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Tag: Entrepreneurs

  • 7 Ways to Thank Your Employees This Holiday Season

    7 Ways to Thank Your Employees This Holiday Season

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    Opinions expressed by Entrepreneur contributors are their own.

    Christmas is around the corner, and the holiday season is in full swing. I like to “wow” my employees with a little holiday cheer every year. As small business owners, it’s easy to forget the important things. That’s where I come in…I simply can’t forget!

    I focus on employee satisfaction all year long, from handing out awards to planning Halloween celebrations. But towards the end of the year, it always feels like the floodgates open up, and I want to give my employees a little more than normal. But where do you start? How do you top yourself every year? Well, don’t worry. My gift to you is this list of seven simple ways to thank your employees this holiday season.

    1. Give a handwritten thank you with a box of chocolates and cookies

    This is the ultimate classic way to say thanks — and it’s still one of the best. This is it if you want something that’s not too flashy but will show how much you appreciate your employees’ hard work. A handwritten thank you letter accompanied by a box of chocolates and cookies. Although this might seem like a small gesture, it will greatly impact your employees. Showing them that you care about what they do and appreciate their hard work will help build trust and loyalty in the company.

    Related: 4 Seasonal Side Hustles to Keep Your Pockets Jingling

    2. Schedule a vacation to the favorite destination for everyone on your team

    I know this sounds like a dream come true, but it’s doable.

    Planning a vacation for your employees is a great way to show them you appreciate them.

    It can be their favorite place in the world or somewhere nearby — whatever makes them happy will do. If you don’t have the budget to send everyone on a trip, consider sending your top-performing or most deserving employees and their families. This way, you can ensure that everyone has a great time without breaking the bank or stressing out about how much money you’re spending.

    3. Do a gift exchange

    A secret Santa or white elephant gift exchange is a fun way to get your employees excited and involved in the holiday spirit. Everyone gets the same amount of money to spend on each other, and they can choose funny, thoughtful or just plain silly gifts.

    It’s also a great opportunity to get some insight into what your employees want — and what they might not have thought to ask for themselves.

    Related: Why Giving Back Is Good for You and Your Business This Season (and All Year Long)

    4. Give personalized gifts

    A gift can be an excellent starting point for developing strong relationships. Giving is great, but giving thoughtful presents is even better.

    Personalized gifts are the perfect way to show your employees that you appreciate them. And when your employees feel appreciated, they will be more motivated and productive at work.

    Plus, personalized gifts are easy on your wallet: You don’t have to spend a ton of money on expensive presents for everyone in your office. Just a little imagination and patience will do.

    For example, if you give your employees a nice bottle of wine but don’t make a big deal out of it, they will think it wasn’t much of a gift. But if you add some personal touches and make the process more thoughtful, your employees will feel much more appreciated.

    A family portrait is my favorite personalized gift.

    5. Hand out bonuses

    The holiday season is a time for giving, and that’s exactly what your employees deserve. A nice, fat bonus will help lift their spirits and show them how much you appreciate their hard work all year.

    Bonus time is an opportunity to show your employees how much you appreciate them and the work they put in this year. If you already have a bonus system, consider adding extra cash to your employees’ paychecks this year. Even if you don’t have a formal policy, consider giving something small as a token of appreciation.

    Although this might seem like a small gesture, it can go a long way toward building relationships with your team members — which is positive for everyone in the long run.

    Related: The Truth Behind The Holiday Slowdown and How to Avoid It

    6. Buy them a present from their wishlist

    This is the easiest way to show appreciation for your employees. It’s also most meaningful because you give them exactly what they want. It’s guaranteed to be something they’ll love and use.

    If you don’t know what they want, look at their social media profiles and see if there are any hints about their hobbies or interests. If not, ask them. Be sure to ask early enough so you can get them something in time for the holidays.

    7. Give employees access to exclusive discounts

    Sometimes an extravagant gift isn’t within your budget. However, you can still make an impact by giving your employees exclusive discounts on items they would love to buy. For example, if you have an employee who runs frequently and loves running apparel, consider giving them a coupon code for 20% off at Nike. This will let them get something they want without paying full price (and it will also make them feel appreciated).

    When it comes to saying thanks, big gestures and impressive gifts are always fun. But simple acts go a long way too. I’m taking these to heart this holiday season because it takes some thoughtfulness on our part to show gratitude and create an atmosphere of appreciation for the hard-working people on our teams.

    Related: These Teens Went on ‘Shark Tank’ With a Product That Will Change the Way You Decorate Your Christmas Tree. Now, It’s a Multi-Million-Dollar Business.

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    Chris Kille

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  • These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry

    These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry

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    Kevin Lee and Kevin Chanthasiriphan were raised with a set of values that, in many ways, directly conflict with those in the startup space — but they’re using that to their advantage and taking noodle brand Immi to the next level.

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    Amanda Breen

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  • 2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

    2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach 2023, there is a ringing sound of uncertainty, amplified by foreboding headlines that warn us of a looming recession, or, as it’s described in one article, “a big reset,” — a term used to describe widespread layoffs across the technology sector. The latest report by the U.S. Bureau of Labor Statistics just adds to the collective discourse that we’re, well, doomed, stating that 263,000 new jobs have been added to the workforce — more than what was expected — yet the hiring economy remains extremely tight.

    The reality is that uncertainty hasn’t actually risen — it’s always been there. What is rising, in fact, is our fear of uncertainty. And we, as company leaders, try to do everything in our power to mitigate it, analyze it and wish it away. But the truth is, uncertainty will always be there. We may shore up our supply chain, reduce inflation and vaccinate ourselves against Covid-19, but a new health scare may hit, a war might break out or a natural disaster strike.

    As we kick off 2023, entrepreneurs have the opportunity to develop a relationship with uncertainty and get more comfortable with its existence. In fact, according to the Kauffman Foundation, a staggering 57% of Fortune 500 companies were started during a recession, so despite the fear of what’s to come, there can be a path to success. Here are seven ways to harness the unknown and find opportunity within that uncertainty:

    1. Identify what is in and out of your control

    No matter how much we plan, research and analyze, there will always be forces that are out of our control. Instead of obsessing about ridding ourselves of these circumstances, we must analyze our challenges and categorize them according to what we can and cannot control. For those we cannot control, we should be aware of them but also not dwell on trying to predict their outcomes. No one could foresee the effect a pandemic would have on their individual business. However, we can now think about the lessons learned, appreciate the innovation that occurred and reflect on how we can operate more nimbly in the future.

    2. Reframe your uncertainty

    Our tendency, as entrepreneurs, is to correlate uncertainty with a negative outcome. We don’t know whether we’ll raise the amount of capital we need, we don’t know whether our product will find market fit once launched, we don’t know whether our company will survive. The truth is, we also don’t know whether we’ll scale beyond our wildest dreams, an out-of-scope event will come our way that opens a new door, or an unidentified need for our product or service will emerge. As Steve Jobs once said, “You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” Uncertainty can be your biggest advantage.

    Related: How to Protect and Retain Control Over Your Business

    3. Listen to what your sense of uncertainty is telling you

    Many times, we as entrepreneurs feel a strong sense of uncertainty or fear about areas that affect us personally — meaning we are particularly sensitive to those topics that elicit a sense of fear-based bias resulting from our own life experiences. If you once had a poor experience living in a different city, state or country, for example, and are years later offered an opportunity to expand there, chances are your uncertainty bias will impact you. Perhaps you had raised money from a venture capital firm at one point in your career and that situation didn’t turn out well. You may be skeptical the second time around, potentially hindering an opportunity for a constructive investment relationship.

    4. Detach from your desired outcome

    There’s an old Yiddish proverb: “We plan. God laughs.” Many entrepreneurs kick off their ventures with their own definition of success in mind, and they become married to it. Any deviation is a failure. However, to properly navigate the reality of our futures being uncertain, we must detach from our own definitions of success — removing the ego from the outcome — and be open to what may unveil itself along the way. The uncertainty of such is also the joy.

    5. Understand the bigger life picture

    There is a bigger world out there, and it is important that we have perspective. Take a walk in nature and realize those things we obsess about are things in our own small universe. Uncertainty is inevitable, and it is foolish for us to believe that we have the power to control so much that goes on. Your life will not depend on the success of your venture. Today is a moment in time and we are but specks in a massive universe. Perspective is imperative.

    7. Recognize your survival instinct

    The human brain was formed over millions of years. We have an innate survival instinct that comes from the early days of being cavemen/women. For example, scientists have postulated that our need to be accepted by others stems from the previous reality that if the group were to kick us out, we’d be away from the fire and prone to attack by predators. This level of uncertainty held an entirely different scope at that time. Yet today our brains are still wired with the same survival-based fight-or-flight framework.

    Related: Many People Are Burdened by Fear. Here’s How I Embrace It.

    8. Approach with a beginner’s mind

    Our lives are all made of unique experiences that are individual to us. These experiences make up the lens through which we view the world. A toddler will not be afraid of the stock market crashing. However, s/he may be fearful of being alone or not having food. As entrepreneurs, we need to remove our biases and retrain our minds to approach our ventures with the wisdom of past experiences but also a sense of youthful naivety.

    As we kick off 2023, we, as entrepreneurs, have an opportunity to redefine our relationship with uncertainty. There is an opportunity to partner with the feeling of uncertainty by acknowledging its existence, asking what it is trying to tell us and being comfortable setting our own boundaries with its partner: fear. Uncertainty can serve as the pavement for our future path to success. We just have to become friends first.

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    Kalon Gutierrez

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  • 7 Expert-Backed Rules to Follow to Understand Customer Needs

    7 Expert-Backed Rules to Follow to Understand Customer Needs

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    Opinions expressed by Entrepreneur contributors are their own.

    User research is an essential foundation for understanding customers’ needs. Its insights should inform every decision made about the product and the business, as well as fuel new business ideas. Research can be conducted at any stage of product development, from early concept to post-launch.

    However, research is a complex process where it’s easy to get lost, go over budget and not achieve expected outcomes. This is especially true for startups that operate in a rapid growth environment. To set up user research for success, entrepreneurs can follow these seven practical rules.

