before pivoting to become the workplace communication tool it is today.
    • Revenue generation: Developing a sustainable revenue model often requires multiple attempts and adjustments. Pinterest spent years fine-tuning its monetization strategy before achieving profitability.
    • Scaling: Growing from a small team to a larger organization while maintaining culture and efficiency is a slow, challenging process. Dropbox spent over a decade perfecting its product and scaling its operations before its successful IPO.
    • Market education: For truly innovative products, educating the market and changing consumer behavior takes time. Tesla spent years convincing the market of the viability of electric vehicles before achieving mainstream success.

    I spent eight years at the company I co-founded, Density, and we were hyper-focused on getting these areas of the business right. In the beginning, we tested our idea by manually counting people in a coffee shop and publishing the results online. We initially sold WiFi-based counting solutions to retail businesses, but after receiving feedback and interest from larger organizations, we decided to pivot and focus exclusively on commercial real estate (CRE).

    Along the way, we realized our product wasn’t accurate enough, so we rebuilt it from the ground up. We expanded into mid-market businesses and even found an unexpected use case with airport lounges — if you fly Delta, you’ll probably see one of our sensors above the lounge doors. Eventually, we shifted back to focusing on CRE and changed our business model from a per-sensor fee to a square footage-based software fee because it made the most sense for revenue generation.

    Since I left the company, that journey has continued. This timeline is much more representative of the typical startup experience.

    Related: How Saying ‘Yes’ to Every Opportunity Helped My Startup Make $1 Million in the First Year

    Maintaining momentum over the long haul

    Long timelines without significant milestones can certainly be demotivating to employees and leadership. But there are ways to maintain motivation and momentum for the long haul.

    Set intermediate goals by breaking down the long-term vision into shorter-term, achievable objectives. This will help your team understand that they are making progress even if it’s incremental. I also believe in celebrating small wins. Acknowledge and celebrate the little achievements along the way, no matter how insignificant they might seem.

    It can be difficult to do when you’re grinding hard to make your idea a reality but hear me out — it’s crucial to maintain some semblance of work-life balance. If everyone is working until 9 p.m. and on weekends, they’re going to burn out and be even less likely to stick it out for the long run. Encourage your team to take time off.

    Lastly, stay connected to the mission. Regularly revisit and reinforce the company’s core mission and values because it reminds people why they’re doing the work and why they should continue even when progress feels slow.

    How investors and founders can align on long-term visions

    Building a great startup takes time, and it’s not just you who needs to be patient — your investors have to be on board, too. From the get-go, make sure you’re having honest conversations with them about what the journey is going to look like. Talk about timelines, key milestones and what success really means for your startup.

    It’s crucial to find investors who not only get your industry but also share your long-term vision. It’s important to pursue capital from investors who share your ideology and have a vision for their fund that outlives your business — an investor can only be in it for the long haul if their fund model supports it.

    In general, try to find investors with good track records and some semblance of operating experience. They’ll often have more empathy for the ups and downs of finding market fit or unlocking revenue. Once you have those people in your corner, keep them in the loop with regular, open communication. And don’t just focus on today’s revenue or growth numbers; pay attention to leading indicators, like customer acquisition cost, monthly recurring revenue and user engagement metrics. These are the signs that show you’re on the right track for future success.

    Don’t be shy about asking your investors for help. They bring experience and connections that can be game-changers when things get tough or when you’re looking to scale faster. As a former founder, I try to be a mentor to the companies I invest in. I’m always willing to get into the nitty gritty with founders and help them with operations, brand work, product development and company culture. The more involved your investors are, the better off you’ll be.

    Embracing the long game

    Building a truly great, sustainable business is more a marathon than a sprint. It requires not just ambition and hard work, but also patience, resilience and a willingness to learn and adapt over time.

    For founders, this means setting realistic expectations from the start, both for themselves and for their teams. It means being prepared for the long haul, celebrating the small victories along the way and maintaining focus on the ultimate vision.

    For investors, it means looking beyond the allure of quick returns and being willing to support promising companies through the tumultuous startup journey.

    We also need a mindset shift for the whole industry. We need to celebrate not just the rapid rises, but also the steady, persistent builders who create value over time. By being patient, we can foster a more sustainable startup ecosystem — one where enduring companies create real value for society. The most impactful companies of our time weren’t built overnight. They were built day by day, with patience, persistence and an unwavering commitment to their vision.

    Rob Grazioli

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  • The Port Strike Ended — Now What? | Entrepreneur

    The Port Strike Ended — Now What? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In October, ports across the U.S. shut down as the International Longshoremen’s Association (ILA) went on strike for the first time since 1977. The port strike shut down 14 major ports and threatened to disrupt more than half of the U.S.’s global trade.

    The ILA represents about 45,000 dockworkers, and the union went on strike to demand higher wages and a ban on automation. Fortunately, the shutdown only lasted for three days, and the ILA and the U.S. Maritime Alliance extended their contract until January 15, 2025.

    However, if they can’t reach an agreement in the new year, the dockworkers could go on strike again. It’s a good idea for small businesses to start diversifying their supply chain and getting ahead of overseas orders now, just in case we find ourselves in a repeat situation.

    Related: 5 Ways of Effectively Navigating Supply Chain Disruptions

    The economic impacts of a port strike

    How a port strike would affect the U.S. economy depends largely on how long it lasts, but shipping delays would likely be the first and most noticeable sign. Over $2 billion worth of goods flow through these ports daily, and a strike would affect everyday items like perishable food, different types of alcohol, durable goods and raw commodities.

    Delays could hurt small businesses that rely on shipments from overseas suppliers, causing low inventory and lost revenue. If a shutdown lasted more than a month, it could cause the cost of imported goods to rise and contribute to inflation. Transportation costs could also rise due to the increased delays.

    An extended port strike would hurt retail, agricultural and manufacturing businesses, and over time, this could force businesses to lay off workers to cut their expenses. A prolonged strike could also hurt the U.S.’s relationship with its global partners and cause other countries to look for alternative trade partners.

    Related: 7 Strategies for Growing Your Business When Supply Chain Disruptions Are Everywhere

    How businesses can mitigate future risk

    A port strike poses numerous challenges, but businesses do have time to prepare so they aren’t caught off-guard. January through March tends to be a slower period for retail sales, so businesses will have more capacity to keep their supply chain moving. Let’s look at five ways small businesses can prepare for another port strike.

    Stock up on inventory

    Businesses have until January 15 to begin building up their inventory and preparing for another shutdown. Start reviewing your inventory levels to accurately forecast demand and determine what you’d need to get through a strike. Prioritize high-margin products and items that are essential to your business operations.

    Diversify your supply chain

    Another way small businesses can protect themselves is by diversifying across several different suppliers. Begin establishing relationships with suppliers in different locations or countries and look for opportunities to source these items locally. Domestic suppliers may be more expensive, but they’ll reduce your dependence on international ports.

    Use inventory management software

    If you aren’t already using inventory management software, now is a good time to start. This software gives you real-time visibility into your inventory levels, making it easier to forecast demand and make informed purchasing decisions.

    Inventory management software uses AI to analyze historical data and external factors to predict future demand. It can also help you determine which items are the most popular and should be prioritized.

    Communicate with your customers

    Since an ongoing port strike can cause delays and inventory shortages, it’s important to communicate with your customers. Let them know about potential delays and increased costs before these problems occur. Being upfront about these challenges will help you build trust with your customers and let them know you’re doing everything you can to manage the situation.

    Set clear expectations for how long delays could last and recommend alternative products that are available. Make sure your customer service team is prepared to handle customer questions and that it’s easy for customers to get in touch with your business.

    Prepare for additional costs

    If another shutdown occurs, small businesses should expect inventory, storage and transportation costs to increase. Coming up with cash flow solutions now will ensure your business can absorb these costs without any major disruptions.

    If you don’t already have one, establishing a line of credit can help you cover the cost of extra inventory and additional storage space. You can also negotiate with your suppliers to extend your payment terms and free up your cash flow.

    Related: How to Secure the Inventory You Need During a Supply Chain Nightmare

    According to the Conference Board, a nonprofit think tank, a one-week shutdown could cost the U.S. economy $3.78 billion. Hopefully, the ILA and U.S. Maritime Alliance will reach an agreement before January, but business owners should be proactive and plan for the worst-case scenario.

    Take the time to assess your supply chain now and look for ways you can strengthen it. Diversifying your supply chain and stockpiling inventory now will help you minimize the fallout if another strike happens. It’ll also help you preserve your relationships with your customers.

    Joseph Camberato

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  • Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Success in sales isn’t just about meeting quotas. It’s about fostering a culture where teams thrive, customers are delighted and growth is sustainable. Yet, many organizations struggle to strike the right balance between scaling their sales operations while ensuring the happiness and effectiveness of their teams.

    So, how do organizations cultivate happy, scalable sales teams and strike the right balance for success? Some core elements contribute to a fulfilling and successful sales environment.

    Related: Don’t Scale Your Sales Team Until You’ve Done These 4 Things

    Defining “happy” in sales processes

    All too often, when we meet with prospects, we encounter salespeople who feel overwhelmed by the pressures of their roles. The stress of meeting quotas and generating leads can take a toll on their well-being and effectiveness. Salespeople without clear direction and support from leadership cannot succeed. They may struggle to navigate these challenges effectively without guidance. Happiness in sales extends beyond hitting targets and growing the bottom line. Here are some of the competencies we’ve seen in happy, successful sales teams:

    Individual/team effort and efficiency: How much effort does it take to get the deal done? Minimizing manual tasks and streamlining processes can help alleviate stress and improve productivity across the organization.

    Transparency and support: Are sales reps given the direction and support they need to succeed and maintain traction? Obtaining clear guidance and resources from leadership is crucial to growth.

    Sales cycle length: Is the sales cycle overly prolonged and unnecessarily complicated? By shortening the cycle through efficient processes and effective lead management, companies can reduce stress and increase success rates.

    Leadership satisfaction: Are leaders equipped with the insights they need to make informed decisions? Having visibility into the sales pipeline and performance metrics is essential for effective planning and resource allocation.

