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Tag: Growth Strategies

  • 10 Tips to Help You Pick Your Next Great Employee

    10 Tips to Help You Pick Your Next Great Employee

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    Opinions expressed by Entrepreneur contributors are their own.

    In its recent monthly jobs report, the National Federation of Independent Businesses revealed what many small businesses already know: finding quality labor is a challenge.

    In fact, the report noted that filling open positions is the single largest issue facing small firms. Nearly one-quarter of owners said the worker shortage is affecting their ability to fill open positions and limiting their ability to grow.

    Among the respondents, 46% said they were unable to fill job openings in September. That brings the number of unfilled job openings to a historic high.

    While finding the next great employees may seem futile, it is not impossible. Contrary to popular belief, there are qualified candidates in the market. It’s just a matter of knowing where to find them and capturing their interest in a compelling way.

    Sourcing talent requires a strategy and creativity that reaches beyond posting positions online and praying for a rush of candidates to apply. A more effective approach is to unearth passive candidates who may not be looking for a career move but would entertain the right position. That means searching for high-performing individuals through trade associations, events, universities and even those who may be working in another industry but whose skills are applicable to the open position.

    Related: How Entrepreneurs Can Find Great Talent Despite a Labor Shortage

    Here are some proven ways to re-energize your recruitment process and unearth candidates with the skills and passion for your business:

    1. Revisit your company’s mission and values to use as selling points in attracting talent

    As a business owner or department leader, you undoubtedly are familiar with your company’s mission. But do you understand what separates your firm from others in your industry? That is, does your company have a unique product or service, a nurturing culture or a penchant for giving back to the community? Use this information to craft a compelling company story that will pique the interest of job-seekers and passive candidates alike.

    2. Audit your brand to find out what others are saying about you on popular websites and social media platforms

    Shoring up your reputation with positive reviews from current and past employees and customers will go a long way in selling a position to a potential new employee.

    3. Put yourself in the candidate’s shoes

    Why would someone want to work in this role? What are the opportunities for advancement (a key consideration for job candidates)? In what ways can the employee contribute to your company’s mission and the greater good? Equip your hiring team and recruiting partner with details that serve as selling points for the organization.

    4. Consider what’s most important to candidates in a changing work environment

    Pay remains a top driver in attracting quality candidates to jobs, but work-life balance and an opportunity for employees to do what they do best rank high on the list too. In a study among 13,085 U.S. employees conducted by Gallup earlier this year, 61% of respondents said greater work-life balance and personal well-being were important — a steady rise since 2015. This includes more flexibility in how and where they work. It may sound obvious, but workers also want to focus their efforts on areas where they have strength and training. As such, hiring leaders must be in sync with what candidates want, and in the words of Gallup “sell what employees want to buy.”

    Related: Why Small Businesses Struggling to Hire New Employees Should Embrace Gig Workers

    5. Plan for your hiring needs today and devise a strategy for filling open positions

    Some things to think about: What is the budget for recruiting? How will you plan to find candidates in a tight labor market and for hard-to-fill positions? And what does your company’s diversity hiring plan look like? Answering these questions before you begin the recruiting process will help crystallize your hiring plan and move the recruiting process along quickly and efficiently. Remember to start the search now for positions that need to be filled in the first quarter. And consider engaging an outside recruitment partner to get a fresh perspective and uncover candidates in unexpected places.

    6. Before initiating a job search, understand the candidate’s journey

    Where do they congregate? What are their circles of influence? How do they get their information? Then put your detective skills to work by searching for “passive” candidates – those who may not be actively looking for a job but may consider the right opportunity for a career change online, through professional networks and even cold-calling.

    7. Ensure your company and the candidate are aligned

    If you are wondering about the focus on passive candidates, it’s because some of the most desirable individuals are not looking for work. Oftentimes, their skills are in direct alignment with the open role. They are also transparent, sharing exactly what they want in their next career move, including opportunities for advancement, plus how they would approach the job at hand.

    8. Create a story that humanizes your company and piques your candidates’ interest in the job

    For example, share ways the company engages employees, celebrates success and gives back to the community. Using information gathered in your fact-finding exercise for the company and the position, craft an interesting “pitch” to attract best-in-class talent to your company.

    9. Strategize ways to keep in touch with top candidates

    Your candidates are probably entertaining multiple offers. Find reasons to check in and do it in ways, such as texting, that are effective without being intrusive.

    10. When the search is over, create customized, in-depth candidate profiles

    Include details on their skills, abilities and passions that may not be evident in a resume. Highlight silver medal candidates who may be a perfect match for your next job opening.

    Recruiting new staff members can be a laborious task. But the investment you make into recruiting will pay dividends in the form of stellar employees who can help your business prosper.

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    Kathleen Duffy

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  • Employers — This is How You Can Maximize Your Hybrid Employees’ Productivity

    Employers — This is How You Can Maximize Your Hybrid Employees’ Productivity

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    Opinions expressed by Entrepreneur contributors are their own.

    A new study from the University of Birmingham has found that managers developed a more positive outlook on the benefits of remote and flexible working since the outbreak of the Covid-19 pandemic. The research surveyed 597 managers and found that 51.8% of them agreed that working from home improves employee concentration, 59.5% agreed that it increases productivity, and 62.8% agreed that it increases motivation. Furthermore, an even larger proportion of managers, 76.5% believe that flexible working generally increases productivity. Importantly, the study also found that line managers were more likely to see flexible working as a performance-enhancing tool (71.2%) than senior management (65.6%). This highlights the importance of educating senior management on the benefits of flexible working and the positive impact it can have on employee performance.

    Now, managers need to learn how to maximize hybrid work productivity by determining what employees can most productively work on at home, and what to focus on when they come to the office. Given that about three-quarters of all U.S. companies are in the process of adopting a hybrid work model, optimizing this mix of employee activities is critical both for the success of individual companies and the U.S. economy as a whole. So what are the best practices in determining what tasks hybrid workers should work on from home?