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    Lisa Dziuba

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  • How a Family Turned the Tragic Death of Their Son Into an Online Legacy

    How a Family Turned the Tragic Death of Their Son Into an Online Legacy

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    Opinions expressed by Entrepreneur contributors are their own.

    On July 3rd, 2020, Bradi Nathan got the call no parent wants to receive: her son, Jack, had passed away at the age of nineteen. The prior evening, Jack had been at a friend’s birthday party and swallowed, what he thought, was a Percocet. The pill was laced with Fentanyl and he never woke up.


    Bradi Nathan

    Prior to Jack’s passing, he had created a company called Happy Jack, an online lifestyle brand and community designed for those struggling with mental illness. Jack had periodic bouts of depression and painting became his therapy. Happy Jack showcased the founder’s designs on apparel, with a portion of the proceeds going to mental health foundations. From the very first week of sales, Jack donated $1,000 to the Child Mind Institute.

    Bradi chose to continue what Jack started to honor his legacy and to continue his mission.

    “He wanted to change the world,” recalled Jack’s mom. “He wanted to make this world a better place by speaking openly and by letting other kids know that they were not alone.”

    Related: 5 Ways to Protect Your Mental Health as an Entrepreneur

    A son’s brand as a mother’s therapy

    Bradi continues to use Jack’s designs on new product drops and has since donated $60,000 to mental health foundations like Active Minds, Born This Way, Release Recovery and the American Cancer Society. The path to donation is not an easy one: sourcing, manufacturing, distribution, site management, customer service and fulfillment were all roles that Bradi stepped into in her son’s absence.

    “It’s funny when someone tells me that they contacted customer service,” revealed Bradi, “because I am customer service.”

    Happy Jack is a family-run business welcoming advice and consults from experts as they grow the brand organically. Bradi and Jack’s father David would ultimately like to have a COO step in, gain financing and build a proper infrastructure. This would allow them the space to focus on personally sharing Jack’s story.

    Related: Improve Mental Health Next Year by Breaking 17 Financial Rules

    Healing while helping

    With the additional aid of Jack’s sister, Drew, the project has partnered with fraternities across the country to create fundraising events. Brand ambassadors across college campuses are enlisted to help create mental health awareness. Happy Jack has also conducted pop-up shops in spaces like WeWork and the Seaport District. These allow the family to meet and share stories with many who too are struggling.

    “There was never a question as to whether or not I would continue Happy Jack,” added Bradi. “It seemed like the obvious thing to do.”

    Related: 8 Best Health and Wellness Podcasts

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    Robert Tuchman

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  • VCs Are Missing Out on New, Innovative Ideas. Here’s Why (and What They Can Do About It).

    VCs Are Missing Out on New, Innovative Ideas. Here’s Why (and What They Can Do About It).

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    Opinions expressed by Entrepreneur contributors are their own.

    It has been a challenging time for technology investing. S&P and NASDAQ are down, and crypto is down considerably. S&P 500 declined by 19% earlier in the year, and NASDAQ, which is tech-heavy, has lost almost 30% of its value in the same period, with some of the biggest tech giants reporting disappointing earnings.

    The crypto winter continues with Bitcoin and Ethereum prices tanking following the collapse of FTX earlier this month, with around $200 billion being wiped off the crypto market in just days. It goes without saying that on the surface, it may seem like this is not a good time for tech investing, and many investors have indeed dropped their big tech stock in favor of “old economy” stocks. Still, could this be an opportunity to invest in companies with a discount?

    Related: 6 Important Factors Venture Capitalists Consider Before Investing

    Tier 1 wastage

    For large VC funds, investors are often looking to partner with startups that can achieve more than a $50B outcome in order to get a return of 3-5 times the fund. However, with only 48 public tech companies currently valued at more than $50B and over 1000 venture funds gunning for these few, this is a challenging situation.

    Furthermore, since VCs only typically take on 20 or 30 companies per fund, they often use “pattern recognition,” whereby they use experiences from the past to make more efficient decisions about current investments. However, what can happen is that their portfolio companies all look pretty similar.

    This can be problematic for entrepreneurs applying for VC funding who do not fit the “tried and tested” criteria many VCs use to decide whether to invest or not. In fact, we see that the majority of U.S. venture funding goes to white, Ivy-League-type entrepreneurs. In Q3 of this year, only 0.12% of venture funding went to Black entrepreneurs.

    Even if these startups have the potential to be the next biggest thing, their idea will struggle to get off the ground just because they cannot get the venture capital. Furthermore, VCs also stand to lose out, simply because they are only focusing on that small segment of startups and not on the potential of others that perhaps do not fit the bill on paper.

    Opportunity for disruption in the market

    However, while many VCs are focusing on targeting increasingly large outcomes, this provides an abundance of opportunities for what is left. By targeting the underfunded startups, you can invest in businesses that have an 80% chance of a $300M outcome and gradually move upmarket from there.

    Not only will this provide a funding opportunity for entrepreneurs who would normally have been seen as outside the box, but it can drive innovation and new ideas. Different people can solve different problems, so it stands to reason that funding a wider spectrum of people will create new, innovative solutions — potentially serving a wider, more diverse population.

    Related: How We Can Beat Venture Capital’s Diversity Problem

    A need for a change of perspective

    It is not that venture capitalists have made bad decisions or ignored critical data. They haven’t, but it is rather the culmination of multiple parties making rational decisions that have resulted in systemic levels of risk.

    If we look at U.S. venture performance, the majority of returns are generated by a very small subset of players, with the top 5% of funds significantly outpacing the median.

    This is also the case with startups, where you will usually have just one from the VC fund’s portfolio bringing in the overwhelming majority of the returns if not all. When successful, VCs can see a return of 5-10x of their money back, and founders can become billionaires.

    Yet, we now find ourselves in a post-Power Law meta, which opens up an opportunity for a new perspective and to start making new rational decisions. This shift has seen a substantial increase in both the VC fund count and value in the U.S., with 2021 proving to be a record-breaking year.

    Approximately $329B was invested across 17.054 deals last year, a record for both deal count and value. Investors also passed the $100B mark for the first time ever, raising $128.3B.

    How should venture work?

    However, although we would like to think that this influx of funding is going to the entrepreneurs who could not otherwise get funding, this is not the reality of the situation.

    A funding round in a startup will usually comprise 3-5 major funds and a variety of smaller checks putting capital in. However, a recent analysis by venture fund, Social Capital, has shown that there is a significant overlap of VCs co-investing with each other.

    Additionally, funds over $500M accounted for 77% of capital raised by venture funds in H1 2022, with an average fund size of $317M. The returns are predominantly concentrated on those few companies and a few key investors.

    Related: You Can’t Get VC Funding for Your Startup. Now, What?

    What is the solution?

    Many things can go wrong with startups once they have accepted venture capital, and they are typically left with two options: to shut down or pivot. Limited partners’ fund managers are generally not going to consider risky bets, opting to look for consistent winners within their allocation. Furthermore, you have to look at what would incentivize them to diversify when they have received huge returns over the past decade.

    Still, this provides an opportunity for an alternative product to invest in companies with limited fund size and equity optionality through redemption clauses or equity buybacks. As a serial entrepreneur myself, I have built multiple businesses in the last few years. Some failed, and a couple of them succeeded in multi-million dollar companies with offices on a global scale.

    Now as Co-Founder and Managing Partner at Venturerock The Valley, we aim to support startups from seed to scale and decrease the high failure rate for startups. We are not looking to sell products, but rather to focus on startups that create a big impact and really solve a problem using emerging technologies such as blockchain, AI and IoT. All our partners combined have accelerated more than 700 startups to date.

    While many still focus on the big few, they risk missing out on new innovative ideas and breakthrough technologies simply because they did not fit the mold. Even though these startups may not turn out to be the next $50B company, they can still bring great value to the table, be very successful and create a big impact. These companies deserve to be supported on their journeys and to see their visions come to fruition.

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    Danny Cortenraede

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  • 7 Ways to Write A Killer Bio

    7 Ways to Write A Killer Bio

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you ever feel like your personal brand story is missing something?

    Maybe you’ve noticed every other brand story presenting an immense challenge, but without a struggle to share of your own, you wonder if you need to amplify your life events to make your story more powerful.

    If you’ve already tried that, chances are it felt ungenuine. You’re not alone. When we see these stories of struggle everywhere, it can feel like our story should be like this, too. But that’s not the case at all.

    With a strong story, you can seamlessly resonate with your audience and get recognized as a thought leader. But the secret to making it more powerful lies in your authentic story… not a model that amplifies the challenges just to connect with your audience.

    Keep reading to discover the best way to adopt the favored hero’s journey model and write a killer bio that earns your audience’s love and trust — even if you don’t have a dramatic event or immense challenge to construct it around.

    Related: How to Create an Epic Brand Story Like Elon Musk’s and Henry Ford’s

    The hero’s journey trap

    You’ve seen the classic hero’s journey: the hero is called to adventure, discovers a guide, faces a challenge, experiences a profound transformation and returns to the world with newly discovered gifts or insights.

    While a great model, initially curated by author and professor Joseph Campbell, it does, however, present a trap. Over time, it has led people to believe that a story is not powerful or engaging unless it entails a grand challenge or adversity; such as a traumatic car accident, chronic illness, problematic divorce, falling into poverty; the list goes on.

    We see it all the time: those inspirational stories of overcoming hardship — and when true, can make a huge impact! But, the challenge lies within those who don’t carry a story of trauma or monumental challenge.

    They end up trying to make their story ‘more exciting’ by overdramatizing their life events, which can do more harm than good.

    The truth about creating a powerful brand story

    When planning a novel back in 2014, I found myself seeking to force an element of evil into my story. It just didn’t come naturally, yet I deemed it essential!

    I blindly reached out to one of my favorite fiction writers of all time: Richard Bach. To my surprise, he wrote back! I was beyond excited! Here was his advice:

    “Your stories can tell simply that your characters want to live a simple, gentle life. What stood between them and that life, and what did they do to find their way through the cliffs? How is your heroine different from others? What does she think and dream? What kind of wind blows her toward her dream, and what currents take her off course? How does she change, from Chapter 1 to Chapter 20?

