ReportWire

Tag: Growing a Business

  • The Most Successful Entrepreneurs Know When to Say ‘No’ | Entrepreneur

    The Most Successful Entrepreneurs Know When to Say ‘No’ | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    “We’ve said no to Fortune 500 companies,” said Tim Bergler of Percipio Group Consulting during an expert panel session with 50 entrepreneurs in the room. Bergler was sharing the one piece of advice he would give new entrepreneurs in Portland, Oregon’s EO Accelerator program. “Don’t be afraid to say no if you can’t nail the work for your customer,” he continued. His answer rang a bell for me.

    Recognize the power of no

    As I thought about the most successful entrepreneurs I know, I realized they say no to most “opportunities.” When I reflected on my companies, I noted that our greatest successes occurred after we got really clear on what we would not do.

    The overarching issue is that most people say yes too much. When you start a business, you mostly think about what you will do — which is pretty much anything to grow the company. So, you say yes to everything and focus on getting more sales however you can. And while that might work in the short term while you are smaller, it doesn’t work long-term, and may even keep you smaller.

    That’s because as a growing company, resources are finite and can easily be wasted. Saying no is critical because it empowers you to focus your limited resources — people, time, money — on the core elements that drive success best.

    Related: Stop Overworking Yourself Because You Say ‘Yes’ Too Often — Here’s How to Harness the Power of a Simple ‘No’

    Devise your “Won’t Do” list

    While it feels counterintuitive, the most crucial question to ask is: “What won’t we do?” Gather your team and make a thorough “Won’t Do” list. Be thoughtful about it and commit to the result. Watch how this exercise focuses and propels your company.

    Businesses with a narrow focus on delivering only what they can nail for the customer — a product or service not readily found elsewhere — are the successful ones. Think about all the businesses you love. Are they doing everything for everybody, or just one thing exceptionally well?

    Take the grocery business. Standard grocery stores sell an astonishing range of food items in a super-competitive segment with low profit margins. Compare that with Costco or Trader Joe’s, which are high-profit and focused on what will or won’t sell. They only stock value-added items that customers can’t find elsewhere. The top fast-food businesses — McDonald’s, Starbucks, Dunkin’, Chick-fil-A and Taco Bell — all have strong “Won’t Do” lists.

    A recent headline referenced “the most important stock on planet Earth,” which rose from obscurity to a $2 trillion valuation because of its “Won’t Do” list. That company, Nvidia, creates technology that enables AI. Nothing else.

    Related: Focusing as an Entrepreneur Is All About Choosing Opportunities Wisely

    The impact of strategic omission

    I failed to create a “Won’t Do” list for my first company, a commodity business that wasn’t particularly successful.

    The second time around, my self-storage business was way more focused. We shopped our largest competitors — Public Storage, Extra Space Storage and CubeSmart. Then, we thought deeply about what we could provide that they did not, as a way to differentiate ourselves.

    We made a comprehensive list detailing what we did not like about those companies. That list informed our “Won’t Do” list, which includes:

    • Change our prices every day
    • Upsell or push extra products/services
    • Save hidden costs for move-in
    • Route calls through a call center
    • Act like our customer is bothering us
    • Mandate insurance
    • Be a national company
    • Put a customer in a space that isn’t right for them

    That list is simple but magical. It does four remarkable things:

    1. Determines what you will do. Deciding what you don’t like and won’t do is a hack to identify what you will do, which is basically the opposite. Establishing a “Won’t Do” list creates a clear, inspiring answer for what you will be to your customer.
    2. Becomes the ultimate time-saver. By eliminating what you won’t do, you create space to focus on what you will do — and enhance that offering.
    3. Simplifies decision-making. Decisions are either on-brand or off-brand; the list makes it quite obvious.
    4. Clarifies your brand in a way you otherwise couldn’t. When you nail what you will do, your company will be more successful and profitable. You offer something unique that is not a commodity.

    Your “Won’t Do” list is an essential business tool. It doesn’t only limit business scope — it can also help shape how you operate; your business practices, pricing structure and how you will treat your customers. A plumbing company might opt out of electrical work but also exclude practices such as overcharging, pushing upgrades or setting half-day-long appointment windows. Ultimately, a “Won’t Do” list streamlines your focus and helps narrow your niche.

    Related: How to Say ‘No’ More Often: Why Every Entrepreneur Needs a ‘To-Don’t’ List

    Focus your business with boundaries

    Back to Bergler, who ran a management consulting company with a narrowly defined space where they could add significant value. He was as selective about the quality of people on his team as he was with the type of business they would do. The resulting quality of work put them in high demand. Eventually, incoming work opportunities exceeded capacity. He turned a lot of business away and even referred clients to competitors when he felt his company could not truly nail it.

    As a result, clients started to approach Bergler first because they had so many misses with sub-par competitors. It made Bergler the preferred provider for their best clients. When he chose to sell the business, multiple buyers were confident in the company’s durable income because of its 20 years of consistent performance and sky-high customer satisfaction.

    With our self-storage company, we enjoyed a lot of success quickly. Our differentiated brand made us a customer favorite, earning us higher marks than the big-box companies and ultimately making us a great acquisition candidate when we chose to sell.

    When we started a new company focusing on vehicle storage, one of the first things we did was shop our competitors and brainstorm our “Won’t Do” list.

    As I think of the many businesses I know through 20 years in the Entrepreneurs’ Organization, I can tell you there is a robust correlation between success and abiding by a strong “Won’t Do” list. Do yourself a favor: Make your “Won’t Do” list today.

    Barry Raber

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  • This One Thing Is the Secret to Higher Email Open Rates | Entrepreneur

    This One Thing Is the Secret to Higher Email Open Rates | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    By next year, people around the world will send and receive 376 billion emails every day. Inboxes are jam-packed, so capturing your customers’ attention is only getting harder. Want to stand out and get more clicks? Stop obsessing about your subject lines. Instead, focus on email relevance and quality.

    A ZeroBounce report suggests that 47% of people open a brand email not because of the subject line but because they always get relevant messages from that brand. Subject lines come second in enticing someone to open an email, the report shows, based on a survey of American and European email users.

    So, how can you make your emails better, deliver constant value and boost your metrics? Here are eight habits to adopt today.

    1. Make sure people recognize you

    Since email open rates often hinge on trust in the sender, you must be instantly recognizable in people’s inboxes. Make sure your “From” name is consistent across all the different types of marketing emails you send. For instance, if your sales team contacts prospects, their “From” name should reflect your brand, such as “Paul from Entrepreneur” instead of “Paul Jones.”

    Related: 11 Common Email Marketing Mistakes (and How to Fix Them)

    2. Show up for your audience

    The value your emails deliver carries the most weight, but it will only make an impact if you send those emails regularly. To determine your sending schedule, be realistic: How many emails can you commit to? If all you can send is one newsletter a month, that’s fine — as long as you show up in the inbox like clockwork.

    3. Segment your email list

    Sending the same email to all your subscribers is unlikely to drive engagement. Your customers are in various stages in their journey with your business. Some may be new sign-ups yet to make a purchase, while others are regular customers. Use filters to create separate groups and reach out with emails that make sense to each segment.

    4. Personalize each message

    Segmenting your email list is the first step to email personalization. But if you want to build further trust in your brand, make every subscriber feel as if you wrote that email just for them. Address their pain points and provide easy ways to alleviate them. Offer fresh ideas and content that caters directly to their needs. This approach fosters a deeper, instant connection.

    5. Listen to your audience

    Want to improve your email content overnight and increase engagement? Dive into your customer support tickets, social media channels and industry forums to find out exactly what people are discussing. If you host webinars, save all the questions people ask in the chat. Gather all this info in a document, and you’ll have a steady stream of relevant topics in your emails.

    Related: 5 Things You Can Do to Improve Your Email Marketing

    6. Keep your emails short

    28% of the email users ZeroBounce surveyed said the length of an email doesn’t matter as long as that email is tailored to them. Once again, we see how important segmentation and personalization are. However, 66% stated they prefer short emails, so if you can make your emails both relevant and short, you’ll get higher open rates. Bonus: you’ll probably spend less time on your email marketing.

    7. Infuse warmth into your tone

    Before you send your next email, take a moment to read it out loud. Ask yourself, does it sound like a conversation you’d have with your customers in person? Corporate jargon can be a communication barrier. Consider toning it down and infusing your emails with more warmth and personality. In the age of AI, sounding more human helps you stand out.

    8. Make unsubscribing easy

    Allowing subscribers to leave your email list easily isn’t just sensible; it’s also a critical email deliverability rule. Recent sending requirements from Google and Yahoo emphasize that people should be able to unsubscribe from emails with just one click. Consult with your email marketing platform and test your unsubscribe process. If you don’t follow this rule, you may see a spike in spam complaints, which can relegate your emails to the spam folder.

    Bonus tips: ensure your emails arrive in the inbox

    Adopting the good habits above will give you a boost in clicks, but imagine putting all this effort into your emails only for them to land in spam. To help them go to the inbox, remember to:

    • Remove invalid contacts and avoid bounces – your bounce rate should never exceed 2%.
    • Authenticate your emails to comply with Google and Yahoo‘s requirements.
    • To prevent spam complaints, avoid emailing people who haven’t given you permission.

    Finally, sending emails from a reliable platform is critical to your email deliverability. Choose a trustworthy company and get expert advice if you suspect your emails aren’t landing in the inbox.

    Liviu Tanase

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  • CEO Mindset Quotes That Keep Me Honest and Inspired | Entrepreneur

    CEO Mindset Quotes That Keep Me Honest and Inspired | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Quotations are popular for a reason — sometimes a short piece of wisdom is exactly what’s needed to inspire you, keep you honest or ground you in your values. The ones that tend to stick with you might be large ideas contained in small pieces of text or simple advice that helps you remember something important. They can feel inspiring and give us principles to remember to live by.

    I’m known to wear a variety of printed T-shirts with words of motivation on them to help me remember something important to me and to inspire others around me because I love to share an inspiring message. So here are eight of my favorite quotes for CEOs and why I think they’re useful to remember:

    Related: 30 of the Most Inspirational Leadership Quotes

    1. “If you don’t have an assistant, you are one!” — Cameron Herold, author and coach

    One of my favorite quotes that got me to take action was this one from Cameron Herold. This quote represents one of the most important lessons for an entrepreneur to learn — your time is your most valuable resource, so spend it on the tasks that are most important. That means delegating anything that doesn’t require your level of expertise. Would you pay someone your salary to do the work of an assistant? If you don’t have one, you’re already doing that!

    2. “It’s okay to admit what you don’t know. It’s okay to ask for help. And it’s more than okay to listen to the people you lead — in fact, it’s essential.” — Mary Barra, CEO of General Motors

    Strong leadership requires some level of vulnerability. Admitting when you don’t know something, asking for help and listening to your employees are markers of an effective leader. The leader who tries to do it all on their own will never accomplish as much as the leader who values the expertise of others.

    3. “All our productivity, leverage and insight comes from being part of a community, not apart from it. The goal, I think, is to figure out how to become more dependent, not less.” — Seth Godin, author and speaker

    One of the most important leadership lessons to learn is that your greatest business asset is your team. Each person brings a unique perspective and skillset, and the best innovations happen in collaboration. Your community extends beyond just your team as well — friends, mentors and family members all provide valuable, enriching relationships. Don’t neglect them.

    4. “No legacy is so rich as honesty.” — William Shakespeare

    If there’s anyone who managed to set a remarkable legacy, it was Shakespeare. More than what you accomplish, people will remember the way you behaved. And your legacy doesn’t just start after you die; it’s already in action, in the way people associate with you. A legacy and reputation as an honest person will take you far.

