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Tag: Entrepreneurs

  • How to Develop and Cultivate a Growth Mindset | Entrepreneur

    How to Develop and Cultivate a Growth Mindset | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Unlike a static view of capability, a growth mindset flourishes when faced with challenges, viewing failure not as a sign of a lack of intelligence but as an encouraging platform for development and expanding current skills. At its core, a growth mindset is about the belief that one’s fundamental qualities are things that can be cultivated through effort, strategies and help from others.

    Still, it isn’t uncommon for a lot of us to strive for success and avoid failure at all costs. We see it as a way of maintaining a sense of being smart or skilled. When we adopt a fixed mindset, challenges are avoided, effort is seen as fruitless, and persistence in the face of obstacles is minimal.

    For entrepreneurs, adopting a growth mindset is not just beneficial but essential. The entrepreneurial journey is replete with challenges, uncertainties and setbacks. A growth mindset empowers entrepreneurs to embrace these challenges, learn from failures and persistently innovate and adapt. It transforms the way entrepreneurs approach their business — seeing opportunities where others see obstacles and continually evolving to meet the ever-changing demands of the market.

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    Jonathan Herrick

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  • This Japanese Word Changed How I Approached My New Year's Resolutions | Entrepreneur

    This Japanese Word Changed How I Approached My New Year's Resolutions | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Ikigai (ee-key-guy) is the Japanese word for the meaning of life. “Iki” means “life,” and “gai” denotes value or worth. It is a philosophy that overlays someone’s passions, skills and money-making capacity with their potential contribution to the world. Each aspect is represented by a circle in a Venn diagram, and where they overlap at the center is one’s ikigai. Ikigai gives a person purpose and inspires them to get out of bed every day.

    When I discovered ikigai, I found that it linked up perfectly with the upper level of Maslow’s five-tier model of the hierarchy of human needs: self-actualization. Many people do not understand what self-actualization means, and even fewer people are able to achieve that level of personal development. Ikigai makes it more comprehensible. When we are able to work through the four questions of ikigai, we can fill in the gaps of how we are living. As a philosophical formula, it is the perfect way to craft a New Year’s resolution and lay out an approach to fulfill it in the year ahead.

    Related: The Meaning of Life for Entrepreneurs: Find What You Love, Then Share It

    The value proposition of ikigai

    To grasp ikigai, visualize the four overlapping circles representing these questions: What are you passionate about? What are you good at? What can you be paid for? And what is it that you have or can do that the world needs?

    The key to starting the year by using ikigai is seeing how all four circles come together. To answer those questions and discover one’s ikigai, you must, as the ancient Greeks understood, “know yourself.” Knowing yourself is the same as knowing your value proposition. It is why, in the business world, when one knows their value, they should worry less about the competition — they can always come up with a different perspective.

    Where people go wrong is being unable to even identify their passion. Without knowing their passion, they fail on the second layer (expertise) and the third (making money), and so they have no resources to offer something of value to the world. Finding the bottleneck in one’s personal process can define how they strategize putting their New Year’s resolution into action.

    Taking it one bite at a time

    In Chinese, we say “It’s impossible to become fat with just one mouthful.” Or in English, “Rome was not built in one day.” There is no rush. Knowing the ikigai process will help individuals understand their next bite as they contemplate their broader objective. Similarly, in business, there is always some bottleneck in the supply chain.

    In ikigai, the first link in the chain is identifying your passion. Think about it in terms of attention. Google’s 2017 research paper, “Attention Is All You Need,” introduced a deep learning architecture that revolutionized artificial intelligence and laid the foundation for AI in its current form. It also made it very fashionable to say that attention is everything.

    But everything does start from attention, which means it starts from passion. We can focus on the negative, but even that form of attention is not dichotomous. Las Vegas was built in the imagination before it was physically built. Starbucks changed coffee culture forever when it became the “third place” — that space between home and work where people enjoy coffee and life outside home or office. Both started as an idea. Identify where your attention often goes, what excites your imagination, and you have your passion.

    Related: Happy New Year! Now, How Exactly, Are You Going to Make Those Resolutions Stick?

    Working through the layers

    My passion is to use my expertise in strategy development to help people, so the next step for me is to establish authority through the classic rhetorical triangle: by building trust and credibility (ethos); appealing to emotion (pathos); and appealing to the audience’s intellect (logos). That is how I map out expertise so that it will be easier for others to accept what I promote.

    If you are passionate about organic coffee, then go to that industry to see how other people make money. If expertise is missing, then take steps to develop it. Ideally, that would have been your New Year’s resolution — but it is not too late to shift focus.

    When we address the third aspect of ikigai, making money, we want to get our mentality right. I tell the people who come to me for help that they are not going to be a slave for money — but the master of it. To realize the meaning of life, we need money. That is just the reality of our world. Then, once we have addressed any reticence around money, we can focus on how we are going to have a global impact.

    Enacting your New Year’s resolution

    The last piece of the ikigai puzzle can be the easiest one. What can you do to help change the world? Once you have answered the first three questions, finding the affinity between what you do and what the world needs is usually not difficult. Ikigai assumes the intrinsic connection between personal fulfillment and social contribution. If you have identified what you love and what the world needs, the next logical step should be quite obvious.

    For instance, if someone has a passion for dogs and wants to utilize the ikigai philosophy, they could put themselves in a position to understand any gaps in the market. Once they develop their expertise, it is time to find a way to make money from their passion — so they could create a monetized YouTube channel dedicated to dogs. Then, they would use that platform to educate viewers on dog adoption, health, grooming or however else they can serve the market. Wherever one is weak in this example, that ought to be the focus of their New Year’s resolution and beyond.

    It is safe to assume that most people have not found their ikigai yet, so the new year is the perfect time to begin to put the four aspects together, one layer at a time. In this Japanese philosophy and model, the value of life is hidden in plain sight and is awaiting your discovery in 2024.

    Related: Why Most New Year’s Resolutions Fail and What You Should Do Instead

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    Simin Cai, Ph.D.

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  • Why Embracing Change Elevates Business Success | Entrepreneur

    Why Embracing Change Elevates Business Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you haven’t noticed, industries and the world at large are experiencing some pretty substantial changes as of late. Notably, innovation in artificial intelligence, massive shifts in the employment sector, and the continuing move toward sustainability have all impacted the way we run and grow our companies — and I am not just referring to the big guys. Even smaller organizations are modifying the definition of business as usual, as an unwillingness to do so could eventually threaten their very existence.

    This isn’t just rhetoric. Refusal or resistance to change can be devastating to both businesses and individuals. Perhaps this is best illustrated by a cover story titled “Change or Die,” published by Fast Company magazine nearly 20 years ago. The article chronicled a 2004 IBM conference speech by Dr. Edward Miller, the CEO and Dean of Medicine at John Hopkins at the time.

    It appears Miller shocked the audience when he shared just how many heart patients possess a destructive resistance to change. He claimed that of the nearly two million bypasses and angioplasties performed each year in the U.S., lives were rarely substantially prolonged. Miller said that half the bypasses were clogged again within a few years, and the angioplasties failed in as little as a few months. Why? He explained that even though the surgeries were traumatizing and expensive — and the stakes were extraordinarily high — many post-op heart patients simply refused to modify their unhealthy routines.

    “If you look at people after coronary-artery bypass grafting two years later, 90% of them have not changed their lifestyle. And that’s been studied over and over and over again,” Miller said. “Even though they know they have a very bad disease and they know they should change their lifestyle, for whatever reason, they can’t.”

    While Miller’s insight is jarring, it is honestly not surprising. Even in the most critical of circumstances, change can be very hard.

    So what is the difference between those who are able to implement healthy, positive change in their lives and their businesses and those who can’t? The answer might surprise you.

    Related: Why Employee Accountability is the Holy Grail of Every Successful Business

    The real catalyst for change

    Many people fear change. Or, at the very least, they fight it tooth and nail. According to renowned author and Harvard Business School Professor John P. Kotter, this resistance is generally due to one of four factors: a fear of losing something of value, a misunderstanding of the change and its implications, a belief that the change doesn’t make sense, or simply an overall low tolerance for change.

    Kotter posed that the ability to adapt is not solely based on building a proper strategy, structure, culture or systems. Instead, he posed that successful change is more specifically based on focusing on and altering behavior. We all know this is not as simple as it sounds, but there is hope. You see, Kotter explained that the key to behavioral change — in yourself, your leadership team, and your organization — is to tie the desired outcome to each participant’s feelings. The concept is rather straightforward. Emotional support and connection foster transformative action in just about everybody.

    Inspiring change in your business

    Let’s talk about your business. Ultimately, successful change in your organization begins by properly framing an issue in a way that connects with you and your team and motivates you all on a psychological level. Your message of change needs to be positive. It needs to be inspiring, and it needs to resonate. When presented with the need for change, it is also essential that those involved are provided with an appropriate support structure. The likelihood of successful change increases exponentially when people are surrounded by constructive feedback, encouragement, and the comradery of others rather than simply mandated actions.

    Related: 15 Strategies to Help Leaders Overcome Resistance to Change

    The power of your peers

    As an entrepreneur, your ability to change and adapt is arguably the single most important contributor to long-term success. Stagnant businesses simply can’t flourish, grow or (like those heart patients unwilling to modify their habits) survive. Ask yourself, how receptive are you to transformation in yourself, your processes, and your entire organization?

    Now is the time to evolve as a business owner. Start with an unwavering desire for continuous improvement. The next step is finding that emotional connection and the people or groups who can support you on your journey of change. For business leaders, these relationships are often found outside of one’s own company in the form of peer advisory boards or mastermind groups. Peer advisory boards provide business owners with the requisite support and emotional connection that act as catalysts for forward progress and even innovation.