    The evil forces, the bad guys, are for writers who write for what they think their readers want… You do not need evil to tell a lovely story.”

    Reflecting upon this, I recognized how it applies perfectly to personal brand stories. You see, you are the character, and the dramatized challenges are the evil forces we feel are necessary.

    So, despite the familiar storylines, your story does not need to entail this to be of influence.

    Want proof? Many thought leaders have significantly impacted with their unique gifts and message without focusing on their challenges. Such as:

    • Marie Forleo; who followed her desire to go against the conventional grain and chase more pleasure after recognizing she was unfulfilled;
    • Jay Shetty; who followed his inspiration after meeting a Monk and not resonating with the route his student friends were taking;
    • Preston Smiles; who followed his innate desire to share love and happiness, care for others, and do “big things.”

    Everyone faces challenges, but not all stories of transformation are filled with heavy, extraordinary events — and despite popular opinion, they don’t need to be. You can simply run with a different story; driven by desires, dreams, insights and realizations.

    Related: 30 Tips to Grow Your Audience and Stand Out on Instagram

    How to write a killer bio (without amplifying your life events)

    You can now unfold your most genuine personal brand story — without falling into the trap of feeling the need to dramatize everything. Follow the prompts below and infuse them into your story of transformation.

    1. What was your chapter 1?

    Reflect upon where it all began, who you were and what life looked like. This is the part that will resonate the most with your audience who knows this world well.

    2. What stood in between you and your dreams?

    Everyone faces problems and obstacles, big or small. What stopped you from creating your dream life at the beginning?

    3. What “wind” blew you toward your dream?

    Before seeking a new path, you were called to action, to adventure. What was the final straw that made you make a change? This could be a moment, a realization or simply your yearning desires.

    4. What helped you find your “way through the cliffs”?

    Who and what aided you get across the line? Identify mentors, guides, books or practices that helped you to give your audience insight — and connect the dots to you and your offer.

    5. What “currents” took you off course?”

    What challenges arose that could have stood in your way of success? For some, this is rock bottom; for others, it’s simply a more profound insight or realization that makes turning back no longer an option.

    6. How did you change due to your success “from chapter 1 to chapter 20”?

    Reflect on your transformation and highlight what changed for you, internally or externally. This transformation can happen over some time or in one precise moment.

    7. What gifts do you now have to share with the world?

    Look at where you are today and what you have ‘returned’ with: new insights, wisdom, gifts, experience or purpose. What are you here to do, who are you here to serve, and how?

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    Natasha Zo

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  • Why Giving Back Is Good for You and Your Business

    Why Giving Back Is Good for You and Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s the most demanding time of the year. Entrepreneurs are easily overwhelmed during the holidays. Product-based businesses run sales and move more volume, but even companies that go quiet often spend this season working on big-picture strategies. Add to that: staffing shortages and personal obligations. Many entrepreneurs I work with have complicated family dynamics, magnified by the pressure of holiday travel and ambient festive stress.

    You might be surprised at my advice to improve your mental health this season. Entrepreneurs, consider doing even more — but for others. Add “giving back” to your holiday checklist or New Year’s resolutions. Think of it as a gift to yourself.

    Related: How Giving Back to the Community Helps People and Businesses

    The case for giving back

    Entrepreneurs are good at many things; we are not known for taking care of our mental health. And the odds are not in our favor.

    As a demographic, entrepreneurs are prone to depression at much higher rates. Colder weather, shorter days and holiday hustle can exacerbate these issues. If you run an early-stage startup, you might wire in before sunrise and shut down after sunset.

    Some of my clients became entrepreneurs to lean into work, avoid complicated personal situations or gain independence — even escape dysfunctional family patterns. It’s often easier to hold those boundaries without holiday-induced guilt. Now, your work commitments might be challenged by friends and family with the retort, “But it’s Christmas!” A craving for independence, on the flip side, can come with loneliness.

    Researchers have found that acts of service can help alleviate stress. Giving is good for your physical and mental health, with studies suggesting “pro-social spending,” including donations to charity, is associated with a boost in happiness, whereas buying new stuff is not. More tangibly, giving is linked to lower blood pressure, reduced levels of depression and increased self-esteem. This “helper’s high” might be caused by feel-good brain chemicals released with good deeds, including serotonin and the relationship-fusing oxytocin. Humans are inherently social creatures, and volunteering fosters human connection. For this reason and others, group volunteer activities are also great for team-building.

    How to find your cause (and get your business involved)

    Besides making the world a better place and improving your health, there’s more return on your pro-social investment when your company gets involved. A staggering 82% of shoppers want brands to align with their values. Giving back might secure customers and boost loyalty among young workers seeking jobs with greater purpose.

    For better brand integration, consider a cause that complements your core offering. A tech company might run a free coding workshop, for instance, or even a simple Facebook or smartphone tutorial at a seniors’ center. Be sure to take these outings on workdays (consider it a great alternative to icebreakers and the forced fun of team retreats).

    Sometimes an act of service means aligning your unique specialty with your community, and sometimes it’s more loosely tied to your work. Many of my clients are solopreneurs who prefer to volunteer for more personal causes. One client, Chris, sits on the board of several non-profits to offer budgetary advice and help set strategic goals. His business expertise is helpful to small charities, which are often understaffed and under-resourced. While his company isn’t involved, he’s using his skills.

    When I released my book on grieving and loss, I channeled my passion for circus arts into the launch event. I hosted a circus show in my hometown of Minneapolis to benefit the local chapter of NAMI, the National Alliance on Mental Illness, in honor of my late brother. Our community of artists offered free tickets to a local BIPOC circus organization, Vivid Black Paint, and the Minnesota chapter of Motherless Daughters, a support group for women and girls who have lost mothers.

    Related: 4 Ways Companies Can Foster a Culture of Giving Back

    For entrepreneurs, altruism means thinking critically about who should be in the room and who is often missing. We have the skills and resources to clear obstacles and open doors. For many, that takes the form of mentoring, teaching entrepreneurship workshops at community organizations or taking part in a high school’s pitch day. Or maybe you’d prefer to break from the business while you give back to a cause that fuels a personal passion for the arts or environmental preservation.

    I can’t tell you what’s most meaningful to you, but I can suggest that you make it a habit. Consider making your seasonal giving more than an annual tradition or New Year’s resolution. You don’t have to become a whole new person in January, but you can make regular donations or volunteer your time every quarter. The return on your investment is happier holidays and a better mood all year round.

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    Sherry Walling, PhD

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  • How These Friends Started a Lucrative Charcuterie Side Hustle

    How These Friends Started a Lucrative Charcuterie Side Hustle

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    Starting a side hustle? It might pay to find yourself co-founders who have something you don’t.


    Courtesy of Platterful

    That’s what Ryan Culver, Caroline Elston and Lowell Bieber, the Indiana-based friends behind charcuterie subscription service Platterful, discovered when they teamed up to launch their venture last year — and made $40,000 in their first month.

    Culver and Bieber previously partnered on a health-and-wellness subscription box, which they successfully scaled and sold in September 2020.

    This time around, Culver’s logistics and shipping experience and Bieber’s operations expertise proved to be the perfect pairings with Elston’s background in digital marketing and burgeoning charcuterie business.

    Entrepreneur sat down with the trio to learn how they built their meat-and-cheese side hustle — and continue to fuel its growth.

    Related: Meats and Cheeses and Olives, Oh My! How this Veteran Launched a Successful Charcuterie Franchise

    “We really didn’t have any idea of how to pair things well together — certainly not how to create a board.”

    Culver and Bieber wanted to start another subscription service after the sale of their first, and recognizing the gap in charcuterie offerings, saw a prime opportunity.

    “We definitely wanted to repeat the subscription model,” Culver says. “We could’ve just created this brand [that had] standalone products that you could buy, which we do offer as well. But really the crux of the business is tied to that subscription model. We were both still highly interested in the recurring revenue that comes in each month. It’s almost like a guaranteed buffer to keep the baseline cost of the business covered.”

    The only problem?

    Culver and Bieber didn’t know anything about the business of meat and cheese.

    “We had no knowledge of charcuterie,” Bieber recalls. “We just knew it was a growing space and that we liked to eat meat and cheese. But we really didn’t have any idea of how to pair things well together — certainly not how to create a board.”

    Image credit: Courtesy of Platterful

    Related: How Subscription Services Are Changing Brand and Consumer Habits

    “Meeting Ryan and Lowell [who already had] all of that operational background on subscription boxes and fulfillment was like the perfect timing and the perfect marriage.”

    Culver and Bieber began looking for someone to help them get their venture off the ground. Their search led them to Elston, a marketing professional who also operated a grazing-table side hustle serving events like weddings, birthday parties, bridal showers and more.

    “I love meat and cheese as well — no surprise there,” Elston says. “I loved cheese boards and would get them at restaurants. They were starting to catch on two, three years ago, so whenever people would come to my house or there were family gatherings, I would always make a board.”

    Elston continued to get creative with her boards in 2020 for her college friends’ 30th birthday celebrations, and when people suggested she go into business for real, she decided to do just that. From there, it “caught fire;” Elston would craft 10-15 small boards every weekend in addition to five to six grazing tables for larger events. She was also about to become a parent.

    She knew it wasn’t sustainable.

    “Meeting Ryan and Lowell [who already had] all of that operational background on subscription boxes and fulfillment was like the perfect timing and the perfect marriage,” Elston explains, “because it was a way that I could continue this creative outlet that I found and fell in love with, but I didn’t have to run all over the city of Indianapolis to do so.”

    Image credit: Courtesy of Platterful

    Related: 12 High-Earning Side Hustles for Creative People

    “We took a month or so to build out our website, and that blew up in December, which was great to see.”

    Platterful planned a crowdfunding initiative on Kickstarter to gauge market interest but had to pull the campaign at the last minute when the co-founders learned their business was considered “reselling” — “even though it’s much more than that,” Elston says.

    But with a quick pivot to Indiegogo, Platterful was back on track.

    “The Indiegogo did well,” Bieber says. “And then we took a month or so to build out our website, and that blew up in December, so that was great to see.”

    Platterful did $40,000 in sales during its first month, and despite being a “very seasonal business” with spikes in popularity around major holidays, it’s been able to sustain that growth. This December, the business is poised to at least double last December’s earnings.