    Related: 15 Quotes on Success From America’s Top CEOs

    5. “You can’t use up creativity. The more you use, the more you have.” — Maya Angelou

    As the CEO of your business, your creativity is one of your most valuable skills, so it’s worth taking the time to practice it. I’m known for dedicating a day each week to creative endeavors to help keep my creative muscles in shape. And I highly encourage everyone to make intentional time for creativity, because the more often you do it, the more easily ideas will come to you.

    6. “A pessimist is one who makes difficulties of his opportunities and an optimist is one who makes opportunities of his difficulties.” —Harry S. Truman

    Stop letting your thoughts get in your way. It’s easy to adopt a pessimistic attitude under the guise of “realism,” but the reality is that it’s optimists who tend to get the best outcomes. Why? Because they’re not easily discouraged, so they’re more likely to learn from their mistakes and keep trying. As opera singer Robert Breault said, “The realist sees reality as concrete. The optimist sees reality as clay.”

    7. “What looks like multitasking is really switching back and forth between multiple tasks, which reduces productivity and increases mistakes by up to 50%.” — Susan Cain, author

    If you’re anything like the majority of entrepreneurs I know, you’re always trying to do more with your time. Time is your most valuable resource, so it’s important to use it wisely — which is exactly why multitasking is a bad idea. You’ll always get more done when you dedicate your focus to a single task and give it your all.

    Related: ‘Let’s Punch Today in the Face!’ 20 Inspiring Quotes and Sayings That Motivated Successful Entrepreneurs

    8. “The best way to drive performance in an organization is to create an environment in which information can flow freely, mistakes can be highlighted, and help can be offered and received.” — Simon Sinek, author and speaker

    Creating a productive workplace culture can seem dauntingly complex to many executives, but the core of it is collaboration, where each employee is given the resources to perform their best. And in order to have strong collaboration, you need a creative and judgment-free environment where people can bring their ideas, perspectives and expertise to the table, communicate freely, take ownership over their tasks, ask for help when needed and have the freedom to make mistakes. When you create a culture of collaboration, that’s where innovation begins.

    If you found one of these quotes particularly inspiring or helpful, write it down on a sticky note and put it somewhere you can see it regularly. Sometimes these short reminders are exactly what we need to refocus and maintain our perspective.

    Jason Hennessey

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  • How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Business-minded entrepreneurs are focused on one path to success: establishing a business and achieving sustainable growth. While the direction is clear and the mission is straightforward, the path is full of challenges and missteps — but more importantly, there are opportunities.

    More often than not, the path to sustainable growth requires creativity. For example, a fitness studio that sells class passes and memberships will eventually hit a revenue plateau. This happens when growth stabilizes and income from the core service hits a predictable cadence. While there are still opportunities to sell more classes and memberships, the reality is that other revenue streams — specifically, value-add products and services – are what will truly help scale the business.

    What are value-added products and services?

    Value-add products and services enhance the customer experience, address pain points and demonstrate the company’s commitment to providing exceptional value. These “perks” offer customer benefits that go beyond the business’s core products or services.

    Offering value-added products and services to your existing customer base can create more loyal customers, which in turn can lead to increased revenue, improved customer retention, and a reinforced brand reputation.

    Related: 3 Easy Ways of Getting Value Addition Right During Entrepreneurship

    Here are three value-add products and services that can help your business scale:

    1. Digital cards

    Digital cards are virtual business cards stored in a digital wallet. They can be shared electronically via QR code scans, email, social media or messaging apps.

    Digital cards provide a convenient, digitized way to share your company’s contact information, keep customers updated in real-time, and offer exclusive deals, offers, or other perks. In essence, they help increase a brand’s visibility by always being a few taps away. The cars can also improve customer engagement and enhance the customer experience by providing special discounts or notifications exclusive to those who have the digital card.

    Some platforms can help you create and manage a digital card, and most are affordable and turnkey. The predicted ROI of the investment is tied to awareness and engagement, which, when activated with an accompanying strategy, will boost sales and revenue.

    To launch a digital card initiative, research digital care platforms and identify the providers that offer solutions aligned with your business goals, needs, and budget.

    2. Extended warranties and service plans

    While not always looked at as value-add, extended warranties and service plans provide coverage beyond a standard manufacturer’s warranty. These warranties and plans offer peace of mind to customers and can increase their confidence in your products or services.

    The additional perks and sense of security can increase customer satisfaction. If your company has the capacity and can help resolve customer issues quickly and effectively, these benefits can reduce customer churn, increase customer lifetime value, and enhance the company’s reputation and dedication to quality and satisfaction.

    The investment associated with extended warranties and service plans will vary depending on the product or service and the length of coverage. To determine the viability of this option, create a cost-benefit analysis, which will help determine if this value-added option will be beneficial and worth the investment.

    If you plan to add extended warranties or service plans to your business, evaluate the demand to ensure your customers will appreciate them. Then, find a reputable partner who can help ensure the new offerings are legally sound, competitive, and will meet your customers’ needs.

    Related: If You Want Your Clients to Truly Value You, You Need to Be Their Trusted Advisor. Here’s How.

    3. Loyalty programs

    Loyalty programs are most often focused on rewarding customers for their continued patronage. The programs encourage repeat business and foster brand loyalty by recognizing and rewarding customers based on their behaviors (and the rewarded behaviors can go beyond just the purchase history).

    Whether the loyalty program is perks-based or offers rewards points associated with discounts and coupons, loyalty programs ultimately incentivize customers to keep coming back. They enhance and trigger engagement and offer opportunities for feedback. In addition, loyalty programs launched with the right intentions and an effective structure can provide valuable first-party customer data that will help you understand your customers’ preferences and lead to a higher degree of personalization and targeted offerings.

    To implement a loyalty program, identify the “loyal” audience (demographics, behaviors, etc.) and program goals, and map out the program structure. Then, do some research and contact loyalty program providers that offer a platform and tech stack that complements your existing infrastructure.

    Leverage value-add products and services to scale

    To scale a business, you don’t have to reinvent the wheel. You can add value and create additional revenue streams by staying true to your business and developing complementary products or services that align with what you offer and what customers want. Adding these digital offerings can make it simpler to scale by boosting profitability and accelerating business growth.

    Louis Lombardi

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  • Master This Crucial Business Skill to Become a Better Leader | Entrepreneur

    Master This Crucial Business Skill to Become a Better Leader | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In my 22+ years of marriage, my wife and I have traveled around the world and experienced many different cultures and sightseeing excursions. We especially love scheduling tours with local guides who cherish their home country and know all the facts and stories to share with tourists. One specific memory was on a trip to Paris, France in a motorcycle with an attached sidecar.

    Most people traveling to Paris are focused on their classic picture in front of the Eiffel Tower, but this turned out to be more unique and memorable for one specific reason: Our tour guide’s stories and communication style. On his own motorcycle, he rode in front of us, navigating through the side streets and unknown paths of Paris and its suburbs, stopping along the way to share stories and facts that brought the rich culture and history to life.

    He later shared that he also offered the same Paris motorcycle tour daily in French, German and Italian. This gentleman was able to overcome the language barriers and translate his love for France in a way that would connect with any tourist from any background. The fact that he could do this in four different languages fluently was not just impressive; it was a powerful reminder of the universal importance of great communication skills.

    In business, the ability to communicate well transcends the need to master multiple languages. It’s about conveying your message, vision and values in a way that resonates with people, regardless of their industry or background. While you may not all be learning to speak four languages fluently, enhancing your communication skills is pivotal for success in any business. As technology continues to evolve and advance, the fundamental skill of engaging effectively with others remains timeless and invaluable.

    Related: How Better Communication Skills Can Make You a Better Leader

    Delivery is critical

    The essence of communication lies not only in what you say but in how you say it. The delivery of your message can dramatically affect its reception. Just as my Parisian guide chose his words and modulated his voice to captivate and educate, business leaders must also focus on their delivery. This involves the tone, pace and emotion behind the words.

    A well-delivered message can inspire, motivate and persuade, making it one of the most powerful tools in a leader’s arsenal. Whether you’re presenting to stakeholders, pitching to investors or leading your team, the way you deliver your message can be the difference between success and failure. Think of how often a text or an email is misinterpreted because you didn’t capture the tone and intention as the sender intended it to be received.

    Keep your audience in mind

    Understanding your audience is crucial for effective communication. This means tailoring your message to meet their interests, needs and level of understanding. The motorcycle guide knew exactly how to engage his diverse audience, using cultural references and humor that resonated across different nationalities. He actually related things to us with some American humor and sarcasm.

    In business, knowing your audience can help you decide the best approach to take, whether it’s in a marketing campaign, a business negotiation or even an internal team meeting. It’s about connecting on a level that’s both relatable and understandable, ensuring your message is not just heard but felt and acted upon.

    Not all communication is effective

    Effective communication is about clarity, conciseness and coherence. It’s about making your point without overwhelming your audience with unnecessary jargon or complexity. Simplicity is often the key to understanding, but achieving it requires a deep understanding of the subject matter and the ability to distill it into its most essential elements.

    Remember, it’s not about dumbing down your message but about elevating it to a level where it becomes accessible and impactful. Like the guide who condensed the vast history of Paris into digestible, engaging stories, a skilled communicator can transform complex ideas into clear, compelling narratives.

    Related: 7 Leadership Communication Blunders That Could Make or Break Your Company

    Embrace feedback for continuous improvement

    A crucial aspect of communication that complements the earlier points is the willingness to receive and incorporate feedback. Just as a guide might adjust their tour based on the reactions and interests of the group, effective business communicators must be open to feedback from their audience. This not only helps in refining the message but also in building stronger relationships.

    Feedback provides insight into how your message is perceived and offers opportunities for improvement. By embracing constructive criticism and adapting your approach, you can enhance your ability to connect with others and make your communication even more effective. Ultimately, the goal is to foster an environment of open dialogue where ideas can be exchanged freely and innovation can thrive. This adaptability not only enriches your personal growth but also significantly contributes to the success and dynamic evolution of your business endeavors.

    Keep in mind that your career and success will depend on your ability to communicate well. This is a cornerstone of successful business leadership. It’s a skill that enriches every interaction, from negotiating deals to inspiring your team. Like the art of speaking multiple languages, it opens doors to new opportunities and fosters connections that transcend cultural and linguistic barriers. As you navigate the ever-changing landscape of business and technology, let’s commit to honing this timeless skill, for it’s through the power of communication that we can truly lead, inspire and achieve greatness by turning ideas into action.

    Related: 5 Steps to Communicate Like a Boss

    Chad Willardson

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  • Change Your Attitude Towards AI — And Harness Its Power For Success | Entrepreneur

    Change Your Attitude Towards AI — And Harness Its Power For Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    2023 was a year of major AI disruption. Particularly in the genre of prompt-based content creation, we saw the sporadic boom of unending tools. The public-facing version of Chat GTP reached millions of users within months of its launch.

    However, even with leaping numbers in favor of Gen AI, entrepreneurs are constantly wondering if it’s all hype or if Gen AI truly has the potential to bring long-term business benefits.

    Also, the constantly booming use case of prompt-based AI has brought entrepreneurs to the debate about the ethical use of AI. We must not forget that the foundational nature of AI links its resources to a large amount of unidentified data.

    While this means anyone without tech knowledge can leverage such foundational models of Gen AI, it also means that the process can yield default or less accurate information, leading to even data hazards.

    Related: 6 Positive Impacts of Artificial Intelligence on Digital Marketing

    A recent Accenture report says that 76% of C-suite leaders see generative AI as an opportunity for streamlining operations, reducing costs, and business growth. However, nearly 72% of respondents are investing in AI with caution due to concerns about its responsible use.

