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Tag: Collaboration

  • How I Shop: Ashley Park of ‘Emily in Paris’

    How I Shop: Ashley Park of ‘Emily in Paris’

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    We all buy clothes, but no two people shop the same. It can be a social experience, and a deeply personal one; at times, it can be impulsive and entertaining, at others, purpose-driven, a chore. Where do you shop? When do you shop? How do you decide what you need, how much to spend and what’s “you”? These are some of the questions we’re putting to prominent figures in our column “How I Shop.”

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    India Roby

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  • 7 Signs You’re Ready to Transition from Employee to Entrepreneur

    7 Signs You’re Ready to Transition from Employee to Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I recently had a call with one of my best friends who moved to to work for a big, multinational public company. She’s talented, successful and hardworking.

    Yet, she called me full of tears, anxiety and anger. “They are restructuring the company; they are cutting positions. My role is about to die.”

    I suggested that she apply for the same role in other ventures, companies that could offer multiple benefits, from remote working to stock options. I explained that with her talent, potential and ideas, she could even be self-employed through freelancing for various clients with contracts. She could chase her version of success and happiness. And she could probably end up with more money and even more freedom.

    “You don’t get it.” She said. “I don’t want to be nobody. I want to work for the top companies in the world.”

    Perhaps I don’t get it. But I also don’t get why talented, hardworking individuals like her want to throw their full potential into hierarchy and politics for prestige. Why do they let their companies fill them with stress, ruin their day, restrict their career options and define their value?

    Related: 7 Signs It’s Time to Transition From Employee to Entrepreneur

    Don’t get me wrong; there are plenty of great people acknowledging their worth and consciously choosing to advocate the employee’s mentality. They are okay with that.

    But if you’re fed up with the corporate world, feeling like it’s limiting your options in life, and wondering when is the to leverage your skillset and make a transition, it’s probably now.

    Here are seven signs you no longer have an employee mentality.

    1. You’re in love with the idea of working wherever and whenever you want

    Flexible work hours and location independence started becoming the norm after the pandemic in 2020. You proved to your employer that location doesn’t affect productivity and that a strict 9 to 5 workday could burn you out instead.

    And while many companies allow work-from-home days and a flexible working schedule, you still have to report your location and total work hours.

    However, with an entrepreneurial mindset, complete location and time flexibility is your dream; you know the only way to achieve that is to fully own your freedom by creating your income stream instead of expecting a .

    Related: Remote Work Is Here to Stay: Are You Ready for the New Way of Life?

    2. When in meetings, you’re daydreaming instead of participating.

    The average employer spends at least 3 hours weekly in meetings, with 30% reporting that they spend over 5 hours weekly.

    And instead of actively participating in that meeting, you’re contemplating how to avoid the next one so you can work on something instead. You know you could be spending your time in a more fruitful way than attending company meetings, but there’s nothing you can do about it.

    Someone more senior requested your presence; you have to be there. So there you are, visualizing how you can escape this misspend of your hours, wasting time while time is money.

    Related: Your Time Is Money, So Stop Wasting It

    3. You absolutely despise titles and hierarchy.

    When having an employee mentality, you get so caught up in titles. You fool yourself with pride, showing off on , gossiping about others’ abilities, and jealously spreading your best wishes to the colleagues who claimed the C-titles first.

    When you are a business owner, you laugh at job titles. You want people to work with you, not for you. You also know that a title cannot determine your worth. Anybody can go on Linkedin and claim that they are the CEO or an executive member of a 5-people company.

    What does that even mean?

    Fancy titles in corporate jobs almost always equal less freedom, less time to work on your relationships with others and less time to spend with your kids before they become adults.

    C-titles while climbing the corporate ladder also mean less time to invest in your self-care planning, wellness, and personal skills and less time to enjoy life.

    4. You’re testing multiple side hustles after or before work.

    With an employee mindset, you look at the clock at quarter to six and know it’s time to shut down your laptop and get on with your day.

