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Tag: Entrepreneurs

  • The Entrepreneur’s Guide to Building Wealth Through Real Estate | Entrepreneur

    The Entrepreneur’s Guide to Building Wealth Through Real Estate | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Real estate, as an asset class, has long been heralded as a critical pillar of wealth creation for entrepreneurs. It is a tangible investment avenue, and its potential for consistent appreciation and income generation makes it an excellent wealth-building tool.

    According to the U.S. Federal Reserve’s 2020 Survey of Consumer Finances, real estate comprises about 30% of American families’ total wealth, demonstrating its significant role in wealth accumulation. In essence, real estate investment represents an accessible pathway for entrepreneurs to achieve financial prosperity — and here are six ways to make money in the industry.

    Related: How to Start Investing in Real Estate With as Little as $5,000

    1. Investing in rental properties

    One of the most conventional ways to create wealth through real estate is by investing in rental properties. The potential for steady cash flow from tenants provides investors with a continuous income stream, which is a form of passive income. For example, consider a property purchased for $200,000. If this property is rented out for $1,500 per month, the entrepreneur can potentially yield an annual return of $18,000, resulting in a 9% cash-on-cash return.

    Successful real estate investor, Robert Shemin, started with a single property and has now built a portfolio of over 400 properties. His estimated net worth is reportedly over $18 million, thanks in large part to his investment in rental properties.

    2. Real estate appreciation

    Property appreciation is another way real estate builds wealth. Over time, properties tend to increase in value — and if an investor holds onto a property long enough, they can sell it for much more than the original purchase price.

    Statistics from the U.S. Census Bureau show that the average price of a home in the United States was about $30,600 in 1940 (after adjusting for inflation). In contrast, by 2020, the average price had escalated to over $300,000, a tenfold increase. The renowned business magnate, Donald Bren, capitalized on this by acquiring a wide array of properties. Today, with a net worth estimated at $15.3 billion, he is one of the wealthiest real estate investors in the world.

    3. Real Estate Investment Trusts (REITs)

    For entrepreneurs who prefer not to directly manage properties, REITs offer a way to invest in real estate without the burdens of property management. REITs, essentially, are companies that own and operate income-producing real estate. As per the National Association of REITs, the compound annual return for equity REITs from 1972 to 2020 was 9.72%, outperforming the S&P 500’s 7.42% return over the same period.

    Investing in REITs is as simple as purchasing shares of a publicly traded company. You can buy shares of a REIT through a broker, just as you would with any other publicly traded stock. There are also mutual funds and ETFs (Exchange-Traded Funds) focused on REITs that provide further diversification. By making real estate investing accessible to a broader audience, REITs open a pathway to real estate’s wealth-building opportunities without requiring extensive capital or expertise in property management.

    An example of an entrepreneur who achieved remarkable wealth through REITs is Sam Zell, founder of Equity Residential. Today, Zell boasts a net worth of approximately $5.5 billion, with a large portion derived from his REIT investments.

    Related: 5 Proven Steps to Become a Real Estate Millionaire, According to an Investor

    4. Flipping properties

    House flipping involves buying a property, renovating it and selling it at a profit. Although this requires expertise and hard work, the potential for high returns makes it an attractive option for entrepreneurs.

    For example, according to ATTOM Data Solutions, the average gross profit for a flipped house in 2020 was $62,300, demonstrating the lucrative potential of this real estate strategy. Christina Anstead and Tarek El Moussa, stars of HGTV’s “Flip or Flop,” exemplify this success. They have built a multimillion-dollar business through property flipping, further highlighting the wealth creation potential in this approach.

    5. Investing in commercial real estate

    Commercial real estate (CRE) includes shopping centers, offices, warehouses and apartments. Generally, these properties yield a higher return than residential real estate due to longer lease contracts and higher rental rates.

    Investing in CRE allows entrepreneurs to diversify their portfolios and minimize risks. A report by CBRE showed that the average annual return for CRE was 9.5% between 2000 and 2018. Though it requires a larger initial investment, the high yield can lead to substantial wealth accumulation.

    Take the case of entrepreneur Rick Caruso, founder of Caruso, a company specializing in creating extraordinary retail, dining and lifestyle experiences. Through strategic investments in CRE, particularly in high-end retail centers, Caruso has grown his net worth to an estimated $4 billion.

    6. Developing raw land

    Another viable way of wealth creation through real estate is land development. Entrepreneurs can purchase raw, undeveloped land, then increase its value by obtaining the necessary permits and building infrastructure like roads, sewage systems and utilities. Once the land is developed, it can be sold to homebuilders or commercial developers at a profit or it can be utilized to construct properties, thus adding another income stream.

    Land development can be highly profitable, but it requires a keen understanding of local zoning laws, planning regulations and market conditions. Entrepreneurs also need significant upfront capital and patience, as this process can be time-consuming.

    Related: Why Real Estate Investment is the Ultimate Adventure for Entrepreneurs

    Reaping the rewards of your investment choice

    The avenues to wealth creation through real estate are vast and varied. Whether an entrepreneur opts for rental properties, capitalizes on appreciation, invests in REITs or decides to flip houses, real estate offers incredible potential for wealth accumulation. While success demands research, financial acumen and sometimes patience, real estate investment remains a proven strategy for entrepreneurial wealth creation. As illustrated by the above examples, those willing to invest the time and effort can reap considerable financial rewards, ensuring their journey towards sustainable wealth.

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    Ari Chazanas

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  • Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

    Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2021, Wall Street and private equity firms invested 12 billion dollars in startups consolidating popular brands sold on Amazon. These aggregators of brands seemed like they would be the next big thing. By 2022, that number had risen to 16 billion dollars in capital raised. It was a “cool” time to be in ecommerce.

    The tone around aggregators has begun to shift, though, as it’s difficult to maintain this kind of growth non-stop. These aggregators are now aggregating themselves as rising interest rates and sinking online demand change the mood.

    Thrashio is the largest aggregator in the spotlight, notoriously the first unicorn aggregator. It raised billions and bought hundreds of brands selling on Amazon. This reorganization was an indicator of an industry rightsizing — aggregator growing pains. Amazon seller acquisitions declined in 2022 but didn’t stop completely. Strategic players, such as holding companies and private equity funds, continued to buy, but most Amazon aggregators saw the writing on the wall: the gold rush was over.

    Every aggregator is different, but generally, their funding takes the form of one part equity and three parts debt. The debt was used for acquiring Amazon sellers, while the equity expanded the aggregator’s operations. As the initial loan covenants prevented aggregators from selling assets below a set amount, they have to be revised for these new deals and acquisitions.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Aggregator giants like Thrashio, SellerX Group and Razor Group are shoring up for uncertain times. Capital isn’t flowing like it was in 2020; the threat of recession is right around the corner. If you’re wondering why these large mergers are happening now, the key to understanding it all lies in the special recession we’re having— a rolling recession.

    As Loyola Marymount University economics professor Sung Won Sohn identified, we aren’t seeing the economy-wide recession many were expecting. Instead, it affects industries and sectors in waves. According to Sohn, the Federal banks’ transparency in its rate-hike campaign and general access to information online, promote action in advance. The tech sector, including aggregators, has been acting accordingly.

    So, where does this leave all the Fulfillment By Amazon brands looking to get scooped up by an aggregator?

    I’ll start by saying we were very fortunate to have this sort of energy injected into the e-commerce industry and the Amazon marketplace. We shouldn’t be disappointed it’s over, but grateful it happened in the first place. Aggregators, as a whole, aren’t going to disappear. They’re now a cornerstone in e-commerce, and deals will continue.

    Related: Want to Sell Your Amazon FBA Business? Here Are 5 Lessons From Someone Who’s Overseen $100 Million in FBA Acquisitions

    As all the aggregators merge and mix, we’ll continue to see those select few giants establish themselves on the larger stage. Eventually, it will be a clear divide, like Coca-Cola and Pepsi. And just like Coke or Pepsi, they’ll keep acquiring the smaller innovating brands.

    We’ll see this new ecommerce model start solidifying in the coming years: create a brand, build it up, sell it to an aggregator and exit. It’s an option for liquidity in what has traditionally been a non-liquid industry (pun intended).

    Plus, you don’t have to bank on selling to an aggregator. For each Coca-Cola and Pepsi, there’s a Red Bull. Red Bull continues to maintain its autonomy, unbeholden to investors. Its brand is independent, built from its own capital. It’s similar to how Anker built up its brand on Amazon. Most of these aggregators were inspired by Anker’s ability to grow as an Amazon-native brand. It tapped into multiple categories, spun off its own brands like Soundcore and Eufy, and became a household name. It’d be like if Coca-Cola and Pepsi had started by trying to replicate Red Bull’s success. Is that sustainable for aggregators, though? Can they solidify their own brands?

    Related: The New Pandemic and Its Effects on Amazon Aggregators

    I’m curious to see what will happen in the next five years. We know aggregators have reached a limit and won’t be growing like they used to. Investors will eventually want their exits. Will aggregators need to downsize? Will they be focusing exclusively on the brands that they’ve acquired? Will we see dramatic restructuring? We’ll have to wait and see.

    For the Amazon-native brands out there looking to capitalize on the aggregator landscape, I say: aim to be Red Bull. Strengthen your brand, but be open to that potential liquidity. If you’re lucky, you might be aggregated. If you’re even luckier, you’ll inspire another whirlwind movement in e-commerce.

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    Tyler Metcalf

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  • Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

    Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

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    On the season nine finale of “Entrepreneur Elevator Pitch,” find out what happens when entrepreneurs with big ideas meet investors with big money.

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    Entrepreneur Staff

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  • 5 Overlooked Hacks to Maximize Your LinkedIn Presence | Entrepreneur

    5 Overlooked Hacks to Maximize Your LinkedIn Presence | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s professional landscape, LinkedIn has become the go-to platform for networking, job hunting and personal branding. However, many professionals fail to leverage the potential of this powerful tool fully. In the last eight months alone, LinkedIn has enabled me to recruit and hire seven new professionals and generate over $30 million of new business from LinkedIn. To help you maximize your LinkedIn presence and unlock its hidden benefits, here are five overlooked hacks that will take your LinkedIn game to the next level.

    Related: Unlocking the Power of LinkedIn: How Entrepreneurs Can Leverage the Platform for Growth and Success

    1. Make your profile stand out

    Your LinkedIn profile is your digital resume and the first impression you make on potential connections, employers and investors. Make yourself stand out. Be different. Think about what types of people you want to connect with and what words or phrases they’re searching for. Optimizing your profile with relevant keywords is crucial for increasing your visibility in search results and attracting the right audience. Think of keywords that align with your skills, industry and career aspirations, and strategically incorporate them into your headline, summary, experience and skill sections. By doing so, you’ll improve your chances of appearing in searches related to your expertise, leading to more relevant connections and potential job offers.