    As the president and CEO of such an organization, I get to witness the transformative power of connection all the time. It is truly amazing to see what can happen between owners and executives who care about each other’s welfare and respect, support and elevate each other on their paths to transformation.

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    Jason Zickerman

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  • How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

    How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ve been fortunate to work with small businesses for more than a decade and have seen firsthand the impact they have on those around them — from the people they employ, the communities they serve and how they fuel our overall economy. One such small business (and, disclaimer, a QuickBooks customer) is High Five Events in Austin, Texas. High Five Events started with one small event and has since built a team that puts on large, key events like the Austin Marathon that brings the community together.

    I’m not alone in recognizing the importance of small businesses. In a 2022 survey of 8,000 Americans, 73% said small businesses make their community a better place to live. This isn’t surprising when small businesses make up 98% of all U.S. businesses, and more than a third (36%) of all workers in America are employed by small businesses.

    And while small businesses continue to be formed rapidly, they’re creating fewer jobs than before. Despite the number of new business applications skyrocketing, surpassing 5 million in 2022 compared to 2.1 million in 2005, the number of new businesses with employees during this same time period fell from 10% to roughly 8%.

    Why? I believe one of the primary reasons we’re seeing this shift is due to the unique strains entrepreneurs face when it comes to accessing financing, with record inflation and high interest rates creating an even more challenging environment.

    Related: Here’s the Secret to Growing Your Small Business, According to Execs at UPS, Airbnb, Mastercard, and Other Big Brands

    New findings in the Intuit QuickBooks Small Business Index Annual Report ultimately show that these macroeconomic issues and business growth are intrinsically linked.

    We typically look at inflation through the lens of the consumer, but its impact on small businesses shouldn’t be overlooked. Small business growth and stability are early indicators of the economy’s health, and right now, small businesses identify rising costs as the number one challenge they face. With small businesses’ cash reserves 20% lower today than before the pandemic, and credit card debt 15% higher than before the pandemic, businesses have less cash on hand and more debt accumulating, hindering their ability to create jobs and hire workers.

    In addition to inflation, business owners are contending with an increasingly difficult financing landscape. Small businesses are currently twice as likely to use their own savings to fund their business as they are to use loans from banks or other commercial lenders, with more than half (58%) of U.S. small business owners surveyed indicating they have self-funded their business — often by working other jobs.

    How entrepreneurs are adapting

    For business owners to navigate these headwinds and achieve growth — from both a revenue and workforce perspective — it’s essential they take advantage of the many resources and tools available to them.

    It’s critical to be smart and savvy when it comes to business banking. New data shows that finding the right banking partner can mean being able to access capital or not, as small businesses that worked with well-financed banks before 2022 interest rate hikes got more funding than those working with less well-financed banks. Understanding this, it’s important to be informed and ask a few basic questions when looking for the right bank.

    For example, is the bank FDIC insured? Does it offer a competitive annual percentage yield? Are there fees or a minimum balance required? Can the bank support other business operations — from payroll to credit card processing, automated bill pay or instant payments? You’ll want to get clarity around all these questions before making a decision.

    Businesses also need to tap into the power of digital tools. According to our recent Annual Report, more than half (55%) of small businesses that manage eight or more areas of operations with digital technology report revenue growth. However, this drops to 31% among those who use digital tools for up to two areas only. And high adoption of digital technology isn’t just supporting revenue — it’s supporting employment, too. Twenty percent of high adopters report workforce growth, but fewer than 1 in 10 low adopters report the same. Many digital tools are also increasingly leveraging AI to drive efficiencies, automate operational work, inform decision-making and reduce human error, which can have incredible benefits for small businesses.

    Related: I’ve Served Small Businesses for More Than 10 Years — Here Are 3 Investments to Consider That Will Help You Succeed

    Finally, working with an accounting professional can be an incredible resource in helping businesses navigate the current macroeconomic environment. Our report found that more than 80% of small businesses agree that their accounting professionals have helped them reduce the impact of inflation on the business. From keeping up-to-date and accurate records updated on everything from income to expenses and deductions, hiring an accountant and outsourcing bookkeeping can save small businesses time and money: on average, small businesses estimate having an accountant saves them $39,000 each month.

    As we face a year ahead where economic challenges may persist, it’s imperative that we foster an environment that is conducive to economic growth and small business resilience.

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    Rich Rao

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  • Venture Capital 101: A Comprehensive Guide for Startups Seeking Investment | Entrepreneur

    Venture Capital 101: A Comprehensive Guide for Startups Seeking Investment | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every day, dozens of startups go through the Vibranium.VC funnel; some don’t pass the first scoring, while others move to the next stage towards potential investment. Drawing from my entrepreneurial background, I can confidently say that advice I received in the past from professionals in specific fields helped me be well-prepared and aware of the nuances that come along with the entrepreneurial journey.

    Advice for startup founders is crucial at the beginning of their journey as it provides invaluable insights and guidance from experienced individuals who have navigated similar paths. This advice can help founders avoid common pitfalls, refine their strategies, and make informed decisions, ultimately increasing their chances of success. The early-stage startup founders are often filled with uncertainties, and seeking advice from business role models can offer clarity and direction to set a solid foundation for the entrepreneurial journey.

    Related: Why Investors With an Entrepreneurial Past Are Crucial to Startup Success

    Secure your runway

    Begin your search for investments at least six months before your funds run out, ensuring your runway remains at 6-8 months. If you are raising seed, anticipate that this funding will sustain your runway for two years. Approximately a year or 1,5 years, you can move towards the Series A fundraising process. This timeline implies that you should attain Series A metrics within one and a half years, providing a six-month buffer while concluding the round with the next-level investors.

    Series A financing refers to an investment in a startup after it has shown progress in building its business model and demonstrates the potential to grow and generate revenue. It often refers to the first round of venture money a firm raises after seed round and angel investors.

    A healthy runway, representing the number of months a startup can operate before running out of cash, demonstrates financial stability and responsible financial management. Investors are more likely to be interested in companies that clearly understand their financial standing and can sustain operations over the mid to long term.

    A longer runway enhances your negotiating position: It reduces the urgency for immediate funding, giving the startup more negotiating power when discussing valuation, terms, and other aspects of the investment deal. This can result in more favorable terms for the startup.

    Additionally, a sufficient runway provides the startup with ample time during fundraising. This time is essential for due diligence procedures, negotiations, and other steps involved in securing investment. It allows both the startup and investors to thoroughly evaluate the opportunity without the pressure of an imminent cash shortage.

    Be prepared for a lengthy fundraising process

    As you initiate active fundraising, the second point is to prepare for an extended fundraising process from 3 to 6 months at best (sometimes even more). This is particularly crucial in the early stages, considering all due diligence procedures, negotiation processes, and other factors. The size of the funding round can influence the timeline: larger funding rounds often involve more extensive due diligence, negotiations, and legal processes, potentially extending the duration. For example, one of our longer deals took almost five months, while the shortest one was sealed after one month.

    Negotiating the terms of the investment, including valuation and other deal terms, can take time. The back-and-forth negotiations between the startup and investors contribute to the overall duration. And don’t forget about legal processes: finalizing legal agreements and paperwork can add time to the timeline.

    Related: 3 Alternatives to Venture Capital Funding for Startups

    Create a database of investors

    Build a database of 100 or more warm contacts with investors. Initiate conversations with them and strive to convert these interactions into closed deals. Have as many contacts as necessary to achieve the crucial milestones for the next round.

    Having a database of investors is a strategic asset for startups. It streamlines communication, facilitates relationship-building, and allows startups to make informed decisions throughout the fundraising process and beyond.

    The database is also crucial when it comes to your pitch. By understanding different investors’ preferences and investment histories, startups can tailor their pitches more effectively. This personalized approach increases the likelihood of capturing investor interest and aligning with their investment thesis.

    Related: Why Strategic Venture Capital is Thriving in a Founder’s Market

    Transparency is everything

    Be transparent, avoid fabrications, and don’t lie. We all know “Fake it till you make it ” cases, which have made investors more cautious about startups. Transparency is a way for startups to demonstrate accountability and lower the risk of investment for VCs. By providing clear and accurate information, startups show they take responsibility for their actions and decisions, reinforcing a sense of trust. Be truthful because, trust me, distorted information will surface during the Due Diligence process and can become a deal breaker. This could lead to losing investors, and more importantly, it will discourage them from engaging with you.

    Always remember that transparency is not just about sharing information; it’s about fostering a culture of openness, trust, and accountability.

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    Zamir Shukho

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  • How Bitewell Won $200K on Entrepreneur Elevator Pitch | Entrepreneur

    How Bitewell Won $200K on Entrepreneur Elevator Pitch | Entrepreneur

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    Entrepreneur Elevator Pitch is the show where contestants get into an elevator and have just 60 seconds to pitch their business to our board of investors. In this ongoing article series, we’re celebrating the entrepreneurs who walked out with a win and sharing their tips for pitching success. (Answers have been edited for length.)

    Bitewell bills itself as the world’s first digital food pharmacy. The platform educates people on the use of food as medicine with its proprietary food navigation tool called the FoodHealth Score and then helps them shop for meals and ingredients that fit their needs, preferences, and budget.

    After a super-sweet appearance on Entrepreneur Elevator Pitch, Bitewell co-founder Sam Citro walked out with a $200K investment from investor Kim Perell. Watch Sam’s pitch, then read on to learn how she prepared to make sure that the investors were hungry to be a part of her company.

    How did you prepare for the show?

    I have a BFA in Drama from NYU’s Tisch School of the Arts, so I have a bit of a leg-up when preparing for public appearances. It was a combination of doing investor pitch prep and scripted TV prep. I memorized my 60-second pitch and drilled it into my brain so that I was saying it in my sleep. For me, knowing the business fundamentals of my company is easy — it’s what I spend all day, every day building, so I know those numbers like the back of my hand.