    And while maintaining a work-life balance is crucial, as a business owner, you are continuously testing concepts and trying side hustles to build multiple income streams whenever you can. You don’t depend on one client, idea or salary, but you’re willing to test, take risks, fail and start over.

    Related: 4 Creative Side Hustles That Fight Inflation and Earn Extra Cash

    5) You’re not afraid of building relationships from outreach.

    As an employee, you are terrified of cold pitches. You are not fond of being rejected or ignored because that usually happens. You don’t attempt to reach out to others unless you’re selling something; in that case, you face outreach as a transaction, not a relationship.

    However, as an entrepreneur, you know that expanding your systems by connecting, advising, or simply interacting with others is one of the most vital steps in building a personal or professional brand.

    You don’t underestimate the power of community and networking; you aim to create daily connections with one or two new people in your industry. In one year, you are astonished by your reach and the ways your network proved helpful.

    6. You know that building passive income and making money online is 100% possible.

    When having an employee mentality, you don’t care about investing or building a passive income online. Even if you care, it strikes you as too-good-to-be-true, and you don’t bother putting effort into creating a diversified portfolio.

    On the contrary, when you have entrepreneurial tendencies, you get excited about passive income ideas and turn your world upside down to build an online income.

    Creator’s is not a too-good-to-be-true scenario nor a get-rick-quickly scheme. It’s an available reality with no barriers to entry, and as a business owner, you like that challenge. You know that spending an x amount of time creating the tiniest passive income stream can yield 10x results in the near future.

    They know they must find what they enjoy creating and work on it daily.

    7) You’re constantly enriching your knowledge and skillset to increase value.

    You are exchanging your skills and experience with payable work hours as an employee. However, as an entrepreneur, you offer your skillset, idea or business as a service that solves problems and delivers value.

    You don’t charge by the word, hour, or month. You charge according to the advantages and utility of your solutions. You answer questions and deliver results. And because your expertise is directly related to the value and results you deliver, you’re working daily towards improving and enriching it.

    Final thoughts

    Perhaps you’re not 100% ready to escape the rat race. However, if any of the above signs hit true, you know it’s time to start owning your career and follow a path you can fully control.

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    Maria Dimitropoulou

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  • Gap and Dapper Dan Are Launching a Holiday-ified Hoodie Collection

    Gap and Dapper Dan Are Launching a Holiday-ified Hoodie Collection

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    Just in time for the holiday season, Gap has once again partnered with legendary designer Dapper Dan for what is sure to be another highly sought-after (and quick-to-sell-out) collaboration.

    On Wednesday, the retailer announced plans to bring back the “Dap” hoodie style — but this time in a slew of new festive patterns perfect for gifting or wearing in family photos. The limited-edition drop is heavy on the plaid, which has been imagined in three different colorways: red, yellow and forest green. The fourth design features a mustard-colored houndstooth print. The cozy pullovers will retail for $128 and are launching with an IRL drop at Gap’s Harlem location on 125th Street on Nov. 29; a global online launch will follow on the brand’s website on Nov. 30 at 12 p.m. EST.

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    India Roby

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  • Find Success With This Unconventional Business Model

    Find Success With This Unconventional Business Model

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    Opinions expressed by Entrepreneur contributors are their own.

    People coming into the workforce today want to do things differently, and it’s critical that, as employers of multiple generations, we figure out how to support each one quickly. The newer generations want more autonomy, and the reality is that entrepreneurial people exist at every level of every sized company. Still, traditional bureaucracies hold them back until they rise to a position of influence.

    When structuring an organization — either incorporating another company or entering into a startup and setting out to structure from square one — you have more options than the traditional top-down structure. In our experience, there are better ways of organization that bring out each individual’s full potential and drive company growth. But fair warning: This model is more than just shuffling seats — it’s a total redesign of the bus.

    Related: How an Adhocracy Stimulates Entrepreneurial Growth

    Adhocracy as we see it

    As opposed to a traditional, bureaucratic business model, adhocracy is a flexible and adaptable organizational structure where groups form when necessary for a particular purpose. The ad hoc, problem-solving work groups of adhocracy, create a more conducive to innovation.

