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Tag: Growth Strategies

  • This Costco Membership Could Make a Great Last-Minute Holiday Gift | Entrepreneur

    This Costco Membership Could Make a Great Last-Minute Holiday Gift | Entrepreneur

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    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.

    Everybody needs groceries, home goods, clothes, etc. Costco is famous for having high-quality and affordable buys in all of these departments, which is the main reason why a membership could make a great last-minute holiday gift to someone in your life or yourself this season. And if you don’t get to it by the holidays, not to worry. Through January 1st, you can get this Costco 1-Year Gold Star Membership + a $40 Digital Costco Shop Card* on sale for $60.

    The Costco Gold Star Membership will get you or whoever you gift it to access to Costco’s 500+ warehouses across the United States. At those stores, the member can shop for well-priced groceries of a wide variety, as well as home goods, electronics, and more. Costco Gold Star Membership also comes with access to Costco Services.* If you’re unfamiliar, Costco works with select providers to offer support with carpets, hardwood flooring, custom window treatments, HVAC work, and more.

    The $40 Digital Costco Shop Card* included in this deal will give you or the recipient a nice spending boost when first enjoying their membership. This offer is available to new members only, and it’s rated an average of 4.5/5 stars by verified purchasers.

    Get this Costco 1-Year Gold Star Membership + a $40 Digital Costco Shop Card* on sale for $60.

    Prices subject to change.

    *Services are provided to Costco members by third parties.

    *To receive a Digital Costco Shop Card, you must provide a valid email address at the time of sign-up. If you elect not to provide a valid email address, a Digital Costco Shop Card will not be emailed. Valid only for nonmembers for their first year of membership. Limit one per household. Nontransferable and may not be combined with any other promotion. New members will receive their Digital Costco Shop Card by email within 2 weeks of sign-up. Costco Shop Cards are not redeemable for cash, except as required by law. Digital Costco Shop Cards are not accepted at Gas Stations, Car Washes, or Food Court Kiosks. A Costco membership is $60 a year. An Executive Membership is an additional $60 upgrade fee a year. Each membership includes one free Household Card. May be subject to sales tax. Costco accepts all Visa cards, as well as cash, checks, debit/ATM cards, EBT and Costco Shop Cards. Departments and product selection may vary.

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    Entrepreneur Store

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  • How to Leverage AI to Supercharge Your Business | Entrepreneur

    How to Leverage AI to Supercharge Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial Intelligence: What was once a seemingly passing buzz phrase has now become an accepted and enduring technology reality — set to only increase in speed and application.

    But, as a society, and especially among those focused on business solutions, there are divides on modes of response. Some feel nervous, even frightened, but certainly concerned about the impact AI could have on their jobs individually and the job market as a whole. Others straddle the fence, unconvinced as yet about its true potential. Then there is the corps of the savvy — those who harness its capabilities and recognize its limitations.

    I heartily recommend you take your place in that last group.

    I’m lucky to work in an ecosystem of individuals committed to harnessing innovation, one that embraces inventions and improvements and then learns how to redirect workflow energy accordingly. One such individual is Chris Winfield, founder of Understanding AI. His career path has flowed through various markets and verticals but has centered on giving entrepreneurs what he likes to term an “unfair advantage” by leveraging everything from relationships to PR and social media to mentorships. Now, he’s turned his attention to AI and has identified key ways entrepreneurs can gain another unfair advantage by leveraging it.

    We sat down and discussed this pathway to more robust 21st-century business and various other related topics, including how to soothe associated anxiety.

    Related: Elevate Your Personal Brand with AI

    You can’t avoid reality

    According to Winfield, the most glaring mistake entrepreneurs make is avoiding the subject altogether. In a rapidly evolving business landscape, reluctance can leave you stranded while others sail smoothly into new opportunities. “The key,” he said, “is to understand that AI is a tool like any another: its effectiveness depends on how you wield it.”

    Early steps

    To assess the applicability of AI in a work setting, Winfield typically has clients go through a simple exercise: Figure out what your hourly wage is (everyone has one: how much your company made last year divided by the hours you worked). Then, write down everything you do for one week — tasks, meetings, minutia, calls… everything. Once that list is complete, identify tasks you wouldn’t be doing if you could pay someone else to, then ask whether ChatGTP (or any other AI tool) could handle them.

    Consider one example: Imagine how an entrepreneur who also manages writing and social media for her company might leverage AI during a typical day. She has a morning video call with an interviewer and applies vidyo.ai, an AI-assisted editing platform that transforms longer-form videos and podcasts into shorter clips suitable for TikTok, YouTube and Instagram. It also generates a snippet-ready video of the call and a transcript of everything discussed. She then engages ContentFries, which chops that video into social media-ready tidbits.

    Finally, she makes productive use of the transcript using another AI tool to write blog posts and social media captions. She has done all of this — truly maximizing output and content creation — essentially without lifting a finger.

    Related: 4 Ways This SEO Expert Uses AI to Create Content — and How You Can, Too

    The importance of smart input

    To be sure, polishing and cleverly market-applying content is still up to you. One common pitfall, Winfield pointed out, is the assumption that AI can work wonders without you, but it can only be as good as the prompts you provide, which require creativity. He recalled mentoring a chiropractor who asked an AI tool to “write good newsletters.” That was it… that was the prompt. The results, not surprisingly, were lackluster. So, Winfield coached him, including imparting the effectiveness of “laddering.”

    Generally applied in marketing realms, laddering also works with prompts. Think of it as peeling back an onion — moving from understanding features to values to the emotions that make us tick. We have to do this when using AI to help it understand our foundational and creative needs and the emotional payoff we’re looking for. Once it has all of those inputs, it can create useful and valuable content for consumers.

    Enter ChatGPT, a tool developed by Open AI that can truly revolutionize our work. In addition to crafting and focusing prompts, you can use it as a brainstorming partner, a search engine and a versatile outline creator. Applied thoughtfully, it can save oceans of research time and busy work, leaving more hours for tasks only your creative brain can handle.

    Another quick exercise: Have ChatGPT build a target market persona for your company, which could help you understand the current market better and/or identify one that a unique product or offering could reach. Be specific with your prompts, though: Ask it who may like your product, what competitors for it there might be, and lastly, have it present a demographic that you may not have thought about. Examine critically the resulting information, and don’t be afraid to make mistakes (or recognize AI’s mistakes) along the way.

    Related: What We Can Learn from the OpenAI Governance Crisis to Drive Ethical AI Leadership

    Keep AI work-related

    As artificial intelligence continues to evolve, new tools are seemingly released daily, and it’s easy to get caught up in the excitement and lose focus. So, Winfield advises that entrepreneurs designate AI tools for work-related tasks only (avoiding using them for unrelated matters during office hours) to prevent time-wasting distractions.

    The better you get at leveraging AI, the easier it will be to identify which tools you should and can integrate. Handled strategically and capably, you’ll find that productivity increases, creativity expands, and time is created for the kind of multidimensional thinking that really helps move the success needle.

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    Randy Garn

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  • Why Embracing Change Elevates Business Success | Entrepreneur

    Why Embracing Change Elevates Business Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

    The real catalyst for change

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

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

    Inspiring change in your business

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

    Related: 15 Strategies to Help Leaders Overcome Resistance to Change

    The power of your peers

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

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

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

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    Jason Zickerman

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

    How entrepreneurs are adapting

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

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

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

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

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

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

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

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    Rich Rao

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  • How to Find the Strength to Get Out of Your Own Way | Entrepreneur

    How to Find the Strength to Get Out of Your Own Way | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Assuming you have all the courage you need, what action could you take that would have the greatest impact on your life?

    That’s a powerful question. It has profoundly impacted me over my 18+ years as an entrepreneur. It has precipitated profound transformation in many entrepreneurs’ lives.

    Recently, at a conference, I delivered my workshop on taking your life back from your business. I concluded with this question and asked attendees to share their responses as they saw me during the conference. Over the next day or so, I was in deep conversation with entrepreneurs, sharing their courageous actions and fears. I was touched by the vulnerability and the difficult life circumstances we entrepreneurs endure as we grow our businesses. There is a profound impact on our personal lives when times are tough in the business. Likewise, there is a significant toll on our leadership when we face stressful circumstances in our personal lives. The work we do on ourselves to lead with love is profoundly impactful.

    Decisions, or a lack of decision, out of fear are constricting. Fear keeps us playing small. Years ago, on a teleseminar (back in the days before Zoom!) I asked this question. One of my clients immediately knew his answer: to place a bid on a new building. He placed the bid, and his offer was accepted. His business has since expanded multiple times across multiple locations. When he called me to tell me what happened, he confided he needed a bigger location for quite some time, and the idea of taking out a substantial loan to pay for it made him fearful: “What if I can’t make the payments?” What if I am misjudging the demand for our services?” What if we go bankrupt because of me?” These were just a few of the gremlins running through his head.

