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Tag: Growth Strategies

  • Pitching to Journalists and Investors Is Like Playing a Game of Cards. Here’s How to Know Which Ones Will Help You Win. | Entrepreneur

    Pitching to Journalists and Investors Is Like Playing a Game of Cards. Here’s How to Know Which Ones Will Help You Win. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Pitching your story to journalists and investors is similar to playing a game of cards. Although the outcome does depend on your strategy and experience, it is still largely determined by what’s in your hand. The thing is, to get the most out of the cards received, it is necessary to realize their value.

    So, let’s discuss what can become your trump cards and help you achieve your goals — and how to use them properly.

    Joker: $10+ funding round

    When pitching news to journalists, a large investment amount can become your joker. If a company has raised over $10 million, top media outlets will unlikely remain indifferent. Crunchbase data shows that US Series A funding has declined for five consecutive quarters. The situation with Series B funding is no better — it’s even harder to raise. The chances of startups reaching these stages have never been exceptionally high, but the decline in venture capital makes the task even more difficult.

    It also means that journalists are likely to pay attention to your project if you get past this milestone. News about companies raising millions of dollars and guest posts about how they managed to do it in such a volatile economy regularly appear in Techcrunch, Forbes, Venture Beat, Entrepreneur and other media outlets. So, it’s much easier for a startup that has attracted such funding to pitch its success story to editorial boards.

    Although the odds of winning the game with a joker increase dramatically, you’ll also need trumps for sustained success. Let’s talk about them now.

    Related: 5 Ways to Make Journalists Actually Want to Publish Your Brand’s Stories

    Industry reports with exclusive figures

    Unique market data may be the trump ace that will help you get into top-tier media outlets. A cybersecurity company specializing in preventing DDoS attacks can collect information on the number and types of such attacks in different regions, as well as the most attack-prone industries, and share the results with journalists. At the very least, this story may be published on specialized cybersecurity news websites. And at most, international publishers with a broader profile and audience, such as Bloomberg and CNBC, will express their interest.

    An important tip from my experience is to consider the specifics of a particular media outlet. If you want to pitch your report to a news agency that writes about the UAE, don’t try to focus on global trends in your story, as editors will be primarily interested in the local situation. And vice versa, if you aim to get into the global technology and business media, emphasize the international trends and how the industry is changing.

    A well-known investor

    With an investment of at least $1 million, this card can be your trump jack, queen or even king. A high-profile investor can attract media attention for two reasons. First, the name of a recognized venture fund or business angel can hook the reader and compel them to read the entire article. Second, it is a quality marker for journalists. If an experienced investor noticed a project, there is a higher chance that the startup makes a worthwhile product. Of course, this is not always the case — the story of Theranos shows otherwise. Still, the project gained worldwide fame even before the scandal.

    This trump card works exceptionally well if the investment made is the first of its kind for the fund — or, on the contrary, continues a series of funding rounds in a particular area. For example, in 2022, Techcrunch wrote about a16z investing in BreederDAO, a blockchain-based producer of digital assets for games and virtual worlds. Before this, a16z had supported several other decentralized solutions, which caught journalists’ attention. And in 2023, Reuters mentioned that Sequoia made its first investment into defense technology company Mach Industries.

    Having a reputable investor on board also becomes a trump when raising the next round. At the very least, they can help founders with valuable contacts in the industry. One study shows that 20% of venture deals come from referrals by other investors. Plus, the fact that someone experienced has invested in the company means that they have already conducted due diligence, evaluated the market, competitors, product and team —and concluded that the deal is worth the risk, which enhances the reputation of the project in the eyes of venture capitalists.

    Innovative technology

    If you have developed a unique solution and can prove it — congratulations, that’s another trump card. I’m pretty sure that you’ve seen articles with headlines like “This startup is looking to…” more than once in major media outlets. For instance, “This startup is zapping seawater to tackle climate change” in The Verge or “This startup wants to give farmers a closer look at crops-from space” in Wired. Often, subjects of these stories try to tackle pressing issues, such as staff shortages in the healthcare industry, food crisis or global warming, through technology. So, if you offer a truly innovative solution, especially if you are solving a critical social problem, the chance of seeing a feature about your startup in a top media outlet increases dramatically.

    However, often, more than this is needed. In our practice, there was a case where a top-tier journal was interested in a healthcare robotics project but agreed to publish a longread about it only when the team got first clients on board. In the case of The Verge story mentioned above, partnership with Boeing became one of the startup’s chips, which helped it to win the pitching game. If you don’t have that, the task can get more complicated.

    Plus, in some cases, pitching to investors may take more time and effort. Suppose we are talking about a complex, innovative high-tech product, for example, in biotechnology or alternative energy industries. In that case, many investors may be scared off by the long payback period and the hardships associated with hardware development.

    Still, if you are disrupting a niche and can provide supporting documents such as patents, a detailed description of the technology, test results, competitors and market analysis — you’ve added a trump card to your hand.

    Related: The 10 Things You Should Cover in Every Investment Pitch (Infographic)

    Successful entrepreneurial experience

    If your past projects have succeeded, it will be easier for you to attract your target audience’s attention. And if you have already created a market leader, count that as your trump king or ace, both for the media outlets and investors.

    The most straightforward example confirming both theses is Adam Neumann, founder of WeWork, who raised $350 million from a16z for his new real estate startup, Flow. Major media outlets wrote about it because of the huge investment amount, the well-known investor and the fact that it was Neumann, the founder of a coworking giant. His controversial past didn’t scare off a16z. General partner Chris Dixon said of Adam, “He’s one of the few founders — I mean, he’s one of the only people in the world who has built a real estate brand name.”

    If the previous project was successful but did not reach such heights as WeWork, such a trump card will unlikely change the situation without others and may not help you get into the top-tier media. But it is indispensable when pitching to investors because, at the early stage, they look at the team first. With an experienced founder in front of them, they will be more interested in considering the project. According to PitchBook, the fundraising process is easier for serial entrepreneurs. Moreover, they get a deal size and preliminary valuation 2-4 times higher than their less experienced colleagues.

    News tied to current events

    Journalists want their stories to be relevant. Tying your pitch to current events greatly increases your chances of being mentioned. Since no one can constantly generate breakthrough news, it’s a great way to stay in the spotlight. During the pandemic, media outlets featured compilations of projects fighting Covid-19, stories about companies that had to change strategies to stay afloat, and guest posts about how different technologies can help to stop coronavirus from spreading. Of course, you can’t predict how things will turn out and when your expertise and product will be most relevant to journalists. Still, keeping a finger on the pulse and seizing the right moment can become your trump card.

    As your company grows, you will acquire more and more trumps. The best part is that they will stay with you for future battles, unlike in a real game of cards. For example, the “Attracted substantial funding from a recognized investor” card will definitely help you in the next round of pitching. The more trumps you have, the stronger the player you are — the easier it is to win even the most challenging games: getting top-tier media coverage and finding new investors through publications.

    Related: 6 Tips on Grabbing Major Media Coverage for Your Business

    Evgeniya Zaslavskaya

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  • 9 Key Tips for Managing a Multi-Site Web Publishing Business | Entrepreneur

    9 Key Tips for Managing a Multi-Site Web Publishing Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Operating a web publishing business with a portfolio that has over 20 websites is quite an endeavor. I know because I’ve been doing that for the past few years.

    Fortunately, not all of the sites in our portfolio are of equal weight. For all practical purposes, we focus our efforts on six sites: our revenue locomotives and sites where we see significant potential for growth.

    But even managing only six sites on a daily basis can feel like a juggling act. In fact, many successful publishers focus on a single site for years and shudder at having to deal with as many as two sites.

    Each of our sites is different, covering specific niches and catering to varied audiences. The challenge lies with ensuring each site receives unique attention while keeping operational efficiency across our company.

    Here are nine battle-tested best practices that help me give each website the attention it deserves.

    Related: How to Write Website Content That Sells

    1. Establish brand guidelines

    We have branding guidelines that help our content creators use the same language and express the same values across entire sites.

    For example, our cat-focused site’s brand guidelines focus on promoting the core values of responsible pet ownership. They guide our content creators towards encouraging practices such as spaying and neutering while condemning declawing.

    This unified messaging elevates the site’s credibility and simplifies the job for our content teams.

    2. Centralize key tasks

    In many ways, our team operates a web content assembly line. And just like with any assembly line, specialization increases efficiency. That’s why we have dedicated teams handling specialized tasks.

    For example, we have a media team solely focused on image optimization across all our websites. These media specialists know how to choose the right stock photos, optimize and edit them, and add them to our articles. This kind of streamlining speeds up workflow and maintains quality across different websites.

    3. Leverage shared databases and online tools

    The tech stack you use can make or break your operational efficiency. A centralized task management platform or shared databases like Google Suite are vital when the same people collaborate in managing multiple websites.

    For example, our setup employs Google Classroom to create training routines that benefit teams working across different websites. Information is stored in a company-wide Google Drive, where team roles determine access.

    4. Automate where possible

    We make ample use of platforms like ClickUp to automate task routing between our various teams. Each article goes through a uniform workflow, reflected in automated changes in status, assignees and dates.

    Each one of the sites has its own space on Clickup, where we utilize the same automation to create a unified streamlined workflow for all our content production operations.

    Related: 3 Things to Consider When Automating Your Workflows

    5. Foster open communication

    In a remote work setting such as ours, open lines of communication are essential. We have weekly Zoom check-ins and Google Chat channels dedicated to different project streams, ensuring everyone stays in the loop.

    These channels of communication allow our team members to continuously learn from one another. When something works — or doesn’t work — for a specific site, the information flows around so it can be implemented on a different site if applicable.

    6. Create detailed strategies

    We aim to create unique strategy playbooks for each site, focusing on their specific audience and content themes.

    Strategies can range from aggressive SEO tactics for our tech blogs to user engagement for our lifestyle websites. A visual niche could be a good candidate for Pinterest promotion, whereas one with community aspects could work better with shareable content pushed across multiple social media platforms.

    Tailoring the strategy to the site is key when managing a large portfolio. Not doing so leads not just to mediocrity but sometimes to utter failure.

    7. Have dedicated site operators

    To make sure each site gets individual attention, we’ve organized our operations into “pods.” Each pod manages a cluster of websites.

    The sites in each cluster aren’t necessarily thematically related. The idea is to balance the workload, allowing each pod manager to effectively act as a site operator for one or more of our sites. Site operators can be like having mini-CEOs focused on micro-goals, which roll up into our macro-objectives.

    8. Stay organized

    With so many moving parts, being organized isn’t just a virtue; it’s a necessity.

    We use task management software where each site has the same structural format, making it easier for team members to switch between projects without missing a beat.

    The key here is not to drop the ball on anything important across all of the sites.

    Related: This Highly Rated App Could Help Business Owners Stay Organized

    9. Remain flexible

    In the ever-evolving digital landscape, flexibility is key. We don’t just adapt to new technologies; we embrace them. From AI-generated content to emerging social media platforms, our agility allows us to stay ahead of the curve.

    This is important even when managing a single website. It becomes dizzyingly crucial when juggling multiple ones.

    Related: 3 Principles for Scaling Content With AI Without Sacrificing Quality

    The challenges are always there

    Running a multi-site web publishing business comes with its own set of challenges. Establishing these best practices and being nimble in your approach can help you meet some of these challenges, mitigate risks and ultimately benefit from the rewards.

    The digital landscape evolves rapidly, and new tools that enhance efficiency are on the horizon. I’m eager to test management AI solutions and other emerging technologies across our multi-site operations when viable options become available.

    By staying nimble and keeping an eye on the next waves in web publishing, we can continue to optimize our processes. While the platforms may change, the best practices of organization, automation and communication will remain fundamental to our success.

    Anat El Hashahar (Anne Moss)

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  • 11 Productivity Hacks That Are Weirdly Effective | Entrepreneur

    11 Productivity Hacks That Are Weirdly Effective | Entrepreneur

    What are some quick, simple, and maybe a little weird productivity tricks entrepreneurs use to get more done?

    I’m always curious about that, so I asked my most productive and successful friends for the “hacks” and tools they use daily.

    You can find 27 fascinating and informative answers in the latest episode of the Side Hustle Show podcast.