    Related: See Who Wins Big on the High-Stakes Season Finale of ‘Elevator Pitch’?

    What did you think was going to happen? What was different from your expectations?

    I’ve been on TV before, so I had a pretty good idea of what was going to happen. What I wasn’t expecting was the 12-hour day! I didn’t realize how much content we’d develop over the course of the shoot. It was incredible.

    Why do you think they opened the doors?

    You’d have to ask the investors to know for sure, but if I were a betting woman, I’d say it’s the combination of the market opportunity size and our demonstrated traction. Eliminating diet-related disease is a multi-trillion-dollar opportunity, and we’ve shown that we can make that vision a reality.

    How did the negotiations go? Would you do anything differently?

    I wish I would have pushed back on Kim a bit more about the valuation. Our business has grown so much since the last financing, and I let her in on the same terms. So, it was a great deal for Kim!

    What do you plan to do with your investment?

    It’s all going toward growth-related activity: marketing and hiring additional members of our sales team.

    Related: Would You Give a Former Hacker Your Money?

    What did it mean to you personally to get in the boardroom and walk out with a win?

    I believe in what we’re building, so when I went into the boardroom believing we’d come out with a deal. I think you have to be that confident, that sure in your business, to be a founder. That said, I’m incredibly proud and grateful that we left the boardroom with an investment from Kim. As a female CEO, it’s important to me to have equal representation of female investors around the table. I’m looking forward to all of the great work Kim and I will do together!

    What is your advice for anyone thinking of applying to be on a future episode?

    Do it! But remember that luck is what happens when preparation meets opportunity. Come prepared to walk out with a deal.

    Related: Netflix Co-Founder Marc Randolph Made a Surprise Move That Stunned Investors.

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    Entrepreneur Staff

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  • 5 Entrepreneurs Share Their Best Advice to Starting a Company | Entrepreneur

    5 Entrepreneurs Share Their Best Advice to Starting a Company | Entrepreneur

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    We’ve met a lot of influential CEOs, founders, and celebrities this year through Entrepreneur+ subscriber-only events. Here are some of the best moments from these interviews this year — in no particular order:

    1. Shopify’s President on what’s changing online

    Harley Finkelstein sat down with us to discuss the best ways to grow your e-commerce business. Here are some top insights:

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    Entrepreneur Staff

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  • Why Restaurateur Jack Gibbons Loves Confrontational Customers | Entrepreneur

    Why Restaurateur Jack Gibbons Loves Confrontational Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Experience is everything.

    That’s the underlying belief of FB Society, a Dallas-based hospitality company operating numerous restaurant concepts that are intrinsically innovative and scalable. FB Society CEO Jack Gibbons’ history of scaling unique restaurant concepts is marked by a pragmatic understanding that profit is not just desirable, but an essential element for expansion. He emphasizes that the decision to grow a restaurant must be earned through the establishment of a financially viable and culturally rich foundation.

    FB Society knows a lot about building successful restaurant brands. The company developed, scaled, and sold the extremely popular Twin Peaks chain as well as Velvet Taco (of which they are still investors).

    “Whether it’s the culinary side or the experiential side, it’s got to be something that you ask, ‘why should it exist?’,” the CEO said about developing new concepts. “Because the last thing the world needs is just another restaurant.”

    In this interview for Restaurant Influencers with Shawn Walchef of Cali BBQ Media, Gibbons asserts: “If you don’t build margin into your brand, you can’t hire the best people, you can’t buy the best products, you can’t run great campaigns, and it gives you zero flexibility.”

    “The first thing is you just got to run one great restaurant and it’s got to make sense financially.”

    D.N.A. stands for Differentiation, Nuances, Attitude

    Jack Gibbons places a premium on a brand’s D.N.A., which stands for Differentiation, Nuances, and Attitude.

    This deliberate approach ensures that as the company expands, it retains its uniqueness and doesn’t lose its soul.

    Gibbons integrates the brand’s DNA into every aspect of the business, sharing it with the team and incorporating it into training. He believes that decisions, even at the management level, should be aligned with the brand’s fundamental D.N.A.

    “We create a DNA that’s actually written down on paper, and it’s really the reason a brand should exist,” articulates Gibbons. “We share the DNA with the team. We make it a big part of the training. We make it part of something you celebrate all the time.”

    In the realm of industry feedback, Gibbons adopts an uncommon perspective. He values confrontation and sees direct feedback, even when negative, as a requirement in order to improve.

    Gibbons challenges the industry norm by publicly responding to every Yelp review, whether positive or negative, viewing it as an opportunity to show customers genuine appreciation and a commitment to continuous improvement.

    This approach reflects his belief that embracing criticism is vital for the growth and excellence of management teams in the competitive restaurant industry.

    “I love this feedback. I could just ignore it if I choose to, or I can act upon it,” he says. “If you truly value your customers, but you say only when it’s something that’s positive, then that’s a bunch of bull***. Because the reality of it is we don’t execute perfectly every day.”

    The straightforward, no-nonsense approach to development is what has helped catapult Jack Gibbons to the top of the industry.

    With energy for growing concepts still running high, he shows no signs of slowing down.

    In his words, “There’s just so much to learn.”

    Subscribe to Restaurant Influencers: Entrepreneur | Spotify | Apple

    About Restaurant Influencers

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • What You Must Focus on to Achieve True Entrepreneurial Success | Entrepreneur

    What You Must Focus on to Achieve True Entrepreneurial Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In my 35-year career spanning pivotal roles, including CEO, chairman, investment banker, founder, board member and investor, I’ve learned firsthand about entrepreneurial triumphs, where success is often measured by financial milestones.

    My experiences in orchestrating successful IPOs, financings and M&A transactions have shaped my perspective on what it truly means to succeed, which I continually redefine as I evolve over the years — an insight I’m eager to share with fellow entrepreneurs and CEOs.

    Related: ROI Isn’t Everything — Don’t Overlook These 6 ‘Immeasurable’ Metrics That Define Business Success

    Understanding entrepreneurial success

    Embarking on the entrepreneurial journey is a profound expedition, transcending traditional notions of success. Beyond financial metrics, success involves nuanced and evolving concepts — leadership, personal satisfaction and a sustainable vision. Success is not just about revenue growth, profitability and KPIs, or about how much money you earn, the valuation of your business or your perceived popularity. Rather it’s about a journey beyond balance sheets — embracing fulfillment and impact that weaves through your entrepreneurial career.

    Metrics beyond money: Measuring success holistically

    In the pursuit of entrepreneurial excellence, success must transcend traditional metrics, extending into areas like customer satisfaction, team culture and personal growth. As a globally embedded entrepreneur, I’ve come to understand these non-financial metrics as pillars supporting a comprehensive and sustainable definition of success.

    Shifting from a transaction-driven to a value-driven approach can profoundly transform the entrepreneurial landscape. For me, this shift has meant prioritizing long-term strategic actions with clients and stakeholders over short-term financial gains. Instead of focusing solely on immediate profitability, I evaluate success based on sustained growth, innovation and ethical standards. This approach not only enhances my brand reputation and integrity but also ensures a more significant and lasting impact. By adopting this value-driven perspective, success becomes a more meaningful pursuit, aligning with deeper business ethics and long-term vision.

    Similarly, team culture, another success metric often overlooked, is the heartbeat of any successful venture. Leading your team through the shift from CEO to industry expert and mentor involves guiding them with your accumulated wisdom, fostering an environment of continual learning, and encouraging them to innovate and think strategically. Personal growth, as an entrepreneur and leader, is a compass guiding the entrepreneurial journey and must form the foundation of your pursuits. A CEO with no desire for personal growth and merely seeking financial success is a vacuum. In contrast, the deep desire for personal growth is not only a professional evolution but a personal one marked by continuous learning, adaptability and unwavering commitment to growth.

    It’s time for entrepreneurs to begin viewing success as a dynamic journey. The entrepreneur’s role is to foster an environment where success means more than financial metrics. By prioritizing this holistic approach, an entrepreneur not only elevates their achievements but also inspires those around them to embrace a broader, more enriching definition of success.

    Related: 5 Intangible Qualities That Hold the Key to Unparalleled Business Success

    The journey from knowledge to wisdom in entrepreneurship

    No entrepreneur, CEO or industry expert starts their journey with a wealth of knowledge. Rather, knowledge accumulation comes from experience and often also from hardship. Knowledge, experience and hardship act as the building blocks for success. It’s like assembling a toolkit, each piece representing industry insights, market trends and business intricacies. The phase of building industry knowledge and experience is instrumental in providing entrepreneurs with the necessary foundation for informed decisions and strategic plans.

    However, the crux of entrepreneurial prowess lies in the journey from knowledge to wisdom. Knowledge, in this context, is possessing the right answers — the foundational understanding of business dynamics. Wisdom transcends knowledge; it’s the art of asking the right questions, sharing lessons learned and delving deeper into the complexities of entrepreneurial success and failure.

    Wisdom within entrepreneurship is a dynamic process, involving not just knowing facts but applying knowledge and experience to reflect profound understanding and foresight. It’s a shift from rote application to strategic insight — a transition defining an entrepreneur’s evolution from novice to seasoned leader. It’s about understanding the why behind the what, steering clear of one-size-fits-all approaches and embracing a dynamic mindset for sustainable success.

    Crafting your wisdom: A self-mentoring blueprint

    For entrepreneurs seeking to foster wisdom, actionable advice is paramount, and self-reflection is a crucial tool. I have also found that mentorship acts as a guiding beacon, offering diverse perspectives that enrich decision-making. The pursuit of wisdom in entrepreneurship must be deliberate and strategic, and it must invite a structured self-assessment process.

