ReportWire

Tag: Entrepreneurship

  • A double-edged sword: How close a spinout should remain to the parent’s market

    A double-edged sword: How close a spinout should remain to the parent’s market

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    Newswise — A new study, led by Bayes Business School, found that there are sizeable costs and benefits for spinouts – stand-alone new firms founded by former employees of established firms – as they try to establish themselves in the market.

    The research, which looked at 117 spinouts, from 103 established firms, finds that the degree to which spinouts’ operating markets overlap with their parent companies has positive, but diminishing effects on their likelihood of survival.

    Findings reveal that staying close to the parent company is beneficial to spinouts because it allows them to benefit from know-how and resources gained by founders through their prior experience. However, a high level of overlap with the market domains of the parent companies may spark some hostile actions, thereby creating disruptive competition that, in turn, may lower the spinouts’ chances of survival.

    Additionally, the research explains that the survival of employee start-ups could be dependent on the previous rank of their founders when employed in established firms. Examples of successful spinouts include US tech giants Intel and AMD.

    On the upside, spinouts launched by high-ranked employees benefit from a more substantial level of knowledge and resources inherited from the parent companies. Moreover, high-ranked employees possess greater bargaining power, which allows them to negotiate more favorable exit conditions at the time of departure. On the downside, these spinouts may face a higher risk of falling into competency traps, which locks them into the old logic, thus hindering their ability to acquire new resources or develop new routines that are more suitable for their targeted markets.

    The report was led by Dr Aliasghar Bahoo-Torodi, Lecturer in Entrepreneurship at Bayes, who said employees thinking about starting their own companies need to be aware of the contrasting forces at work in searching for the right balance between the uncertainty entailed by entering new market domains and the risk of dealing with the parents’ hostile actions

    “From the parent companies’ perspective, employees’ transition to entrepreneurship can be cause for serious concern,” said Dr Bahoo-Torodi. “This is because, in addition to the loss of important human capital, spinouts may pose a serious competitive threat. To protect their competitive position in the market, parent companies are likely to retaliate and adopt a hostile attitude toward employee start-ups that attack their vital markets.

    “Our study suggests that by minimizing the degree of market commonality, spinouts can obscure their visibility and mitigate their competitive threat in the eyes of the parent firms. This could play a big role in reducing the parents’ motivation to undertake aggressive actions.”

     

    When do spinouts benefit from market overlap with parent firms? by Dr Aliasghar Bahoo-Torodi, Lecturer in Entrepreneurship at Bayes Business School, and Professor Salvatore Torrisi, Professor of Strategic Management at the University of Milano-Bicocca is published in the Journal of Business Venturing.

    Ends

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    City University London

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  • 3 Simple Ways to Improve Your Social Skills

    3 Simple Ways to Improve Your Social Skills

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    Opinions expressed by Entrepreneur contributors are their own.

    When reaching your goals in life, you need other people. Even if you are not in it for the money, we need other people for domestic comfort, companionship, etc. When interacting with others, it is essential to have some level of social skills. This includes listening, speaking and having the ability to read body language. Having these skills is especially important as an entrepreneur.

    When I was 15-16 years old, I went to create my first business once my YouTube channel got demonetized. This business was a social media marketing agency. To acquire customers, I had to put myself out there.

    This includes making lots of cold calls, attending networking events where everyone was over 30 and putting myself in many social situations far out of my comfort zone. Here are the three steps I took to build my social skills as an entrepreneur:

    Related: 5 Social Skills Every Entrepreneur Needs to Master

    1. Consuming content

    The first step I took for building my social skills at 15-16 years old was consuming content.

    The first business-related book I ever read was Rich Dad, Poor Dad by Robert T. Kiyosaki and Sharon Lechter. This book completely changed my view of the world and further expanded my interest in self-development books. Some of the books I read during this one-year phase that improved my social skills were:

    • How to Win Friends and Influence People by Dale Carnegie

    • The 48 Laws of Power by Robert Greene

    • How to Develop Self-Confidence & Influence People by Dale Carnegie

    • Why Courage Matters: The Way to a Braver Life by John McCain

    All these books gave me a deep insight into how to communicate with others for various purposes. The common theme among all these books was to listen, ask questions and focus more on the other person.

    Whenever I didn’t have time to read books, I would tap into audiobooks, short videos and podcasts. Consuming content through these alternate mediums allowed me to learn and build my social skills while busy doing other things.

    My book phase lasted for precisely one year. I read over 56 books, and eventually, I got tired of reading them because some of the information was clashing against each other.

    Don’t get me wrong. Consuming content is good, but you don’t want to consume too much. Eventually, you need to put yourself out there and apply what you are learning. This brings me to my next point of putting yourself out there.

    Related: 4 Important Social Skills You Need to Succeed at Work

    2. Putting yourself out there

    The best teacher of reality is reality. No book, video or class can teach as well as reality can. When I was in high school, I was constantly putting myself out there.

    I would skip school and show up to networking events in downtown Atlanta. I was always the youngest person in the room when I showed up. The first couple of times was terrifying, but eventually, I got used to it.

    When I moved out of my parents’ house, I made it a priority to plan my day outside of the house. Doing this made it easier to make friends and develop my social skills. Putting yourself out there sounds quite intimidating, especially when it comes to getting rejected.

    Related: 4 Tips to Stepping Outside Your Comfort Zone and Living Your Dream Life

    3. Don’t be afraid of rejection

    Let’s be honest. Getting rejected sucks. No one likes the feeling of hearing “no.” I used to be the worst at handling rejection until I started cold calling. The first ten times of getting hung up on did not feel good, but after a while, you begin to realize that rejection isn’t as bad as it sounds.

    I once set a goal to meet two people a day. Throughout that journey, I quickly realized that not everyone wanted to talk to me. As far as a reason, it wasn’t because they didn’t like me or anything like that. It was often bad timing. Maybe they:

    This experience shifted my mindset that rejection is just bad timing, and that mindset change helped me stop taking rejection personally.

    It doesn’t matter if you are a business owner, entrepreneur or someone just going through school. We need all need each other to reach our goals. Trying to make it on your own is very hard and often may take a lot more time, energy and money.

    Take the time to learn basic social skills, and polish them through daily practice. You will make mistakes early on, but eventually, your hard work will pay massive dividends.

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    Dejon Brooks

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  • Schola Closes $10M Series A to Further Improve Student Recruitment and Engagement in PK-12 Schools

    Schola Closes $10M Series A to Further Improve Student Recruitment and Engagement in PK-12 Schools

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    The growth capital will allow the EdTech SaaS company to match even more families with the ideal schools for their children and drive enrollment for Schola’s PK-12 school partners.

    Press Release



    updated: Jan 17, 2023

     Schola, the online platform that helps families discover, connect, and enroll in the ideal PK-12 schools for their children, marks a new milestone by closing a $10M Series A round of funding. With triple-digit annual recurring revenue growth, this minority-founded and led organization has already surpassed 100K students searching for the most suitable school in their platform to improve educational outcomes across the United States. The growth investment will power Schola’s continued nationwide expansion and standardization of how families and schools connect with one another, creating brighter futures for all.

    We’re very excited about the additional resources from this investment that will allow Schola to execute further our vision for families and schools across America. We will continue adding tools to the platform to help students in every state find their perfect school, giving them a better chance to reach their full potential.” – Jaime Martinez, Founder and CEO of Schola.  

    Channel Equity Partners led Series A, followed by significant investors Arizona Venture Development CorpRevolution‘s Rise of the Rest (led by Steve Case, of AOL fame), EduLabStout Street, and Portfolia. Their support accelerates the addition of more mission-driven professionals to Schola’s team and expands the capabilities of its double-sided school choice marketplace, strengthening Schola’s commitment to increasing parents’ engagement with their children’s education. Schola will continue to revolutionize how English and Spanish-speaking families from various backgrounds connect with schools to build strong communities inside and outside the classroom.

    “PK-12 student recruitment is yet another market transitioning from offline methods to streamlined, digital channels. The data showed that Schola’s school partners receive a potential 15x return on investment from the value of enrollment applications generated by its marketplace. CEP is thrilled to support this amazing team that has developed the most efficient solution for schools and families to succeed.” – Jensen Bryant, Co-Founder and Managing Partner of Channel Equity Partners.

    About Schola: Schola is the leading software company for families and schools to improve PK-12 education outcomes. Schola helps families discover, connect, and enroll in the ideal school setting and helps schools source, enroll, and engage with prospective families. Schola believes that enrolling in the ideal learning environment must be accessible; thus, it is entirely free to parents and students. Learn more by visiting schola.com

    Source: Schola

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  • Tech giants are shedding workers and real estate. Employees-turned-entrepreneurs could win big—and snag sweet offices

    Tech giants are shedding workers and real estate. Employees-turned-entrepreneurs could win big—and snag sweet offices

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    Tech giants are busy laying off workers and reducing office space. In the process, they might also be setting in motion the emergence of new entrepreneurs and startups—who will be able to collaborate in suddenly affordable prime commercial real estate.

    Angel investor Jason Calacanis predicted on the All-In podcast that the big business winners of 2023 will be “laid-off tech workers who choose to take control of their destiny and start companies.”

    “I think laid-off tech workers who get together in groups of two, three, or four—developers, product managers, people who actually build stuff—and start companies together are going to become extremely successful, and they’re going to make incredible lemonade from these lemons of these big tech layoffs,” he said earlier this month.