    Some might say it’s simple: just let the rank-and-file employees and their immediate supervisors figure it out for themselves. However, after helping 21 organizations figure out successful hybrid work arrangements and writing a best-selling book about this topic, my experience shows that employees often fail to maximize their productivity.

    Related: Salesforce CEO Marc Benioff Is Right. New Employees Are Less Productive in a Hybrid Work Setting — But Why?

    It’s not because they’re lazy or deliberately inefficient: it’s just that they never learned how to do hybrid work effectively, and don’t know what they don’t know. Without guidance and professional development in this area, lower-level supervisors and middle managers in particular end up shoehorning traditional office-centric methods of working into hybrid settings. The result is lower productivity, engagement and morale, harming both company bottom lines and employee wellbeing and career success.

    The worst part of coming to the office

    One key filter to determine what to do where: to maximize productivity, hybrid work models have to minimize commuting time for employees. Coming to the office needs to be for a specific purpose that outweighs the significant costs — in time, money and stress — involved in the commute.

    A survey by Hubble asked what respondents liked about working from home — 79% of respondents named the lack of commute, making it the most popular response by far. According to a recent survey by Zebra, 35% of Americans would be willing to take a pay cut in exchange for a shorter commute. Of those who would take a pay cut, 89% would sacrifice up to 20% of their salary.

    Americans waste a lot of time commuting. The U.S. Census Data from 2019 shows that about 10% of Americans commuted over an hour each way, mainly those living in dense urban areas. On average, Americans commute a half hour each way.

    Moreover, commuting to work costs a lot of money. According to a Flexjobs analysis, employees can save up to $12,000 per year by working full-time remotely. This includes savings on transportation expenses like gas, car maintenance and parking, as well as the cost of buying professional clothing and eating out at expensive restaurants. While there may be some additional costs associated with working from home, such as increased utility bills and the cost of cooking at home, these expenses are typically much smaller than the costs of commuting to an office.

    Peer-reviewed research found that longer commute times correlate with lower job satisfaction, increased strain and poorer mental health. And happy workers are productive workers, as found by economists at the University of Warwick. They did experiments to discover that a sense of happiness made people around 12% more productive. Similarly, a study run by Oxford University’s Saïd Business School at BT, a British telecommunications firm, found very similar results: happy workers were 13% more productive.

    In addition to the boost in productivity coming from happier workers who avoid a commute, those working from home actually work more hours. Chicago University research discovered that employees working from home devote about a third of the time saved from not commuting to their primary jobs.

    What kind of work should hybrid employees do at home to boost hybrid work productivity?

    The large majority of the work that most employees do is more effectively done from home anyway, even if the commute wasn’t an issue. For instance, much of the work done by individual employees involves focused tasks that they do by themselves. Research shows that workers are more focused while working at home, without the distractions of the office.

    Another category of work that takes up a great deal of time for employees is asynchronous collaboration and communication. That might involve sending emails, editing a Google Doc or Mural board, or doing virtual asynchronous brainstorming. A McKinsey analysis shows that only email takes up an average of 28% of work time for knowledge workers. There’s no reason to commute to the office just to read and send emails.

    A third major activity best done from home is virtual meetings. In a survey by the collaboration software company Slack, employees report spending two hours each day in meetings. Stuart Templeton, the head of Slack in the U.K., said that employers risked turning their offices into “productivity killers” by having their staff come in just to do video calls: according to him, “making a two-hour commute to sit on video calls is a terrible use of the office.”

    Of course, for those workers who don’t have a comfortable and quiet home office, it’s important for employers to provide an alternative workplace for these three tasks, either in an employer-owned office or a coworking space. Still, the large majority of employees prefer to work on such tasks at home.

    Conclusion

    The commute undermines employee happiness, making them less productive. Moreover, employees willingly spend a substantial part of the time saved from the commute by working on their primary job. Thus, to maximize hybrid employee productivity, any office-based activities must outweigh the substantial burden of commuting. In addition, the large majority of activities that hybrid employees do are better done at home anyway, such as focused individual tasks, asynchronous communication and video meetings. That means most hybrid employees should spend the substantial majority of their time working remotely.

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    Gleb Tsipursky

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  • 5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

    5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

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    Opinions expressed by Entrepreneur contributors are their own.

    The business world is incredibly competitive — which is undoubtedly why roughly 45% of businesses fail within five years of opening.

    While there are many reasons why a business could fail, one of the biggest roadblocks to success is not having a well-defined unique value proposition (UVP). If you can’t effectively communicate to your customers why your business and its products or services are unique from your competitors, you’re going to have a hard time standing out.

    On the other hand, when you are able to better define your unique value proposition, you can stake out a strong position in your niche and make a lasting impression on customers.

    Related: Your Value Proposition Is Crucial. Here Are 5 Steps to Ensure It Resonates.

    1. Focus on your ideal customer

    You won’t get far if you don’t understand your ideal customer. Many brands achieve this by creating buyer personas through market research and gathering insights from their current customers.

    The deeper you can dig into your ideal customer’s wants, needs, struggles and so on — the things that “make them tick” — the easier it will be to identify the types of messages that will be most impactful for them.

    2. Understand the core elements of your unique value proposition

    A successful UVP focuses on the benefits of your product or service, as well as how you are different from your competition. These elements are what ultimately communicate the value of your brand and why it would be worthwhile for your ideal consumer to do business with you.

    Start by listing the benefits offered by your product or service. How do you solve the specific problems your ideal customer faces on a regular basis? Then, identify the ways your offering is different from the competition. This will likely require extensive market research, but it could include anything from more affordable pricing to additional features not found in competitors’ products.

    With each of these lists, you should consider how the unique aspects of your product or service provide value to your customers. This then becomes the core focus of your messaging, and your next step is to communicate that message in a way that makes sense and appeals to your target audience.