    Related: 4 Ways to Stop Getting Distracted and Start Hitting Goals

    Addressing common sales pain points

    We work across a very wide range of industries, everything from manufacturing, distribution, SaaS, finance, healthcare, environmental, professional services and a long list of many others. My company has visibility into multi-departmental and cross-departmental alignment (teams from 1 to 500-plus people), and let it be known — no two sales processes are the same, even when it is within the same industry targeting the same personas. The irony is regardless of size, there is this misconception that because an organization is large, they have everything organized, mapped out and process-driven. Simply put, that’s not always true. Think of it this way: more people, more moving parts, more risk — more room for error.

    We see sales teams structure across territories, business development representatives (BDRs) versus account executives, and sales teams focused on channel versus direct, all of which influence the sales process, hand-off and efficiency for the likelihood to close. One of the best parts is because we are exposed to so many business models and processes, we get to see the best of the best and also easily identify how to improve someone’s process through automation.

    When we get down to the root of the issue, many sales teams face common challenges that hinder their ability to reach their full potential. The most common ones we see are:

    Sales and marketing misalignment: Miscommunication and friction between sales and marketing teams can lead to missed opportunities and finger-pointing, and no one wants that. Open dialogue and collaboration are key to bridging this gap.

    Lack of transparency and reporting: Without robust reporting systems, sales teams may struggle to track progress and identify areas for improvement or clear trajectories for closing deals faster. Transparency in reporting fosters accountability and enables data-driven decision-making on both the marketing and sales sides.

    Resistance to automation: Some sales teams resist adopting automation tools for fear of added complexity or a belief that it will replace human interaction. However, automation can streamline processes, free up time for more meaningful interactions with customers and focus on things a machine cannot do, like close the deal.

    Strategies for scaling sales success

    It saddens me to see talented individuals facing such challenges because they are good salespeople. There is something special about sales. I love their ability to connect with others, come from a place of help in the sales process, and sell collaboratively as a team. They have a super special people-focused gift, and I love to see them flourish and thrive in their roles.

    The concept of success is to remove any frustrating friction points or manual tasks that suck the life out of that salesperson’s main focus, closing the deal. They are measured and paid for this. If you want to lose a great salesperson, watch them continue to miss quotas, become frustrated because they aren’t reaching their financial targets and leave to go to another organization. Things like updating properties in a CRM, manually adding a new lead, sending a reminder email without automation, follow-up documentation, enrolling them in your marketing materials, and so, so many other things that quite frankly distract and wear down a salesperson.

    I’ve seen thriving salespeople succeed in one organization with structure and move to another and miss quotas monthly because they were not given access to the same tools. To build a happy, scalable sales team, organizations should consider the following strategies to keep everyone focused on the big picture —happiness.

    1. Start with setting clear goals: As an organization, defining clear, measurable goals and regularly communicating them to the team is by far the most common misstep we see in organizations. Many times, it can seem like two organizations are functioning within one organization if this is not followed. Teams should break down larger objectives into smaller, actionable steps to keep everyone aligned and on track.
    2. Openly embrace technology: Teams and individuals should leverage automation tools and CRM platforms to streamline processes, improve efficiency and enhance visibility into the sales pipeline. This is not designed to replace humans but to augment activity.
    3. Encourage cross-departmental collaboration: Foster a culture of collaborative team selling between sales and marketing teams. By encouraging open communication, knowledge sharing, and alignment on goals and objectives, organizations can reach goals faster, with less stress and greater rewards. Some examples include adding infrastructure that encourages shared reporting, dashboards, and weekly alignment meetings across teams.
    4. Invest in continual training and development: Organizations should provide ongoing training and development opportunities to empower sales reps with the skills and knowledge they need to succeed. These can be done through internal resources or a third party. Training should not be one-and-done.
    5. Prioritize personal well-being: It’s crucial to recognize the importance of work-life balance and prioritize the well-being of sales team members. Companies can do this by celebrating successes, providing support and offering resources for managing stress and maintaining mental health. It goes a long way in finding happiness inside and outside of work.

    Remember, building happy, scalable sales teams requires a combination of clearly defined goals, effective ongoing communication, technological innovation and a supportive, open culture. Organizations that face addressing common pain points head-on and implementing proactive strategies can create an environment where sales teams thrive, customers are delighted, and business growth is sustainable (while still tracking up). It’s time to unlock the full potential of your sales team and drive success in the competitive marketplace.

    Jennelle McGrath

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  • 5 Key Strategies for a Seamless Cloud Migration | Entrepreneur

    5 Key Strategies for a Seamless Cloud Migration | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Migrating to Amazon Web Services (AWS) is a journey. It often feels daunting to start this journey, but it doesn’t have to be. With this article, I will run through five key strategies that when used in isolation, as well as when combined, will go a long way in ensuring your migration to AWS is as seamless as possible.

    1. Follow a proven process

    A successful migration is as much about the preparation as it is about the act of moving workloads. Fail to prepare, prepare to fail as the adage goes. The migration journey can be broken up into four key steps.

    Discover: At this stage, it’s about defining the initial scope as much as possible. Don’t worry about the why, how or when. Focus on documenting which workloads you’re aiming to migrate.

    Assess: You now know what it is that you want to migrate. Here’s where you think about the why, how and when. Any migration should have clear technical and/or business drivers that can be articulated in a business case. At this stage, make an early call on how you want to migrate and in what order.

    Mobilize: You wouldn’t build a house on top of weak foundations, so don’t migrate workloads without configuring AWS properly. Ensure you’re setting up a strong Landing Zone that adheres to the AWS Well-Architected Framework. That way, you’ll be secure, operationally ready and aware of costs from day one.

    Migrate and modernize: At the sharp end of the process, it’s all about migrating applications and modernizing them. This should be seamless if you’ve done the preparation right. You’ll need to consider aspects such as when, or if, you can tolerate a cutover window, as well as clearly document rollback plans if it doesn’t go quite to plan.

    Related: Researching Cloud Solutions? Lessons from Amazon Web Services.

    2. Assign a migration pattern to each workload early

    AWS defines a set of migration patterns known as the 7Rs. This set of patterns covers the full spectrum, all the way from retiring workloads to completely re-architecting them to take advantage of all that AWS has to offer. A full list of the 7Rs can be found below.

    • Retire

    • Retain

    • Rehost

    • Relocate

    • Repurchase

    • Replatform

    • Refactor

    Assigning a migration pattern to each workload early, typically in the Assess phase, sets the scene for the latter phases of Mobilize and Migrate. These patterns aren’t set in stone, but establishing a north star for your migration helps to keep the journey heading in the right direction.

    3. Don’t just transform your technology, transform your business

    People, process and tools are the trio that many of you will be familiar with. The domains that are integral to a successful migration are no different. When embarking on a migration, it’s all too easy to get caught up in the new and shiny world of designing AWS architectures and dreaming of the better times to come. You must not forget what underpins any successful migration — operational readiness.

    Operating workloads on AWS bring with it several changes to consider in your operational posture. Amongst them, you should prioritize these highest:

    Cloud financial management: AWS brings with it a very different cost model — there is a sudden shift from capital expenditure (CapEx) to operating expenses (OpEx). On-premises, it is often easy to attribute capital costs — you’re able to directly link a physical piece of infrastructure purchased to the cost center that requested it. With AWS, you need to consider how, or if, you want to attribute costs at an increased granularity and implement the necessary mechanisms to enable it.

    Resiliency and disaster recovery (DR): A major advantage of migrating to AWS is the increased possibility for resiliency, but have you considered your resiliency requirements? Defining your return-to-operations (RTO) and recovery-point-objective (RPO) targets helps to determine what level of resilience you require. AWS has published an excellent whitepaper on DR in the cloud, including guidance on how to define a DR strategy depending on your RTO and RPO targets, all whilst balancing with appetite for additional spend.

    Security: Operating in the cloud brings with it a shift in mindset when it comes to security. You work on the basis of a “Shared Responsibility Model,” where AWS is responsible for the security of the cloud (i.e., physical security of the data centers), and you are responsible for security in the cloud (i.e., the configuration of your workloads). You need to consider how this impacts your existing tools and processes and evaluate whether cloud-native security tools are better placed to serve you.

    Related: Prompting Change: Four Steps To Enable A Cloud Transformation In Your Business

    4. Use the Well-Architected Framework

    The Well-Architected Framework contains prescriptive guidance spread across six pillars, designed to make it easy to design and implement solutions that adhere to best practices. The pillars are Operational Excellence, Security, Cost Optimization, Reliability, Performance Efficiency and Sustainability.

    Within the framework exists the concept of lenses. These are workload or use-case-specific additions to the standard guidance. One such lens is the migration lens. It covers the usual pillars but provides specific migration-related guidance aligned to the familiar proven phases of the migration journey (discover, assess, mobilize, migrate and modernize).

    Keeping this framework and any additional lenses in mind and evaluating against the guidance throughout the migration journey will increase the chance of successful decision-making and subsequently a seamless migration.

    5. Leverage specialist AWS partners

    For large and complex migrations, it’s worth working with a specialist partner to support your journey. AWS makes it easy to identify the right partner through a variety of specialization programs. There are three key types of specializations to consider when you evaluate a partner:

    Competencies: These are externally audited awards that verify that a partner has deep expertise and proven experience in either an industry (e.g., Financial Services), use-case (e.g., Migration and Modernization) or workload type (e.g., Microsoft).

    Service delivery: These are focused specifically on an AWS service (e.g., Amazon RDS) and are awarded when partners can demonstrate that they can deliver solutions using said service to a consistently high standard and in accordance with best practices.

    Well-Architected: The Well-Architected Framework that we discussed earlier has a dedicated partner program that recognizes those partners that are particularly experienced at designing for, evaluating against and remediating to get to AWS best practices.

    You can search for an appropriate partner on the AWS Partner Finder.

    Related: 4 Reasons Business Leaders Need to Accelerate Cloud Adoption

    You should now have several key strategies front of mind to aid in making your migration seamless. Working to a proven process and leveraging a specialist partner where necessary, keeps your journey on the straight and narrow. Mapping your workloads to migration patterns as early as possible sets you up to make use of the Well-Architected Framework as you get ready to design your target architecture. Finally, don’t forget to take the whole organization on the migration journey. A successful migration can only be considered truly successful if everyone is bought into and benefits from the transformation.