    Instead of using your boring and traditional job title, use your headline section to share what you do best and whom you do it for. Take the time to research the keywords that are commonly used and sought after in your industry, and ensure they are reflected. By optimizing your profile, you’ll position yourself as a credible professional in your field and increase your chances of making valuable connections.

    2. Share often, engage often

    While having a well-optimized profile is important, active engagement on LinkedIn is equally essential for building a strong professional network. Beyond simply updating your profile, make it a habit to consistently share valuable content with your network. This can include industry insights, thought leadership articles, relevant news updates or even personal accomplishments or reflections on professional experiences; don’t be afraid to show your personal side! I’ve made it a habit to post once a day for the past seven years, and my aim is to teach, inspire and sometimes even entertain.

    When you share content, you provide value to your audience and give them a reason to pause their scrolling and engage with your post. Don’t forget to add meaningful captions or questions that encourage discussions and invite others to share their insights.

    Additionally, take the time to comment on and engage with others’ posts. The LinkedIn algorithm will hide your posts if you are simply posting yet never commenting and engaging on others’ posts. Offering thoughtful and insightful comments not only showcases your expertise but also helps you establish meaningful connections with like-minded professionals.

    3. Leverage LinkedIn Groups

    LinkedIn Groups often go unnoticed, but they can be powerful platforms for networking and knowledge sharing. By joining industry-specific groups and actively participating in discussions, you tap into a community of like-minded professionals who share similar interests and goals. Engaging with group members by sharing valuable insights, asking questions and offering support helps you establish yourself as a thought leader within your field.

    Actively contribute to group discussions, showcase your expertise, and provide valuable input. In doing so, you not only expand your network but also gain new perspectives, stay updated on industry trends and build relationships with influential professionals. Remember to approach LinkedIn Groups with a genuine intention to contribute and connect rather than simply promoting yourself. The value you provide within these groups will help you stand out.

    Related: 7 Steps for Standing Out on LinkedIn

    4. Get specific: Utilize advanced search features

    LinkedIn’s advanced search features are often overlooked, but they can be powerful tools for finding and connecting with relevant professionals. Take the time to familiarize yourself with the various search filters available, such as location, industry, job title and company. Refining your searches using these filters will allow you to identify key contacts, potential mentors or job opportunities that align with your career goals.

    When conducting searches, think strategically about the professionals you want to connect with and the industries you are interested in. Use specific keywords, along with filters, to narrow down your search results and find the most relevant connections. You can get so specific in your searches and find exactly the right people you’re looking to connect with. I’ve found so many great professionals to help clients in different parts of the country through searching on LinkedIn.

    Additionally, regularly update your search criteria as you refine your professional objectives. Leveraging LinkedIn’s advanced search features effectively allows you to save time, connect with the right professionals and unlock new opportunities within your industry.

    5. Give and request personalized recommendations

    Endorsements for your skills and roles are common on LinkedIn, but personalized recommendations often go overlooked. These recommendations hold immense value as they provide credibility and act as social proof of your skills and achievements. Encourage professionals within your network to provide personalized recommendations by sending them personalized requests.

    When reaching out for a recommendation, specify the particular projects or experiences you’d like them to highlight. This will ensure that the recommendations offer specific insights and showcase your strengths. As my mom always said, “You don’t get what you don’t ask for.” By receiving personalized recommendations, you enhance your professional reputation, demonstrate your expertise to potential employers or clients and differentiate yourself from others in your field. Remember to reciprocate the gesture by offering recommendations to deserving individuals in your network. These recommendations strengthen professional relationships and create a positive cycle of endorsement within your network.

    Related: 4 Tips and Tricks to Ace Your LinkedIn Game

    By implementing these five often overlooked hacks, you can unlock the full potential of your LinkedIn profile. Optimizing your profile with relevant keywords improves your searchability while engaging in thoughtful content sharing establishes you as a thought leader. Leveraging LinkedIn Groups expands your network and knowledge base, and utilizing advanced search features helps you connect with the right professionals. Lastly, requesting personalized recommendations adds credibility and social proof to your profile.

    Incorporate these strategies into your LinkedIn routine, and you’ll enhance your networking efforts, increase your visibility within your industry and open doors to new opportunities in your career. No social media platform has made a bigger difference in my professional career than LinkedIn. It’s often the first place people go to learn about who you are. Don’t overlook these hacks — start maximizing your LinkedIn presence today!

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    Chad Willardson

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  • 7 Tips to Build a Successful Art Business | Entrepreneur

    7 Tips to Build a Successful Art Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    What is an artist? Ask an art purist, and they’ll tell you that art exists for its sake and for expression alone. Therefore, an artist exists to create art. This outdated definition feeds into that romantic idea of a “starving artist.” Someone who lives for their art, so much so that they’re willing to go hungry and penniless rather than “sell out” by making money for their work.

    It’s 2023, though, and we need to update our definition of an artist. Artistic ability does not know gender, age or sexuality. And it doesn’t require you to give up your money, energy or goals to express it.

    An artist is someone who values themselves and their work — and doesn’t shy away from building a successful livelihood around it. You can be an artist, but you can also be an entrepreneur. Or art-preneur.

    Related: How to Build a Business as a Working Artist

    What is an art-preneur?

    As an “art-preneur,” you’re not just an artist, you’re a brand. You’re not just a painter or sculptor or filmmaker; you’re a CEO. A marketer. A strategist. Of course, it also means you’re a bookkeeper, salesperson and your own administrative assistant.

    When blending art and business together, you become not only the sole creator of your product but also the CEO of your business. You are in charge of how your art business performs.

    You make the decisions, you call the shots. And to be honest, you’re going to make mistakes on the CEO side of things. But that’s all part of the fun. It’s how you learn and improve as an art-preneur. But how can you, as an artist, embrace your entrepreneurial side so you can make a living from your art?

    Here are 7 ways:

    1. Learn how to market yourself

    Paint one collection, and put it up for sale. If the collection doesn’t sell (or doesn’t sell as well as you hoped), what should you do? The first step is finding a new way to market yourself, your art brand and your collection.

    There are many different ways to market products and services out there, so I’ll share a tip with you: Find a marketing style that feels right to you.

    You’re an artist, so you have a creative mind already. Use it. You don’t have to use traditional marketing tactics or learn all the marketing jargon to do it successfully. Do what feels right to you. That might include teaching in-person workshops, hosting a Q&A on social media, dropping exclusive prints or working on commission for a limited time.

    Try different strategies if you’re not sure how you’d prefer to market yourself. See what performs well and what feels authentic to you. The main thing to remember is to get your art and brand in front of people who want to buy.

    2. Fill in your calendar

    Hope is not a strategy. This is a tough love moment, but you need a solid business plan from the get-go — something more tangible than hope.

    The best way to get past the pipe dream stage and into something actionable? Use a calendar. Digital calendar, pretty planner, old-school calendar you can nail to the wall: It’s up to you. Choose a goal, such as “sell X number of paintings,” and pick a deadline for your goal.

    Then work backward and fill in your calendar. Fill in events like:

    • Collection drops

    • Art shows

    • Commission works

    • Courses or workshops

    • Any upcoming projects

    • Any upcoming events

    With these events, how can you use them to reach your goal? Maybe you push commissions during your downtime. Or you hype up new collection drops earlier than you originally planned.

    When you have your goal planted in your calendar and your events filled in, your strategy for reaching said goal will start to take shape.

    3. Be present on social media

    Social media gives you a direct connection to art lovers and your ideal collectors. That’s why it’s so important to keep your social media updated and to stay present.

    Announce new collection launches and upcoming events. Promote last chances to buy products, or tease a new piece that’s dropping soon. Share anything and everything related to your business. Give your followers all the information they need to buy your art.

    Related: How to Build and Maintain a Successful Art Career

    4. Create an art brand

    Art-preneurship is not just about focusing on your art. It’s about creating an art brand for your art business. To develop a brand that stands out just as much as your art, ask yourself:

    • What’s your “why?” Why do you make your art?

    • What sets you (as an artist) and your art (as your product) apart from others?

    • Who is your market? How can you best reach them?

    Whether you’re showing up on Instagram or hosting your art in a gallery, remember that people are buying you as much as they’re buying your pieces. When you know your why, what and who, you’ll be able to show up in ways that are authentic and unique. At the end of the day, that helps your art get more reach (and more sales).

    5. Look to your community

    Your audience is more than subscribers or followers — it’s all the people you have in your community and your network. Your relationships with people online and offline can help you find success as an art-preneur and increase your reach to new places.

    Make a list of all the different groups you belong to, like art communities, churches or worship groups, business networks or masterminds, neighborhood groups and so on.

    How can you leverage your connections in these communities in a way that feels mutually beneficial? Are there people you’re close to in your life who can spread the word about your art? People in your life can offer you valuable support that you can’t buy, but you’re richer for having.

    6. Get comfortable with numbers

    As artists, it might seem like we’re just not wired to manage the financial side of things. You might even hate doing it. But as an art-preneur, learning how to manage your finances is part of the job title.

    Start small, and start with the basics. Keep track of what you’re spending and what you’re making. Know how your art is selling. From these basic numbers, you can get a sense of the health of your business and predict how it will do in the future.

    Related: 5 Non-Negotiables When Building a Successful Art Business

    7. Take risks

    As an artist, you’re already used to taking risks. Every time you put paint to the canvas or clay to the wheel, you’re taking a risk. As an art-preneur, the risk might seem even more substantial, but the alternative is staying where you are, feeling like you can’t make a living from your art.

    It boils down to deciding which risk you’re willing to take: The risk of trying something new — or not trying anything at all.

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    Jodie King

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  • A Drab Office Environment Kills Productivity. Here Are 3 Ways to Upgrade Your Workspace. | Entrepreneur

    A Drab Office Environment Kills Productivity. Here Are 3 Ways to Upgrade Your Workspace. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I was at my first well-being workshop and couldn’t stop hearing the irritating drip of the coffee machine at my workplace. This was a phantom noise that accompanied me even outside of office hours. Our instructor indicated we close our eyes and picture our work environments as a haven, one where we were free to be our most productive selves. But whenever I’d shut my eyes, all I could see were sterile walls and the cheap lighting at our corporate headquarters. There was nothing peaceful or soothing about this image, to say the least.

    “Your well-being is a reflection of your environment,” the instructor explained.

    I tried to visualize an oasis instead. What would I actually want my workplace to look like? I pictured a welcoming environment with lush plants lining the walls. Sleek and vibrant furniture. Inviting colors and spaces. I figured that if I couldn’t experience all of this firsthand, I’d at least use my imagination.

    This was more than 17 years ago, back when I was a programmer for a large company in New York. It was at that point in my career that I vowed to do differently if I ever owned my own business. People would want to come to work.

    Fast forward to this year, and I’ve been CEO of my form-building company for more than a decade. The memory of that workshop remains fresh even now. And I’ve worked tirelessly to ensure that my team doesn’t have to use their “imagination” to feel comforted by their environment.