    Culver’s logistics company Lessgistics fulfills Platterful’s orders. “So I kind of see both sides of [the process], which is interesting,” he says. “It gives us full control over the shipping experience, which we like.”

    Image credit: Courtesy of Platterful

    Related: Here’s How You Can Grow in the Logistics Business

    “One of our big 2023 goals is just to ensure our packaging and presentation looks very nice when customers open it.”

    But Platterful’s journey hasn’t been without some challenges. Even though Culver and Bieber had subscription experience, the co-founders did have to contend with a new complication: cold shipping.

    “Some of the meats are shelf stable, but all of the cheeses need to be refrigerated,” Bieber says. “So we have to make sure that they’re arriving cold, and that [brings] a whole new set of challenges that are frankly kind of expensive. We had to figure out how to still offer good value to the customers at an affordable price.”

    That’s meant constantly refining Platterful’s packaging.

    “We’ve gone through six or seven iterations of packaging so far,” Culver says, “and we’re still working on that now, continually making that better. One of our big 2023 goals is just to ensure our packaging and presentation looks very nice when customers open it. So it’s always been kind of a work in progress.”

    Image credit: Courtesy of Platterful

    Related: 5 Creative Packaging Ideas to Delight Your Customers

    “[With co-founders] you have other people to lean on — if you’re having a tough day, maybe someone else is having a good day.”

    Of course, balancing full-time jobs with a fast-growing side hustle is no easy feat either. But having dependable partners to fill in the gaps makes all the difference.

    “We all have our core jobs, but there’s also still a lot of free time, pockets at night or in between lunches, breaks, whatever,” Culver explains. “So we stay in contact throughout the day, each day. Not Saturday and Sunday, that’d be a little too much. But Monday through Friday for sure.”

    Platterful also has two employees in the Philippines who handle significant portions of customer service and corporate outreach.

    “We’re all in and out all day long,” Elston continues, “and very stressed with a lot to balance. [But it’s] a blast and stuff I really want to do. So we all make time for it because it’s like our baby, and it’s going very, very well, and we’re all very committed to making it work.”

    Bieber agrees.

    “I feel like it would be really hard to do [these things] alone,” he says, “because you don’t have a support system. [With co-founders] you have other people to lean on — if you’re having a tough day, maybe someone else is having a good day. That balancing act of having three different people going in it together, plus the rest of the team, is what makes it sustainable.”

    So for those breaking into the subscription box industry? Find yourself a complementary set of business partners first.

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    Amanda Breen

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  • Use Your Current Job As a Stepping Stone to Doing What You Love

    Use Your Current Job As a Stepping Stone to Doing What You Love

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    Katie Cleary always knew she was destined for bigger things. Her interest in becoming an actress drove her to move from the Midwest to Los Angeles, shortly after graduating college with a business and marketing degree. However, she also had a passion for helping animals and eventually used what she learned in the entertainment industry to further pursue her need to help save wildlife from around the world. Katie founded her charity Peace 4 Animals at a young age and went on to create the first four-legged-focused, global information channel called World Animal News.


    Katie Cleary

    This August, Katie released her second award-winning documentary, Why On Earth, featuring Clint Eastwood, which she directed and produced. The film highlights the negative effects of deforestation, illegal wildlife trafficking, and the people fighting on the ground to save these animals from extinction and is currently working on her third film about the wolves of Yellowstone Park.

    Herein the big-hearted artist details how she did it.

    Related: A Solar-Powered Florida Town Withstands Hurricane Ian

    Find your passion

    “Growing up in Chicago, my family and I would find injured wildlife such as birds that had fallen out of a nest, baby squirrels or orphaned raccoons and take them to our vet and then rehab them. When they were strong enough we would release them back into the wild. In 2012, when I started my foundation Peace 4 Animals, we focused on the protection of endangered species while working to help save all animals. The key is to make your passion your work. It’s what drives me every day. I wake up knowing that I want to make the world a better place, because of my love for this planet that we call home.”

    Find your allies

    “Surrounding myself with like-minded individuals that have a mission to pass legislation for animal protection is also very important. To create real change, you need to pass laws on a federal and state level. Teaming up with people in the film industry so as to create eye-opening documentaries has also been critically important to mainstream animal welfare on a global scale. Our first film, Give Me Shelter, premiered on Netflix in 2015 and our latest film, Why On Earth, premiered last month on streaming platforms including Apple, Amazon, and Google Play.”

    Related: 100 Women of Influence in 2022

    Find your belief system

    “My faith has really been the main factor in my success while helping me get through some difficult times. I have prayed for clarity on which direction to take and God has always shown me the right path. I am very thankful that I can use my career in entertainment as a platform for something so much greater.”

    Related: Lab-Grown Chicken Strips Could Change the Meat Industry Forever

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    Entrepreneur Staff

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  • 4 Holiday Side-Hustles for Extra Cash

    4 Holiday Side-Hustles for Extra Cash

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    Opinions expressed by Entrepreneur contributors are their own.

    The holiday season is such a busy time that you might not think of taking on a side hustling gig. It’s the perfect time to do so because you are not the only one whose time is stretched to the limit. Everyone is going in ten directions at once; now’s your chance to step in, lend a hand, and make some excellent side-hustle money. Maybe you’d like to earn for that weekend getaway during the cold winter months or pay off those smoking-hot credit cards after your busy shopping season. Let’s look at some tremendous seasonal side hustles that also let you enjoy the fun of the holidays.

    Related: The Holiday Season Means More People Take on Side Hustles — the Difference This Year? They Don’t Plan to Quit Anytime Soon.

    1. Take your e-business live at a show or festival

    The holiday season is bustling with craft fairs and shopping festivals. Here’s your chance to combine a side hustle with valuable business research. My company, Hollywood Sensation Jewelry, has been an online business from the start. This year, my ingenious husband Anthony Hood suggested we participate in the Sunset Market, a huge outdoor market in Oceanside.

    Quite economically, we rented a booth, set up a tent and spent four hours selling Hollywood Sensation merchandise in public. I admit I had doubts about whether this would work for us, and I was even nervous about the public interaction. But, if you’ll forgive the pun, the results were sensational! We sold more than enough to offset our expenses. More than that, however, we got live feedback from real customers with whom we could speak one-on-one.

    If you have a product you’ve never taken out of the e-store, check your community calendar for upcoming festivals, conventions and fairs to get in on a new revenue stream and free market research. The cost of renting a booth will vary depending on the popularity and turnout of the event. I recommend starting small and scaling up if things go well. Be certain that you select an event that jibes with your brand. We might not want to take Hollywood Sensation Jewelry to a plumbing expo, but that sunset beach atmosphere was perfect for some glamor.

    Related: Unlike Many Things That Are a Lot of Work, Trade Shows Are Worth It

    2. Take your skills to the masses

    Do you have a knack for holiday décor? Fancy gift-wrapping? Event planning? Delectable baked goods? Well, not everybody does, and that’s why they need your services, especially at this time of year. Maybe you have a holiday cake or cookie recipe that gets rave reviews everywhere you go. Let folks at the office potluck and the church social know you’re available to bake one for them, too.

    Utilize social media to get your name out there as someone who can put up a beautiful Christmas tree (indoors or outdoors) and otherwise deck the halls. And don’t forget – while many people love to decorate for Christmas, almost no one loves taking it all back down again. Are you willing to do the untangling, repackaging and boxing of all that holly and mistletoe? Maybe you have a pickup truck and can haul away trees for responsible disposal.

    Sites like TaskRabbit.com let you create an account as a helping hand for a limitless variety of tasks and get customer reviews to build your reputation and bring in even more business. For example, TaskRabbit offers the following average costs for these services: “Party Clean Up” for $49-$80, “Toy Assembly” for $40-$99 and “Christmas Decorating” for $48-$86. You can even get paid to stand in line for someone else. I am not kidding!

    Related: 44 Profitable Ideas to Make Extra Money on the Side

    3. Reap the perks of a seasonal job

    Stores and delivery businesses always seek reliable help for the season. Showing yourself as an excellent seasonal employee means you can almost certainly be welcomed back the following year. And don’t forget – many stores offer their regular employee discounts to seasonal workers. If you’ve got your eye on an expensive purchase, you might get another 10% or more off the cost. My friend worked for five weeks at a home furnishings store and saved his family a bundle on new flooring and a refrigerator.

    Here’s another option: party companies are slammed this time of year, and they need people to prep, decorate, serve, check in guests, take coats, valet cars, conduct table games and clean up afterward. I have a friend who deals blackjack at holiday parties and enjoys it. She attends several fancy parties each year, hears the bands, meets fun people who are all having a great time and gets paid for doing it.

    Seasonal job salaries depend on your location, but here are some examples. On average, delivery companies pay about $16.00 per hour, warehouses about $13.80, and store gift wrappers earn around $12.00 an hour. When applying at retail stores with an eye on purchases, ask if their employee discount extends to seasonal help.

    Related: Start an Amazon Side Hustle and Earn Extra Money

    4. Be a sitter

    What do the holidays bring besides good cheer? Travelers! People have places to go and things to do, whether for an evening party, a busy shopping day away from the children or two weeks out of town. Ease their travel stress by being the person who holds down the fort. Reliable and friendly childcare, eldercare, housesitting and pet care take a load off everyone’s mind.

    It’s a relief to know someone is there to keep an eye on the house or check in on older relations to ensure all is safe. Once more, multiple gig websites let you register as a sitter (check out Rover.com or Care.com, for example). Or, get established in one neighborhood as a terrific house — or pet-sitter, and you’ll get more offers. Word gets around on the homeowners’ websites fast, and having multiple gigs in the same neighborhood adds to your convenience.

    Enjoy your holidays

    A holiday side hustle is more than just a way to supplement your income. Getting out into the holiday atmosphere is a great way to enjoy the season’s spirit, ease the stress for others and help create wonderful memories. Of course, giving is better than receiving, but if you can do both simultaneously with a holiday side hustle, that’s quite a reason to celebrate.