    Related: How to Develop a Winning Value Proposition (Infographic)

    3. Frame your UVP with storytelling

    At my marketing agency, we use storytelling to pitch our clients because quite frankly, even though numbers can be convincing, they are also boring. After working on the previous two tips, you’re in a good position to tell a story that places the customer as the hero and then highlights what you’ve learned from your own challenges and how it can help them with the problem they’re trying to solve.

    Entrepreneurs should try to frame their UVP in a storytelling format to hone in on presenting it in a way that will truly appeal to the customer. Customers don’t want to hear about how your team went to work and accomplished what they set out to do. But they will connect with relatable stories of your own struggles and lessons learned and how they can be applied to their lives in the form of your product or service.

    4. Identify what you don’t do

    One way to better differentiate yourself from others in your niche is to take the time to define what you don’t do. This could include the things that you’re not good at or the things that others in your niche do that you actively dislike and avoid.

    Related: What is Your Value Proposition?

    5. Test and iterate

    When it comes to writing books, authors are sometimes advised to put their work through a whopping 10 drafts before their work can be considered complete. Think of the amount of time and effort that would go into continually revising a 300-page novel. Your UVP may not require as much revision time, but it certainly deserves its share of testing, revising and optimizing before it becomes your core marketing message.

    Ideally, you should enlist the help of your target audience when revising your UVP. Use their impressions and feedback to identify how you can improve your messaging and make it more clear. A/B testing of multiple versions of your UVP could also be helpful to see which message resonates best with customers.

    When developed properly, your unique value proposition can be so much more than a corporate statement. It can be the true core of your brand identity that drives your decision-making and how you market yourself to your target audience. By developing a compelling UVP, you will make a far more convincing sales pitch that puts your business on track for long-term success.

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    Andres Tovar

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  • How Yami’s Founder Sustains Growth in the Ecommerce Space

    How Yami’s Founder Sustains Growth in the Ecommerce Space

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    The transition to college can be tough for any young adult — especially if they attend one 7,000 miles away from home.


    Courtesy of Yami

    That was the case for Alex Zhou, founder and CEO of online Asian marketplace Yami, who came to the U.S. from China to attend Kansas State University in the college town of Manhattan, Kansas in 2007.

    “For almost five years, I didn’t have access to Asian food, restaurants or grocery stores,” Zhou tells Entrepreneur. “It was really inconvenient, and I noticed a lot of my classmates who came from Asian countries experienced the same problem.”

    Post-graduation, Zhou moved to LA, where there’s a large Asian population. Surrounded by a bounty of Asian restaurants and brick-and-mortar stores like H Mart, the lightbulb went off: Maybe I can start an ecommerce company to carry Asian products and brands, Zhou thought.

    Ecommerce certainly wasn’t a new concept at the time. In China, there was Alibaba; in the U.S., eBay and Amazon were long-established players. And with more and more Asian students and immigrants coming to the U.S., Zhou realized there was a real market for his idea.

    Zhou established Yami, formerly known as Yamibuy, in 2013. Today, the ecommerce retailer boasts two million customers (one in 10 Asian Americans use the platform, Yami found by examining customer and census data) and more than 300,000 SKUs of Asian snacks, food, beauty and health products, home appliances, books and more.

    Additionally, even though the majority of U.S. Asians live in California, New York, Texas, New Jersey and Washington, Yami’s seeing its most rapid growth not in those states, but in college towns like Raleigh, North Carolina and Tempe, Arizona — a testament to Zhou’s original mission.

    Related: 12 Awesome Tips From Ecommerce Experts

    “In the beginning, I was just trying to serve all the Chinese students studying in the United States.”

    Back in 2013, as a fresh college graduate, Zhou had no idea how to run a business. So he started from scratch: researching everything from products and costs to website development.

    Part of the process? Taking a stroll through the very Asian markets he’d noticed on arrival to study their customers and jot down brand names, some of which would become eventually become Zhou’s own suppliers.

    Zhou’s strategy was a success, but as Yami grew, so did some of the challenges along with it. In the early days, when Zhou couldn’t afford to hire employees, he would work from 6 a.m. to midnight, driving around to pick up the inventory nobody wanted to deliver to his still-young company.

    Then, around 2015, when Yami was really gaining momentum and could afford to hire, Zhou had to figure out how to convince people working at Google and Amazon to join his startup.

    Through it all, the founder had to consider how to sustain Yami’s growth. “In the beginning, I was just trying to serve all the Chinese students studying in the United States because I understood their pain point,” he says. “I knew what they wanted.”

    Leveraging word of mouth was key from the start. The right product can generate a lot of organic takeoffs, Zhou says, using the example of social media.

    “Let’s say somebody bought instant noodles from Japan,” Zhou explains. “Then he or she posts on social media: ‘Oh my God, look at what I bought.’ Then their friend is going to ask [where they bought it from]. This is our classic customer acquisition channel — to this day.”

    Related: The Business of Harnessing the Power of Social Media

    “The strategy changes a little bit [when] customers aren’t familiar with the product.”

    In recent years, Yami has expanded beyond its Asian customer base, and doing so requires a shift in tactics, Zhou notes.

    “When we step into this space, the strategy changes a little bit because these customers aren’t familiar with the product,” Zhou says, “but they’re influenced by the rising Asian pop and food culture.”

    Especially in U.S. coastal cities, it’s not uncommon for people to incorporate Asian cuisines into their weekly meal rotations, Zhou explains, and part of Yami’s success with its non-Asian customer base relies on its ability to connect with those potential buyers.

    To that end, Yami works with Asian chefs and restaurants to acquire Asian-food lovers. The company also partners with Asian content platforms to draw in people who are fans of Asian pop culture like K-pop, K-drama, anime and more.

    Image credit: Courtesy of Yami

    Related: These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture

    “Every single customer wants a world-class experience. Improving the customer shopping experience is on our mind every day.”

    Another major growth milestone? Yami’s opening its East Coast warehouse, which will enable shipping times that rival Amazon Prime‘s across the U.S. — an average of just 2.6 days, Zhou says.