    How environmental aesthetics impacts you

    In my new book Automate Your Busywork, I talk about saving your brain for the big stuff. And that involves looking after our overall well-being, including the places we spend the bulk of our time in.

    The environmental aesthetics of our workplace has a greater impact on our mood, motivation and productivity than we know. According to Vikram Rao at The Economic Times, our environment greatly influences our performance and mental framework. More than that, it encourages us to be happier and more efficient in all aspects of our lives. “A bright and cheerful space invariably uplifts the mood and productivity, and also has a beneficial psychological impact on employees,” Rao writes.

    “A quality workspace design leads to a less stressful and more productive atmosphere,” writes Forbes contributor Alan Kohll. “Employees need to feel comfortable and calm in their physical work settings to produce their best work.”

    Research from the Fellowes Work Colleague of the Future Report found that to enjoy good health in the future, we need to broaden our health focus from just gyms and restaurants to our lives as a whole. And one of the key areas is the office.

    The researchers also noted the following: “Globally, more people work in offices than any other work environment. And yet, this setting is becoming hazardous to our well-being. Unchecked, the office is set to present a significant threat to each nation’s future health, and ultimately, its productivity.”

    Avoiding the above, then, is instrumental for our teams to be at the top of their game. Here are some ways you can create a workplace that fosters greater well-being.

    Related: Creating an Engaging Workforce Through Thoughtful Office Space

    Invest in design

    If you’ve ever stared blankly at a sea of cubicles or a floor layout full of disorganized desks, then you clearly understand the way a space can affect us psychologically. We shudder at the chaos and feel our mood instantly drop.

    This is not the kind of mindset that leads to successful outcomes. That’s why, at my company, Jotform, design takes priority. We have plenty of natural light when you first walk in and keep furniture as uncluttered as possible to create a sense of harmony.

    Since founding my business in 2006, I’ve dabbled in different office designs. And I believe that investing in the right atmosphere inspires our teams to explore their creativity and come up with more innovative solutions. A concept I discuss at length in my book is how this kind of creative thinking not only boosts our levels of happiness, but it also improves our mental health over time.

    Providing a mix of multiple workspaces — including open space — helps eliminate a sense of monotony. You can also add modern amenities like a cozy lounge and a quiet room.

    Related: Is Your Work Environment Allowing You to Thrive?

    Incorporate natural elements

    There’s a reason why some of the greatest minds in history did their boldest thinking while outdoors. Studies have shown that natural environments or environments with natural elements enhance our creative performance. Researchers find that “Dealing with the daily work process and preparing and understanding new work problems could consume our directed attention, leading to attention fatigue.”

    By incorporating plants in your workplace, however, you can help minimize these effects. “A restorative environment provides a sense of escape from the usual, recovery from attention fatigue, and the potential to generate ideas through mind-wandering.”

    Making room for beautiful succulents in the workplace offers a respite from the daily grind. Aside from creating a calm and relaxing atmosphere, plants also help to improve the air quality within a space.

    Related: Albert Einstein’s Messy Desk Highlights The Surprising Link Between Clutter And Intelligence

    Cultivate a sense of home

    Since we spend a good portion of our time at work, it’s important to build a warm and inviting space where people can feel like themselves.

    When team members close their eyes and visualize coming into the office the next day, I don’t want them to picture a sterile and drab work environment. Offering an atmosphere that nurtures their creativity is one of the most valuable investments I can make, and it will yield some of the greatest rewards for days to come.

    Related: 7 Ways To Create A Healthy and Balanced Work Environment

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    Aytekin Tank

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  • Why Your Marketing Team Can’t Help You Develop Your Personal Brand | Entrepreneur

    Why Your Marketing Team Can’t Help You Develop Your Personal Brand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “I don’t need a personal branding agency. My marketing team will work on my personal brand.”

    I have heard this statement from so many CEOs, that it is time to share my thoughts. At the risk of hurting feelings, please allow me to be blunt:

    Your marketing team is unlikely to be qualified to work on your personal brand.

    Marketing vs. branding

    You see, I understand where the confusion comes from. Marketing and branding have been conflated for ages. As CEOs, we often misunderstand branding when it comes to the companies we lead. So, of course, with personal branding being a new kid on the branding block, it is misunderstood even further.

    Let’s unpack some of the differences, looking at what your marketing team can be leveraged for as you build your visibility and where their gaps lie.

    Your marketing team is likely to be instrumental in helping you market your brand: assist with PR, create content you can use to promote your personal brand, help you launch a podcast, book you as a guest on other people’s podcasts and secure speaking opportunities. Yet, what they are unlikely to be of support with is uncovering what your radically authentic brand is all about:

    • Your brand essence — the positioning that is at the core of your brand, which is tied to who you are as a human being on a deep level rather than what you do as the leader of your organization

    • Your brand descriptors — how you want to be perceived by your audience

    • Your target audience beyond what serves the business, one that is distinct from the transactional needs of the business

    • Your content pillars that surpass your industry expertise

    Related: 8 Reasons a Powerful Personal Brand Will Make You Successful

    Well, you might ask, but why do I need to have positioning beyond the business? Why should I have an audience outside of my customer avatar, and why should I talk about anything else than what directly relates to the business? The answer is: You don’t! That is, unless you want to build an actual personal brand, rather than be a spokesperson for the business.

    Why build a personal brand in the first place if it does not fully serve the business, you ask? Let me answer that question with some of my own. Is your identity completely fully tied to the organization you run? Or is your identity bigger than that? Can we reduce your entire essence to your identity as owner of ABC Inc.? The answer is likely “no.” And guess what? Your audience does not need a replica of your company’s corporate social media page. If everything you post or share can happily live on your business pages, then what value is there in that messaging coming from you?

    Corporate branding is the topic of much confusion also. We know that a brand is the essence of our organization, and uncovering it cannot — and should not — be reduced to something tactical, such as the creation of the logo. We know that working on our corporate brand is not a task we would delegate to our Marketing Specialist. So, why then would we make that faux pas when it comes to our personal brand?

    Now, let’s address another elephant in the room.

    One of the most frequent questions I receive when I give my keynote on personal branding to audiences across the globe is this:

    Marina, but what happens if I build a personal brand and then make my business so tied to myself that it becomes hard to exit as a result?

    A great question. We tend to call our businesses our babies. And yet we sell these babies. Or sometimes we bankrupt them. And what happens then? You see, it is indeed hard to sell a business for which you have become a spokesperson. That’s what our marketing teams would love for us. And yet, the buyers of our businesses wouldn’t. Not only is it harder to exit a business like that, but we also end up with no personal brand that serves us as we pivot.

    Related: 5 Steps to Building Your Personal Brand From Scratch

    Personal branding done right

    A personal brand created right does not make you appear to be “tied to the business.” Quite the contrary — it makes it clear to the audience that the business is one of the many facets of who you are and what you are. And yes, when done right, your personal brand helps you attract high-value clients and helps you attract talent of a much higher caliber to the organization. At the same time, however, it builds your portability, making your business more exitable and making you less irrelevant when you do sell it.

    Your marketing team can bring tremendous value to your personal brand-building process, but you also need to be aware of the limitations of their expertise. They can most certainly help position you as a spokesperson for your organization. They can also help you with execution once the strategy is built. Yet, if you are looking to build an actual personal brand that has portability and extends beyond the business, let’s leave it to the pros: those who eat, live and breathe radically authentic personal branding.

    Related: Why Harnessing the Power of Your Personal Brand Will Transform Your Business

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    Marina Byezhanova

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  • What to Consider When Determining the Value of an Investment Property | Entrepreneur

    What to Consider When Determining the Value of an Investment Property | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When searching for an investment property, what should you pay attention to the most? There are several factors involved in every real estate deal, and it’s not always clear which are the most important.

    Understanding these factors is the key to answering questions like, “Is buying rental property worth it?” or “Will my investment be profitable?”

    In this article, we discuss six of the top factors affecting property value and what to know when buying rental property based on these factors.

    Related: Considering Buying Your First Rental Property in 2023? Here’s What You Need to Know to Succeed.

    1. Location

    If you’re familiar with the real estate industry, you may have heard the mantra: “Location, location, location.” Location continuously proves to be the number one factor in determining a property’s success in the rental marketplace.

    Not only do renters want properties in certain cities, but they also seek out homes near:

    Neighborhood desirability plays a substantial role in overall property value. Attractive neighborhoods are walkable, include convenient amenities and foster a strong sense of safety and community. Of course, a renter with three young children might have different priorities and expectations for a neighborhood than a retired couple. It’s about finding a property with the best balance of what the local community has to offer and then ensuring that location will retain its value over time.

    2. Investment plan/purpose

    Not every investor buys a rental property with the same plan in mind or purpose for it. Your plan could be to:

    • House hack: Live in one unit and rent out the other(s).

    • Buy and hold: Buy a property to keep as a long-term asset to a stable portfolio.

    • Fix and flip: Buy a property and sell it after making capital improvements to increase its value.

    • BRRRR: Buy a property at below-market rates, rehab it, rent it out, refinance the mortgage and repeat the whole process with your next property.

    Not every market is suitable for every investment plan. For instance, the BRRRR strategy only works where there is an abundance of properties at below-market rates. The quality of the match between your intended investment plan and your chosen market is a key factor in your overall success.

    Related: How to Effectively Assess Property Value for Investment

    3. Expected cash flow

    Positive cash flow is a priority for all investors who are planning to rent out their properties. You need to know that the money coming in regularly from your tenants is enough to compensate for your monthly expenses, such as mortgage payments, repairs and insurance.

    Before purchasing a property, calculate its expected ROI, or return on investment. ROI for rental property is calculated by dividing your annual return by your initial investment or purchase cost. An expected ROI around or above 10% is a good indicator that you’ll have enough cash flow to not only break even with your property but also generate a profit.

    4. Appreciation

    Appreciation is a broad category that encompasses several individual factors. In general, appreciation is the increase in value of a property over time. Properties appreciate naturally the longer you hold them, but you can also “force” appreciation by improving the property via capital investments (e.g., adding a bathroom, renovating the kitchen, replacing the roof, etc.).

    A property that appreciates well not only gains equity and sells for a much bigger profit later, but it also impacts your cash flow now. A property with higher value can be rented at a higher rate, leading to more capital to work with and reinvest in the short term.

    5. Size and number of bedrooms/bathrooms

    A property with more livable space is almost always worth more than a home with less space in the same market. Livable space refers to space that is available for everyday use and is properly finished, heated and ventilated (for example, a closet is not livable space while a finished basement is).

    Additionally, the more of the following you have, the more your property can be worth:

    • Bedrooms

    • Bathrooms

    • Kitchens

    • Parking or garage spaces

    • Yard square footage

    6. Property age and condition

    Many people looking for a new home are on the hunt for a newer, modernized property in top condition so that frequent repairs are not a concern. This makes a home’s age and condition important factors that play into its value and overall success in the market.