    In our “adhocracy,” non-hierarchical business units run independently with their portfolio of clients, but at the end of the day, they are still part of our organization. Within each business unit, there are specific leadership roles: Our “executive squads” — an operational person, a finance person, a technical person and a business development person. No different than a C-suite, each one brings their expertise to be part of a collaborative leadership to support a business unit. And we mean support — this is not an old-school top-down structure.

    Our business units, named after constellations, are all supported by a platform: “Hubble” — the ecosystem’s brain. If I wanted to bring a technical squad to a business unit’s team, we could use Hubble to identify the right people, their location, time zone and rates. We can also use it to seek out particular expertise for a new project or to move someone to a team that needs it.

    Related: 5 Tips to Consider When Designing (or Redesigning) Your Organizational Structure

    Encourage agency and entrepreneurship

    The adhocracy model emphasizes leadership — encouraging it from more people at different levels throughout the company. The ability to break things down and reassemble provides organizational fluidity. Teams can identify problems to solve and take action quickly, accomplishing more and bigger efficiency.

    Each business unit has the autonomy to design what they’re leading and how they want to run it. They control their growth to fit the project needs, which benefits the greater company growth. They see how their efforts can positively impact the company, which creates a greater sense of ownership, camaraderie and ultimately, less turnover. It also drives healthy competition: Who will grow bigger or better in pursuing our goals? When more people feel empowered to try and make a difference, more will rise to the occasion and try.

    Related: Establishing The Structure For Organizational Growth

    Take our advice

    This model allows everyone to step up, be leaders and drive their unit and company growth. People can broaden their experience within one company, making them more likely to stay than look for other opportunities elsewhere. The products we build for our clients make them better and make us better. We hold no one back.

    But this is not a model for an organization looking to stand still; you must have the following recipe to make it work.

    1) Have an appetite for radical change

    To foster the company-wide shift in mindset required to drive this model to success, it takes a strong group of believers at the C-suite level to go all in on a radical shift from a typical organizational structure. It can’t be achieved by teams alone. At our company, we shifted from an organization passing down directives to allowing individual business units to operate in service to their clients. We even encourage our clients to make this shift when restructuring because we see how it could benefit them, but they realize it requires radical change.

    2) Find the right people and rethink their roles.

    From within the organization, find back office people capable of this mindset shift and position them to enable these teams. Our executive squads make things happen at our company, so the rest of us support what they need. My role in HR shifted to being more proactive and engaging with these leadership teams as strategic growth partners. Be on the lookout for people with the natural ability to think like a leader, solve complex problems and seek out opportunities to learn.

    3) Stay flexible.

    Changes often happen: merging, joining, shifting, expanding portfolios and exploring new industries. Teams can grow to scale to the size they need to take on any project. We’ve had business units split. We have had business units join. We have had business units give birth to baby business units. We embrace the fluidity — if it makes sense for the executive squad, we’re all in favor.

    4) Beware the threat of silos

    These business units can grow large at a certain point, making it harder to prevent silos. A siloed company cuts off fluid cross-communication needed to support a healthy adhocracy model, so we must be careful about not letting them form. If you follow the Dunbar Theory, then 300 is a critical number. If you go bigger, getting more siloed becomes inevitable. Consider these numbers to set a cap on the size for individual groups but leave them the flexibility to form alliances and grow.

    At my company, we devour new books on great business theory, absorb it and run with what seems most likely to work for us. It keeps us evolving all the time. If a better, more proven way of structuring exists, we would look at it critically and see if it might be worthwhile. In most cases, change will happen regardless, so we may as well anticipate it. For now, this model puts us in the best position to do just that.

    Related: To Break Down Silos, Build in Cross-Communication

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    Victoria Maitland

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  • How to Set Measurable Goals and Achieve Maximum Success

    How to Set Measurable Goals and Achieve Maximum Success

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur or leader, there are myriad reasons why you should care about goals: They help lead you in the right direction for your vision; they motivate teams and hold them accountable; they help leaders make decisions, clarify priorities and eliminate day-to-day distractions.