    From employee to entrepreneur

    Some of those employees-turned-entrepreneurs might come for example from Meta, which recently laid off about 11,000 workers. The Facebook owner is also shedding office space, both to reduce costs and because it’s embraced remote work. On Friday, it confirmed it will sublease office space in Seattle it no longer needs, according to the Seattle Times. It also recently gave up real estate in New York City

    Subleased office space is typically rented out at a discount, which could allow startups who otherwise couldn’t afford it to move in, noted Colliers leasing expert Connor McClain to the Seattle Times.

    It isn’t just Meta that has recently both laid off workers and let go of real estate. So have plenty of other major tech companies, among them Microsoft, Salesforce, and Twitter.

    Salesforce recently announced layoffs—about 10% of its staff—while also indicating it will shed real estate. CEO Marc Benioff said in an all-hands meeting.

    Office rents ‘will go lower’

    “This is a larger moment for cost restructuring, we want to take…somewhere between $3 to $5 billion out of the business,” he said. “When we look at how are we going to do that, real estate is going to be a major part of it.”

    The company is headquartered in San Francisco. A Jan. 7 exchange between PayPal co-founder David Sacks and Tesla CEO Elon Musk highlighted the commercial real estate situation there. Sacks tweeted, “Just got offered office space in San Francisco (SOMA) for the same price as 2009. Yikes.”

    Musk replied, “It will go lower.” 

    As it does, entrepreneurs emerging from the tech layoffs could take advantage of the cheaper real estate to house new businesses. 

    Of course, some startups might choose to save money by not renting commercial real estate and having everyone work from home. But as CEOs at large companies like Disney and Starbucks have recently indicated—while insisting remote workers return to the office—there are clear business advantages to collaborating face to face.  

    As Disney CEO Bob Iger wrote to employees in a recent memo, “In a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together.” 

    That might be especially true for tech entrepreneurs determined to make lemonade from the lemons of being laid off. 

    Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

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    Steve Mollman

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  • Free Webinar | January 31: How to Raise Capital & Scale A Business

    Free Webinar | January 31: How to Raise Capital & Scale A Business

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    Opinions expressed by Entrepreneur contributors are their own.

    As a groom in 2005, our next guest experienced first hand how difficult it was to find an online resource that would help him execute his wedding plans more efficiently. He vowed to build a tech-forward company that would make planning less stressful and frustrating for engaged couples. Since co-founding WeddingWire in 2007, Timothy Chi led the company from an internet start-up to a multimillion-dollar leader in the wedding planning industry. He also led the merger of WeddingWire with The Knot and its collective brands under one umbrella – The Knot Worldwide – the largest provider of wedding marketplaces, websites, planning tools and registry services in 16 countries across North America, Europe, Latin America and Asia.

    In the next Leadership Lessons episode, Chi will chat with series host Jason Nazar about the greatest lessons he learned from his 25+ year career. Topics include:

    • Entrepreneurship & co-founding companies

    • How to raise capital & scale a company

    • The future of work & workplace culture

    • Servant leadership

    Don’t miss out—register now!

    About The Speakers

    Timothy Chi is co-founder of WeddingWire and CEO of The Knot Worldwide, a leading global wedding planning company comprised of over 1,900 employees worldwide. Previously, he co-founded Blackboard Inc. where he helped the company grow to over 600 employees, raised $100M in capital with a valuation of $750M, and took the company public in 2004. Chi holds a B.S. degree in Operations Research/Industrial Engineering from Cornell University and a M.S. degree in Engineering Management from Tufts University. He is a member of the Young President’s Organization in Washington, D.C.

    Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. degree from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

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    Jason Nazar

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  • I’ve Been a Tech Entrepreneur for Over 20 Years — Here Are 5 Key Lessons I’ve Learned Along the Way

    I’ve Been a Tech Entrepreneur for Over 20 Years — Here Are 5 Key Lessons I’ve Learned Along the Way

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    Opinions expressed by Entrepreneur contributors are their own.

    From the moment of conception to the pinnacle of success and beyond, startups encounter bumps, grazes and sometimes giant crashes along the way. Building a successful company that goes “all the way” takes grit and determination — and learning from others is one of the best ways to get inspired.

    Throughout my many years in the world of tech startups, there are a few key ideas that have stayed with me. Here are five objectives that have proven useful:

    Related: 6 Timeless Strategies That Drive Successful Entrepreneurship

    1. Understanding your audience

    When it comes to understanding the needs, wants and mindset of your target audience, the dogfooding theory is a great way to go. It is irrelevant to produce a product or business for a customer you think exists. Instead, you must ask yourself the following: Would I actually use this? Does it give added value? Does this customer actually exist?

    While I was leading the development of Windows Defender at Microsoft, we would “dog food” everything — the whole operating system and every piece of software included in it. It’s a critical element of developmental experimentation. We used to see these huge corporations building products they think people want, but they weren’t actually consumers of the product themselves. Like a chef creating a dish that he himself wouldn’t eat. Why make the products when you don’t believe in their value?

    Feedback and constant testing are also imperative. Keep going until you get the top results that you desire. There’s no law about how many times you can improve a version of a product.

    2. Importance of building the MVP-way

    The phrase MVP (Minimum Viable Product) was first coined and defined in 2001 by Frank Robinson and later popularized by Steve Blank and Eric Ries. In his book, The Lean Startup, Ries commented:

    “The minimum viable product is that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.”

    Establishing an MVP is a critical way for companies to develop a gateway to success. Through an MVP, you can gauge how well something is working and whether people actually want it and find it useful. Put simply, building an MVP is a useful way to assess risk. Once it’s circulating, you can see where and what you need to improve — but taking that first step by putting something out there is crucial. Then you can test away to your heart’s content and utilize feedback where it’s constructive.

    Related: The Most Valuable Lessons These 5 Top Entrepreneurs Have Learned

    3. The F-word

    Another important aspect of business-building is that dreaded word: Failure. However, failure is okay and actually a necessary evil. Failure can give you a sense of perspective and open up new windows of opportunity in the future. Failure is acceptable.

    Many great entrepreneurs failed multiple times first. From Edison’s legendary multiple tries before he created the electric light bulb to Henry Ford’s initial failure with William H. Murphy in the late 1890s. Yet failure builds resilience, so you must pick yourself up and try again. More than that, though, failure teaches us how to overcome obstacles. You learn where the gaps are.

    4. Have a flexible end goal

    Success in the startup world is not all about unicorns. There’s nothing wrong with slow growth. “Slow and steady wins the race” is an expression for a reason. You don’t have to take your startup public. There are different ways to exit a startup, and being a unicorn isn’t the only option.

    In the tech world especially, everyone wants to be the next explosive big thing — the next Figma, Slack or TikTok. This isn’t typical, though. There are successful companies that built themselves up a lot slower. So, don’t be beholden to what the stereotypical idea of “startup success” is. Goals differ between various companies and products.

    Related: 8 Important Lessons From Leading Entrepreneurs

    5. Don’t be afraid to pivot

    Knowing when to pivot and when to say, “Enough! It’s not working. Let’s try something else” is key in working towards your end goal. Sometimes you do need to simply throw it all away and start from scratch. Typically, it’s easier for a startup than a legacy company to pivot. Take Netflix as an example. They pivoted from DVDs to streaming and then from the reliance on content from other companies to making their own content. Where is Blockbuster today?

    In 2022, we see the same within the antivirus industry. Legacy corporations aren’t innovating in the way the new-generation startups are to protect against next-generation threats. An example of this is the recent attack vector that RAV researchers discovered involving the metaverse and virtual reality.

    More often than not, the solution for legacy corporations is to buy up other products. Their business model is so stable that they are afraid to take on new technology and systems and disrupt their business. Conversely, young tech companies are constantly innovating their own products. We aren’t afraid to change or to take risks. Risk can be a good thing. It may not work all the time, but you may need to take some risks in order to advance your business.

    The main conclusions to be drawn from here are: If you fail — learn from it. Take what you’ve learned, and apply it to future ventures. Additionally, calculated risks often prove worthwhile. Knowing your audience is another major key to success, as is knowing yourself. Taking something you love to do and running with it is always the best jumping-off point.

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    Andrew Newman

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  • How to Grow Your Business and Maintain Your Independence

    How to Grow Your Business and Maintain Your Independence

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    Opinions expressed by Entrepreneur contributors are their own.

    In my last post, I shared some of the personal qualities that underlie entrepreneurial success, which I spoke about in a recent speech at my alma mater, Cornell. I’d now like to share some of the business advice that I gave in the same speech. Once you perfect the personal qualities of success, you still must understand the strategies that contribute to growing a successful company.


    Luis Alvarez | Getty Images

    Each of these strategies have something in common: They are focused on not just growth at any cost, but on sustainable growth that will maintain your independence. After all, most entrepreneurs get into the game because they want personal freedom and control over their own destiny. It’s important to never give that up.

    Related: 7 Steps to Finding Freedom in Your Business

    1. Don’t eat the free lunch

    That’s why the first strategy is to never eat the free lunch. In truth, nothing is free. The minute you accept someone else’s hospitality or gift, you take a subservient role.

    As a new entrepreneur, when I would go to a lunch or dinner, I aggressively fought to pick up the check, even when we didn’t have much money. The law of reciprocity holds true in business as well as life: If you are generous, people will be generous to you. If you live off the generosity of others, they will own you.