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    Mary Hood

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  • What is Staff Augmentation? 3 Reasons It is Vital For Your Business

    What is Staff Augmentation? 3 Reasons It is Vital For Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Recruiting and retaining exceptional talent is challenging and takes a lot of time, especially when companies in the tech space demand experienced developers and engineers.

    Moreover, filling in the gaps due to a lack of resources or specialists can be challenging and time-consuming at the same time, especially for high-tech roles like iOS developers or machine learning engineers, for which the demands have been escalating since the great resignation.

    This is where the model of staff augmentation comes into play! In this article, we will discuss the concept of staff augmentation, its increasing demand and why enterprises need to focus on in-house team expansion for quick hiring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Staff augmentation

    Staff augmentation is a type of cooperation model where businesses, from startups to corporate enterprises, source talent via staffing agencies to work with them temporarily to fill the talent gaps promptly.

    Today, staff augmentation has turned mainstream, with nearly $500 billion annual spending on global IT staffing services alone.

    Businesses now prefer partnering with staff augmentation service providers to boost the competency of their internal teams and accelerate the development process rather than spending weeks prospecting ideal candidates, conducting interviews and shortlisting candidates to fill an immediate talent gap.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why is staff augmentation surging in popularity?

    The staff augmentation model has been successful over recent years due to the following three reasons:

    1. It is suited for a hybrid work environment

    People willing to switch to low-paying remote jobs rather than continuing on-prem work in their previous settings indicate that the future of work is remote. Remote work is the new normal, especially in the technology and digital transformation sectors.

    Staff augmentation services are suited to cater to the needs of a remote-first global economy that still needs to prepare to let go of all the advantages of on-prem work. With this setting, businesses can extend support to their internal teams by partnering with staff augmentation service providers to cater to bridge talent gaps and meet deadlines faster.

    2. It is low risk compared to other outsourcing models

    The staff augmentation model triumphs over all the outsourcing models regarding flexibility, affordability and quality. Compared to other outsourcing models, the risks involved with staff augmentation services are zero to none due to constant collaboration with the internal teams.

    The augmented team or resource operates either as mere extensions of the internal teams or under the supervision of the in-house managers. Uninterrupted collaboration and seamless integrations of both teams eliminate any possibility of errors.

    Thus, the risk involved in this model is considerably lower than the other project outsourcing models like offshoring or managed services.

    3. Staff augmentation is flexible to scale without compromising sustainability

    As the global recession started knocking on the doors, the results of aggressive hiring and fierce spending started becoming more evident. Consequently, most businesses either stopped or at least cut-down spending on scaling by considerable margins.

    This phenomenon has kept thousands of global entrepreneurs from putting all the stakes in and investing aggressively in scaling their businesses. However, things have started to take quite an exciting turn as IT staffing, and resource augmentation services became mainstream.

    With IT staff augmentation, businesses no longer remain prone to compromising sustainability, as they can end contracts with external teams if things start going south.

    This model enables entrepreneurs to fuel their desires to achieve exponential growth and scalability without worrying about laying off permanent employees or (in the worst case scenario) signing up for bankruptcy.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why you need to start implementing the staff augmentation model

    The following facts and figures are clear evidence that the staff augmentation model is here to stay:

    1. The great resignation and the wake-up call

    The quiet quitting culture has been disturbing the workflow of organizations since the epidemic. Even amidst the global recession session, where companies like Meta and Amazon are forced to lay off a considerable part of their workforce, the culture of quiet quitting has not stopped.

    People silently leave their well-paying jobs due to a lack of serenity, toxic work environments, pay disparity or other reasons. As an entrepreneur, you should be prepared to deal with such cases within your organization.

    Although you must prioritize fostering a culture of collaboration and encouragement, you should also be prepared to fill in talent gaps in case a team member resigns on short notice rather than compromising on the resource quality to fill the gaps.

    2. Going above and beyond to fill talent gaps

    The onshore, offshore and nearshore markets could provide more diversity in IT skills and expertise your company needs, depending on your location. With staff augmentation services, you can access a broader universal talent pool, including from regions acknowledged for having the finest IT talents, such as Europe and Asia.

    Building external teams to bridge the talent gap using staff augmentation services can also help you save the time and cost of setting up dedicated workspaces and recruiting highly-skilled teams.

    3. Increasing cyber attacks

    As businesses switch to fully remote and hybrid working models, they become prone to cyber-attacks and data breaches. According to Statista, the data breaches in the third quarter of 2022 were at the all-time highest, with businesses reporting approximately 15 million data breaches.

    Although businesses are now setting up dedicated networking teams to safeguard confidential information from hackers and intruders, not all of them can afford it. Thus, they eventually recruit network engineers via an augmented staffing model to stay protected from potential cyber threats and data breaches.

    Related: 4 Best Practices When Choosing a Staffing Agency

    Final thoughts

    Using staff augmentation to address the talent gaps instead of outsourcing or managed services models let business owners keep the charge of the project. As a business owner, you get to choose the talent you deem fit for the role and maintain authority over the project to get things done your way.

    With staffing services, you not only eliminate the recruitment time and cost but also access a global talent of highly-skilled developers and engineers to work alongside your in-house teams to optimize overall competencies and boost productivity.

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    Asim Rais Siddiqui

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  • Three Things That Helped the Head of Gym Giant Barry’s Succeed

    Three Things That Helped the Head of Gym Giant Barry’s Succeed

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    Opinions expressed by Entrepreneur contributors are their own.

    Barry’s started in 1998 as a one-studio, Los Angeles-based boutique gym concept that went on to become a global fitness phenomenon.


    Barry’s

    At the helm of the company is Joey Gonzalez who started as a client, in 2003, but quickly embarked on a unique journey that resulted in CEO status as of 2015.

    Gonzalez has dedicated his life to expanding the brand around the world, fostering diverse communities across four continents. Barry’s now has more than 80 studios within 30 cities, throughout 14 countries, (including the US, Mexico, Europe, Australia and South East Asia). Each week they welcome over 150,000 clients through their doors.

    In 2018, Gonzalez was named to Fast Company‘s list of the “Most Creative People in Business” and in 2020, was named “EY Entrepreneur of the Year for Greater Los Angeles”.

    Here are excerpts from my interview with the man, himself, detailing how he made it happen in an epically small amount of time…

    Related: Jason Khalipa Grew a $10,000 Fitness Start-Up into a Business Goliath

    Servant leadership and overall values

    “My 4-dimensional journey from being a Barry’s client [in 2003] to instructor/manager, COO, and finally Global CEO [in 2015] had a huge impact on my style of leadership, which I refer to as servant leadership. I learned that you need to create a working environment that puts the needs of clients first and also supports the development of our instructors. This servant leadership style has resulted in a trustworthy employee base that is highly passionate about their jobs, which helps drive overall business success. I also dedicated a significant amount of time, effort and resources to developing Barry’s mission, vision and values which acts as a compass for the business. This…provides clarity to the entire employee base around expectations and path to success.”

    Related: Austin Cohen Makes Fitness Accessible To Everyone

    Hire people that challenge you

    “Who you surround yourself with is who you become, so choose wisely. I’ve always tried to hire key players who I believe I can learn from, share a positive outlook on life, have a hard work ethic and are passionate about Barry’s. This resulted in me not falling into a comfort zone but, instead, maintaining a growth zone. It has also impacted the way we recruit.”

    Related: How the Leaders of Trip Tribe Wellness Grew a Business Based on Their Shared Love of Health and Travel

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    Robert Tuchman

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  • 6 Effective Real Estate Investment Strategies

    6 Effective Real Estate Investment Strategies

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    Opinions expressed by Entrepreneur contributors are their own.

    As a real estate investor, you might encounter varying advice about investing on the internet, social media and from other investors. Some of these sources may claim they know best, but there are many effective strategies for investing in real estate. There isn’t a single strategy that is the best approach for every landlord. In fact, your real estate investing strategy should reflect your personal long-term goals, available resources and current circumstances.

    Plus, your investing strategy can — and should — change as your needs change. The success of your rentals isn’t tied to one investing strategy, but rather the skills you’ve built, the tactics you’ve learned and your ability to shift between different strategies when needed.

    Below are six great real estate investing strategies you may use at various points in your investing career:

    Related: Master These 6 Skills to Succeed as a Real Estate Investor

    1. House hacking

    House hacking is a popular investing strategy wherein you buy a property, live in half and rent the other half out. The rental income you receive helps reduce your monthly mortgage payments on the property.

    This strategy works well with duplexes and other multiplexes because you can maintain a clear division between your and your tenant’s spaces. However, some investors also rent out a basement or bedroom from their single-family home (SFH).

    House hacking is a trendy and widely used investing strategy for several reasons. For one, it’s an excellent way to transition to real estate investing for new landlords. This is especially true if you learn to manage your rented unit or bedroom with property management software. Software helps you carefully track your income and expenses while you establish your business. Another benefit of house hacking is that it allows you to get a residential mortgage because you’ll be living on the property as well.

    In the long run, this strategy’s aim is to make it possible for you to move out and transition the property into a full-blown rental.

    2. BRRRR deal

    BRRRR investing is another effective strategy made popular by Brandon Turner on Bigger Pockets. BRRRR stands for buy, rehab, rent, refinance and repeat:

    • Buy: Buy a property at below-market value.

    • Rehab: Renovate and improve the property by adding value.

    • Rent: Rent out the property to cover the mortgage.

    • Refinance: Get the property reappraised, then use cash-out refinancing to secure an advantageous mortgage.

    • Repeat: Use the capital you recovered from the deal to invest in more properties.

    With BRRRR, the idea is to capitalize on a property others may have overlooked due to its low face value or apparent lack of potential.

    To use the BRRRR strategy, target properties that are sound investments despite needing some work. Focus on improvements that increase value: installing hardwood flooring, adding extra bedrooms or remodeling kitchens and bathrooms. The value added from these improvements will improve your property appraisal and help you secure more funds to invest elsewhere.

    Related: 5 Tips for New Investors Who Want to Make Money With Real Estate

    3. Wholesaling/driving for dollars

    Wholesaling is a strategy many investors use to capitalize on great deals. In this strategy, you find a property that will make a good deal, facilitate a sale between a buyer and seller, and then collect the difference between the seller’s price and the amount the buyer pays.