    But most importantly, the measurement of goals will help you track progress and explain the direction of your business to funders and other opportunities for — and the best way to do this is to include goals in your strategic plan.

    A strategic plan captures and communicates your goals to various audiences. The process includes a document that summarizes your vision for the future of your and lists the goals and objectives to reach that vision. The result of this process is not only meeting the goals you were seeking, but also achieving greater organizational capacity, hitting your mission, generating greater revenue and being more financially secure. Here’s how to do it right.

    Related: How To Create A High-Performing Strategic Plan

    A common challenge with goals

    You’ve likely been hearing about goals since you were a kid. They’ve been taught and promoted to you by your teachers, counselors, coaches, bosses and so on.

    As a result of all of the different inputs, you have likely learned different definitions of goals. In fact, I bet that if you ask members of your team to define a goal, then you’d get a variety of different answers — and that’s a major problem.

    One of the challenges that I frequently encounter as an obstacle to successful strategic planning is the varying definitions of goals that team members have. When your team members define goals differently, they approach goals and performance with different perspectives and ends in mind.

    So let’s get everyone on your team on the same page with a common definition of a goal.

    I take my goal-defining guidance from the world of sports. In , for example, a goal happens when the ball crosses over the goal line. In , a goal is scored when the puck crosses the line. There are numerous other sports examples, but all of them provide crystal clarity for when a goal is scored.

    Applying this concept brings me to the following simple definition of a goal: a specific and measurable desired achievement.

    Related: A Guide to Goal Setting

    How to write strong goals

    You may be familiar with the well-known SMART mnemonic acronym for writing goals:

    • S: Specific
    • M: Measurable
    • A: Accountable
    • R: Relevant
    • T: Time-bound

    Over the years, I’ve found the SMART acronym to be quite useful. My definition above highlights the specific and measurable elements of the SMART acronym.

    Most of the time, the “A” in the acronym refers to either “achievable” or “attainable.” While that works, I think “accountable” (or even “assignable”) is stronger. All too often, I see teams create goals that don’t have people identified as being accountable to them. And, not surprisingly, the goals don’t get completed.

    Regarding the “R,” as in “relevant,” your goal should be taking you in the direction of a long-term vision.

    One other thing: I like to add a “goal topic” to the beginning of goals on a strategic plan since it helps readers get a quick idea of what the goal is about. For example, when setting a goal of receiving a specific score on a staff survey, I’d use the goal topic of “staff engagement.”

    When developing your goals for your strategic plan, ask yourself the following questions:

    • Is it specific?
    • Is it measurable?
    • Does it have accountability?
    • Is it relevant?
    • Is it time-bound?

    You’ll know you’ve got the right goals for your plan when the answer to each of those questions is “yes.”

    Related: Define Your Short-Term Goals With These 3 Components for Long-Term Success

    Goal guidance for your strategic plan

    There are two different types of goals that you can develop for your strategic plan: results goals and process goals. Results goals are accomplished when a specific metric has been achieved. Process goals lead to the completion of a plan, process or system.

    That said, you may be wondering about how you can measure process goals. Those goals are complete when you have a documented process in place. Sure, it’s not a number, but it’s still a measurable achievement.

    This leads me to a very important piece of guidance. Several years ago, I started to notice that organizations I worked with that were really succeeding in strategic planning utilized a high percentage of process goals. In other words, they created and achieved goals that helped them develop capacity-building processes. So, be sure to consider including process goals in your strategic plan if you want to create the changes you’re seeking.

    I recommend having goals on your strategic plan that are organization-wide that have a completion timeline of several weeks to one year. You can also list action items, the individual tasks of the larger goals, that will take a shorter amount of time to complete.

    In summary, it’s critical that you and your team have a common approach to how you write strategic goals. This guidance will help your organization solidify its strategic plan and achieve greater success.

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    Eric Ryan

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  • 3 Simple Reasons to Add Technology to Your Non-Tech Business

    3 Simple Reasons to Add Technology to Your Non-Tech Business

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    Opinions expressed by Entrepreneur contributors are their own.