    This is why my company has never received any venture capital money, and I always recommend that other entrepreneurs resist the temptation as well. In many ways, you can’t be a pure founder if you take the easy money. As soon as you accept big bucks from the financiers, you work for them. You are limited in your ability to call shots.

    So, how do you avoid relying on venture capital or private equity? The key is to be thrifty and prioritize organic growth. If you don’t waste money, you don’t need to take other people’s money.

    Yes, capital is still required for many businesses. You might need some bank financing or money from friends and family. But a little bit of money is all it takes to test your idea and build proof of concept. And, of course, put as much of your own money in as you can.

    When I was able to pay my friends and family back for their investments in my company, it was one of the most rewarding things in my life. We got them their money back at 21x their original investment. It took us about 6 or 7 years, but rewarding the risk they took on our company was a form of success in itself. I’d always much rather reward friends and family than financiers who see you as just another cash cow — and treat you accordingly.

    2. Cultivate diverse revenue streams

    The second rule, and another crucial way to maintain independence, is to diversify your revenue streams. Diversity is good in all things, whether in the teams you hire or the revenue streams you create.

    A business built around a single cash source lacks resilience. I learned that the hard way during the pandemic. We were the largest online group hotel booking platform in the world. That’s a status you don’t want during a global pandemic when everyone’s locked down and not traveling in groups. We had to do a major pivot and switch from group to individual hotel sales. We set up a first-of-its-kind “gig economy” call center, where remote agents can answer inbound customer calls, which has resulted in much higher booking conversion rates for us compared to online. Now, we’re a much stronger company because we’ve built up an alternative revenue stream.

    Building a diverse business allows you to maintain your independence even when the going gets tough. The temptation to take venture capital or private equity money isn’t only strong in the beginning, it can also come up when you face hard times. That’s why it’s so important to plan ahead and maintain your rugged independence. Think of yourself like the Henry David Thoreau of your industry.

    Ultimately, taking the easy financing is a shortcut that leads to a trap. It’s like an athlete who takes steroids rather than putting in the work. Easy growth rarely leads to sustainable or enduring growth. There have been a lot of rewards for “blitz growth” in recent years, particularly in the tech industry. But that has changed in the last year with a big market correction. It’s best to put in the work, take the longer road and set yourself up for sustainable and lasting success.

    Related: 4 Ways To Achieve Sustainable Growth

    3. Be an expert — and act like one

    The final rule I’d like to highlight is the importance of developing your own expertise. This is also where people become tempted by dangerous shortcuts. It may seem appealing to hire someone else to be the resident expert in your industry, but then you risk forfeiting control over your business.

    Your clients or customers need you to be an expert. This requires putting in the work by constantly learning, meeting new people in your industry and staying on top of the latest innovations and trends. I like to tell aspiring entrepreneurs: You should always attend that industry conference or next event, no matter how tired you are. You can find time for sleep later.

    One of the reasons my company succeeded was by becoming the group hotel booking engine for sites like Priceline, Expedia and Hotels.com, and that came from being at every conference. The minute the big CEO walked in the room, I went up to them. I would reach out and say, “That was a great speech. I loved what you had to say. Oh, we work with your company” or “We would like to work with your company.” I probably did it to the point of being annoying, but it worked.

    If you’re a founder entrepreneur, nobody’s going to come up to you and introduce themselves — at least not at first. You’re going to have to open those doors yourself. That requires not being shy and going everywhere you possibly can.

    Of course, being an expert doesn’t mean developing expertise in every area. Hiring smart people and delegating is critical, as long as you don’t become lazy and outsource all of your company’s strategic thinking and hustle to others.

    At the end of the day, the only true way to be a leader is to be worthy of the respect of those who follow you. That requires being the expert — and acting like it. It doesn’t mean you are arrogant or a know-it-all; it simply means you have confidence in your own ability to identify trends, make decisions and lead your company forward.

    Related: 5 Essentials for Succeeding When You Become Your Own Boss

    By following each of these rules, you will not only grow your company but maintain full control, even in the face of hardship. You will preserve your rugged independence while still working effectively with others.

    If you are ever tempted to take the shortcut, just remember why you became an entrepreneur in the first place. You started a business to work for yourself and be the master of your own fate. Never give that up, no matter what.

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    Tim Hentschel

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  • University of Chicago Launches Polsky Deep Tech Ventures to Accelerate the Commercialization of Innovations in Quantum, Data Science, Clean Tech, and Life Sciences

    University of Chicago Launches Polsky Deep Tech Ventures to Accelerate the Commercialization of Innovations in Quantum, Data Science, Clean Tech, and Life Sciences

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    Newswise — CHICAGO — The University of Chicago today unveiled Polsky Deep Tech Ventures, a new initiative offering a suite of sector-specific accelerators, entrepreneurial training, and funding dedicated to supporting startups that bring world-changing science and technology to market. This effort is aligned with the research strengths of UChicago, Argonne National Laboratory, and Fermi National Accelerator Laboratory.

    Drawing on the success of Chicago Booth School of Business’ New Venture Challenge (NVC) and Duality, the nation’s first quantum startup accelerator, Deep Tech Ventures will launch three additional accelerators devoted to specific scientific disciplines, including data science, clean tech and life sciences. By providing sector-specific expertise from University research faculty and industry partners, the accelerators are designed to help startups from across the globe reduce technical and market risk as they position their innovations for real-world impact.

    Each accelerator will leverage the resources of the University and its partners to provide startups with business training, as well as access to faculty advisors, industry mentors, venture capital connections, corporate networking opportunities, funding, and student talent. The programs will be open to UChicago-linked ventures as well as non-University affiliated startups from around the nation and world.

    Distinctively, the initiative will operate out of the Polsky Center for Entrepreneurship and Innovation, elevating the entrepreneurial mindset by incorporating innovative business ideas from Chicago Booth and bringing to market cutting-edge science and technology research from UChicago, the national labs, and beyond.

    “As the home for field-defining science and a world-renowned business school, and as a steward of two U.S. Department of Energy national laboratories, Argonne and Fermilab, UChicago is uniquely positioned to develop and scale technologies that address humanity’s greatest challenges,” said UChicago President Paul Alivisatos.

    The endeavor will be funded by more than $20 million in University and philanthropic investments over the next five years. Once fully deployed, Deep Tech Ventures expects to graduate at least 60 startups annually, with novel approaches to fight disease, address climate change, improve cybersecurity, and more.

    Startups will have access to various funding mechanisms. Deep Tech Ventures expects to raise an external $25 million venture fund in 2023 to support deep tech startups looking for seed-stage and Series A funding. The Polsky Center for Entrepreneurship and Innovation also operates the well-established George Shultz Innovation Fund (GSIF), which provides up to $250,000 in co-investment funding for early-stage tech ventures arising from UChicago and UChicago-affiliated Argonne National LaboratoryFermi National Accelerator Laboratory and the Marine Biological Laboratory. Over the last 12 years, the George Shultz Innovation Fund has invested $6.8 million in 90+ companies that have gone on to raise $235 million in follow-on funding.

    “We are pioneering a unique approach to the commercialization of next-generation technologies by providing the nation’s only full-spectrum deep tech accelerator and venture support organization,” said Jay Schrankler, associate vice president and head of the Polsky Center. “Given the complexities of these innovations, it is exceedingly valuable to offer startups sector-specific expertise to reduce both technical and market risk.”

    In conjunction with the launch of Deep Tech Ventures, the second industry-specific accelerator, the Data and AI Accelerator, developed in partnership with the University’s Data Science Institute, is accepting applications until January 20, 2023, for a cohort of up to eight startups that will begin programming in mid-March 2023.  The four-month program will be offered twice annually and will offer an intensive curriculum related to venture building as well as funding, space, computing resources, faculty advisors, industry mentors, access to venture capital and corporate partners, and access to student talent across the business, data science, and computer science schools. 

    The clean tech and life sciences accelerators are slated to launch later next year. 

    “As a materials scientist and innovator myself, I know the value of pairing scientific thinking with a business mindset, which is why the work at the Polsky Center is so important,” said Juan de Pablo, UChicago executive vice president for science, innovation, national laboratories, and global initiatives. “The goal is to catalyze innovation and foster more entrepreneurs who can bring their groundbreaking research to the market, where it will have the greatest impact.”

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    University of Chicago

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  • Patent Trolls Are Targeting Small Businesses — and You Could Be Next

    Patent Trolls Are Targeting Small Businesses — and You Could Be Next

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    Opinions expressed by Entrepreneur contributors are their own.

    As I walk the CES show floor each year, I’m awed by the world-changing innovations put on display by our country’s top entrepreneurs, inventors and businesses. While innovation can happen anywhere and exhibitors join us from around the globe, it’s not just our Las Vegas location that brings thousands of American businesses to our halls. But this year, beyond the spectacle and lights, I’m concerned about a quiet but potentially disastrous threat to American innovation and entrepreneurial spirit.

    The International Trade Commission (ITC) is a little-known but powerful executive agency tasked with protecting U.S. industries — including small businesses and entrepreneurs — from unfair trading practices deployed by foreign companies. That’s a laudable goal. However, in recent years, patent trolls — in other words, companies that don’t make anything, but manipulate patent laws to extort legitimate businesses — have transformed the ITC into a legal weapon targeting successful companies of every size. These cases have serious consequences, as the ITC often relies on exclusion orders and sweeping bans blocking American businesses from distributing products and using technology as a primary tool to resolve disputes. These extreme bans pose a real danger to American innovation. Just one errant exclusion order could shut down a small business, shutter a growing company or hamstring a successful entrepreneur.