    Below is a sampling of sage advice worth trying out today.

    Related: How to Start a ‘Million Dollar’ Morning Routine

    Pat Flynn, Smart Passive Income

    One of my favorite productivity hacks involves just a little note on my computer that says one single word: “start.” An object at rest tends to stay at rest. And for me, I do a lot of things often that try to fill in that space before I know I’m supposed to do something. So, I often just procrastinate is really what I do. So, I just tell myself through this Post-it note on my computer, very simple, to just start.

    Favorite productivity tool: Habit Chair app, Do Not Disturb/Focus command

    I get rid of my number one distraction right away in the morning before I start work. For me, that’s a clean kitchen. I don’t know what it is about dirty dishes in the sink, but if I leave them there, I know it will distract me all day. So, I do my dishes before I start work. Then, I remove all my distractions and any excuses I might have to not focus on the task at hand.

    Favorite productivity tool: Asana, Text Expander

    The first thing I do to start my day to give me motivation is I check my income from the day before. I do it before email or before I even go to my website. I tally up my earnings because that gives me the motivation to get through the grind of tasks that I actually have to do, whether it’s my email or writing a blog post, or whatever it happens to be. But knowing that income I made gives me the motivation to continue to get through these tasks that can give me more income tomorrow.

    Favorite productivity tools: Asana, Drip

    One productivity tip that’s worked for me has been to delete everything from my calendar so that I’m using my calendar for appointments only. Since I’ve stopped using my calendar as a to-do list, I’m actually getting more done in less time. I feel less stressed because I have fewer notifications popping up. Where do my tasks live now? In Trello. It’s the one tool I can’t live without. I have several boards set up for various projects. And within these boards, I use cards to track tasks for each project. I can easily add or remove tasks and change due dates within Trello as my priorities shift.

    Related: 10 Time Management Tips That Work

    I have an interesting productivity hack that I’ve been using for maybe 20 years now. Every day, you write out on a Post-it note, like the 3×3, Post-it with the lines on it. You write out your top six things that you need to get done. So basically, a to-do list of your top six things. And I have to say, it has worked really well. Here I am, like 20 years later, and I still do this every day.

    Favorite productivity tools: Evernote.

    Derek Doepker, Bestselling author of Content That Sells

    Three magic words, plus a micro commitment. The three magic words are: “Can I just…” and then you insert something that’s so easy you’re guaranteed to be able to do it, and it gets you into action. If I want to start writing and I’m procrastinating, I go, “Can I just…” open up the Word document and write two sentences, then I can quit. Once you get into it, you tend to want to keep going, and momentum generates motivation. Add a micro commitment such as, “Can I just do two minutes of exercise, or can I just meditate for 30 seconds,” whatever it is.

    Favorite productivity tool: Evernote

    Man, call me old school, but my biggest productivity hack is definitely not anything hack-worthy at all. It involves getting up and getting a little bit of physical exercise, and at the end, taking some real intentional time to breathe. I would call it meditation, except I don’t want to insult anybody. But taking some focused time to breathe, concentrate, and think ahead to what’s going to happen during that day. And then taking a couple of notes on how I want to show up if it’s big meetings or things that absolutely need to get done if it’s crunch time, so nothing too fancy, Some good old body movement, some intention setting, and a pen and paper go a really long way to keep me on track.

    I’m a therapist, and I believe truly that your mental health helps your productive health. I live and work in a small apartment in Los Angeles. I just had so much crap everywhere, and I got rid of my desk. I know you’re thinking this is the symbol of work. This is the mecca. But no, instead, I got rid of my desk, and I created this kind of inspirational, much less cluttered space where I sit, I think, I meditate, I journal, I plan my day. It’s been such a better productive outcome for me than I ever imagined. Because it helps me organize my mind. So if you live in a small space, and you have a desk like me that was just honestly piling up your mail and keeping your iPhone chargers or their headphones or that little dongle thing that you keep losing from the iPhone, maybe it’s time to get rid of your desk.

    Favorite productivity tools: Boomerang

    Type the word “Facebook” in the search box of your emails and just search your inbox, not all of your email. This will quickly find most of the marketing emails that you’re probably never going to get to read anyways, and put them all in the same page. Select all and then delete all. Most of these offers, newsletters, ads are going to say “find us on Facebook,” or have a Facebook link of some kind, so that is their inbox Deathwish.

    John Corcoran, Smart Business Revolution

    I started using a stand-up desk a couple of years ago, and now it makes me so much more efficient. If you’re going to stand, you’re going to work, you’re not going to waste time fooling around on social media or whatever. Not to say that I’m perfect in that regard, but stand-up desks definitely makes you work more efficiently. And I also think that it makes me more alert when I’m working. I know if I need to work late into the evening and I sit down, I’m much more likely to fall asleep. You’re not going to fall asleep standing up, that’s for certain. So you can actually work a lot longer, which can be a good thing when you need to burn the midnight oil.

    Favorite productivity tool: Asana

    One must-have productivity tip for me is the 20/20/20 rule. Every 20 minutes, I walk 20 feet away for 20 seconds or more. And that’s for two reasons. One to make sure that the blood is flowing in my legs. Secondly, to give my eyeballs a break.

    Favorite productivity tools: Vidyard Video

    Nick Loper

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  • How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

    How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As business leaders, we’re often faced with the difficult and overwhelming task of deciphering exactly what leadership strategies and practices are most effective. Besides just being an expert in your respective field, you have to be responsible for overseeing the business and team.

    Creating bookends in life means establishing a routine that supports each side of your day, but what exactly does this look like in business settings? Bookending in business is a simple yet highly effective technique leaders can use to support productivity and create meaningful success in their roles.

    While some entrepreneurs may be familiar with the concept of bookending, the vast majority do not realize just how valuable it is. By implementing even a few strategies into their workday, entrepreneurs and startup founders can level up their leadership skills and stay on top of business priorities.

    Related: 5 Goal-Setting Frameworks to Help You Live Your Dream

    Make your mindset work for (not against) you

    It all starts with your mindset. Your ability to adopt the right mindset indicates how productive you will be and implore your team to be. For me, the ideal mindset encompasses a positive approach, accountability and transparency. Ideally, these tenets are a preface for working towards a desired outcome. This is especially important in situations where you are responsible for making difficult decisions, and there are circumstances beyond your control.

    For you, this could mean continuous self-improvement, learning from your mistakes, adapting your business or attempting to master new skills. For example, you may be unable to control the fact that you must have an uncomfortable conversation later that day or tomorrow. However, by controlling your mindset going into the meeting, you are contributing to the overall productivity of it. This practice allows you to hone in on your priorities and avoid getting sidetracked.

    Having the right mindset is part of the blueprint for productivity in business and can lead to exponential shifts in outcomes. In other words, consistency is key, allowing you to seize new opportunities. The next part is ensuring that you set clear goals.

    Related: 6 Tips for Goal-Setting That, Trust Me, They Don’t Teach You in College

    A roadmap to leading with intention and goal setting

    Now that you’ve prefaced your ‘routine’ with the right mindset, setting intentions and clear, measurable goals will help you stay on track. There are a few ways to put this into practice, but generally, this means outlining a roadmap for achieving desired outcomes to maximize productivity throughout each interaction, initiative or project.

    Take, for instance, networking as a goal. You can go into events or conversations by reframing the outlook of networking as solely transactional. Instead, consider what an engagement or experience may afford and align your expectations accordingly. In doing so, compartmentalizing short-term or immediate actions based on how they tie into long-term goals will ensure you make the best decisions.

    Related: Effective Networking: The Difference Between Access, Opportunity and Being a Part of the Noise

    It’s also important to note that goals should be realistic and achievable for where you are. As I mentioned, a mindset of accountability and transparency is at the start. Without it, you run the risk of making misaligned decisions. While some goals may be achieved faster than others, it does not mean they are less valuable to the overarching business picture. Remember, you already have a strong sense of judgment, so trust your instincts and consider the goals as a guide.

    Reflect on the results

    Reflecting on your results ensures productivity. Allowing time for daily reflection will create new insights that drive new behaviors, decisions and outcomes. Part of reflecting is assessing what worked and what didn’t, essentially establishing the ‘bookend’ of your day. This will allow you to create a clean slate for maximizing your time and efforts the next day.

    Ask important questions and consider how your goals compare to the outcomes. Reflect on each relevant action that day and ensure they return to an intention. Understanding that not everything will go as planned, be prepared to pivot directions and evolve your goals as necessary. When this happens, it is always valuable to bookend with reflection as a means of reverting back to the necessary mindset.

    Practicing self-reflection is an ongoing task. However, in doing so, you will hone in on your strategic thinking skills, improve your levels of self-awareness and improve the quality of your relationships with investors and your team, all of which are invaluable. This is all to say: lead by example and frequently check in with yourself.

    Establishing your mindset and reflecting on performance are the bookends of productivity. Your ability to create efficiencies and execute on goals will set yourself, your team and your business up for success. While it takes time and effort, the work that really matters is mastering the techniques you are using to ensure each day is as productive as the last. Focus on the bookends, and the right decisions will come in between.

    Mike Carpenter

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  • How to Create Decision Frameworks That Drive Business Growth | Entrepreneur

    How to Create Decision Frameworks That Drive Business Growth | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    No company can rely on a single person to make decisions. According to a study by McKinsey, managers at a typical Fortune 500 company waste more than 500,000 days a year on ineffective decision-making. The more diverse your team, the better their decisions, so it pays to empower all your team members to make decisions autonomously.

    As the CEO of an 8-figure technology company responsible for hitting the KPIs of our publicly traded parent company, I see firsthand the benefits of getting this right. Our unique approach to leadership has led directly to 7-figure annual growth year over year, even during a market downturn.

    From the start, my leadership philosophy is that no single person should be burdened with all the decision-making. This can create a bottleneck and limit what your team can accomplish. Instead, it’s vital to create frameworks for decision-making that empower each individual on the team to make consequential decisions while still being accountable to me as a leader.

    If you want to increase the efficiency of your teams, read on for my five-step process to take you out of the day-to-day and accelerate your business growth.

    Related: 4 Leadership Methods for Empowering Employees and Building Strong Teams

    Empowering your team

    The key to successful decision-making lies in trust. You need to empower your team members to make decisions while still giving them the guidance and authority they need to do so correctly.

    This means that you have to be clear about expectations from the start by setting up an environment where everyone is aligned around a common goal and vision for the company’s growth and development.

    One of our main strengths is that we are a small, flexible and agile organization. We have a startup culture where the structure needed to be established from the ground up, and establishing the foundational framework has helped to shape the organization. We don’t have too many layers of bureaucracy, so our team members are able to act on their decisions quickly and efficiently.

    Build a system to your company’s method for making decisions, such as “anything under $500 to fix, decide for yourself” or other types of guidelines. This demonstrates that you trust their ability to make decisions and bolsters the team’s trust to carry out their roles and responsibilities.

    Without some level of autonomy, decision-making can become bogged down and slow. And that’s the last thing you want regarding business growth.

    Compartmentalizing responsibility

    The great thing about creating frameworks for decision-making is that each team member has a defined role and responsibility. This makes it easier for them to make decisions without worrying about stepping on someone else’s toes.

    For example, each member of our sales development team is expected to work on their own initiative to identify potential leads, develop relationships and close deals. This allows everyone on the team to focus on what they do best and act quickly without having to check with me for approval every time. Plus, it also creates a sense of ownership among team members. Everyone feels like they have a stake in the success of the company and are doing their part to contribute.

    Establish a balanced combination of servant, situational and adaptive leadership to build your decision frameworks. The focus is on solving problems with innovation. For example, stay involved in the training process upfront for the team to activate around customer acquisition and sales, instead of taking a permanently directive “ivory tower” approach. Once they understand the structure and how you think, each member of the team can take their role and run with it. That way, you understand the intricacies of their day-to-day overall operations and understand every decision the team makes over the long term. This helps to bring everyone together and communicate clearly.

    Related: 6 Ways to Encourage Autonomy With Your Employees

    Reducing risk and setting boundaries

    Of course, that’s not to say you should throw caution to the wind and let your team run wild without oversight.

    On the contrary, setting boundaries and managing risk is essential when creating decision-making frameworks for your team. Outline a transparent chain of command so everyone has a sense of who is responsible for what and when. If something goes wrong, each team member knows who to turn to first and who will ultimately be held accountable.