    Alex Kearns

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  • 5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes | Entrepreneur

    5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Anyone who has found success as an athlete will tell you that sport teaches lessons that go far beyond the playing field. If you’re looking to succeed in the competitive business environment, there may be no better models than champion athletes. What is it that allows these individuals to achieve greatness? What makes someone a winner? There’s not a single answer. Rather, it’s a combination of things. We’re sharing five of them here. If you follow these lessons, you’ll be poised for a championship in the business world.

    Related: 4 Productivity Tips from Extreme Athletes That Will Make Your Business Stronger

    Show supreme confidence

    Champions have a robust belief in themselves and their ability to succeed. Importantly, this does not mean they expect the journey to be easy. Most things worth having require tremendous effort. Champion athletes devote “blood, sweat and tears” in pursuit of excellence, and they’re willing to make the sacrifice because they know it will pay off. Self-doubters abandon the journey when it gets too hard or when they encounter a few obstacles. Champions persevere because they believe in themselves to the core. This stout self-confidence becomes self-fulfilling. When you fully believe you’ll win if you keep on grinding, you’ll out-grind your less confident competitors. Supreme confidence leads to supreme effort, and supreme effort leads to success.

    Like a champion athlete, a winning entrepreneur stays committed when things are tough. Tomorrow’s industry leaders are those who will continue to refine their current pitches and marketing strategies as many times as it takes to reach a breakthrough. They will not be deterred by rejection but rather will learn from it, make adjustments, and come back stronger. This willingness to learn and improve, in fact, is another defining feature of champions.

    Always look to improve

    Champion athletes, while supremely confident, also possess enough humility to know they always have room to learn and grow. When they take a loss, they review the game film to identify the mistakes they’ve made and see where they need to adjust for the next time. Even when they win, they look at what they could have done better. They also seek input from others. When a coach points out a flaw in their technique, they’re receptive to the feedback and incorporate it into their training. They also look to teammates and even to opponents to learn what others are doing well.

    As an entrepreneur, if you lose out on a deal or find a competitor holding a larger share of your targeted market, then look at what they are doing to succeed. Be open to learning and humble enough to seek help from others. Champions are usually their own harshest critics, and their high standards drive them to keep improving. So even when you have some successes, continue looking to level up.

    Focus on what you can control

    Champions do everything they can to control the variables involved in their sport. Knowing that they can’t fully control the outcome, they go all-in on what they can control, including attitude, effort, and preparation. Entrepreneurs ought to do the same by analyzing their markets, rehearsing presentations multiple times, and scouting both their competition and their potential customers. If you’re meeting with a client, study them ahead of time so you can anticipate the questions they may ask and have impressive answers prepared. Be obsessive about your preparation.

    A corollary to this lesson is focusing your post-hoc explanations on what you can – or could have – controlled. After a tough loss, champions do not blame the referee. Instead, they look at what they could have done differently so the referee’s calls would not have mattered. As an entrepreneur, be cautious of attributing bad results to luck or of claiming things weren’t fair. When you do so, you lose motivation to make adjustments for next time. Instead, follow a champion’s lead and know there’s always something you could have done better.

    Improvise when needed

    Even as champions focus on what they can control, they also recognize that they can’t control everything. Rarely does something go exactly as planned, and the best performers adapt and improvise. Something can always go wrong, and rather than panicking when it does, winners stay confident and make the needed adjustments. Thus, even as you work to control what you can embrace the uncertainty of your sport – or your business, as the case may be.

    Related: 5 Lessons Entrepreneurs Can Learn from Pro Sports Teams

    Be flexible

    You may have noticed that the lessons described above hold some contradictions. Champions have supreme confidence yet also believe they need to get better. They also focus on what they can control while accepting they can’t control everything. Thus, another key to success is adapting your mindset based on the situation at hand. Champions have the mental flexibility to do so seamlessly. Rather than looking for a recipe to follow every time, they embrace the fluidity required to succeed consistently.

    This willingness to adapt – to possess an unfixed mindset – is the main premise of the book Extreme Balance: Paradoxical Principles That Make You a Champion, published by Entrepreneur Press. This volume, which I have co-authored with champion athlete and coach Ben Askren and successful business leader Joe De Sena, describes how various champions balance contradictory principles to succeed in their respective sports. It includes chapters such as “Thinking You’re Good Enough and Thinking You’re Never Good Enough,” and “Preparing for Everything and Expecting the Unexpected.” These sections expand upon the lessons described here – and many others – in greater depth. If you want to be a champion entrepreneur, it’s a great resource to help get you there.

    David Sacks

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  • How to Create a Brand Philosophy Your Whole Team Believes In | Entrepreneur

    How to Create a Brand Philosophy Your Whole Team Believes In | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The day after we finished training our staff for the new Ford’s Garage in Gainesville, Florida, a family appeared at the door. They thought we were open because they saw the team in the dining room. We could have told them to come back when the restaurant opened to the public, but instead, we invited them in, and they had a fantastic dining experience. That was in 2022, and they still come in as frequent guests.

    That’s just a great story of hospitality. It’s one of the “seven commitments” from our brand philosophy that our Gainesville team beautifully brought to life. By living our vision, they created guests for life, which shows the importance of getting your team on board with your brand philosophy.

    A company’s brand philosophy is often called the North Star, after an old-age technique used by early navigators traveling at sea. Like the ancient mariners who first steered their ships by it, you can help your team find their way with a well-thought-out vision that’s communicated to everyone and reinforced every day. It has to be something real, not just a poster on the wall in the break room, and it has to come to life through sharing stories like the Gainesville example.

    Related: If You Want Customers to Be Passionate About Your Brand, Follow These 10 Commandments

    By the numbers

    Our brand’s concept has always been about hospitality and fun. The restaurant was created to evoke a classic American service station, from the Ford Motor Company-inspired logo to the décor and menu; what’s NOT fun about that?

    Our goal was to personalize it for our unique vision, so we updated our brand philosophy to what we call “1-4-7”: one vision to “drive a unique dining experience,” four principles (people, products, performance and package, meaning the vibe and spirit), and seven commitments (integrity, quality, hospitality, excellence, teamwork, community and fun).

    It took a team of 16 from all company levels to develop our new philosophy. After senior leadership gave them the broad strokes of our overall vision, we hired an outside moderator to lead the effort. Every company I’ve worked at has turned to an outside expert for projects like this. You have to because your people will be so close to the brand that they may struggle to see what you’re trying to accomplish.

    The moderator led us through exercises to identify the principles and commitments, starting with a list of 57 and finally narrowing it down to seven. We talked about our identity as a hospitality business as opposed to a service business — and we probably spent three hours just on that.

    Now, in every decision we make, whether regarding building design or marketing imagery, we pull out the guide and ask if the new project measures up. Everything we do is put through the brand philosophy funnel.

    Related: This Is Why It’s So Important to Articulate Your Brand Values

    Taking it to the team

    Coming up with a brand philosophy doesn’t end when you’ve hammered it out and put it in writing. You have to coach your team so they put the ideas to work every day. It’s a constant process. You have to talk about it all the time, work it into team-building exercises, and measure new initiatives against it to make sure you stay aligned.

    No matter what industry you work in, a great way to start each morning is to gather your team together as a group. I’ve seen these occurring while walking into different retailers when the store opens for the day. At our company, we have a daily meeting called the “alley rally,” where we talk about what’s important that day: food specials, tasting menu items, and whatever’s new and notable. We like to tell stories about how someone on the team made one of our principles come to life the day before in their interaction with a guest.

    You should incorporate your brand philosophy into the hiring process, too. Within 30 seconds of talking to a candidate, you should know whether they “get you” and can bring your company vision to life. You look for eye contact and a friendly demeanor in a hospitality business. Do they smile? Do they talk about their family and friends? (We want people willing to share a little of themselves.) If they’re the guest, how do they want the staff to care for them, and can they provide the same caring approach?

    A brand philosophy must be something the whole team can support. It isn’t directed at guests, but if your team is living it, your guests will feel it in the way they’re treated when they walk through your door. You’ll feel it when they come back to get that positive experience again and again.

    Dave Ragosa

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  • Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Entrepreneur asked Foursquare to dig into its data, to reveal which small businesses America loved the most. Together we created America’s Favorite Mom & Pop Shops™, a list of 150 local, independently owned and operated businesses across 10 categories — including, yes, lodging establishments.

    To see every category, as well as the methodology behind the list, click here. Below are the 15 companies included in the lodging category.

    1. Abakee Cottages

    Laconia, NH | Company website

    If you’re looking for a vacation away from the hustle and bustle of city life, Abakee Cottages is the perfect lakefront destination for you and your family. Situated on the sands of Lake Winnipesaukee, Abakee Cottages gives you views of the White Mountains, Mt. Chocorua, the Ossipee Range, and Mt. Washington. This destination inn is located at the end of a private road and gives you access to a protected beach area safe for children. With a 58-year history, this mom-and-pop business has been providing families with a memorable place to vacation for generations.

    The cottages themselves are private, well separated, beautifully furnished, and provide access to outside grills and picnic tables. If you need a laundromat or a supermarket, or want to visit the nearby church or the Weirs Beach recreation area, all are located a short drive away. You can also easily make a day trip to the nearby mountains, as well as local golf courses and restaurants. A gallery of the Abakee cottages can be found on its website if you want to check out the architecture and amenities before your stay.

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

    If you’re looking to land in one of Florida’s favorite vacation spots, Perry’s Ocean Edge Resort could be your perfect destination. With 214 rooms, this large resort offers everything from complimentary homemade donuts in the morning to putting greens and shuffleboard courts, heated pools and hot tubs both indoor and outdoor to outdoor BBQ grills. Vacationing with your furry friend? Perry’s Ocean Edge Resort is also pet friendly for dogs up to 40 pounds.