    Let’s first discuss the primary areas that hinder growth-minded businesses from implementing AI systems:

    1. Strategy: There’s palpable confusion about how AI can transform competitive dynamics and add value to business models. Most C-suite leaders are unsure how to map the financial and non-financial value generated by AI models so that they can generate the best value for their businesses. Also, in most cases, there exist huge complexities regarding the contractual and logistical viability of AI partnerships.
    2. Technology: Most leaders are still unsure which parts of their proprietary data and tech stacks should be made redundant or can be capitalized on more in the future. Leaders also witness massive capabilities and skill gaps with regard to AI system operations.
    3. Compliance: AI governance is rapidly evolving with increasing data threats. This puts leaders in uncertainty about how AI regulations will pan out across jurisdictions in the future.
    4. People: There is an increasing concern within human resources about the future of work as most perceive AI as their replacement. Next-gen leaders are still unsure how to rationalize this change management in their business.
    5. Stakeholders: Business leaders face resistance not just from human resources but also from partner networks. Most C-suite leaders struggle with AI adaptability in their partner networks, which lack tech sophistication in streamlining, securing, and reprocessing data fabrics for AI integration.

    In this article, we will discuss a few ways for business leaders to develop an actionable AI strategy. Let’s get started.

    1. Make amplified human capabilities the key focus

    AI modules are designed to evolve for sure. But they do lack emotional intelligence and moral thinking. When integrating AI into business, as a C-suite leader, you must remember that AI is not a means to replace your human resources but to complement and further augment their operational capabilities.

    There’s also a need to build confidence in your AI systems with some fundamental models. Your goal should be to create impenetrable and actionable yet adaptive AI strategies that align with global compliances and constraints.

    2. Have a designated AI control center

    At the moment, as much as the chasm is about reaping the benefits of Gen AI, more and more business leaders are concerned about AI hazards. Built with human-like tech intelligence, Gen AI can spiral out of hand without definite control.

    Also, you must align your AI strategies with a long-term business vision to reap maximum benefits. When integrating AI, you cannot centralize your business’s technical capabilities. Instead, you must have a leader with strong digital transformation capabilities and adept knowledge of AI risk and governance to design ROI metrics, establish business-wide best practices, align your strategies with financial goals, reduce risks, and, most importantly, capitalize on value from AI investments.

    3. Consider AI as a model to transform from ground zero

    We are at this very crucial crux of tech evolution, where tech investments can no longer be about transforming only specific business functions. And with AI, the need is more about reimagining entire business processes.

    Until now, you must have wondered, “How can AI make my business process efficient?” Now it’s time to consider, “How can AI help me innovate my business process further?”

    You must aim to drive the maximum impact of AI systems right from ground zero but with strict governance.

    Related: I Tested AI Tools So You Don’t Have To. Here’s What Worked — and What Didn’t.

    4. Take a look at gaps – both talent and technology

    Redundant tech architecture and skill gaps of resources are the biggest constraints of the AI growth strategy. To leverage the optimum value of AI, you need to take a closer look at restrictive data structures and outdated tech systems first.

    As a leader, you must restructure data fabrics, computational powers, and architectural capabilities to integrate AI into your enterprise systems. You also need to cleanse, secure, and process your proprietary data for seamless AI adoption.

    Also, you need to realize one critical aspect of AI expectations: It can’t improve work if your human resources are redundant and restricted to acceptance and adoption. Upskilling your employees to elevate them into AI and data-enabled roles is a crucial need of the era.

    Takeaway

    The uncertainties around AI integration are real. However, that shouldn’t stop you from reaping its proven potential. AI disruption is the order of the era, and as a business leader, you can evade its drawbacks with a monitored and practical AI strategy.

    Think about the post-Covid era, where high-growth businesses faded away because they refused to move with the much-needed tech disruptions. The tech world has surely moved towards more sustainable practices now, but as a fast-moving business, you cannot let go of a disruptive model that’s bound to be the hero of tomorrow.

    So, proceed with caution, take stock of your AI investment, but don’t hesitate to innovate with Gen AI.

    Divyesh Patel

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  • How to Be an Better Communicator in 7 Steps | Entrepreneur

    How to Be an Better Communicator in 7 Steps | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Back in the late 1980s, when I was in the early stages of establishing my advertising agency, an invitation came my way to speak at a Chamber of Commerce event in Upstate New York. I turned it down. At that moment, the idea of declining might have seemed counterintuitive, especially given my aspirations to grow my business.

    The reason? I was afraid. Fear held me back from seizing an opportunity that could have propelled my agency forward. Not long after that failed opportunity, a pivotal moment arrived during a staff meeting. A few days after the meeting, my Art Director approached me with feedback that was both unsettling and enlightening. He said that everyone had been confused about a particular topic I had discussed, yet no one felt comfortable confronting me about it.

    This incident served as a wake-up call, prompting me to confront my fears and recognize the crucial role effective communication plays in business success. It was clear that if I intended to thrive as a businessperson, especially in a leadership role, mastering the art of public speaking was not just an option — it was a necessity.

    Fast forward to today, forty years later. I started and ran a very successful advertising agency for nearly twenty years. I have been speaking and training globally for over twenty years. I can say with 100% certainty that focusing on better presentation skills after that feedback from my employee was the most important career decision I’ve ever made.

    Related: The Complete, 20-Step Guide to Ace Public Speaking

    You don’t have to be a professional speaker to speak like a professional

    Throughout my career, I’ve had the distinct privilege of coaching aspiring professional speakers as well as numerous executives, guiding them toward becoming not just better communicators but compelling presenters. Whether it’s delivering a critical pitch to board members, leading a staff meeting, or captivating an audience at industry conferences, the power to communicate with both passion and precision is paramount. And by precision, I mean far more than just covering bullet points. It’s about hitting those crucial, emotionally charged points that truly connect with your audience.

    Related: What is a Keynote Speaker and Why Are They Important?

    Improving presentation skills is an ongoing process that can significantly enhance a leader’s effectiveness and ability to achieve organizational objectives. Here are seven steps to becoming a better presenter and a more effective communicator.

    1. Understand your audience: Begin by researching and understanding your audience. What are their interests, challenges, and expectations? Tailoring your message to the audience’s needs and perspectives increases engagement and impact.
    2. Master your content: Know your material inside and out. This doesn’t mean memorizing your presentation word for word but being comfortable with the content so you can adapt on the fly, answer questions, and engage in meaningful dialogue.
    3. Practice relentlessly: If possible, practice your presentation multiple times in various settings. This can include practicing in front of a mirror, with a trusted friend or colleague, or recording yourself to review your performance. The goal is to become comfortable with your delivery and refine your pacing, tone, and body language.
    4. Engage with storytelling: Incorporate storytelling into your presentations. Stories are powerful tools for making complex information understandable and memorable. Use personal anecdotes or hypothetical scenarios that resonate with your audience’s experiences.
    5. Hone your nonverbal communication: Pay attention to your body language, eye contact, and use of space. Nonverbal cues can reinforce your message or, if not managed well, distract from it. Ensure your posture is confident, your gestures are purposeful, and you maintain eye contact with your audience to build a connection.
    6. Manage nervous energy: Learn techniques to manage anxiety and nervous energy. This can include deep breathing exercises, positive visualization, or a pre-presentation routine that helps you center yourself. Recognize that some nervousness is natural and can be channeled into dynamic energy that enhances your presentation.
    7. Seek feedback and continuously improve: After each presentation, seek constructive feedback from peers, mentors, or audience members. Reflect on what worked well and what could be improved. Consider working with a coach or joining organizations like Toastmasters International to gain insights and practice in a supportive environment.

    By following these steps and committing to continuous improvement, you’ll become a better speaker or presenter and a more effective communicator, capable of inspiring and leading others with confidence and clarity.

    Related: 10 Public Speaking Hacks I Learned From My TED Talk

    Remember, effective public speaking is essential in leadership — it’s not just a skill. It’s a necessity. Now, let’s delve into the key benefits of mastering presentation skills for any leader.

    1. Influence and persuasion: Effective presentation skills enable leaders to influence their audience’s attitudes, beliefs, and behaviors. Persuasive presentations can motivate teams, sway stakeholders, and drive organizational change. A leader who is a compelling presenter can better advocate for their vision, inspire action and garner support for initiatives.
    2. Clarity and direction: Leaders often need to communicate complex information, strategies, and visions to a diverse audience. Being a better presenter helps ensure that messages are delivered clearly and concisely, reducing misunderstandings and aligning the team with organizational goals. Clear presentations help demystify complex issues and provide a roadmap for what needs to be done.
    3. Credibility and trust: Presentation skills are directly tied to a leader’s credibility. Leaders who present confidently and effectively are more likely to be perceived as knowledgeable and competent. This perception builds trust within the team and among stakeholders, which is essential for effective leadership and collaboration.
    4. Engagement and inspiration: Dynamic presentation skills help leaders engage their audience emotionally and intellectually. By being a better presenter, a leader can connect with their audience on a personal level, fostering a sense of community and shared purpose. This engagement is crucial for inspiring teams and driving them to embrace challenges and achieve goals.
    5. Adaptability and impact: Leaders must be able to tailor presentations to different audiences and situations. Effective presenters can adjust their message, tone, and delivery to suit the situation, whether they’re motivating a team, pitching to investors, or speaking at a large conference. This adaptability maximizes the impact of their communication, ensuring that their messages resonate broadly and drive desired outcomes.

    In conclusion, becoming an exceptional presenter is a personal and professional evolution, marking a leader’s commitment to excellence and influence. It’s a path that amplifies a leader’s effectiveness and elevates the entire organization. For leaders aiming to leave a lasting imprint on their teams, stakeholders, and industry, refining presentation skills is not just a strategy — it’s a mission. As we’ve seen, the benefits are clear, transformative, and within reach for those ready to embrace the challenge and harness the power of truly impactful communication.

    Scott Deming

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  • How to Leverage Uncertainty, Volatility and Stress for Unprecedented Growth and Innovation | Entrepreneur

    How to Leverage Uncertainty, Volatility and Stress for Unprecedented Growth and Innovation | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Over a decade ago, esteemed statistician and essayist, Nassim Nicholas Taleb wrote a series of arguments about organisms or systems that do more than just resist or bounce back from stressors and adversity. Instead, they improve their capacity to thrive in the long term because of those very stressors.

    This phenomenon, which he termed antifragility, has subsequently been applied to various fields such as risk analysis, aerospace, molecular biology, urban planning and more, to great success. Where it hasn’t been adequately integrated and leveraged is in entrepreneurship, and further, in how we develop the psychology required to become antifragile. Therein lies a significant opportunity.

    In an entrepreneurial sense, antifragility means that unlike things that are “resilient” (i.e., can withstand shocks) or “fragile” (i.e., are harmed by shocks), antifragile entities thrive and improve in the face of volatility, uncertainty and stress. Applying the concept of antifragility to an entrepreneurial framework involves cultivating an organizational structure and mindset that not only withstands uncertainties and disruptions but leverages them for growth.

    I am no stranger to the volatility of life and the markets. I’ve weathered life’s ups and downs, particularly after the 2008 crash, when I faced total financial loss. This phase was tough on both personal and professional fronts. Those days tested me to the core. They were challenging my resilience and character like never before. As I began to rebuild my life and reframe my purpose as an entrepreneur, the concept of antifragility began to blossom. I learned to lean into hardship, and I embraced the principle of antifragility, learning to grow stronger from adversity, volatility and stress.