    It’s essential that your staff know when they can act independently and when they need to refer a decision up the chain. This gives them a sense of freedom while also providing guidance and structure in their decision-making process.

    Setting boundaries for an autonomous team requires trust, effective communication and a commitment to a shared purpose. By providing guidance and structure while respecting their decision-making capabilities, you can create a team that excels while maintaining a healthy level of autonomy.

    I provide a clear understanding of the team’s overall goals and objectives. When team members know what KPIs they are working towards, they can make decisions that align with these goals. I also give team members access to relevant information, data and context that can aid in their decision-making process. This enables them to make well-informed choices within the defined boundaries.

    Building a culture of trust

    The greatest asset of any company is its people; creating an environment of trust is essential for successful decision-making. It starts with communication — keeping your team informed about updates and changes.

    Schedule regular daily, weekly or monthly check-ins with the team, formally and informally. This helps you keep abreast of any issues they might face and offer guidance when needed. Consider quarterly strategy meetings to evaluate the progress in relation to the KPIs and highlight any areas of improvement.

    Finally, celebrate successes and recognize individual contributions. People need to feel appreciated for their efforts in order to stay motivated. A culture of trust and respect will also encourage open dialogue, feedback and collaboration, which is essential for innovative decision-making.

    Related: 4 Ways to Guide Your Employees Toward Empowered Decisions

    Build a framework for your success

    The key to successful decision-making is a framework that lets your team make powerful decisions while still being accountable for them. Empowering each individual on your team by giving them clear expectations and autonomy is essential in creating an environment of trust.

    Ultimately, by creating transparent decision-making frameworks, you can foster an environment of collaboration and innovation that will drive your business growth and success for years to come.

    By setting clear expectations, compartmentalizing responsibility, building a culture of trust and managing risk through clear boundaries, you’ll be able to ensure that each team member is making the right decisions, on the right subjects, at the right time, to help your business excel.

    Sebastian Huelck

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  • How to Successfully Transition From Solopreneur to Team Leader | Entrepreneur

    How to Successfully Transition From Solopreneur to Team Leader | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Strap in, ambitious solopreneurs, because we’re about to elevate your game from one-man wonder to a synergistic powerhouse. You’ve hustled hard, pulled all-nighters and turned your nascent idea into a full-blown operation. Kudos! But here’s the real talk: You’ve hit that proverbial ceiling, and it’s time to break through.

    We’re transitioning you from solopreneurship to a dynamite team, and we’re doing it like pros. No fluff, no filler — just actionable, expert-level insights that you can implement right now. Ready to multiply your impact and skyrocket your enterprise? Let’s dive in.

    Related: 4 Key Indicators It’s Time for You to Hire Your First Employees and Stop Doing Everything Alone

    Step 1: Acknowledge the inflection point

    Let’s not sugarcoat it — there comes a moment in your solopreneurial journey when you’re straddling the fence between self-sufficiency and needing an extra pair of hands. You’ve got more business than you can handle, and sleep has become an estranged friend. This, my friend, is your inflection point, and it’s the universe screaming at you: “Hey, it’s time to scale!”

    So, how do you know you’ve reached this milestone? You’re drowning in tasks, your calendar looks like a game of Tetris, and let’s be real, you’re not Elon Musk — you can’t single-handedly launch rockets and run multiple companies. So, don’t. Instead, focus on strategizing your next move, which is assembling your dream team.

    Step 2: Strategic role identification

    Before you spam LinkedIn with job postings, pause. Take a deep dive into your operational workflow. Identify the bottlenecks only a specialized skill set can alleviate. Look, not every Tom, Dick or Harriet with a CV can drive your vision forward.

    Create a list of roles critical to your business. But don’t just create any roles. I’m talking about roles so strategic that filling them will multiply your efficiency, not just add to it. Think — a Tech Lead who can spearhead your product development or a Digital Marketing Wizard who knows SEO like the back of their hand.

    Step 3: Financial forecasting and budget allocation

    Unless you’ve discovered a tree that grows money, you need to allocate your finances meticulously. Bootstrapping is not going to cut it when you’re onboarding a team. Sit down with your financial statements, and let’s do some adulting.

    How much revenue are you generating? What are your projected earnings? Calculate the ROI for each new hire. Will they bring in more business? Enhance productivity to a point where you can accept more clients? If the math doesn’t add up, you’re not ready. If it does, proceed with purpose.

    Step 4: The hiring process

    Hold onto your hat because the hiring process is a rollercoaster ride. You’re essentially dating professionally, and you can’t afford to match with the wrong person. Utilize specialized job boards, network ferociously, and even consider headhunters if you’re looking for rare skills.

    During the interviews, go beyond the technicalities. Assess cultural fit, soft skills and their vision alignment with your enterprise. You’re not building a team of robots; you’re constructing a powerhouse of innovative minds.

    Step 5: Onboarding and culture development

    Congratulations, you’ve got your team! But hold those horses; we’re not popping champagne yet. An effective onboarding process is not a nicety; it’s a necessity. Spend quality time educating your team about your business processes, culture and expectations.

    Remember, culture is not built overnight but through consistent actions and shared values. Be the leader who doesn’t just tell people what to do but shows them how it’s done. Create an environment of open dialogue, continuous learning and mutual respect.

    Related: Transitioning From Solopreneur to a Team Leader

    Step 6: Performance metrics and KPIs

    In business, what gets measured gets managed. Implement Key Performance Indicators (KPIs) that align with your business objectives. You can’t gauge the effectiveness of your team without solid data. I’m talking hardcore analytics, feedback loops and quarterly reviews.

    Your team should not just know what their roles are; they should be crystal clear about how their performance will be evaluated. Remove subjectivity and replace it with measurable outcomes. Anything less is managerial malpractice.

    Step 7: Conflict resolution and team dynamics

    Human beings are wonderfully complex creatures. No matter how meticulous you’ve been in the hiring process, conflicts are as inevitable as taxes. But guess what? They’re not necessarily a bad thing. Conflicts can lead to constructive discussions, challenge stagnant perspectives and birth innovative solutions.

    The key is to not let conflicts fester. Address them head-on. Create a culture where employees feel comfortable voicing their concerns. Remember, as the leader, you set the tone for conflict resolution. Use structured frameworks to mediate disagreements, such as an interest-based relational (IBR) approach or principled negotiation. These are not mere buzzwords; they’re the bread and butter of effective team management.

    Step 8: Continuous learning and skill upgradation

    We live in a digital age where the landscape changes faster than you can say “disruptive innovation.” Continuous learning isn’t a nice-to-have; it’s a must-have. You and your team need to be in a state of perpetual skill enhancement. I’m talking webinars, online courses, certification programs — the whole nine yards.

    Set aside a budget for professional development. Encourage your team to identify skill gaps and find ways to bridge them. Is your digital marketer falling behind on the latest SEO trends? Time for a course. Is your tech lead scratching their head over a new coding language? A coding boot camp might be the answer. Make it known that growth isn’t just a company objective; it’s a personal mandate for each team member.

    Step 9: Scale, evaluate and iterate

    Your team is in place, and the ball is rolling. This is not the time to kick back and relax; it’s the time to scale, evaluate and iterate. Keep an eye on your performance metrics, and never let complacency creep in.

    Evaluate your team’s work, assess your own role as a leader, and make necessary pivots. Perhaps you need to refine your marketing strategy, or maybe your product development needs a more agile framework. Be prepared to make real-time adjustments. The marketplace waits for no one, and certainly not for an entrepreneur too stubborn to adapt.

    There you have it — an expert-level, no-nonsense guide on transitioning from a one-man-show to a high-impact team. In the cutthroat world of entrepreneurship, standing still is moving backward. Remember, building a team doesn’t dilute your vision but amplifies it. You’re not losing control; you’re gaining traction. Now, go build that dream team, and let’s rocket that business to the stratosphere!

    Related: 9 Tips Guaranteed to Build a Winning Team

    Chris Kille

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  • Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

    Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Innovation is the source of critical differentiation in competitive markets. Unfortunately, innovation has become a buzzword for something that looks more like creativity in practice — or worse, incremental improvements. This conflation has had an undeniable detrimental effect on companies and consumers alike.

    Creativity is the generation of new ideas. While valuable, these concepts cannot always be marketed or commercialized. Instead of addressing true consumers’ met or unmet needs, they were generated based on technical know-how. Even when they can be commercialized, they don’t often drive revenue or profit growth as expected.

    On the other hand, innovation is driven by consumer needs and demands, especially unmet needs. Ultimately, innovation is the differentiator influencing consumer behavior, creating new revenue and increasing profit — all the makings of a market leader. Innovation is about transformation: achieving more with less, finding new ways of doing things and identifying ways to create new consumer demand. Especially in uncertain times, how do you significantly alter the playing field to your benefit?

    Two key types of innovation drive increased profits: new-to-the-world solutions and new-to-the-market solutions. For either method of innovation to be successful, executive leadership must build and foster a culture that relentlessly prioritizes listening to the targeted consumers it aims to serve. Innovation can happen only by harnessing the power of people — especially those with different ways of thinking.

    Related: 11 Innovation Strategies That Can Effectively Increase Your Businesses’ Growth

    1. New-to-the-world solutions

    New-to-the-world solutions are not existing products with incremental changes made; they are original in their approach to problem-solving and often create new categories that irrevocably change the market. New-to-the-world solutions require a deep understanding of consumers’ unmet needs and behaviors to accurately identify and address problems that consumers may not even realize they have. This means listening to what consumers don’t say and observing what they do. Based on this consumer understanding, technological know-how can make solutions.

    Consider the classic example of how Netflix reinvented itself during the Global Financial Crisis of 2008, surpassing Blockbuster to change the entire at-home entertainment landscape. The company saw consumer demand shrinking and found new ways to create more value for consumers via home delivery and streaming content directly to the consumers’ homes.

    Gone are the days of video cassettes, DVDs and Blu-ray disks — and better yet, consumers don’t need to drive to the stores to pick them up. While such a thing was unthinkable just 15 years ago, Netflix has since evolved into the streaming platform we all know and enjoy from our devices — a true innovative shift.

    Related: Want to Build a Faster Horse? Follow these 3 Innovation Strategies

    The rapid advancement of the internet also revolutionized traditional workplaces, including office supplies. As emails began to dominate modern professional communication, 3M’s Post-It notes were put in a somewhat sticky situation — and so 3M invented an innovative product that was even stickier. The Post-It Super Sticky notes could adhere to any vertical surface — including chairs, doors, computers, refrigerators, etc. This innovation addressed the needs of consumers who still preferred physical, visual reminders but found themselves using paper memos less frequently. The Post-it Super Sticky notes were made in vibrant colors, offering a convenient reminder that could be placed almost anywhere, ensuring that the product remained relevant and helpful even in the digital age.

    By contrast, Google failed to understand the true unmet needs of its consumers when the company first launched its “moonshot” Google Glass in 2014. Despite the “smart” glasses’ cutting-edge technology, the product was discontinued after just one year. Despite its live map imaging and hands-free web navigation, Google botched its assessment of the product’s marketability — opting for a “clunky” shape, overcomplicated features, and an overwrought price tag ($1,500).

    This is a classic example of a new-to-the-world product that myopically prioritized sleek, convenient bells and whistles over simplicity and accessibility. Google also failed to consider the desires and budgets of consumers properly. The product did not offer an authentic solution to make consumers’ lives easy and affordable.

    Related: Why Combining Company Culture with Strategy is Necessary for Lasting Business Success

    2. New-to-the-market solutions

    New-to-the-market solutions deliver an already-existing product to a region or market where it was not previously familiar or available. This does not require a fundamental change to the product itself but rather an integration into a new demographic of consumers — but not all products that succeed in one region are destined to succeed in another. Therefore, it’s crucial to take note of the ethnographic differences between markets and to develop a deep understanding of the cultures being marketed to.

    WD-40 is a prime example of a longtime staple of the American home that was popularized globally. Invented in San Diego in 1953, WD-40 was created for Convair to protect missiles from rust and corrosion and was later used more widely for its water-resistance and lubrication properties. The product was not introduced to Latin America until the 1960s, when it was presented as a valuable tool for people from all walks of life — including mechanics, cleaners, and individuals preparing for natural disasters.