    So, how can this be achieved?

    • Reflective evaluation: Initiating the self-mentoring journey begins with a reflective evaluation. Entrepreneurs must engage in a thoughtful examination of their decision-making and problem-solving skills, asking targeted questions focusing on the effectiveness of past decisions and lessons derived.

    • Establishing insight goals: Differentiating goals that deepen understanding from those expanding knowledge is critical. Insight goals should aim at developing a nuanced perspective and foresight, shifting from accumulating knowledge to establishing goals that contribute to cultivating insights.

    • Active application: Entrepreneurs are encouraged to actively apply their understanding through real-world challenges. This hands-on approach tests comprehension and allows for refining knowledge into actionable insights, contributing to overall wisdom development.

    • Embracing calculated risks: Wisdom often emerges from well-considered risks. Entrepreneurs are urged to embrace calculated risks as part of the self-mentoring blueprint, involving a careful evaluation of potential outcomes, encouraging them to step out of their comfort zones strategically and expanding understanding.

    • Mentorship dynamics: Central to the self-mentoring blueprint is seeking mentorship and engaging in mentorship roles. Entrepreneurs are advised to actively seek guidance from experienced mentors while contributing insights to others. This reciprocal exchange fosters an environment conducive to wisdom cultivation, enriching understanding through diverse perspectives.

    • Progress indicators: In the journey toward wisdom, tangible indicators are crucial for tracking progress. Entrepreneurs are encouraged to document key decisions and their impacts, offering a tangible way to measure the transformative transition from knowledge to wisdom.

    Related: Defining Success: 4 Key Measurements That Go Beyond Revenue

    The journey ahead

    In navigating the dynamic landscape of entrepreneurship and redefining success, I invite fellow entrepreneurs to connect and share insights. The entrepreneurial community holds a reservoir of diverse experiences and perspectives, offering the opportunity to redefine success resonating with each entrepreneur’s core values and aspirations.

    Success, in its redefined form, becomes a tapestry woven with the threads of varied experiences, shared insights and a commitment to a profound understanding of entrepreneurial triumph. Beyond the balance sheet, we can forge a path leading to holistic and enduring success — one resonating not just in the boardroom but in the essence of our entrepreneurial endeavors.

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    Peter Goldstein

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  • How to React to Stressful Situations with Calmness | Entrepreneur

    How to React to Stressful Situations with Calmness | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Lyndon B. Johnson was known for his histrionics — his customary reaction to minor pain or illness was “frantic” and “hysterical,” wrote Robert Caro for the New Yorker in 2012. But when under pressure — real pressure, as he was the day he became president after John F. Kennedy was assassinated — Johnson assumed a near preternatural calm.

    As Caro writes, “Johnson’s aides and allies knew that, for all his rages and his bellowing, his gloating and his groaning, his endless monologues, his demeanor was very different in moments of crisis, in moments when there were decisions — tough decisions, crucial decisions — to be made; that in those moments he became, as his secretary Mary Rather recalled, ‘quiet and still.’”

    Certain people seem designed to perform well under moments of intense pressure. As an entrepreneur, it’s certainly a skill you’d do well to develop. Research conducted by TalentSmart found that 90% of top performers can manage their emotions in times of stress and remain calm and in control.

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    Aytekin Tank

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  • Free Webinar | January 11: The 2024 Social Media Trends to Get You More Followers & Sell More Products | Entrepreneur

    Free Webinar | January 11: The 2024 Social Media Trends to Get You More Followers & Sell More Products | Entrepreneur

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    Learn tricks and tactics to supercharge your social media by joining our free webinar “The 2024 Social Media Trends to Get You More Followers & Sell More Products.” This power-packed session will be led by Entrepreneur’s very own VP of Social Media, Sana Ali.

    On Thursday, January 11th Sana will dive into the latest strategies that will not only boost your online presence but also drive sales. From emerging trends in content creation to leveraging influencer marketing for maximum impact, we’ll guide you through the key elements that can propel your brand to new heights.

    You’ll gain insights on:

    • The biggest social media trends that will shape 2024

    • Optimizing your content to take full advantage of those trends

    • Navigating the nuances of influencer marketing

    • Measuring success by defining clear objectives and utilizing analytics tools

    • How to approach cultural sensitivity in campaigns

    Join us to unlock the social media strategies that will propel your brand to new heights in 2024!

    About the Speaker:

    Sana Ali is the VP of Social Media Marketing at Entrepreneur Magazine. Throughout her career, she has led global social media campaigns for notable brands, including MTV, iHeartRadio, BET, and WWE. Sana’s expertise lies in her ability to build social influencer products, create social monetization opportunities, and craft effective strategies. Her focus is on fostering audience engagement, delivering measurable results, and leveraging content trends in the ever-evolving social media landscape, particularly by tapping into multicultural audiences.

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    Entrepreneur Staff

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  • How Taylor Swift Became a Billionaire and Business Icon | Entrepreneur

    How Taylor Swift Became a Billionaire and Business Icon | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The results are in, and Taylor Swift‘s Eras Tour concert film, released October 13, 2023, in theaters, is the highest-grossing concert film domestically ever. Swift’s latest album, 1989 (Taylor’s Version), opened at No. 1 on the Billboard 200 chart. She’s had 13 No. 1 albums over the years (tied with Drake) — only the Beatles, who had 19 No. 1s and Jay-Z, with 14, have more.

    You no doubt heard about her Eras Tour, which saw sell-out shows to massive stadium crowds for 52 dates across the U.S. She will bring in more than $1 billion in ticket sales. She’s in the midst of the overseas portion of the tour, but she also recently added more dates in North America for the latter part of 2024.

    Related: Taylor Swift Is TIME’s Person of the Year, a Billionaire and Boon to the Economy — Here Are the Brands She’s Given a Major Boost

    Whether or not you’re a fan of her music, it’s clear that Taylor Swift is one of the most popular recording artists and performers ever — and she is perhaps at the peak of her career after all these years in the spotlight.

    She’s also a savvy businesswoman (and newly minted billionaire). You can’t get this far if you’re not, no matter how talented you are.

    As entrepreneurs, there are many lessons we can learn about business, marketing and protecting our intellectual property from Taylor Swift. These are five of the most important ones.

    Never forget your “fans”

    Swift fans are known as “Swifties,” and they range in age from 8 to 80 and come from all sorts of backgrounds. Entire multigenerational families go to Swift concerts. It’s pretty rare these days to have an artist with such universal appeal.

    From the stage, she has always been very thankful for their support. Indeed, whenever she makes a public appearance, she is quick to display her gratitude. She’s also active on social media and engages with her fans there. She’s even been known to send them big boxes of merchandise and “swag” or invite them backstage or to events.

    The lesson here: Treat your customers well. Give them your all. Create great products. Provide great customer service. Interact with them on social media. Become a valuable part of their lives. This will pay off in the form of raving fans who become your ambassadors in the world — online and offline.

    Related: An Ivy League University Is Teaching the Secret of Taylor Swift’s Success

    Strong branding

    One of the major reasons Swift has been so popular and continues to be so — if not now more than ever — is she has an appealing personal brand. Fans don’t just listen to her music. They feel like they know her thanks to her lyrics, which are very personal and based on her life experiences.

    For you as a business owner, it can feel a bit narcissistic to put yourself out there front and center. But connecting with your prospects and customers and letting them get to know you through a blog, social media posts, videos, web content and the like can make your marketing and sales that much easier. There is a reason influencers and “gurus” do so well.

    The lesson here: Often, people today aren’t interested in simply buying “products.” They want to buy into a “story” or a “lifestyle.” They want a personal connection to a personality or a brand, and talking to them about your personal journey can do that.

    Related: Top CEO of 2023? Taylor Swift and Beyoncé – Here’s Why.

    Overdeliver

    Swift knows fans have spent a lot of money and time to attend her concerts and that it’s a massive deal for them. So she’s gone all-in with her stadium show, which features pyrotechnics, special effects and multiple outfit changes.

    And she puts on a show, playing for hours and including the hits and fan favorites — of which she has so many — so everybody can sing along. Not only that but when rain threatened to cancel a concert, Swift played in a full-on downpour.

    The lesson here: It’s simple. Give your audience a great experience!

    Adapt and evolve as needed

    Swift wasn’t always a certified pop star. Her early career focused on more of a country music style. But she was not afraid to grow as an artist, musician and performer, seeking out collaborators to help her incorporate a more pop sound, with even a bit of indie rock and dance thrown in there. It’s doubtful that if she had stuck with country, she would be selling out stadiums worldwide. Of course, throughout all the changes in genre, she has stayed true to who she is — that always shines through.

    As an entrepreneur, it’s tempting to stick with the same-old, same-old and grind away in your business. But often, no matter how hard you work, you won’t be successful. Perhaps the product doesn’t have a big enough audience, or your marketing channels aren’t appropriate for your niche.

    The lesson here: Don’t be afraid to pivot and try new tactics and strategies. In extreme cases, you might have to completely abandon your messaging and try something different.

    Protect your intellectual property

    There is a reason Swift’s latest album and all the songs on it include this part: (Taylor’s Version).

    You see, the album 1989 originally came out in 2014. But she re-recorded and re-released it, as she has with other albums. The motivation is to take back control of her own work. All of her “original” album master recordings from 2019 and before were owned by her old record label. That’s standard practice for new artists. But that label was bought by music manager Scooter Braun, who then sold it to another company for $300 million.

    Swift was ready to buy her own masters but was denied. Her catalog is just too lucrative for the owners. Re-recording all the albums and encouraging fans to purchase and stream these “new” songs is a way for her to regain control of her creative work and all the effort she put into crafting her career.