    Related: How to Thrive Through Adversity — A Roadmap for Entrepreneurial Resilience

    Understanding antifragility

    Antifragility is not about bouncing back, returning to baseline or even withstanding stress, volatility, uncertainty or any other adversity. It’s about growing and benefitting from those things. It’s being a Hydra, not a Phoenix. The famous mythical bird, the Phoenix, is noted for its incredible ability to dissipate to ashes, only to be reborn as it once was. It does this repeatedly, the same cycle of ashes to rebirth, over and over. However, the Greek legend of Heracles and his 12 labors paints a different picture for us. One of Heracles’ famous labors is the destruction of the Hydra, a nine-headed water snake. While nine heads might be more than formidable enough, the Hydra also had a unique characteristic. If Heracles were to successfully slice off one of the Hydra’s heads, it wouldn’t just grow the head back, it would grow back that head and more. Cut off one of its heads, it grows back two more. The Hydra isn’t just resilient, it’s antifragile.

    From an entrepreneurial perspective, the concept of antifragility is a powerful tool. It’s learning to become a Hydra. Adopting an antifragile mindset in business means not just surviving in a chaotic environment but actively seeking ways to grow and improve as a result of the chaos. It’s about turning volatility and uncertainty into opportunities for innovation, learning and resilience.

    Indeed, this can be a difficult concept to apply practically simply because most of our knee-jerk reactions are to avoid discomfort, volatility and uncertainty. So, how can entrepreneurs develop an antifragile mindset?

    Building an antifragile mindset

    While much more research needs to be done to better understand the psychology and neuroscience of antifragile behavior, we do have some excellent indicators from the science and lived experiences of antifragile individuals. Several of those indicators fall into a bucket of what we call mindset, a set of beliefs, both conscious and unconscious that influence the way we see and interact with the world. These mindsets impact our “thought-action repertoires,” the short list of possible actions or behaviors chosen from in any given context.

    Developing such mindsets requires training several ways of thinking over time so that they eventually become traits. The first, and perhaps most critical trait is psychological flexibility. Antifragility is not about rigidity, but flexibility within a clearly defined boundary of values and beliefs. It’s not just mental toughness or “suck it up” attitudes. It’s the ability to exist in, endure and even benefit from a rich range of experiences and to be able to see situations from a range of perspectives.

    This gives way to another important skill, the ability to see and approach stressors as challenges or opportunities instead of threats, what is commonly referred to as a challenge mindset as opposed to a stress mindset (e.g., fight, flight or freeze). While many more granular details and thinking styles exist within these larger categories, being psychologically flexible, generally optimistic and challenge-oriented serve as excellent starting points for developing an antifragile mindset.

    Related: Obstacles Are Opportunities: Use Them to Take Your Business to the Next Level

    Antifragile strategies for entrepreneurs

    Once you have worked on developing an antifragile mindset, entrepreneurs can begin to apply practical strategies for building antifragile businesses and frameworks.

    Recognizing that antifragile systems thrive amidst chaos and uncertainty, and choosing to see these conditions not as threats but as avenues for growth is a game changer. This mindset encourages entrepreneurs like us to not shy away from risks but to engage in calculated ones that bring beneficial volatility.

    Similarly, diversification is key; by spreading out revenue sources, customer bases and offerings, we can make our businesses more adaptable and less prone to singular shocks. Learning from failure is also a cornerstone of antifragility. Viewing setbacks as crucial learning moments allows us to foster a culture of innovation and resilience.

    Agility and adaptability are paramount; I believe in incorporating flexibility into business models to swiftly navigate market shifts. This involves a constant re-evaluation of strategies to stay aligned with the dynamic business environment. In pursuing decentralization, we mitigate risks associated with single points of failure, enhancing our response to disruptions. Ensuring systems are robust, with redundant processes and well-thought-out contingency plans, further fortifies our antifragile stance.

    Continuous innovation keeps entrepreneurs ahead, urging us to always push the envelope and explore new territories. Building a strong network is equally crucial, providing a support system and resources that are vital in tumultuous times.

    Lastly, the foundation of antifragility lies in resilience — both organizational and personal. Prioritizing the well-being of ourselves and our teams, ensuring a healthy work-life balance and nurturing a supportive environment are all critical in building a truly resilient and antifragile enterprise.

    Related: Why You Need to Embrace Uncertainty as an Entrepreneurial Leader (and How to Navigate It Effectively)

    Embracing antifragility represents a paradigm shift in entrepreneurship, encouraging leaders to not just endure but to harness volatility and uncertainty as engines for innovation and growth.

    As we navigate a world characterized by rapid change and unpredictability, the principles of antifragility offer a roadmap for building robust, dynamic businesses poised for long-term success. By integrating these concepts into their strategies, entrepreneurs can create organizations that not only withstand but capitalize on the complexities of the modern market.

    It’s time to let chaos be your catalyst, embracing antifragility as not just a strategy for survival, but as the foundation for unprecedented growth and innovation.

    Peter Goldstein

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  • Are You Underpricing Your Products? Here’s How to Find Out | Entrepreneur

    Are You Underpricing Your Products? Here’s How to Find Out | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Do your customers know what your products are worth? That may seem like a bizarre question at first, but in reality, many businesses routinely fail to convey the actual value of their products. Unsurprisingly, this miscommunication is seldom in a business’s favor.

    More than 20 years ago, experts at McKinsey & Company found that between 80% and 90% of mispriced products are priced too low — and that remains true today. That’s potential revenue lost right out of the gate, and more than you might think. A 1% increase in price without a change in the volume of products sold equates to an 11.1% increase in operating profits, according to this comprehensive study by Harvard Business Review published in 1992 and still widely cited today.

    Related: 10 Questions to Ask When Pricing Your Product

    Where does value go?

    Your products and services inherently create a certain amount of value for your customers. We’ll call this the “actual value.” In the ideal world, everything you sell would be priced based on the actual value. However, we don’t live in the ideal world. Actual value is monstrously difficult to calculate and can fluctuate per customer.

    Not all of your customers will be able to see, or frankly even benefit from, the total potential of any given product. Smartwatches, for example, can track hundreds of unique exercises, but if all you do is run, then the value of those additional features would be difficult to see. Marketing has an impact as well. Sticking with the smartwatch example, if you fail to effectively communicate a useful feature — leaving your potential customers unaware — then that can have a negative impact on this “perceived value.”

    Now, your customers may agree that your product produces a certain amount of value for them, but that doesn’t mean they’re willing to pay for it. Dozens of factors can impact how much a particular customer is willing to pay: urgency, income, brand loyalty, advertising, social impact, etc. Finding this number is tricky, yet highly rewarding. If you can identify the maximum amount your customers are willing to pay, you can maximize your profits while capturing as much value as possible.

    Many companies are unable to determine exactly how much their customers are willing to pay. What that means is that the price your customers typically expect to pay is instead the “target price.” This is the value that you and your team hopefully determined is as close to the actual willingness-to-pay value as possible.

    Finally, if you work in a sales-heavy field you may find additional value being lost to concessions and discounts. In this situation, the final price paid would be known as the “realized price.” How much value was lost between all of these steps? Many think quite a bit. Bain and Company found after interviewing dozens of CEOs, CMOs and other executives at more than 1,700 companies that roughly 85% of those who responded believed they could be doing a better job making pricing decisions.

    How can I capture more value?

    Let’s begin by trying to understand how much our customers are actually willing to pay for our products or services. We can do this by surveying our customers, assembling focus groups, experimenting with pricing or even hosting an auction.

    If we’re not happy with how much our customers are willing to pay, we may need to take a step back and instead focus on their perceived value of your product or service. When we help our customers see more value through activities like branding, outreach and communication we directly increase how much they’re willing to pay.

    Alternatively, we can choose to adopt a different pricing structure entirely. More and more service-based businesses are looking towards metric-based pricing to offer an adaptive structure that better aligns with the perceived value of each unique customer. Some examples of metric-based pricing are usage-based like gym punch passes and cellular minutes, or user-based pricing, which is a popular choice in the SaaS realm. There are great examples of metric-based pricing all around us. Mechanics often charge per hour while bowling alleys frequently charge per game. These metrics work because they’re reasonable, predictable and fair.

    Related: How to Get the Price Your Product or Service Deserves

    Don’t miss out on potential profit

    Let’s look at the math together. Imagine with me for a moment that you own a coffee shop selling lattes for $5 each. These lattes cost you $1 to make, earning you $4 in profit. If you sold 100 lattes, unsurprisingly you would make $400 in profit.

    However, unbeknownst to you, your customers are willing to pay $7 for that same latte. That’s a more generous $6 in profit, netting you an additional $200 per 100 lattes sold — a 150% increase. In fact, even if you wound up selling fewer lattes — let’s say 90 instead of 100, that’s still a 135% increase in profits.

    In short, don’t leave any money lying on the table. If your customers are willing to pay more, now is the time to find out.

    Itai Sadan

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  • How to Turn Setbacks Into Advantages | Entrepreneur

    How to Turn Setbacks Into Advantages | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the early hours, an unexpected knock from the FBI confronted Amy Nelson, a test not just of her nerve but her resilience. This encounter marks the starting point of a compelling “Beyond Unstoppable” episode, where host Ben Angel and guest Amy Shoenthal delve into the heart of resilience in entrepreneurship.

    In her new book The Setback Cycle and during this conversation, Shoenthal explores how low moments like the one she experienced, far from ending careers, can redefine and strengthen them. Through Nelson’s story, this episode unpacks the essence of turning adversity into an advantage, a narrative every entrepreneur needs to hear.

    Related: How to Upgrade Your Brain to Boost Focus and Productivity

    If Ben Angel’s “Beyond Unstoppable” lights up your day, please take a moment to rate and review the podcast! This is a great way to support our mission of empowering more individuals like you to supercharge their lives and businesses. What’s more, don’t forget to follow the podcast if you haven’t already.

    About Beyond Unstoppable

    Hosted by bestselling author Ben Angel, Beyond Unstoppable is a transformative exploration of biology, psychology and technology. Learn from world-renowned experts like Jim Kwik, Amy Porterfield, Mari Smith and Jason Feifer. Dive into advanced AI tools, biohacking, and strategies to make you unstoppable.

    Subscribe to Beyond Unstoppable: Entrepreneur | Apple | Spotify | Google

    Ben Angel

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  • Lifetime Access to Business Advice with This AI-Powered Service is Just $29.99 | Entrepreneur

    Lifetime Access to Business Advice with This AI-Powered Service is Just $29.99 | Entrepreneur

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Making business decisions is integral to every entrepreneur and business leader’s life. Of course, you want to make as informed and data-driven a decision as possible every time you’re on the fence about something, which is why so many entrepreneurs hire consultants and specialists. In the age of AI, you can save your money and source the same wealth of knowledge with a properly curated platform like Consultio Pro.

    Lifetime access to Consultio Pro is on sale for just $29.99 (reg. $199) for a limited time only. This platform is described as a software suite that’s run by AI experts with knowledge of finance, lifestyle coaching, tech, and market strategy, among other business-friendly topics. The platform makes it easy to sort through different topics and consult different AI experts on areas where you could use advisement.

    Some of the categories that Consultio Pro can assist you with include:

    • Business
    • Data analysis
    • Financial analysis
    • Risk management
    • Human resources
    • Event planning
    • Copywriting
    • Innovation management
    • Coaching
    • SEO
    • UI/UX design
    • Education
    • Fitness
    • Career management

    The consensus among users seems to be that Consultio Pro is a homerun that helps save time and money while improving operations. One user named Alex Q. — the co-founder of NextGen Innovations — wrote, “Consultio is like the entire expertise of Silicon Valley packed into one platform. Our ROI? Skyrocketed.”

    Do yourself and your business a favor and secure this tool for life while it’s on sale for a remarkably low rate.

    Lifetime access to Consultio Pro is on sale for just $29.99 (reg. $199) for a limited time only.

    StackSocial prices subject to change.