    Related: 4 Strategies to Increase Your Success

    Our gremlins are the enemy of change. They demand the status quo. On the surface, they may sound like the voice of reason, protecting us from rash choices we could regret. In reality, our gremlins keep us stuck. Our gremlins come out in full force when contemplating transformative action in our lives and businesses.

    One of the reasons I love this particular powerful question is that it surfaces what we intuitively know to be in our best interest. I was reminded of this when I asked this question at the conference. Multiple entrepreneurs are stuck in (i.e., tolerating) dysfunctional marriages and business partnerships. Others have team members undermining productivity, profitability, and good culture.

    If you are avoiding making decisions due to fear, instead of dwelling on the “what ifs,” ask yourself powerful questions to get out of your own way:

    • What’s possible when you stop tolerating this situation or behavior?
    • What opportunities arise when you make this significant change?
    • When others react positively to your choice, what will they be saying?
    • Twelve months from now, what will you appreciate most about your choice to take action?

    Our blindspots keep us stuck. Ten years ago, when I was choosing to stay in a bad marriage for the sake of my kids, a good friend asked me what I thought my kids were learning. That one question opened my eyes to a significant blind spot. My fear had me focusing on how a divorce might damage them. Her question made me consider how they might be damaged by staying in the marriage. Her question also got me to consider what good might come of this significant life change. She moved me from fear-based thinking to making choices out of love, knowing that not only could I handle the fallout of a divorce but that my consistent love for my children would pave a healthy path forward for us.

    Related: How to Harness the Power of Fear in 8 Steps

    A client recently called to tell me he fired a team member immediately following our meeting last week. He was planning to take another six months to take this action out of fear about its impact on production. As he tuned into how much this team member’s lack of accountability was costing the business and undermining the culture my client was trying to create, he was no longer willing to tolerate it. He made this decision with confidence in his leadership to see his team through the challenges this situation creates in the business. He made this decision with confidence that he would identify opportunities to do so even though he did not immediately know how to replace the team member. He made this decision out of love for the future he is creating for his team and his family.

    What opportunities are created when you make decisions out of love rather than fear?

    What are you tolerating?

    With the new year upon us, what is it time to change? What impact will that have on you and your business?

    I’d love to hear your answers.

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    Dr. Sabrina Starling

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  • Why You Should Learn New Skill Sets This Winter | Entrepreneur

    Why You Should Learn New Skill Sets This Winter | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Here’s a harsh truth: unemployed people are having a hard time finding a new job because many companies halt their recruiting efforts during the last quarter of the year. This is not new – it is a well-known fact that big companies often do a headcount at the end of the year, and they often significantly slow down their hiring process.

    Instead of unsuccessfully searching for opportunities when there is little to no hiring, many look to expand their arsenal of skill sets, which can propel their pursuit of better, bigger opportunities in the few months to come.

    For those looking to embark on the journey of acquiring new skill sets during the slower pace that winter months often offer, I’d like to delve into five unique avenues to discover inspiration for skill sets that can benefit your life and career in the near future.

    Related: Master New Skills From the Comfort of Your Home With This Bundle, Now Less Than $175

    Exploring LinkedIn job applications

    One valuable resource for finding inspiration for new skill sets is right at your fingertips: LinkedIn job applications. Start by identifying professionals with positions similar to your current role, your desired career path, or roles with the title of the person you used to report to in your last job. Take a closer look at the job description for those roles, paying close attention to the skills and qualifications they require.

    For example, if you’re in marketing and aspire to move into a leadership role, analyze profiles of Marketing Managers or Directors. Note the skills they require or those with that job title have honed over the years, such as data analysis, digital marketing or project management. These insights can guide your skill acquisition journey, helping you align your skill set with your career aspirations.

    Mentorship and networking

    Seek out mentors who can offer guidance on skill acquisition. If you are still close or have a great relationship with the last person you reported to, you may seek them for advice, asking which skill sets would be valuable for you to acquire if you intend to continue to pursue growth in your current career path.

    Conversations with mentors and industry peers can provide valuable insights into skill sets that have contributed to their success. These personal anecdotes and recommendations can steer you toward acquiring skills that align with your goals and aspirations.

    If you’re not in touch with them anymore or would rather avoid contact with them, engage in mentorship and networking activities to discover skill sets that have proved valuable for others. Attend industry events, webinars, or virtual conferences where you can connect with experienced professionals who may have a similar career path to the one you’re pursuing.

    In my experience, I found people I highly admire and invited them to step into a virtual group call once every other month. In our one-hour meetings, we discuss what’s been working for each of us and provide valuable guidance for everyone in the group. I like to call this exercise “Business Therapy,” in which we often discuss our past experiences and challenges and how we overcame them.

    Learning from the experiences of others may end up saving you years of continuous hustle. Never rely solely on your experiences when you can learn from the experiences of others.

    Related: Looking for a Mentor? The 7 Best Places to Start.

    Personal interests and hobbies

    Sometimes, inspiration for new skill sets can emerge from your personal interests and hobbies. Consider activities you’re passionate about outside of your professional life. These interests can be a foundation for acquiring skills that bring joy and fulfillment.

    For instance, if you’re an avid photographer, you may explore photo editing or digital marketing courses to promote your work effectively. Blending your passions with skill acquisition can lead to a well-rounded skill set that enhances your personal and professional life.

    Fun fact: that’s how my journey in the technology industry began. I am an Architect by profession, but I am such a tech nerd that I always sought to acquire technical skills, which is how I came up with the business idea that ended up becoming Replay Listings, the company I’ve led for over seven years now.

    Related: How to Turn Every Adversity You Face into an Advantage

    Tapping into industry trends

    As industries evolve, new demands arise, creating opportunities for individuals to acquire relevant skills. For instance, if you’re in the technology sector, consider the rise of artificial intelligence and machine learning. These cutting-edge technologies are shaping various industries, from healthcare to finance.

    By understanding industry trends, you can pinpoint relevant skill sets and future-proof your career. Stay updated with the latest industry trends and advancements. Explore industry-specific publications, blogs, or podcasts to gain insights into emerging skills in your field.

    Online learning platforms and courses

    Online learning platforms offer various courses on various subjects, making skill acquisition more accessible than ever. Platforms like Coursera, Udemy, and LinkedIn Learning provide various courses, from technical skills to soft skills like leadership and communication.

    Browse these platforms to discover courses that align with your career goals or personal development objectives. The flexibility of online learning allows you to acquire new skills at your own pace, making it a convenient option for the winter months.

    The bottom line is the slow winter months often present a unique opportunity to embark on a skill-acquisition journey. Whether you draw inspiration from LinkedIn profiles, industry trends, mentors, personal interests, or online courses, acquiring new skill sets can enrich your life and open doors to exciting possibilities. Embrace the season as a time of growth and discovery, and you’ll emerge with valuable skills that can shape your future success.

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    Rodolfo Delgado

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  • 7 Factors Entrepreneurs Must Consider Before Going Global | Entrepreneur

    7 Factors Entrepreneurs Must Consider Before Going Global | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When you decide to expand a business globally, there are some serious considerations you need to make. Even though there are big rewards from global expansion, there are also significant risks. Making this bold move as an entrepreneur means facing challenges you must be prepared for. With careful consideration of these challenges and all the factors that come into play, you could avoid making mistakes that would harm your business.

    Here are the most essential factors you must plan for before leaping to take your company global.

    Related: 5 Key Points to Consider When You Are Expanding Your Business Globally

    1. Markets and trends

    The market in one country may differ significantly from that in other countries. Even between close-knit areas or countries that border one another, the culture and the challenges can be unique. If you’re not planning for that and are unaware, it could affect your company. You may end up without a market in your new location. It could be that the trend you’re trying to get in on has already passed that area, leaving you behind the competition.

    2. Economic factors

    How is the economy in areas of the globe where you plan to expand? That’s another consideration I suggest looking over carefully. The population in the new location may love the look of your product and what it can offer, but if they can’t afford it, you won’t make sales. Not only that, but even an affordable product must align with its competition based on price and features. Make sure the economy can support your decision to expand.

    3. Political factors

    Avoiding politics, especially with customers, is generally a good idea. Still, the fact remains that the region you’re expanding into can affect whether your product is well-received or not. Just like you likely wouldn’t try to sell conservative t-shirts in a heavily liberal area, you want to make sure there aren’t any political factors that will affect your global expansion. Countries restricted due to their government might not be good choices for your expansion efforts. You should choose countries and areas that make your company’s expansion as easy and seamless as possible.