    Perry’s Ocean Edge Resort offers a variety of different room styles to fit whatever type of stay you’re looking for. Just you and your honey? Check out the King Garden rooms for a comforting, romantic stay. If you’re bringing the family along, this resort offers various suite options so that everyone has a place to sleep. Order colorful and whimsical beach-themed drinks at the outdoor tiki bar, which gives you a sublime view of the ocean. Perry’s Ocean Edge Resort also has larger banquet-style rooms if you’re looking for a place to host a birthday party, a corporate event, a reunion, or whatever you’re needing to celebrate.

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

    At Blue Mountain Bed & Breakfast, you will be hosted by Brady and Elaine Anderson-Wood, native Mountanans who have been working for years to preserve and educate people on the wildlife and history of the area. The lodge itself is three stories, offering gorgeous views of the Bitterroot River and Missoula Valley. This bed and breakfast is decorated to highlight the region, offering guests an inside look into Missoula’s history through a vast selection of books and family heirlooms.

    The second floor of the lodge houses two private guestrooms, named The Sagebrush Suite and The Bitterroot Room. Because this B&B is so small, it’s a great vacation spot for your family to have a private, remote, and comforting experience all to yourselves. Then you can walk down to Hawk Hill House, the main facility, where you’ll find a gift shop, the kitchen, and dining areas. If you want to see the space before you book, photos of the wooded, spacious, themed rooms can be found on the B&B’s website.

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

    Occupying 100 acres of lush hills and forests. this spot is perfect for a weekend break from city life, with several options of private cottage-style rooms. Paniolo Ranch has also become well known for hosting weddings and other types of events, offering all-inclusive packages to help take the planning stress off your shoulders. This inn also has an onsite spa, gym, and art studio to keep you active and creative during your stay.

    Paniolo Ranch gets its name from the Hawaiian word for cowboy, which perfectly captures the aesthetic of this inn — a marrying of “Hawaiiain aloha spirit with Lonestar traditions.” You can view the different rooms on their website in order to pick the best one for your stay. All are beautifully decorated with a rustic, vintage, homely style, each suite alive with its own character. The spa offers services like therapeutic massages, hot stone massages, and scalp passages. Local activities not far from the B&B include local vineyards, trails, caves, shops, and theme parks, so there is lots to do on the property and in the surrounding area.

    Related: How New, Small Business Owners Can (and Should) Be Protecting Their Brand

    5. GreenTree Inn

    Sedona, AZ | Company website

    GreenTree is a spacious inn with a variety of rooms, and a welcoming place for those visiting beautiful Sedona. Lounge by the pool that’s decorated with cabanas, a large fire-pit, a hot tub, and grand views of Thunder Mountain. The hotel is located near famous Arizona attractions like Red Rock State Park, where you can explore hiking trails, ride horseback, mountain bike, and more. If you’re looking for a water-based excursion, the hotel is also not far from Oak Creek Canyon, where you can swim and fish.

    GreenTree rooms include a deluxe king option (if you and your spouse are looking for a romantic getaway) and suites and rooms with double beds (if you’re bringing the family or a group of friends). The rooms are decorated in a clean, minimalist, modern style that highlights Arizona attractions and culture. Here you can enjoy in-room coffee, continental breakfast, flatscreen TVs, and crisp air conditioning (vital for those Arizona heatwaves). GreenTree is the perfect place to rest your head after a day of sightseeing around Sedona, taking in the natural wonders of Arizona.

    6. Mathis House

    Toms River, NJ | Company website

    Mathis House is a Victorian bed & breakfast with an elegant tearoom, where guests can enjoy a weekend retreat or simply dine in for afternoon tea. This inn provides five-star service to any travelers passing through Toms River, NJ, whether you’re looking for a solo stop on a work trip, a romantic getaway with your sweetie, or a fun place to stay with your family. It also rents their larger community spaces for club meetings and events.

    This historic, three-story mansion was built in 1898 and houses a grand porch, portico, parlor room, dining room, library, lawns and a carriage house. But the showstopper is definitely the tea room, where you can be transported back to Victorian times and enjoy a traditional afternoon tea of scones, sandwiches, soups, and aromatic pots of tea. Rooms are decorated with ornate wooden furniture, floral tapestries, beautiful arched windows, and chandeliers.

    7. The Pierpont Inn

    Ventura, CA | Company website

    This historic hotel has been operating in Ventura since 1910, with 79 guest rooms and grand suites. With beautiful views of the Pacific Ocean and sprawling rose gardens and bluffs, The Pierpont Inn is perfect for everything from a weekend getaway to a wedding venue. If your pup enjoys the beach as much as you do, The Pierpont Inn is also dog friendly, so you can enjoy this special hotel together.

    If you’re looking for a little more privacy, in addition to hotel rooms the Pierpont Inn also offers two separate cottages with beautiful exposed ceilings, brick fireplaces, and vintage furniture. If you’re looking to bring the whole family, this hotel also has several suite options so that everyone has a place to stay. Explore the nearby neighborhood of historic Ventura which is full of artisanal restaurants, mom-and-pop shops, bars, and breweries. Information regarding booking the 6,000 square feet of flexible space for events can be found on their website.

    8. Eagle Crest Resort

    Redmond, OR | Company website

    It’s always sunny in the high desert of Central Oregon. This full-service resort typically sees over 300 days of clear skies a year, making Eagle Crest the ideal destination to get your Vitamin D fix. And this destination has everything you could possibly want, including golf courses, a spa, restaurants, and spaces for events and meetings.

    When you stay at Eagle Crest, you can book specific tee times for you and your guests on one of their three distinct courses: the Challenge Course, the Resort Course, and the Ridge Course. The resort also offers golf lessons if you’re looking to improve your swing. The extensive spa menu offers massages, facials, and waxing services, including standout treatments like the “Age Maintenance Facial” and therapeutic massages. Dine in at one of this resort’s many eateries, including the casual Aerie Café, the spacious restaurant Niblick’s & Greene’s, or even dine poolside. Eagle Crest resort has something for everyone in the family and will keep you entertained your whole vacation.

    Related: The Most Common (and Preventable) Mistakes Small Businesses Make — and How to Avoid Them

    9. Capitol Reef Resort

    Torrey, UT | Company website

    Capitol Reef Resort in Torrey, Utah spans 58 acres of beautiful mountain views and close access to the entrance of the nearby national park. This resort is not like other resorts, offering incredibly unique types of stays from Conestoga Wagons to even TeePees! This resort is famous for their wagons, which are based on authentic 19th century designs with wooden bunk beds and traditional textiles, if you’re looking for an authentic Utah experience. If you’re looking for more of a traditional hotel stay, Capitol Reef also offers a variety of cabins, suites, and traditional rooms.

    Dine in at the Pioneer Kitchen which serves guests breakfast and dinner. The standout breakfast dish is the iconic pioneer breakfast which is served with a choice of bacon, sausage, pork chop, vegetarian patty, grilled Utah trout, or sirloin steak. The dinner menu offers an array of classic dishes like short rib, steak sandwich, burger, pork chop al pastor, and even has options for you herbivores, like the vegan stuffed poblano pepper and the spinach & mushroom manicotti. Lounge by the heated outdoor pool that gives you a sublime view of the Red Rock Cliffs. Capitol Reef Resort knows that many of its guests will be staying with them in order to access nearby outdoor adventures, so check out the list on their website of nearby trails and attractions.

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

    The Mother Earth is a hotel with history, offering guests a fun, retro experience. This lodge was originally built in 1963 as a motel to accommodate downtown shoppers and automobile travelers from the nearby highway. In the 60s, Kinston was a thriving town for food, fair, shopping, and music, with famous musicians like James Brown coming through the lodge. After closing for a few years, the lodge was transformed into the inn it is today in 2008, when it was renamed the Mother Earth Motor Lodge.

    This lodge has a total of 44 rooms including standard rooms, suites, and rooms that accommodate longer stays. Common areas include a kidney-shaped pool, built to replicate the original pool, grills, picnic tables, shuffle board, and a 9-hole mini golf course. Immerse yourself in the past at the Mother Earth Motor Lodge, which is decorated to take you back to the pop art and bright colors of the 1960s. Next to the lobby you will find the Ram Neuse Room, which is big enough to host events and meetings if you’re looking for a place to throw a party in the Kinston area.

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

    If you want a nostalgic experience at affordable prices, as well as the luxury of being right on the beach, the Gazebo Inn is for you. Enjoy access to the luxury experience of laying by the oceanfront pool and hot tub, easy access to the beachfront, and scenic private balconies. The Gazebo Inn is conveniently located near local attractions like Broadway at the Beach, Myrtle Beach State Park, the Market Common, the Boardwalk, and the Promenade. This hotel is the perfect spot for a romantic, beachside getaway, or a school vacation with the whole family.

    The Gazebo Inn offers a variety of accommodations including king rooms, queen studios, double studios, and allows guests to choose what their view will be. If you’re visiting Myrtle Beach with your little ones, some attractions close to the Gazebo Inn you should check out are Ripley’s Aquarium of Myrtle Beach, the Hollywood Wax Museum, Savannah’s Playground, and the Myrtle Beach SkyWheel. And of course, enjoy long days lounging on the sands of Myrtle Beach.

    12. The Equus

    Honolulu, HI | Company website

    Planning your next Hawaiian vacation? The Equus Hotel Honolulu is a charming family-owned and operated boutique hotel that immerses you in authentic Hawaiian hospitality. This hotel is unlike any in the area, carrying on paniolo history with its equestrian-inspired design and antique east-Asian décor. This hotel is located near one of the nation’s biggest shopping centers, Magic Island Beach Park, and the Ala Wai marina.

    Choose from room king rooms, doubles, and even rooms with beautifully crafted bamboo beds. All the rooms have warm yellow walls, comfortable wooden furniture, and equestrian details to highlight the history of the area. In the lobby you will find the Paniolo Bar & Café, where you can get scrumptious breakfast dishes in the morning and enjoy cocktails in the evening. They even host local live music acts throughout the week to immerse you in the island’s artistic culture. Nearby outdoor attractions include the Honolulu Zoo, Pearl Harbor National Memorial, Waikiki Beach, the aquarium, and much more.

    Related: How Small Business Owners Can Maximize Productivity Despite Limited Budgets and Resources

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

    This charming manor has been in operation since the 1950s, providing guests with a throwback experience in Sullivan County, NY. Decorated in the Pastiche style, it still features original paint colors and historic furniture to transport guests in time. And with over 23 acres of land, it’s the perfect getaway from NYC. Room options include deluxe king, deluxe queen, and mini queen, so that you can customize your experience to your party size.