    Entrepreneur Store

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  • How This Texas Farmers Market’s Gamble Paid Off Big | Entrepreneur

    How This Texas Farmers Market’s Gamble Paid Off Big | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Fall Creek Farmers Market in Humble, Texas, is not just a spot to stop by for your Sunday morning coffee and a fresh vegetable or two. Owners Jonathan and Andrea Haskin built this vibrant space with a vision to change their community’s food shopping habits and educate their customers on the importance of buying fresh and local items.

    The couple came up with the idea for the market in 2015 when they started taking a longer look at what kind of food they had available to them and realized they had to travel far and wide just to source quality ingredients from local farmers. What would happen if they brought their community closer to the source?

    Related: Top Health and Wellness Franchises

    To their delight, the Haskin’s neighbors embraced the concept. Situated in the beautiful Fall Creek neighborhood, the market’s outdoor setup is near a golf course and several walking trails, drawing tons of people and their pets into the space every Sunday morning.

    Jonathan and Andrea prioritize being present in their space and providing a personalized experience for every visitor. Getting set up two hours before the market opens and staying until the last group trickles out, the pair walk around to greet and share their story with customers. In the market’s early days, their daughters sat at the entrance making bracelets for shoppers as they walked in.

    This community feel is what drew in reviewer Forest B., now a regular visitor of Fall Creek Farmers Market. “All of the vendors were so personable, willing to share advice and their specific stories,” his review reads. “I particularly enjoyed the cultural diversity. So much to learn at each booth.”

    With 20+ vendors spanning global cuisines, there is no limit to the kind of food you can sample at Fall Creek Farmers Market. On his first visit alone, Forest tried a Colombian coffee blend, two empanada flavors, Vietnamese egg rolls, and an Italian ice dessert. The cherry on top was getting to engage with the vendors themselves, learning firsthand about their products and journeys.

    Related: 4 Reasons Why You Should Enter the Health and Wellness Industry

    “One [vendor] that’s not mentioned in my review is the Indian couple who serve prepared foods there,” Forest said. “They are a little bit older. That’s completely different, say, from the couple who owns Frostbite, which is the Italian ice vendor. They’re youngsters and [are] actually looking to you to provide them information on your journey here in the United States. So you just learn quite a bit about the people. Sometimes people are a little surprised to find out that you know a lot about topics in their areas, but the way you learn a lot is by talking to people and being open and receptive.”

    Forest’s experience is a perfect example of Jonathan and Andrea’s educational ecosystem in action. First and foremost, the market aims to teach its visitors about the importance of fresh, quality food. The Haskins ensure their vendors share this passion and make an effort to educate every customer who visits their booth. 90% of Fall Creek’s vendors farm and ranch full-time. Some even take agriculture classes at Texas A&M.

    “They live it as we do,” Jonathan said. “And it starts from the inside. We are really passionate about immersing ourselves into the market, and we are very selective with who we allow [to be] a part of our team.”

    Jonathan and Andrea’s goal is to be the tipping point that pushes customers into the world of local food shopping, and they’ve found that preparation is key. They engage with customers online ahead of each sale to make sure they have all the information they need for a smooth visit. Because offerings shift each week to spice things up for shoppers and ensure seasonal produce stays front and center, Jonathan and Andrea provide a list of vendors and produce options in advance to help customers plan their meals and build out their grocery lists before arriving at the market.

    Related: How This Healthy Food App Scored a $200K Investment

    The most faithful customers do around 80% of their food shopping at Falls Creek Farmers Market, which was the vision the owners had in mind when they set out to build a business.

    “It’s not a craft show. It’s not a bake sale. You can actually come and get your pastured eggs and real items,” Jonathan said. “Knowing where your food is from is a big deal. It’s like getting a root canal or heart surgery. So it feels really good to be able to serve and to be able to give them access as we have it.”

    Not only is shopping locally good for your health, but it’s good for the local economy. Forest stressed the importance of spending your money and time at small businesses.

    “Business owners typically are here from other countries. [They] come from backgrounds in which there was virtually no safety net, so they bring their knowledge to the United States. When I’m looking at these businesses, I’m looking at how I can learn more so I can help other people in the community continue to start these small businesses that make our economy run.”

    Beyond making visits, reviewing is a powerful way customers can show support. Jonathan and Andrea take every review they receive to heart, always looking to expand the offerings and inclusivity of their space. They find it important to stay receptive to feedback, keeping the dialogue with customers open, genuine, and full of love.

    In addition to prioritizing customer education and building community, Falls Creek Farmers Market believes:

    • Passion starts from the inside. Put love and care into what you do and it will trickle down to your partners and employees—and ultimately your customers.
    • Preparation is key. Communicate online with your customers ahead of a sale so they know what to expect. Plus, make time to help out with any problems that come up.
    • Supporting local is a great way to learn new things. Opening up your mind and heart to small businesses might just help you discover an important lifestyle change.

    Listen to the episode below to hear directly from Jonathan, Andrea, and Forest, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Pandora and Soundcloud.

    Editorial contributions by Callie Morgan and Kristi Lindahl.

    Emily Washcovick

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  • How to Make Your Business Stand Out in a $21.2 Billion Market | Entrepreneur

    How to Make Your Business Stand Out in a $21.2 Billion Market | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    When Patagonia announced it would no longer put corporate logos on its apparel, it sparked a larger discussion around the sustainability of corporate promotional products (often referred to as “swag”), as well as how much meaning and use these products actually offer. Today, traditional promotional items — frequently dismissed as insignificant and easily forgotten and then quickly trashed — are undergoing a transformation led by forward-thinking entrepreneurs.

    The focus is shifting from generic swag to unique, story-driven objects that do more than just promote. The right tchotchke tells a tale, encapsulating a company’s values and triggering meaningful conversations. But, to do so, they have to be done just right.

    If you’ve ever wondered, “Are promotional items worth it?” then this article is for you. We’ll explore the reasons behind this shift and how entrepreneurs are strategically using creative leave-behinds to make lasting impressions.

    Related: 9 Key Tips for Navigating the Upcoming 2024 Marketing Landscape

    The swag landscape: A $21.2 billion market

    The promotional products market amounted to a staggering $21.2 billion in the U.S. in 2023, according to IBISWorld. These items, ranging from trinkets to leave-behinds, serve as essential tools in the marketing department’s arsenal. Examples of swag usage might include gifts for new hires to foster a positive relationship and make them feel like part of the team or thank-you gifts to express gratitude to clients and vendors.

    The primary goal is to generate interest, foster new relationships and establish connections beyond the confines of email. It’s worth noting that, in this article, we refer to tchotchkes as trinkets sent to “cold” prospects, while we refer to leave-behinds as items left for “warm” leads after an introduction or first meeting.

    When it comes to cold-sending tchotchkes, the challenge is to instill wonder in a single object, compelling the recipient to prioritize a callback. The market is flooded with these promotional products, so it is absolutely critical for entrepreneurs to figure out how to make their business stand out and make a meaningful impression.

    Success in promotional product campaigns is measured by engagement. For cold outreach, whether through email, phone, direct mailers or tchotchkes, the key performance indicator is a prospect engagement rate higher than average. Traditional cold calling boasts a 2% success rate, while direct mailers and email show about 3% and 2% on average, respectively. In contrast, text messages lead with a success rate of about 15%.

    Related: 5 Steps to Creating Successful Marketing Campaigns

    What promotional items work best?

    Entrepreneurs are redefining promotional products by infusing them with narratives that resonate with their target audience. When it comes to understanding what promotional items work best, it depends on what items authentically tell your company’s story in a way that resonates with your target audience.

    Follow this three-step process for how to make your business stand out by sharing creative tchotchkes that accurately represent your company’s core values and mission:

    1. Create an informed swag budget

    Understanding the frequency and occasions for distributing swag is an important first step in crafting the right tchotchke strategy. Companies often allocate a portion of their marketing budgets to promotional products, with approximately 20% of the budget dedicated to events, trade shows or external branding. Additionally, organizations may have specific budgets for employee acquisition, retention and engagement.

    Determine the return on investment for previous promotional campaigns to allocate your budget more effectively. Then, conduct a detailed analysis of past campaigns to understand which items yielded the highest engagement relative to their costs. It’s important to set specific, measurable goals for each campaign, such as a 5% increase in lead engagement or a 10% boost in social media mentions, to guide your budgeting decisions. Looking for cost-effective, high-impact items — where the emphasis is on creativity and relevance over cost — can help meet those goals. You can even leverage bulk purchasing for cost savings; however, be sure each item remains customized to maintain its unique appeal.

    A great example of this was the approach we worked on with our portfolio company, Arbol, to engage with airline and airport executives using Admiral FitzRoy barometers. That item encapsulated the story of the origins of weather insurance and the risk prediction innovations that followed. By ideating a thoughtfully tailored design, Arbol strategically linked its story and brand to tech advancements in parametric weather insurance. This creative yet cost-effective tactic significantly engaged one of the company’s key audiences, demonstrating how impactful results can be achieved with minimal financial investment.

    2. Identify your ideal outcome

    Next, envision the ideal outcome, in which the recipient keeps the item in a prominent place, triggering conversations. Answer key questions through research: What story will be told? Who is the target audience? What action triggers the story? What object triggers that action?

    Customer persona research can help you tailor promotional items that resonate on a personal level with the recipient. For instance, if targeting tech-savvy audiences, consider items that integrate with digital lifestyles. Implement tracking mechanisms, such as QR codes or unique URLs, to measure interaction with the promotional item. This allows for a direct correlation between the item and desired actions, such as website visits or social media engagement.

    Spotify’s “Wrapped” campaign is a good example of this. Each year, Spotify creates personalized year-end review playlists and statistics for its users, showcasing their most played songs, artists and genres. These summaries are presented in a visually appealing and shareable format, encouraging users to share their music tastes on social media. This approach transforms users’ listening habits into a unique, personal item — a digital tchotchke. It capitalizes on the trends of personalization and social sharing. As users share their Wrapped summaries, they not only engage more with Spotify, but also promote the brand to others. This campaign shows how a digital item, much like a traditional physical tchotchke, can effectively enhance brand engagement and foster widespread cultural resonance.

    For digital campaigns like Wrapped, you can encourage sharing by including incentives, such as contests or exclusive content for participants, which can amplify reach. Ultimately, you want to ensure the story your item tells aligns with the core values of both your brand and your target audience, thereby enhancing the likelihood of the item being kept and discussed.

    Related: 5 Critical Marketing Strategies for Product Promotions

    3. Iterate creatively

    Brainstorm, eliminate, test and refine the chosen tchotchke to ensure it sparks conversations and prompts callbacks. Engage in A/B testing with small segments of your target audience to gauge the impact of different promotional items. This could involve sending out two variations of a product to see which one generates more engagement or feedback. Then, solicit feedback directly from recipients about what they liked or didn’t like about the item, using surveys or follow-up calls. Maintain a database of responses and engagement metrics to refine future campaigns, focusing on creativity and the emotional or practical value provided by the tchotchke.

    We worked with another portfolio company, StoryFit, a storyline intelligence tech company, by sending model DeLorean kits to narrative decision-makers, highlighting the ability of the right story to breathe life into a script. When recipients place the completed model on their office desks, it sparks conversations with co-workers about predictive audience insights. It also left a lasting impression for future collaborations: Our manager received direct feedback from the prospect, saying he appreciated the approach our team took.

    The era of meaningless promotional items is giving way to a new age of purposeful and narrative-driven tchotchkes. Entrepreneurs who invest time and creativity into selecting and crafting these tokens are not only leaving a lasting impression, but also building meaningful connections that go beyond the transactional. Success is measured by engagement, and when it comes to promotional products, that means beginning with a well-thought-out experience and an authentic story to match.