    You are a owner but aren’t in the tech industry, so why would you need to focus heavily on adapting in your daily workflow? Some people may say you don’t need to. However, I’m here to put a bug in your head and prove how technology is critical to any business across any vertical. And that includes you!

    We know technology can be intimidating. It also can be complex, and there are seemingly endless options. So, is it worth the cost, integration headaches and question if you are picking the right ones? Yes! Here are my top three reasons to focus on technology, and I’ll explain how to integrate it into your business:

    1. Not applying technology means you could face a technology deficit

    Let’s face it, not having a line item in your books for technology and software subscriptions means your company will hit a point where you can’t grow any further. Whether your marketing team will be missing major data points for essential customer acquisition or your efficiencies will eventually put you behind, your competition could pass you by (we’ll get to this one more in the next point). No matter the roadblock you will hit, the point is your growth will have to slow down or halt. You don’t want to wait until that point to use technology once the train has left the station without you!

    Related: 5 Types of Technology All Entrepreneurs Need Access to in the Digital Age

    2. Results are everything

    No matter your business or vertical, your most valuable resource is your team. How can you empower your team to work smarter, not harder, and ultimately produce the best results? The answer is with the right technology! Even if your staff has been set in their ways and doesn’t want to learn a new program, you must pick the right operational systems and offer proper training. A minor setback in the learning curve will mean a huge uptick in .

    I once ran into a mid-sized company that was technologically behind due to not prioritizing this aspect of its business. This inadequacy caused marketing and to lag compared to its competitors. I likened their technological powers and abilities to taking a knife to a gunfight.

    If a company can increase its operational automation in the marketing space, that would allow it to understand its target customer and truly understand how to sell to its market in an efficient and results-driven way.

    A data warehouse and congruent CRM would allow this business to properly segment and hit goals for its best marketing demographic more accurately. Identifying, understanding and addressing low-hanging fruit, such as abandoned shopping cart funnels, is crucial.

    When you are focused on results, technology almost always needs to be integrated to increase efficiencies and drive sales in the long run. And it’s always easier and cheaper to integrate the right technology early to ensure your team is trained and using it along the way!

    Related: How Technology Is Shortening the Road to Fame

    3. You’re increasing your footprint of liabilities without the right technology

    I’ve seen every range of technology integration, from the tech-savvy millennial CEO who relies on data and for every business decision to the companies that don’t integrate it at all and still use a pen and paper within every significant department. However, if you are closer to the latter, you are potentially putting your team at a huge safety risk. If you have only minimal or wrong technology, you could be putting your customers, reputation and finances at risk too!

    I’ve even seen clients using only a single source for major bookkeeping and documentation, like Excel. One wrong move or fat-fingered mistake can change your calculations completely. Or worse, delete everything! If that isn’t risky, I don’t know what is.

    Technology can feel overwhelming, which is often why we hear people stay away from adding it to their daily workflow. However, there are simple ways to make that change. Start with finding a company to give you a technical audit — which is often cheaper than you might expect. Take their advice and then apply it in chunks.

    You may not need to go from 0 to 100 in the first week. You can slowly add, integrate and manage critical technology into various departments as you feel comfortable. And as I mentioned earlier, a key to tech success is training! Empower your team to take the tech leap with you and work on this together. Everyone can learn a new trick, and it could even be fun! Finally, ensure that you have a base infrastructure to make the ideal environment for success. This includes having the basic technology hardware and compatible systems in place.

    Take this article as your sign to take the first step and better your business with tech!

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    Craig Ceccanti

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  • Solidarity Without Sameness: The Key To Working Together

    Solidarity Without Sameness: The Key To Working Together

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    Opinions expressed by Entrepreneur contributors are their own.

    , equity, and inclusion (DEI) and environmental, social, and corporate governance (ESG) policies are more than just feeling good about ourselves. Diversity drives innovation, and companies that innovate in today’s fast-paced environment are the ones that come out on top. Socially-responsible companies are attracting more demanding consumers. But the more diversity we bring to a , the more potential for crossed interests and differing opinions about what implies, which can quickly escalate into conflict.