    4. Entity set-up requirements

    Are you going to have to spend years and thousands of dollars just to get permission to legally operate in a particular area of the world? If so, bringing your products there may not be worth it. Set-up requirements for your business entity can take time, and there will likely be some expense, but the area’s requirements should be manageable overall. There are likely other areas you can choose that won’t have these issues.

    Related: 6 Obstacles of Expanding Your Company Internationally — and How to Overcome Them.

    5. Legal barriers

    Much like politics, the legal aspects of moving your company’s offerings into more global areas must be considered. For example, if you want to expand your company’s online presence and ship to more countries, that’s typically easier than setting up physical locations. Some countries may make it difficult for you to operate a business when you have no other legal ties. Even if you get through all the red tape, you’ll be behind your competition immediately. That might not be a safe business move.

    6. The competition

    Concerning the competition, it also matters when considering going global as an entrepreneur. Moving into a market heavily controlled by well-established companies might not be your best option. Instead, consider areas with limited competition for your product but where there’s still a market for what you’re selling. Finding the right places can take time and research, but that can be time well spent when you don’t have to compete as hard for customers.

    7. Workforce needs

    Your workforce will be important, and that’s even more significant as your company grows its presence in a country or region. While many jobs can be handled online from nearly anywhere, some still have to be done in person. If your company needs a presence in a new area, you want to be sure there are enough potential workers with the skills and experience you need. Then you won’t need to provide as much training and can see more growth faster.

    Expanding into the global market might be the best thing you could ever do for your company, but only if handled correctly. Well-established entrepreneurs know that companies have to take that kind of expansion seriously if they’re going to see success. Before becoming a global company, consider the seven factors above and ensure you’re truly prepared for your business’s next adventure.

    Related: Successful Leaders Think Globally — How to Expand Your Business Abroad For Maximum Success

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    Igor Borovikov

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  • 6 Brand Design Tactics That Will Make You Stand Out | Entrepreneur

    6 Brand Design Tactics That Will Make You Stand Out | Entrepreneur

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    How many times have you walked past a storefront, perused a grocery store aisle, or scrolled through your Instagram feed and experienced a little “I want that!” ping to your brain after seeing a particularly compelling image? That, in a nutshell, is the power of great design.

    According to research from Insights in Marketing, 93% of consumers say a product’s appearance is the most important factor in their purchasing decisions, and 85% say they’re heavily influenced by the colors of a product or brand. And because the average consumer spends so much time looking at their phone, brands have more ways than ever to make a visual impact. Bankrate found that 48% of social media users have impulsively bought something advertised to them on social media, and a whopping 72% of Instagram users base their buying decisions on content they see on the platform.

    So, in a time when consumers are endlessly bombarded with brands, how do you create something that stands out? Something unconventional and unexpected, but still appealing to the established tastes of your customers? We asked some founders who leaned on design to build best-selling brands. One common strategy? They all looked at their categories and figured out what wasn’t there, and designed into that blank space.

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    Frances Dodds

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  • How Small Business Owners Can Level Up Their Negotiation Tactics With Venture Capitalists | Entrepreneur

    How Small Business Owners Can Level Up Their Negotiation Tactics With Venture Capitalists | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When small business owners are looking to secure investment from venture capitalists (VCs), they have to understand the accurate valuation of their business before they enter into negotiations. Otherwise, they end up asking for too much, and investors won’t buy in, or they give away too much as a concession for getting financial backing. You don’t need to let either of those unfortunate scenarios happen to you.

    Instead of guessing and hoping, you must be prepared to negotiate based on honest and accurate information. Even if your business is very small or you’re new to the business world, you don’t need to be intimidated when working with venture capitalists. Understanding your company’s strengths and knowing how to address its weaknesses can take you a long way toward success.

    Choosing the right venture capital opportunities

    One important negotiating tip is to make sure you’re choosing negotiations with the right people. In other words, be selective about your opportunities. You don’t want to send a mass email to many VCs, hoping someone will take interest. If you do that and get replies, it could be that they’re trying to take advantage and think that you’re desperate. Instead, target only a handful of venture capitalists who are a good fit for your needs and have helped companies like yours before.

    Study your options for venture capital and the people who typically support businesses like yours. Look for VCs who work within your industry or who are focused on helping small businesses that are similar in size to what you have. When you find the right people, negotiating with them becomes much easier because you understand one another and have more common interests and goals. Then, you can both see the value of working with one another.

    Related: 8 Key Factors VCs Consider When Evaluating Startup Opportunities

    Options for venture capital you should consider

    It’s essential to consider more than one option or offer if you can. It’s not just the VCs you work with that matters, but also what they give you. Getting additional money to grow your business is essential, but there are other aspects of business development. There are many different ways that a venture capitalist could bring further and ongoing value to your company.

    If there are other areas where your business needs support, don’t be afraid to ask. Some VCs may have connections, offer mentorship or provide additional value beyond cash. Consider these options and if they can help your business succeed. If they’re better than an influx of money only, they might be suitable for your needs. Ideally, you can get cash and other perks, but that depends on the person you’re working with and what they’re willing to offer.

    Focus on post-investment processes

    Before making any deal for venture capital, make sure you’re clear on the decision-making processes that will occur post-investment and what level of control you’ll retain. In other words, you only want to agree to work with a VC that will buy your business out and take it over if that’s what you’re specifically looking for. Getting your questions answered in this area is extremely important.

    You should negotiate this area carefully because too many small business owners get caught up in the idea of earning money to help their business, and they agree to conditions that only benefit them in the short run. Some need to read the contract carefully, or they aren’t willing to ask for more because they fear losing what’s offered. That is your business, so make sure you know what trade-offs you’re agreeing to.

    Remember that value-add is part of the equation

    While the financial backing venture capitalists can bring is highly important, there is a value-added beyond that capital. Working with the right venture capitalists brings you additional opportunities that could be even more significant than the money they’ll invest. When negotiating with a VC, ensure you know what matters to you and why your business is worth investing in. That can help you get a “yes” from the right investor.

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    Avi Weisfogel

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  • 7 Customer Experience Strategies for Effective Branding in 2024 | Entrepreneur

    7 Customer Experience Strategies for Effective Branding in 2024 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As we proceed into 2024, the ecommerce branding landscape continues to evolve, but customer experience (CX) maintains its place at the forefront of effective branding strategies. After all, 44% of consumers affirm that nothing justifies a poor customer experience, not even lower prices or brand loyalty! This statistic underscores the critical importance of customer experience in the world of online retail, and I’ll help you master CX strategies for powerful ecommerce branding in this guide.

    We will now explore seven cutting-edge ecommerce customer experience strategies that are vital for branding success with successful examples. These insights will help you understand how to create a compelling and satisfying shopping experience that resonates with your audience and drives brand loyalty.

    By implementing these top seven strategies, your ecommerce brand can create an ecommerce customer experience that delights customers. This ultimately leads to effective branding, customer loyalty and business growth. Let’s dive into the key ecommerce customer experience strategies that will shape effective branding in 2024.

    1. Personalization of the customer experience journey

    The beauty of ecommerce lies in its potential for personalization. This extends beyond basic customized emails to enhance the entire shopping journey. It’s like being a tailor for customer experiences, where past interaction data is used to offer unique product suggestions and deals.

    Amazon is a leading example of this personalization strategy. They utilize customer purchase history and browsing data to recommend products, thereby creating a shopping experience uniquely tailored to each customer’s preferences and interests.

    2. Effective content strategy

    In ecommerce, a compelling content strategy involves providing valuable insights that resonate with the brand and meet customer needs. This can be in the form of informative blog posts, engaging videos, captivating infographics, and interactive social media content that both entertains and educates, fostering brand engagement and trust. The content strategy across the net is as important as the in-store experience.

    3. Reducing cart abandonment

    Abandoning a loaded cart at the checkout counter is a common sight in the physical world – but in ecommerce, it’s a grave concern. Think about it; your customers have picked out products they fancy and loaded their virtual cart, but a complicated checkout process or any unexpected costs pop up, and they’re gone! The trick here is to keep it simple. You need a streamlined, simplified checkout process and unmistakable transparency about all costs.

    The online apparel retailer, ASOS, has successfully addressed this by revamping their checkout process, offering free shipping and easy returns to minimize customer hesitance due to potential hidden costs, thus reducing cart abandonment rates.

    Related: 5 Powerful Pre-Launch Strategies for Your Next eCommerce Brand

    4. Building a social community through interaction and UGC

    Your brand isn’t just what you sell — it’s also the people who buy it and believe in it. So, developing a social community around a brand is a powerful way to boost customer loyalty and engagement. Encouraging interactions like product reviews, social media engagement, and user-generated content (UGC) not only provides valuable feedback but also strengthens the sense of community among customers.