    Renters and homebuyers want:

    • New, modern architecture (unless the home has historic value)

    • Modern plumbing, HVAC systems and roofing

    • Modern appliances

    • Curb appeal

    Related: How to Start Investing in Rental Properties — Your Step-by-Step Guide

    Many buyers are on the lookout for turnkey properties, or homes that are move-in ready without any major repairs or renovations necessary. While turnkey properties cost more upfront, they often pay back their higher investment with the higher rents you can charge. It may be helpful to write up a checklist for buying a rental property with the amenities and features you want in a property and the amount you’ll pay for them.

    Let’s return to our original question: Should you take the plunge and become an investor? It’s a question that massively depends on the specific property, market and real estate goals you’re dealing with. But no matter where and when you decide to invest, these six factors can guide your thinking and help you find a property that will add sustainable value to your portfolio.

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    Dave Spooner

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  • The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

    The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the last decade, the Middle East has undergone a profound transformation. Traditionally viewed as an oil-rich region, the Middle East has been diversifying its economies, creating an entrepreneurial landscape ripe with opportunity. The region’s dynamic economies, bolstered by ambitious economic diversification and innovation plans, have created a favorable environment for global entrepreneurs.

    With its expansive Vision 2030 economic reform plan, Saudi Arabia has been leading this transformation. Still, the entrepreneurial wave is being felt across the region — from the United Arab Emirates to Qatar, Bahrain and beyond.

    Related: Entrepreneur Middle East

    Diverse economies foster entrepreneurship

    Countries across the Middle East are showing increased commitment to fostering entrepreneurship as they seek to diversify their economies beyond oil. Governments are investing heavily in infrastructure and establishing regulatory frameworks that are conducive to business, creating a fertile ground for startups and SMEs.

    For instance, Saudi Arabia’s Vision 2030 plan aims to foster a vibrant society, a thriving economy and an ambitious nation. To achieve these goals, the kingdom promotes sectors like tourism, entertainment and technology, providing ample opportunities for entrepreneurs. Likewise, the United Arab Emirates Vision 2021 aims to make the UAE among the best countries in the world by the Golden Jubilee of the Union, and it recognizes entrepreneurship as a key driver of competitiveness and growth.

    Related: The Changing Face Of Business In The Middle East

    The strategic advantage of location

    In today’s globalized economy, the Middle East’s strategic geographic position cannot be underestimated. The region serves as a bridge between the East and West, providing businesses easy access to markets in Africa, Asia and Europe. The region’s extensive logistical and transportation networks further enhance its attractiveness as a hub for international business.

    Investing in innovation

    The Middle East’s commitment to innovation is mirrored in its vibrant investment scene. Sovereign wealth funds, private investors, and venture capitalists actively invest in promising ventures, providing the financial fuel that startups need to scale and thrive. For instance, the Saudi Arabian Public Investment Fund (PIF) has been actively investing in tech companies and startups domestically and internationally, providing the necessary capital for growth.

    At the same time, governments are backing initiatives such as startup incubators and accelerators, offering new businesses resources, mentorship, and networking opportunities to navigate the entrepreneurial landscape.

    The advantage of a tech-savvy population

    One of the Middle East’s greatest assets is its young, tech-savvy population. With one of the world’s highest smartphone penetration and internet usage rates, the region’s consumers are eager for innovative products and services. This creates lucrative opportunities, particularly in the digital and e-commerce sectors, which are experiencing explosive growth.

    Overcoming challenges and obstacles

    Despite the significant potential, the Middle East’s entrepreneurial scene is not without its challenges. Entrepreneurs often cite regulatory complexities, bureaucratic red tape, and the need for more robust intellectual property rights as hurdles to business. However, governments are showing a commitment to addressing these issues, and the business environment is improving year by year.

    Moreover, the region is also grappling with the need to develop a culture of entrepreneurship and risk-taking, a shift from the traditional preference for stable government jobs. However, the tides are changing, and the growing success of startups in the region inspires a new generation of entrepreneurs.

    The Middle East, with its strategic location, vibrant economies, supportive government initiatives and untapped market potential, presents a compelling opportunity for global entrepreneurs. With the right insight, cultural understanding and innovative solutions, the region offers rewarding opportunities for those willing to navigate its unique landscape.

    As governments continue to foster entrepreneurship, and with increasing global interest in the region, the Middle East is emerging as a hotspot for global startups and a region worth considering for entrepreneurs looking to expand their horizons.

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    Henri Al Helaly

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  • 5 Cognitive Biases That Are Holding You Back | Entrepreneur

    5 Cognitive Biases That Are Holding You Back | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I like to think of myself as a constant learner. I don’t believe you can make it very far as a leader without humility, and throughout my three-decade career, I have sought out information on how to improve my leadership skills through practically every medium. Books have obviously been a massive component of that, as well as seminars, and more recently, podcasts have become a valuable resource.

    These long-form types of content allow leaders to gain large amounts of knowledge. But I’ll admit that it can be difficult to take in all of the information and find the time to do so. We live in an increasingly fast-paced world, and often our efforts are so focused on being an entrepreneur running a company that we don’t feel we have the time to commit to external growth outside of it.

    This is a mistake. As leaders, we must constantly seek ways to improve our craft — after all, leadership is a skill that must be intentionally honed. Learning by doing is a valid way to become a good leader, but if you want to be truly great, you must take it upon yourself to consistently make conscious improvements.

    That being said, it is important to recognize that short-form articles – like the one I am writing right now – can be just as valuable. They present information in a concise and easily digestible way that can be further researched at a later date if interest is sparked. And with that, I introduce you to cognitive biases.

    Related: How Cognitive Biases Can Impact Your Trading and Investment Decisions

    What are cognitive biases?

    A concept first introduced by researchers in the 1970s, cognitive biases are defined as systematic errors in thinking that occur when people are processing and interpreting information in the world around them and ultimately affect their decisions and judgments. They are our brains’ attempts at simplifying information processing, creating rules that help us in making the thousands of decisions we do each day.

    However, although powerful, the human brain is not flawless. Our attention is limited, and our memories are imperfect, and because of this, subtle biases can creep in and influence the way we see and interact with the world around us.

    Great leaders are those that can consistently take in and evaluate all of the information available to them to make objective, logical decisions. Mistakes are inevitable, but pervasive ones are more often than not the result of biases throwing you off, leading to poor decisions and bad judgments.

    Below I have outlined five cognitive biases I believe most commonly prevent entrepreneurs and their organizations from reaching their full potential.

    Related: Cognitive Biases About Leadership and How to Survive Them

    1. Confirmation bias

    It comes with the territory of entrepreneurship that you will inevitably encounter naysayers who tell you your idea will never work. Whether it be friends, family, co-workers or even people you hoped to do business with, it is the hallmark of a successful entrepreneur to remain driven even when others cannot see your vision.

    However, this can also lead to one of the most common cognitive biases. Confirmation bias is the tendency to seek out and interpret information to confirm existing beliefs or assumptions and disregard contradictory evidence. This lack of objectivity can cause entrepreneurs to be plagued with problems, preventing them from considering alternative perspectives or adapting their strategies based on new information.

    2. Overconfidence bias

    Entrepreneurs who exhibit overconfidence bias tend to have an inflated sense of their own abilities, knowledge, and the likelihood of success. It is important to emphasize that overconfidence bias is not just something that happens to people with massive egos – everybody at one point or another has incorrectly assessed their competencies.

    For example, when asked to rank their driving skill, 93% of Americans said they were better than average. However, 90% of accidents are caused by human error. The perception does not hold up to the facts and statistics.

    When it comes to entrepreneurs, this bias can lead to excessive risk-taking, failure to assess market conditions adequately, and a tendency to overlook potential obstacles or challenges. In short, humility should aspire to more than hubris.

    Related: Are You Dangerously Overconfident?

    3. Anchoring bias

    As an entrepreneur, you may already be familiar with the concept of price anchoring. Price anchoring involves introducing a prospective customer to a higher price at the beginning of a potential sale, whether it’s an undiscounted price or a different product or service with a higher price tag.

    Those who use price anchoring are taking advantage of the anchoring bias. Our first exposure to information significantly influences us, causing us to incorrectly evaluate all subsequent information based on that initial knowledge, even if it doesn’t provide a complete picture.

    When entrepreneurs begin down a path based on limited initial research without considering other options, we can fall victim to anchoring bias. We may fixate on a specific reference point or starting value and fail to adjust our judgments or strategies based on additional information. This can limit creative problem-solving and hinder adaptive decision-making.

    4. Availability bias

    This bias refers to the tendency of entrepreneurs to rely heavily on readily available or memorable information when making judgments or decisions. A fascinating example of this lies in the fact that shark attacks save lives statistically. An analysis of deaths in the ocean near San Diego found that every time a shark attack killed a swimmer, the number of drownings would decrease for a few years. This is because reports of death by shark attack are remembered more vividly than reports of drownings.

    For entrepreneurs, availability bias can lead to an overemphasis on recent experiences or anecdotal evidence, potentially causing them to overlook valuable insights or neglect to comprehensively analyze the situation at hand. As leaders, we must work to dig deeper and not simply accept information because it is easily accessible.

    5. Sunk cost fallacy

    In 1996, two expeditions attempted to summit Mount Everest. Although conditions on the mountain continued to deteriorate, those climbing had spent years training and thousands of dollars in preparation for that day, so they decided to continue onwards and upwards. Both expeditions never made it to the top or off the mountain.

    On a much less dire level, we have all fallen into the sunk cost fallacy trap at some point, such as when we don’t like what we cooked for dinner but eat it anyway because we spent money on the ingredients and put the time into making it.

    Entrepreneurs affected by this bias have stakes somewhere between the two. We persist with a failing project because we have invested significant time, effort or resources into it, continuing to allocate resources even when evidence suggests it isn’t a viable or profitable endeavor.

    One of the hardest pills for any entrepreneur to swallow is realizing that we are getting in our way. Cognitive biases are tricky to overcome precisely because they are designed to put up our blinders and prevent us from seeing things objectively. The first step in doing so is to recognize the patterns they make in our lives simply. The next is to do something about it.

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    Hanif Lalani

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  • How to Create a Strong Personal Brand in Today’s Digital Age | Entrepreneur

    How to Create a Strong Personal Brand in Today’s Digital Age | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an era where anyone can command a global audience from the palm of their hand, personal branding has never been more crucial. As we navigate through the digital age, it’s becoming increasingly apparent that personal branding is more than just a buzzword — it’s a powerful driver of success.

    Personal branding refers to the practice of individuals marketing themselves and their careers as brands. It’s about defining your identity, values and unique offerings, then communicating them effectively to the world. But why is it so important?