    Related: 4 Potential Lawsuits to Watch Out for in Small Business

    American entrepreneurs and small business owners spend years creating and investing in innovative products and services to build successful companies. Patent trolls simply prey on others’ success. Unfortunately, these bad actors often see small and medium-sized businesses as easy targets, and the ITC’s legal forums do nothing to discourage baseless lawsuits. Even the ITC’s own data shows that the problem has gotten out of control, with lawsuits filed by patent trolls skyrocketing in the past decade. Now, it’s commonplace for business owners to receive threatening letters, which cite absurdly broad or vague patents and offer business owners the choice between huge payments or costly, drawn-out legal action.

    Even small business owners who avoid direct confrontations with patent trolls can be caught in the crossfire of disputes between bad actors and larger companies. Take, for example, a recent ITC case filed by one patent troll against leading U.S. tech companies over their use of semiconductors. If that case is successful, it would exclude a large swath of tech products. Overnight, smaller businesses could lose access to key components used in their products.

    While Congress has been slow to address the patent troll problems plaguing the ITC, the issue is starting to gain momentum. Groups like the National Federation of Independent Businesses (NFIB) and the Small Business and Entrepreneurship Council (SBEC) have led the charge on ITC reform, pushing leaders in Congress to introduce meaningful legislation. The bipartisan Advancing America’s Interests Act, for example, would fix some of the most glaring legal loopholes patent trolls exploit for profit – but Congress still needs to pass it.

    Related: How to Stop a Frivolous Lawsuit From Sinking Your Business

    Small business owners and entrepreneurs have a critical role to play in pushing ITC reforms over the finish line. Lawmakers in Washington pay special attention to concerns raised by members of their home state’s small business community, which means that calling and writing members of Congress in support of the Advancing America’s Interests Act and similar legislation can have a real impact.

    American entrepreneurs and small business owners are spending too much precious time and money fending off bogus lawsuits from patent trolls. ITC reform is needed urgently to stop patent trolls from hijacking American innovation.

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    Gary Shapiro

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  • 5 Priceless Lessons For First-Time Entrepreneurs

    5 Priceless Lessons For First-Time Entrepreneurs

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    Opinions expressed by Entrepreneur contributors are their own.

    The road to entrepreneurship isn’t as glamorous as what’s portrayed on the #entrepreneur side of Instagram. The formula for success doesn’t contain any jets or fancy clothes or cars but rather a ton of grit and conviction. Growing a company from a two to 30-person team had several challenges. Things like iterating the product, funding and even hiring people to join the journey posed as mountains that had to be conquered by our team. If you’re looking to start a company — you’re in for a wild ride!

    I’m not claiming to be an expert, but I wanted to get these thoughts out there to help anyone in the thick of business ownership. (Or even on the cusp of it!)

    Here are five lessons I’ve learned as a first-time female founder.

    Related: Avoid These 3 Common Entrepreneur Death Traps

    Don’t wait for “perfect.”

    It’s wishful thinking to wait for the stars to align to start moving toward your business goals. You may feel a case of overthinking, but when you’re building a business, speed of iteration will be your best friend to success. Start somewhere. No decision is perfect, and few decisions will result in the death of your company. It’s a matter of making small actionable steps daily to reach your goals.

    Perfection is the enemy of progress. The first iterations of the product will likely be rocky. But getting your product out to the market with beta testers led us to a product we are incredibly proud of today. Without feedback, it is impossible to iterate effectively. I ask myself regularly, “what can I do today to make us better than yesterday?”

    Related: Perfection Does Not Exist. Here’s How to Stop Wishing and Get Your Business Started.

    Bring in the right folks

    Easy enough, right? I believe good people build good teams and good teams build good products. Building your team is one thing that’s vital to the success of your business. The secret behind Smartrr’s growth is the team we’ve built. Finding that talent from scratch was one of the most challenging things I’ve faced. I know I said never to wait for perfection. Still, it’s essential to clarify the type of culture you’re looking to build your business around and focus on aligning the right people that will add value to the specific culture.

    Starting a company is a challenge; having misalignment internally will only distract you from your goals and can be your downfall. Take your time in selecting who is in your inner circle. This includes your team but also all other stakeholders as well; your investors, your partners and your customers. Surround yourself with well-intentioned, ambitious and intelligent people, who are dedicated to solving the problem you seek to build around, and success will follow.

    Then, align those folks behind a customer-obsessed mindset. It sounds simple enough, but it is so easy to get distracted by who has the latest shiny object or clever marketing campaign in the space. Be relentless in surfacing your customer’s pain points and feedback, avoid looking at what other competitors are doing and set your sails toward what needs you can fulfill for your customers and prospective customers.

    As a result, we continue to develop innovative solutions and stay aligned with our mission and goals internally. If there’s one thing you should take away from this piece is that everyone in your company (regardless of what product/service you’re providing) needs to be laser-focused on the end consumer.

    If you get this right, the team will not only build something incredible, but your team will inspire one another every day and drive a strong culture, better productivity and a stronger business.

    Reflection is vital

    Everyone will have a different path to subduing various levels of anxiety caused by day-to-day business tasks. For me, the two things that help are sleeping — that’s more of a short-term solution — and reflection.

    It’s easy to block bad calls, days, etc. That said, confronting the good and bad through reflection gives you the privilege of growing and maturing. With time, you will look back at the same event that made you sick to reflect on and laugh at what once ruffled your feathers (trust me, we’ve all been there. You are not alone.). With every misstep, misfortune and mistake you make, the one before doesn’t look so bad.

    As a founder, you really don’t have the option to stop when things get rough. Again, I’ve been there. Once you get through the next challenge, you look back and know you are better for it. Reconcile the bad, and even laugh at what triggered you in the past when you can. When faced with a new challenge, take those steps forward and focus on what you can control — those previous challenges will help you know that you can get through another. More often than not, you’ve accomplished greater feats.

    Related: 8 Entrepreneurs Reveal How They Discern Reflection From Regret

    Capital isn’t the only thing you can gain funding for

    I can write a whole other article on how to raise funds for your business effectively, but with the space I have, know that there is so much to gain from being in a room with investors with years of experience in your space. A good investor relationship, in my mind, is not based on the foundation of capital provided.

    In our early stage, our “best” investors are those with whom we have a true partnership. They are the ones we can call for help for whatever reason. They are not investing merely to fill an investment thesis bucket. They are excited by what you are doing and take the time to learn about you and your vision for the company. They don’t wait for you to reach out. They’ll take the initiative to introduce you to a potential client or just to see how founder life is treating you.

    When you are actively fundraising, remember this: just as much as you are telling them your vision, they should be telling you theirs. Do your due diligence, and ask hard questions; find out who they support, their current portfolio companies, who they can connect you with and their stances on trends in your market.

    Create goals outside of your business

    You will undoubtedly be tested and pushed outside of your limits and challenged to push through many mental barriers. Another helpful way to grow is to create accomplishments outside of work. What I’ve found particularly helpful while working on Smartrr is to challenge myself to find purpose beyond work. Being so focused on something so large as scaling what we hope will continue to be a thriving business, short-term wins are essential.

    One example of that is hiking on the weekend: getting fresh air does wonders, but getting to the peak of a hike, “winning,” in a sense, is a great win that helps fuel my mind for the next week ahead. Hard to believe when you are deep in the trenches, but wins won’t always come from your business. Set goals and crush them, both in and out of your organization!

    As a first-time founder, these five lessons have brought joy and success into the entrepreneurship journey. This is not your “success formula,” but lessons I hope you can take, practice and fuel your growth in business and life. Remember, success isn’t linear nor manifests the same way for all instances, but please apply these principles to how you see fit in your day-to-day. Get clear on your goals, and I hope you start your 2023 off great!

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    Gaby Yitzhaek Tegen

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  • You may not know the difference between ‘habits’ and ‘routines’—and it’s your key to success in 2023, says attention expert

    You may not know the difference between ‘habits’ and ‘routines’—and it’s your key to success in 2023, says attention expert

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    Your New Year’s resolution this year might never become a true “habit” — but that’s probably OK, according to Nir Eyal, a bestselling author and behavioral design expert. 

    Eyal works with companies to build habit-forming products — whether it’s helping patients take medication on a schedule or getting people to regularly use a product for learning a new language. He’s also the author of “Indistractable: How to Control Your Attention and Choose Your Life,” which focuses on how we break habits associated with distraction.

    In Eyal’s mind, being able to harness your attention is “the most important skill of the century,” but it’s not something we formally learn — which is also what makes it so crucial to understand better. 

    The first step toward being less distracted in the pursuit of our goals, including New Year’s resolutions? We need to understand what can and can’t become a habit.

    The difference between habit and routine

    The trouble, in Eyal’s eyes, is simple: We want to turn everything into a habit — without understanding the fundamental difference between a habit and a routine. 

    “The definition of a habit is the impulse to do a behavior with little or no conscious thought,” Eyal says. “Most of the things that people want to turn into a habit will never be a habit.” 

    Meanwhile, a routine is “a series of behaviors frequently repeated,” he adds. “Eventually, some routines can become habits, but not every routine can become a habit.” 