    5. Focus on security and privacy

    Prioritizing security and privacy is one of the most crucial ecommerce customer experience strategies as building customer trust heavily relies on how well a business protects user data and maintains transparent privacy policies. In fact, a recent study by Spadoom reveals a telling trend: 52% of business leaders rank security as their top priority when choosing ecommerce cloud software.

    This statistic highlights the growing importance of robust security measures in the ecommerce sector, especially when selecting the right ecommerce software that guarantees data protection and adheres to stringent privacy standards.

    Related: 5 Ways Ecommerce Businesses Can Keep Their Customer Data Safe

    6. Short-form video: The rising trend

    What’s the secret sauce to marketing success in 2024? Short-form videos, particularly on platforms like TikTok and even YouTube. These bite-sized visual treats engage audiences, delivering creative and concise content that showcases products or brand stories in a captivating manner.

    Chipotle, the popular food chain, offers a perfect example. They’ve successfully tapped into the potential of TikTok, engaging with younger audiences via viral challenges and interactive content. The cherry on top? It’s entertaining and subtly promotes their products all at once.

    Related: 7 Proven Strategies for Launching a Successful Ecommerce Business

    7. Augmented reality and virtual reality

    AR and VR technologies are two game-changing ecommerce customer experience strategies. They let customers virtually “test-drive” products in their environment before tying the knot with a purchase. This immersive tech is particularly advantageous for items like furniture, where fit, size, and style carry substantial weightage.

    For example, say hello to IKEA’s AR app which allows customers to visualize how furniture would appear and fit in their homes, creating a practical and enjoyable shopping experience. By empowering customers to make well-informed choices, it reduces the likelihood of buyer hesitation and returns.

    Ecommerce branding in 2024 is all about walking on an innovative path while centering on customer needs. It’s about weaving experiences that enrapture your customers and leave them asking for more.

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    Vikas Agrawal

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  • How to Improve Communication by Understanding Stress Responses | Entrepreneur

    How to Improve Communication by Understanding Stress Responses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Traumatic experiences manifest as invisible wounds that impact us psychologically and emotionally. While we often associate wounds with physical injuries, trauma creates internal damage.

    Unprocessed experiences become trapped within us as unintegrated information. This unresolved trauma then influences our behaviors and relationships, often without conscious awareness that it’s happening. We only tend to recognize that something is off, wrong, or unsustainable. Understanding common trauma responses allows us to communicate with our colleagues, employees and clients alike with greater compassion and insight.

    Our job is never to diagnose or even try to unpack someone else’s experiences, but the more awareness we can bring to our interactions, the more compassion we can have for each other.

    Childhood trauma shapes adult reactions

    Adverse childhood experiences (ACEs) stem from abuse, neglect, household challenges, discrimination, and other distressing situations. Studies suggest most people have at least one ACE, with much higher averages among the underestimated.

    The unresolved pain of early trauma then commandeers our nervous systems in adulthood. We develop patterns of thinking and reacting that echo old survival mechanisms. Though unconscious or subconscious, these habitual responses drive our professional (and personal) relationships.

    In certain instances, we may observe that our reaction to a particular event, person, visual, or language used is not congruent with the reality of the situation. Those moments may be markers of unprocessed trauma. Said another way, this is what it looks like when the younger version of us is in the driver’s seat —when they belong in the backseat, seatbelt-buckled, and enjoying their favorite snack. When the regulated, emotionally mature, adult version of us drives, we can respond versus react.

    A recent example of this was the Elon Musk interview with Andrew Ross Sorkin at the New York Times DealBook Summit, in which Musk mentions the abuse he endured during childhood. The influence of unintegrated trauma from his upbringing gives us a glimpse into aspects of his behavior that could be categorized as low-conscious leadership.

    Related: How to Lead with Compassion During These Traumatic Times

    Four key trauma reactions

    Trauma experts identify four common reactions to stress and perceived danger: fight, flight, freeze, and fawn (also called faint). While we each exhibit a primary tendency, these responses occur on a fluid spectrum. Our reactions depend on the situation and the person involved.

    • Fight reactions show up as aggression or defensiveness. Those with habitual fight reactions often faced belittling or neglect early on. Fighting helps them avoid repeating painful past experiences of unimportance, indifference and powerlessness.
    • Flight reactions reflect an ongoing perception of danger. Anxious folks seeking escape through workaholism or perfectionism exhibit flight patterns. Their frantic busyness causes acute stress reactions like increased heart rate and breathing.
    • Freeze reactions provide time to decide how to respond by stopping the moment. Those prone to freezing often grew up in unpredictable households requiring hypervigilance. Freezing allows the nervous system to pause on high alert before reacting.
    • Fawn reactions prioritize avoiding conflict through appeasement. However, as children those who fawn adapted to volatile environments by placating others. While fawning colleagues may resent their people-pleasing tendencies, their response provides a sense of control.

    Related: Burnout Is Not Preventable — Here’s How to Address Its Underlying Cause Instead

    In each of these four reactions, there are aspects of people pleasing and people controlling. People pleasers may seem kind on the surface but can lack boundaries and accountability. People controllers, who emerge from childhood powerlessness, micromanage and disempower their teams. Neither style effectively motivates or empowers. Both are on a quest for safety.

    Beyond fight or flight: Nuanced communication

    Understanding others’ likely trauma responses allows us to communicate with greater dexterity and care. We can identify reactive patterns through curiosity and non-judgment and adapt our language accordingly.

    With controlling colleagues, we might focus on maintaining their sense of autonomy and purpose. People-pleasing team members may need reassurance that speaking up won’t jeopardize relationships. Regardless of specifics, leading with empathy fosters safety and collaboration.

    My forthcoming book, HEAL to LEAD: Revolutionizing Leadership through Trauma Healing, breaks down the impact of trauma on leaders who exhibit people-controlling and people-pleasing behaviors. It explores the four fundamentals for uncovering the high-conscious leader within — Integrating Trauma, Embodying Vulnerability, Leading with Compassion and Lighting the Way.

    Healing happens in the body

    While talk therapy is certainly an effective gateway (i.e., I am an advocate and have 15 years of first-hand experience), mental health maintenance alone does not work to integrate trauma. Verbal counseling addresses thought patterns but can also keep some stuck in repetitive loops. Somatic methods, on the other hand, directly target the physical manifestations of trauma.

    Somatic therapy and mindfulness practices help discharge stuck emotional energy and tension from the body. Practical methods of somatic experiencing can be utilized in real-time, even during the workday—whether you work in the field, at an office, or from home.

    Related: Why Trauma Integration Will Give You a Competitive Advantage in Leadership

    Conscious leadership through embodiment

    Trauma shapes us, but it need not define us. As leaders, turning compassionately toward our own wounds and those of others allows for mutual understanding. It permits authentic connection and releases us from patterns that no longer serve.

    Understanding trauma reactions and releasing trauma from the body together enable more conscious, compassionate communication. Blending somatic practices with this relational awareness empowers the healthiest possible workplaces. With insight into each other’s pain, we stand a greater chance of building trust and mutually fulfilling professional partnerships.

    We rise together when we bring a higher consciousness to our shared humanity.

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    Kelly Campbell

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  • Are Your Christian Holidays Excluding Your Staff? DEI Expert Reveals How We Can Equitably Handle Time Off For The Company. | Entrepreneur

    Are Your Christian Holidays Excluding Your Staff? DEI Expert Reveals How We Can Equitably Handle Time Off For The Company. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s that time of the year again when “Let’s circle back in the new year” is the recurring mantra around the office while employees schedule their much-needed time off. If you’re responsible for approving requests for paid time off, you may have seen some interesting dates — some that don’t seem to align with Christmas and other Christian holidays. You may have encountered requests around the three other December holidays that aren’t Christian-centric and that HR and hiring managers often overlook.

    Before you hit “deny” on that PTO request, make sure you aren’t saying no to someone’s religious holiday needs. There are three religious and cultural holidays in December that may have slipped your mind. Here’s how to stay on top of your employees’ requests for holiday time off and keep your business afloat at the same time.

    Brush up on Hanukkah, Kwanzaa and Bodhi Day

    Although 63% of Americans identify as Christian, that leaves 37% who don’t — many of these people celebrate religious holidays and periods that aren’t Christianity-centric and here are three that you should be aware of.

    Hanukkah

    This Jewish holiday period begins this year on Thursday, December 7, 2023, and runs through Friday, December 15, 2023. For several days, different themes are celebrated, candles are lit on the menorah, there’s daily reading of Scripture, recitation of some of the Psalms, and singing of special hymns. All of which take time off and dedication to fully enjoy. If you have Jewish employees at your company, be sure to respect their needs for family and tradition during this period.