    Regarding your business, the lesson is to protect your intellectual property with copyrights and trademarks. This includes trademarking your product names, logos, slogans and taglines and registering the copyright for written, audio or visual content you create.

    You don’t have to be a fan of her music to appreciate Taylor Swift’s success in running her business affairs. She’s a savvy marketer, an innovative entrepreneur who is not afraid to adapt to new situations, and always ready to take on new challenges — and we can all learn from her example.

    Related: Her Childhood Bullies Inspired Her to Start a Brand. It Boasts Over $20 Million Annual Revenue Now — and Just Appeared on Stage With Taylor Swift.

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    Brian T. Edmondson, Esq.

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  • Discover the Cognitive Benefits a 'Silent Retreat' | Entrepreneur

    Discover the Cognitive Benefits a 'Silent Retreat' | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Each summer, I take a few weeks off as CEO of Jotform, travel to my family’s farm in Turkey, and do my best to truly check out. Instead of tending to my inbox, I tend to our olive groves and go for long nature walks with my kids. As this time off unfolds, I inevitably begin to feel refreshed and re-energized. Upon returning to the office, this form of life hack produces thinking that’s reliably sharper, and I’m increasingly convinced that much of this has to do with the absence of noise, both internal and external.

    Their grounding in the principle that “…natural quiet has become an endangered species and needs to be protected” (as Condé Nast Traveler writer Sarah Allard phrases it in a 2023 article on vacation trends), “silent retreats” are on the rise. And though many of these literally encourage no talking, it seems that their effectiveness stems from a lack of informational/digital noise. A fascinating El Pais story by Silvia López Rivas includes a 2011 observation by then-Google CEO Eric Schmidt, who pointed out that until 2003, humans had produced an amount of information equivalent to five exabytes — the same quantity generated every two days in 2011. It has been estimated that by 2025, we’ll be creating 463 exabytes of information every single day. In short, the sound of information, already deafening, is poised to get much louder.

    Related: Did You Mess Up? Use This Astronaut’s “30-Second Rule” to Feel Better and Refocus

    The benefits of quiet

    Meditation retreats, even when they’re not totally silent, have been shown to deliver multifold benefits. One comprehensive study published in a 2016 edition of the Journal of Psychosomatic Research found that meditation retreats reliably reduced symptoms of stress, anxiety and depression, in part because of their ability to foster mindfulness — being fully present and engaged in the moment. It is, after all, virtually impossible to focus on creative work when your mind is racing. Mindfulness, meanwhile, leads to clearer and more innovative thinking.

    Many retreat participants additionally report that an extended experience of silence helped produce a better night’s sleep, and it’s no secret to anyone reading this that rest is fundamental to sharp cognition. A telling 2004 study from the University of Lübeck involved asking subjects to complete math problems that relied on algorithms, with shortcuts hidden deep within formulas. About 25% of the subjects discovered them at the outset, but given the chance to get eight hours of sleep, that figure rose to 59%.

    Related: You’ll Never Achieve Work-Life Balance — and You Shouldn’t, Reddit Co-Founder Alexis Ohanian Says

    Go easy at first

    It’s challenging to quit noise cold turkey. That’s why silent retreat organizers approach the process gradually. For example, they recommend that participants, especially first-timers, ease into the practice by refraining from checking phones for a few hours before arriving.

    Even if you’re not jetting off to retreat in a 16th-century castle in France, there are ways to proceed gradually into encouraging quiet, say by carving out just 15 daily minutes away from devices, emails, meetings, social media and news notifications.

    It’s tricky for me to commit to anything that isn’t scheduled, so I make regular appointments to have silent time. For me, mornings work best before the day has a chance to catch up. When the appointment pops up, I’m not deciding whether or not I’m in the mood to be silent; I just switch off devices and begin.

    Objectively observe your internal dialogue

    Making time for yourself in this way is, on its own, an achievement that will deliver myriad benefits, but applying some actionable advice can help take the practice one step further.

    During silent time at the office, I use some of the practices from Vipassana meditation — scanning my body from head to toe and paying attention to sensations. If my shoulders ache from a morning training session or my stomach grumbles after a skipped breakfast, I take note while tuning into what’s happening in my mind.

    The key is to not react, just observe, as many have found that engaging in this discipline helps both body and mind better tolerate painful and unpleasant situations.

    Related: How to Stop Information Overload in its Tracks

    Get comfortable with discomfort

    In our incredibly noisy world, sitting in silence can be jarring, and it’s not unusual to experience a knee-jerk need to escape from it. In a 2016 Guardian article, one journalist attending a silent retreat in New Zealand admitted to having the urge to run through the hall screaming. It’s perfectly natural to want to give up when you’re first engaging in this process, and that’s okay. The trick is to stop expecting perfection and learn to be with things as they are, which can reduce stress and anxiety and boost creativity and the need for productive connections with others.

    Related: A Simple Practice to Overcome the Fear of Uncertainty and Daily Stress

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    Aytekin Tank

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  • 7 Strategies to Secure Business from Fellow Entrepreneurs | Entrepreneur

    7 Strategies to Secure Business from Fellow Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This article focuses on strategies to assist in the growth of business-to-business (B2B). Growth includes actions that can be taken that can lead to an increase in sales. Although these strategies will typically only increase sales after some time, when implemented, they will be valuable and helpful in growing your brand and ultimately increasing your revenue.

    1. Provide value first

    Value is a huge buzzword in the business realm. My take on value is to know your audience. For example, in my world of commercial real estate, lease comps take work. Although sales comps are documented, lease comps are typically kept close to the chest. Thus, lease comps are very valuable in the commercial real estate world. If you want to provide value, first, you need to figure out what is beneficial to your potential clients. Once you understand what is valuable, you will be better positioned to collect and share useful data.

    Related: Your Value Proposition Is Crucial. Here Are 5 Steps to Ensure It Resonates.

    2. Build genuine relationships

    Referring a business is one of the highest forms of compliments. Anytime I make a referral, I am incredibly cautious. The first thought in my mind is a “what if?” What if the person I referred does not do a good job? To move past this, I need to know the referee well. I must have a genuine relationship with the person I refer. I recommend that you do not try to rush relationships. It takes time to build a real relationship. Being aware of the fact that it takes time to build relationships and putting in the work to build relationships will lead to relationships that result in productive referrals.

    3. Utilize online platforms

    Many online platforms can be used in the B2B world. One I like to use is Yelp. Business owners appreciate good Yelp reviews. If I have a good experience at a business, I will go on Yelp and leave a nice review. I will then share this review with the owner when I reach out to introduce myself. In addition to Yelp, I also often use LinkedIn. LinkedIn is a powerful online B2B platform. Make a solid effort to build your LinkedIn network and post relevant content regularly.

    Related: 6 Ways to Ace Social Media Branding for Your Startup

    4. Attend industry events and networking functions

    Almost every industry has a trade association related to it. No matter what you do, I highly recommend researching associations related to your trade. Find out when their conferences are. Often, trade associations will have national events and regional events. If the national conference is near your location for your first year in business, I recommend you go. If it is not, then I would attend a regional meeting. Regional conferences are often cheaper than national conferences. Additionally, your travel expenses should be less for a regional conference.

    5. Prospecting protocol

    The B2B world often involves canvassing. When canvassing, it is essential to be careful of your approach. The best way to canvas is to be straightforward and summarize your business and intent. You should not ask for the owner’s contact information initially. I will casually ask who the person at your company is that handles that. Then, once I get an answer, I will ask for a business card. The owner often has their cell phone number and email on the card.

    Related: 5 Decisions All Responsible Entrepreneurs Make En Route to Financial Security

    6. Become the go-to

    No matter what you do, you want to be the top person in people’s minds when your business is mentioned. Becoming the go-to is accomplished over time. When people see your successes, it helps you become the go-to. You will want to post on social media about your achievements. This was difficult for me at first since I had a mental block on social media when I first started in business. However, I learned to grow past that, and now I understand the power of social media. In addition to posting about your successes, I also recommend having a blog where you can share valuable information with others. Sharing is caring, and it also assists in helping you become the go-to.

    7. Strength in unity

    I recently watched a YouTube video on Coca-Cola and McDonald’s. The video did a great job showing how both companies partnered with each other and their partnership assisted in success. All businesses have complementary businesses. If you want to utilize the strength in unity strategy, identify companies in your industry or related sectors. Make a list, then approach the businesses on your list. I recommend you start small. Approach one company first and see if they are on board before approaching another. Also, I recommend you thoroughly vet the business first. You do not want unity with another company that does not have the same values as your own business.

    I wish you much success in growing your business and expanding your network. Please remember that it does not happen overnight. No matter what strategies you use, I recommend that you commit to the strategies and work diligently on using them to achieve success.

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    Roxanne Klein

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  • Grief, Death and Entrepreneurship — 6 Useful Ways to Manage Loss While Growing A Business | Entrepreneur

    Grief, Death and Entrepreneurship — 6 Useful Ways to Manage Loss While Growing A Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is a lot of useful and not-so-useful information when dealing with grief. When you research the topic, there are so many articles that it can seem overwhelming, as there is no shortage of information. However, you may just want some useful tools, tips and strategies that will help you navigate this process.

    There can be many layers, feelings and thoughts about grief that one can experience, depending on what type of loss or grief you are experiencing. Relationships with a specific person, family member, friend, business associate or even grief of one’s self & identity within the relationship — the acceptance, the moving on, and the navigating through life can range for many.

    I do not claim to be a grief expert, yet I have been through many losses in my life from friends, aunts and uncles, clients and most recently, my last grandparent, my grandmom passing away. My grandmom was like a second mother to me, and I lived with her and my grandfather for many years growing up. We had a strong bond, and I would share everything — from who I was dating to things going on in my business and professional life.