    Sprawling green fields surround this manor, which makes this inn the perfect destination if you’re looking for a place to enjoy the nature of rural NY. The rooms are adorned with gold-framed mirrors, antique wooden furniture, marbled bathrooms, and ornate curtains. Kenoza Lake View Manor is located directly adjacent to Bethel Woods, Jeffersonville, Callicoon, Narrowsburg, Livingston Manor, and Kenoza Lake itself if you’re looking for a getaway that gives you access to outdoor adventures. In additional to the cozy hotel rooms, enjoy communal areas and fire pits with your friends and family.

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

    Established all the way back in 1923, Menemsha Inn & Cottages has made quite the name for itself in Martha’s Vineyard. Originally DeWolf Thompson’s sheep farm, this hotel has become a historic site, with many families returning year after year. Close by you will find attractions like Lucy Vincent Beach, Larsons Fish Market, kayaking in the Pond, and more. The Nixon family have run this inn for 28 years, constantly working to restore the buildings and surrounding farm in order to preserve the location’s history.

    Guests at Menemsha Inn & Cottages have many choices of room types which include one and two-story stand-alone cottages, a whole floor of the original farmhouse, and even larger rental homes if you’re looking to bring a larger group to the property. As a guest, you’re given exclusive access to Chilmark’s Atlantic beaches, reserved for residents of the area, with its clear waters and jaw-dropping sunsets. This inn also offers in-room massages, basketball, tennis, hiking trails, and much more to help you unwind and relax.

    15. Hotel Blue

    Lewes, DE | Company website

    If you’re looking for a getaway in Deleware, Hotel Blue is conveniently located right near Lewes Beach. This is the perfect place to stay if you’re desiring a classy, comfortable hotel with access to the Atlantic Ocean. Bringing the little ones along? Check out the nearby whale-watching opportunities! Once you’ve splashed in those ocean waves, lay by the pool back at Hotel Blue, which offers stunning beachfront views.

    Hotel Blue has excellent amenities like a sauna and pool, and a wide room selection, from queen-bed suites to studio suites, and even tower suites. Hotel Blue’s convenient location situates guests a two-minute drive from the closest ferry, and a twenty-minute drive to the closest airport. With tiled fireplaces, cozy linens, and incredible views, these hotel rooms provide the quintessential romantic weekend away. Prices are unbeatable for beach proximity, so make sure to check this spot out the next time you’re vacationing in Lewes!

    Sofia Wolfson

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  • Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

    Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Look, chances are that if you’ve clicked on this article, then you’re at least interested in the possibility of becoming an entrepreneur. However, if you’re like most of us, then it’s also likely that just as quickly as dreams of entrepreneurship enter your mind, you’re also seeing warning signs, roadblocks, depressing statistics and maybe a horror story or two of that person you know who took a leap that didn’t pan out. You’re not alone. And yet … it’s a tempting thought.

    As a former corporate employee of many years, I am all too familiar with the motivators behind becoming an entrepreneur:

    • The autonomy to decide your own fate after years of bureaucratic red tape
    • The flexibility of building your own schedule after a traditional 9 to 5
    • The financial security of knowing your hard work directly impacts your bottom line rather than accepting a predetermined salary
    • The sheer excitement of finding purpose in the day-to-day work

    Trust me, I get it.

    However, as we know, entrepreneurship isn’t for everyone. So how do you decide whether to consider it for yourself, much less take the necessary leap? In my current role as a franchise consultant and small business owner, I work with people all of the time who are on the cusp of making this very decision. So before diving in, how can you prime yourself for entrepreneurship before jumping in with both feet?

    Related: How to Know If You’re Ready to Leave Your 9-5 and Go All In on Your Side Hustle

    1. Reflect and self-assess

    As mentioned, not everyone can become an entrepreneur, so you have to honestly ask yourself: What am I good at? What do you like to do? Am I a creator/visionary or am I an operations/execution person?

    Make a list (yes, actually put pen to paper or pull up a document) and take an inventory.

    2. Start networking with business owners in your community

    At the end of the day, being an entrepreneur requires a certain level of social ability. I’m not suggesting that you need to be the life of the party or the most extroverted person in the room — in fact, there are lots of successful entrepreneurs who are predominantly introverted. However, there is no faster way to become aware of the ups and downs of entrepreneurship than putting yourself in front of business owners.

    Meet them through the chamber of commerce events, meetups, professional development service get-togethers, trade networking events and education groups. There are even executive transition groups specifically designed for making this jump.

    Don’t limit yourself. Unless you are totally confident in the type of business you want to own, cast a wide net. Network with franchise owners, online startup business owners, etc. If you are making an effort to meet these people and make these connections, you will find them.

    3. Educate yourself

    Unless you are sitting on a large inheritance, there isn’t a golden ticket way to fast-track your success. It’s important that you take the time to educate yourself on various opportunities. Hit the books and read, read, read about business ownership, leadership and management skills. Perhaps consider getting something like Kindle Unlimited which allows you to peruse thousands of books and check out up to 20 at any given time for a monthly subscription.

    I often like to say that as a business owner, you are the OEO (Only Executive Officer), so make sure you are also reading up on some of the less glamorous aspects like human resources, training and tech tools.

    In addition to reading, watch YouTube videos, follow social media influencers, listen to podcasts — whatever it is that you think you may be lacking or whatever skill you need to hone before becoming a business owner, make a list and cultivate your knowledge in these areas.

    Related: Most People Have No Business Starting a Business. Here’s What to Consider Before You Become an Entrepreneur

    4. Start a small side hustle

    Ultimately, if you’re going to start a business, you are going to have to juggle and sacrifice things. For example, there may be times when you can’t go on a vacation or take time off. You know the phrase: “The grind is real.”

    As an entrepreneur, your work life and your personal life intertwine, especially at the beginning. A successful business gives you all four of those motivators I mentioned above (autonomy, flexibility, financial security and purpose), but not upfront — it takes time to get there.

    If you, like many, are considering entrepreneurship but still have a day job, you need to ask yourself: Do I have the mental flexibility to compartmentalize and move back and forth between both?

    Starting a small side hustle is a testing ground for you. Start with low stakes and a lower investment. This can help you prepare to become an entrepreneur.

    5. Speak with the decision-makers in your life

    Last, but certainly not least, it’s important to speak with the people in your life who may be impacted by your decision to become an entrepreneur, most likely a spouse.

    Have a deep dive and a serious conversation that you schedule separately from just another evening conversation after a busy day. Have a planning discussion for the future. Create a future vision for what you want your life to look like over the next 5, 10 or 15 years. Will you stay in your corporate role? Do you have plans in place for retirement? What’s your risk tolerance? Rate it on a scale of 1-10. Now what is your spouse’s risk tolerance? Is there alignment?

    I truly can’t overstress this: Creating that future plan/vision is key. After all, if you don’t have a target to aim at, you won’t hit it.

    Ultimately, entrepreneurship can be a fantastic path leading toward a fulfilling and exciting life — it’s the best professional decision I ever made. That said, it’s vital that you take the time to understand yourself and the opportunities available. Consider taking these steps above to prime yourself for entrepreneurship so that when the time comes, you’ll be ready to take the leap.

    David Busker

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  • How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    For many new business owners, direct distribution may seem like the most cost-effective route to reach customers. Without any need for partnerships, third-party integrations or revenue splits, it has the lowest apparent cost. However, as businesses grow, a well-balanced mix of distribution channels becomes crucial to unlocking new growth opportunities. By strategically diversifying your distribution strategy, you can protect your brand, and build a more agile and resilient business model.

    Despite their higher costs, distribution partners not only ease operational burden but can significantly broaden market reach thanks to their established networks. That is certainly the case in the hospitality sector, where distribution has always been critical. Since the products can’t be moved, all of a hotel’s inventory is filled by smart distribution.

    Before the internet, the massive distribution power of hotel chains gave them a huge advantage over independent hotels. But since the early 2000s, hotels developed new ways to distribute through various online channels such as Expedia and Booking. In fact, 65% of all direct bookings now come from guests who first discover the property through an online travel agency (OTA).

    Across industries, distribution partners routinely prove their worth, but they are not quite a turnkey solution. To craft an effective distribution strategy, it is important to look beyond where your competition is showing up. Let’s explore how to diversify, innovate and potentially outperform them.

    Related: Innovating Your Product Distribution Is As Important As Innovating Your Marketing

    Balancing direct and partner distribution

    At its height in 2011, Toys “R” Us had revenue in excess of $13.9 billion. Just seven years later, the brand had filed for bankruptcy and shuttered all its U.S. stores, though it has since begun a revival under new ownership. CEO David Brandon linked the closeout to the company’s “inability to provide expedited shipping options” and a “lack of a subscription-based delivery service.”

    In other words, in a market dominated by online retailers like Amazon, their distribution strategy hadn’t evolved. Similarly, the mega-chain Blockbuster was wiped out by Netflix, and RadioShack was taken out by its limited ecommerce strategy. No matter how big your brand gets, maintaining a diverse distribution mix is essential.

    In practice, this means continuously monitoring the competition and proactively adapting to market changes. So, gather and analyze data from your distribution channels regularly. This will help you make quick, effective changes to optimize your sales and market position.

    Additionally, while brands shouldn’t rely on direct distribution alone, it is a crucial component of maintaining control over brand image, customer experience and pricing. Apple is an industry leader in this regard. While the company has many retail partners, it also invests heavily in its own retail stores and online direct-to-consumer channels, allowing it to maintain its market dominance.

    Finding innovative distribution channels

    In a competitive marketplace, the path of least resistance is identifying and mirroring the bigger players’ distribution channels. Ironically, this safety-first approach comes with risk. Instead of becoming commoditized, a better way may be to find niche markets. To do that, recognize that some channels have a stronger presence in certain markets than others. If you want to expand into a new region, for instance, identify channels that have access to demand in that particular area.