    The rise of the internet and social media has drastically changed the way we interact, work and do business. We live in an age where Google is the new first impression, where our online presence speaks before we do. This shift has transformed personal branding from a useful tool to an absolute necessity.

    Related: 7 Reasons Why You Need a Personal Brand

    The power of personal branding

    The power of personal branding lies in its ability to create trust, establish authority and differentiate yourself in a crowded marketplace. It gives you the ability to showcase your unique skills, passions and values — and to connect with your audience on a personal level. By doing so, you are not just selling a product or a service; you’re selling a story, an experience and a connection.

    A strong personal brand can pave the way for business success. It can attract potential clients, open doors to new opportunities and even drive the growth of a business. This is particularly evident in influencer marketing, where personal branding can translate directly into business value.

    Take me as an example. I truly began my social media journey in 2020, sharing basic life updates on Instagram. Over time, I established myself as an educated individual and began to learn the fundamentals of social media verification and growth. Over the years, I’ve been able to monetize my online presence by providing high-quality press releases and influencer marketing campaigns to dozens of established influencers. This process has allowed me to further expand my network and gross well over six figures as a now fourth-year medical student.

    This is the power of personal branding at work. But building a compelling personal brand is no easy task — it requires careful planning, consistent effort and strategic use of public relations (PR).

    PR as a tool for personal branding

    PR can play a critical role in personal branding by shaping public perception and building visibility. It helps individuals establish their authority, build their reputation and manage their image. This can involve various tactics, from media relations and content creation to crisis management and event planning.

    In the digital age, social media is a vital tool in both personal branding and PR. It allows individuals to reach a global audience, engage with their followers directly and shape their own narrative. It’s an incredibly powerful platform for building and maintaining a personal brand.

    Your personal brand is a story — a story about who you are, what you stand for and what you can offer. It’s time to start writing that story. It’s time to start investing in your personal brand.

    To further engage with public relations professionals, search Instagram and LinkedIn. Generally, many individuals can assist you or guide you in a direction to assist you in placing yourself in a position of notability. Just make sure to do your diligence and select PR professionals who are educated. Education, in my opinion, differentiates the social media agency or influencer that is just trying to make a quick buck from a true professional with a drive and passion for growth and success.

    Related: 5 Steps to Building a Strong Personal Brand

    Strategies to navigate personal branding

    In either sense, personal branding is a transformative journey. To navigate this journey effectively, it’s essential to consider a few fundamental steps:

    First, discover your unique selling proposition. What makes you distinct? What values do you hold? What can you offer that no one else can? The answers to these questions will form the foundation of your personal brand.

    Next, embody your brand across all platforms. Consistency is key in branding. Ensure that all your digital touchpoints — be it your LinkedIn profile, your Instagram handle or your personal blog — reflect the same story.

    Finally, engage with your audience. Personal branding is not just about broadcasting — it’s about engaging. Create opportunities for interaction, ask for feedback, and respond to comments. This two-way dialogue will not only make your brand more relatable but also foster a loyal community around it.

    While these steps can guide you in your personal branding journey, the magnitude of this task can seem overwhelming. That’s where public relations comes in. With their expertise in strategic communication, PR professionals can help you articulate your brand, create compelling narratives and manage your reputation. They can help you navigate the complexities of the digital world, ensuring that your brand resonates with your target audience.

    Influencer marketing for personal branding

    In addition, leverage the power of influencer marketing, an avenue where personal branding has a direct correlation with business success. Influencers, with their well-crafted personal brands, have the power to sway consumer behavior. A nod from them can bolster your brand’s visibility and credibility significantly.

    Influencer marketing can simply mean doing Instagram Live conversations with other influencers to showcase that you are a well-connected, well-respected individual throughout the community. This is a strategy I consistently employ to reach more people online and present myself as a notable and authoritative figure online.

    If you consistently place yourself around and affiliated with other widely successful people, this immensely helps with your personal branding.

    In the digital age, your personal brand is your most potent asset. It’s the compass that guides all your professional endeavors and the magnet that attracts opportunities. By investing in your personal brand, you’re not just shaping your public image but also sculpting your path to success.

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

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    Hanna Shanar

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  • How to Rise Above Negativity in Business | Entrepreneur

    How to Rise Above Negativity in Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today, we’re diving headfirst into the treacherous waters infested with haters, doubters and naysayers — the formidable foes lurking in every entrepreneur’s journey. But fear not, for I am here to arm you with the knowledge and attitude required to rise above their negativity and conquer the business battlefield.

    Let’s discuss how haters, doubters and naysayers behave and how to effectively handle and overcome their negativity.

    Related: Haters Gonna Hate: 10 Ways to Use Haters As Fuel for Success

    The haterade conundrum

    Before we unleash our arsenal of sassitude, let’s take a moment to understand the Haterade phenomenon. Haters have mastered pouring a tall glass of bitterness, jealousy and resentment, then tossing it at your entrepreneurial dreams. Their motivation? It often stems from their insecurities, lack of success or simply an unfulfilled desire to witness others fail.

    But remember, my friends, the key to overcoming haters lies not in their approval but in your unwavering belief in yourself and your vision. Embrace their negativity as fuel for your fire, and let it propel you toward success. Coco Chanel once eloquently stated, “Success is the best revenge.”

    The doubt dismantlers

    Now, let’s shift our attention to the doubters. These disbelievers question your abilities, strategies and essence as an entrepreneur. These doubters often lurk within your inner circle, disguised as concerned friends or family members. They might offer well-intentioned but misguided advice, attempting to steer you away from your chosen path.

    But here’s the thing, my fierce comrades: Doubters are like fitness trainers who never set foot in a gym. They may talk a big game but lack the experience and resilience required to navigate the business landscape. So, listen to their doubts with a pinch of salt, acknowledge their concern, and then graciously prove them wrong through your unwavering determination and unrivaled success.

    Navigating the naysayers

    Ah, the naysayers — the skilled art critics of the business world. These individuals excel at pointing out every flaw, potential failure and reason your ideas won’t work. But guess what? Their negativity is like an outdated meme — irrelevant and destined for obscurity.

    To navigate the treacherous waters of naysayers, my intrepid entrepreneurs, you must cultivate an unshakable self-belief fortified by meticulous preparation. Surround yourself with a tribe of believers who offer constructive feedback. Rome wasn’t built in a day. Neither will your business. Keep pushing forward, relentlessly challenging the naysayers’ preconceived notions, and watch as their skepticism crumbles in the face of your undeniable success.

    Related: How to Use Other People’s Doubts to Fuel Your Own Success

    Rise above with sassitude

    Now that we’ve dissected the anatomy of haters, doubters and naysayers, it’s time to arm ourselves with the secret weapon — sassitude. What is sassitude, you ask? The fearless combination of sass and attitude allows you to rise above negativity with grace, style and a touch of well-placed wit.

    First and foremost, my daring entrepreneurs, embrace your uniqueness. Remember this: Your journey is uniquely yours. Embrace your quirks and unapologetic authenticity to stand out from the crowd. When faced with naysayers and doubters, let your sassitude shine. Boldly express your unwavering belief in yourself and your vision. When questioned or doubted, respond with a confident smile and well-timed sarcasm. Say, “Oh, you think I can’t do it? Well, let’s wait and see who’s laughing to success.”

    But remember, my formidable entrepreneurs, sassitude isn’t just about snappy comebacks and witty remarks. It’s also about maintaining a positive mindset in the face of adversity. Cultivate a mental fortress that shields you from the poisonous arrows of negativity. Surround yourself with inspirational quotes, powerful mantras and a playlist of uplifting tunes that cheer your spirits. Let your positive energy radiate so brightly that it blinds the haters and disarms the doubters.

    Turning negativity into fuel

    Now, my fearless trailblazers, let’s delve into the art of transforming negativity into rocket fuel for your entrepreneurial journey. Haters, doubters and naysayers may try to dim your shine, but it’s up to you to harness their negativity and turn it into a driving force.

    Use their criticism as a catalyst for improvement. Listen to their feedback, filter out the noise, and extract the valuable nuggets of wisdom that lie within. Treat each negative comment as an opportunity to refine your strategies, tighten your business model and emerge even stronger.

    But let’s not stop there, my ambitious comrades. Take it a step further by showcasing your growth and success. Let your accomplishments speak louder than any words of doubt. Launch that innovative product, secure that major partnership, or exceed your projected revenue. When you achieve these milestones, don’t shy away from celebrating your victories and reminding the naysayers of their short-sightedness. As the saying goes, “Success is the sweetest revenge.”

    Related: The Entrepreneur Behind a $90 Million Company Shares How You Can Get Past the Naysayers to Build a Successful Business

    Building a supportive tribe

    In the battlefield of business, your tribe is crucial. Surround yourself with like-minded individuals who uplift, inspire and support you. Seek mentors, coaches and seasoned entrepreneurs who have weathered storms. Connect, learn, and draw strength from their unwavering belief in your potential.

    Your tribe is your haven — a place to share wins, vent frustrations and seek guidance without judgment. Together, you’ll forge a path to greatness. Embrace the power of collaboration, for when entrepreneurs come together, magic happens. Collaborative projects, joint ventures and mutually beneficial partnerships can elevate your business beyond what you imagined.

    The ultimate revenge: Success

    In the end, my audacious entrepreneurs, the ultimate revenge against haters, doubters and naysayers, is your resounding success. As you conquer obstacles, shatter barriers and soar to new heights, let your achievements speak volumes about your relentless determination and unwavering self-belief.

    Remember, success isn’t dictated by others’ opinions but by the fulfillment derived from pursuing passions, adding value and making an impact. Stay laser-focused on your goals, remain loyal to your vision, and let your triumphant success serve as the ultimate mic drop that silences negativity once and for all.

    As we conclude this wild journey through the treacherous realm of haters, doubters and naysayers, I implore you to embrace your sassitude like a shield of invincibility. Rise above the negativity, fuel your fire with their doubt, and let your unwavering belief in yourself guide you towards greatness.

    Remember, my fellow entrepreneurs, you have within you the power to reshape industries, impact lives and create a legacy that transcends the fleeting doubts of others. So, hold your head high, and conquer the world one audacious step at a time.

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    Chris Kille

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  • The Art Thief Who Fell in Love With His Biggest Score | Entrepreneur

    The Art Thief Who Fell in Love With His Biggest Score | Entrepreneur

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    Adam Worth was the Victorian Era’s most infamous thief. He was so sneaky, so devious and so damn good at his job that he became author Sir Arthur Conan Doyle’s inspiration for Dr. Moriarity, arch-nemesis of Sherlock Holmes.

    Worth’s exploits earned him the nickname “The Napoleon of Crime,” a nod to his ceaseless drive to steal anything that wasn’t nailed to the floor. (And even if it was, he’d steal it anyway.) Worth and an array of ne’er-do-wells were as innovative as they were crooked, tunneling their way into bank vaults from adjacent building basements, setting up shape-shifting illegal gambling dens and slipping into new countries and identities when things got too hot.