    Approximately 45% of our daily behaviors are habits, like where we eat meals each day or how we get ready for bed. So, the logic goes, if only we could figure out a way to “hack” our New Year’s resolutions and turn them into habits, we’d be well on our way to completing them without even thinking about it.

    But habits are just that — instinctual, performed without thought and largely subconscious. Accomplishing a new goal will always take some degree of effort, even if it’s something you do regularly, like going to the gym or writing. “If a behavior is effortful, it can’t be a habit by its very definition,” Eyal says. “We need to stop telling people everything can become a habit. It can’t.”

    All the while, there’s a wide cultural emphasis on the ease and importance of building habits, rather than routines, Eyal notes, and the problem isn’t merely a matter of semantics. 

    “What happens is people say, ‘Oh, I read this book … that told me I can turn everything into a habit. And then, after a month or two, they look back and say, ‘Wait a minute. This isn’t easy. This isn’t on autopilot … but the book told me this was something I could put on autopilot.’” 

    From there, the problem snowballs: Eyal says people then think “there must be something broken — not in the methodology, but in me … and so they give up altogether. And now, we leave them worse off than when we started.”

    Expect changes to be hard

    Instead of aiming for habits, he says people should focus more on building routines, since, by definition, routines acknowledge the difficulty of changing patterns. 

    “If we tell people, ‘Look, some behaviors are going to be hard — always, if you’re doing them right,’” Eyal says, that’s better than “teaching people that things can be somehow easy,” which is the subliminal emphasis on habits. 

    Eyal adds that many people assume that when they feel bad about a new behavior they’re trying to develop, it’s inherently a bad thing. “If you feel bad, you’re getting better,” he says. “Expect it to be hard.” 

    “Many of these behaviors require us to put in effort,” he continues. We shouldn’t think that there’s a “magical formula” that can turn anything into an automatic, second-nature habit in just three steps, Eyal says. “Rather, here are tools to help you deal with the inevitable discomfort that is going to come from getting better at something.”

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  • ‘I work just 5 hours a week’: A 39-year-old who makes $160,000/month in passive income shares his best business advice

    ‘I work just 5 hours a week’: A 39-year-old who makes $160,000/month in passive income shares his best business advice

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    When starting a business, it’s sometimes hard to know what to prioritize, and going at it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.

    My mission is to teach people how to earn money from their passions. It’s what I did: I went from living on food stamps to building two online businesses.

    Today, I run a music blog, The Recording Revolution, and a entrepreneurship coaching company. I work just five hours a week from my home office and make $160,000 a month in passive income.

    Here’s what I tell my 3,000 clients to think about in the first 30 days of starting a business:

    1. Be clear about how you want to spend your time.

    Many new business owners I meet know only one thing: how much money they want to make. 

    While that’s a great starting point, it’s incomplete. Your business should serve your life, not the other way around. So make sure it aligns with your hopes, dreams and goals.

    To get clear about the type of business and life you want, ask three questions:

    1. What does a perfect day look like to you? Don’t just think about your typical workday. Consider other life activities you want to fit into your day, like exercising or spending time with family.
    2. How many hours do you want to work a week? You don’t have to follow the standard 40-hour workweek. Knowing exactly how many hours you want to work will help you better prioritize tasks.
    3. How important is time off? Some people don’t care much about taking time off, as long as they love what they do. Others value extended time off. In order to have money flowing in when you’re not working, you’ll need to have some sort of passive income stream.

    2. Simplify your business model.

    When I started my music education business, people told me I needed to test my sales pages, throw launch parties and pre-record a bunch of ads in order to grow.

    Rather than stretching myself thin doing things that didn’t make sense to me, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting the paid products I created to that list.

    If you’re just starting out, develop content around your expertise to grow an audience. It doesn’t have to be perfect. You can iterate as you go and design new products based on what your customers want more of.

    3. Cut out unnecessary daily tasks.

    Identify what daily activities will help you earn more. Don’t waste time or burn yourself out focusing on unimportant tasks.

    It might feel good to get to inbox zero or change the color of the buttons on your website, especially in the early days where you want to feel like you’ve achieved a goal. But neither of those things will make you money.

    Before you start a new task, ask yourself three questions:

    1. What’s the expected outcome for doing this task? 
    2. Does it lead to more money?
    3. Can I point to a direct link between doing that task and earning income?
    4. What’s the cost of doing this instead of something else? 

    4. Prioritize having fun.

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  • Mark Cuban on the habit all 30-somethings need to succeed: Without it, ‘you’re not expanding your mind’

    Mark Cuban on the habit all 30-somethings need to succeed: Without it, ‘you’re not expanding your mind’

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    If you can’t come up with a New Year’s resolution, Mark Cuban has you covered.

    On Sunday, the Dallas Mavericks owner told Bill Maher on the “Club Random” podcast that everyone over 30 should be reading every day. Otherwise, they’re limiting themselves and their career, he said.

    “Somebody 40 and over, even 30 and over, if you’re not reading, you’re f—ed… because you’re not expanding your mind,” Cuban said. “I tell my kids… ‘Somebody who doesn’t read lives one life, somebody who reads an unlimited number of lives.’”

    Turns out, Cuban is onto something. A 2016 study conducted by Yale University School of Public Health researchers found reading 30 minutes a day helped participants 50 and older live on average two years longer than their non-reading counterparts, regardless of health, wealth, gender and education.

    Cuban himself is an active reader. In 2018, he told CNBC Make It he reads four to five hours per day studying national and local news, emails and technology research.

    And seems Cuban’s two older daughters picked up his affinity for reading — or at least were bribed into it. When they were younger, both girls would be rewarded with “shoes or whatever they wanted” after they read a certain number of pages, Cuban said. Then, the family could have conversations about what they read.

    But Cuban said he had to adopt a different strategy for his son, now 13, who doesn’t like to read. Cuban was worried his son’s ambivalence toward books would “hurt him long term” — until he realized his son was learning in different ways.

    “They consume a lot of information [online],” Cuban said. “The challenge wasn’t so much, are they learning? …The challenge for me was understanding how they learn.”

    After noticing his son was picking up business concepts like gross margins and royalties from watching YouTube and TikTok videos, Cuban realized the platforms could act as parenting tools.

    “[Tiktok] is the best parental tool in the world because… [it’s] artificial intelligence based off of what you watch,” Cuban said on the podcast. “So, if I want to know what my kids are into, I just look at their TikTok feeds.”

    Sign up now: Get smarter about your money and career with our weekly newsletter

    Don’t miss:

    Here’s the ‘most overlooked’ skill young people need to be successful, says millennial therapist

    Mark Cuban wants to buy more bitcoin, says gold investors are ‘dumb’

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  • The 4 best success tips CEOs shared this year—from Tim Cook to Delta’s Ed Bastian

    The 4 best success tips CEOs shared this year—from Tim Cook to Delta’s Ed Bastian

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    Every year, there’s no shortage of valuable nuggets of wisdom shared by inspiring and influential leaders. 

    For all its ups and downs, 2022 was no different. Here are some of the best success tips that top CEOs shared this year.

    Tim Cook, Apple CEO

    For someone tasked with doling out a steady supply of business tips and leadership advice, some of Cook’s best advice of 2022 ultimately came from a commencement speech delivered at Gallaudet University in Washington, D.C., where the entire student body is either deaf or hard of hearing. 

    In a speech translated into American Sign Language, Cook encouraged the graduating students to pursue a single decision-making tactic: Follow your own moral compass above all else. 

    It was this tactic, Cook said, that would lead to the most professional and personal success, adding it was a “sense of meaning” that drew him to Apple back in 1988.

    “I know in my heart: Staying true to who you are and what you believe is one of the most important choices you can make. It will help you form better relationships. It will help you find more satisfaction in your work. And with a little luck and a lot of effort, it will help you build a more meaningful life.”

    Cook also shared one of the easiest ways to identify your own moral code, which will help you develop “a deep understanding of who you are and what you believe.” Picture an uncertain situation, and envision how you’d respond in a fully ideal world.

    “When you imagine your future … the question you should ask is not, ‘What will happen?’ but ‘Who will I be when it does?’ I hope you will be kind and compassionate … I hope you will see there is wonder in being part of something bigger than yourself. And magic to be found in the service of others.”

    Claire Babineaux-Fontenot, Feeding America CEO

    Claire Babineaux-Fontenot, the CEO of Feeding America, knows the importance of giving back. While leading the largest hunger-relief organization in America, Babineaux-Fontenot has constantly been on the lookout for career advice that focuses on building a fulfilling life and career. 

    Back in March, Babineaux-Fontenot spoke with CNBC Make It about the best career advice she ever received — and it wasn’t even directly shared with her.

    Instead, it came from a 1970s essay: “The Servant as a Leader” by Robert K. Greenleaf, a former AT&T executive. In it, Greenleaf outlined a model for leadership that prioritized serving other people first. 

    Babineaux-Fontenot’s main epiphany?

    “Always assume good intentions of your co-workers, that people want to work together to do good.”

    There’s research to back up her takeaway. Assuming good intentions in others likely corresponds with reality: Research from Harvard University and the University of Pennsylvania found that people routinely underestimate how much others like them — and it can have a significant impact on workplace success. 

    Babineaux-Fontenot, for her part, says assuming the best in others has been nothing short of “transformative” in her own life and career.