    Dan Conner

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  • 7 Proven Strategies to Rehabilitate Your Shattered Online Image | Entrepreneur

    7 Proven Strategies to Rehabilitate Your Shattered Online Image | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s world, your online reputation carries more weight than ever. When it takes a hit, it’s not just about work — your personal life feels the impact, too. It’s like a ripple effect that goes beyond business, affecting your connections, opportunities and even your self-esteem. Fixing things isn’t just about patching up; it’s about retaking control of your narrative.

    But rebuilding your online image is like embarking on a daunting journey through a maze. It’s way more than just fixing mistakes or addressing slip-ups from the past; it’s about reshaping how people see you and earning back their trust, and that’s no walk in the park.

    Related: Why You Must Monitor Your Online Reputation Before it Hurts You

    Picking up the pieces

    As George Santos finds out, escaping the shadow of a damaged reputation takes serious time, persistent effort and a lot of dedication. It’s not just about making things right on the surface; it’s also about convincing everyone else that the change is genuine and heartfelt. And in today’s world, where news spreads faster than wildfire and opinions are a dime a dozen, rebuilding can be a slow, tedious process. It takes a ton of patience and a rock-solid commitment to stay on course despite the constant whirlwind of online chatter and perceptions.

    A strategic approach involves thoughtful, deliberate moves, from recognizing the extent of the damage to crafting a story of evolution and renewal. It’s about making every action count, engaging positively and showcasing real change. Without this clear roadmap, the journey toward rebuilding your online image remains uncertain and daunting. That’s why having a well-designed plan is crucial — it’s your compass through the digital wilderness.

    Where to start

    Step 1: The first step is to acknowledge that you need to do something. Stop feeling sorry for yourself or ashamed, and be prepared to reclaim control of the narrative. No longer do people associate Martha Stewart, Tiger Woods, or Ellen DeGeneres with their well-publicized scandals, something that isn’t the case for Prince Andrew or Bill Cosby.

    Step 2: Foster a support system — establish a support network internally and externally, including PR specialists, legal advisors and a dedicated crisis management team.

    Step 3: Implement continuous monitoring — establish ongoing monitoring systems to detect and address issues promptly, ensuring proactive protection of your brand reputation.

    1. Acknowledge the weight of the situation

    Admitting the gravity of a reputational crisis isn’t easy. This is something that United Airlines is still grappling with. Emotions can be overwhelming, demanding resilience and self-compassion. It’s crucial to accept the reality of the situation while understanding that recovery isn’t instantaneous. Accepting the challenges and acknowledging the hardships offers a path forward and an opportunity for growth.

    To understand the scope and impact of the crisis conduct a thorough internal investigation to understand the scope and impact of the crisis. Identify the key stakeholders affected and assess the extent of the damage. Assemble a crisis management team to lead the investigation. Use a combination of surveys, interviews, and data analysis to assess the impact. Ensure transparency and regular communication with all stakeholders throughout the process. Develop a comprehensive recovery plan that includes strategies for rebuilding trust, improving policies and ensuring such a crisis does not recur. This plan should be communicated clearly to all stakeholders.

    After planning, the next step is implementation. Assign responsibilities to team members for different parts of the plan. Monitor progress regularly and adjust the plan as needed based on feedback and results. After the recovery, it’s important to review the crisis and learn from it. Conduct a post-crisis review to identify what went wrong and how it can be avoided in the future. Use these insights to improve your organization’s crisis management strategies. Remember, the goal is not just to survive the crisis but to emerge stronger and more resilient.

    2. Own your mistake and offer a genuine apology

    The foundation for rebuilding trust starts with accountability and authentic apologies. This is why Elon Musk got on a plane and flew to Israel after some regrettable tweets. Transparently acknowledging mistakes sets the groundwork for regaining credibility. Be warned: This isn’t about providing lip service but about being genuinely apologetic and taking ownership and responsibility for doing the right thing. Authenticity becomes the cornerstone of the journey toward redemption, emphasizing the sincerity in rectifying past wrongs.

    Practice empathy and humility. Reflect on your actions and understand the impact they had on others. Craft a sincere, detailed public apology addressing the issue, taking responsibility, and outlining concrete steps towards resolution. Share it publicly. Ensure it includes an acknowledgment of the mistake, the impact it had, your regret, and the steps you’re taking to rectify the situation. Remember, the goal is not just to apologize but to rebuild trust and credibility. A sincere apology is more than just saying sorry. It involves acknowledging the mistake, expressing regret, explaining what went wrong, and detailing what steps you’re taking to make sure it doesn’t happen again.

    3. Take control of your narrative

    Seizing control of the narrative means actively engaging in online spaces. Bud Light tried to do this but failed repeatedly. Consistently demonstrating progress, sharing valuable insights, and engaging with your audience deliberately will help you put back the pieces and construct a more robust digital presence. A proactive approach not only addresses the crisis but also shapes a positive narrative for the future. Think of the internet as having a super long memory – it remembers everything: the initial fall, as well as the comeback.

    Develop a content strategy that focuses on transparency and progress. Use social media platforms to share updates and engage with your audience. Consistently share progress and valuable insights and actively engage with the affected audience. Monitor conversations and respond thoughtfully. Use social listening tools to monitor online conversations about your brand. Respond to comments and messages in a timely and thoughtful manner. Share regular updates about the steps you’re taking to address the issue and the progress you’re making. Remember, engagement is key to rebuilding trust and credibility.

    Related: 7 Ways to Recover After a Reputation Crisis

    4. Turn a crisis into an opportunity

    Amid the chaos, seek opportunities for growth. A reputation crisis, though tumultuous, can be a catalyst for introspection, leading to profound personal or brand development. It offers a chance to evolve, prompting a reevaluation of values and goals. This is what Adidas did when they dropped Kanye West and donated the proceeds from the remaining Yeezy line to the ADL. Like Adidas, think of your online reputation as a bone and the crisis as a fracture: it will hurt, and it will take time to heal, but with the right care, it will heal and become even stronger. And remember: People love a great comeback story.

    Implement internal changes. Use this crisis as a catalyst for structural or operational changes, demonstrating a commitment to improvement and ethical conduct. Use this opportunity to reassess your brand values and align them with your actions. Consider seeking external help, such as PR or crisis management consultants, to guide you through this process. Use this crisis as a catalyst for structural or operational changes, demonstrating a commitment to improvement and ethical conduct. Identify areas of your operations that need improvement. Implement changes that not only address the current crisis but also prevent future ones. This could include staff training, policy changes, or even restructuring. Communicate these changes internally and externally to demonstrate your commitment to improvement.

    5. Crafting a narrative of redemption

    Crafting a compelling narrative requires addressing concerns head-on. Remember: this isn’t a standard, run-of-the-mill “mea culpa” but a sincere introspection of the mistakes that were made and the resolve to learn from them, fix them, and grow from them. This is what Wells Fargo has successfully done after a horrendous scandal. Since then, they’ve demonstrated a genuine commitment to rectifying past mistakes, which helps reshape the story. It’s about creating a roadmap that aligns with rebuilding trust and credibility.

    Maintain transparency in communications and consistently showcase progress towards resolving the issue. Conduct regular internal audits to identify and rectify mistakes. Implement a robust feedback system to learn from employees and customers. Regularly update stakeholders about the progress made in resolving the issue. Use various communication channels like emails, newsletters, and social media to reach a wider audience. Remember, consistency is critical to maintaining trust and credibility.

    6. Be a positive force for change

    Active participation in positive online interactions contributes significantly to reshaping public perception. This is what Volkswagen did so successfully after it found itself mired deep in controversy. Being a constructive and engaged member of your community showcases a renewed commitment to positive change.

    Support community initiatives or causes, demonstrating a genuine commitment to positive change. Engage with your online community regularly. Respond to comments, share updates, and participate in discussions. Show your commitment to positive change not just through words but through actions. Being involved in the community goes beyond just participating in discussions. It involves supporting initiatives or causes that align with your brand values. Identify community initiatives or causes that align with your brand values and support them. This could be through donations, volunteering, or partnerships. Share your involvement on your social media platforms to inspire others and showcase your commitment to positive change.

    7. Embracing change: Evolving and reshaping your digital narrative

    Redemption isn’t just about rectifying past errors; it’s about embracing change, but unlike Disney, you must do so in a sensible way. Otherwise, it will backfire horribly. Embracing change sensibly involves adapting to the dynamic digital landscape and evolving your narrative into one of resilience and revival.

    Continuously assess and adapt strategies to align with the evolving digital landscapes and shifting audience expectations. Stay informed about the latest trends and changes in the digital landscape. Regularly review and update your digital strategies to ensure they are effective and relevant. Conduct regular audits of your digital strategies. Use analytics to understand your audience’s behavior and preferences. Based on these insights, make necessary adjustments to your strategies. Remember, the key to success in the digital world is adaptability and continuous learning.

    Embracing proactive protection

    Rebuilding a shattered online image is more than just fixing errors; it’s a journey that demands resilience and constant effort. In today’s digital world, where your reputation matters a lot, recovering from a crisis means more than just patching up the visible damage. It’s about taking control of your story and earning back people’s trust. It’s a tough process that requires dedication, time, and consistent action. More than anything else, it requires a strategy – you need a detailed plan to guide each step towards redemption. Without this roadmap, finding your way through the challenges of reputation recovery becomes uncertain.

    Uri Samet

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  • Insights From a Tech CEO on Building a Billion-Dollar Business | Entrepreneur

    Insights From a Tech CEO on Building a Billion-Dollar Business | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    I’m on a mission to meet and pick the brains of some of the most successful and innovative leaders in business. On this episode of The CEO Series, we went to the headquarters of G2 in Chicago, a software marketplace and review platform that has raised $257 million at a valuation of over a billion dollars, which makes them a unicorn.

    Godard Abel, G2’s co-founder and CEO, sat down with me to share his perspective and philosophy on leadership — what it takes to manage the health of the business, engagement of employees, expectations of stakeholders and so much more.

    Related: Inside Potbelly’s Recipe for Fast Casual Success

    Abel previously built cloud CPQ pioneers BigMachines (which was acquired by Oracle) and SteelBrick (which was acquired by Salesforce) so his insights are invaluable to anyone hoping to launch and go big. Below are some highlights from our conversation, which have been edited for length and clarity. Watch the full video above.

    The realities of achieving a unicorn status

    “It was an amazing milestone. We had an amazing party. I loved becoming a unicorn. But then you wake up the next day, and you’re committed to giving at least three times that back to your investors. We raised $157 million that first round, so really we have to give them about $500 million back. So it’s a big commitment as a founder and CEO. It’s really the beginning of your next journey that hopefully ends with a successful public offering that gives those investors at least three times their money back — hopefully much more. But it’s many years of work to get to that next peak. It feels great, but it’s also a commitment to getting to that next peak.”

    Related: With Over $120 Million in Sales, Dude Wipes Is No Joke. Here’s How the Company’s Chief Executive Dude Keeps Things Fun and Profitable.

    His entrepreneurial beginnings

    “My first business was in high school. I grew up in Pittsburgh, Pennsylvania. It was called Ultimate Car Care and I started with my best friend at the time, Joe. His dad had a nice red Corvette. We had prom coming up, so we took a picture in nice tuxedos in front of this Corvette. We wanted to do detailing for fancy cars, so we used the photo to make fliers with our phone number on it and that’s how we launched. I was born in Germany into a family of entrepreneurs. My father took over a family business from my grandfather who I always admired. My grandfather started the company in Germany in 1947, two years after WWII. He did it in the industrial part of Northwest Germany, which had gotten bombed to rubble. And I always think about that when I am facing struggles. I think wow, it’s nothing like those struggles.”