    To succeed with this strategy, you need to be informed about which properties are currently on the market. You can use popular listing sites, the Multiple Listing Service (MLS) or a strategy known as “driving for dollars.” This involves manually searching neighborhoods for properties that look promising.

    One downside of wholesaling is that you need strong marketing and sales skills. If you don’t have this skill set and don’t want to work to acquire it, wholesaling might not be for you.

    4. Flipping properties

    Flipping properties is like BRRRR in that you buy, renovate and improve a property. However, with house flipping, the end goal is to sell the property, not rent it out.

    House flipping works best when you renovate and flip as quickly as possible. The longer you wait to sell, the more mortgage payments you must make. Like BRRRR, house flipping works best with properties listed at below-market value or those that are easy to improve at low costs. This way, improvements can significantly increase the property’s value and lead to quick turnovers.

    One downside to this strategy is that you’ll have higher capital gains taxes because you sold the property so quickly. You’ll also need help to successfully pull off house flipping — specifically, you’ll need a team of builders and renovators and access to high-quality materials at a relatively low cost.

    5. Syndications

    Syndication is often considered a more passive real estate investing strategy. However, with careful decision-making and an active eye on the process, syndication can lead to great gains. The main idea with the syndication strategy is to pool your funds with other accredited investors to buy real estate.

    Here’s how it works: You pay syndicators to locate and manage most deals, then benefit from the profit. Syndication can be public or private. Public syndication is usually operationalized through a syndication marketplace, while private syndication is managed manually by investors.

    Crowdfunding is a specific type of syndication investing that involves accredited and non-accredited investors alike who contribute and profit from deals. If you choose the crowdfunding path, you’ll work with a broader range of investors. You also won’t be expected to contribute as much entry capital as you would with traditional syndication (typically only around $50-$1,000 is required).

    If you choose the syndication route, be picky about who you work with. You want to ensure your investments are in good hands, even if you didn’t contribute as much initially.

    Related: 7 Common Mistakes Made By New Real Estate Investors

    6. Live-in-then-rent

    The live-in-then-rent strategy is a modified house-flipping scenario. Essentially, your property is a SFH (usually) that you live in initially and then turn into a rental after you move out. The main difference between live-in-then-rent and house hacking is that you don’t live in the property and rent it at the same time. Instead, these are two separate phases.

    Live-in-then-rent is a great strategy for people who don’t want to live closely with their renters but still want to participate in real estate investing on their budget.

    With so many ways to invest in real estate, it may seem challenging to devise a strategy that meets all your needs. However, by catering your investing strategy to your particular goals, you can successfully cultivate your real estate business.

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    Dave Spooner

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  • 5 Things Every Entrepreneur Should Do This Holiday Season

    5 Things Every Entrepreneur Should Do This Holiday Season

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    Opinions expressed by Entrepreneur contributors are their own.

    With the holiday season upon us and the end of another year quickly approaching, it can cause frenetic feelings about wrapping up final projects. On the other hand, it may offer a chance to reflect on how far we’ve come since January.

    Most of us fall somewhere in between, and it can be easy to lose focus as December 31 approaches. However, this holiday season, carve out time to tackle a few to-dos that will set you up nicely for the year ahead, give you space to think about what you’ve already achieved and prepare you for 2023.

    Related: 5 Things Entrepreneurs Should Focus on During the Holidays

    1. Write three goals you want to accomplish

    Whether you have ongoing monthly or quarterly goals, it’s wise to set three larger goals you want to accomplish in the new year. Consider if you want to switch direction come January or build upon what you’ve already created. Start big. Then, create a strategy with individual milestones to get you where you want to be.

    In business, most goals are attached to revenue but consider alternative perspectives as you plan for the future. What kind of client or service growth do you want to achieve? Do you want to attract a different type of audience? Do you want to add a new skill or certification to your repertoire? Perhaps a goal is to speak at an event or become an influencer in your industry. Whatever you want to achieve, attach your motivating “why” to each goal and map out tangible steps to make it easier to envision.

    Related: This Simple Brain Hack Will Help You Achieve All Your Goals

    2. Declutter your schedule

    Adding new goals and plans to 2023 means you must make room by decluttering your current schedule. The end of the year is an excellent time to review your ongoing meetings and commitments and evaluate where they can be trimmed or deleted altogether. Every entrepreneur knows time is a precious commodity, so to avoid getting burned out, make sure your calendar is full of things that help your growth.

    Simple changes may be to change a weekly meeting to twice a month or shorten regularly scheduled hour meetings to half the time. Take a look at all the organizations — both online and in-person — which may be taking up time with little to no return on investment. Also, consider areas that limit your productivity. Social media is always a common distraction. Although, for many, it’s necessary to maintain a presence online. To keep it a helpful tool (rather than a place for mindless scrolling), schedule specific times when you’ll post and check your channels. Then, step away from social media for the rest of the day.

    Related: 10 Ways to Declutter Without Going Minimalist

    3. Review your budget

    As with decluttering your schedule, take a look at your budget and consider areas that can be eliminated. Are there programs or tools you’re no longer using? Have you put off canceling the free trial on apps or subscriptions that can be better invested elsewhere or budgeted in another way?

    Additionally, auto-pay makes it easy to forget where we spend our money. Take stock of all business auto-payments and see if any can be deactivated. Also, consider other business expenses like online courses, educational or networking events and client meetings. Where do you receive the most value? Weigh each individually to determine if all the resources you’re currently using are still as helpful as they once were. If not, get rid of them and know they’ll always be there should you need them again.

    Related: 5 Ways to Build a Business Budget for Maximum Success

    4. Make a list of all the things you’re thankful for

    Gratitude is the free, quiet booster to success. Plus, it’s easy to obtain. While waiting for your morning coffee to brew or before you dive into answering emails, jot down three things you’re thankful for. Take extra time to reflect and expand your list during the holiday season. Creating a daily gratitude habit isn’t just something to make you feel warm and fuzzy; it can help you focus, increase efficiency and create an abundance mindset.

    Numerous studies illustrate the positive effects of gratitude on the brain. It changes the brain’s makeup and can help us feel more engaged and appreciative, leading to greater productivity, optimism and overall better mental health. Consider the benefits of what starting your day with gratitude could do for your outlook, especially compared to the frenzy we often find ourselves in first thing in the morning.

    Related: Cultivating Gratitude and Happiness Will Boost Your Business

    5. Take time for yourself

    There’s been a cultural shift over the past years from the hustle mentality to a state of self-care. However, for entrepreneurs, sometimes it’s not so easy to slow down. Many times there is no one to delegate work to, which means there’s a difficult balance to sustain a steady workload. Nevertheless, it’s always necessary to take time for yourself. It can seem overwhelming for some, so you’ll have to be intentional in how you want to use the time. Put it on the calendar. Make it a priority.

    Good physical and mental health are two things that are easy to take for granted until they start to fail us. When taking time for yourself, these areas should be at the top of the list. Plan it out, whether it’s a workout at the gym, a walk around the block or a few minutes for stretching and meditation.

    Putting it last on the list means it’s not likely to happen, and burnout could be around the corner. Add time for play and enjoyment into your weekly schedule as well. Essentially, time for yourself, planning or relaxing, must be part of your daily list of to-dos, and what better time to start than the holidays?

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    Kelly Hyman

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  • The 4-Day Workweek Could Make Burnout Worse

    The 4-Day Workweek Could Make Burnout Worse

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    Opinions expressed by Entrepreneur contributors are their own.

    The clamor for a shorter workweek is probably something you’ve read about in countless articles by now. There’s even a running list of companies provided by Newsweek that have incorporated this as part of their work model.

    “With staff wellbeing at the forefront of our minds, we have been experimenting with a more modern approach to work focusing entirely on outcomes rather than a more traditional input measurement,” Adam Ross, Awin’s chief operating officer, explained in 2021.

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    Aytekin Tank

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  • 3 Ways to Avoid Violating Federal Regulations (and Save Money)

    3 Ways to Avoid Violating Federal Regulations (and Save Money)

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    Opinions expressed by Entrepreneur contributors are their own.

    Ingenuity and the entrepreneurial spirit have always been integral components in what it takes to succeed and grow in a competitive marketplace. With the numerous tasks and considerations business owners must juggle when starting a business, there’s already a lot to worry about. Throw regulatory risk in the matrix of items businesses must face and that is an overwhelming total.

    According to a report by the U.S. Chamber of Commerce Foundation, it is estimated that federal regulations cost the American economy up to $1.9 trillion each year from direct costs, lost productivity and higher prices. On top of that, businesses that are non-compliant with regulations pay, on average, 2.71 times the amount they would on regulatory-conscious practices.

    Few industries are immune to regulatory risk. The manufacturing industry tops the list as the most regulated with over 200,000 regulations, according to Industry Today — and in the same report, finance and insurance are the second most regulated sectors with almost 128,000 relevant regulations. Additional domestic and international highly regulated industries in a list curated by Deloitte include health care, transportation, life sciences, energy, agriculture, construction, defense and postal services.

    Although compliance poses a headache, regulations do play an important role. Numerous governmental regulatory bodies — such as the Environmental Protection Agency (EPA), Food and Drug Administration (FDA), Securities and Exchange Commission (SEC) and Federal Trade Commission (FTC) — exist to protect consumers and the integrity of the domestic and abroad fiscal environment, as well as to promote fair and ethical practices. But with so many regulatory agencies and policies existing, it isn’t surprising countless businesses find themselves caught in potential regulatory violations.

    Having the tools to avoid non-compliance penalties and stay ahead of regulatory risk is critical to the financial health and longevity of your business. Regardless of your industry, regulatory risk is an ever-present threat due to robust and ever-changing policies that pose tremendous costs if you aren’t properly protected or completely compliant. The following practices position a business so it’s safeguarded against rising costs and increased risk of regulatory compliance.

    Related: Risk, the Entrepreneur and Intelligent Disobedience

    Start with a strong foundation

    Before anything else, make sure the people you employ model values and character you deem essential for your business. After all, regulatory compliance often comes down to trust — being able to trust that employees will respect and adhere to regulations and value the protection that regulations provide consumers and end-users.