    “Now, I try to understand to the extent that I can how people are wired, then help to create environments where, however they define winning, we can win together — and we should all try to do that.”

    Ed Bastian, Delta Air Lines CEO

    Throughout the course of the pandemic, air travel has been at the forefront of Covid-era challenges — from flight cancellations to staffing shortages to increasing aggression from customers

    It makes sense, then, that Delta CEO Ed Bastian would have a unique vantage point on effective leadership during disruptions, upheaval and general uncertainty. 

    At the start of 2022, Bastian sat down with Harvard Business Review editor-in-chief Adi Ignatius for a conversation about leading during a crisis, where he stressed the importance of staying close to your team throughout challenging times.

    It’s easy when times are difficult to want to shy away when you don’t have the answers to the questions that you need. It’s never more important to be visible and let people know what you know and what you don’t know.

    Beth Ford, Land O’Lakes CEO

    Land O’Lakes CEO Beth Ford is no stranger to success. 

    Following leadership positions everywhere from PepsiCo to Scholastic, Ford’s climb up the corporate ladder at Land O’Lakes has been peppered with milestones: Ford is Land O’Lakes’ first female CEO in its over 100-year history, as well as the first openly gay woman to be a Fortune 500 CEO. 

    Yet for all her accolades, Ford told CNBC Make It the best career advice she ever received came from a conversation with her mom when Ford was just 11 years old. 

    Ford was “throwing a tantrum” about a problem she assumed her mother understood. Yet, as the middle child of seven siblings, Ford’s concerns had been lost in the fray.

    “So my mother turned to me and said, ‘If you want something, you should ask for it; I’m not a mind reader’ … and I remember that moment so clearly.”

    For Ford, the moment confirmed the importance of advocating for your own needs, which she still considers a crucial skill when building a career.

    “Often, we think, ‘Nobody is going to see the good job I’ve done,’ or we’re scared to ask for help. Yet, if you do ask someone for help, or ask for what you want, people will reach out and give it to you.”

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  • Harvard expert on the worst thing about New Year’s resolutions—and how to beat it: ‘A profound loss of energy’

    Harvard expert on the worst thing about New Year’s resolutions—and how to beat it: ‘A profound loss of energy’

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    Harvard expert Lisa Lahey‘s research is driven by a truly shocking statistic: When doctors inform heart patients they’ll die without changing ingrained habits, only one in seven will successfully change their ways. 

    Even against literal life or death, humans have an innate aversion to change — and Lahey, who wrote the book “Immunity to Change,” wants people to understand how that aversion manifests in everyone’s life as they embark on any new goals in 2023. 

    “People have a very misguided notion that you can actually change fast. It’s just not true,” Lahey says. “You really need to give yourself more space.” 

    In Lahey’s eyes, the worst thing about New Year’s resolutions isn’t the fact that we “fail” to fulfill them. The tragedy, she says, is that all too often we criticize ourselves when we come up short, despite decades of research proving just how resistant to change we are. 

    “It’s like people drink the Kool-Aid, [and think] ‘If I really intend to make this goal happen, and I can’t, I’m a loser. There’s something wrong with me,’” she says. “I think it’s just a profound loss of human energy.” 

    “So much of that has to do with the fact that people don’t recognize and sufficiently respect that there are powerful forces at play that are [operating] at an unconscious level that make it hard for us to change,” Lahey continues. “There’s nothing shameful about that.” 

    Yet none of this is to say that change is impossible. Certain New Year’s resolutions could be easy to stick with, Lahey points out. For example, if someone who never thought about what they ate or how much they exercised finds their metabolism slowing with age, it might not be difficult to start making healthier choices. 

    The trouble kicks in when there’s an underlying belief system that we’re not seeing that’s actually blocking us from sticking through with our goal. 

    Lahey says if you’ve tried multiple times to change the same behavior and have yet to see it stick, that’s a telltale sign that there’s something else is going on behind the scenes. 

    But fear not: With decades of research to back it up, Lahey has developed an entire roadmap on how to identify — and overcome — our “immunity to change.” 

    Breaking our resistance to change

    Lahey recently walked through what this looks like in practice on a recent episode of bestselling author Brené Brown‘s podcast — and it’s an illustrative example of Lahey’s teachings in action. 

    The process has four primary steps. First, you have to identify your actual improvement goal, and what you’d need to do differently to achieve it. 

    Brown’s goal seemed straightforward: She wanted to be more disciplined in scheduling regular meetings with her team, which she called “mission critical.” 

    Next, Lahey says, you need to look at your current behaviors that might run counter to your goal. 

    Here, Brown had a whole host of examples: She canceled and rescheduled meetings too often; she removed herself from meetings at the last minute; she overscheduled. 

    “But the thing that really got her attention was [when] she said ‘I consistently say ‘yes’ to the one-off [meetings],” Lahey added, which was contributing to Brown’s sense that meetings were a waste of time. 

    That kind of insight is critical, Lahey points out, because it’s at this point in the roadmap that people typically think they see what the problem is — only to find themselves tackling a sliver of the real issue at hand. 

    “They go at the behavior change at this very concrete, direct level,” she says. “What my work says is, if you can make the change that way, you should do that … but for many people, that doesn’t work, because the behavior is actually serving a really important [competing] goal they have.” 

    That leads to step three: identifying your hidden competing commitments. 

    “What Brené ended up discovering [in step three] was basically she has a part [of herself] which is very connected to wanting to maintain a kind of vigilance around keeping her creative time,” Lahey says. 

    It’s at this point in the roadmap that people can identify a much larger underlying assumption about how the world works that has actually been driving their resistance to change all along. 

    For Brown, it was an assumption that meetings were mundane and creativity-sucking. She didn’t want to get dragged down by details — and thus, she bailed out on meetings as a way of preserving her creative time, which she saw as more important. 

    Unlearning our assumptions

    Lahey says that when she walks people through their own “Immunity to Change” roadmap, the final column is “almost always” unrelated to the column one, much like Brown’s. 

    By way of example, she cites a mother whose first column said she wanted to exercise more — while her fourth column was all about the guilt she felt anytime she left her kids. 

    Unlearning these kinds of assumptions won’t necessarily happen overnight, Lahey says, but it’s possible to start shifting your mindset by creating “a valid test of your beliefs.” 

    That’s going to look slightly different for everyone. For the mother who was worried a more rigorous exercise routine would lead to resentment from her children, that test was simple: She started going on walks while a caregiver looked after her kids. 

    When she returned, the kids were fully engaged in their own activities: happy to see her, sure, but completely fine occupying themselves. 

    That was all the permission she needed to start taking care of herself in more ways than one, Lahey points out. “She started to feel literally physically better about herself and how she was parenting,” she adds. 

    And that’s the key behind all of this work. Everyone will feel a lot better — and potentially stick through with the changes they’ve been trying to make — if they would start by being a lot easier on themselves, Lahey says. 

    “The big gift in all of this work, to me, is to provide the possibility that people can feel less shame — and ultimately release the shame they feel from not being able to make change happen — because they’ve been using the wrong model, the wrong tool,” she says. “It would just never work, so you can release that.” 

    “There’s just so much commonality because fundamentally we are human,” she adds. “We are all in this big boat together.” 

    Want to earn more and work less? Register for the free CNBC Make It: Your Money virtual event on Dec. 13 at 12 p.m. ET to learn from money masters like Kevin O’Leary how you can increase your earning power.

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  • 7 Lessons That All Entrepreneurs Must Know

    7 Lessons That All Entrepreneurs Must Know

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    Opinions expressed by Entrepreneur contributors are their own.

    Recently I decided it would be a good idea to participate in a Kidnapping Survival Course. During the course, I would become trained in handling a real-life kidnapping, interrogation and being hunted for a day by professional bounty hunters.

    It sounds nuts, I know. So, why did I do this?

    One reason — to learn critical performance and stress management mindset and skills.

    I believe that mindset is everything. It can be the difference between success and failure. It can determine whether a business will grow from five figures to six figures, to seven figures and beyond. Mindset is essential for your success.

    I learned this specifically when I picked up my first business book in 2002 by Robert Kiyosaki. His timeless must-read book “Rich Dad Poor Dad” completely shifted the way I thought and changed my life trajectory. Since then, there have been numerous books, classes and workshops that I have invested in spending over $100,000 in education to upgrade my mindset.

    And that is precisely why I decided to take a kidnapping survival course. Realistically, I don’t think I will get kidnapped anytime soon. Still, I thought to myself, if I can learn to survive a kidnapping, being trained by the same people that train Navy SEALS, the CIA and the FBI, then I can control my emotions when a major crisis happens in my business. I can control my communication when working with customers, clients and my team.

    What did I learn & how does it apply to business?

    Related: 4 Leadership Lessons I Learned From a Marine Corps General

    1. Be prepared

    All entrepreneurs need preparation. Without preparation, you become more vulnerable. To survive a kidnapping, you must first be mentally prepared. To survive the ups and downs of business, preparation always helps us get one step ahead. No matter if we are preparing a pitch deck to ask for investment or if we are preparing our tasks for the week. You can’t control when you get kidnapped or oftentimes what is going to happen in business, but you can control your reaction and be prepared is essential to making that easier.

    2. Develop a plan

    As mentioned before, being prepared is essential, and planning is an important part of that. To survive a kidnapping, one must plan to evade those trying to capture them. Choosing undercover personas that blend in well with the environment and don’t stand out is essential. This is also essential in business. Robust plans can make our business operations run more smoothly and keep us operating more effectively. The more you can create an educated and detailed plan, the better your chances of success.