    Related: Avoid These 3 Key Mistakes for Team Success in 2024

    What drives him

    “I think almost all entrepreneurs go through failure. Usually, you struggle for years. For almost every successful entrepreneur I meet, it comes down to this: don’t quit, keep going. And that also applies after you’ve begun to find success. We talk about our ‘peak culture’ at G2. I do think we’re meant as humans to be climbing peaks. And so in that sense, I never want to stop climbing. I’ve had good breaks and I probably could retire and just sit on the beach. But I don’t believe I would feel gratified. And frankly, I don’t think any human would. I think we’re meant to strive, we’re meant to climb, we’re meant to have a purpose. And I think entrepreneurship really gives that to me.”

    Check out more profiles of innovative and impactful leaders by visiting The CEO Series archives.



    William Salvi

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  • How to Build a Culture of Radical Honesty (and Why You Should) | Entrepreneur

    How to Build a Culture of Radical Honesty (and Why You Should) | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    What keeps me up at night? Watermelons.

    As a CEO, my biggest fear is that the digital dashboards capturing my company’s vital signs are the business equivalent of that tropical fruit — green and firm on the outside, but red and mushy underneath. At first glance, everything looks solid. Then one morning, I get a call from a client asking, “What the hell is going on with A, B or C?”

    This concern isn’t fair to my team, who consistently exceed my expectations. But the reality is that for many leaders, such nagging fears can persist. When there’s a problem, the last thing you want is for people to give you the impression — intentionally or not — that things are better than they truly are. So, how do you avoid this?

    For the past few years, I’ve led a company in an industry facing astronomical demand. One of the biggest lessons: The agility, operational excellence and innovation required to meet this challenge requires building a culture of radical honesty.

    Here are three ways that leaders and their teams can embrace radical honesty — and reap the benefits of better decision-making and a true picture of where the business stands.

    Related: How to Employ Radical Candor in the Workplace With 5 Simple Steps

    Encourage your people to admit their weaknesses — and play to their strengths

    A simple formula for business success: Do things consistently better than the competition, and those wins will compound over time. The key to pulling it off? Let people focus on their strengths and delegate everything else.

    That calls for honesty and transparency. “Fake it till you make it” doesn’t always work in business, where pretending can have disastrous consequences. As a leader, I want people to do the opposite — by asking for help and saying, “I don’t know.”

    One way to do this is by empowering and trusting team members to be rock stars in their domain. That makes our company better at creating innovative technologies, tackling new markets and responding nimbly to changing conditions.

    But at the same time, as I urge people to lean into their strengths, I give them permission to be less adept at other things. For example, if a member of my leadership team is no good at financial underwriting, I tell them to own it like a badge of honor.

    After all, that’s what hiring is for. To make up for their lack of knowledge and expertise in a particular area, we can bring on someone to fill the gap. It’s my job as CEO to explain that the goal isn’t to undermine or replace them, but to help them focus on what they do best.

    There’s a direct line between that mindset and business results. In one study, companies whose CEOs excelled at delegating grew more than twice as fast as those with a less skilled delegator at the helm.

    Don’t default to the rulebook

    For leaders, honesty is nearly always the best policy, even if it means ruffling a few feathers or going against convention.

    Sometimes this requires poking holes in well-intentioned ideas that also happen to be intellectually lazy. This came up recently in a chat with my team about how we plan to meet the demand that AI is creating in our industry. While some of the ideas presented were sound, others needed more probing.

    Take the argument for keeping someone in a management role because they’ve done the job forever. Many companies default to this way of thinking, but what if they’re overlooking a newer hire with a fresh perspective and a natural ability to inspire the team? To me, sticking with option A isn’t an intellectually honest approach.

    As hard as it is, leaders can’t escape making these kinds of tough decisions. Without abandoning all loyalty to people, they should consider what’s best for the business and make pragmatic rather than emotional choices. Even if those decisions aren’t always popular.

    In a broader sense, being intellectually honest means knowing when adhering to the rulebook is hurting the company, not helping it. For example, I’m a big believer in hiring top talent, telling them where our True North is, and then letting them figure out the best way forward. If somebody needs a course correction, that can be addressed. But expecting the entire team to follow every company rule to the letter? That will only slow us down.

    Related: Stop Lying to Your Team — And Yourself. Try Radical Honesty Instead.

    Give the team a license to speed without getting a ticket

    Leading with radical honesty also requires getting real with yourself and your team about how willing you are to embrace failure.

    At our latest companywide offsite, I told people I want them to fail more. For a business, that isn’t as risky as it might sound. Companies that are serious about innovation should be willing to try new things and pivot fast if they don’t work.

    Take Airbnb, which didn’t begin by building an elaborate home rental website. Instead, the founders tested the waters by renting out their own loft online. Google Glass — released by a company famous for its “moonshots” — is a good example of a failed experiment. When its smart glasses didn’t catch fire with consumers, Google moved on.

    Encouraging creative destruction means removing the fear of failure, a major cause of inaction. Within reason, people should be able to fail out loud without worrying they’ll get fired.

    For me as a leader, there’s little risk because I’ve hired talented people who are laser-focused on executing well. All they really need is a license to speed without getting a ticket.

    Unfortunately, many business leaders don’t see things that way. Despite all the rhetoric around moving fast and breaking things, less than half of companies have a leadership team that regularly tolerates small-scale failures, according to a recent global survey of CEOs.

    Someone should explain to them that the rewards of letting people fail can be substantial. In a study of 120 tech startups, those committed to learning from failure produced greater scientific output, raised more capital and innovated more.

    Of course, businesses must also know when to play it safe. For Amazon founder Jeff Bezos, there’s a big difference between “experimental failure” (good) and “operational failure” (bad). It’s the same at my company, where the mission-critical computer and electrical systems that power our facilities don’t leave much room for error. But even there we get creative — for example, by finding innovative ways to keep the lights on during a blackout.

    Related: How to Allow Room for Failure and Create a Successful Work Environment

    For leaders and their teams, the biggest benefit of a culture of radical honesty is the elimination of fear: that employees will get into trouble for taking risks, that folks aren’t good enough at their jobs or that the company is actually on shaky ground.

    Ultimately, ensuring that everyone knows where they and the organization stand is a competitive advantage, thanks to a more engaged workforce, a clear view of where the business needs to grow and iterate, and a culture where people feel as emboldened to innovate as they do to ask for help. When it comes to performance, what you see is what you get. So, here’s to keeping watermelons where they belong — at the company picnic.



    Andrew Schaap

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  • 3 Ways to Go From Side Hustle Coaching to a Full-Time Business

    3 Ways to Go From Side Hustle Coaching to a Full-Time Business


    You’ve finally started your coaching business, and everything feels shiny and new.

    You’re excited. Passionate. Pumped.

    New ideas for coaching services and packages are coming through hard and fast.

    Although it’s just side hustle coaching for now, you know you’re going to switch to a full-time business soon.

    “One in three Americans currently has an alternate way of making money other than their job,” says Ajit Nawalkha, the co-founder of Mindvalley Coach. But here’s something many newbies in the industry don’t realize: the start of your journey can be extremely hard to navigate. Mistakes made now can cost you a lot later.

    Think about it…

    This is the starting line. The point where you begin to invite clients, build your reputation, and grow your coaching practice.

    If you don’t get on the right track now, it may take months or even years to correct rookie mistakes and become a full-time coach.

    Here are three approaches from Ajit on how to scale a side hustle business in coaching.

    1. Start Strong

    Knowing how to start a side hustle is one thing. Building a thriving coaching business on the side when you’re not the best coach you can be—that’s impossible.

    Especially if you don’t understand how to include core coaching principles and practices in your sessions. Your clients won’t have results, and your business will never get off the ground.

    “Knowing your strengths and using them to get you started is the easiest way to start your coaching business,” Ajit advises. “It also adds to your current experience.”

    So commit to learning everything you can about becoming an extraordinary coach.

    • Enroll in a reputable coaching program or course. 
    • Read great coaching books. 
    • Attend weekend seminars and retreats.
    • Find a mentor to discuss your side hustle business ideas.

    When you do this, you’ll see your coaching skills improve. Exponentially.

    And you’ll start to build an awesome reputation.

    This is one of the fastest and most powerful ways to create a long waitlist of eager clients and lifelong fans and followers.

    2. Become Visible

    The coaching industry is growing at an incredible rate.

    “Coaching has become a favorite when it comes to creating an alternative income,” Ajit points out. “It is fun; it’s progressive. There is more demand every day.”

    In fact, it’s the second-fastest growing industry in the world—the average yearly growth is 6.7%. But it means nothing if no one knows you exist.

    From the first day you start your business, focus on learning side hustle marketing methods you can expand on with time. In other words, master becoming visible in a crowded marketplace. 

    Make this your priority. Understand how to craft a personal brand and establish your authority.

    Learn how to pick a niche and market yourself so you will be seen, heard, and trusted by all the right people.

    These are the essentials that will get your coaching business moving forward quickly.

    There’s no need to feel overwhelmed. Just take it step by step—but get going.

    If you don’t, your dream of going full-time will remain just that. A dream.

    coach recording content for social media

    3. Don’t Rush It

    You may have found your purpose, but so many new coaches feel the pressure to go full-time in just a few months. Or even weeks.

    This is a massive mistake. When you rush toward your goal of going full-time, you’ll start to cut corners. You’ll use bad hacks and risky shortcuts where you shouldn’t.

    You’ll take on clients who aren’t right for you, charge prices that don’t reflect your worth, and cut back on your ongoing learning and development as a coach.

    You’ll also feel tremendous pressure and stress to keep going even when you’re drained and depleted. This will block you from coaching at your highest level, and it will damage your reputation.

    And here’s the irony…

    The faster you try to get to full-time status, the slower you progress.

    What does Ajit suggest? “Early in your career, if you set a low expectation of yourself, you stand a chance of actually meeting it.”

    So take a deep breath and take it a little slower. Focus on sustainable success, not quick wins.

    You want to be a transformational coach who’s been around for decades. Not just a “flash in the pan” nobody remembers after a few months.

    And who knows? Before you know it, you could be the one consulting as a side hustler.

    Scale Your Impact, Scale Your Income

    Helping someone through their transformation, even if it’s through side hustle coaching, can be one of the most fulfilling things you can do with your life. What could be better than helping and serving others while making a great living?

    These three powerful strategies are a great start to creating a solid foundation for your business.

    Go deeper by learning the roadmap and skills you need to build a stable and profitable coaching career. Join us in the free Become a Mindvalley Certified Life Coach masterclass.



    Annamaria Nagy

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  • 5 Ways Franchises Can Benefit From Leveraging Offshore Talent | Entrepreneur

    5 Ways Franchises Can Benefit From Leveraging Offshore Talent | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    Emerging franchise brands are laser-focused on growth, and rightfully so. However, growth consumes a lot of cash, and many are undercapitalized and unable to staff adequately in the initial stages of the business. A more nuanced approach to talent acquisition can facilitate success.

    Leveraging offshore talent is a lesser-utilized growth strategy for emerging franchise brands. Outsourcing no longer fills just junior or customer service roles — a common misconception in today’s landscape. Now, high-value, skilled workers are available around the globe to support completing higher-level work. Offshoring helps franchisors proactively hire as part of their growth strategy, instead of staying reactive while conserving cash.

    Historically, I have seen very few brands leverage outsourced labor. However, that is beginning to shift as franchise leaders begin to understand the benefits of having an international talent strategy. There are compelling reasons that fast-growing franchisors can benefit from leveraging offshore talent.

    Related: Your Most Pressing Offshoring Questions, Answered

    1. Access to a broader talent pool

    Talent scarcity persists as a substantial issue that won’t soon go away. It’s becoming harder to find, afford and retain top talent. A ManpowerGroup report revealed that 75% of employers say they have difficulty filling roles, and a study by Korn Ferry found that by 2030, there could be a global talent shortfall of 85 million people — to the tune of $8.5T in unrealized annual revenues if the issue is left unaddressed.