    While I am still grieving, I wanted to share what has been helpful for me within my grieving experience while running a business and living a full life in hopes that this will serve, be helpful and useful for you if you are going through or will be going through grief.

    Related: Grief and Loss Can Seriously Impact the Ability to Work. Here’s How to Create a Workplace That Supports Those Going Through It.

    1. Acknowledge your emotions

    Thoughts and emotions will come up, and when they do, you get to acknowledge them and give yourself the space to process them. Emotions are energy in motion, and you get to experience them and allow them to pass through. Many people keep their feelings bottled up. You don’t want to suppress what is coming up because that can lead to different responses and ailments in the body and mind. When you release, it recalibrates your mind, body and nervous system.

    Related: 4 Ways to Overcome Grief Without Neglecting Your Business

    2. Know that they are not suffering

    What has been the most useful for me since my grandmother’s passing is that she is at her highest, wisest and best right now. She is not suffering, and she would not want me to suffer or be sad. She would want me to keep on living & creating a life, memories and experiences that are beyond my wildest dreams and utilize this time for me and my family.

    She would want me to be happy, laughing and remembering the good times and go back to creating a life that I love and create my own journey, legacy and path that I was put on this earth to do while experiencing all of the abundance in this world. She would want me to be happy. Not crying or grieving the physical loss of her. Whenever I get hit with feelings of sadness, loss and grief, I feel my feelings and allow them to pass, but always remind myself she wants me to be happy and live life. I always remind myself of this, which becomes useful for me in these moments.

    3. Create your eulogy and obituary

    Morbid maybe — life transformational, absolutely. It gets you to rethink, reassess and realign where you are today to where you want to go and what gets to be created and shifted right now. Many of us don’t think of death every day, yet in these moments, opportunities to look at how you are living and what you still want to create are windows for you to change directions if needed and wanted. Your eulogy that a friend or family member speaks at your service, what will they say about you?

    This is an opportunity for you to get honest with yourself right now. Are there any unfulfilled dreams, unkept promises, unsaid things or goals you want to act on? What would you like your impact to be? Your purpose? This is the time to get clear and concise about it. You then can create an action plan around what is next for you.

    You can give yourself a specific timeframe and goals and break them down for yourself, whether in the next month, quarter, six months, year or longer. Take the time to do this. Everyone is creating a legacy right now. If you don’t like the one you create, you get to shift and change it.

    Related: Running a Business While Dealing With a Personal Loss

    4. Seek support and ask for help

    This can be from other family and friends if they can talk with you and support you — this can also be hiring therapists, doing different types of healing work with practitioners like EMDR, IFS (Internal Family Systems), therapy, a grief or life coach, inner childhood work, trauma coping strategies and other healing practices & modalities. Support groups also help others tremendously, see what resonates with you and take action on it. Asking for help and getting support is not a weakness; it is a strength. Everyone deserves to be supported.

    5. Take care of yourself

    This gets to become your new non-negotiable. Grief can affect you on all levels if you allow it to — mental, emotional, physical, spiritual and physiological. It is important to get the proper amount of sleep, nutrition, movement and laughter.

    A question that has been super useful for me during these times is asking myself: How are you feeling right now? What do you need in this moment? Right now? Honoring my feelings, thoughts and emotions has been game-changing for me.

    6. Listen and honor your intuitional nudges

    Again, grief can appear at times and is not a linear process. You may experience different days and emotions that come in different waves. I have found days where I want to be alone, other days where I want to be surrounded by and around others, some days I channel my energy into work and other days I don’t want to work at all. This season, you get to listen to you and honor the nudges and intuition that come through. Give yourself the grace and space that you need. Everyone’s process and healing is different, and you get to honor yours.

    Remember to take care of yourself; time is always moving, and you get to create in every moment. Your loved ones are in a great place and want you to be happy, healthy, and have fun. Your future self wants this for you as well. What tool or tip will you take action on today?

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    Kelly Lynn Adams

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  • 7 Reasons Why CEOs Need to Develop a Personal Brand — and How to Build One. | Entrepreneur

    7 Reasons Why CEOs Need to Develop a Personal Brand — and How to Build One. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We all make purchasing decisions based on our connection to brands. One runner, for instance, may be dedicated to Asics running shoes, while another wouldn’t dream of buying anything but Nike.

    These days, thanks to social media, choosing our favorite brands or which companies we give our money to heavily relies on who is heading that company. We want to do business with people that inspire us, people we like and trust. It’s for this very reason that CEOs must develop their own personal brand.

    Over the years, I’ve had the honor of working with business leaders from around the world, enabling them to harness the power of compelling narratives to craft and communicate their brand’s unique origin story. I am excited to share with you the profound importance of CEO branding in today’s fiercely competitive business landscape and provide actionable insights on how you can effortlessly embark on your own CEO brand-building journey.

    Related: The 3 Biggest Mistakes CEOs Make With Their Personal Brand (and How to Turn Those Mistakes Around)

    The importance of CEO branding

    Your own personal brand is what reflects your priorities and values. Branding helps you, your colleagues and the customers you serve define who you are and what value you offer as a leader. Without a powerful and visible brand, CEOs may find it hard to grow their business, become an influencer or take their career to the next level.

    But, when you grow your brand, doors open and opportunities present themselves to you. People are more likely to listen to what you have to say, connections are made and those connections are apt to turn into paying customers and lifelong advocates.

    Let’s dive in and take a look at some of the biggest benefits of CEO brand building.

    1. Broaden your impact

    Your personal brand not only reflects your work ethic but also how you interact with and relate to others. These “others” include the teams you manage, shareholders and consumers. Your brand is recognized in the real world in face-to-face interactions as well as in virtual interactions.

    2. Stand out from the crowd

    The entire world is online, and everyone is creating and sharing content. This creates a lot of noise.

    Cut through that noise with your own unique vision. A personal brand helps you be an authentic voice in a sea of pandering. Always remember, people can smell phony from a mile away. When you develop your personal branding, every word you utter and the action you take is genuine to who you truly are.

    3. Others seek you out

    When your personal brand is authentic and attractive to others, opportunities come knocking. You’d be surprised at the number of new clients or customers that suddenly appear without any further effort on your part. Vendors may contact you, as well as the press, for interviews and event organizers about speaking engagements. Other companies may also get in touch with you, hoping to snag you for their operation.

    Put the work in upfront to develop your brand and the opportunities almost effortlessly follow.

    Related: 8 Strategies for Developing a Strong Personal Brand

    4. Incredible networking opportunities

    Networking events are important for doing business and moving your career forward. But let’s be honest — these things can be a nightmare to navigate. Who should you talk to? What should you say? Will others find you (dare I say it)… boring?

    When you’ve taken the time to thoughtfully craft your own brand, you become one of the most interesting people in the room.

    People walk up to you with hands outstretched. People ask you questions because they want to know even more. CEO branding turns a potentially awkward (but necessary) event into a simple and rewarding one.

    5. Grow your bottom line

    Do any of us really know what the economy will do from year to year? Heck, month to month? With so much economic uncertainty, it can be challenging, to say the least, to continue to grow your bottom line and meet shareholder expectations when consumers are tightening their wallets.

    People are far more likely to give their hard-earned money to a company whose CEO is charismatic and vocal, no matter what the economy is doing. Case in point: Research by FTI Consulting found that those companies who had strong and vocal leaders during the early stages of the Covid-19 pandemic elicited stronger investor confidence. Numerically speaking, this translated into $260 billion in additional shareholder value during a time that was, for many, economically uncertain.

    6. Gain confidence

    In my experience, one of the biggest reasons leaders have confidence issues is because they don’t know who they are as a leader. They may know who they are as a husband or wife, mother or father, or friend, but when it comes to leadership, they don’t know their own beliefs, strengths, weaknesses or unique value proposition.

    Developing your brand requires you to uncover your skills and values. The entire process allows you to see yourself in an entirely new way. And once you know who you really are as a leader, your confidence soars. And when this happens, those you have been leading recognize it and the entire dynamic in your organization shifts.

    Related: How to Stop Your CEO’s Reputation From Damaging Your Business

    7. Attract better clients

    Having a powerful personal brand means you inevitably attract better-quality clients. Why is this? Because people will always seek out an expert to work with. Your brand will cut out the competitive process entirely.

    Tips to begin building your CEO brand

    Now that you know the benefits of CEO brand building, here are some ideas to help get you started:

    1. Brainstorm

    Self-evaluation plays a key role in developing an accurate and effective personal brand. So, spend a little time thinking and jotting down any ideas or insights. What is something you love about the work you do? What skills do you offer? What are you known for? How do you view your industry? What are compliments you often get from others? What do you know in your heart you could improve upon regarding your leadership style?

    2. Ask for honest feedback

    You need to know what others really think of you. Get feedback from friends and family, as well as colleagues and clients. Does this feedback align with how you want to be perceived by others? If not, what changes do you need to make to begin living your ideal brand?

    3. Develop your elevator pitch

    Now that you are starting to get a sense of what your brand is, it’s time to be sure you can articulate that brand to others quickly and easily. And this is where the elevator pitch comes in.

    You most likely know people use an elevator pitch to introduce their fledgling company to prospective investors or to introduce themselves when looking for employment. However, CEOs can use this same exercise to encapsulate their personal brand in a few sentences. In no more than three sentences, how would you describe your unique leadership values and contribution?

    Once you’ve got your pitch ready, you can use this as a daily reminder of who you want to be, as well as use it on your personal social media pages.

    4. Audit your social media accounts

    For many people who are new to your company, your social media presence will be their first introduction. Now that you’ve taken some time to brainstorm and think about what you want to project, it’s a good idea to audit your social media accounts to ensure someone’s first impression of you jives with your intended brand.