    In addition to sponsorships of sporting events and festivals, the company was careful to market WD-40 to the Latin American audience through localized campaigns tailored to regional needs and interests. Lastly, the company established partnerships with local retailers and distributors to ensure the product’s accessibility. WD-40 was known for its versatility and reliability, but its affordability and universality propelled its successful sales in over 170 countries worldwide.

    Related: Great Minds Think Unalike — 3 Ways to Drive True Innovation Through Diversity

    Unlike WD-40, Bunnings — an Australian hardware and garden center chain — struck out in the UK market. While Bunnings was able to understand and cater to the needs of Australian homeowners, its leadership failed to consider the UK’s very different DIY habits, climate and competitive landscape.

    After overpaying for the UK-based home store chain Homebase, Bunnings made drastic changes to its logo, layout, and product mix without raising awareness around Bunnings’ brand in the UK. Bunnings also failed to invest in its UK presence properly, alienating potential consumers familiar with Homebase. Thus, Bunnings and its products failed to catch on with UK consumers, and in 2018, the brand was forced to sell Homebase at a loss of 1.7 billion Sterling pounds.

    The reality is that creativity alone will not create demand nor change consumer behavior. True innovation requires a combination of creativity, foresight and deep consumer understanding to deliver the right solutions for consumers’ unmet needs. Our current economy is actually primed for innovation — this troubled market is similar to what Netflix faced back in 2008, and company leaders would be wise to follow Netflix’s example.

    Now is the time when generational entrepreneurs launch their world-changing businesses, and real innovative ideas are born. For existing companies, large and small, it’s a time to double down on the core of who you are and what can be best offered to consumers to drive new demand.

    Jack Truong

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  • Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

    Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

    You’re trying to get somewhere. But you’re not there yet.

    That is frustrating. And worse, it’s embarrassing. You’ve worked hard. You’ve traveled far. And you think: I should be there by now — so why am I not?

    I feel this too, and I’ve concluded that it isn’t just about anxiety or impatience. It’s about something more fundamental: This is what happens when we are on a path, and what’s ahead is unseeable.

    Jason Feifer

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  • What a Comprehensive User Experience Design Process Looks Like | Entrepreneur

    What a Comprehensive User Experience Design Process Looks Like | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Forward-thinking companies are embracing user experience (UX), but it can be challenging to understand what aspects to prioritize. The lure of a quick fix for usability issues is compelling. However, it’s essential to tailor UX to your budget and needs while avoiding shortcuts in the discovery and design process. A comprehensive UX process will yield a higher return on investment for your business and its users.

    Understanding the problem

    The first phase in UX is identifying the problem to be solved. Does the issue align with what stakeholders and users perceive as problems or potential areas of improvement? The UX strategy of adopting a beginner’s mindset leads to questions others may avoid or where biases might exist, bringing a fresh viewpoint to the problem space.

    Through research and competitive analysis, UX researchers dive in to rapidly become mini-experts in a business domain. Once the UX team understands the problem, they balance user and stakeholder priorities to determine the project’s scope. Stakeholders can help determine which users to interview and observe to begin mapping user journeys and workflows.

    Related: 5 Tips for Creating Innovative UX Design

    Observing users

    Surveys and focus groups offer broad insight, but observing a single user in their natural work environment lets UX researchers discover the mental model and vocabulary used for workflows.

    Users are asked to think out loud while they perform their job. UX researchers are interested in everyday tasks as well as less common, but critical tasks. They want to know:

    • What tools and artifacts does a user need to do their job?

    • Are there other people or systems that the user interacts with?

    • What happens to their work product after they complete a task?

    This approach uncovers the user’s pain points. Researchers seek common pain points across multiple observations to prioritize which elements of the system to design first.

    Creating personas

    Next, researchers may create a persona based on the users they observed. Personas help to focus design and generate empathy for users. Some questions to consider when writing a persona are:

    • Is the user’s physical environment noisy, crowded or busy?

    • What limitations might the user have such as dexterity, vision or hearing?

    • Is the user a novice or an expert?

    • What are the user’s goals?

    Related: How Prioritizing UX Design Can Fuel Long-Term Growth in the Next Decade

    Sketching and prototyping

    Armed with insights about who will use the proposed system, their most common workflows and their pain points, it’s time to start sketching. The goal at this point is to create something testable for users. By walking the persona through each user scenario, designers ensure that each task the user needs to perform is supported.

    An initial prototype doesn’t need to be high-tech or high-fidelity. The quicker designs can be presented to users, the faster they can be tested. Paper mockups or wireframes can indicate whether the ideas are clear, and users may be more open to offering criticism if the prototype is hand-drawn or less polished.

    Assessing designs

    A first design includes the UX team’s best ideas, but the design will be refined through testing with users. This is an opportunity to clarify how the system will be used by the people who will actually use it. During assessments, it’s crucial to emphasize that the design is being assessed, not the user. Users are often willing to help evaluate designs when they understand their feedback will be used to create a better product for them.

    Collaborating with the development team

    After the design has been tested and refined, UX designers are ready to collaborate with a development team to build the system. The final mockups or prototypes are usually of higher fidelity and guide the developers on how the system should look and behave. Project managers collaborate with the UX team to develop an overall system roadmap. The UX team provides ongoing support to answer questions. Post-launch, the UX team should conduct periodic user testing to meet evolving markets or user needs.

    Embracing a comprehensive UX process significantly enhances a project’s likelihood of success. This approach enables companies to avoid disappointment and wasted resources from a design that did not meet users’ requirements. Investing in a complete UX cycle is not just beneficial for users; it’s also a smart business strategy.

    Related: Improve Your Conversion Rate and Increase Revenue With These User Experience Design Essentials

    Amandeep Singh

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  • Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

    Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Imagine a world where mattresses aren’t just about sleep but are associated with beauty, stress relief and overall well-being, where millions of data points can predict when the “next big thing” is right around the corner. This is the world today, driven by ever-evolving consumer preferences, where companies strive to stay ahead by honing their customer-centric strategies.

    Achieving business success means going beyond what customers say they want and digging into why they want it. This often reveals a gap between their words and actions. Businesses tend to make products based on guesses about what customers want, both from what they say and what’s assumed. However, customers might struggle to express their needs clearly, and what they claim to prefer might not match what they’re ready to spend on. Closing this gap between talk and action is the key to genuine customer-centricity.

    For years, Treacy & Company by Cherry Bekaert has been exploring consumer centricity through work with our clients. Our recent interactions with innovators have inspired us to share our latest thinking. In this article, we will delve into the importance of uncovering deeper customer meaning and AI’s role in helping to accelerate this customer discovery process.

    Related: 10 Ways to Keep Making Your Clients Happier and Happier

    The gap in customer-centricity

    Amid the intricate landscape of consumer dynamics, a crucial gap often emerges between what customers vocalize and what they truly prioritize. Companies frequently design products based on their assumptions or direct customer feedback, which overlooks a vital reality. Customers’ explicit desires may only sometimes reflect their true preferences or willingness to purchase a product.

    Take the instance of sustainability; even though customers might stress their preference for eco-friendly options when faced with the prospect of paying more for such alternatives, a majority opt for convenience and affordability. This gap between words and actions is a pivotal point for companies to refine their customer-centric approach. It’s where they can reshape strategies to truly meet customers’ deeper motivations and bridge the divide between what’s said and what’s done.

    Unveiling the deeper meaning

    Human discussions and trends often carry a hidden depth beyond the surface. We are much more than our surface-level desires or expressed preferences. Consider the unassuming mattress — an everyday item that carries a remarkable weight of association. When thinking about mattresses, people often associate them with the “culture of sleep” (per MotivBase). In reality, customers implicitly instill mattresses with a broader meaning, encompassing beauty, stress relief and overall well-being.

    Casper, a prominent player in the mattress industry, embraced this profound insight and launched their 2022 campaign, “This is where dreams begin.” This initiative was fueled by a recognition that customers’ authentic desires often reach beyond explicit preferences or assumptions. By tapping into these true motivations, Casper aimed to establish connections that resonate with customers on a fundamental level. This strategic shift acknowledges that customers seek more than just functional products — they yearn for solutions that align with their deeper aspirations.

    There is untapped potential for companies to not only provide products but also offer holistic experiences that cater to customers’ deeper emotions, forging lasting bonds of loyalty and satisfaction.

    Related: What The Fastest-Growing Companies Have In Common

    Transforming insights into actionable strategies

    By analyzing long-form text from social/search channels and applying an anthropological lens, AI can play a pivotal role in helping uncover the hidden motivations and behaviors that shape customer preferences. From first-hand experience with our customers, we are finding that consumer behavior studies that once took ethnographers months to complete can now be done in weeks or even days.

    For example, for a leading consumer brand’s cleaning division, we recommended a sensing AI tool that could uncover opportunities to fill the R&D pipeline. By sensing millions of data points using search, social and new product data, we identified the emerging, maturing and declining trends related to the cleaning category by analyzing growth and size.

    Related: How AI Can Turbocharge Innovation and Help Destroy Your Competition

    This approach uncovered not only expected trends but also unexpected shifts. Instead of listening to a focus group of customers and sorting through reviews, the team could now better understand the true trends of the masses. These millions of consumer engagements led the team to find surprising and unfamiliar trends popping up in the category, which they were able to capitalize on by better prioritizing their R&D roadmap.

    These stories offer a fresh way to see the old saying, “The customer is always right.” It’s not just a rule anymore; it’s about exploring why customers want what they want. Customer-centricity means bridging the gap between words and actions, digging into the reasons behind surface desires and using AI to make smarter decisions. In a changing consumer landscape, those who understand this approach will be skilled at meaningful engagement and gain a strong competitive edge, shaping an environment where every customer interaction resonates deeply.

    Francesco Fazio

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  • 3 Essential Factors Your Startup Should Consider If You Want It to Bloom | Entrepreneur

    3 Essential Factors Your Startup Should Consider If You Want It to Bloom | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Venture capital funding has always been a complex and highly competitive landscape where startups and established businesses alike vie fiercely for investor attention and financial backing. And in recent times, this state of things has only grown progressively worse.

    Over the past two years, global markets have observed a continuous fall in venture capital funding. In Q1 2023, the figure reached $76 billion, less than half the amount recorded in 2022 ($162 billion). Funding into the fintech sector amounted to just $23 billion in the first half of 2023. At the same time, the number of funding rounds dropped by 64% compared to the same period in 2022.

    The investor sentiment is waning, and to survive in this grim climate, startups must be capable of rapidly adapting to changes and possess a sensible MVP capable of attracting investors and customers alike. These are the foundation upon which a business is built and from which it can improve based on evolving customer needs and emerging market trends.

    Let’s look at how companies can adapt their operations in a challenging environment where investors are becoming more cautious and their funding scarcer.

    Adapt your startup to the realities of the BANI world

    Before we get into the detailed recommendations on what parts of your business you should focus on when seeking investment opportunities, I believe it important to point your attention to a more overarching matter. Namely, the modern-day business landscape in which companies find themselves operating.

    In today’s rapidly changing global environment, any startup founder must know the BANI world and understand its nuances and rules. BANI stands for “Brittle, Anxious, Non-Linear, and Incomprehensible,” representing the key characteristics of the current business environment.

    Today’s world is prone to sudden disruptions and shocks that can significantly impact businesses and their activities. As such, leaders must learn to anticipate potential risks and build resilience within their organizations. To maintain an efficient business in times of uncertainty and volatility, leaders need to monitor market dynamics constantly, understand the ongoing trends and adapt their strategies accordingly.

    In short, understanding the modern realities is essential for heads of startups to successfully steer their companies towards growth and secure investments from stakeholders who value adaptability and foresight. It is particularly important for startup founders, as such businesses already tend to start their journeys in a financially vulnerable position. Failing to acknowledge the aspects of the BANI world may leave them ill-prepared to face disruptions, competition, market shifts and other threats.

    By taking care to keep an eye on these complexities, on the other hand, founders can make more informed decisions and adjust their business strategies accordingly. This can build their organizations more resiliently and attract investments by showcasing their ability to thrive in a rapidly changing and challenging environment.