    In our industry, some Asian countries have specific OTAs that are widely used, so listing on these platforms can then attract new customers. While investing in specialized segments might not offer the same visibility as mainstream markets, a properly targeted niche strategy can lead to greater conversions and higher profitability. Red Bull, for example, carved out a $10 billion market in the energy drink industry by targeting extreme sports enthusiasts through special events and sponsorships.

    Catering to unmet needs means you can become the “go-to” solution in a small yet profitable market. The caveat is this niche approach can take months or even years to develop. While it is still important to leverage major players, don’t lose your unique value proposition in the process. The “be everywhere” strategy can work well if you are not trying to be everything to everyone.

    Marriott exemplifies this balanced approach. While guests can book any of its branded hotels through the company’s central booking system, Marriott uses both direct channels (website, mobile apps) and indirect channels (OTAs, travel agents) to reach different market segments. This allows Marriott to cater to various traveler preferences, from business-focused brands like Courtyard by Marriott to leisure-oriented properties like Sheraton.

    Related: 8 Ways to Be Certain You Are Selling Solutions Through the Right Channel

    Strategic expansion as things change

    Markets will always fluctuate. But if you listen to what customers say about where they are shopping, you will learn about new trends and new places to put your products. If your distribution strategy is well-mixed and you are not overly dependent on any single channel, you will be well-positioned to leverage changes in your favor.

    At least once a year, replace one or more of the channels generating the fewest sales to search for new customers. As a rule of thumb, when market demand drops, brands should increase the number of distribution options to cast. Conversely, when market demand is high, be more selective and focus on quality of audience, average prices, cost and ease of management. Successful brands often demonstrate this kind of adaptability.

    Perhaps the biggest name in graphic design, Adobe, even pivoted its entire revenue model when faced with the software industry moving towards cloud-based solutions. Although Adobe’s shift from licensing and upselling its creative suite of software to a SaaS model initially attracted criticism, it has proven a masterstroke — posting record revenue of $19.41 billion in the 2023 financial year.

    Related: 4 Must-Know Strategies for Selling Efficiently to Distributors

    Premium brands like Apple and Marriott are able to gain increasing market share despite their higher price points by continuously enhancing visibility and boosting engagement. As you prepare your distribution strategy, find ways to build in flexibility. By establishing metrics early on and recognizing the need to evolve as market conditions change, you will be well-positioned to test emerging platforms, explore new niches and balance a strategy that is capable of driving both immediate revenue and long-term growth.

    Kevin King

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  • 7 Mistakes That Sabotage Your Startup Fundraising (And What To Do Instead) | Entrepreneur

    7 Mistakes That Sabotage Your Startup Fundraising (And What To Do Instead) | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    With U.S. venture capital fundraising at a 6-year low, raising investor capital for your startup has become more challenging than ever. Potential investors are tightening their budgets and adopting a “wait and see” approach before putting their capital at risk. Yet, some of the best startups — like Airbnb, Uber and Square — were born during market downturns. So, if you’re an entrepreneur seeking capital in this environment, you might wonder about your chances of success.

    As a serial entrepreneur and now CEO of Builderall, I’ve heard over 3,000 pitches and helped founders raise millions. From my experience, seven common mistakes often derail attempts to raise investment capital. If you’re looking to raise money for your startup in this uncertain economic environment, be sure to avoid the following:

    Mistake #1: Rushing the pitch

    Many founders rush through their pitch, but speed isn’t always your friend in the venture capital world. Your goal is to establish key points and let them resonate, not finish your presentation as quickly as possible.

    Think of it like telling a good joke at a party — you wouldn’t rush to the punchline before everyone has had a chance to grasp the setup, right? The same principle applies when pitching. You want your investors to hang on to every word. But that’s impossible if you rush or gloss over crucial information.

    One effective technique is to use strategic pauses. In between slides or after making a key point, pause for about three seconds to let it sink in and observe your audience’s reactions. Don’t be afraid of silence. Patience in delivery can be a powerful strategy.

    Related: What Every Entrepreneur Needs to Know About Raising Capital

    Mistake #2: Skipping trust indicators and key differentiators

    Balancing detail with brevity is tricky, but it’s essential. There are some critical signals you should share to help build trust and differentiate your business. While most founders want to focus on how great their product is, there are two questions that are arguably more important:

    • Why is your team uniquely qualified to lead this business?
    • How does your company stand out in the market?

    As far as team qualifications, don’t be shy about including specifics on years of experience, prestigious university degrees, previous exits, existing patents and/or impressive startup or corporate experiences.

    I once coached a founder who was struggling to raise capital. After reviewing his pitch deck, I said, “The problem is that you have no real startup experience.” He then proceeded to tell me that he and his co-founder sold their last company for $80 million, but he thought it wasn’t relevant since it was in a different industry. Let me tell you, your previous accomplishments are 100% relevant to whether or not investors will trust you with their money.

    Next, I can almost guarantee that whatever amazing idea you are pitching — we have probably already seen it. This begs the question, how are you going to execute differently when you get to market? This is where your current traction becomes crucial: existing user base, early subscribers, accepted patents and strategic partnerships all come into play. These elements demonstrate that you’re not just another idea but a viable business that is already making waves.

    Mistake #3: Talking too much and for too long

    I know — this sounds like a contradiction based on the first point, but hear me out. Blathering on is another fatal mistake. You should plan for a nine-minute pitch, but you don’t want to “rush through” your nine minutes. Instead, be relentless about what to include – and what to cut – so the pacing feels natural and you’re still covering the key data points that make your business compelling.

    I often ask new founders to introduce their startup in just two sentences: What do you do, and why should I care? After that, you have under 10 minutes to explain the market problem, the market size, your business model, your solution, your traction, your team, and your ask. That means you need to be very specific about what details will tell your story most effectively.

    I’ve seen many founders get nervous and overcompensate by filling the conversation with unnecessary details and fillers. This often has the opposite effect of what they intend. If you talk too much or too quickly, investors might think you’re not being straightforward, or they may get bored and lose interest.

    Related: 5 Innovative Ways for Entrepreneurs to Raise Capital in Today’s Market

    Mistake #4: Forgetting who you’re pitching to

    Remember, you’re pitching to investors, not potential clients. Investors are not interested in how great your product is; they want to know about your market, margins, and differentiation.

    I once sat through a pitch for a young women’s jewelry startup where the founder spent the entire time trying to sell me on the jewelry. As an investor, I wasn’t the target audience and the pitch fell flat. Rather than sell me on the business, she was selling me on the product. When talking to investors, they want to hear about the business opportunity, not the product.

    Mistake #5: Undermining your credibility with weak language

    This might seem like needless semantics, but words like “hope” subtly signal uncertainty, and investors are not fond of taking chances on “hope.” They want clear-cut projections backed by data and logic.

    Instead of saying “we hope,” use phrases like “we will” or “we project.” This shift instantly ramps up your pitch’s credibility. Be definitive; your words should exude confidence, not wishful thinking.

    Here are a few more examples:

    • Instead of saying, “We think our product will be successful,” assert your confidence by stating, “Our product is positioned to be successful.” This subtle shift conveys certainty and strengthens your pitch.
    • Replace “We believe our revenue will grow” with “Our projections show our revenue will grow.” This not only sounds more authoritative but also indicates that your assumptions are based on concrete data.
    • Don’t say, “We aim to capture 10% of the market;” instead, say, “We are on track to capture 10% of the market.” This adjustment demonstrates that you are actively working toward a clear, achievable target.
    • Change statements like “We expect to launch by Q2” to “We will launch by Q2.” This minor change projects certainty and reliability, which are crucial to building investor trust.

    These subtle language changes replace hesitation and probability with assertiveness. It emphasizes that your pitch is built on credibility and supported by a solid, well-thought-out plan.

    Mistake #6: Using broad claims instead of precise data points

    When pitching to investors, generalized claims can raise red flags, making investors wonder if you’re trying to obscure the truth or lack the necessary detail.

    For example, instead of saying, “We have a huge subscriber list,” focus on concrete details like, “We have over 20,000 subscribers.” Specifics not only clarify your claims but also significantly boost your credibility and trustworthiness.

    Here are a few more examples:

    • Don’t say, “Our team has a lot of experience.” Say, “Our team has eight years of experience in this industry.”
    • Replace “Our product is very sticky, and our customers rarely leave” with “Our product has an 89% customer retention rate.”
    • Instead of “We anticipate rapid growth,” say, “Our projections show 30% month-over-month growth in the fourth quarter.”
    • Swap “We dominate the market” with “We currently hold 45% of the market share in our region.”

    These changes in phrasing turn vague assertions into solid, data-backed statements, which help to build investor confidence and convey that your pitch is grounded in reality.

    Mistake #7: Telling instead of showing

    Our final lesson: show, don’t tell. Depicting something visually instead of through words will have a greater impact and be more likely to be remembered. Instead of telling investors, “We have a great interface,” show the interface screens and let them make the determination themselves about whether it’s great or not. Instead of saying, “We’ve grown exponentially over the years,” show a line or bar chart illustrating your impressive growth.

    One more example: telling investors how much your customers love you is far less impactful than showing screenshots of social media posts where your customers are raving about you in their own words. Keep this mantra in mind: less talk, more visuals.

    Bottom line

    Mastering the art of pitching involves more than just avoiding pitfalls — it’s about crafting a narrative that resonates with investors and builds trust. However, by avoiding these seven mistakes, you significantly increase your chances of securing the capital needed to take your startup to the next level.

    In today’s challenging economic climate, precise communication, showing rather than telling, and delivering data-backed arguments will set you apart. Investors want to back entrepreneurs who can navigate adversity and drive their ventures to success. Keep refining your pitch, build strong relationships, and show investors why your startup is the one to bet on.

    Pedro Sostre

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  • How I Discovered the Value of Imperfectionism and Made It My Team’s a Secret Weapon | Entrepreneur

    How I Discovered the Value of Imperfectionism and Made It My Team’s a Secret Weapon | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    When my company launched a community feature for our customers a couple of years ago, we made some incorrect assumptions in our messaging that derailed the campaign’s success. But when our creativity didn’t land, instead of learning from our mistakes, we made an even bigger error: we abandoned our efforts altogether. The truth? We were perfectionists struggling to face a fairly public failure. But instead of iterating on our campaign to improve it, we let it fizzle out.