    Kwanzaa

    Kwanzaa is a pan-African holiday that started in the United States in the 1960s. This holiday period begins this year on Tuesday, December 26, and ends on Monday, January 1, 2024. It includes celebrating a different value every day during that period, wearing symbolic colors, reciting sayings from great black thinkers, African drumming and sharing a meal from the African diaspora. Be sure to honor the paid time off requests of those who celebrate Kwanzaa.

    Bodhi Day

    Bodhi Day is a Buddhist holiday that occurs this year on Friday, December 8, 2023. Bodhi Day commemorates the day of Buddha’s enlightenment. It involves lots of prayer and meditation, reading scriptures, decorating trees with colorful lights, and having meals with family. Be sure to respect those who ask for this day off in 2024 and beyond.

    Ask what employees need

    Sometimes, employees submit PTO requests and don’t give context or explanations of their religious or cultural holiday needs. If you, an HR professional, or a manager have a good relationship with someone who is a religious minority, be sure to start a conversation about what that person needs this holiday season.

    Some employees want time off to pray; others want time off to travel to faraway places to celebrate with loved ones, while others would appreciate an office party to commemorate the period. However, employees choose to celebrate and practice compassion, understanding, and strategic planning to honor their religious needs while keeping business running as usual.

    Create staggered time off schedules around religious holidays

    If you have Buddhist employees who want Bodhi Day off or employees who celebrate Kwanzaa towards the end of December, you can artfully create staggered schedules that honor cultural holidays while keeping the company employee roster organized.

    Ask employees to submit their PTO requests at least one month in advance to give managers and directors time to strategize. That way, employees have time to hear back about their requests, and managers can ensure no balls are dropped while coordinating coverage. This is good practice in general but especially important during the holiday season.

    Final thoughts

    For those of us in the United States, living in a Christian-centric society means that many of us might forget that not everyone celebrates Christmas. The holiday season is full of festivities that span beyond Christianity and should be respected and honored in a similar fashion.

    For those in charge of managing paid time off, be sure to be mindful of what non-Christian holidays are occurring, which employees celebrate certain holidays, and how to keep business going through the holiday season. Your workforce and their families will thank you.

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    Nika White

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

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

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

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

    You’ll gain insights on:

    • The biggest social media trends that will shape 2024

    • Optimizing your content to take full advantage of those trends

    • Navigating the nuances of influencer marketing

    • Measuring success by defining clear objectives and utilizing analytics tools

    • How to approach cultural sensitivity in campaigns

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

    About the Speaker:

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

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    Entrepreneur Staff

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  • Why Strong Collaborations Will Change Your Business | Entrepreneur

    Why Strong Collaborations Will Change Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My entrepreneurial journey, marked by a series of ventures ranging from innovative startups to strategic industry alliances, has continually emphasized a crucial principle: the power of collaboration far outweighs the benefits of competition. Embracing the philosophy of ‘sharing is caring,’ I have witnessed its transformative impact firsthand in business.

    In one of my key ventures, I ventured into uncharted territory by collaborating with a partner from a different industry. Together, we combined our unique market insights, enabling us to penetrate a new market segment previously inaccessible to us individually. This collaborative effort expanded our reach and significantly enhanced our venture’s profitability and market standing. This experience, among many others, has been a testament to the fact that sharing knowledge and resources leads to exponential growth and new avenues for innovation.

    I once worked alongside a technology startup, offering my marketing and client relations expertise. This partnership resulted in the development of a groundbreaking product that addressed a gap in the market, leading to substantial growth for both entities. Through these collaborations, I have learned that sharing insights and resources can catalyze growth in ways that working in isolation cannot achieve.

    Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment

    These experiences have shaped my approach to business and equipped me with a wealth of knowledge and a diverse network. I’ve realized that in sharing, we not only give but also receive in abundance — this reciprocal nature of sharing fosters a supportive business environment, where collective success is celebrated.

    For readers embarking on their entrepreneurial journeys or looking to elevate their existing ventures, embracing this ethos of collaboration can be a game-changer. The willingness to share knowledge, resources, and expertise with others can open doors to unexpected opportunities, new market insights, and stronger business relationships. It can transform competitors into allies and solitary struggles into shared triumphs.

    Moreover, the ability to forge and maintain collaborative relationships is invaluable in today’s interconnected business landscape. It enables entrepreneurs to leverage a wider range of skills, experiences, and perspectives, leading to more innovative solutions and a more robust approach to business challenges.

    In conclusion, my journey has taught me that a mindset geared towards sharing and collaboration is not just an ethical choice but a strategic one. It paves the way for collective growth, innovation and long-term success. For entrepreneurs and business leaders, adopting this mindset means opening up to a world of possibilities where sharing knowledge and resources leads to mutual growth and lasting impact. Remember, in the dynamic world of business, the act of sharing can indeed lead to thriving.

    Related: How Collaboration Can Help Drive Growth and Propel Your Business to New Heights

    The power of sharing in business

    In my experience, sharing within the business community lays the foundation for mutual growth and success. It’s a value exchange that benefits all involved, fostering trust and building robust business relationships. Be it sharing insights from my startup adventures or resources from my network, each act of sharing has multiplied opportunities, not just for me but for my partners as well.

    Networking and relationship-building

    Effective networking, a vital skill I’ve honed over the years, goes beyond collecting contacts. It’s about forging meaningful connections. Providing valuable information or introductions without immediate expectations of a return has reinforced my reputation as a generous and reliable partner, and this generosity has often circled back with new opportunities.

    Overcoming the ego

    In my early days, the hesitation to share stemmed from a fear of losing my competitive edge. But I quickly learned that this ego-driven approach was counterproductive. Opening up to collaboration allowed me to access diverse perspectives and expertise, enhancing my own business acumen and offerings.

    Strategic alliances

    Throughout my career, I’ve actively sought strategic partnerships. These alliances have been crucial for scaling businesses, entering new markets, and fostering innovation. They’ve also provided a support system during challenging economic times, proving that shared burdens are easier to bear.

    Encouraging innovation

    Innovation thrives in a collaborative environment. Sharing ideas with partners has sparked new concepts and accelerated development processes. In my ventures, pooling resources and knowledge has consistently led to faster and more effective innovation.

    Related: Connected for Success: 4 Crucial Values of an Interconnected Organizational Culture

    Conclusion

    Throughout my entrepreneurial journey, I’ve learned a pivotal lesson: the true essence of growth and expansion lies in a sharing mindset. This approach goes beyond the traditional concept of guarding trade secrets. Instead, it’s about leveraging the collective power and diverse strengths that come from partnerships and collaborations. In my own experiences, from kickstarting ventures to forging alliances, the act of sharing – be it knowledge, resources, or opportunities — has been instrumental in expanding my professional network and cementing enduring relationships built on mutual trust and respect.

    Sharing in business is a strategic move that fosters a culture of openness and mutual support. It encourages ideas, opens doors to innovative approaches, and paves the way for collaborative problem-solving. By embracing this mindset, entrepreneurs can tap into a wealth of resources and perspectives they might not have access to individually. This collective approach leads to more robust, sustainable business models and strategies that are well-suited to the complexities and dynamism of today’s business landscape.

    Moreover, sharing cultivates an environment where learning from one another becomes a continuous process, enriching everyone involved. It promotes an ecosystem where successes are amplified, and challenges are met with combined strength and wisdom. The synergy created through sharing can lead to breakthroughs and achievements that might have been unattainable in isolation.

    In conclusion, as we navigate the ever-evolving terrain of business, embracing a philosophy of sharing is not just about being caring or generous; it’s a strategic choice that can lead to remarkable growth and enduring success. It’s about recognizing that in the vast tapestry of the business world, the threads of collaboration and sharing strengthen and enrich the fabric of entrepreneurial success. Remember, in the business world, sharing is a strategy for thriving.

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    Henri Al Helaly

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  • 84% of banks are missing a 'mass'-ive wealth market opportunity

    84% of banks are missing a 'mass'-ive wealth market opportunity

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    Banks and wealth management firms owned by banks are desperate to grow by courting wealthy Americans. 

    But a new report suggests that most of them appear to be missing out on a prime opportunity for future growth that’s closer at hand.  

    Industry research and consulting firm Cerulli Associates finds that only 16% of firms in the banking sphere, including banks and firms attached to banks, offer tailored wealth-related or investment services to the so-called “mass market,” or American households with investable assets under $100,000. 

    “Despite comprising nearly two-thirds of all U.S. households, the mass market represents banks’ least frequently targeted demographic,” Ceruli said in a press release on the report. Data in the report was primarily based on research by Cerulli, as well as figures from the Federal Reserve and U.S. Census Bureau. 

    The most common target for banks in the study was a more well-heeled group known as the affluent segment, where households typically have from $2 million to $5 million in financial assets and average $3 million per household. 