    “Retail is retail,” Zhou explains. “Every single customer wants a world-class experience. Improving the customer shopping experience is on our minds every day. That’s why we [opened] our West Coast warehouse first, and now our East Coast warehouse — so we can ship the packages to our customers faster.”

    Yami also has its own fleet of vehicles; in LA, orders placed in the morning can be delivered the same day, and those placed in the afternoon can be delivered the next day.

    In dealing with so many cross-border products (95% are imported from Asia), Yami has to contend with a sometimes-complicated supply chain. That’s why it’s made data and AI a cornerstone of its strategy — using the technology to forecast demand and personalize marketing to customers.

    Related: Are You Giving Your Customers Personalized Experiences?

    “You never solve the problem if you just think about it.”

    To other founders hoping to break into the ecommerce space as successfully as Yami has, Zhou suggests keeping two things in mind. First, you have to zero in on your niche.

    “It’s too late [to start the next Amazon],” Zhou says. “Amazon already dominates the entire ecommerce space. But there are still new ecommerce companies coming up every day. If you look at all of these [new] companies, there’s always something distinct about them. For example, Yami — Amazon is big, but it’s not doing well with Asian supply chains. It’s not doing well with Asian products.”

    But perhaps the most important piece of advice, according to Zhou? Just take that first step.

    “Sometimes [potential founders] think too much — but they never put their thought into action,” Zhou explains. “You never solve the problem if you just think about it.”

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    Amanda Breen

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  • How to Build a Culture of Emotional Intelligence

    How to Build a Culture of Emotional Intelligence

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that emotional intelligence is a valuable skill for business leaders. However, many CEOs struggle to cultivate it within their team. Read along as we discuss the benefits of emotional intelligence in the workplace and how to develop it to enhance your leadership skills and business strategy.


    Shivendu Jauhari | Getty Images

    What is emotional intelligence?

    Emotional intelligence is “the ability to perceive, interpret, demonstrate, control, evaluate and use emotions to communicate with and relate to others effectively and constructively. Some experts suggest that emotional intelligence is more important than IQ for success in life,” (Verywell Mind).

    Utilizing emotional intelligence can help facilitate open communication and strengthen relationships between executives, managers and employees, creating an improved work culture overall. It’s important for leaders to not only know how to foster emotional intelligence within themselves but how to encourage it from their team as well.

    Related: 5 Ways Emotional Intelligence Will Make You a Better Leader

    5 pillars of emotional intelligence

    In his bestselling book, Emotional Intelligence, psychologist and author Daniel Goleman crafts a framework in which leaders can leverage five key traits to successfully implement emotional intelligence in the workplace. These traits are influenced both by experience and intuitiveness. The five pillars are:

    1. Self-awareness:

    Our emotions do not only affect us, they affect those around us as well. The ability to recognize your own emotional state and its impact on others is a skill that can be developed over time. For example, employees may be reluctant to ask for help if they can see that their boss is already stressed out with other tasks. While you should not hide your emotions, it’s important to be cognizant of how they come across to others.

    2) Self-regulation:

    Though we can’t always control our emotions, we can control the way we react to them. Self-regulation (impulse control) is critical to maintaining good relationships in the workplace. Leaders who are able to check themselves before reacting are better able to handle difficult situations and are more respectable.

    Self-regulation also promotes accountability as it helps create a clear set of expectations for how to act in the workplace.

    3) Motivation:

    Goleman writes, “Leadership is not domination, but the art of persuading people to work toward a common goal.”

    Motivating your employees is perhaps the most important action toward achieving alignment within your team. When all team members are motivated and focused on the same goal, you are more likely to hit your targets. Motivate your employees by setting clear objectives, celebrating wins and victories, and recognizing individual contributions.

    4. Empathy:

    Empathic leaders are able to put themselves in other people’s shoes and act with fairness. They are generally well-liked by employees, as they are more understanding and able to relate on a personal level. Having empathy does not just mean caring about others — it means being able to recognize others’ emotions even when they are not forthcoming and being able to conduct conversations appropriately with the other person’s emotional state in mind.

    A study by the Center for Creative Leadership found that “managers who practiced empathetic leadership toward direct reports were viewed as better performers by their bosses.” Empathic leadership is not restricted to C-suite executives — managers and other level employees can benefit from practicing empathy at work.

    5. Social skills:

    Social skills like active listening and verbal/nonverbal communication will lead to stronger trust among a team. Leaders with social skills are better communicators and know how to work with different types of people. Effective communication is one of the most important skills for a leader to have and proves useful when addressing issues or tough topics. Having good social skills also makes leaders appear more approachable to their team members, enabling positive working relationships and an effective feedback loop.

    Related: Use These 7 Emotional Intelligence Tips to Be a Better Leader

    Benefits of emotional intelligence in the workplace

    Exhibiting emotional intelligence in your business can lead to countless improvements, from enhanced performance to a better culture. We’ve outlined a few of the main benefits below:

    • Team alignment: Rally your team members around a common goal. This creates cohesiveness across the board and helps ensure no boxes in your strategic execution are left unchecked.

    • Increased productivity: Employees will work harder and faster with the right motivation. They will be encouraged to ask questions for clarity and explore new ideas as they work toward the specified company goals.

    • Increased transparency and accountability: Emotional awareness is a desirable trait among leaders when it comes to the way employees see them. This prompts them to be more open and truthful with their team, creating opportunities for increased transparency in the company. By being upfront about certain initiatives, metrics and company information, leaders gain trust and understanding from their team. Establishing this kind of transparency and accountability helps fill in gaps and ensures that the right people are working toward the right goals.

    • Better communication: Communication is king when it comes to getting anything done as a team, and it’s easier to communicate when you know how you feel. Emotionally intelligent leaders are able to effectively express what is needed in a way that can be understood by others. They are also good listeners and know how to get a point across while also taking into account the other person’s viewpoints and opinions. This ties into the pillar of self-regulation, as being able to control impulsive responses is another important part of effective communication.