    Now that we have cleared up the BANI world issue, let’s take a closer look at the actions that startup founders can take when fundraising. Based on personal experience, I recommend focusing on three main aspects of your business when you’re planning to engage with promising investors.

    Related: How to Adapt in a Rapidly Changing Economy

    1. Grow your revenue rather than your turnover

    When the market is going through a boom, investors tend to look at how rapidly a company can grow and capture its share in the market. But in today’s business landscape, it is more important for them to understand that a company can endure and survive in harsh circumstances. And survive for a long time, at that. If you have the capacity to be profitable on top of that, then all the better for you.

    Make sure to demonstrate this fact openly and proudly, as it would make a lot of sense for investors to invest in you to drive this success further and get their share of the profit from it.

    Related: We Can’t Rely on Venture Capital Funding to Build a Just and Thriving Entrepreneurial Economy. Here’s What to Do Instead

    2. Pay attention to your company’s data and analytics

    Showcase figures that would indicate to investors that your business is viable and that they can invest in it safely. In my own company, for example, we demonstrated how much we managed to reduce costs while boosting revenue simultaneously. Things like that give investors the information that you can operate effectively, which worked to great effect for us.

    3. Show that you can make responsible financial decisions

    If investors are to put their money into your startup, it would put their minds at ease to know that you can invest said money competently and precisely. More specifically, under the current market conditions, pouring funds into things that yield a quick result is necessary. You are required to be able to adapt to market trends and make quick decisions that provide quantifiable outcomes.

    Fundamentally, the most important thing is to demonstrate a set of skills and tools that would indicate to investors that your business can maintain itself regardless of the outside conditions in a market filled with uncertainty.

    Related: How to Think Outside the Box and Craft a Values-Aligned Investment Offering

    Data-driven decisions give businesses the power to grow

    By staying updated on industry developments, customer preferences and the competitive landscape, businesses can identify opportunities and adapt their strategies to stay ahead of the curve. This requires strategic thinking, flexible problem-solving skills and a willingness to take calculated risks. It falls to the company leadership to monitor performance and make informed decisions that would enable their business to maintain a level of success attractive to investors.

    Greg Waisman

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  • 5 Reasons You Need a Business Coach in This Economy | Entrepreneur

    5 Reasons You Need a Business Coach in This Economy | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    When the question of business coaching comes to mind, the image of a struggling entrepreneur seeking a last-ditch solution could be what flashes into your mind — if you are not aware of the value or necessity of having a coach.

    So, let’s set the record straight: This notion is a far cry from reality, especially in this new business landscape we find ourselves in. Here are five reasons all entrepreneurs need a business coach in today’s economy.

    Reason 1: We all need help

    Consider this — elite athletes always have coaches. This is non-negotiable. Now, shouldn’t the same principle hold true for business professionals? It’s time to recognize that a business coach isn’t just a lifeline for a floundering business, but a necessary and strategic asset for all business people who care about scaling and reaching their full potential.

    Think of it this way: Every top-tier athlete, from Olympians to school players, relies on coaching to elevate their game. Why, then, should this winning formula not extend to the world of business? A business coach isn’t a sign of weakness; it’s a testament to your commitment to excel. It speaks volumes about your dedication.

    Reason 2: We all have knowledge gaps

    One of the invaluable contributions a business coach brings to the table is their expertise in spotting knowledge gaps. It’s easy to become caught up in day-to-day operations, missing crucial opportunities to grow. Sometimes it’s hard to see situations clearly in the chaos of running a business. A seasoned coach acts as a perceptive guide, pinpointing areas where you are missing out on sales, growth and other key elements to maximizing what is going on in all areas of your business. Consider them your trusty navigational compass in the sea of information, shiny objects and competition.

    Reason 3: Goals need to be transformed into reality

    Setting goals is one thing; bringing them to life is an entirely different ball game. Here’s where a business coach shines. They don’t just help you define objectives — they map out the pathway to achieving them. With a coach by your side, your goals cease to be abstract. They become achievable milestones backed up by a strategic and actionable plan.

    Reason 4: An outside point of view breeds self-awareness and good leadership

    The cornerstone of leadership is founded on self-awareness. A business coach isn’t just a mentor; they’re a mirror reflecting your strengths and areas for growth. They grow your capacity and help you get clarity on your actions, decisions and interactions. Through this transformative process, you emerge not just as a business professional, but as a leader, leading your team — or even just yourself if you are a solopreneur — with wisdom and compassion.

    Reason 5: We need to maintain a willingness to learn

    Success doesn’t hinge solely on self-assuredness and confidence, but rather on embracing the fact that there’s always more to learn. Entrepreneurs who recognize that they don’t hold all the answers, keep learning and evolving and have a good chance of fulfilling their potential and purpose. This openness to continually learn and develop fuels excellence — the acknowledgment of gaps in knowledge fuels the drive to close them. A coach helps the business owner to be aware that there is always a way up and that plateauing is not an option.

    Various ways business coaching is delivered

    Now that we’ve debunked the myth of coaching as a refuge for failing businesses, let’s delve into different ways in which business coaching is offered. From one-on-one mentorship to specialized group sessions, the offers are diverse. Many coaches offer a unique approach, tailored to your requirements. Whether it’s getting a plan in place for marketing to maximize revenue and profits, or heightened leadership, there is a coaching style for every entrepreneur or small business.

    Business coaching isn’t just about strategy; it’s also about mindset. Mindset is the absolute key and foundation for any strategy to work. It’s about recognizing that investing in yourself and your business is the number one thing that will yield ROI and help you to be a high performer. The coaching and mentorship journey is about teamwork and is a transformative partnership that propels you toward your greatest success.

    For those business owners who want to reach their maximum potential and business excellence, hiring a business coach is indispensable. After all, every peak performer — from the arena to the boardroom — is backed by the guidance of a coach. And not hiring a coach is costing you time and momentum.

    Jeanne Omlor

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  • 3 Peloton Instructors Share Their Success Strategies | Entrepreneur

    3 Peloton Instructors Share Their Success Strategies | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    At the onset of 2020, a few months before the COVID-19 pandemic, I purchased a Peloton bike. Little did I know that the company would spike in sales later that year, Peloton bikes and treads would be out of stock, and Peloton instructor names would become “household names.” My “lockdown” MVPs were my Peloton bike, my Airpods (for talking walks and calls outside) and Amazon.com (for just about everything else!)

    Three and a half years later, I still use my Peloton bike regularly and take advantage of their entire digital platform, including strength classes, pilates, yoga and a consistent sleep meditation. I have gotten to know some of their instructors personally, given that they have brought me so much joy, motivation and inspiration. Emma Lovewell, Cody Rigsby and Tunde Oyenenin are three of the many instructors I workout with, and I admire their authenticity and transparency.

    I had the pleasure of connecting with these instructors to learn more about their career beginnings, struggles, motivations and journeys towards becoming successful fitness entrepreneurs and brand ambassadors. In sharing my conversations with them, I aim to inspire with learnings that can help motivate and encourage us as fellow entrepreneurs.

    Related: How Fitness Can Ensure a Smooth Entrepreneurial Journey

    Emma Lovewell

    Q. You are a loved and well-known Peloton instructor, ambassador for many brands, and author, and you have your own business; what “tools” or daily habits do you use to juggle it all?

    I religiously use my Google calendar to make sure I’m on top of everything, and I will schedule “me-time” to make time for myself. On top of the fitness classes I teach, I schedule my workouts and bodywork appointments to take care of my mind and body and not burn out. I make time for my friends and family or date nights with my partner, Dave.

    Related: How Spending Time Alone Has Transformed My Life

    Q. Tell us about one of the most difficult moments during your life. What were your struggles? Fears? And how did you overcome this?

    I was living in California at the time and very lost in my career. I had left a fitness career in NYC to try something new and was personal training at a tech startup in Silicon Valley and at a PT studio making $20 an hour. Feeling tired and uninspired, I asked myself — What would I rather be doing? What would bring excitement and more challenge into my career?

    After months of feeling stuck, I finally decided to email the Peloton CEO, whom I had met the year prior when I took a $50 Craigslist ad to be a fitness model for the Peloton Kickstarter ad. That email was the catalyst for my move back to NYC and my job as a Peloton Instructor. I was instructor hire number 11.

    Related: 4 Tips Every Entrepreneur Can Use To Get Unstuck

    Q. What inspired you to write a book, and what are you most proud of regarding your book?

    A publisher who had been taking my Peloton classes reached out to me and asked me if I had ever considered writing a book. The idea scared me, and I am an advocate for doing things that frighten you, so I went for it. I’m proud to have taken that leap of faith. In the book, I share many of my personal stories, from past relationships and family illnesses to career wins, failures and insecurities. I’m proud that I followed through and put myself out there.

    Q. What are your “non-negotiables” in your day-to-day life?

    I start my day with a big glass of water. I take breaks from social media, and I don’t read most of my DMS. It’s hard to keep up, and there will inevitably be a mix of good and bad messages, so in order to protect myself, I stay out of the DMs.

    Related: Is Social Media Making You Less Social?

    Q. When you talk about progress and not perfection, what elements of “progress” are you most focused on in your career as an entrepreneur? What advice do you have for aspiring entrepreneurs?

    I think about my goals and ask myself, “What’s next?” When an opportunity presents itself, whether it’s designing jeans with custom clothing company, Sene, or collaborating with a brand on social media, I think, “Does this excite me? Does this challenge me in some way, and does it inspire me or other people?”

    Progress means brainstorming and having those dream-big conversations with advisors and friends. If the idea or dream makes me laugh a little or terrifies me, I take a deeper look as to why. Nothing is off of the table!

    Related: Pursue Those Scary Dreams and Crazy Ideas to Make Every Day Your Best Day Ever

    Cody Rigsby

    Q. How did you get your foot in the door at Peloton and land the job as an instructor? What fears or insecurities did you have at the time?

    I found my way to Peloton serendipitously – I was at the right place at the right time. I was a dancer at a nightclub, and a director at the club had a connection to someone at Peloton who was looking to hire performers who could teach fitness. I felt insecure in that I had never taught a fitness class, but I didn’t know too much about the company so it was very low stakes at the time.

    Related: 3 Lessons Sales Leaders Can Learn From Peloton

    Q. You speak a lot about Self-Love in your book and encourage readers to adopt this. How do you succeed with Self-Love when focusing on yourself?

    Self-love takes a lot of giving yourself grace, knowing that you are not going to be perfect and haven’t figured it all out, and accepting that it is okay. Self-love also means spending a lot of time with yourself and your wild thoughts and recognizing that most of these thoughts are not real, nor are they you. I meditate to observe my thoughts and journal to understand what thoughts I need to give attention to.

    Q. Is there a specific moment where you knew you had made a turning point in your career? A day something happened when you realized you had succeeded as an entrepreneur?

    Unfortunately, something I struggle with is my own inner saboteur. I constantly doubt if I have reached success and judge myself for not being enough, but in those moments, I’ve learned how to be present and reflect on the richness of my own life. A big acknowledgment of my success was when I purchased my own home, which fed my own inner child that dealt with poverty and evictions growing up.

    Related: 5 Ways We Can All Silence Our Inner Crow

    Q. What are your “non-negotiables” in your day-to-day life?

    A non-negotiable for me, in the words of Nicki Minaj: I ain’t skipping no meals. I love food; it brings me joy. I try to stick to a morning routine that allows me to give myself a little bit of self-love, such as a quiet breakfast, coffee and meditation before turning to my phone and emails. I also prioritize spending time with the important people in my life and enjoy dancing, whether in the kitchen or with my friends on the dance floor!

    Related: How Practicing Self-Love Can Help Your Business Reach New Heights

    Tunde Oyeneyin

    Q. I heard that Cody recruited you into Peloton, and despite not making it after your first audition, you went back to do it again. Undoubtedly, not making the cut after that first audition must have been a tough pill to swallow. How did you feel after the first audition, and what actions did you take to prepare for your second one? I’d like to learn about how you embraced the failure to become stronger and go after the audition again.

    Not getting the job the first time around felt extremely heavy because I had gone into the audition with such certainty. I had visualized myself there and fully trusted what I believed to be true. I was certain and saw it so clearly that when it was time to audition, I didn’t see it culminating in any other way other than landing the role.