    This is where building solidarity comes in.

    Solidarity is not thinking and behaving exactly the same. It’s rallying support as a team, welcoming and respecting open communication even when opinions are different, and agreeing to the course of action that best considers the company and its people. Fostering solidarity, not sameness, is the key to unlocking the benefits of a diverse team.

    Related: Solving Organizational Diversity Is Still an Issue: The Cost Is Steep, But the Rewards Are High

    Welcome the benefits of embracing diversity as a team

    Everyone has differences, and the more diverse backgrounds, upbringings and histories we bring onto a team, the more opportunities for differences to exist. But from boards and management teams to organizing a charity fundraiser event, embracing group diversity brings more perspectives, ideas and alternatives that spur innovation and improve productivity. Diverse teams focus more on facts and process them more carefully, resulting in smarter decisions.

    A 2015 McKinsey report found that embracing diversity also improves the bottom line. Companies in the top quartile of ethnic and racial diversity in management were 35% more likely to have higher financial returns over the industry average; companies in the top quartile for gender diversity were 15% more likely. Diverse teams that work well together outpace the competition.

    Companies seek to advance diversity at all levels. Still, for those diverse minds to work well together as a team, they need solidarity — “unity, association, reciprocation, a good community or social interest, gratuity, and for human dignity.” With a of solidarity, companies can more successfully implement DEI and ESG initiatives that reduce social and economic inequality within the organization, improving efficiency, productivity and the company’s reputation.

    Related: How Diversity Helped Bring My Company Together

    Align everyone around individual responsibilities

    Building and encouraging team solidarity requires an established set of values around personal responsibility to contribute to the effort. Sincere acknowledgment and mutual support build a culture of community, which can foster solidarity, but solidarity cannot be forced. It is a co-responsibility for the moral well-being of all others as equal partners on a common mission. Each person with their individual and collective interests needs to embrace solidarity around acknowledging and respecting our differences while arriving at decisions that best serve the collective “we.”

    People pick up on culture fast through the example of their leadership, so leaders should demonstrate acknowledgment and support of diversity to build that sense of solidarity in their teams. There are many worlds of thought with which I disagree, but I work hard to respect them and be understanding of the background from which they originate. So much of our foundational backgrounds embed themselves into who we are today. While I can’t even begin to fully understand every person’s background or how they got to where they are, I can at least respect the fact that it played a part in creating them, even when we disagree.

    We can also build a community culture by recognizing the dynamic interdependence between all team members, emphasizing the need for dialogue, compassion, and understanding across a team. Start by making sure everyone feels they belong.

    We just had our annual meeting, where everyone — those stationed outside Minneapolis and some even outside the country — comes home to the “mothership” to celebrate everything in Clearfield. We start by discussing the upcoming year, host lots of learning during the day and hold parties every evening. Especially in this new hybrid world, bringing everyone together is critical to maintaining their sense of solidarity.

    Related: How to Promote Diversity, Equity and Inclusion in Your Workplace

    See everyone’s potential equally

    When I became a grandma, I developed a new perspective to understand inclusion in the face of diversity better: Look at people as babies. My six-month-old grandson is slightly over 19 pounds, while my 15-month-old is approaching 20 pounds. The older one is small for his age, while the younger one is big. To look at them, they seem totally different. And yet, I look at them as very much the same. They are both my grandsons, with the same potential for growth despite their differences. When we look at babies, whether grandchildren, children, or someone else’s children, we so quickly look at them and see their potential. Each one is equally capable of becoming the next future star performer. If we can see the potential in babies, why can’t we still see it when they grow up to become adults?

    As leaders, seeing equal potential in everyone allows us to respect what their differences can bring to the team — as team members, seeing our peers full of potential will enable them to achieve their best for the benefit of the rest of the company. Look at someone and think about whose baby they were. Imagine someone caring for them, praying for them and trying to open doors for them; someone who saw them brimming with potential. Encourage others to imagine the same and help instill diverse teams with a greater sense of oneness and unity.