    Related: How to Cultivate Higher Emotional Intelligence in Your Employees

    Steps to improve emotional intelligence in your organization

    It’s no coincidence that the five pillars of emotional intelligence are also key traits of a good leader. It’s important for leaders to not only exhibit traits of emotional intelligence but also to recognize and celebrate them within their team. So, how can leaders cultivate emotional intelligence?

    1. Show appreciation:

    It’s easy for executives to overlook the importance of employee appreciation, even though the smallest gestures can make a huge difference. When employees are happy, the whole business benefits. Research has shown that having happy employees increases productivity, sales, employee retention, employer net promoter Scores (eNPS); the list goes on.

    Remember to give praise for a job well done and ensure your employees know their hard work does not go unnoticed. This can be as simple as a shoutout in your all-hands team meeting or a handwritten “thank-you” note. When employees receive praise, they feel valued. And when they feel valued, they are more motivated to work hard and deliver exceptional results.

    2. Practice what you preach:

    Respectable people lead by example. This includes making an effort to exhibit the positive traits that you expect to see from your team and acting in solidarity with them. In order to be effective, a team must be unified from the top down. Actions like giving thanks, admitting to wrongdoings and having an open-door policy will help create a healthier environment.

    3. Get to know yourself:

    Understanding yourself is the foundation of emotional intelligence. Self-awareness and reflection involve understanding one’s emotions, strengths, weaknesses, needs and drives. It’s a major factor in emotional regulation, as it helps provide insight into one’s emotional reactions and makes it easier to control them. Make an effort to be mindful of how you react in different situations, and get comfortable with the idea of self-reflection. This kind of reflection is not just good for enhancing your leadership skills, but for the soul as well.

    4. Get to know your people:

    You know it’s important to establish good working relationships with your coworkers, but establishing good personal relationships goes a long way, too. Knowing your employees on a personal level means being able to better understand them and their emotional states and allows you to determine how to best work with them.

    Don’t underestimate the importance of one-on-one time between CEOs/managers and team members. Having frequent and consistent 1:1 meetings helps drive performance but also provides opportunities for open communication and relationship-building. Team members are more likely to provide truthful and constructive feedback if they feel like they are being heard.

    5. Provide training:

    As mentioned, emotional intelligence is a skill that can be developed and improved with practice. It’s important to invest in emotional intelligence training and development programs if you want your team to be successful. This includes both emotional awareness and emotional regulation, as well as communication skills, decision-making skills and more.

    Developing emotional intelligence requires practice, but it can have a huge impact on the success of an organization. By recognizing emotional intelligence within your team and investing in emotional intelligence training, you can create a better working environment that leads to improved performance and higher morale.

    Emotional intelligence is not something that can be forced on people or taught overnight. It takes time and commitment from leaders, but it can have a positive and lasting impact on the team as a whole when practiced and supported regularly. It’s a valuable tool that can help business leaders be more effective, improve communication and increase trust.

    By investing in emotional intelligence, your business will be able to reap the rewards of a better-connected workforce that feels appreciated, respected and motivated to succeed.

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    Doug Walner

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  • Kidnappers in Pakistan Held a Gun to His Head and Pulled the Trigger. The Terror of That Moment Fueled His Billion Dollar Startup.

    Kidnappers in Pakistan Held a Gun to His Head and Pulled the Trigger. The Terror of That Moment Fueled His Billion Dollar Startup.

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    Two decades ago, Omair Tariq survived a nightmarish ordeal that left him with deep trauma. But it also gave him something exceptional. And he used it to funnel his ambitions into cofounding Cart.com.

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    Liz Brody

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    • Entrepreneurship & co-founding companies

    • How to raise capital & scale a company

    • The future of work & workplace culture

    • Servant leadership

    Don’t miss out—register now!

    About The Speakers

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

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

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    Jason Nazar

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  • 6 Mindsets You Need to Adopt to Reach Your Marketing Goals

    6 Mindsets You Need to Adopt to Reach Your Marketing Goals

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    Opinions expressed by Entrepreneur contributors are their own.

    Understanding the fundamentals of marketing psychology can help entrepreneurs create effective customer experiences and build customer loyalty. It can sound a bit complicated if you’re new to the term — and don’t get me wrong, it is — but in this article, I’ll break down the six key mindsets every entrepreneur must adopt to maximize the power of marketing psychology and reach their goals.

    Marketing psychology, sometimes called “neuromarketing,” is the practice of understanding consumer behavior and utilizing psychological principles to influence that behavior. It’s based on the belief that consumers’ buying decisions are influenced by a variety of factors, including personal experiences, beliefs, preferences, motivations and emotions.

    By understanding how these elements affect decision-making processes, marketers can create effective campaigns to reach their target audiences (even if those target audiences don’t necessarily behave logically). Here are six key mindsets I believe every entrepreneur needs to reach their business goals:

    Related: The Intersection of Psychology and Marketing

    1. Empathy

    Being able to put yourself in your customer’s shoes is essential when it comes to understanding what they want and need from your business. Empathy allows you to understand how your customers think, feel and behave so you can create experiences tailored to them.

    It also helps you understand why they make certain decisions, which can be invaluable when it comes to developing effective marketing campaigns.

    2. Storytelling

    Telling stories is a great way to captivate your audience and draw them into your narrative. Stories are an effective tool for creating emotional connections with customers because they allow you to show rather than tell why people should care about your product or service.

    Additionally, stories are memorable and can help differentiate your brand from competitors by making it stand out in customers’ minds.

    3. Curiosity

    Being curious about your customers’ needs helps you better understand what drives them and how best to engage with them on an individual level. Asking questions allows you to further develop relationships with customers and discover opportunities for improvement within your business model or customer experience strategy.

    Additionally, curiosity helps spark creative ideas, which can provide new insights into how you deliver value through your products or services.