    3. Breathe

    This is the most simple underestimated lesson we learned. When a Navy SEAL gets kidnapped, they are trained to manage their breath. Why? Because breathing will manage your brain’s stress response. When you fear something, your amygdala reacts. Your heart rate and the levels of adrenaline and cortisol start to increase. If you can learn how to slow your breath down, it will control your heart rate and begin to wash away the stress hormones. It also improves brain functioning so we can focus better and make better decisions.

    Related: How to Find Clarity Through the Conscious Breath

    4. Be adaptable

    During our kidnapping simulation, we stayed undercover the entire day while bounty hunters searched for us. We had to change clothes regularly to blend in. We had to hide when we were spotted and run when we were being chased. We had no control over when we would be under stress and had to react instantly. We were taught to remain completely adaptable. This is very similar to business. I can’t tell you how often entrepreneurs (myself included) get stuck on resisting change. Often it is the main reason why most businesses fail. It is important to plan well and follow your plan, but it is also essential to know when to adapt and shift.

    Related: Why Resisting Change Will Only Hurt Your Business

    5. Work as a team

    Throughout the kidnapping simulation, we worked in teams of three. We had 14 missions we needed to complete throughout the day while avoiding being caught by the bounty hunters. We did this without phones, the internet or money. The only thing we had to rely on was our training, our plan and our team. My team decided to start by planning who would work on each mission and how.

    The missions included getting someone to give us money for a bus ticket, translating a phrase into Russian or Portuguese and finding a free food and water source to survive. Like in business, we discussed a plan to accomplish each task to the best of our ability. All companies have some team and need to make daily decisions on what that plan will be and who will work to accomplish the mission.

    Related: Here’s Why Teamwork and Collaboration is a Must For You

    6. Learn to sprint

    While undercover, if a bounty hunter spotted us, they captured and handcuffed us to a bench or a pole. We then had to escape from the handcuffs in a downtown area while people were awkwardly staring at us. After being trained for a week to survive a kidnapping, I had my mind set on not getting caught.

    Toward the end of the day, my team was walking through an outdoor mall when a bounty hunter spotted us. We looked at one another and went on a dead sprint through the mall. This took us on a chase through the back rooms of various stores, racing through a parking lot and running circles inside a Macy’s department store. As you can imagine, the pedestrians thought we were running from the police. All of our team went in different directions. I thought I was in the clear and started to walk when a bounty hunter came around the corner at that exact moment. I began to sprint as fast as I possibly could. I turned another corner and dove behind a pillar of a building. Unfortunately, as the bounty hunter walked by, he saw my reflection in the window and captured me. He then handcuffed me to a bench and walked away with a smile. I spent the next few minutes embarrassingly picking the handcuffs while people were walking by and giving me the most awkward looks.

    Business is very similar. There are deadlines you will have to hit even when you don’t want to. You will often need to push your limits to accomplish impossible things. You will need to flat-out sprint and hustle with everything you have got, and the more prepared you are for these moments, the better you will be able to handle them when they happen.

    Related: 5 Comfort-Crushing Tips to Reach Your Goals

    7. All things are possible

    The last lesson was that all things are possible. If goals are dissected into a simple step-by-step process (make a plan), it is much simpler to take each hurdle and obstacle that comes your way. It seems nearly impossible to be kidnapped, handcuffed, blindfolded, duct taped, waterboarded, shocked by a stun gun, escape from bounty hunters and accomplish 14 missions in one day that most people would struggle with working on only one. But we did it, and we did it because we were prepared, planned, worked as a team, were adaptable, remembered to breathe and ran as fast as we could when needed.

    I firmly believe that anyone can build a business if they believe in themselves and their dreams. Learning to survive a kidnapping was just one way to reassure me that anything is possible if you believe.

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    Chris Reynolds

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  • 9 Lessons Entrepreneurship Will Teach You

    9 Lessons Entrepreneurship Will Teach You

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    Opinions expressed by Entrepreneur contributors are their own.

    Once upon a time, my wife Jenna and I and our three kids under ten moved from San Francisco to Los Angeles, had another baby, and bought our first house together. This, we thought, is the perfect time to quit our jobs and start a business! [eyeroll]

    The idea of our company, Be Courageous, was born during the facilitation of a client session when the team was at odds with each other while exploring the future of their business. This quote from George Prince was on the wall: “Another word for creativity is courage.”

    I realized many of us stay trapped in old thinking and actions when we lack the conditions to be creative and courageous.

    A question emerged for me, “What would a world with an abundance of courage look like? How can I help create it?”

    With my experience in marketing, strategy and facilitation, and Jenna’s in psychology, human resources and operations, we founded our business consultancy, Be Courageous. Every year we’ve grown. Every year our impact has expanded. Every year we’ve learned.

    Here are some of our biggest learnings for those of you on your entrepreneurial journey.

    Related: The 7 Business Lessons You Should Learn by 30

    9 lessons from five years of learning

    As any reader here knows, starting and running a business is a piece of cake. Ha!

    For real, here is what we learned, having grown our U.S. business of two to a worldwide organization with dozens of clients and 35+ network partners while positively impacting nearly 1 million people in 82 countries.

    1. Agility

    One of our most in-demand programs with Fortune 500 companies this year has been our training on agile leadership. When you own your own business — the unexpected will happen. A successful entrepreneur adapts to new challenges and situations and creates lemonade from lemons.

    We have created programs we never thought we would in response to what the world has needed from us.

    Have a solid plan, but be flexible.

    Related: These Are the Core Elements Needed to Successfully Pivot Your Business

    2. Purpose

    We aim to activate courage in companies worldwide and align them with a planet-beneficial future. Yours might be to improve humanity’s mental health or lessen people’s stress by building an easier-to-use product. Whatever your purpose is, make sure you’re deeply passionate about it and that it fuels your actions.

    Use the strength of your purpose to courage through challenges.

    3. Superpowers (and kryptonite)

    We found more success when we identified and focused on our greatest strengths. We aligned our strengths with our values and the services we wanted to provide to our clients to solve a problem they faced.

    For example, my superpower is guiding businesses to realize their potential and future. My kryptonite is getting tripped up in the micro-details of spreadsheets. That’s where Jenna comes in. She leads operations with her superpower of keeping our company financially stable, growing and on the ground. I’m the visionary, and she makes it possible.

    Align your superpowers with your business goals and values. Find people who have superpowers you lack.

    Related: Find Your Flow Through Deep Work and Unlock Your Superpower

    4. Curiosity

    In an exponentially-changing world, having an open mind is the key to running a successful business. Be curious about skills you don’t have and new ways to solve problems. Challenges will arise, but if your curiosity remains peaked, you’ll always get to the solution positively. Ask, “What is the courage needed in this situation?”

    Curiosity may have killed the cat, but it feeds company growth. (We’re a dog company, anyway, no offense to cats.)

    5. Healthy company culture

    Create a team that feels safe, strong, empowered and able to share and receive ideas. When you foster personal connections with your team and your clients (yes, business is personal), you will thrive beyond competitors who are only in it for the buck.

    Develop a positive company culture to unlock the full potential of your team.

    Related: 4 Ways Leaders Can Create Award-Winning Corporate Culture

    6. Operational foundation

    While you don’t want to get bogged down in systems and processes, your business won’t thrive without a solid operational foundation. Get an understanding of legal, financial and team infrastructure.

    Stay pragmatic and, as we like to say, “aggressively conservative.” We make leaps, but only with a net.

    Develop systems to streamline your business, so you can focus on serving your customers.

    7. Integrity

    Many people make empty promises, which erodes trust over time. It’s far better to over-deliver on your word. Pay what you say you will, earlier than you say you will. We’ve established deep, trusting relationships with our clients. We foster community.

    We get callbacks five years after doing one program with a client because we don’t burn bridges; we build them.

    Show up with your heart, don’t be a jerk, and honor your word.

    Related: Understanding the Burden of Trust for Business Leaders

    8. Optimism

    Never doubt what you can achieve, yet don’t be disillusioned. Approach everyone you can as a holistic human being, putting aside bias. Presume positive intent and look for positive solutions. Expect people to be their best until proven otherwise. And even then, be graceful about terminating any relationships.

    Work and live from a place of abundance, not scarcity.

    9. Mindful hiring

    Be thoughtful about who you bring into your organization.

    We hire a type of person — not only for the exact level of expertise we need. We hire people in love with our vision. A person who can be adaptive and learn with us. Who is willing to put in the work for a shared purpose.

    Hire the right puzzle piece for your vision, not just how they look on paper.

    Related: Why Kindness Should Be Part of Your Hiring Process

    Bottom line

    Owning your own business isn’t for the faint of heart. It’s an ebb and flow of successes and learnings. But 20 years from now, if you look back, would you regret not doing something about your big and burning idea?

    Fear will never go away, but when the desire to fulfill your purpose outweighs the fear of risks involved, that’s when you know you’re made to be an entrepreneur.

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    Kyle Hermans

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  • Watch Out For These 3 Entrepreneur Death Traps

    Watch Out For These 3 Entrepreneur Death Traps

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    Inexperienced founders and first-time entrepreneurs who are excited about entering the realm of entrepreneurship often find themselves focused on “not important right now” items.