    Subscribe to Dirty Money on Apple | Spotify | Stitcher | Google Play

    Worth was pursued across multiple continents by the Pinkerton detective agency (which would one day become the Secret Service) and he cemented his status as one of the greatest thieves in history when he stole the incredibly famous portrait of Georgiana Cavendish, The Duchess of Devonshire, right off the wall of a London gallery.

    Worth held onto the pilfered portrait for years, chauffeuring it around the world in the false bottom of a luggage trunk. Some say he was waiting for the right moment to sell it, others believe he fell in love with the Duchess’s beguiling image and didn’t want to let go.

    So what became of the art thief and his prized score? Listen to the episode (embedded above) and please leave our little show a big fat five-star rating and a review. Your comments might be featured in a future episode.

    Thanks as always for listening!

    About Dirty Money

    Dirty Money is a new podcast series from Entrepreneur Media telling the tales of legendary scammers, con artists, and barely-legal lowlifes who stop at nothing to bilk their marks of millions. Hosted by Entrepreneur editors Dan Bova and Jon Small, the podcast takes a deep dive into the deviants behind the deeds.

    Related: The Fake Heiress Who Scammed One of the Richest Men in America

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    Dan Bova

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  • Entrepreneur+ Subscribers-Only Call | August 10: Discover How These Two Rockstars Rocked The Skincare Industry | Entrepreneur

    Entrepreneur+ Subscribers-Only Call | August 10: Discover How These Two Rockstars Rocked The Skincare Industry | Entrepreneur

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    If you are looking to build a successful business with a strong brand, then join our next Entrepreneur+ Subscribers-Only Call on Thursday, August 10 at 3 PM ET with famous musicians (one from the rock band Incubus) Mike Einziger & Ann Marie Simpson-Einziger. Mike & Ann Marie will share what they learned to adapt their skills and become innovators in a completely different industry.

    This event is only for Entrepreneur+ subscribers, but you can become a subscriber for FREE. Use code 1FREE at checkout for one month of all access to Entrepreneur.com, including our premium content and the ability to participate in our Subscribers-Only Call.

    What you’ll learn on the call:

    • The power of curiosity and discovery

    • Stepping out of your comfort zone

    • Not being afraid of pushback or being laughed at by taking risks

    • The importance of R&D and the credibility of product and/or service

    What is a Subscribers-Only Call?

    It’s an exclusive, live Q&A for Entrepreneur+ members with some of the biggest and best names in business. On this interactive call, Entrepreneur+ members have the opportunity to talk to real entrepreneurs and get tips and insights that will help you grow your business or personal brand. If you can’t make this one, stay tuned — we hold these calls monthly.

    How to access as a subscriber:

    There are two ways to make sure you don’t miss out on this event. Follow this link for easy setup on your Entrepreneur+ homepage. Or, check your inbox for an [Entrepreneur+ Exclusive] email that contains the private link to the event. We will also notify your email right before the event to make sure you don’t miss out.

    Having issues signing up for the call? Email us at subscribe@entrepreneur.com.

    About the Speakers:

    Mike Einziger is a serial entrepreneur, the lead guitarist and co-founder of rock band Incubus and co-founder of biotech skincare brand Mother Science.

    In addition to Incubus, he has co-written, produced and collaborated with a wide range of globally-recognized artists including Pharrell Williams, Hans Zimmer, Tyler the Creator, and Damian Marley. In 2013, Einziger co-wrote the award-winning hit song “Wake Me Up,” alongside Avicii and Aloe Blacc as well.

    Einziger also co-founded wireless technology platform MIXhalo in 2017 alongside his wife Ann Marie Simpson-Einziger, where the two now serve as co-chairs. Most recently, Einziger co-founded Mother Science which launched in May 2023 with a single proprietary product, Molecular Hero Serum. Clinically-tested and patented, it’s the first and only skincare product to be formulated with cutting-edge ingredient Malassezin.

    Through his passions for music and science, Einziger has been able to successfully pursue various endeavors in both industries. He studied the history and philosophy of Physics at Harvard University. When he’s not touring with Incubus, he currently resides in Malibu, California with his wife and business partner Ann Marie Simpson-Einziger and 3 young children.

    Ann Marie Simpson-Einziger is a serial entrepreneur, internationally acclaimed violinist and co-founder of biotech skincare brand Mother Science.

    As a rock violinist, Simpson-Einziger has collaborated with acclaimed artists including The Dave Matthews Band, Glen Ballard, Incubus, Aretha Franklin, film score composer Hans Zimmer and many more. Throughout her impressive career, she has performed as a soloist at the Grammy Awards with the Foo Fighters, and performed with Bon Jovi at the White House for President Obama as well.

    Simpson-Einziger’s love of music is also paralleled by a passion for science, and she studied Biology at The University of Virginia and was a former teacher of high school physics and chemistry.

    In 2016, while on tour, Simpson-Einziger experienced a harmless skin condition that led her to the counterintuitive thought that whatever is causing this may have other benefits to the skin. After 6 years of research and development, she ultimately co-founded Mother Science in May 2023 alongside her husband Mike Einziger, Incubus’ lead guitarist. The brand launched with a single proprietary product, Molecular Hero Serum. Clinically-tested and patented, it’s the first and only skincare product to be formulated with cutting-edge ingredient Malassezin.

    Her entrepreneurial endeavors also include co-founding wireless technology platform MIXhalo in 2017 alongside her husband, where the two now serve as co-chairs.

    Simpson-Einziger currently resides in Malibu, California with her husband and 3 young daughters.

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    Entrepreneur Staff

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  • Your Top 10 Business Building Tips from Shaquille O’Neal, Amy Porterfield, Pat Flynn and More | Entrepreneur

    Your Top 10 Business Building Tips from Shaquille O’Neal, Amy Porterfield, Pat Flynn and More | Entrepreneur

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    I’m often asked how I determine the guests on my podcast, Launch Your Business. The answer is pretty simple. I just think back to when I first started my business and all the associated challenges and confusion that I experienced.

    Then, I bring on the people that I wish I could have talked to back then. Maybe it’s because they’re a subject matter expert who can teach the nuts and bolts of running a business. Or maybe their story is inspiring and provides a much-needed boost of motivation.

    But either way, after each episode, you’ll gain insight on how to do at least one thing better.

    Here are some of my top takeaways from recent guests. Afterward, I’ll let you know how you can be a guest on the show as well.

    Pat Flynn: Become part of the audience you want to build

    When you’re trying to build an audience, it’s tempting to dive in and offer what you think the audience would like. Instead, Pat says that you ought to become part of the audience — that way you know what their likes and dislikes are, what annoys them, what key terms they use and the gaps in the market that you can fill.

    “I think empathy is so key, and it’s impossible to empathize with somebody or a group of people who you just met for the first time,” Pat said.

    Listen to the full episode.

    Shaquille O’Neal: Delegation is the key to unlocking opportunities

    While chatting with Shaq, I asked him to share the one question almost nobody asks him, but they should, because his advice would be so valuable.

    “How do I do so much? And the answer is delegation. For example, if I was going to own an African American successful media company, I’d call you brother. Cause I know you’re educated. I know you’re smart. I know you’re well respected in the business and I’m not gonna micromanage you. I’d call you once a week.

    I’m not gonna do any work. I’m calling you. I delegate and I don’t micromanage. That’s how I can own a bunch of things and still be here in my country and state.”

    I’m pretty sure Shaq offered me a job, I’ll keep you posted on that.

    Listen to the full episode.

    Quentin Allums: Systems are necessary for scaling

    Quentin Michael Allums is a serial entrepreneur, and he said that one mistake he made early on was avoiding systems. The thought here is that systems and set processes are constraining — but really, they free you and your team up to spend your time and energy on other things.

    “If you have a process, a system, you will go so far,” Quentin said. “Even if it’s not perfect, just keep up-leveling as you go. It will help you with hiring, it’ll help you with content, and it’ll help you scale. And you don’t wanna build on a rocky foundation, which is what I did.”

    Listen to the full episode.

    Anthony Trucks: Disconnect your identity from your output

    During my conversation with Anthony Trucks, former NFL player and current international speaker and coach, he brought up a powerful analogy. He said that at a difficult time in his life, he should’ve thought of his life as a tree, and his successes as the fruit.

    “Playing football fell off the tree and it rolled somewhere and it died, right? … But I didn’t realize that I (and none of us) have ever been the fruit. We’ve always been the tree. And when you don’t take care of the tree, all the rest of the fruit dies,” Anthony said. “And so for me, I had to realize you are not football, man. You are the kind of person that created that outcome for your life. So do it somewhere else.”

    Listen to the full episode.

    Amy Porterfield: Courage and confidence are different things

    “I always say that confidence is something that comes when you start to see a track record,” Amy said. You start with small steps, you see small progress, and your confidence grows. “Courage happens when you don’t have a track record yet, you have no proof this is going to work. You’re going to take a leap of faith, you’re going to have the courage to move forward because you know you want it badly enough. And so we all have to start with courage over confidence because courage will absolutely be there before confidence ever will.”

    Listen to the full episode.

    Ashley Kirkwood: Your team is not there to make you money

    When I asked Ashley what she wishes she’d known earlier in her entrepreneurial journey, she gave me an answer I’ve never heard before: Your team is not there to make you money — they’re part of your big-picture mission.

    “I work for my team,” Ashley explained. “I try to become a better person for my team. I want to encourage and help my team grow like they are everything to this business. And I wish I would’ve known that earlier because I would’ve hired earlier. I would’ve cultivated them earlier. I would’ve started reading personal development books even earlier at the same time as I was reading sales and marketing books.”

    Listen to the full episode.

    Tanner Chidester: If you’re not willing to send some DMs to grow your business, you probably need to change your perspective

    One thing that Tanner Chidester said he encounters while coaching is the lack of grit for the startup phase. When you have a big idea and no team, you are going to need to power through some less-than-pleasant jobs – but the good news is, there are worse things than sending sales emails or DMs.

    “People forget, I did door-to-door sales for eight months, six days a week, 12 hours a day,” Tanner said. “I’ve told people doing that was harder than building a 20 million per year business. He continues “I’ve had guns pulled on me [and] knives. So I just think people, they don’t really understand what it takes to be successful.”

    Listen to the full episode.

    T.I.: Don’t let other people’s opinions cloud your vision

    T.I. has come up with plenty of ideas that have led to numerous entrepreneurial ventures. He said that one key is keeping your vision to yourself when it’s in the early phases.

    “Your vision is yours for a reason. My vision is mine for a reason. Usually, the first thing we do when we get a vision is take it to the people around us and say, ‘Hey, look, this is what I had an idea of doing.’ And they’ll probably (because of their fears, their failures because they don’t believe that they could do it because it’s not their vision), they would say, ‘Nah, that ain’t gonna work.’”