    Related: 6 Ways You Can Leverage Consumer Psychology to Drive More Sales

    4. Brand authenticity

    When it comes to building trust with potential customers, authenticity is key as people want genuine interactions with brands they interact with online or in person.

    It’s important for entrepreneurs to be honest about who they are as a brand and what value they offer their customers so that those looking for solutions know exactly where to turn when making purchasing decisions. This also ensures that any content created reflects the true essence of the brand instead of generic messaging that won’t resonate with its target audience.

    5. Experimentation

    Nothing beats testing different strategies when trying something new or evaluating existing tactics used by competitors. The more data gathered during experiments, the better-informed decisions entrepreneurs can make regarding their own offerings.

    Experimentation also provides valuable insight into customer preferences, which helps inform further marketing strategies down the line.

    6. User experience

    Ultimately, user experience is at the heart of successful marketing campaigns, as people are more likely to buy from brands they trust and find easy to use. Focusing on creating positive experiences throughout every interaction builds loyalty among customers, increases engagement and boosts conversions over time.

    Taking the time necessary to ensure users have a seamless journey across all touchpoints pays off in spades over time.

    Related: 5 Insights Into Human Behavior That Will Boost Your Sales and Marketing

    The key mindsets discussed above form the foundation for any successful entrepreneur’s use of marketing psychology in their business pursuits. By adopting these mindsets, entrepreneurs will be one step closer to reaching their goals as each mindset provides unique insight into understanding customer behavior, engaging effectively with current or potential clients, delivering exceptional user experiences and ultimately providing valuable solutions through storytelling or experimentation.

    With these six essential mindsets at hand, entrepreneurs will be well on their way toward leveraging marketing psychology effectively within their businesses!

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    Jacinda Santora

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  • 4 Ways Your Business Can Take Advantage of a Recession

    4 Ways Your Business Can Take Advantage of a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s macroeconomic environment is marked by high inflation, low consumer confidence, abysmal stock market performance and rising interest rates. Few sectors of the economy are exempt from the current malaise, and discretionary spending by consumers and businesses alike is at an all-time low.

    In times like these, it’s natural for entrepreneurs to focus on surviving rather than thriving. But recessions can actually be fertile ground for companies that are prepared to seize opportunity. Here are four ways entrepreneurs can take advantage of a recession to achieve massive growth:

    Related: How to Turn Inflation and Recession into Your Largest Business Opportunity

    1. Look for white space in the market

    In a recession, many companies trim their product lines and focus on their core offerings. This creates opportunities for companies that are able to identify and fill gaps in the market.

    For instance, in September, Facebook shuttered Novi, its digital wallet. The move comes as no surprise. Facebook is facing big challenges in maintaining both user and investor confidence amidst a slowdown in growth, all while its metaverse dreams flounder. But the death of Novi opens up an opportunity for a new entrant to provide a digital wallet. In fact, a phoenix has already risen from the ashes: A Web3 wallet, Martian, raised a $3 million pre-seed following Facebook’s announcement.

    Just as Novi aimed to provide a simple way to store digital currencies and make payments, Martian is said to “allow users to hold, store, and use multiple digital assets.” The key difference is that Martian is being built on top of open-source technology, rather than Facebook’s centralized infrastructure.

    In another example from the Web3 world, the FTX exchange famously collapsed, leaving thousands of users looking for other trading solutions. Yuriy Sorokin, the CEO of 3Commas, explains in an article that, amidst this volatility, their “goal remains the same as always: to meet the needs of every crypto investor by providing industry-leading services and professional-grade tools.”

    Rather than suffer from an industry downturn, Sorokin found an opportunity to double down. These kinds of opportunities are everywhere in a recession. As incumbent companies focus on their core offerings, new entrants can swoop in and provide the missing piece of the puzzle. In another example, while Ford is reducing the production of its trucks and SUVs, Tesla is gearing up to mass produce its Cybertruck.

    2. Attract top talent

    From Google to Facebook to Uber, many of the most successful tech companies have announced layoffs this year. While this is devastating news for the employees who are impacted, it’s an opportunity for entrepreneurs who are looking to attract top talent.

    In a recession, it’s not just big companies that are making layoffs. Small businesses are cutting back as well. But as employees at all levels find themselves out of work, they’ll be looking for opportunities that offer both security and upside potential. For entrepreneurs, this presents a golden opportunity to attract the best and the brightest to their team.

    Some recruiters have already started to take advantage of the current climate. As Reuters reports, following layoffs at Google and Apple, Stack Overflow more than doubled its headcount. Stack Overflow isn’t alone, as a survey of startup tech executives found that more than 40% of them boosted their hiring plans in the first half of 2022.

    If you’re an entrepreneur, now is the time to start thinking about how you can attract top talent to your company.

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    3. Take advantage of lower costs

    A recession can be a great time to get discounts on everything from office space to advertising. As businesses contract, they’re often willing to negotiate better terms with their vendors in order to free up cash. This presents a unique opportunity for entrepreneurs who are looking to get more bang for their buck.

    One way to take advantage of lower costs is to negotiate longer-term contracts. For example, if you’re looking for office space, you may be able to get a longer lease at a lower rate. Or if you’re looking to expand your team, you may be able to get a better deal on salaries if you’re willing to lock in employees for a longer period of time.

    4. Deploy cost-optimization technologies

    When faced with a budget crunch, businesses of all sizes are looking for ways to reduce costs. This has created a demand for cost-optimization technologies that can help businesses slash their spending.

    For entrepreneurs, this presents a unique opportunity to develop and market technologies that can help businesses save money. For instance, there’s currently a big push for energy-efficiency technologies that can help businesses lower their utility bills. Likewise, there’s a growing market for software that can help businesses streamline their operations and reduce waste.

    Cloud spend, in particular, is an area where businesses are looking to save money. In recent years, businesses have been moving more and more of their workloads to the cloud. However, as businesses have become more reliant on cloud services, their spending on these services has ballooned.