    You can generally tell when an entrepreneur is falling for the non-important. Their focus gets drawn out over a longer than necessary period of time for things like branded clothing, business cards and the proper titles. There is a flow of priorities in business that are always at play, and when you’re building a business, it is crucial not to waste resources on non-important right now priorities.

    To clarify the point, let’s look at a general overview of priorities broken down between experienced and inexperienced entrepreneurs:

    Inexperienced order of objectives:

    1. Figure out a name
    2. See if it’s available
    3. File to incorporate
    4. Wait for incorporation to go through, then get a business bank account
    5. Get a logo
    6. Get branded apparel
    7. Get the business cards
    8. Start to build a prospect list
    9. Get a customer

    The experienced flow of objectives

    1. Get a customer
    2. Continue to build a prospect list
    3. Figure out a name
    4. Maybe get a contact card
    5. Etc.

    Here is a list of three common flaws first-time entrepreneurs and founders face when starting a business.

    Related: The True Failure Rate of Small Businesses

    1. Understand the difference between an order of objectives and a flow of objectives

    Inexperienced entrepreneurs tend to think that things must be done in a set order to accomplish a goal. For example, I have seen multiple people start their entrepreneurial journey and turn away customers because they feel it’s necessary to follow the order of objectives above.

    That thinking — especially in the early stages — slows down execution rates because they bottleneck the next thing to be done. This causes friction, leading to burnout in a new entrepreneur.
    Meanwhile, an experienced entrepreneur knows that multiple objectives will be in play, working to accomplish simultaneously — especially at the beginning.

    The challenge is that the brain wants a perfect order, but that’s not how it always works; sometimes we have to focus on multiple things to see them through to accomplishment.

    A flow of objectives will vary on a case-by-case basis. However, the critical point, in the beginning, is to make sure the focus is on the right objective and, most importantly, the business shows some premise of viability. The objectives listed above can be completed in about a day — that’s not the issue. The issue is that the inexperienced tend to get caught up on the non-important and it pushes a one-day list into a one-week or one-month list or a not completed “I got distracted” list.

    Sometimes even setting up a legal business entity is not important right now. When it comes to small businesses, most can and should be started as a sole proprietorship — at least briefly before filing to incorporate. That said, there are specific industries where incorporating should be heavily considered.

    For example, a low-risk graphic design business might want to forge ahead and start conducting business. However, if it’s an industry with a risk of personal injury, it might make sense to incorporate it. (Always consult with a legal expert on what could be the best fit for you).

    Related: How Successful Entrepreneurs Stay Focused and Block Out the Noise

    2. Understand the risk and rewards of priorities

    Every action or inaction has a risk or opportunity cost, especially at the beginning, where the compounding effect is more significant. That being the case, looking at objectives in a risk vs. reward manner gives us guidance on tackling the objective list.

    An experienced founder will start by bringing on a new customer. It is rarely risky, and the reward is great — there is business growth, especially compounded over time. But following the inexperienced route risks all the resources used in steps 1-8 (time, money, mental capacity, etc.) in hopes of generating the reward of 9, bringing on a new customer. Furthermore, the risk is more significant because a founder might find that the actions in steps 1-8 might change with the compounding of time. Example: The logo might not be the best fit, or a C-Corp or LLC would have made more sense.

    This means we need to write down the steps and label them in priority of what needs to be done. You can always incorporate it later, change the logo, or get branded apparel later. While you can always get customers later, the focus of getting a new customer offers the greatest return on investment, especially at the beginning.

    An inexperienced founder who focuses on the wrong things from the beginning tends to focus on the wrong things until one of two things happens:

    1. They continue to waste resources sweating the “not important right now” until they run out of resources and the business dies.
    2. They continue to waste resources until they learn the appropriate type of execution for them. (Sometimes necessary, but why waste the resources when it’s preventable.)

    Option number two brings us to the third tip for starting entrepreneurship:

    Related: The Biggest Trap Of Entrepreneurship: Happiness ≠ Achievement

    3. Understand the type of entrepreneur you are. It’s not a one size fits all role

    Entrepreneurship mirrors life in that you cannot know who you are and how you operate entirely until you live through it. You might think that you can tackle one step by one step, only to discover that you are the type that needs to make progress on all fronts intermittently.

    Like life, there is no one-size-fits-all when it comes to Entrepreneurship.

    Certain key requirements are needed in the starting phase, but how those requirements are met is completely up to the individual. Experienced entrepreneurs who know who they are and how they operate best can create their chosen route to build an optimal company. Meanwhile, the inexperienced can use the tips listed above to build from scratch better.

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    Anthony D. Anselmo

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  • Mark Cuban’s advice for young people starting a business: ‘It really comes down to one simple thing’

    Mark Cuban’s advice for young people starting a business: ‘It really comes down to one simple thing’

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    Billionaire Mark Cuban was only 12 years old when he launched his first side hustle, so he knows what it takes to start a business at a young age.

    And, he says there’s one simple thing you need to consider if you want to do it, too.

    “The key to starting a business when you’re young is doing things that you can do yourself — things you can do with your own time,” Cuban recently told a group of high school students at Lewisville High School in Texas.

    That means starting with what you know, he noted.

    “If it’s a product, do something that’s easy for you to get and easy for you to sell,” Cuban said, adding: “It really comes down to one simple thing. The best businesses are things you can control and do yourself. That’s what being an entrepreneur is all about.”

    Cuban famously got an early start learning to run his own business as a pre-teen selling garbage bags door-to-door in a Pittsburgh suburb. Later, he sold a variety of collectibles, from baseball cards to coins and stamps, saying the proceeds helped pay for his college tuition.

    In each of those cases, Cuban used household items and collectibles that were accessible to a kid and sell them for a profit — following his own advice for teenagers today.

    Similarly, as a college student, he worked as a bartender and taught dance lessons to make extra money. Cuban later showed off his dance skills publicly by appearing on “Dancing With the Stars” in 2007, finishing 8th in the competition.

    “I was a hustler … I have always been selling. I always had something going on. That was just my nature,” Cuban said during a 2016 episode of ABC’s “Shark Tank.”

    Now, Cuban says he regularly tells kids and teenagers looking to start their own businesses to do what he did. Build around “something they can make or a service they can offer to friends, family and neighbors,” he told CNBC Make It in September.

    That’s easier said than done, of course: Successfully launching and growing your own business is infamously challenging. Roughly 20% of new businesses fail within a year of launching, according to data from the U.S. Bureau of Labor Statistics.

    “Being an entrepreneur and starting a business doesn’t mean it’s going to be easy and all of a sudden you make a lot of money,” Cuban told the students at Lewisville High School. “Being an entrepreneur is the harder way.”

    If it was easy, he added, “you all would already be doing it and coming on ‘Shark Tank’ and taking my place.”

    Finding something you can control and do yourself is hard enough. Becoming great at it — which, incidentally, is Cuban’s No. 1 rule for making money — is a lot harder.

    It involves extensively researching your business plan and potential competition, seeking out funding, and creating backup plans to allow for flexibility if you need to adjust on the fly, the billionaire has previously said.

    As long as you don’t mind putting in that work, especially after you choose your business opportunity, a world of opportunity can open up for you, Cuban told the high school students.

    “If you’re willing to take the initiative and start a business, anything is possible,” he said.

    Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”

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    Don’t miss:

    Why Mark Cuban called this ‘Shark Tank’ CEO who brought in millions ‘a great case for what not to do’

    Mark Cuban: Here’s why you should teach your kids to be entrepreneurs

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  • Fortnite players are getting $245 million in refunds — here’s who qualifies

    Fortnite players are getting $245 million in refunds — here’s who qualifies

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    Epic Games, creator of the massively popular video game Fortnite, was hit with the Federal Trade Commission’s biggest penalty ever for a rule break this week.

    The developer was ordered to pay $520 million for violating the Children’s Online Privacy Protection Act as well as for tricking millions of players into making unintended in-game purchases using a technique called “Dark patterns.”

    Fortnite is free to play and makes billions of dollars from in-game purchases such as digital skins for players’ characters and seasonal “Battle Passes” that provide useful items as a user spends more time playing.

    In a release breaking down Epic’s violations, the FTC said that the game’s “counterintuitive, inconsistent and confusing button configuration led players to incur unwanted charges based on the press of a single button,” including while players thought the game was in sleep mode or in a loading screen.

    “These tactics led to hundreds of millions of dollars in unauthorized charges for consumers,” the FTC said.

    Fortnite allowed children to purchase its in-game currency “without requiring any parents or card holder action or consent.” Parents complained that their kids “racked up hundreds of dollars in charges before they realized Epic had charged their credit card without their consent.”

    “The laws have not changed, but their application has evolved and long-standing industry practices are no longer enough,” Epic said in a statement in response to the penalty. “We accepted this agreement because we want Epic to be at the forefront of consumer protection and provide the best experience for our players.”

    Of the $520 million fine, $245 million will be set aside for customer refunds.

    Are you eligible for a Fortnite refund?

    Three groups can expect to receive money back:

    • Parents whose kids made unauthorized purchases in the Epic Games Store between January 2017 and November 2018
    • Players who were charged Fortnite’s in-game currency for items they didn’t intend to buy between January 2017 and September 2022
    • Players who disputed unauthorized charges with their credit card companies and, as a result, had their accounts locked

    When will the FTC’s Fortnite refunds be paid out?

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