    The worst part of this? If you let your friends talk you out of a good idea, when you see someone else making that vision happen, you’ll have no one to blame but yourself.

    Listen to the full episode.

    In his work as a coach, Alex Schlinsky says that everyone is pursuing freedom – but often the definition is blurry. Maybe the person defines it as financial freedom without taking into account the time it requires to generate lots of income quickly, or maybe they’ve allowed someone else to define freedom and fulfillment for them.

    “The anti-hustle model is all about identifying for you very specifically what time and financial freedom means, what success really means, what happiness really means and doing that deep work so you can build the formula to your ideal and dream life instead of allowing me or anyone else to decide it for you.”

    Listen to the full episode.

    Hala Taha: Showing your process can rally an audience

    While many entrepreneurs are tempted to showcase only their polished finished product, podcasting network mogul Hala Taha credits her early devoted fanbase to her willingness to let her audience in on the process — even when it was as unpolished as showing her recording setup in her mother’s basement.

    “I think what made me magnetic is because I was sort of the underdog,” Hala said. “I just think that it was magnetic and I was just trying to be of service. My goal actually wasn’t to monetize the show, I literally would tell people that it’s impossible to create a business out of podcasts. And now I literally have a business from my podcast, and for two years I was like, podcasting is just to be of service.”

    Listen to the full episode.

    Craig Siegel: Failure is part of the process, and it can be a good thing

    “Full disclosure, spoiler alert: Entrepreneurship (or anything in the world really worth creating) is going to be challenging,” Craig said. “Specifically in the beginning, I don’t think you can replace that season of grind where you’re really working.”

    He went on to add that there’s a gift in failure if you’re willing to find it.

    “As long as you’re having good misses, and you’re learning, and you’re figuring out what doesn’t work, so you can reapply to what should work … It’s all part of the process.”

    Listen to the full episode.

    Ready to learn more from Craig? Check out his new book The Reinvention Formula: How to Unlock a Bulletproof Mindset to Upgrade Your Life.

    Want to be my next guest?

    I want to help you get unstuck so you can multiply your revenue potential. And, I’d love to chat with you about it on my podcast. Here’s how to make it happen.

    First, leave a review on your favorite podcast platform and share at least one thing you’ve learned from a previous episode. It can be one of those listed above or any other episode that has been released. Then, share that review as an Instagram story and tag me at @itsterryrice as well as Entrepreneur magazine using the handle @entrepreneur. One last step. Screenshot your review and complete this Google Form.

    We’ll then select participants to appear on the show so you can share more about your business and receive a real-time coaching session from me. This will be an ongoing opportunity but you must post your story by August 31st in order to be considered for the first round of guest appearances.

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    Terry Rice

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  • How to Navigate Business Etiquette With Sass and Style | Entrepreneur

    How to Navigate Business Etiquette With Sass and Style | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a world dominated by conformity, it’s time to unleash your inner maverick and revolutionize business etiquette. Say goodbye to rigid rules and protocols, and seize the opportunity to infuse your unique style and personality. Break free from the mold, defy norms, and make an indelible mark on those you encounter. Embrace your authenticity to captivate, and stand out from the crowd.

    Here are ten tips to help you navigate business etiquette with style.

    1. Slaying the game: The art of non-verbal communication

    Communication is a dance, and your body language holds the power to lead. Embrace the art of non-verbal communication to make a lasting impact. Stand tall with shoulders back, exuding confidence from every pore. Use purposeful gestures to emphasize key points, and maintain eye contact that penetrates the soul. Remember, your body speaks volumes, so make sure it’s speaking in a language that demands attention.

    Related: Actions Speak Louder Than Words: The Body Language Guide

    2. Owning the room: The charisma chronicles

    When you step into a room, you’re not just another face lost in the crowd but a formidable presence to be reckoned with. Nurture an irresistible aura of charisma that captivates and demands attention. Stride purposefully, exuding an unwavering self-assurance permeating the space around you. Engage others with genuine interest, making each conversation a captivating adventure. Your magnetic charm and sassy demeanor will leave a lasting impression on everyone you encounter.

    3. The power of disruptive listening

    Forget about passive listening; it’s time to embrace disruptive listening. Instead of simply nodding along, truly engage with the speaker’s words, challenging their ideas and offering your unique perspective. Disruptive listening not only shows your expertise but also sparks stimulating conversations that go beyond the surface level. Dare to be bold, question the status quo, and watch as your insights reshape the business landscape.

    4. The social media revolution: Becoming a trendsetting maverick

    In a digital world overflowing with generic content, breathe fresh air that captures attention. Embrace social media platforms as your stage to unleash your entrepreneurial prowess. Craft compelling content that breaks free from the mundane and captivates your audience with sass and style. Incorporate humor, creativity and unconventional approaches to stand out in a sea of conformity. Your authenticity and unique voice will attract a tribe of loyal followers eager to join your revolution.

    5. Networking 2.0: Forging authentic connections

    Networking doesn’t have to be a transactional game of exchanging business cards. Forge genuine connections that go beyond surface-level pleasantries. Seek out events and communities where authenticity and shared values reign supreme. Engage in meaningful conversations, build relationships based on trust, and support others in their journey. By embracing this approach, you’ll create a network of allies and mentors who champion your success and celebrate your sassiness.

    Related: The New Networking: 8 Strategies for Building Real Relationships

    6. Negotiation ninja: Winning with style

    In negotiations, the power lies in the balance between assertiveness and finesse. Take a strategic approach, where sass meets style, to achieve win-win outcomes. Know your worth, and confidently articulate your value proposition. Use your charm to establish rapport and build a foundation of trust. However, don’t be afraid to inject a touch of sass into your negotiations. Find creative solutions, challenge conventional boundaries, and turn the tables with unexpected twists. The key is maintaining a sense of class while leaving your counterparts in awe of your innovative and daring approach.

    7. Power moves: Making an impact with style

    In the business world, it’s not just about what you say but how you say it. Develop a compelling communication style that leaves a lasting impact. Use vivid storytelling techniques to convey your message, and create an emotional connection with your audience. Infuse your presentations with humor, charisma and captivating visuals. Be a master of timing, delivering your points with impeccable precision. Your style and delivery will make you memorable and elevate your message to new heights.

    8. Mastering the art of feedback

    Feedback is a gift, but giving and receiving it requires finesse. Embrace a sassy and insightful approach to providing feedback that sparks growth and improvement. Be specific, highlighting both strengths and areas for development. Offer constructive criticism with a touch of humor and encouragement. Similarly, when receiving feedback, don’t shy away from bold self-reflection. Embrace it as an opportunity to refine your skills and unleash your full potential.

    9. Resilience in the face of adversity

    In the fierce business realm, obstacles and setbacks are bound to arise. Yet, it is your response to these challenges that truly distinguishes you from the rest. Develop a resilient mindset that embraces failures as stepping stones to success. Embrace your sassy side by defying the odds, pushing boundaries and finding innovative solutions. With each setback, let your style and resilience shine through, inspiring others and proving that setbacks are mere detours on the path to greatness.

    Related: Resilience Unlocked: 9 Strategies to Turn Adversity Into an Advantage

    10. Building a legacy: Leading with sass and style

    As an entrepreneur, your journey extends far beyond personal success. It’s about crafting a lasting legacy. Embrace your role as a leader, infusing it with a unique blend of sass and style. Foster a culture of innovation, collaboration and authenticity within your organization. Empower your team members to embrace their unique flair and unleash their full potential. Leading with sass and style creates a legacy that transcends time and inspires future entrepreneurs.

    Business etiquette doesn’t have to be boring. Spice up your entrepreneurial journey with sass, style and unconventional wisdom. Leave an unforgettable impression on the business world. Unleash your inner powerhouse, redefine success, and conquer the business landscape with determination and finesse. Get ready to sashay into the future of entrepreneurship and become an extraordinary entrepreneur.

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    Chris Kille

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  • Can Mushrooms Save the World? Tune into This Episode of ‘Elevator Pitch’ to Find Out. | Entrepreneur

    Can Mushrooms Save the World? Tune into This Episode of ‘Elevator Pitch’ to Find Out. | Entrepreneur

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    As an entrepreneur, if you ever encounter the wonderful problem of having multiple investors showing interest in your startup, but you can only choose one, what would you do? That’s the dilemma a pair of co-founders face on this fast-paced episode of Entrepreneur Elevator Pitch. While the financial investment is at the core of what they’re after, the founders wind up evaluating the investors based on the mentoring opportunities that they bring to the table.

    Is your vision to get your product into big box stores? Or do you want to be an e-commerce powerhouse? Are you expanding internationally? Capitalizing on an increasingly popular podcast? Just as our founders on this episode eventually decide, sometimes it’s best to pick an investor who has the contacts and experience that compliment your vision.

    Related: Is It a One-Hit Wonder or Can This Mom’s Business Scale?

    Also on this episode of Entrepreneur Elevator Pitch, our investors get critical about one contestant’s pitch and gauge the business acumen of the founder of a new agri-tech startup.

    Episode 7 Entrepreneur Elevator Pitch board of investors:

    • Marc Randolph, co-founder and first CEO of Netflix, master of scaling
    • Kim Perell, CEO of 100.co, serial entrepreneur and investor
    • Jonathan Hung, angel investor and Managing Partner of Entrepreneur Venture Fund

    Episode 7 Entrepreneur Elevator Pitch contestants:

    Season 9 of Entrepreneur Elevator Pitch is presented by Amazon Business with support from State Farm. New episodes stream Wednesdays on entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and Instagram.

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    Entrepreneur Staff

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  • How Social Entrepreneurs Are Changing the World | Entrepreneur

    How Social Entrepreneurs Are Changing the World | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a rapidly evolving world facing an array of pressing challenges, the rise of purpose-driven entrepreneurship has emerged as a beacon of hope.

    Social entrepreneurs are individuals who use entrepreneurial principles, innovative thinking and business acumen to create positive and sustainable social or environmental impact. They are driven by a strong sense of purpose to address pressing societal challenges and improve the well-being of communities and the planet.

    Social entrepreneurs apply the same entrepreneurial mindset used in traditional business ventures to develop innovative solutions to complex social problems. Their primary goal is to generate positive outcomes rather than solely seeking financial profit. They often work to empower marginalized groups, improve access to essential services, address environmental issues and promote social justice.

    This article delves into the transformative force of purpose-driven ventures, exploring their sustainable impact and the supportive ecosystem propelling their success.

    Related: 3 Steps to Forge Your Company’s Purpose-Driven Path

    The emergence of purpose-driven ventures

    Traditionally, entrepreneurship has been associated with profit-driven motives, but a paradigm shift is underway. Social entrepreneurs have recognized that addressing societal and environmental challenges requires more than just good intentions; it demands a sustainable approach that integrates purpose into business strategies. These visionary leaders view challenges as opportunities and harness the power of innovation and empathy to create lasting impact.