    A mentor of mine, Iris Navarrette, once told me, “While you are in the role that you’re in, always perform as though you are in the one that you want. So that when the opportunity presents itself, you will be ready.”

    When I didn’t get the job the first time, I didn’t go home and act less. I used every opportunity as an audition. I still acted and performed and instructed like each class was the one that would lead me to my next chapter. I took the time between the two auditions to build up my 3 C’s: Courage to believe that I still could, my Competency in the art of being an instructor and lastly, Confidence in my skill and ability.

    It was a matter of staying ready for the opportunity to come around again. Sometimes, it’s not that you aren’t ready for the opportunity, but rather, sometimes the opportunity just isn’t ready for you. It wasn’t that I wasn’t ready for Peloton. Peloton wasn’t ready for me.

    Related: Why Demonstrating Courage Changes Everything

    Q. Was there a specific moment in your life when you said, “I have to write a book!” If so, tell me about that moment and the inspiration for WHY.

    I’d been saying since the third grade that I wanted to write a book. We’re all more alike than we are different. When we’re vulnerable enough to speak to our experiences, we’re allowed to see ourselves in one another.

    Early in the pandemic, when I felt like we were all longing for connection, I sat down and began to write my story. While writing, I realized that in sharing the life-altering experiences I faced, I could reach people and speak to people in a new way. I could connect with those who experienced similar grief as I did. They could see themselves in me and in my words if I chose to let them, and perhaps that might have provided healing for them.

    Related: 5 Reasons Why Writing a Book Is a Smart Move for Entrepreneurs

    Q. You highlight five elements for living a life of purpose: Surrender, Power, Empathy, Authenticity and Knowledge. Which of these elements has been the most difficult one for you to embrace?

    The most difficult one would be Surrender — Surrendering is not only letting go but also letting go of the outcome of how we think things are supposed to go. As humans, it’s natural for us to want to be in control. Surrendering is relinquishing that control and trusting the unknown. It’s something that I continue to work on, but when I look back at different moments in my life, I realize that every time I surrendered, it led to change that led to growth.

    Q. You were a former makeup artist, and in my opinion, you teach some of the most inspirational and toughest classes. You show up to WORK and inspire others to do the same. Are there any lessons you learned as a makeup artist or in the beauty industry that carried over into your fitness career?

    My desire to gift people with confidence has been a through line between my career as a makeup artist and my career as a Peloton Instructor. Naturally, makeup can lift one’s perception of themselves. People put on makeup and like the way they look and, therefore, like the way they feel. Makeup is also the ultimate form of expression giving everyone an outlet to transform themself into whoever they want to be. Fitness cultivates confidence in similar ways. Not only does it lift one’s perception, but it gives everyone an outlet to transform themselves into WHOever they want to be.

    Related: How to Be Successful Even When You Don’t Know What You’re Doing

    Q. What advice would you give to aspiring entrepreneurs?

    The beauty of uncertainty is infinite possibility. When you don’t know what’s next, then anything can be next.

    _______________________________________________________________________________________

    I admire how Peloton as a company has allowed these instructors to show up and express themselves as their most authentic beings possible. Given the thousands of Peloton subscribers, social media mentions, and word-of-mouth conversations about my friends’ and colleagues’ favorite instructors, it’s undebatable that Emma, Cody and Tunde have used their life and career challenges and insecurities to help motivate their fans to accomplish their goals.

    I certainly look forward to my workouts with these three, and having learned their stories, I’m driven to hit my life and fitness milestones more so than before my pre-Peloton life. Together with other Peloton instructors, I work out with my friends, feel a strong sense of community and truly believe in their motto, “Together We Go Far.”

    Elisette Carlson

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  • How to Fall Back in Love with Your Business | Entrepreneur

    How to Fall Back in Love with Your Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Early in my entrepreneurial journey, I found myself stretched very thin and losing my enthusiasm. I was trying to figure out, “Who will I be when I grow up?” I was a coach, coaching a variety of clients with a variety of needs. A couple of clients were executives struggling with work-life balance. A few clients were small business owners needing help with team member issues. Some were coaches trying to grow their own coaching business. They saw how busy I was with client work and figured I knew something about marketing. Money was coming in. I had plenty of work, and I was exhausted.

    To survive the critical first five years of business, we entrepreneurs typically try all kinds of things to see what works, to create a demand for our products or services to find clients. Once we find clients, we try to serve different needs. We say “yes” to every opportunity that comes our way because we are determined to make a go of the business.

    We pile on the products and offerings, always looking for ways to get the cash flowing. While this helps your business survive the first few critical years, it is not a long-term strategy for thriving. If we continue to operate this way, our businesses will become overweight, and the demands will be crushing.

    We end up with products and offerings that may or may not be profitable. But we’re so busy with all the demand we created. Who has time to stop and pay attention to which customers, clients, products and offerings are the most profitable? AY!

    Related: 4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More.

    Our capacity gets stretched thin, and we decide it’s time to hire. Now we are increasing one of the biggest expenses in our businesses: payroll. We are growing our payroll to serve customers who are not profitable.

    Even though revenue is growing, our business is becoming less and less efficient. This inefficiency is why an entrepreneur bringing in millions in revenue can still struggle to meet payroll, laying awake night after night worrying about cash flow.

    If you’re recognizing yourself and your business in this description, it’s time for your business to go on a diet! Shed the extra, unnecessary weight in your business.

    The 80/20 Principle provides a path forward. If your business generates $1,000,000 in revenue annually, 20% of your clients likely are responsible for $800,000 of that $1,000,000. Suppose you set a modest goal to increase revenue by 25% from the top 20% of your clients by delivering additional value. In that case, your business will generate $200,000 in additional revenue annually, for $1,000,000, from your top 20% of clients.

    Related: What You Really Need to Know About Marketing’s 80/20 Principle to Succeed

    The implications of this are significant if it’s important to you to have more time for what matters most and more money in your bank account. It allows you the choice to drop 80% of your clients. Do you know those PITA (Pain in the Assets) clients? The ones who complain, are never satisfied, pay late and take too much of your team’s time and energy? Imagine being at choice to let them go without any negative impact on your revenue!

    Would you be okay with that? I’m betting you would be. Letting them go increases your profit. You get to work less, serving fewer clients. Moreover, the clients you are serving are a joy to work with. They appreciate you and the value you deliver. The freed-up time also allows you to replace those you drop with better clients who are similar to the clients in your top 20%.

    Because you are serving fewer clients, you only need a few team members. Remember, payroll is typically the biggest expense in a business. Furthermore, suppose you put A-Players in the remaining roles and align the A-Players with roles that allow them the opportunity to work from their strengths. In that case, you will see 900–1200% more productivity from those A-Players than from “warm body” employees.

    Meanwhile, you have far fewer headaches and more time for what matters most, and you are running a much more profitable business.

    This was painful for me at first. I created a robust, evergreen program to help coaches with their marketing. We had almost 50 coaches in the program. My virtual assistant ran the program, and her hours increased almost weekly. These coaches were not tech-savvy and needed a lot of hand-holding to utilize the online platform. I loved that I had created a “hands-off” offering that brought in passive revenue. I quickly realized that this offering was not hands-off and was losing profitability weekly as we added participants. I cut this program. The business was more profitable within two months, even though revenue dropped! It’s not about how much you make, it’s about how much you keep.

    My next step was to claim my top clients. These are the twenty percent of clients contributing eighty percent of the revenue to the business, the ones I love working with the most, whose values align with mine, and who value my services. Gremlins screamed in my head: “But what if you lose business?” “What will your executive clients think when you focus on small business owners?” “Don’t let anyone down!”

    Saying goodbye to clients who were not my top clients was hard. The following week, I had open spaces in my calendar. This was fun! I had room to be creative again. I got to work on improving services for my small business owners. I showed up on-site. I asked questions. I saw simple ways I could help. They ate it up! They paid me to do more for them. They smiled when they saw me on-site, working with their teams. Their team members looked forward to our meetings. Suddenly, my days were energizing. I looked at my calendar each day and thought, “Wow! How cool is that to get to work with these people today?” Work became fun and life-giving. I had fallen back in love with my business.

    Dr. Sabrina Starling

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  • Do You Know How to Lose? 4 Principles for Cutting Your Losses | Entrepreneur

    Do You Know How to Lose? 4 Principles for Cutting Your Losses | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    I’m a great loser. Before I explain just how good I am at it — and why you should work at it, too — you need to know two things about me:

    First, I’m a day trader. Much of the investing world values the long-term “buy and hold” strategy. Warren Buffett is the most famous example, and he’s done well. In contrast, the very definition of day trading is that you cannot hold any positions overnight. In my case, I rarely hold trades for even hours. My average hold time over my last 20,000 trades has been about five minutes.

    The second thing to know is I’ve built both my day trading account and my information business by self-funding them. Much of the business world values leverage. It’s the notion that if you really believe in your business, you should take on debt or get equity partners. “You’re either growing or you’re dying!”

    Being a day trader and a self-funded business owner have combined to make me really good at cutting my losses. Here are four principles for cutting losses that may be useful to you, even if you have no intention of day trading.

    Related: I Turned $583 into $10 Million. Here’s How I Did It and 5 Lessons I Learned Along the Way

    1. Don’t waste your latitude just because you have it

    Currently, I could afford to lose six figures in a trade, but instead, I still trade the same way I did when my back was against the wall.

    For a little backstory, I lost a lot of money day trading until I was close to broke: I was divorced, living with my dog in Vermont, selling my furniture on Craigslist and chopping wood instead of paying for heat. In that crucible, I identified what my previous winning trades looked like and one other thing: that I was holding my losers too long. I had to cut my losses faster if I would survive.

    This is painful to do! Walking away not only removes the hope that the situation may turn around, but it goes against what we’ve all been told: “Stick with it! Don’t be a quitter! Finish the job!”

    Let’s say your situation is different: you have enough money that you can stick with a difficult situation for a while. Should you?

    I don’t know your situation, but I do know this: making the decision to quit is doubly hard when you’re in the thick of it. The best way to decide is to identify your quitting criteria upfront. In day-trading lingo, it’s your “max loss.” You are insane to take a position in a stock without knowing the point at which you absolutely must sell. That way, you don’t need to think or evaluate if that number is reached — you simply must react. If you know those criteria with the business venture you’re involved in, it will be far easier to minimize the pain if things suddenly go south for you.

    Related: Stepping Aside: When To Walk Away As A Leader

    2. Don’t let sunk costs hijack your larger perspective.

    A “sunk cost” is what you’ve already spent on a project at the point when you start to think about abandoning it. Examples might be a half-built nuclear reactor, a Pentagon project wallowing in budget over-runs — or the project that’s become a boat anchor to your business.

    You might already have spent a lot on that project, and writing it off may be painful and embarrassing, especially if only recently you were on record as optimistic. The only thing worse would be to throw even more good money after bad. You need to be willing to cut your losses.

    Here’s how it happened to me. Day traders can — and should — use a trading simulator to develop and test their trading skills without risking real money. It’s a crucial piece of software, so we decided to buy some source code to form the basis of our proprietary simulator. We customized it, and it worked quite well.

    Only it didn’t scale. The first 50 to 100 users liked it, but the system began to show signs of choking with hundreds of users. I had invested six figures in buying and modifying the code. Could we have rebuilt it from the ground up? Yes. But the prospect of turning it around was too far distant. I threw it away and entered a partnership with a company that specialized in simulation software. That hurt, but it was the right move.

    Related: The Sunk Cost Fallacy is Ruining Your Decisions. Here are 3 Life-Changing Lessons I’ve Learned From Pivoting

    3. Encourage feedback, but don’t let it have outsize influence on hard decisions

    Business owners want engaged employees who feel their opinions are being listened to. Sometimes, that means doing the opposite when it’s in the company’s best interest.

    There have been times when I had gut intuitions about what we needed to do, and my team was like: “This is way too much! How are we even going to explain this when people write in?” In these cases, I tell them: “I have confidence that you’re going to figure it out.” My job is to solve what will work long term, and other team members must solve the challenges in their areas.

    Related: How Business Leaders Can Keep Employees Engaged

    4. Protracted losses have compound effects

    When you don’t cut your losses quickly, that’s an opportunity cost: you’ve spent time managing the loser when you could have redirected that time and money to other opportunities. But an extended loss has another downside: it shakes your confidence for weeks or even longer. In contrast, a quick decision to cut a loss can be a confidence builder.