    They say perfection is the enemy of progress, and I’ve seen this play out both in my own career and with many entrepreneurs. No matter how genius an offering is, the pressure of getting everything just right can often delay — or completely derail — a launch.

    Perfectionism is a well-known enemy of productivity, the root cause of many psychological disorders and a common answer to the interview question, “What is your biggest weakness?” But while we recognize perfectionism as a barrier to progress (and I certainly have), why do so many creative and innovative people still fall into its trap?

    Perfectionism might not be a new hindrance, but it is on the rise – and not just with entrepreneurs. A culture of competitive individualism, amplified by social media, pressures all of us to be flawless and can seriously undermine our ability to succeed in business. In fact, it almost certainly guarantees failure.

    The reality is, we all need to be able to take risks — and fail — in order to improve our work. Embracing the value of imperfection is the only viable way to get there.

    Perfectionism can be downright damaging

    As a recovering perfectionist, I now understand that perfectionists are more than just uptight overachievers. They can obsess over meeting exceptionally high standards and unrealistic expectations. They can even be highly self-critical and fear criticism from others. And yet many go into their entrepreneurial journey by comparing themselves to those who have already hit it big, blind to any mistakes those role models made along the way.

    Nearly every entrepreneurial success story is built on the back of countless failures – and many entrepreneurs are famous for it. But I’ve witnessed personally how striving for perfection from the outset doesn’t lead to a successful offering. In fact, the results can be the opposite: no launch at all. Perfectionism often holds would-be entrepreneurs and creators back from sharing their unique genius with the world and getting a finished product out in the market. However, there are ways to overcome it. And I should know: I’m still working on overcoming it myself.

    Fail small, win big

    After the communities launch failure (which, fortunately, was a small one in the grand scheme of things), I learned an invaluable lesson: the best way to handle failure is by examining it, embracing it and using it to improve, not by hiding from it and pretending it didn’t happen.

    Nowadays, we approach our launches much differently – in phases that allow us to test the waters, get feedback from our customers, and iterate on our approach and messaging until it hits just right.

    Making mistakes is par for the course in business, but learning from them and correcting the course is the only way to turn them into a net positive. Many of the most successful creators go a step further and share their failures publicly. Patreon’s CEO Jack Conte calls it normalizing the duds, and his approach is pure storytelling genius: a balance of humility and humor that makes his failures feel like an actual work of art.

    Getting past perfectionism

    As a recovering perfectionist, I know that embracing imperfectionism is easier said than done. We’re all operating within a hyper-competitive and often unforgiving business climate where every move (especially wrong moves made publicly) can be ruthlessly analyzed and criticized. We’ve all seen the chilling effects cancel culture has on individuals and businesses that have made irreparable mistakes.

    Moving past perfectionism means intentionally taking calculated risks and baking blunders right into the development process. Here are a few strategies we use to make that process more palatable:

    • Connect with a community of peers: Sharing imperfect work is easier when those around us are doing it too. Getting connected to a community of entrepreneurs in trial-and-error mode is the best way to see that you’re not alone. In fact, by becoming an entrepreneur, you’re part of a group of people in the business of overcoming failure. Whether you find that group through a coworking space or a software-related community, look to others who can accept critical feedback and allow it to inform progress.
    • Adopt a coaching mindset: Reminding yourself that nobody’s perfect is helpful because even seasoned experts make mistakes. Redefining the way I perceive failure (and success) meant rebranding missteps as an opportunity to iterate. You can even rewire your brain to appreciate critical feedback for the gift it is.
    • Look beyond the launch: Product, campaign or company launches often create an intensity that brings out your best work, but leaning into them too much can lead to a letdown – especially if the results don’t meet your expectations. I often tell my team not to put too much creative energy into something that will likely need to change once it’s in market. Even if it’s flawed, I know we’ll learn something as soon as it goes live that will enable us to improve it.

    The truth is, we all have moments of uncertainty. But no matter how uncomfortable it feels to put your creative work out there for judgment, the reality is that people will judge it whether you think it’s perfect or not. Accept that fact, cut yourself some slack and don’t let the idea of perfection hold you back from sharing your unique genius. Done is better than perfect, after all.

    Christie Horsman

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  • Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

    Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In 2024, organizations faced an average of 1,308 cyber attacks per week in Q1, a 28% rise from the previous quarter and 5% year-over-year. And what’s even worrisome is that cybercrime losses reached $12.8 billion in 2023 and are expected to hit $23.84 trillion by 2027.

    Undoubtedly, securing your business in today’s digital business landscape isn’t just about protecting against cyber threats — it’s about resilience.

    You can always fall for the latest threats since cybercriminals are becoming increasingly sophisticated while sneaking into business networks. Hence, you need a more robust cybersecurity plan backed by cyber resilience that goes beyond conventional cybersecurity strategy.

    Cyber resilience isn’t a buzzword; it’s a necessity and a proactive approach that goes beyond conventional security. It ensures your organization withstands and recovers from potential threats without much impact on your business.

    In a nutshell, cyber resilience is about building walls of protection and having the resilience to bounce back stronger.

    Let’s discover why embracing resilience should be a top priority for businesses to ensure continuity and future success in the ever-expanding cybersecurity landscape.

    Related: There’s No Margin for Error in Cybersecurity — Here’s How to Build a Strong Online Defense through Everyday Habits

    Why your business needs cyber resilience

    Cyber resilience is your organization’s ability to prevent, withstand and smoothly recover from various cybersecurity incidents. Cyber resilience isn’t about preventing cyberattacks — it’s about ensuring your organization can swiftly recover and continue to operate after an incident.

    Nobody can predict the next threat to your organization and customers, especially in an era where machine learning and artificial intelligence have broadened the horizons and increased threat vectors.

    Hence, a robust incident response plan is undeniably the need of the hour for businesses that are about to reinvent their cybersecurity posture.

    Remember, a cybersecurity strategy lacking a robust incident response plan is good for nothing since cybercriminals are already exploring new ways to target end users and customers to exploit their personal information and gain access to sensitive business details.

    On the other hand, cyber resilience not only ensures stringent cybersecurity against immediate threats but eventually mitigates long-term costs. Hence, investing in cyber resilience would surely safeguard your business from financial devastation and ensure smooth continuity.

    Now that we’ve learned about cyber resilience and its importance, let’s emphasize how you can incorporate it into your business.

    Related: 3 Reasons to Increase Your Cybersecurity Protocols in 2024

    Is your organization truly protected?

    Most businesses mistake cyber resilience for cybersecurity. However, they are pretty different and hold their own importance at different levels.

    Securing your organization against modern threats is crucial, but it’s also important to prepare for the worst. For example, you must have a plan to deal with a data or privacy breach.

    If you wish to protect your organization from the latest threats, your cybersecurity must include a comprehensive cyber resilience checklist.

    Whether it is regular audits, employee training, or advanced threat detection through technology, you must always be geared up to handle any cyber incident.

    Your cybersecurity checklist to supercharge your cyber resilience

    1. Regular security audits

    Scheduled audits are crucial to uncover potential threats and vulnerabilities before cybercriminals can exploit them. Addressing the issues well in advance can help you prepare a solid plan for the worst-case scenario and bounce back stronger.

    Here’s what you can do:

    • Look for outdated software: It’s crucial to check and update your defense software and firewalls since outdated software is more susceptible to ransomware attacks and other threats.
    • Incidence response drill: Organizing an incident response drill will help identify gaps in your communication protocol and eventually help you overcome the delayed response time during a cyberattack. Hence, scheduling quarterly incident response drills is crucial once you’ve completed the security audit.
    • Engage third-party experts: Involving third-party cybersecurity experts can provide an unbiased evaluation of your security measures and help create a robust cyber resilience program. Experts can uncover vulnerabilities your internal teams might overlook and help prepare an action response plan accordingly.

    2. Strengthening your human firewall through employee training and awareness programs

    Human error leads to cybersecurity breaches. Ensuring your employees are well-trained to handle any vulnerability is critical to building cyber resilience.

    • Regular training sessions: Regular training and updating your employees on the latest threat vectors and best practices are essential. Using real-world scenarios to illustrate various threats and their corresponding responses would shield your organization from potential threats and minimize losses during an unforeseen event.
    • Phishing simulations: Implementing phishing simulations to test your employees’ ability to recognize and respond to phishing attacks is crucial for safeguarding sensitive information. Using the results to identify improvement areas will help tailor training to minimize human error.
    • Clear policies and procedures: Establishing clear cybersecurity procedures and policies within your organization is crucial to building resilience. Ensure the policies are easily accessible and understood by everyone in the organization.

    3. Building a robust incident response team is your frontline defense

    A dedicated incident response team is all you need for swift and effective action during a cybersecurity incident. This will help minimize the impact, leading to fewer financial and reputational losses.

    • Define roles and responsibilities: You must clearly define roles and responsibilities for every team member regardless of their job title and experience. It’s crucial to ensure that everyone knows their duties and responsibilities promptly during an incident and the situation.
    • Invoke the potential of modern tools and technologies: Using threat intelligence tools, data encryption, multi-factor authentication (MFA), and Zero Trust architecture can reinforce your overall cybersecurity resilience program.
    • Continuous improvement: Conducting a thorough review to identify areas for improvement after every drill and incident. This will help you continuously update your incident response plan based on the recent findings.

    Final thoughts

    In this modern digital business landscape, the increasing cyber threats and sophistication of cybercriminals demand next-level security — cyber resilience.

    Cyber resilience is a vital strategy for businesses to ensure they stay up and running even in the event of a cyber incident and can quickly contain a breach without financial and reputational losses.

    Hence, embracing cyber resilience shouldn’t be a luxury; it must be an essential pillar of your cybersecurity foundation.

    Rakesh Soni

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  • 5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Money can often be the barrier between being stuck where you are or breaking through to the next level. This includes having or not having a budget, using it properly, hidden revenue or even misaligned goals — all of which influence your growth trajectory. These four common secrets have helped my company elevate our clients to the next level.