    The more wealthy the potential clients, the more banks in the study generally strove to offer them “high-touch” services where teams of financial advisors and specialists would cater to their complex financial needs. However, the merely upper middle class — ‘middle market’ households with assets of $100,000 to half a million and the ‘mass affluent’ segment with assets of $500,000 to $2 million — would instead receive hybrid service, or a mix of self-directed and advisor-mediated in many cases, the authors of the Cerulli report wrote. 

    JPMorgan shuttering robo-advisor citing low profits

    Investing in tomorrow’s prospects 
    As for those who are worst off, banks leave them to their own devices for the most part. Such clients might get to use a brokerage platform with zero-commission trades, and some “educational content,” the report authors wrote, adding that typically such offerings are deemed “adequate” for those with less than a few hundred thousand dollars of assets. 

    “The service delivery model of providers in this space is becoming highly digitized and automated with minimal access to human advice providers, and often centers around an online dashboard,” according to the report.

    Yet many younger Americans in this snubbed group, who have yet to hit their prime earning years or inherit a windfall, are already beginning to look for financial advice. A study by Ameriprise earlier this year found that millennials are seeking financial advisors earlier than older generations of Americans did. 

    READ MORE: Edward Jones study: Young clients want to retire early but aren’t ready

    Once someone’s locked into an advice relationship, research suggests that most clients will at least outwardly express feelings of loyalty to the advisor they already have, meaning it will be harder to pitch the bank’s own financial advisors at that point. 

    “There is an opportunity for banks to create lasting relationships with mass market clients in the accumulation phase,” Matt Zampariolo, analyst at Cerulli, said in the press release. “Banks that create a differentiated, engaging client experience will be well positioned to retain clients as they cross into higher wealth tiers.” 

    Chayce Horton, a senior analyst in wealth management at Cerulli, said in an interview on the report that it’s understandable that banks want to focus on chasing rich clients. 

    “A lot of the wealth that’s been created in the country has gone to those upper-tier households,” Horton said. “But in the same vein, there still is tens and tens and tens of millions of people who need services. And if they’re properly guided throughout their financial lives, they’re more likely to have assets later on in life.” 

    Better services for mass market clients can also help a bank keep its young advisors, since they’re more easily able to grow their books of business and learn the trade if they’re given smaller accounts to work with at first, he said. 

    When the road to success leads to stress. Shot of a young woman suffering from stress while using a computer at her work desk.

    Advisors handling $2.4T of assets are retiring, as young talent flees the industry

    Creating an offering
    Since building out services that cater to each client segment is costly and requires heavy investment in technology to build attractive platforms, banks can outsource some of that, and increasingly do so, Horton said. Independent broker-dealers such as LPL Financial and Ameriprise, have benefited from banks and credit unions making that decision to stay competitive in recent years.

    At the same time, some institutions are partnering with specialty firms offering services like estate planning at scale. Navy Federal Credit Union’s wealth management unit, Navy Federal Investment Services, in October, announced a partnership with budget estate planning startup Trust & Will to provide affordable estate planning services to members, for example.  

    READ MORE: LPL doubles its hiring of bank and credit union financial advisors

    Horton said services a bank could implement to better serve the mass market include an all-in-one portal with self-service and access to features like trading — to graduate clients from services like checking and savings accounts, for starters. Second, firms should allow clients to “speak to an actual person” and ask questions — which can happen through a call center or a dedicated professional, “obviously for a slightly higher charge.” 

    The third level should be “having access to financial planners and people who can really set up a plan and a series of steps to follow over the course of years and decades,” Horton said. “That can really help retain those clients over time. Because you extend the impact of the service throughout decades, rather than the next couple of years or months.” 

    Sarah Adams, the chief sustainability officer and co-founder of Vert Asset Management — an RIA based in Sausalito, California — agreed. While banks are often structured to see clients transactionally, and often cross-sell their own products, “financial advisors have always meant to be more personable and personal with the client,” she said. “The financial planning piece is what needs to stay there.” 

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    Victoria Zhuang

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  • This Single Sales Productivity Hack Is How I Made $5.7 Million in Personal Net Sales My First Year | Entrepreneur

    This Single Sales Productivity Hack Is How I Made $5.7 Million in Personal Net Sales My First Year | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It was mid-2019, and I found myself at an uncertain crossroads in my career. After a long, fruitful stint as VP of Sales in the wireless industry, a merger tossed me out on my tail with no golden parachute, fallback plan or even a dinghy to navigate the shifty waters of the job market.

    With the urgency hovering, I had to secure something quickly to replace my income. This led to securing one of the first few opportunities that presented itself — a commission-only solar sales position. Hearing the earning potential, I dove in headfirst.

    Having no prior experience in solar, I’d be lying if I said I wasn’t just a bit nervous. But one thing was certain: I’ve always thrived off of challenges and was ready for the elevation process to start over in a booming new industry.

    For me, the elevation process is what has always fueled me, not the prize itself at the end of it. Where’s the fun in laying a dead gazelle in front of a lion? It’s the chase, the adrenaline of proving myself to me and exceeding my own expectations that keep me fired up and ascending to new levels (okay, sure, and maybe the necessity to succeed so my family didn’t end up homeless had a little bit to do with it as well.)

    Nonetheless, I knew my previous sales experience equipped me with the skills and resourcefulness to win, but what I didn’t fully appreciate just yet was the impact of a single productivity hack that would become explosive for my results in a commission-only setting. This hack is what I attribute to bulldozing my way to the number one spot on the earnings leaderboard and obliterating company records for most earned, ever.

    Related: There Is No Success Without Risk

    The power of tenacity

    Sales isn’t about tossing a product pitch and relying on luck for the customer to buy. Great salespeople, those who truly excel, understand that closing a sale requires a unique blend of tenacity, finesse and strategic thinking. However, being a great salesperson doesn’t automatically make you a great closer. You see, great closers are great salespeople, but great salespeople aren’t always great closers. Disruptive salespeople that close require a distinct mindset — the mindset of closing every single customer you interact with. Sounds unrealistic? Perhaps. But it is this very mindset that distinguishes the exceptional from the average.

    Understandably, you won’t close every deal — that’s an unrealistic expectation. But the power of a “close every customer” mindset gives you the potential to drive your performance to incredible heights. This mindset can transform one or two extra sales a week that you otherwise thought were impossible into doubling your sales results for the month.

    But the question remains — how do you cultivate this mindset? It comes down to having an unwavering belief in your abilities, and a relentless commitment to fighting for each sale as though it’s your last — no half-hearted attempts, no surrendering when obstacles arise. This isn’t about inflated self-confidence; it’s about resilience, tenacity, the unyielding will to succeed and the use of one simple hack.

    Related: Why Tenacity Is More Important Than Brilliance for Entrepreneurial Success

    The ultimate productivity hack for closers

    This hack isn’t some underground, newly developed technology or a secret script that has been hidden from the public in the underground tombs of Egypt. No, it’s much more simplistic but even more powerful. It’s what I call “success amnesia.”

    Success amnesia is the practice of mentally resetting after each victory. It’s about leaving past accomplishments behind and approaching each new opportunity as if you are under severe financial strain, regardless of the reality. It’s convincing yourself that you’re going into your next appointment as if you’re three months behind on rent and you can’t even afford a pint of milk for your two-year-old toddler — no matter if you’ve just earned a $20,000 commission on your previous appointment four hours ago.

    Related: 9 Successful Business Leaders Reveal Their Top Tips for Selling Anything to Anyone

    Success amnesia is an intentional forgetting of past wins, a deliberate reset that enables you to bring relentless determination to each new opportunity. It is this success amnesia that fuels your hunger to succeed, drives your tenacity, and compels you to disrupt the status quo in every interaction.

    If you take away one thing from my story, let it be this: Success amnesia can single-handedly alter your sales DNA, fortifying its strands with resilience and a hunger for disruption. It was this single mindset shift that cleared the path for me to generate $5.7 million in personal sales in my first year in the solar industry, or $320,000 in commission, despite having no prior experience in the industry. With the right mindset, relentless determination and the powerful tool of success amnesia, you can easily catapult yourself to the forefront of your industry and instill this practice into your sales force.

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    Kash Hasworth

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  • Redefine Boundaries Between Your Life and Career to Perform Your Best | Entrepreneur

    Redefine Boundaries Between Your Life and Career to Perform Your Best | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Does this sound familiar? You’re on the edge of burnout. You haven’t done anything “nice” for yourself in a while and you’re constantly putting other people’s needs above your own. The needs of your company, the needs of your family and the needs of your community are always a higher priority, and now there’s no more energy or room for you.