    Making decisions is like exercising a muscle. Some decisions are easy, like where to eat. But when faced with a tough one involving losses, consider using that muscle, feeling the pain, and doing it anyway. You’ll be that much stronger.

    Ross Cameron

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  • How to Master the Art of Saying ‘No’ | Entrepreneur

    How to Master the Art of Saying ‘No’ | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, you are predisposed to say “yes,” which can open you up to new possibilities and opportunities to help grow your business. That magic word can bring in new contacts, thoughts, opportunities and finances to support you. It makes you a risk-taker — and after all, taking calculated risks is what made you an entrepreneur in the first place.

    But let’s be realistic. Saying “yes” often means saying “no” to something else. Agreeing to launch a new product offering might mean you won’t have the capacity to address customer satisfaction across the company. Greenlighting too many projects may spread your attention too thin, eventually leading to exhaustion as you try to juggle everything simultaneously.

    Often, we are presented with a false dilemma: yes or no. Is this a great business idea? Is this employee a good fit for the company? Should I raise capital for this venture? Does taking this opportunity prevent others? You need a clearly defined strategy for your company to break this cycle. You need a north star to keep you on course. But you also need to take time to think. One of my mentors taught me this, and it has been one of the most valuable pieces of advice that has stuck with me ever since.

    Here are three situations where you should consider pausing, thinking long and hard and sometimes coming up with an answer that doesn’t always feel right in the moment — but will benefit you in the long run.

    1. Saying no to external stakeholders

    Almost every entrepreneur labors to build a business that matches their vision, not someone else’s. When the vision of external stakeholders (like investors) doesn’t align with where you want to take the company, it might be a good idea to step back. They may not be right for your business despite deep pockets and an eagerness to invest. And these initial differences may lead to conflicts down the road. This might be the time to decline their offer, although I suggest framing your conversations that would still leave the door open for future partnerships.

    You will also need to learn to say no to customers. Don’t get me wrong: It is critical to listen to customer feedback, especially when improving your products or services. However, stay true to your north star and stay the course with the products or services offered by your company. If a customer is asking for something that doesn’t fit with your business model or doesn’t align with what you think will drive growth and success, saying no would be a good idea.

    Related: Why Saying ‘No’ Can Actually Help Your Business or Startup

    2. Saying no to internal stakeholders

    As an entrepreneur, I am responsible for leading a team to success. I am looking for the best and the brightest in the business, driven by the same mission as me. At my company, there is no shortage of passion for our mission and plenty of ideas and great enthusiasm around how we can continue to improve and drive towards our mission, which is thrilling and energizing. But sometimes great ideas aren’t right for the moment, and even with the best intentions, they may veer from our strategy.

    As leaders, we are responsible for understanding the bigger picture, staying true to our strategic focus and making decisions accordingly. I am continuously learning to balance suggestions, decipher ones to act on and ones to table and say no to ones that may not fit the moment – while encouraging creativity and enthusiasm.

    Related: How to Say ‘No’ to Anyone Without Feeling Guilty

    3. Saying no to yourself

    Running and growing a business is a lot of work. However, we must prioritize work-life balance. I suggest setting a schedule, doing your best to stick to it and learning to control yourself from responding when a professional issue arises during your personal time.

    Of course, there is no perfect recipe for work-life balance. I know there will always be a lot of work that needs to be done, but I also recognize the importance of family time. I’ve learned to draw boundaries when needed. I suggest that you don’t lose sight of your family. Take time with them, sign off from work, pick your kids up and have dinner with them. Be present in their lives.

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

    The art of saying no

    It is an art to master and say no to projects, opportunities, and people not aligned with your entrepreneurial goals. By learning to say no, you protect your time and energy, encourage your employees to pitch in with tasks they are best suited for, avoid burnout by taking on too much work and responsibilities and maintain healthy relationships with co-workers and clients. Remember to make decisions based on the company’s vision, mission and strategy you set initially. Sometimes, saying no can be just as effective as saying yes.

    Jurgi Camblong

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  • The Future Is Not Just Flexible — It’s United. How American Flexibility is Redefining Business Practices Worldwide. | Entrepreneur

    The Future Is Not Just Flexible — It’s United. How American Flexibility is Redefining Business Practices Worldwide. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the bustling marketplace of global business, American practices shine as a lighthouse of innovation, adaptability and advancement. Renowned for being the most advanced, they have been exported and embraced across continents. A recent survey conducted by the INSEAD Emerging Markets Institute and Universum provides a tapestry of insights into how American flexibility is redefining business practices worldwide. Similar information comes from a survey published in the Harvard Business Review, called the Survey of Business Uncertainty and jointly run by the Atlanta Federal Reserve Bank, the University of Chicago, and Stanford, which surveys senior executives at roughly 500 U.S. businesses across industries and regions each month.

    Related: Is The Future of Work Flexible — Or Not? Governments Are Making Moves to End The Debate Once and For All.

    Flexibility and return to the office

    America’s approach to flexibility is not just an operational strategy; it’s a cultural ethos. The U.S., known for its innovative spirit, has long been a pioneer in adapting to new work landscapes. With the INSEAD survey finding that 50% of U.S. respondents rated remote productivity as 5/5, the embrace of flexible work arrangements has become a defining characteristic of American business. This isn’t a fleeting trend but a foundational shift that has resonated across the globe.

    In the APAC region, the longing for physical office spaces is like an ode to community and hierarchy. Indeed, peer-reviewed research published in Knowledge and Process Management shows that Asian collectivism impedes remote work. But even here, America’s flexible approach is making inroads, creating a hybrid model that balances traditional values with modern efficiency.

    Europe finds itself at a crossroads, aligning with both traditional office culture and the new frontier of remote work. It’s a dance between the old and the new, with the American influence acting as the choreographer, creating a harmonious blend.

    The low levels of return to office in the U.S. are not just a response to current circumstances; they are a blueprint for a new way of working. This success story has become an export, a lesson plan for businesses around the world looking to adapt, innovate and thrive.

    From boardrooms in Sydney to startup hubs in Berlin, the ripples of American flexibility are being felt. The influence goes beyond mere imitation. The perceived ideal mix of days working at home versus in the office reveals a global conversation shaped by American influence. APAC, EMEA, and the Americas are crafting unique blends, reflecting regional needs and global trends. America’s leading role in this conversation is evident, setting the stage for a future where flexibility is the norm, not the exception.

    Indeed, the Harvard Business Review article points out that American business practices are recognized widely as the best around the world, which paves the way for broader adoption of remote work worldwide. The most recent iteration of the survey, conducted in July 2023, asks, “Looking forward to five years from now, what share of your firm’s full-time employees do you expect to be in each category [fully in-person, hybrid, fully remote] in 2028?” The current share of in-person, hybrid, and remote workers is 75%, 14%, and 10%. In 2028, the 500 executives expect the share of in-person, hybrid, and remote workers to be 73%, 16%, and 11%. So, despite the extensive headlines about returning to the office after Labor Day, the reality is that the future will see more flexible work in the U.S., not less. And if the future is more flexible work in the U.S., it means the future is more flexible work globally as well.

    Remote productivity — the American blueprint

    In the Americas, 50% of respondents rated remote productivity as 5/5, a statistic that speaks volumes about the confidence and competence with which American businesses have adopted this new paradigm. This success story isn’t confined within national borders; it’s a lesson being studied and applied worldwide.

    American businesses have bridged the physical gap with technology and innovation. From cutting-edge collaboration tools to advanced cybersecurity measures, the technological prowess of American companies has enabled a seamless transition to remote work. This technological blueprint is now being exported, guiding global businesses in building their virtual bridges.

    Regions like APAC and EMEA have their unique cultural contexts, but the American model of remote productivity is influencing these landscapes. The lessons learned from America’s success are helping these regions navigate the challenges and opportunities of remote work.

    The lower concerns about productivity in the Americas (11%) compared to APAC or EMEA (both 22%) aren’t just numbers; they’re a reflection of a well-crafted approach that balances efficiency and wellbeing. American businesses have not only maintained productivity but have enhanced it, creating an environment where employees thrive. This balanced approach is a model for global businesses seeking to create a productive and healthy remote work culture.

    American businesses have shown remarkable agility in adapting to the remote work environment. This agility is not reactive but proactive, driven by a vision of a future where work is not confined to physical spaces. The adaptability of American businesses is a guiding star for global companies seeking to be future-ready. That’s what I observe in my 5-10 conversations with global leaders every week who are trying to figure out how to adapt the best practices in the U.S. for hybrid work to their own contexts so as to boost productivity while improving retention and cutting costs.

    The human aspect — beyond technology

    Happy employees make thriving businesses. The Americas, with their flexible approach, score high on engagement (3.6/5), while EMEA and APAC lag (both 3.2/5). It’s a dance of satisfaction, where the rhythm of flexibility creates a joyous performance.

    High employee engagement in the Americas is more than a metric; it’s a philosophy. It reflects a commitment to creating a work culture where employees feel valued, connected, and empowered.

    The embrace of remote work in the United States is not merely a technological triumph; it’s a human achievement. It’s about creating virtual spaces that foster connection, collaboration, and community. It’s a holistic approach that recognizes that business is not just about transactions but about relationships.

    In the American business landscape, emotional intelligence is no longer a soft skill; it’s a vital asset. Leaders are learning to navigate virtual spaces with empathy, understanding, and compassion. They are not just managing tasks but nurturing teams, building trust in an environment where face-to-face interactions are limited.

    American businesses have recognized that remote work, while offering flexibility, also presents challenges to mental wellbeing. Initiatives focusing on mental health, work-life balance, and employee wellness are not just trends; they’re integral to the American approach to remote work. They reflect a deep understanding that productivity and wellbeing are intertwined.

    American companies are pioneering ways to build virtual communities that transcend the screen. From virtual coffee breaks to online team-building activities, they are crafting experiences that replicate the camaraderie and collaboration of physical offices. These practices are lessons for the world on how to turn virtual spaces into vibrant communities.

    Recognition and rewards are taking new forms in the virtual world. American businesses are innovating in celebrating successes, acknowledging efforts, and fostering a culture of appreciation. These practices are inspiring global businesses to reinvent their recognition strategies in a remote work environment.

    The concern about missing social connections is not unique to the Americas (78%), but the way American businesses are addressing this concern is noteworthy. They are not just connecting employees; they are reconnecting humanity in a virtual world.

    Mentorship and collaboration have found new expressions in the American virtual workspace. Mentorship is no longer confined to office corridors but extends across digital platforms. Collaboration is not just about projects but about shared learning, growth, and innovation.

    American businesses are leveraging remote work to foster diversity and inclusion. Remote work is not just breaking down office walls; it’s breaking down barriers and creating a global family that celebrates diversity, inclusivity and unity.

    Related: Our Brains Will Never Be The Same Again After Remote Work. Forcing Your Employees To Readapt to The Office Is Not The Answer.

    Conclusion: The dawning of a shared era

    The tale of American flexibility is not a chapter in a national story; it’s a volume in the annals of global business. Renowned for being the most advanced, American practices are not merely setting standards; they are weaving a narrative of shared growth, mutual respect and universal adaptability.

    As businesses across the globe learn from America’s wisdom, they too will evolve, becoming more flexible, more connected, more human. This shared journey towards a brighter, more resilient future is not mere imitation; it’s evolution, it’s collaboration, it’s the dawn of a new era.

    This snapshot, rich and insightful, is a window into a world that’s continually transforming, guided by the pioneering spirit of America’s expertise and vision. The world is on the brink of a new age, and America’s advanced practices are the compass, the guide, the inspiration.

    The future is not just flexible; it’s united, it’s promising, and it begins here. Let us not just observe this transformation but be part of it, guided by wisdom, enriched by diversity, and united by a common goal. The curtain is rising, the world is watching, and the show is only just beginning.

    Gleb Tsipursky

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  • How to Grow Your Brand’s Digital Presence in Just 6 Months | Entrepreneur

    How to Grow Your Brand’s Digital Presence in Just 6 Months | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In a digital-first era, where 64.6% of the global population is online, having a robust digital presence has become the cornerstone for brands to thrive in 2023. Whether it’s a startup laying its first digital brick or an established entity aspiring to capture more online real estate, there’s no overstating the impact of a potent digital identity.