    As former U.N. Secretary-General Ban Ki-moon put it, “A world of peace and solidarity can only be accomplished by acknowledging and celebrating [sic] our diversity.” Diversity and inclusion are more than just inviting people in: We need everyone aligned around creating an environment where people feel comfortable being their authentic selves and bringing those diverse perspectives to the table. Leaders need to build it into their team culture, but it also comes down to individual employees to take on their responsibility. Once someone takes charge, solidarity can quickly start to spread.

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    Cheri Beranek

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  • Telangana Govt and JustDial partner to digitise, guide MSMEs

    Telangana Govt and JustDial partner to digitise, guide MSMEs

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    Local search engine company, JustDial, has partnered with the Telangana Government to digitise the Micro, Small, and Medium Enterprises (MSMEs). This partnership will ensure that MSMEs adapt to ways of doing business digitally, realise their marketing potential, and reach out to customers in an effective way. 
     
    The two entities will target MSMEs in cities such as Suryapet, Adilabad, Nizamabad, and more. Besides, JustDial also aims to provide MSMEs an access to its offerings such as JD Mart, JD Xperts and JD Pay which will help them with various services such as an online B2B platform, on-demand home services and an online payment system for traders. 
     
    Commenting on this development, VSS Mani, MD and CEO of Justdial said, “Telangana is helping MSMEs build digital infrastructure and improve their digital footprints to sustain themselves. MSMEs will gain from Justdial’s wide suite of digital services that are designed for growth transformation.”
     
    The main aim of this partnership is to rejuvenate the industrial sector of Telangana as well as address the challenge of information asymmetry within this sector.
     
    It is vital to note here that the MSME segment is an important component of the Indian economy. It contributes about 30 per cent to India’s GDP, and 45 per cent to India’s exports and is also the second largest employer of workforce after agriculture, as per data shared by the Micro, Small, and Medium Enterprises Ministry. Prime Minister Narendra Modi has often highlighted the critical role this sector will play to help India become a $5 trillion economy. 
     
    A joint statement by JustDial and the Telangana Government stated that this synergy will provide an enabling environment for businesses in Telangana and thereby push the ease of doing business quotient within the state.
     

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  • Assuming Innovation Requires In-Office Proximity Is Wrong. Here’s Why.

    Assuming Innovation Requires In-Office Proximity Is Wrong. Here’s Why.

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    Opinions expressed by Entrepreneur contributors are their own.

    Apple, Google, and other companies mandating that employees work in the office for most or all of their time claim that any time spent working remotely stifles . According to Apple CEO , “Innovation isn’t always a planned activity. It’s bumping into each other over the course of the day and advancing an that you just had. And you really need to be together to do that.”

    Yet is this true? On the one hand, research at MIT found that weakens the cross-functional, inter- “weak ties” that form the basis for the exchange of new that tend to foster innovation. A study by Microsoft similarly found that remote work weakens innovation since workers communicate less with those outside their own teams.

    On the other hand, research points to a different conclusion. It found that, during the more than two years of the pandemic, there’s been a record number of new patents across 150 global patent filing authorities. Moreover, in 2021, global venture capital more than doubled from 2020, rising 111%. McKinsey suggests that it’s because more innovative companies developed new ways of connecting remote workers together to build and sustain the cross-functional, inter-term ties necessary for innovation, thus widening the pools of minds that could generate new ideas. Deloitte similarly highlights how adapting the process of innovation to remote settings offers the key to boosting innovation for hybrid and remote teams.

    Related: Maintaining a Collaborative Culture in a Hybrid and Remote World

    My experience helping 21 organizations transition to hybrid and remote work demonstrates that innovation is eminently doable. But it requires adopting best practices that address the weakening of cross-functional connections and lack of natural spontaneous interactions that breed innovation. Unfortunately, companies like Apple and Google have adopted a traditionalist perspective on how to innovate, which ironically hinders innovation.