    If you need help with this, take a look at some other leaders in your industry to see whose profile best fits the brand you are building. Don’t copy them, but feel free to emulate and take ideas from their profile.

    5. Keep tweaking and adjusting

    Building your CEO brand is a process. You won’t necessarily discover your authentic leadership self and be able to communicate your value right away. That’s okay. Just keep at it and tweak and adjust your brand and your content as you go.

    Conclusion

    I hope you now recognize the importance of CEO branding. Though it will take some time to build, your brand will ultimately help you connect with your audience in a deeper and more meaningful way. And, because people tend to align with brands that mimic their own values, your branding efforts will also help you to create loyal followers rather than customers.

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    LaQuita Cleare

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  • Follow This Rule to Become a Better Presenter | Entrepreneur

    Follow This Rule to Become a Better Presenter | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Not long ago, I was asked by a research partner and friend to guest speak at his Stanford MBA class on “People Analytics,” which explores how social networks interact and how data can be used to understand them. The lesson I took away from this experience has stayed with me through every presentation I have made since.

    The focus of my lecture was on how to make analytics-based solutions for organizational/team coordination purposes commercially viable. I’d never lectured before and spent a ton of time prepping material with slides, points I’d like to make, and a perfectly curated talk track.

    The class was an hour long, and I spent around 35 minutes presenting and the rest answering questions. By the end of it, I was mentally exhausted. Absolutely brain-dead.

    Afterward, my friend and I grabbed coffee and I told him how mentally drained I was. He simply laughed and said that he had four more lectures to give that day. It was only Tuesday!

    I was astounded at how he had the mental fortitude to do that over and over each day — much less a full semester. He laughed and said something that I’ll never forget:

    “In any one-hour lecture, you can only have two main points you want the class to walk away with. Everything else is just supporting material for those two points.”

    I’d just spent 35 minutes making about 100 different points and trying to drive each one home! Ouch.

    At work and in everyday life, that same rule is true. Whether it’s pitching customers, peers, bosses or executives, you can only have two points per hour which you want them to walk away with.

    Those two points need to be simple and concrete. Here’s how you do it.

    Related: 6 Ways to Take Your Next Presentation to the Next Level

    Anchor new ideas to familiar concepts through analogies

    Analogies are a great way to turn complex points into simple and concrete ones. Analogies are powerful tools because they rely on mental schemas. Schemas are pre-recorded information you have in your brain from memories.

    For example, if I told you that I got a new “sports car,” an image probably pops into your head. I can then tie this pre-recorded information into a more complex idea, and it will be easier to digest.

    Here are some examples from Hollywood. Before movies are greenlit and funded, they go through various pitches. At the executive level, they have what are called “high-concept pitches:”

    • Speed = “Die Hard on a bus”

    • 13 Going on 30 = “Big for girls”

    • Alien = “Jaws on a spaceship”

    You could spend hours trying to explain Alien to someone, but the simple statement of “Jaws on a spaceship” pulls on those mental schemas that let people populate the idea themselves.

    Related: Five Common Presentation Shortfalls (And How to Fix Them)

    Support your two points per hour through examples and repetition

    When creating your two points, you can use schemas to make those points simple and concrete. Then in your one hour, you can add color and support for those points to ensure that your audience will leave with those two points in hand.

    The next speaking opportunity I had, I reworked my lecture about analytics-based solutions. I organized the 100 points I had previously tried to make and put them into different subcategories until I found the two big ideas of the talk. If the other points could be used to support or clarify my main points, I kept them around. If not, I tossed them out (I ended up tossing most of them out).

    Next, I thought up specific examples and stories I could use to better illustrate my points. Similar to analogies, stories bring the audience to a more familiar mental schema and allow them to experience your example instead of simply hearing it.

    Throughout all of the supporting material, I made sure to tie things back to my two points and repeat the big takeaway. That combination of repetition and more approachable and digestible supporting arguments allowed those two points to sink in and have an impact on the audience.

    Related: Five Ways To (Better) Influence Your Audience When Speaking In Public

    The real proof was in the feedback I received from that talk and from other presentations I’ve given since using the “Two Points per Hour Rule.” The Q&A portions are much more focused and show that the audience understands the two points and is ready to dive deeper into those concepts. People are much more likely to mention one of those two big ideas in their questions and feedback and demonstrate that they actually took something away from the lecture — which should always be the goal.

    The “Two Points per Hour Rule” isn’t hard and fast, but it is a great rule of thumb no matter who you’re talking to. If you want to learn more about turning complex ideas into simple ones, you should check out: “Made to Stick: Why Some Ideas Survive and Others Die” by Chip Heath and Dan Heath.

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    Cory Hymel

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  • 3 Ways to Navigate the Journey from Entrepreneur to CEO | Entrepreneur

    3 Ways to Navigate the Journey from Entrepreneur to CEO | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Based on Noam Wasserman’s The Founder’s Dilemma, 4 out of 5 entrepreneurs step down as CEO, either because they discovered they weren’t fit for the role or because investors ousted them from the company. This adds up to the notion that entrepreneurs rarely make good CEOs.

    However, a recent study showed that companies with founder-CEOs were valued 10% higher during IPO. There’s a premium associated with having the founder as the top executive when a company goes public.

    Successful entrepreneur-CEOs, such as Jeff Bezos of Amazon and Larry Ellison of Oracle, led their companies to massive growth before stepping down as chief leaders. I started my entrepreneurial journey at a young age and eventually established Admitad in 2009, which has since grown to become one of the world’s largest partner marketing networks, consistently reaching over 500 million customers globally every month. After years of growing the company and acquiring several businesses, we decided to consolidate all entities under the wing of a new parent company, Mitgo, where I currently serve as the CEO and remain the sole owner.

    Here are my three key lessons for the transition:

    1. Know when to evolve as an entrepreneur

    Entrepreneurs and CEOs have distinct roles. Entrepreneurs are visionaries who create and transform groundbreaking ideas into successful, viable businesses. CEOs, on the other hand, execute the vision and build the infrastructure for the business to succeed, scale and adapt.

    While many entrepreneurs can successfully grow their businesses, they often struggle to move beyond the entrepreneurial level of sustainability. To reach a larger scale, a startup needs a CEO. Embracing this natural evolution is essential for achieving true success.

    To me, the realization came when I noticed a decline in our business’s growth. We needed to transition to another stage of development and implement a management system.

    Recognizing the need for change and having the courage to take action are vital aspects of leadership. To become a CEO, you must develop strengths in structure, organization, and delegation. It’s a cognitive, proactive and deliberate process. It requires learning new skills, adopting new systems, and trusting others to make critical decisions.

    Related: Here Are the Key Traits of a Top-Tier People Leader

    2. Nurture leaders within the company

    Entrepreneurs often start their journey alone. Even when a small team joins, the company structure remains informal, with founders taking on multiple roles. However, as the organization grows, entrepreneurs must relinquish some control by shifting from a hands-on approach to delegating crucial tasks to trusted leaders.

    Becoming that thin throat for everything is not a good thing. To create something great, something bigger, you have to form leaders within your company. Nurturing leaders goes beyond simply assigning tasks to individuals. It involves creating a culture that values and fosters leadership qualities at every level.

    As a CEO, you must empower leaders to make critical decisions, take ownership and drive the company’s mission forward. Decentralization means letting go of a tightly controlled ship that relies on a top-down approach to decision-making.

    Once you stop micromanaging every detail of the company, you can focus on larger strategies to scale your business and ensure its long-term success. To implement this principle, Mitgo now has business units led by specific individuals who act as CEOs of their respective units. They still report to a board but have been trained with the necessary skills to lead.

    3. Build a sustainable business — don’t just create a “cash cow”

    It’s normal for entrepreneurs to build a business to make lots of money. After all, who doesn’t enjoy significant revenue and profitability? So, founders typically focus on quick wins, immediate profits and short-term gains.

    But every visionary entrepreneur should embrace a deeper and more enduring concept: building a sustainable business. We need to build companies that are transferable and will continue to work even when we’re out of the picture.

    It starts with the legal. When the founder is gone, and they are the only founder, the company has no choice but to die. I want my company to live long after.

    Building the legal foundations to make the business transferrable is just the start. As a CEO, you have to pave the road that others can follow without the risk of failure. This means putting signposts to guide them along a clearly designated path. It also means realizing that they all have families and that the decisions you make can impact them.

    Related: 8 Ways to Turn a Good Leader Into an Exceptional One

    The leadership qualities of a good CEO

    Entrepreneurs are born leaders. From an early age, they are inherently creative and possess the skills to make things happen. During the early stages of the business, they lead by example and play a crucial role in driving the team’s success.

    However, transitioning to a CEO role requires additional leadership qualities. Being a good CEO means acknowledging that you cannot do everything alone. You must delegate responsibility and empower the team to take ownership of their work. You must be receptive to feedback and listen to what others have to say.

    In a constantly evolving business landscape, you must be willing to pivot when necessary and make well-informed and timely choices. You should also take accountability for the outcomes of your decisions and stand behind them.

    Furthermore, you should continue to encourage a culture of innovation and proactivity. This includes promoting a forward-thinking mindset and staying on top of trends. As CEO, you must continue to seek out opportunities and address potential issues before they arise. Remember, you are shaping the future of your organization.

    In the initial stage, you are the nucleus that holds the whole team together. At some point, you realize you can’t do it on your own. You take people with good soft skills, teach them the hard skills and give them time to grow. You rely on them to help lead the company while you pursue strategies to grow the business. That’s how you become a CEO.