    As a diversity, equity, and inclusion (DEI) consultant with a background in organizational psychology, I understand why some people constantly put themselves behind others and, consequently, burn themselves out. Marginalized people often do that. They code-switch to fit in with the dominant culture as a means of survival. Their needs are always last in the hierarchy.

    It turns out, that up to 89% of Americans have experienced symptoms of burnout. That has to change. You can’t show up as your best — at work or with others — if you don’t take care of yourself first. I’m inviting you to take a step back from burnout and embrace radical self-care. Here’s how.

    Related: How Code-Switching Hurts People of Color in the Workplace

    What is “radical self-care”?

    Radical self-care is a continual process that involves the conscious and proactive decision to care for yourself by engaging in activities that regularly feed your wellbeing. Radical self-care allows you to prioritize yourself and put self-supporting needs before others’ needs to reduce the impact of stress, burnout and emotional disarray. Self-care isn’t just a “phrase;” it involves intentional actions that allow you to be more cognizant and aware of your physical, mental, emotional, spiritual and relational health.

    Why radical self-care matters for professionals

    You’re running a company or you’re an employee with lots of responsibility and stress. People depend on you to lead and contribute. But if you’re burned out and exhausted, how can you be your best self? How can you show up when it matters most?

    Before burnout and ball-dropping happen, be radical about your self-care — that is, don’t just make it a “nice to have” practice in your routine. Make it a necessity. This is particularly important for professionals belonging to marginalized communities. Marginalized people face a disproportionate burden in society dealing with microaggressions, glass ceilings, and the like. Fortunately, prioritizing radical self-care can be a tool to counter some of the draining impacts of systemic racism, discrimination and trauma.

    Related: Women Founders Need Radical Self-Care. Here’s How to Make It Happen

    3 pillars of radical self-care

    If you’re new to self-care, here’s what it can look like in practice. The three pillars of radical self-care involve the mind, body, and spirit which — contrary to popular belief — are not all separate entities working independently to keep you alive. They’re cooperators in your lived experience, and all work to keep you balanced and well for all of your endeavors. For practical purposes, let’s reframe mind, body, and spirit and refer to them respectively as mental and emotional, physical and purpose. Each area needs nourishment, so schedule time to engage in activities that provide that nourishment. Here are some ideas.

    To nourish your mental and emotional wellbeing:

    • Have a lazy day.
    • Say “no” more often.
    • Limit your news consumption.
    • Spend time communing in nature.

    To nourish your physical wellbeing:

    • Eat healthy foods.
    • Go on a walk.
    • Drink water.
    • Sleep 6-8 hours per day.
    • Hit the gym or go to a studio.

    To nourish your purpose and get closer to it:

    • Meditate
    • Journal
    • Do a good deed.
    • Volunteer for a cause.

    How to prioritize radical self-care

    If you struggle to make time for yourself, try this: say “no.” I know it’s tough, but hear me out. When you say “no,” you make time for your “yes.” If you’re assigned an obligation that isn’t in your skillset and would take you days and weeks to figure out, you can say “no, thank you” and request it be assigned to someone else. If colleagues are meeting for drinks after work, but you know drinking alcohol isn’t great for your mental or physical wellbeing, simply say “no” and use that time to do something that nourishes your spirit instead.

    When it comes to your family, if taking a half day away from the kids or family members would be nourishing to you, say no to obligations that force you to be present and find a way to negotiate some private time. You have more power with the word “no” than you might think.

    For those with busy schedules, set aside a particular day or time of day as your radical self-care block — whether it’s every Friday or noon on weekdays. Tell your friends and colleagues you won’t be available and do something for you during that time slot. Don’t skip it when something comes up — instead, stick with it. Whether you’re simply going for a 30-minute walk on your lunch break or taking that time to journal and meditate, have a dedicated time every day or week that you can rely on to deepen your radical self-care practice.

    Related: Here’s Why Your Team Needs to Say ‘No’ More Than ‘Yes’

    Final thoughts

    Despite common belief, you don’t have to be “on” all the time, moving through the world as if you are impervious to trauma, stress and burnout. You can manage the effects of losing your stamina, falling out of touch with your purpose, and generally needing time to rest by implementing radical self-care.

    That can look like saying “no” to obligations that drain you and assigning those obligations to someone else. It can look like taking mental health days once a week or month. It can look like actually using your paid time off instead of letting it accumulate for the holidays. Self-care can be more of a choice than we think, and it’s not a selfish choice. Prioritizing it in your professional and personal life can help you stay well and present for all of the endeavors and people that matter most.

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    Nika White

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  • How to Evaluate the Success of Your Corporate Events | Entrepreneur

    How to Evaluate the Success of Your Corporate Events | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the dynamic world of business growth and development, corporate events stand out as critical milestones. These events are not just occasions for celebration but strategic tools for brand promotion, networking, and lead generation. A real challenge for growth-minded entrepreneurs lies in effectively evaluating the success of these events. This guide delves into the art and science of measuring the impact of corporate events, a process crucial for driving future strategies and maximizing return on investment (ROI).

    The significance of measuring the success of corporate events cannot be overstated. This evaluation process goes beyond mere number crunching; it provides valuable data that reflects on the achievement of predefined goals and objectives, thereby shaping future event planning. More importantly, it enables businesses to quantify their events’ impact on brand visibility, customer engagement and revenue generation — factors that are pivotal in influencing strategic decision-making. At Entire Productions, we start with an event strategy map so that the client’s KPIs and ROI goals are set to have something to measure against.

    Related: Follow These Tips to Make Your Corporate Event Successful

    Before delving into the nuances of event evaluation, it is imperative to have a bedrock of clear, quantifiable objectives for each corporate event. Whether the aim is to amplify brand awareness, generate leads or drive direct sales, setting well-defined goals is crucial. These objectives act as a compass, guiding not only the event planning process but also providing a clear direction for measuring success.

    A fundamental metric for evaluating event success is the measurement of attendance and participant engagement. High attendance, coupled with active participation, often signals a well-received event. However, it’s not just about numbers; qualitative data from surveys and feedback forms provide deeper insights into attendee satisfaction, revealing strengths and weaknesses from the perspective of those who matter most — the attendees.

    In today’s digital age, the impact of social media cannot be ignored. Analyzing social media activity related to the event offers real-time insights into audience sentiment and engagement. Metrics like mentions, shares and overall engagement on platforms such as Twitter, Facebook and Instagram serve as barometers of the event’s reach and resonance in the digital space.

    A key function of corporate events is to serve as potent lead-generation platforms. Thus, tracking the number and conversion rate of leads generated is vital for assessing the event’s impact on the sales funnel and revenue generation. This analysis helps in understanding not just the immediate but also the lasting effects of the event on business growth.

    Assessing the financial aspects of the event is imperative. This involves calculating the total cost of the event and comparing it against the benefits derived, be it direct revenue or long-term brand impact. A comprehensive view of ROI encompasses both tangible and intangible returns, offering a holistic measure of the event’s success.

    Related: How to Create a Live Event that Generates Buzz and Leaves a Lasting Impression

    Direct feedback from attendees, sponsors and stakeholders is invaluable. It offers candid perspectives on the event’s organization, content and overall experience. This feedback is instrumental in refining future events and turning critiques into opportunities for enhancement. Creating a simple survey can be the most effective way to gather information, especially if it is a large event.

    Evaluating the quantity and quality of media coverage provides insights into the event’s public visibility and resonance. Additionally, assessing the event’s influence on public relations and brand exposure reveals its ability to garner positive media attention and strengthen brand positioning in the market.

    The importance of engaging with attendees after the event cannot be overstated. Continuing the conversation through follow-up emails and exclusive offers helps in measuring the level of post-event engagement and its potential long-term effects.

    Post-event, it’s crucial to assess any increase in brand visibility and recognition. Comparing the current event against past ones through benchmarking sheds light on performance trends and areas for improvement, an essential practice for continuous optimization.

    Qualitative feedback and testimonials from stakeholders provide nuanced insights into the event’s impact. Additionally, conducting market research before and after the event measures shifts in consumer perception and behavior, offering tangible insights into the event’s impact.

    Evaluating the long-term effects of events on customer loyalty and brand advocacy unveils the enduring influence of the event on audience sentiment. Comparing event performance against industry benchmarks provides context and insights into the event’s standing within the broader market landscape.

    Evaluating the success of corporate events is a multifaceted endeavor that demands a comprehensive approach. It requires a blend of tangible metrics like attendance and lead generation and qualitative indicators such as stakeholder feedback and brand visibility. This comprehensive approach not only provides insights into the success of individual events but also informs overarching business strategies. By mastering the art of evaluating corporate event success, businesses can harness events as catalysts for brand growth.