    1. Financial transparency for ROI

    The first blindspot we often notice with new clients is not having a clear reporting connection between your tools, like ads and a CRM like HubSpot, to see which channels drive the most significant return on investment (ROI). Do you know your best-performing channels? Or your best-performing piece of sales copy? What is the most opened document that leads to a closed deal?

    And we’re not just talking about marketing and sales; this applies to many connected platforms — for example, the closed-loop revenue or your ERP systems. When things are not connected, they are disjointed and siloed. You end up flying blind. Without connecting your marketing tools with your revenue tools, and with that being CRMs, finance platforms, or ERPs, to name a few, there is a disconnect, and the arms and legs end up moving in different directions.

    Here’s a simple example we see all the time: If you knew that one channel drove more deals by a 75% faster conversion rate, wouldn’t you invest more time and energy in that channel than one that only had a conversion rate of 10%? Many people don’t want to share the revenue numbers within the company, but all of that information informs the other departments; without sharing these revenue numbers, your money secret is keeping it in hidden silos.

    Related: I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

    2. Strategic investment for avoiding blind spots

    Another financial blindspot is not investing in marketing. We have had prospects come in with no budget and no internal marketing team, but we want to grow by 150% and spend a total of $1,000. I wish achieving growth like this was possible, but unfortunately, it’s not. The old adage that you get what you pay for, or it takes money to make money, speaks the truth. Your investment goals should match your growth goals. The amount of money invested should be measured not just by short-term, quick wins but also by looking at long-term investment to growth.

    You would never measure an HR department strictly on the number of hires. However, looking at the whole picture of longevity amongst many other important KPIs, You would not use an HR department for a few months. It is something that is constant and needs care and attention. Marketing is no different — if you strictly only measure marketing by the number of leads, you are missing out on the full picture. Marketing helps push leads through nurture campaigns, creates automation, leads scoring, builds new campaigns and tests, supports sales enablement activities and many other components. A buying cycle is rarely a straight line to click and buy unless we’re discussing Amazon.

    That said, everyone has budgets, margins and bumper lanes they need to stay in. I am by no means saying throw your budget to the wind, but your goal should match your budget. If you have modest growth goals, be realistic about the budget needed to get there. Set incremental micro goals but stay the course for long-term growth.

    Related: You Won’t Have a Strong Budget Until You Follow These 5 Tips

    3. Data-driven decisions to save money

    Another money secret that costs companies is spending without the data to back it. We had a company inquire about a new website, a full blow-up, new navigation, new content, new page layouts, migration onto a new CMS, a new theme and the works. They said they had a $75,000 budget for the whole project. In theory, it sounds great, right? Willing to invest? Check. Has a budget? Check. Know what they want the end result to be? Check. But when we asked them the next question, they looked at us like we were crazy, “Do you have data that backs the changes you are looking to make?” Are you running a tool like Hotjar to see real user data behind how these proposed changes will impact your existing inquiries and the only source the sales team was currently using for leads?

    The answer was no. When the heat map was overlaid, do you know what happened? Well, they were looking to build that new navigation out and replace the old one — nearly 90% of the traffic was going to two pages of their site directly from the navigation, both of which they had originally wanted to remove. In this case, it wasn’t just about having the money but also about making sure the decisions you make with the budget are informed by real data: user data, sales data, marketing data and more. The more informed you can be by closing the loop on your data, the better your end result will be.

    Related: Want to Be Better at Decision Making? Here are 5 Steps to Better Data-Driven Business Decisions

    4. Modern marketing channels to drive growth

    What is likely costing you the most is using old-school channels without the ability to measure. Companies have spent the last decade on traditional marketing channels and are switching to digital. The company’s historical growth has relied on things like trade shows, print, postcards and online magazines. We ask what the ROI you have seen by each channel is, and rarely can they share a specific revenue number and say it is for brand awareness. Some of the budgets can be over 50 to 100 thousand dollars spent on these traditional methods, but there is no ROI attached, yet they continue them.

    When the pandemic happened, we saw a massive influx in businesses shifting from once only boots on the ground to digital. The lockdown changed everything; there were no more trade shows, no more door knocking and no one picking up their mail or faxes daily. It made traditional selling channels challenging and obsolete and forced a new level of openness to try new ways to get the job done. In the example of running online magazine ads there are lots of ways to capture them, we can use UTM tracking, referral analysis or create a custom landing page for the offer and capture the leads directly. Without running them to a landing page or form, you rely only on the online publication for leads and analytics. We’ve had people show a list of just names, no emails to follow up with, or only show a random number of visitors to the page, not a single name. It’s important to know what they will provide for reporting and tracking when you publish or use traditional channels. The rule of thumb is to use connections and tools that leverage old-school methods into technology and not blindly spend on channels that cannot be measured.

    Stop wasting time, energy and revenue on these blind spots. They have easy solutions, so you can avoid them and focus on growing your business!

    Jennelle McGrath

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  • Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    True story: Recently, my daughter was at a major brand car dealership with her boyfriend, intending to purchase a pre-owned car. Note I made up the numbers for the sake of my daughter’s financial privacy, but the takeaways are still the same.

    The dealership asked for, let’s say, $26,000 “all in” for the car, but my daughter had already decided that $20,000 was the most she would pay. There was a lot of ground to cover to actually make a deal happen. After some discussion, the salesperson did his best, dropping the price to $25,000. But that still left a big gap, so he told her, “Let me go check with my manager and see if he has any ideas.”

    After five minutes, the salesperson and his manager entered the room together. The manager explained that at $25,000, this was a great price; it was already well below their MSRP, and the deal was “very thin” as it was for him. He then used the famous line, “Okay, here’s what I’m going to do to get you into this car today.” The manager pulled out a piece of paper with revised numbers that showed his price now at $23,995. He explained to my daughter that this was the absolute best possible price. He was “all in;” this was his “best offer,” and he told her to take it or leave it. For the grand finale — keeping in mind that this is a 100% true story — the manager took out a big red ink stamp and smacked it down on the paper. The stamp read “FINAL” in bold red ink. $23,995. FINAL.

    My daughter responded, “Thanks, but I’m sorry; it looks like it’s not going to work out.” Without hesitation, he immediately blurted out, “How about $22,500?”

    When my daughter told me the story, I had a wonderful laugh. After the big show, the manager held his price for a full six seconds. And the idea of the red final stamp just made the story even better. But the more I thought about it, the more I realized there’s actually quite a lot to unpack here regarding sales tactics, psychology and effectiveness.

    Related: 3 Unconventional Sales Tactics That Will Close More Deals

    I’m not in the car business, and I’ve never sold cars, but I can see some familiar sales tactics (and mistakes) playing out here:

    Playing the waiting game

    All this went down after my daughter had spent hours on the lot. It was getting late in the day on a Saturday, and the manager knew she was hoping to get it done. At some level, the manager was wearing her down and playing out the clock, playing the “waiting game.” It didn’t work in this case, but often, this notion of using time as a weapon can be very effective. Utilizing time as a strategic element in the negotiation process can be effective, but it must be used carefully and respectfully. Pushing too hard on time constraints can backfire.

    Closing the deal by changing the sales lineup

    When the salesperson reached his personal negotiation line or felt he would lose her, he brought in his manager. In addition to adding some time to the clock, this step created a new opportunity for a new dynamic. The dealership never really wants a potential buyer to walk out the door, so if one person doesn’t get the job done, it’s always worth trying someone else. Involving a manager or company administrator in the negotiation process can create new dynamics and opportunities for closing a deal.

    Proposing your best and final offer

    Although I laughed hysterically when I heard about the red stamp, I soon realized it was actually a smart move. Once upon a time, I’m guessing some sales and marketing people sat in a room, and someone said, “I have an idea — let’s make a red stamp that says final and use that during negotiations.” Everyone probably laughed, and they would have said, “No, I’m serious!” And then everyone thought about it and agreed, as funny of an idea as it was, it actually made sense. It’s one thing to tell someone something verbally, but when it’s “official” and in red ink on paper, it’s human nature to believe it and take it as indisputable. Using psychological sales tactics to create a Fear Of Missing Out (FOMO) effect, such as a “Final Offer” stamp, can be effective in conveying seriousness and finality, but you have to honor your word, or you will likely lose credibility.

    All the tactics I outlined above were smart, but here’s where I think the dealership dropped the ball:

    Trying a shutdown move too soon

    The manager came in cold, and rather than take some time (again, time is on their side) to talk about the value, create some alignment, and build some rapport, he went straight for the kill. That tactic may work, but I felt it was too aggressive. He would have been better off discussing the pain points and goals concerning the product, coming up with some extra incentives, etc. Understanding the customer’s needs, discussing the product’s value and building rapport and trust can be crucial in successful sales.

    Related: How to Master Your Sales Success — Why Every Answer and Rejection Matters

    Putting an out-of-reach offer on the table

    The manager decided to go for the close in a fairly aggressive way. In some cases, that tactic makes sense. But he played it all wrong with the numbers. He knew they were a full $5,000 or 20% off, and he decided to put it all on the line at $23,995. Obviously, given how fast he dropped another thousand, he had plenty more room. If he was going for the hard close and “FINAL” offer, he should have made it more compelling. By putting on the big show and then immediately dropping his price, he completely lost credibility and lowered the odds of closing. In this case, he lost my daughter’s trust and the sale. In negotiation, it’s important to understand the other party’s budget and limits before making an offer. Being aware of their constraints will increase the likelihood of closing a deal.

    Saying your offer is “final” when it’s not

    If you offer something of value at a good price and tell them it’s “final” (which I personally don’t recommend as a sales tactic), then stand by it and mean it. Your word has to mean something. Once he realized his “final” price was not going to work, rather than lower it, he could have thrown in some additional valuable incentive, perhaps some amount of free service or some kind of special financing. If a “final offer” is presented, standing by it as your final word is essential. If adjustments are needed, they should include additional incentives or value to maintain trust and credibility.

    Sales is an art, no doubt about that. A great salesperson builds a relationship, asks questions and listens, understands the client’s pain points, is honest and transparent, and operates with integrity. Of course, strategies, techniques, incentives, and a lot of human emotion and psychology are at play, but all of them can happen successfully without losing your credibility.

    So, the overall moral of my story? Choose wisely before using the big red stamp!

    Jason Foodman

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