    For example, Patagonia, founded by Yvon Chouinard, is a renowned outdoor apparel company that embraces sustainability and environmental responsibility as part of its core mission. They prioritize eco-friendly materials, minimize waste and actively support environmental causes through campaigns like “1% for the Planet,” where they donate a portion of their revenue to environmental initiatives.

    The power of profit and purpose alignment

    Contrary to the notion that profit and purpose are conflicting concepts, social entrepreneurs have unlocked the potential of aligning the two forces for the greater good. By imbuing their ventures with a meaningful mission, they attract a loyal customer base and engage employees who are deeply committed to the cause. This alignment fuels passion, creativity and dedication, propelling these purpose-driven ventures towards remarkable success.

    A good example is Warby Parker, an eyewear company co-founded by four friends (Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider), which has a “Buy a Pair, Give a Pair” business model. For every pair of glasses sold, they provide a pair to someone in need through partnerships with nonprofit organizations. This alignment of profit and purpose has resulted in both business success and significant social impact.

    Related: How to Build a Business that Makes a Positive Impact

    Driving sustainable impact

    One defining characteristic of purpose-driven entrepreneurship is its commitment to sustainable impact. Social entrepreneurs look beyond short-term gains, focusing on solutions that create lasting change. Whether it’s tackling environmental issues, empowering marginalized communities or improving healthcare access, these ventures invest in projects with far-reaching and enduring effects, leaving behind a positive legacy for generations to come.

    Green School, for example, founded by John and Cynthia Hardy, is an innovative, eco-focused school in Bali that integrates sustainability, environmental education and holistic learning into its curriculum. The school’s unique approach empowers students to become changemakers, fostering a generation of environmentally conscious leaders.

    Inspiring stories of social entrepreneurs

    Tony Elumelu is a visionary entrepreneur and philanthropist who has become a leading example of purpose-driven entrepreneurship. As the founder of The Tony Elumelu Foundation, he is empowering African entrepreneurs to drive sustainable economic growth and social development on the continent. Through his foundation’s flagship initiative, the Tony Elumelu Foundation Entrepreneurship Programme (TEEP), Tony Elumelu has provided mentorship and training to 1,500,000 and seed funding to 18,000 young African entrepreneurs.

    There’s also Kiva, an online micro-lending platform, co-founded by Jessica Jackley and Matt Flannery. It connects individuals looking to lend small amounts of money (as little as $25) to entrepreneurs in developing countries. This peer-to-peer lending model empowers entrepreneurs to start or grow their businesses, with the goal of lifting them out of poverty.

    The support ecosystem

    Behind every successful social entrepreneur stands a supportive ecosystem that nourishes their vision. Impact investors, philanthropic organizations and government initiatives play a pivotal role in nurturing purpose-driven ventures. The collective effort of these stakeholders provides access to capital, mentorship and networks that amplify the ventures’ reach and potential.

    Related: 3 Steps for Making a Positive Environmental, Social and Governance (ESG) Impact

    Spreading the movement

    The rise of purpose-driven entrepreneurship is not an isolated phenomenon. It is part of a global movement towards a more sustainable and equitable world. As these social entrepreneurs blaze a trail, they inspire others to follow suit, creating a ripple effect that catalyzes positive change across industries and borders.

    B Corporations, also known as B Corps, are businesses that meet rigorous standards of social and environmental performance, accountability and transparency. These Save & Send for Review companies include Patagonia, Ben & Jerry’s and Seventh Generation, among others. The B Corp movement is spreading globally, inspiring businesses to pursue not just profit but also purpose and positive impact.

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    Taiwo Sotikare

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  • The Power of Spending Time Alone | Entrepreneur

    The Power of Spending Time Alone | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I was just relaxing on the hotel balcony listening to the ocean. Enjoying a moment of connecting with myself and nature, I was fully present in the here and now. The sound of the waves crashing against the shore created a soothing rhythm, and I noticed that my heartbeat began to sync with the sound. It was a cool experience — one that made me truly aware of my surroundings and my own existence.

    Wanting to stay fully present in that beautiful moment a little longer, I snuggled myself into a blanket and laid back down under the stars. It was pure bliss to fall asleep breathing in the cool ocean air and wake up to the breathtaking sunrise the next morning. I knew this experience was nothing short of powerful.

    Related: Why You Should Schedule Dedicated ‘Me Time’ If You Don’t Get Enough Right Now

    The benefits of spending time alone

    When you take time like this to be alone, you can truly hear yourself. It’s a chance to escape the noise and distractions of everyday life and listen to the whispers of your own thoughts. Many people shy away from spending time alone. Even the idea of facing your own thoughts can feel scary. But solitude is a chance to clear out the clutter that accumulates in your mind, gain clarity and reconnect with your true self.

    I recently took my second trip by myself. I used this undistracted time to create, read and write in my journal. I even got dressed up and took myself out to dinner at a nice restaurant. Immersing myself in the moment and soaking in all of my surroundings was simply amazing!

    You may find the idea of being alone strange or awkward. You might think that others will see you as a loser or an outcast for enjoying a fancy meal by yourself. But I disagree. Through the years, I’ve learned the incredible power of choosing to spend time alone. I’ve discovered that it’s not about being lonely or isolating yourself; it’s about nurturing your own happiness and well-being.

    During my solo adventures, I engage in activities that bring me joy. These experiences have allowed me to tap into a deep sense of gratitude. I’ve realized how fortunate I am to have the means and ability to enjoy the beauty of the world around me; whether it’s indulging in a delicious meal at an upscale restaurant, watching the sunset or simply taking a walk. The more granular you get with your gratitude, the higher you elevate your vibration.

    Gratitude and self-discovery are central themes in my alone time. This has been integral to me leading a more fulfilling life. I’ve dedicated time to learning who I am at my core. I’ve prioritized myself, paying attention to my own desires and needs as well as embracing curiosity and fascination for the world around me. In doing so, I’ve reignited the spark within myself and elevated my life and the lives of my loved ones.

    It’s easy to become distracted and overlook the amazing things happening in your life when you’re so focused on the hustle and bustle. You get caught up in the minutiae and the constant stream of thoughts that fill your mind. But when you carve out meaningful time for yourself, you can explore new ways of thinking and being.

    Related: Why Alone Time Gives Your Business an Edge

    When was the last time you truly spent quality time alone?

    Being comfortable in your own company is a superpower. It will feel awkward at first, but it is a necessary trait that allows you to rely on yourself for happiness, confidence and a sense of belonging. Learn to embrace solitude by starting off slowly. Go out to lunch by yourself. Try a new restaurant, and focus on your meal and surroundings, not your phone. Date yourself! Take a day to do something just for you that doesn’t include anyone else, and see how it feels. You may surprise yourself with how amazing it feels when you become the very company you desire!

    It’s important to remember that you need to nourish your own soul to have a truly fulfilling life. Don’t wait for experiences to come to you.

    Embrace the beauty of spending time by yourself. Find joy in your own company, and connect with the world around you. It’s time to let go of your fear and embrace the power of solitude. Take that step, and you’ll unlock a world of experiences and fulfillment that will transform your life!

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    Jessica Dennehy

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  • What Is Elon Musk’s Net Worth? CEO Salary, Tesla Shares, SpaceX | Entrepreneur

    What Is Elon Musk’s Net Worth? CEO Salary, Tesla Shares, SpaceX | Entrepreneur

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    This article originally appeared on Business Insider.

    Elon Musk, the world’s richest person, has a net worth of around $239 billion, according to estimates by Bloomberg.

    But the tech mogul’s wealth comes from a number of sources and it isn’t stable. His fortunes have fluctuated greatly since the start of the pandemic, and he’s been trading places with other tech billionaires to top Bloomberg’s rich list.

    How has Musk’s net worth changed over time?

    Musk, who was born in South Africa, moved to Canada, and dropped out of a Ph.D at Stanford, became a millionaire before he hit 30. Musk started Zip2, a website that provided city travel guides to newspapers, with his brother Kimbal Musk, and sold it to Compaq for more than $300 million in 1999. Musk, then aged 27, is believed to have got $22 million from the deal.

    He went on to cofound online bank X.com in 1999. It soon merged with Peter Thiel’s Confinity to become PayPal, and the company was bought for $1.5 billion by eBay in 2002. Despite having been ousted as CEO, Musk walked away with around $165 million.

    Musk cofounded space-exploration company SpaceX in 2002. In 2004, he became an investor in and chairman of EV company Tesla. During the financial crisis in 2008, he saved Tesla from bankruptcy with a $40 million investment and a $40 million loan. That same year, he was named CEO.

    Musk said 2008 was “the worst year of my life.” Alongside problems in his personal life, Tesla kept losing money and SpaceX was having trouble launching its Falcon 1 rocket. By 2009, Musk was living off personal loans.

    But Tesla went public in 2010, and Musk’s estimated net worth steadily climbed. In 2012 he debuted on Forbes’ Billionaires List with an estimated wealth of $2 billion.

    In 2016, Musk set up tunnel-digging business the Boring Company. The next year, he founded neurotechnology startup Neuralink.

    Musk’s net worth began a rapid ascent at the start of the pandemic as Tesla shares soared. Musk started 2020 with an estimated net worth of just under $30 billion and was worth around $170 billion just a year later – a more than five-fold increase in just a year. His estimated fortune peaked at around $340 billion in November 2021.

    He also bought Twitter for $44 billion in October 2022, serving as its CEO until he stood down in early June.

    Though Bloomberg puts his current net worth at $239 billion, Forbes puts it at $242.4 billion.

    Where does Musk’s fortune come from?

    Musk’s wealth is largely dependent on Tesla shares. Though he takes no salary from Tesla, he’s awarded stock options when the company hits challenging performance metrics.

    “Elon will receive no guaranteed compensation of any kind — no salary, no cash bonuses, and no equity that vests simply by the passage of time,” Tesla said in 2018 when the company announced a 10-year performance award for Musk. “Instead, Elon’s only compensation will be a 100% at-risk performance award, which ensures that he will be compensated only if Tesla and all of its shareholders do extraordinarily well.”

    According to Bloomberg, close to half of Musk’s net worth comes from Tesla shares, while just over 20% comes from SpaceX shares. The rest of his wealth comes from shares in Twitter and The Boring Company, as well as other miscellaneous liabilities.

    How does Musk stack up to other billionaires?

    At time of writing, Musk was the world’s richest person, according to Bloomberg’s estimates, though he frequently trades places with other billionaires.

    Musk’s current fortune is around $38 billion larger than that of LVMH founder Bernard Arnault, who Bloomberg estimates is worth $201 billion. Rounding off the top five are Amazon founder Jeff Bezos, at $153 billion, Microsoft cofounder Bill Gates, at $137 billion, and Oracle cofounder Larry Ellison, at $133 billion.

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    Grace Dean

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