    An excellent technique for innovation in hybrid and remote teams to replace innovation-breeding random hallways conversation involves relying on collaboration software like Slack or Microsoft Teams. What you need to do is set up a specific channel in that software to facilitate the , spontaneity and collaboration behind serendipitous innovation, and incentivize employees to use that channel.

    For example, in a late-stage SaaS start-up that used Microsoft Teams, each small team of six to eight people set up a team-specific channel for members to share innovative ideas relevant to the team’s work. Likewise, larger business units established channels for ideas applicable to the whole business unit. Then, when anyone had an idea, they were encouraged to share that idea in the pertinent channel.

    We encouraged everyone to pay attention to notifications in that channel. Seeing a new post, if they found the idea relevant, they would respond with additional thoughts building on the initial idea. Responses would snowball, and sufficiently good ideas would then lead to the next steps, often a session.

    This approach combines a native virtual format with people’s natural motivations to contribute, collaborate and claim credit. The initial idea poster and the subsequent contributors aren’t motivated simply by the goal of advancing the team or business unit, even though that’s of course part of their goal set. The initial poster is motivated by the possibility of sharing an idea that might be recognized as sufficiently innovative, practical and useful to implement, with some revisions. The contributors, in turn, are motivated by the natural desire to give advice, especially advice that’s visible to and useful for others in their team, business unit or even the whole organization.

    Related: Six Tactics To Improve Collaboration For Remote Teams

    This dynamic also fits well the different personalities of optimists and pessimists. You’ll find that the former will generally be the ones to post initial ideas. Their strength is innovative and entrepreneurial thinking, but their flaw is being risk-blind to the potential problems in the idea. In turn, pessimists will overwhelmingly serve to build on and improve the idea, pointing out its potential flaws and helping address them.

    Remember to avoid undervaluing the contributions of pessimists. It’s too common to pay excessive attention to the initial ideas and overly reward optimists — and I say this as an inveterate optimist myself, who has 20 ideas before breakfast and thinks they’re all brilliant! Through the combination of personal bitter experience and research on and pessimism, I have learned the necessity of letting pessimistic colleagues vet and improve my ideas. My clients have found a great deal of benefit in highly valuing such devil’s advocate perspectives as well.

    That’s why you should both praise and reward not only the generators of innovative ideas but also the two to three people who most contributed to improving and finalizing the idea. And that’s what the late-stage start-up company did. The team or business unit leaders made sure that they both recognized publicly the contributions of the initial idea generators and the improvers of the idea, and also gave them a bonus proportionate to the value of their contributions. Indeed, several of these ideas ended up generating patent applications.

    While this technique helps address the problem of spontaneous interactions, what about the weakening of cross-functional ties? To help address that problem, while also improving the integration of recently-hired staff, we had the SaaS company set up a hybrid and remote mentoring program.

    The program involved several mentors. One came from the recently-hired staff’s own team. That mentor assisted the mentee with understanding group dynamics, on-the-job learning and professional growth.

    However, we also included two mentors from other teams. One of them came from the same business unit as the junior staff, while another came from a separate business unit. The role of these two mentors involved getting the new employee integrated into the broader company culture, facilitating inter-team collaboration and strengthening the “weak ties” among company staff to help foster collaboration.

    Six months after these two interventions, the SaaS company reported a notable boost in innovation across the board. The channels devoted to innovation helped breed a number of novel projects. The mentor-mentee relationships resulted in mentees providing a fresh and creative perspective on the company’s existing work, while the mentors from outside the team helped spur productive conversations within teams that bred further innovation and collaboration.

    If a late-stage start-up with 400 employees could adopt these techniques, so too can Apple and Google. Certainly, some tasks may best be done in person, such as sensitive personnel conversations, intense collaborative discussions, key decision-making and strategic conversations and fun team-building events. Yet the more tasks you can do remotely, the better. The future belongs to companies that can best make use of human resources around the globe while minimizing the time wasted in rush hour commutes. Doing so requires adopting best practices for hybrid and remote work, instead of being stuck in the past.

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    Gleb Tsipursky

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