    Yet, how does a brand transition from being a mere whisper in the vast online space to a roaring name recognized by thousands, if not millions?

    The promise is enticing – taking your business from obscurity to the limelight in a mere six months. Let’s dive in as we chart the trajectory.

    Related: 8 Ways to Improve Your Online Presence in 2023

    1. Understanding your starting point

    Before you can amplify your brand’s digital footprint, knowing where you stand is crucial. Imagine setting off on a journey without a starting point on your map. Wouldn’t make much sense, right? The same principle applies here.

    Begin with a comprehensive audit of your digital assets. Use tools like Google Analytics to monitor your website’s daily visitors. Is it 50, 500 or 5,000? Next, hop onto platforms like Instagram or Twitter. Note down your current follower count.

    Services like SocialBlade offer real-time insights into your growth rate and engagement. By understanding these initial figures, you anchor your strategy, giving it direction and purpose. This isn’t just about numbers; it’s about setting a clear foundation for the massive growth journey ahead.

    2. Mapping out your digital goals

    Jumping online without clear goals is like heading out to sea with no map. That “100,000” isn’t just a shiny number; it’s what this figure represents for your brand.

    Is it 100,000 monthly website visitors, social media followers or perhaps brand mentions in various online forums? Specifying this is paramount.

    Once you’re clear on what your 100,000 looks like, it’s time to break it down using the SMART goals methodology:

    • Specific: Is it Twitter fans or blog hits? Nail that down.
    • Measurable: Get the right tools. For website peeks, Google Analytics is your pal. For social, think Hootsuite.
    • Achievable: Dream big but stay grounded. Aiming for 100,000 on Instagram? Check today’s growth. Can you get there?
    • Relevant: Align goals with your brand. If you’re a tech firm, maybe Pinterest isn’t your arena. Choose wisely.
    • Time-bound: You’ve got half a year. Break it down. Maybe aim for a steady 20% bump monthly.

    Each step you take with this roadmap is laser-focused on that big win.

    Related: Building A Social Media Strategy That Can Bolster Your Brand’s Online Presence: The How-To

    3. Empower your brand with content

    Content is more than king; it’s your brand’s heartbeat. It connects you with your audience, starting chats and keeping them going.

    Want to hit the mark? Understand your audience’s content love. Look at the data. Which blogs hold their attention? Which social posts do they rave about? This info shapes content they’ll love.

    Now, for the secret sauce. Certain content types tend to generate waves online:

    • Infographics: Turn big data into eye-catching, share-worthy visuals.
    • Listicles: Lists like “Top 10 tips…” or “5 must-have tools…” give quick, handy information.
    • How-to guides: Teach them something. They’ll thank you for your time.
    • Personal tales: Share real stories of ups, downs and in-betweens. They’ll remember your brand.

    Creating killer content isn’t just smart; it’s honoring and serving your audience.

    Related: Why All Entrepreneurs Need a Content Strategist For Their Business

    4. Leverage social media for rapid growth

    Social media is your brand’s fast track to the spotlight. Picking the right platform is crucial. Is your audience professional? Dive into LinkedIn. More youthful? TikTok or Instagram might be more fruitful.

    Collaborate with influencers, but choose wisely. It’s not about follower count but engagement. An influencer with 10,000 active fans might outdo one with 100,000 casual viewers.

    Finally, let’s optimize for organic growth:

    • Post Timing: Be regular. Know when your audience tunes in
    • Engage: Use polls or Q&As for interaction. They’re engaging and fun.
    • Community: Respond to comments, use brand hashtags and nurture a community vibe. Turn followers into fans.

    With a smart social strategy, you’re gearing up for impressive, lasting growth.

    5. Paid strategies: Making every penny count

    Imagine PPC like a digital billboard. You only pay when someone shows interest by clicking. Social ads? Think of them as tailored posters in a community center, shown only to those interested.

    Here’s how to get the most out of your ad spend:

    • Niche down: Be picky. Selling handmade candles? Aim your ads at ‘handmade craft lovers’ or ‘home decor enthusiasts,’ not everyone.
    • Test and learn: Try two ads — one with a family picture and another with just candles. See which gets more love, then use that style more.
    • Set a spending cap: Decide your daily spending. Maybe start with $10. See what happens, then decide if you want to spend more.
    • Keep an eye on numbers: Platforms give you numbers – like how many clicked and how long they stayed. Watch them. Change your strategy if numbers aren’t good.

    Simply put: spend wisely, watch results, tweak and repeat. Every penny should earn its keep.

    Related: 5 Steps to Creating a Content Marketing Strategy That Actually Works

    6. Monitoring, measuring and adapting

    Why Track? Imagine you’ve planted a seed. Without checking, how’d you know it’s growing? Same with your brand. Tracking tells you what’s working.

    Your Toolbox: There are free tools like Google Analytics. It’s like a magnifying glass for your website. See where visitors come from and what they do. For social media? Tools like Hootsuite help.

    When to Change? Maybe you notice fewer clicks at 3 p.m. Maybe a post got tons of likes on Tuesday. See these patterns? Act on them. Shift your strategy. It’s like watering your plant when the soil’s dry. Simple, right?

    Brands should remember to be always audience-centric, constantly evolving in response to feedback and analytics. Embrace the journey from obscurity to prominence, and watch your brand soar in just six months.

    Mohamed Elhawary

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  • 7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

    7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Going out on your own as an entrepreneur can feel both intimidating and exhilarating at the same time. Though you may have the skills and experience to get started, knowing the responsibility relies solely upon you may not feel like the same security as working a regular 9-5 job. However, a sense of freedom and accomplishment makes the risk feel worth it.

    Every person who’s decided to take the leap and forge their path has felt a bit of uncertainty at some point along the way. After all, several unknown variables exist, but learning to forge ahead builds resilience.

    When embarking on an entrepreneurial endeavor, it’s important to go at the pace and in the direction that feels right for you, but here are a few pieces of general advice as you start your journey.

    Related: 9 Lessons to Learn From Being in the Entrepreneurial Trenches

    1. Commit to the process

    As an entrepreneur, you wear all the hats. You are the boss, the operations, the accountant, the cheerleader, and so on. Therefore, it’s up to you to champion your brand and adapt as needed.

    Even when times get rocky (and they will), you must dig in and believe in your business.

    No one will care as much about it as you are, so be discerning when deciding who you work with and bring on board to help reach your goals. Remember, it’s a marathon, not a sprint, so not everything may happen as quickly as you’d like. Have patience in the process.

    2. Get organized

    Having big ideas is the exciting part, but the reality is you have to get things organized to execute well. Take advantage of project management tools and programs for invoicing, scheduling and online branding and promotions.

    Ensure your focus on business growth isn’t taking away from delivering a quality product or service. There must be an excellent balance to maintain your clients and entice new ones to come aboard. Getting organized takes more time initially but will save you invaluable time and money once your business is up and running.

    3. Be confident in your rates

    Setting rates is one of the most challenging things for entrepreneurs, mainly because they’re unsure what they should be. Research your industry averages and factor in your expertise, experience and skills to come up with a rate you’re comfortable with.

    However, don’t sell yourself short. Not everyone may be a good business fit for you, and vice-versa. Focus on building quality client relationships rather than worrying too much about quantity.

    Related: Confidence Will Make All the Difference to Your Hustle

    4. Seek the support of others

    Every business has competition, but every industry has plenty of room for anyone wanting to succeed. Reach out to the support of other entrepreneurs through networking and social events or even online. Sharing stories of struggles and tips for taking your business to the next level can motivate you during the lulls.

    It allows you to be part of a community even as you’re running a business solo. Plus, camaraderie can help you feel less alone when you’re unsure of the next step.

    Related: 6 Principles From the Navy SEAL Code That Will Make Your Team Stronger

    5. Channel gratitude

    The frustrations of being an entrepreneur can lead down a slippery slope of feeling sorry for yourself. Some days, it’s going to feel like nothing is going right. Other days, you may compare yourself to others in your field and wonder why their success is coming more quickly. In these moments, wanting to quit can feel all too easy. Don’t.

    Allow yourself time to feel and reflect, but switch those feelings to gratitude for everything you have and the promise of where you are heading. There will be bad days, but when you change your perspective, you can turn things around for the better.

    6. Stay true to yourself

    Being an entrepreneur is a test of your integrity. With so many different challenges and new situations coming your way simultaneously, it can be easy to lose sight of your goals. While stepping out on your own is an emergence from your comfort zone, you want to do so as your authentic self.

    There will be shortcuts you find along the way; just make sure they align with how you want to do business. It’s essential to pause and check in with your strategies, your partnerships, and your path to ensure it is still true to you. Otherwise, you may reach a place of burnout or breakdown because you’re misaligned.

    Related: Understanding Entrepreneurial Burnout (And How To Deal With It)

    7. Celebrate the wins

    Life as an entrepreneur is busy. There are weeks when it’s hard to track what day it is. However, as chaotic as your schedule gets, take time to celebrate the big and small wins and plan rewards.

    A reward can be as small as treating yourself to lunch or as big as acquiring new office space to help grow your brand. Whatever marks the effort feels valuable to you, do it. Acknowledging your accomplishments along the way will motivate you to keep going, improving, and growing. And more than that, you deserve it.

    Kelly Hyman

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  • Zack Oates of Ovation on Building Business Connections through Digital Storytelling | Entrepreneur

    Zack Oates of Ovation on Building Business Connections through Digital Storytelling | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Soliciting feedback from customers often seems like a daunting task. However, Zack Oates and his team at Ovation have cracked the code with a proven strategy that not only encourages guest feedback, but also establishes a personal connection for exceptional results.

    Zack Oates and the guest feedback platform Ovation have taken a radically different approach to hearing from customers, which stems from their recognition of a critical flaw in the conventional methods: It’s too hard to share feedback.

    As the CEO/founder puts it to host Shawn P. Walchef of Cali BBQ Media when meeting up at the National Restaurant Association Show: “Because the solutions are so bad, guests don’t give feedback. You miss out on over 99% of your guests’ feedback because you make it too hard to give that feedback.”

    The Ovation solution? A two-question survey, delivered via text message, that practically engages customers immediately. Think of it like a digital “table touch”

    Ovation not only makes it much easier for restaurant guests to give helpful feedback and reviews, but also establishes a personal connection that yields exceptional results.

    The simplicity, along with incentives like a chance to win a $100 gift card, encourages participation.

    This accessible and innovative approach, coupled with Ovation’s integration with various platforms like the Toast POS, has opened up valuable channels for direct engagement. Oates emphasizes that their strategy not only garners feedback but also nurtures customer relationships, which is vital to Ovation’s success.

    A human touch working in harmony with technology remains the key to unlocking true customer loyalty, Oates says. Though he recognizes the convenience of technology, he stands firm in the idea that consistency lays the foundation, and that the pinnacle of loyalty is achieved through genuine connection.

    “At the end of the day, regardless of how much technology is in between you and I, it’s about that human connection.” says Zack Oates.

    This approach creates a deep connection and enhances personalized engagement, which not only drives loyalty, but also drives revenue by drastically reducing Ovation cancellation.

    “Nobody cancels Ovation.” the CEO proudly proclaims.

    Oates acknowledges that his strengths lie in building genuine relationships through real digital storytelling rather than orchestrating investor hype. Instead of pursuing a multitude of investors, Ovation seeks the best investors for them. Those are people who share a vision and values and echo the same principle that underlines the Ovation approach to customer relationships.

    “I’m not great at pitting one investor against the other and getting the valuation up,” admits Oates. “The way that I look at it is when you’re able to tell your story, then you’re able to connect to that person.”

    In a landscape often dominated by complex strategies and high-pressure plays, Ovation stands as a testament to the strength of simple connection and authenticity.

    By creating an environment where customers are empowered to share their thoughts and are met with genuine interest, Ovation has not only found the elixir for consistent feedback, but has also unlocked the key to customer loyalty.

    Through their approach, Ovation has shown that technology is necessary, but it’s the human connections that truly make a lasting impact.

    ***

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    Shawn P. Walchef

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