    This has led to a search for cost-effective cloud strategies, and this is where entrepreneurs can play a big role. Recently, a number of cloud optimization startups have raised big rounds of funding. Zesty, which automatically adjusts use of cloud resources in real time, raised $75 million while Keebo, a data warehouse optimization tool, raised $10.5 million.

    Related: Don’t Let a Recession Ruin Your Business. Here’s How Your Business Can Thrive During Hard Times

    As businesses look to save money in a recession, entrepreneurs who can provide cost-effective solutions will be in high demand. Financial technology solutions, too, can help firms cut costs, and therefore see greater adoption in a downturn. Solid, a banking-as-a-platform solution, recently raised a $63 million Series B and claims to have experienced 10X growth in the past year.

    Recessions are often seen as a time of contraction and doom and gloom. But for entrepreneurs who are willing to seize opportunity, recessions can actually be a time of massive growth. By looking for white space in the market, attracting top talent, taking advantage of lower costs and deploying cost-optimization technologies, entrepreneurs can position their companies for success in the years to come.

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    Frederik Bussler

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  • 5 Crucial Predictions For Retail in 2023

    5 Crucial Predictions For Retail in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    With 2023 here, retailers geared up to make the most of the festive season with discount deals, slashed prices, free deliveries, bonus packages and more. That said, there’s an elephant in the room this season — and that’s the uncertainty about the consumer market. Recent headlines about inflation have changed most shoppers’ buying habits this year. Compared to 2021, one in four Americans (22%) is spending less on gifts this year. Conversations on social media around inflation relating to holiday shopping have increased by 35%.

    Further complicating the issue was the disruption of global supply chains caused by the pandemic. Increased demand for items led to skyrocketing prices. With customers now less willing to pay higher prices for goods, retailers face a potential decline in revenue, sales and profit margins. Retailers looking to minimize the impact of inflation, changing customer behaviors and an unstable market on their business must employ strategies to create an engaging and immersive shopping experience.

    Here are five predictions to help you meet your customers’ needs — and keep your business competitive.

    Related: How Compliance is Exposing the Fragility of the Global Supply Chain

    1. Increased adoption of an omnichannel approach

    A seamless shopping experience is quickly becoming the order of the day as customers want the flexibility of combining shopping on their phones with shopping at brick-and-mortar locations. The recent Shopify report proves this, with 54% of consumers saying they’re likely to look at a product online and buy it in-store — and vice-versa.

    Sephora is an excellent example of a company already adopting this approach. Customers can visit the brand’s website to add products to their carts and visit the store to try on their items before buying.

    To take advantage of the omnichannel experience, retailers should create a social presence that retains the brand identity across multiple channels. This includes messaging, services, pricing and overall customer service.

    Doing this well can make it easier to understand and predict customer behavior. You can tailor your consumers’ experiences to match your marketing and sales needs.

    Related: Future Of Retail Is Omnichannel

    2. Hyperpersonalization will skyrocket

    With shoppers now spending cautiously, typical personalization tactics are becoming ineffective in driving sales. Gone are the days of generic marketing emails with automated first-name snippets.

    Now, customers want purchases to fit their needs which requires brands to make customers feel more connected to the brand — which can increase loyalty and retention. According to a McKinsey survey, 71% of customers expect companies to personalize their experience, and 76% are frustrated when they don’t find it. Creating hyper-specific recommendations based on customers’ browsing history, past purchases, location, gender and age — increases the likelihood of making more sales and generating 40% more revenue.

    3. AI redefines the shopping experience

    The introduction of DALLE-2, LensAI and, most recently — ChatGPT — has sparked discussions around their use in retail. ChatGPT is an AI with nearly accurate responses to user queries—which can be used for conversational commerce. For example, in terms of personalized recommendations, AI can accurately recommend products using customer data. This helps the customer make an informed decision, driving sales.

    Regarding customer service across different channels, AI can easily give users the same experience by providing support and assistance at a far larger scale. While artificial intelligence is already in play in most parts of the retail industry, its adoption in 2023 will redefine the entire shopping experience.

    Related: Princeton Student Builds ChatGPT Detection App to Fight AI Plagiarism

    4. Data privacy laws will become stricter

    The debate on data privacy will likely become more heated in the next year, with the European Union proposing stricter regulations via GDPR. Under GDPR, user consent plays a big role in collecting sensitive and non-sensitive data. This means retailers and advertisers need to be transparent in using user’s personal data and offer consumers the option to delete or erase their data.

    The problem with the GDPR: Advertisers need user data to serve targeted ads. Retailers need advertisers to market their goods. Now, with laws becoming stricter in collecting this data, advertising prices are expected to increase.

    5. A switch to organic marketing

    The recent rise in advertising costs has pushed most retailers over the edge. Why? The current ad space price is double (with some triple) what it used to be. This means retailers are paying more to reach the same audience—with no estimated profitability, sales or even revenue guarantee.

    As a result, many brands are now moving toward organic marketing and capitalizing on its benefits. SEO, social media, content marketing and influencer partnerships are all tactics to ramp up in 2023. Using organic marketing in retail is a strategic approach that can help you build trust and maintain long-term customer relationships.

    Looking ahead, retailers are facing ups and downs in the market. Finding ways to appeal to customers’ needs is vital to staying afloat — and profitable. The strategies we’ve highlighted here will help you along the way while preparing you for what’s to come.

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    Jacob Loveless

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  • How to Grow Your Business and Maintain Your Independence

    How to Grow Your Business and Maintain Your Independence

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    Opinions expressed by Entrepreneur contributors are their own.

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


    Luis Alvarez | Getty Images

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

    Related: 7 Steps to Finding Freedom in Your Business

    1. Don’t eat the free lunch

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

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

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

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

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

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

    2. Cultivate diverse revenue streams

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

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

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

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

    Related: 4 Ways To Achieve Sustainable Growth

    3. Be an expert — and act like one

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

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

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

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

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

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

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

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

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

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    Tim Hentschel

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  • Why Business Executives with Disabilities Must Take Back Their HealthCare Now

    Why Business Executives with Disabilities Must Take Back Their HealthCare Now

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    Opinions expressed by Entrepreneur contributors are their own.