    With government regulations and regulatory risk, that principle is a significant determining factor in how well your business can adhere to regulations enforced by governing bodies, especially since your employees carry out your business’s mission and their commitment can make adherence to federal regulations simpler when working together as a cohesive unit. Putting policies and policy/regulation training in place also helps ensure your employees stay aware of changes in regulatory standards and keep contributing in positive ways to your business.

    Stay compliant or risk everything

    Cutting to the chase, your business needs to conduct ongoing internal audits to determine points of weakness and see areas of current or future potential risk. Implementing a regulatory compliance team/officer is also a great idea to ensure your company follows mandates handed down by government agencies, lest you incur their wrath.

    From a penalty standpoint, Chron reports that a business unknowingly violating health regulations must pay a minimum of $5,000 for each infraction committed. A number that goes up to $70,000 per violation if the business is deemed to have willfully violated regulations. For small and mid-size businesses, this can devastate and seem like an uneven punishment given how little the fines affect larger businesses.

    A real-world example of a regulatory violation and its cost comes from Target and its General Data Protection Regulation (GDPR) fines from 2017. In 2013, Target’s system was hacked and 41 million of its customers’ payment card accounts were compromised. Subsequently, Target settled a class-action lawsuit with victims of the hack for $10 million. Although Target was not intentionally mishandling its customer data, it was a breach nonetheless.

    Given the tight regulations and restrictions that GDPR enforces, this cost Target a further $18.5 million from a multi-state settlement in 2017. In terms of penalties, healthcare and personal data-related breaches consistently result in tens of millions of dollars in fines.

    Related: Target’s Security Breach Stresses the Need for Better Cyber Security

    Insure your business

    In a report from McKinsey & Company, traditional insurance companies and their respective policies may be able to protect your business’s regulatory/compliance risks. While still behind the curve in getting new policies immediately out there, traditional insurance is working to keep up with rapidly changing economic and regulatory environments.

    Another option when transferring risk is captive insurance. A captive insurance company is owned by the company or company owner and is a form of self-insurance where premiums (minus claims) are retained as profit. For risks like regulatory compliance, captive insurance is uniquely suited to address the risk since the policies can be written more broadly and customized to address an evolving, complex threat such as regulatory risk. It can also fill the gaps in a traditional insurance policy and ensure an exclusion won’t prevent claims from being paid.

    Related: What Business and Government Should Do When Innovation Outpaces Regulation

    When growing a business within a highly-regulated industry, it’s extremely challenging to stay on top of evolving regulations and policies unless you have specific experts on your team dedicated to ensuring compliance. However, not all businesses have the capacity for a role such as this. Thus, it behooves businesses to follow best practices and have resources in place to properly address and mitigate the risk.

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    Randy Sadler

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  • 7 Common Mistakes Made By New Real Estate Investors

    7 Common Mistakes Made By New Real Estate Investors

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    Opinions expressed by Entrepreneur contributors are their own.

    Real estate is one of the safest ways to create lasting wealth, and it is attracting more and more people each year. Investing in real estate is an exciting and lucrative adventure, provided that you don’t fall into the pitfalls of the sector. The lack of experience of beginner investors can cause them to fall for many tricks. So, here are seven common mistakes to avoid at all costs if you’re a beginner who wants to succeed in the real estate industry:

    1. Thinking that you will get rich quickly

    One of the major mistakes beginner real estate investors make is that they often think that the results will be tangible quickly. That is the outcome of the internet phenomenon: The public wants everything right away and without making any effort. Many industry gurus focus their communication in this direction, and they do not show that in order to succeed, it is necessary to have a spirit of self-sacrifice and also to work hard. In reality, patience and perseverance are required in this type of investment. Just searching for a profitable property can take several months if you don’t have a keen eye. Moreover, rushing into an investment without checking the property in question is often a bad omen.

    Related: A Beginner’s Guide to the 5 Easiest Ways to Become a Real Estate Investor

    2. Not having a strategy

    Some real estate investors prefer to take projects one day at a time, without having a precise plan of action. In this case, the risk is to end up with several properties which do not correspond to their profile. These investors embark on all sorts of projects without measuring the consequences, and they often find themselves ruined because of their poor investment choices. Having a well-defined strategy allows you to go in a precise direction. Following a strategy means ensuring that you don’t venture out in all directions and that you move in the right direction.

    3. Focusing your research on a specific city

    Another major mistake often made by beginner investors is focusing on a specific city — often close to their home or in a particular city because they have been told that its profitability is good. In reality, this way of searching drastically reduces the opportunities since these investors will feel obliged to buy a property in that city, even if the profitability is not there. On the contrary, it is necessary to expand the search in order to not miss any opportunities. It is easy to optimize the profitability of a property that is already profitable beforehand. On the other hand, a property that is not profitable will harm your project, even if you set up some optimization strategies.

    4. Omitting the negotiation stage

    In real estate, negotiation is a key step that takes place at different levels. In particular, it intervenes at the time of purchase of the property. Many real estate investors forget that a good deal is made at the time of purchase. If they buy at a too high price, that will impact the profitability of their project, whether it is a rental or a resale project. The purchase price constitutes an important variable in a real estate investment project. Keep in mind that if you don’t get a good deal at the time of the purchase, it is very likely that you won’t get a good deal on the resale.

    Related: How to Avoid the Common Pitfalls of Real Estate Investing

    5. Underestimating the cost and the scope of the work

    It is important to seek the help of professionals when you are tackling work related to real estate because costs can quickly become overwhelming. Often, beginner investors have no idea of the scope of the work to be done, and therefore they underestimate their costs. They only have a global or a partial vision of what they want to achieve, and they do not realize that the work can be much more consequent.

    6. Not checking the condition of the property

    Even if virtual visits are at the present time facilitated by technology, seeing the condition of a property in person allows you to check if it corresponds to your expectations. There is no point that can be neglected at this stage. It is particularly necessary to check the state of the common parts as well as the state of the roof, for example, with the help of a drone in order to be more precise. While visiting a property, it is also important to check the condition of the neighborhood. All this is done in order to avoid very high costs of work.

    7. Thinking that you can handle everything yourself

    In the real estate field, beginner investors tend to think that they can handle everything, either to make a bigger profit or simply because they find it difficult to delegate some of their work. This is a common mistake, as the time spent in the management of a property is valuable time that they can allocate to tasks that are more within their reach, such as searching for other properties or finding some solutions to optimize the profitability of a property they possess. In some cases, delegating this responsibility to professionals is a better solution. But be careful, delegating does not mean not controlling. It is necessary to think of always monitoring the state of the work.

    Related: Master These 6 Skills to Succeed as a Real Estate Investor

    If you’re just getting started in real estate investing, use these tips to avoid common mistakes. Remember this: It takes time to see results, don’t go in without a strategy, don’t limit your search, don’t skip the negotiation stage, don’t underestimate the cost or the work, thoroughly check the condition of the property, and don’t hesitate to delegate the work.

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    Xavier PRETERIT

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  • These Teens Will Change the Way You Decorate for Christmas

    These Teens Will Change the Way You Decorate for Christmas

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    It shouldn’t be hard to keep Christmas ornaments where they belong — on your tree. But every year without fail, many people find themselves picking up their decorations off the ground, the result of flimsy hooks or pet interference.


    Courtesy of Ornament Anchor

    But teen entrepreneurs Ayaan Naqvi, 13, and Mika’il (Mickey) Naqvi, 15, have come up with an innovative solution: Ornament Anchor, the patent-pending loop and pull that securely fastens Christmas ornaments to their tree — and withstands the cats, puppies or toddlers who might try to bring them down.

    The Ornament Anchor, which is available in four colors to suit any aesthetic, has already proved to be a major hit this holiday season. The multi-million-dollar business boasts more than 500 reviews on Amazon, and the Ornament Anchor is stocked in more than 500 Lowe’s stores.

    Entrepreneur sat down with the Naqvi brothers to learn how an idea for a school project led to two Shark Tank appearances and the highly successful product that launched their young entrepreneurial careers.

    Related: 5 Priorities for Young Entrepreneurs

    “The first year we made about $5,000 in sales, which to me and Ayaan was crazy at the time, being just kids.”

    It all began when 10-year-old Ayaan had to come up with an invention for a fourth-grade project in 2018.

    “I was thinking hard,” Ayaan says. “I had a bunch of different ideas, but nothing really stuck until I saw my dog Zara — she walked by a Christmas tree and her tail was wagging, hitting all of our ornaments [off the tree]. And that’s when I realized there’s never been an invention that is used to help save your ornament from falling off your Christmas tree.”

    Ayaan went on to develop the prototype. He unveiled it at the school fair, where it was met with enthusiasm from classmates, parents and teachers.

    That’s where the story ended for the next couple of years — until Mickey remembered his younger brother’s “genius idea,” and following in their parents’ entrepreneurial footsteps, the boys decided to make a real go of it.

    So, in 2019, they filed their patents and attended local Christmas and crafts fairs to see how their Ornament Anchor would be received. The goal was to determine if they had a viable product on their hands; they needed to hone in on its best selling points and target demographic.

    “We wanted to go out in front of real people and hear real feedback on our product,” Mickey explains. “And that’s what started off the first year — and the first year we made about $5,000 in sales, which to me and Ayaan was crazy at the time, being just kids.”

    Related: Small Business Owners Are Getting a Head Start on the Holidays

    Image credit: Courtesy of Ornament Anchor

    “As kids, it’s terrifying to be going up against five millionaires, trying to pitch your ideas.”

    A big break for Ornament Anchor came in the form of not one but two Shark Tank appearances, in 2019 and 2021, a milestone few other entrepreneurs can claim.

    But the opportunity to participate in the show was “literally a dream come true” for the Naqvi brothers, who say the program was their favorite growing up — even playing in the background when they were fulfilling Ornament Anchor orders in the early days.

    And it was a once- (or twice-) in-a-lifetime experience.

    “It [was] completely different than anything else [we’ve] ever done,” Mickey says. “And as kids, it’s terrifying to be going up against five millionaires, trying to pitch your ideas.”

    The Sharks provided the young entrepreneurs with useful feedback but ultimately didn’t offer them a deal either time. And although it was hard for the boys to return to school empty-handed a week later, appearing on the show taught them a lot.