    A shift in the talent procurement process is necessary to address this scarcity. Offshoring provides access to a much broader, global talent pool. Franchises need access to a wide range of skills and expertise that may be limited or fiscally prohibitive in their local markets. Offshoring can be particularly beneficial for more specialized roles within the business.

    2. Cost efficiency and scalability

    A significant outsourcing advantage is cost savings. Offshore talent carries a much lower expense compared to local hiring, with significantly reduced budgets for wages and benefits. With the right offshore talent, work quality won’t be sacrificed. This can be crucial for franchisors that need to maximize their resources during periods of rapid growth.

    It takes a long time for a franchise brand to become royalty-sufficient, which is why growth is especially important for new businesses. As franchises grow, the need for broader skills and additional staff rises. Offshoring provides the flexibility to expand or contract the workforce as needed, without the expense or complexity of hiring locally.

    3. Quality improvement

    Any business in growth mode struggles to hire ahead of the demand curve. Hiring proactively can help franchisors expand their capacity ahead of that curve to maintain high quality, brand value and customer satisfaction. Often, they delay hiring crucial roles or bring on less experienced workers to reduce costs. These are not mutually exclusive.

    Most people think of outsourcing as transactionally delegating low-level tasks that no one wants to do. Instead, franchisors should consider offshoring, hiring skilled workers to fill roles earlier than they could otherwise with domestic workers.

    For example, leveraging offshore talent could mean that domestic employees can take on new roles, such as management responsibilities, expanding capacity and facilitating greater business value.

    4. Round-the-clock operations

    Offshore teams often operate in different time zones. Meaning, they can complete their work outside of the franchise’s local business hours, effectively enabling 24/7 operations.

    Operating with longer hours can significantly increase project turnaround times and improve customer satisfaction.

    5. Leadership focus

    Within growing companies, executives often get mired in operational or administrative details. Through offshoring, franchise executives can affordably find support that relieves operational burdens and allows them to focus on core activities, such as franchise development and strategy and management, which spur growth and expansion. Offshore teams can handle repetitive and time-consuming tasks, which in turn increases organizational efficiency and productivity.

    With this level of support, leaders can expand their bandwidth and add strategic value to the organization.

    Related: Hiring Offshore Talent? Here Are the Top 10 Countries to Recruit From.

    Investing in offshore talent allows room for franchises to grow. Businesses gain access to a wider range of skilled talent, and they can upgrade internal teams and foster leadership capacity and effectiveness. Cost-efficiency and 24/7 service provide much-needed relief to young franchise businesses — and customer service and profitability don’t suffer in the process.

    Offshoring helps growing franchises increase organizational value. The flexibility that engaging today’s offshore talent provides creates a skilled global workforce that fulfills more roles than customer service.



    David Nilssen

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  • How Cultural Understanding and Adaptation Drives Business Success | Entrepreneur

    How Cultural Understanding and Adaptation Drives Business Success | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    Having been raised on different continents, I learned from a young age the significance of being mindful of cultural nuances and the ever-important aspect of assimilation. In the business world, this could not be more profound.

    I was working in China several years ago when a US-based client was looking to partner with a Chinese company in Shanghai. One of my conditions for representing him was that he would follow the protocols that I laid out for him. The most important was to avoid business talk in the first meeting with his potential partners unless they do so first. The Chinese feel the need to first build a connection, respect and a sense of understanding prior to delving into business.

    He chose to ignore my counsel and instead dove right into business specifics within minutes of sitting down with the Chinese executives. That turned out not so well, as that was the beginning of the end for him and this particular client.

    Related: Become a Better Leader With These 5 Cultural-Awareness Tips

    Navigating the nuances

    Whether you work in a small office in Omaha, corporate headquarters in New York or a high-rise in Singapore, today’s tech industry is global, which means cultural knowledge and understanding, as well as adaptation, can help ensure broader success. If it hasn’t happened yet, sooner or later you and your business are going to come face-to-face with significant cultural differences. When that time comes, you’ll need to be ready.

    Over the years, I’ve developed a handful of reliable techniques for navigating cultural nuances to make deals, build partnerships and drive better collaboration. I’m always happy to share them and encourage broader business understanding.

    Workshops and diversification

    One of the most widely known, and oft-criticized, tactics is cultural sensitivity training. Yes, in some cases, particularly in corporate settings, sensitivity training can be dull, soulless and largely unhelpful. But when thoroughly researched and delivered with a human touch, it can be compelling and highly effective.

    The young founders of an Austin-based startup looking to go global, for instance, could learn a great deal from workshops on Indian business and etiquette. These lessons could prove invaluable in finalizing a deal that significantly expands the tech firm’s footprint and outlook.

    Who might lead these workshops? Well, if the startup has followed my next recommendation, embracing hiring diversity, it may already have a staffer with an Indian background who could take the lead. Hiring diversity, in terms of gender, background, ethnicity and abilities, is not just ethically right, it’s also great for morale and business understanding.

    My next tactic takes this one step further: instituting similar inclusivity in team-building and leadership. It’s nearly impossible to diversify every single team, due to the limits of in-house talent. But whenever possible, every team should embrace diversity, while the C-suite and board should be similarly open to the widest range of candidates. The result is a broader range of ideas and a greater likelihood of connection and understanding with other teams and external businesses.

    Related: Diversity Matters: Defining (And Developing) Your Cultural Quotient

    Communicating is not only about words

    One area of cultural difference that’s often overlooked is communication. It’s no secret that people from different countries tend to use different languages. But many businesspeople assume that if they have a reliable translator and know what their interlocutor is saying, they’ll be on solid ground.

    That’s not always the case, due to variations in communication, manners and sensitivities. A German executive, for example, might appreciate and respond to a direct but fair criticism of his company’s offer, while a Japanese CEO could take offense at the same remark and walk away. Knowing how people tend to communicate, and what they prefer to avoid, can determine success or failure.

    Don’t forget the low-hanging cultural fruit

    Holidays and cultural traditions may be the low-hanging fruit of cultural differences, but they’re still forgotten. It’s never a good idea, for instance, to suggest a negotiation call on the day your potential partner will mark his country’s independence. And did you know that some countries celebrate Christmas on January 7?

    It only takes a minute of research to ensure your business vision doesn’t conflict with any key dates and traditions. This also applies in-house — business leaders need to respect the cultural differences of their staff. This might mean time off on Hindu holidays, for instance, or special considerations for Muslim employees who wish to fast during Ramadan. This not only boosts employee morale but also helps encourage a work environment where everybody feels heard and understood, which tends to increase loyalty and reduce attrition.

    In recent weeks, Silicon Valley companies snapped up two Israeli cybersecurity firms worth hundreds of millions of dollars. Israel’s IT sector is white-hot and growing fast, yet there’s no question these major deals involved some cultural understanding and adaptation, whether related to the ongoing conflict, Judaism or some other concern.

    Related: Business Etiquette Basics From Around the World (Infographic)

    It should go without saying, but the benefit for these American firms is not only about the products they now control and the potential boost to profits. It’s also about planting a flag in a new country, gaining experience in a new region and adding to the firm’s understanding of global cultural nuances — all of which are likely to drive long-term success. I think it is summed up best by what I was once told when in China: “You Americans measure success from one quarter to the next. In China, we measure the same success but in dynasties.”

    As my friend learned in Shanghai, Americans are never going to remake the world in their image, no matter how much we like to overestimate our influence. There’s no substitute for learning, understanding and adapting to significant social and cultural differences. The fact is, the more informed and respectful your negotiations, the more likely they are to succeed.



    Adnan Zai

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  • 5 Habits Shared by the Most Successful Leaders | Entrepreneur

    5 Habits Shared by the Most Successful Leaders | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    Across a wide array of industries and geographies, the world’s greatest business leaders know all goals must be rooted in consistent habits that support them. Top leaders regularly evaluate and reassess whether their daily practices are enabling them to lead effectively and efficiently, and ultimately, whether they are paving the path for their long-term plans.

    Understanding that success often comes through incremental progress over time, they are confident that even when goals don’t materialize as quickly as planned, the systems and processes they have put in place will keep their team motivated, energized and on track. The best leaders delight in their habits, knowing the hard work will ultimately lead to results.

    After three decades of working with CEOs, I’ve come to find the following five fundamental habits are shared by the most successful leaders:

    Related: 5 Habits of Leaders at the Top of the Ladder

    1. Be disciplined with communication

    Great leaders prioritize keeping consistent lines of communication by maintaining a regular cadence of one-to-ones and department meetings. They keep meetings productive and results-oriented by leveraging some combination of the following best practices:

    • Share a brief with all participants ahead of every meeting: This allows everyone to come ready to share relevant updates, answer questions, and offer fresh thinking and well-thought-out solutions, rather than spending the first part of the meeting getting everyone up to speed.

    • Open meetings by outlining the purpose and intended outcome: This helps to set the tone, align expectations, ensure the conversation doesn’t get sidetracked, and eliminate surprises.

    • Come to meetings prepared and ready to lead: A great way to accomplish this is to create a 15-minute buffer between meetings. Avoiding back-to-back meetings gives leaders a quick opportunity to debrief from their previous meeting and prepare for their next.

    2. Make planning programmatic

    Rather than spending all day reacting to emergencies, effective CEOs take proactive control of their planning process. They routinely build planning checkpoints into their day: In the morning to set themselves up for the day, mid-day for reflection on critical projects, and in the evening to plan for the following day. This strategic and forward-thinking approach to planning gives leaders an opportunity to be thoughtful in their responses rather than constantly responding on the fly.

    3. Master your calendar

    Great leaders don’t leave their priorities up to chance — they bake them directly into their calendars. Instead of simply creating a to-do list and hoping they’ll get through it by the end of the day, they set aside specific blocks of time for each item they want to accomplish, even if it’s as simple as walking around the office to connect with the team.

    This principle applies to both personal goals, like exercise, and business priorities, like strategic planning. An effective CEO’s schedule often appears to be booked solid, but instead is carefully tailored to ensure important projects don’t fall to the wayside. Some CEOs find success from digital planners or apps to super-schedule their day. Regardless of what tool is used, the practice of scheduling time for priorities is key to staying on track and making progress against goals.

    Related: 10 Secrets to Creating a Master Calendar That Drives Your Productivity

    4. Create an accountability system with peers

    Great CEOs know the pitfalls of trying to do everything on their own. They actively seek diverse perspectives from trusted peers to ensure their decision-making process is well-balanced. Remaining open-minded to new approaches, they welcome the expertise and counsel of others. Many have discovered that when they say their goals out loud to peers, they’re more likely to follow through with action to support those goals. Whether it’s in the form of a peer networking group, mentoring/coaching program or regular conversations with longtime friends, effective leaders lean into the value of community.

    5. Carve out time for learning

    Among the many pressing decisions CEOs need to make each day, it can be difficult to find time for learning. However, the world’s best leaders regularly seek out new industry and leadership ideas from podcasts, articles, speakers and books. Lifelong learning starts by setting goals and implementing habits to support them. By creating the discipline to support a life of learning, CEOs can ensure they are always improving.

    In 2024, economists forecast continued economic uncertainty and softness. This makes now as important a time as ever for leaders to make sure they are setting themselves, and their companies, up for success. The Super Bowl is not won in one game alone. It is the result of year-round training, grueling practices, wins, losses and perseverance. Business is the same. Breaking bad habits and implementing and maintaining new ones is hard work. However, great CEOs find joy in the process and are patient as they work toward growth goals.

    Related: 5 Winning Habits That Will Transform Your Leadership Skills



    Sam Reese

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