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    Alexander Bachmann

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  • Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company | Entrepreneur

    Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a serial successful entrepreneur turned angel investor and venture capitalist and one of the top female seed-stage investors in the world, I see dozens of pitches from entrepreneurs every single day – some through the form on our company site, others in email and loads of them via LinkedIn. Often, though, entrepreneurs reach out to me for advice rather than funding. As a former entrepreneur who once struggled to raise capital myself, I’m sympathetic to their pleas for help.

    One of those requests came from Emma. Her passion for her stationery business was undeniable. She’d spent years perfecting her craft and had a small but fiercely loyal following of customers who adored her exquisite, custom-made stationery. Now, she was ready to take her business to the next level and sought funding from venture capitalists to scale it up.

    Unfortunately, her fundraising efforts were a complete disaster, with investor after investor turning her down. Discouraged, she reached out to me for assistance.

    I had Emma send me her pitch deck, and the problem was immediately clear. She had a good vision but lacked an understanding of what investors look for. Her deck and pitch didn’t align with what investors needed to see, overlooking four key numbers – I call them BFHL – that are most fundamental to scale.

    B. Big market numbers

    The foundation of any scalable business is the market it serves. For investors, the bigger the better. To understand why, it’s essential to understand VC math.

    Assume my fund invests in 15 companies. Ten of them will fail, and I’ll lose my money. Three or four will do okay – I’ll get my money back or make a bit (1 to 5 times my money). That means the remaining one or two companies need to generate enough returns to make up for everything else (i.e., 100 times my money). Otherwise, my fund won’t do better than other far less risky things my investors could have put their money into.

    VCs look at every company through this homerun lens. What is the maximum revenue your business could generate if it captured 100% of the available market (Total Addressable Market, or TAM)? While no business can realistically achieve that, TAM provides a sense of the market’s overall size.

    For some industries, a market size in the billions of dollars might be considered large. In others, it could be in the trillions. Either way, a substantial market size offers massive potential for growth and a high ceiling for revenue and profitability.

    Related article: What Nobody Tells You About Taking VC Money

    F. Fast growth rate

    The market’s growth rate is also vital. VCs favor rapidly expanding markets because they enable a company to scale more quickly.

    Again, let’s turn to VC math to understand why rapid growth is crucial. Remember, VCs back the most risky companies (startups are unproven; most of them fail), so they and their investors expect extremely high returns. VC funds are also time-bound. They have eight to ten years to scout for startups, make their bets, help portfolio companies grow and achieve “exits” to get their returns. As a result, they want to know:

    1. How quickly can your business grow? How long until you can sell your company or take it public so they can sell their shares and get a return?
    2. How big can your company get? How much could it be worth (“valuation”) at the point they sell our shares?

    To deliver homerun-level returns, you need to grow from a startup to $100 to 500 million in revenue in the five to eight years your investor has left in its fund life. Why? We determine what a company is worth based on “multiples of revenue.” On the high end, SaaS companies can be valued at ten times or more of revenues. E-commerce firms come in around 2 to 3 times. Others can be as low as 1 to 2 times. So, to build a company that is a “unicorn” ($1 billion valuation), you need to quickly grow enough to generate $100 million to $500 million in revenue. Growing that big is hard to do, and do quickly, in a stagnant, crowded market.

    Related article: 4 Crucial Indicators To Know Before Seeking Venture Capital Funding

    H. High revenue numbers from each customer

    VCs want businesses that can generate high levels of revenue from each customer — from the initial sale and subsequent purchases, upsells, cross-sales, and retention (aka, keeping them for the long term). This is called the Lifetime Value (LTV) of a customer, and it’s a critical indicator of scalability.

    Investors prefer businesses with recurring revenue over those relying on one-time purchases because they provide predictable and continuous streams of income. Sell once; earn revenue indefinitely. Even better if that recurring revenue grows through upsells and new offerings. Better still if customers become advocates and bring in more new customers. It’s all about demonstrating to investors that your business is a revenue growth machine.

    Relevant article: 8 Things You Need to Know About Raising Venture Capital

    L. Low cost to get customers signed up

    VCs also prefer businesses that can find, sell to and secure customers efficiently. This includes your marketing and sales tactics (and budget) and the rate at which you convert prospects into paying customers. A low cost of acquiring a customer (CAC) means your business is efficient, which is vital for scalability.

    CAC is also a critical metric because it directly affects a company’s profitability. VCs favor businesses that can scale their customer acquisition efforts without proportionally increasing their costs. And a scalable customer acquisition strategy is crucial for achieving rapid growth.

    So, where did that leave Emma? After our talk, she could see how essential it was to have a business (and a deck) that aligns with investor preferences:

    • A massive market with high growth rates and an open landscape to disrupt and capture market share.
    • Subscription models and recurring revenue streams that increase over time, with customers that drive virality.
    • And a combination of high customer lifetime value and low customer acquisition cost ensures that the business can grow quickly and efficiently without eroding profits.

    The BFHL framework gave her what she needed to rethink her pitch and her approach to growing her business. Whether you’re an entrepreneur like Emma trying to attract investment or you’re simply seeking to scale your business, these four key numbers — market size and growth rate, lifetime value and cost of acquisition — should be your guiding lights. By focusing on these crucial metrics, you can set your business on a path to scalable success. Understanding these numbers and optimizing them is the key to unlocking the full potential of your venture.

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    Donna Harris

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  • Employees Check Their Emails 36 Times An Hour — Here Are 5 Proven Tips to Get That Time Back. | Entrepreneur

    Employees Check Their Emails 36 Times An Hour — Here Are 5 Proven Tips to Get That Time Back. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A recent study says the average worker receives 304 business emails a week. The average employee checks their email 36 times an hour, and 80% of workers simply resort to working with their inbox open all the time. Thereafter, it takes them around 16 minutes to refocus.

    We live in a world full of different ideas, people and businesses all vying for our attention. Nearly every app, website and company wants the same thing: your email address. This has turned our inboxes into a battleground between time-sensitive emails, valuable information and occasionally fun but useless messages.

    For entrepreneurs, effective communication is vital to the success and livelihood of your business. Receiving a torrent of emails is the new normal. Trying to read each one might feel like trying to drink water out of a fire hose.

    Productivity expert Merlin Mann saw this coming in 2006 when he coined the term “inbox zero.” Some have erroneously thought this to be advocacy for constantly checking and going through your emails every time you hear that distinctive ping. But according to Mann, the zero isn’t about reducing the number of emails in your inbox, but the amount of time your brain is in your inbox.

    Let’s look at how to reduce the stress brought on by the near-constant onslaught of emails in our modern world.

    1. Create a system

    The goal of “inbox zero” is to increase productivity. There are few more deadly productivity killers than the practice of constantly checking and replying to emails all throughout the day.

    An estimated 62% of all emails are unimportant. Therefore, increasing productivity is a matter of reducing the amount of time you spend sifting through the unimportant. Creating a system for how and when you view your emails is crucial.

    Set specific times that you view emails. Perhaps once at 8 a.m., once again at noon and one more time at 4 p.m. You could even designate certain contacts as VIPs to ensure that you receive their critical email ping at whatever time of day it comes in.

    As Stephen Covey wrote, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.”

    Related: 3 Reasons Entrepreneurs Struggle When Building Business Systems

    2. Prioritize

    No one knows better what your priorities are than you do. The average worker spends 28% of the workweek reading and responding to emails. As you peruse your emails at those designated times, take note of important emails that require your instant approval or sign-off, and those heftier emails that require thoughtful input and analysis. More on those later.

    But then there are the emails scheduling meetings, sending promotional content or simply cc’ing you in. Either move them to another folder, delegate them to your secretary or just delete them. Make the firm decision. Differentiate between what deserves your attention and what is stealing it away. In that same vein, unsubscribing from useless newsletters can make a world of difference.

    3. Defer

    “It’s not enough to be busy; so are the ants,” says Henry David Thoreau. “The question is: What are we busy about?”

    Effective communication boosts productivity. When emails have to consume your time, ensure that it’s worth it.

    As we’ve already established, the majority of emails aren’t worth your time. Some are important but don’t need to take up much of your time. But there are a few that demand and deserve your attention. You can usually tell when you receive it. Instead of allowing that sinking feeling to settle and dominate your thinking all day, move them into a designated folder for your most important emails. Reply to them when you can dedicate the mental bandwidth they desire and deserve.

    And remember what Dwight D. Eisenhower said, “What is important is seldom urgent, and what is urgent is seldom important.”

    Related: Don’t Let the ‘Urgent’ Overtake the ‘Important’

    4. Eliminate waste

    I’ve alluded to this already, but here it is plainly: Many newsletters and subscriptions are a waste of time. It’ll take a while initially to achieve it, but going through your inbox and unsubscribing from useless newsletters will go a long way in decluttering your inbox.

    One useful way of ensuring that your important mailbox remains unsullied would be to create a spam email address to ensure that all your spur-of-the-moment sign-up emails are redirected to an unimportant email address. An estimated 245 billion emails are sent every day. Make sure you only have to deal with the important ones.

    5. Be flexible

    “Inbox Zero” is about reducing mental clutter and stress to increase productivity. But only you know what optimum productivity looks like in relation to your business. If the quest to declutter becomes a drain on productivity, then it’s just as bad as a packed mailbox.

    Don’t obsess over the minutiae. Instead, create good habits that allow you to be flexible. Create your own schedule, set of labels, criteria for delegation and deletion, and inbox management system that allows you to focus on productivity, eliminate pressure and a false sense of urgency. Set goals for yourself and for your business.

    Follow these five tips, and you’ll be well on your way to focusing on the most high-priority tasks, staying organized and managing your mail efficiently. And most importantly, you’ll reduce the amount of time your brain is in your inbox so it can be on other, more important things.

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    Lucas Miller

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