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    Natasha Miller

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  • How to Shorten Your Sales Cycle With 9 Simple Steps | Entrepreneur

    How to Shorten Your Sales Cycle With 9 Simple Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    A shorter sales cycle not only boosts revenue but also enhances overall business efficiency. And the more you focus on shortening your sales cycle, the better your results will be over time. It’s certainly an investment – but it’s a worthwhile investment to consider.

    Identify High-Value Prospects

    Identifying high-value prospects requires you to analyze past successful sales and pinpoint common characteristics among your best customers. As you do this, consider demographics, behaviors, pain points, and purchasing habits.

    For example, if your data shows that certain industries or company sizes tend to convert more, focus your efforts on prospects fitting these criteria. Or maybe you find that you have a much higher rate of success when you reach out to prospects on a Tuesday or Wednesday, rather than other days of the week. All of this information is valuable and useful for improving your sales cycle from start to finish.

    Refine Target Audience Segmentation

    Segment your audience based on specific criteria like location, age, interests, or buying behavior. For instance, if you’re a clothing brand, segmenting based on gender or clothing preferences helps tailor your marketing messages effectively. You can then craft different content or offers for each segment to cater to their unique needs and preferences.

    Employ Personalized and Targeted Communication

    Personalization goes a long way in engaging prospects. Use their names in emails or communications and reference their previous interactions with your brand.

    Suppose a prospect has shown interest in a particular product or service. In that case, send them targeted content or offers related to their preferences, showing that you understand and care about their needs. While it may seem more time-intensive on a macro level, you’ll find that taking the time to personalize your approach leads to faster overall sales cycles when you zoom in and analyze deals on a micro level.

    Leverage Technology for Automation

    Utilize Customer Relationship Management (CRM) software to automate routine tasks, such as sending follow-up emails, scheduling appointments, or managing leads. Automation streamlines your workflow, saving time for your sales team to focus on building relationships and closing deals. There are tons of helpful tools on the market that you can use – many of them low-cost or free. Take advantage of these and constantly be on the lookout for ways to smooth over the points of friction that slow you down.

    Implement a Well-Defined Sales Strategy

    Create a structured sales strategy that outlines each step of the sales process, from lead generation to closing the deal. Establish clear goals and milestones for each stage, ensuring your team has a roadmap to follow.

    Another important element of a well-defined sales strategy is regular review processes that allow you to adapt your strategy based on performance and changing market conditions. This level of adaptability ensures you don’t get stuck in ruts that hold you back.

    Related: How to Craft a Bulletproof Sales Strategy That Will Survive Any Economy

    Provide Educational and Informative Content

    Educational content positions your brand as an industry expert and helps prospects make informed decisions. For example, a software company might offer blog posts or webinars explaining how their product solves common industry challenges. You may want to involve a PR agency or specialist here.

    A savvy public relations strategy can shorten the sales cycle by moving potential customers further down the sales funnel with content that educates. This content, when it solves industry problems, guides buying decisions and influences change.

    Optimize the Buying Experience

    Simplify the purchasing process on your website. This might look like doing the following:

    • Ensure that your website is user-friendly, with clear navigation and easily accessible product information.
    • Streamline the checkout process, offer multiple payment options, and provide clear instructions to reduce any friction in the buying journey.

    Foster Trust and Credibility

    Build trust by showcasing positive customer experiences. This may involve the use of testimonials, case studies, or reviews to demonstrate the success stories of satisfied customers. Highlight any certifications, awards, or partnerships that validate your brand’s credibility, making prospects more confident in choosing your products or services.

    Follow Up Promptly and Consistently

    After initial contact, follow up promptly and maintain consistent communication throughout the sales process. Respond to inquiries or requests for information promptly. Consistent follow-ups nurture relationships and keep your brand top-of-mind, encouraging prospects to move closer to making a purchase decision.

    As important as consistent follow-up is, versatile follow-up is also helpful. You know your sales process and audience better than anyone, but this might include a combination of phone, SMS, email, and social media.

    Always Analyze and Adapt

    To be successful over the long-term, remember to regularly monitor key metrics like conversion rates, time spent in each sales stage, and customer feedback. (You can use any number of analytics tools to make this happen.) In doing so, you’ll always be in a position to improve over time.

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    Kimberly Zhang

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  • 7 Internet Based Home Businesses to Start in 2024 | Entrepreneur

    7 Internet Based Home Businesses to Start in 2024 | Entrepreneur

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    It is no secret that many people are struggling to get through these current economic times, but with just a laptop, webcam, strong internet connection and some effort, you can earn some extra money working from home. Creating and owning an Internet home business is not new, but most people overlook that these types of businesses have no real overhead. You don’t have to have a fancy office or employees. Your desk or kitchen table and a strong internet connection are all that is needed.

    Related: 4 Super Simple Side Hustles That Could Replace Your Regular Wage — Fast

    1. Build a sales funnel website and landing page

    There are so many small to medium-sized businesses out there that don’t have sales funnel websites or landing pages. These websites capture customer information when they click on a company website or ad. They’re also used on social media ads to incentivize customers to enter their information, such as a coupon, discount code or free eBook.

    The customer and their information then get added to a company email list for future email blasts or email drip campaigns. The upside is that once you build a great sales funnel, it’s easy to duplicate for other clients. The key will be pitching it to business owners to purchase.

    Related: She Started a Furniture-Flipping Side Hustle to Pay Off a $10,000 Dental Bill. It Surpassed Her Full-Time Job’s Income Within a Year — Earning Up to $37,000 a Month.

    2. Monetize your social media accounts with video

    Social media platforms YouTube, Instagram and TikTok pay creators to create video content through Reels, Shorts and TikTok. Each platform is different, and the same goes for how to get accepted as a creator, but if you’re great with video and have a niche, you could be raking in the money.

    The narrower the topic, the better the audience will be. Example: Watching you describe and play video games versus watching you describe and play Dungeons and Dragons. The upside is you’ll have consistent income if you post every couple of days. The key will be creating enough content for viewers to consume and posting consistently.

    Related: He Started a Side Hustle in His Dorm Room With ‘a Bunch of Ingredients From Amazon and a Crockpot’ — Now It’s a $56 Million Brand in Walmarts Nationwide

    3. Monetize a podcast

    Having a podcast is nothing new. According to Exploding Topics, over three million podcasts are out there as of September 2023. After recording and publishing the podcast, the trick is to turn around and chop up the video to make Reels, Shorts and TikToks. The downside is you’ll need to record multiple podcast episodes to keep people returning for more. The key is interviewing popular people with a large following as guests.

    Related: His Side Hustle Solved a Common Problem for Homeowners. Now the Business Brings in $3 Million a Month During Peak Season.

    4. Retail and online arbitrage

    This one will take some overhead for the correct software, and you’ll need money to purchase the inventory of products to sell, but it’s easily a great way to earn some cash. Sites like Amazon FBA and eBay are where you sell the products. The downside is you’ll need to source the products to sell on the sites, which takes time. The key is investing in the correct software to ensure a big enough margin to make sense purchasing the item to sell.

    5. Create and monetize a popular local news Instagram page

    Most people’s attention is on Instagram, so why not create a business with it? It’s pretty simple: create a new Instagram channel and post local news from your town or city — news on car accidents, crime, sports, recent restaurant locations, events, etc. People will share and subscribe to your posts because it has local news and is not biased television news.

    Once you get enough subscribers, you can start charging local businesses to post on the page. You can monetize stories, reels and posts. The larger the subscriber base, the more you can charge. Don’t overdo it; no one likes ads or being sold to. Building your audience will take time. The key is to find and post unbiased local news worthy of someone stopping scrolling to view it.

    Related: He Launched His Creative Side Hustle Out of a Garage. Now It’s Worth $225 Million.

    6. Video editing

    Video is one of the most popular ways to communicate and market today, and it is used on multiple social media platforms to earn money. Many creators don’t have the time or just aren’t skilled at video editing. This is where you come in. Start direct messaging (DM-ing) influencers with published videos and offer video editing services.

    A great way to get their attention is by editing one of their current videos for free and sending it to them. If your video edits are great, you’ll get their business. The downside is video editing is time-consuming. The key is having multiple influencers that want your editing services so you no longer need to spend time directly messaging more influencers and can focus just on editing video.

    7. Create online courses

    Do you have knowledge or a skill that can be taught to others through video? It can be anything from selling luxury homes, onboarding new staff as a Human Resources (HR) Director, or baking an award-winning apple pie. People will purchase online courses if you can capture the audience’s attention and produce multiple videos in a series on the subject.

    These video courses can also be chopped up as teaser clips, reels, shorts and TikToks. The key is storyboarding and scripting the content beforehand for a seamless video series. The downside is that it will be a time-consuming project if you wish to publish a quality product.

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    Chris D. Bentley

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