    “The main thing that [our] family took away from Shark Tank was that even if they say no, even if it looks like there’s no chance, even if you got rejected by basically your idols, that doesn’t stop you,” Mickey says. “You can keep going. That’s what we did. And now we are more successful than we’ve ever been in our lives.”

    Ayaan agrees.

    “The biggest takeaway for me is to always have a Plan B,” he says. “Before [Shark Tank], it was always like, this is definitely going to happen. And then that experience [taught us] you have to be prepared for anything. You never know what’s going to happen.”

    Related: Do You Have a Plan B? If Not, It’s Time to Make One.

    “We want to see if we can get into more retail stores, maybe expand to different ideas for Ornament Anchor, but there’s a lot to come.”

    And the teens did persevere — ultimately setting their sights on Lowe’s.

    “So what we actually did was go into our local Lowe’s and make a video talking about why we think the Ornament Anchor is a perfect fit for Lowe’s,” Mickey says.

    Ayaan interviewed customers inside the retailer, demonstrating the product and gathering feedback. Afterward, Mickey edited the footage together, and the brothers sent their video to Lowe’s in December of 2021.

    “We even took pictures of spots in Lowe’s and mocked up what we thought the Ornament Anchor would look like if it were in Lowe’s,” Mickey says. “Shout out to my mom for that one.”

    The brothers’ efforts paid off: Lowe’s agreed to stock the Ornament Anchor in more than 500 of its stores.

    “We’re doing amazing in Lowe’s,” Ayaan says, “and hopefully we can keep it up. We want to see if we can get into more retail stores, maybe expand to different ideas for Ornament Anchor, but there’s a lot to come.”

    Mickey agrees, adding that next year the goal will be to expand Ornament Anchor’s retail footprint even further. In fact, the Naqvis are already in talks with a few more stores for 2023 rollouts.

    But Ornament Anchor’s online sales have also exceeded the brothers’ expectations.

    “Because Ornament Anchor is a demo product,” Mickey explains. “You can demo it super easily. It’s literally just a zip and you hit the ornament, and people are like, ‘Wow, what is that?’ So it works really, really well for Facebook, YouTube and Google ads. So next year we want to pump a lot more cash into ads and improve our online strategy.”

    @ornamentanchor I forgot to post this #ornamentanchor #sharktank #lowes #entrepreneur #business #christmas Aesthetic Girl – Yusei

    Related: 5 Steps to Building Your First Online Sales Funnel

    “It’s always been in our blood to be entrepreneurs.”

    Naturally, balancing school, business and life is one of the biggest challenges that comes with being young entrepreneurs.

    But the Naqvi brothers wouldn’t have it any other way. They’ve gotten a taste of entrepreneurship — and they don’t want to give it up anytime soon.

    “It’s always been in our blood to be entrepreneurs,” Mickey says. “I’ve been exposed to being an entrepreneur, and I can’t get enough of it. So I genuinely don’t know what else I would do with myself if I wasn’t starting a business or running a business.”

    Ayaan agrees, noting that although they intend to take Ornament Anchor as far as they can, they have no shortage of business ideas in the pipeline.

    And when it comes to advising other budding entrepreneurs on how to transform their business ideas into reality? Simply getting started is the most important thing, Mickey says.

    “Get in the weeds and start trying to figure out, Okay, how do I run a business?” Mickey explains. “And the great thing is in our time we have things like YouTube or Google where you can just search something up and somebody will tell you how to do it. And if you’re ready to put in the hard work, anybody can do it.”

    Don’t hesitate to ask for help either, Ayaan suggests.

    “If you need a little help, it’s always good to have a mentor, whether it’s a parent, teacher or another adult you can trust,” Ayaan says. “They have a lot of experience. They’ve lived life longer. So they can help you with a lot of things.”

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    Amanda Breen

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  • Sammy Hagar and Guy Fieri Reveal The Two Key Ingredients of Entrepreneurial Success

    Sammy Hagar and Guy Fieri Reveal The Two Key Ingredients of Entrepreneurial Success

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    Opinions expressed by Entrepreneur contributors are their own.

    There was John and Paul and then John and Oko. Chris Tucker and Jackie Chan. Will Smith and Tommy Lee Jones. Sure, we’ve had great pairings on the screen, in the recording studio, and on stage, but mixing sectors is taking on a whole new life and energy.

    Rocker Sammy Hagar never plays second-fiddle to anyone unless you’re a bleach-blonde, larger-than-life flavor junkie who hunts down good times like it’s a profession. We’re, of course, talking about Guy Fieri.

    Hagar and Fieri, both from small towns in California, share a love of entertainment and experience and are continuing to bring that to consumers with more offerings from the company Santo Spirits.

    Entrepreneur spent time with the duo to dig deeper into the roots of their partnership and, more importantly, friendship.

    Known affectionately as the “Godfather of Tequila,” Hagar has been on the spirits scene long before Ryan Reynolds, George Clooney, Conor McGregor, Bryan Cranston, or Charles Barkley cashed in on the distillery run that has made billions worldwide.

    Hagar attributes much of his success in the spirit industry to the gritty and comforting roots of his rearing in the lettuce fields of Salinas, California. “We grew up poor, but we always had a garden. My grandma and my mom canned everything. We ate good tomatoes all year round,” he says. Hagar remembers the smell wafting yards away from his artisanal chef and grandfather’s trailer-turned Italian-bistro. “He made his own cheese, pasta and olive oil. He even made his own wine! I would walk towards his trailer, and it was like a deli — it smelled so damn good!”

    Related: ‘No One Believed’ This Black Founder Was the Owner of a Liquor Brand in 2012. He Launched to Great Acclaim — Then Lost It All. Here’s How He Made a Multi-Million-Dollar Comeback.

    The romanticism of his relationship with food and family emanates in his description and experience of flavors today. He didn’t plan on a spirits biz, but good taste pulled him in like many things in his life. Hagar leans into the quality of the food and spirit industry, maybe because he only first experienced a restaurant at the ripe age of 24.

    Wine was Hagar’s first love, and through a few unexpected and global turns, he found himself in Jalisco, Mexico sipping tequila. What started with Cabo Wabo eventually expanded into new ventures. “Good tequila tastes like the earth with salt and citrus. Overtones, fruity, herbaceous, time and limit are all involved. Santo Tequila Blanco, you can drink it by itself. There are so many notes in it.”

    “Fieri grows peaches all around the distillery, and you can taste and smell the peaches in there. It’s such a wonderful agave spirit. Out of a Blanco tequila, I can name 15 different things that I smell in ours because there’s nothing else in it. Others might smell like sugar or honey because they try to bring it up with agave syrups. A lot of tequila is not as pure as it should be anymore.”

    Before tequila, Fieri was drinking the Kool-Aid

    Years before Fieri was smashing flavor profiles on our screens, he was selling Kool-Aid in his neighborhood. Known for rolling his sleeves up, Fieri literally dipped his youthful arm into pitchers of the iconic 80’s beverage until his father noticed. “My dad kicked me out of the Kool-Aid business after he caught me with a purple arm. I’d lost my stirring stick, my dog took it, and my dad busted me. He said, ‘That’s it, you’re out.’”

    The budding beverage king learned a valuable lesson as an up-and-coming entrepreneur. “I always had a couple of businesses going as a kid. I was a budding entrepreneur growing up in the angelic town of Ferndale, California. I always had businesses, and tourists were always coming through. I’d buy penny candy from the candy store and sell it for a nickel across the street with my own little booth made out of cardboard. People couldn’t believe this little kid was making money.” While his entrepreneurial Kool-Aid days are behind him, it wasn’t the only time Fieri would go on to make a profit selling beverages (albeit of the alcoholic variety).

    Enter the dream team

    When Hagar sold Cabo Wabo, Fieri was crushed — his restaurant self-reported selling more Cabo Wabo than any restaurant in the country.

    They talked. Hagar was ready to chill and enjoy the well-earned sips that had solidified his place as an entrepreneur. Fieri wanted to partner up to build a spirits company with Hagar, who was reticent. Call me in a decade, and maybe I’ll be ready, Hagar replied.

    Fieri was ready even if the decade bloated a couple of years before circling back with Hagar. This time it was Hagar doing the calling, and Santo Spirits was born.

    Bandmates

    For decades Hagar has approached life and business, aiming to be the best. “Quite honestly, when I joined Van Halen, I thought if I couldn’t sing better than the previous guy [David Lee Roth], I wouldn’t have joined the band.” By all accounts, Hagar has found a bandmate in Fieri that embodies a key element of success for entrepreneurs — complementary skills and a matched passion for winning.

    Fieri provides advice for entrepreneurs in something he adlibs the 25/8 rule. “If you don’t have spark, you don’t have sh-t. But it takes hard work. It’s one of the things this country was founded on and the sacrifices our veterans made. Get the 40-hour workweek out of your mind. You’ve got to work 24/7, and in my book, it’s more like 25/8. But it’s important to remember that you also live 25/8. Don’t make work and life separate, make it the same thing, and put it all together.”

    Hagar realized corporate success through gates of established fame and beliefs that allowed him to bring passion over profits to his pursuits outside of music. “I came through music and had more success, fame, and fortune than anyone could ever want in their lives. When I started doing business deals, it was strictly out of passion and creativity, with a strong connection to music.” It’s become personal for Hagar, who finds peace and reward in his Hagar Family Foundation, providing services for kids and families in need. Hagar remembers being poor and sees his job as assisting communities and giving back.

    Hagar’s mother, if not for an unexpected supporter, was given typing classes that resulted in an office job and away from day-labor work in the fields. Hagar repeatedly shares, “What if? What if she wasn’t so lucky?”

    Don’t make the mistake of thinking a little tequila can knock these two back. Hagar and Fieri have discovered the entrepreneurial recipe that celebrates friendship, revenue and a splash of legacy to personalize the business of experience.

    Most entrepreneur “how to” books scoff at friends going into business together. I guess spirits and rock-n-roll are just a tad bit more exciting than widgets. Hagar and Fieri will be rocking the sipping industry while most of us are rocking our email and spreadsheets. Salud!

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    Dr. Rod Berger

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