    Anything less than full throttle is not an option for any business leader, but when you’re running the company with a disability, it takes something more than overcoming a lack of confidence or changing perceptions in the boardroom.

    It’s already tough to get to the top, let alone run your own business. When you get there, taking a day off is not an option; neither is calling in sick. If you require special accommodations, your biggest fear is that corporate heads will put someone else in your role — someone without the need for doctor’s visits, work accommodations, or even surgeries.

    Leaders with limitations often push themselves to prove to stockholders and CEOs that they can thrive in a stressful environment, outperform others gunning for the top role, and do everything themselves. But this is an unrealistic and dangerous way of thinking; this mindset is often responsible for deteriorating health and well-being as leaders put off important medical visits, forego physical therapy or miss medications.

    There is a way to take control of your health and wellness, but it takes a proactive, intentional approach. You can run your personal healthcare strategy the way you run your company — using the skills that brought you your current success. Here are three ways to take back the reins and manage your health.

    Related: How Hiring People With Disabilities Will Make Your Business Stronger

    1. Seize your day

    You may feel you don’t have time for your condition, but if you intentionally plan your medical visits, you can take control of every facet of your personal health care by choosing when you see health care providers. You can decide the time of day and, most often, the frequency of visits to physicians and therapists.

    Think about which appointments are taxing and which help you and your mindset; in other words, which visits work with your day rather than against it. Some physical therapy sessions, for example, might look like a gym routine; for others, therapy might be more relaxing, such as massage or meditation. Think about where in the day your medical visit would best help your productivity — and plan accordingly.

    If therapy relieves you, schedule it early in the day, perhaps at the beginning. You can choose your medical professional based on availability in the morning. But if you’re going through something that puts you in a negative mental or emotional state, save it for the end of the day or even the weekend.

    Business leaders with limitations often complain that they don’t like leaving work, where they feel most confident and take pride in what they do, to walk into a doctor’s office feeling helpless and out of control. If you’re in corporate leadership, you may feel that the negativity you experience going to the doctor goes against the positive mindset you need to motivate others and run your company effectively. But the skills you employ daily running your business can take you far in planning and managing your healthcare needs.

    Related: Why Leaders with Disabilities Bring a Secret Weapon to the Negotiating Table

    2. Be your own advocate

    As a leader, you’ve been hired to solve the tough problems for your company. You can apply this same know-how to your healthcare by assembling a team of positive, upbeat and effective healthcare providers to help you achieve your wellness goals. So often, we accept assigned healthcare workers or doctors on referral. We don’t look past the general requirements of insurance policies to ask questions that could help us find the right individuals to form a healthcare team to support our needs.

    Find like-minded people to care for you. If you need a physical therapist with a “coach” mindset, do the research, read the reviews and find one. If you need a counselor for talk therapy to help you cope with your condition, keep digging and asking questions until you find the right person.

    Since you’re giving up a large portion of your day to attend to your health needs, use the same mindset you have for hiring people at the workplace. Does each person on your team have a positive mindset? Do you feel uplifted when you leave the clinic, even if all the news isn’t good? Does each member of your healthcare team listen to your needs and help you find solutions? Why would you sacrifice your health by accepting unvetted practitioners if you don’t accept inferior performance at work?

    Don’t accept “No,” for an answer, and don’t listen when someone says that a much-needed treatment is not covered by insurance. Often, a little self-advocating can go a long way. You will eventually find a person willing to help you get answers. Using your leadership skills to advocate for yourself and how you stand in the gap for your company is important.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    3. Delegate to create a work-life balance

    If you’re in a leadership role, you may not hire employees directly, but knowing who to trust in your workforce is central to managing your company if you have a disability. You’ll need a “go-to” person to step in for you. Find the person who can keep the home fires burning, take that person under your wing, and bring them up to speed on the specific needs of your role in the company. Share with them how you do things, especially the daily schedule, the “musts” of your job, and where to find important information.

    You can simplify this for others if you learn to embrace technology. Invest in researching tech that keeps you in the loop, even if you’re in physical therapy or recovering from surgery. Look for training on iPhone or Android technology that can help you see spreadsheets, scan reports, analyze productivity or go over profit and loss figures, all from your phone.

    Thriving at work is essential; however, managing your time is key to taking control of your wholeness. Your well-being is as vital to the company as it is to you and your loved ones. There’s always time to invest in a healthier and more productive future. You can turn the tide on your health needs using the know-how that brought you to lead in the first place.

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    Nancy Solari

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  • Has Remote Work Impacted Our Relationships With Other Employees? Find Out.

    Has Remote Work Impacted Our Relationships With Other Employees? Find Out.

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    Opinions expressed by Entrepreneur contributors are their own.

    The concept of remote work and the impact it could have on the productivity and motivation of employees, has been in discussion long before the Covid-19 pandemic. A 2013 Stanford University study with 500 employees in China reported that employee productivity increased by 13% as a result of working remotely in quieter environments.

    The pandemic forced employers and governments across the world to adopt the remote work model. According to Statista, the global collaboration software market revenues rose by a whopping $15.9 billion in 2019 to $19.2 billion in 2021. These figures are expected to increase over the next few years, as digital transformation and remote work are here to stay.

    Some companies believe that the best practice is a hybrid-first work model, while others are pursuing efforts to bring employees back to the office. In September 2022, Kastle Systems, a key-card property management company that monitors entries and exits from office buildings, reported that some businesses are close to 50% office capacity.

    So, how has remote work impacted the relationships of employees? The way they connect on a professional level or even in a friendly manner?

    We conducted a survey in the United States across a wide age range, asking the participants about their experiences with remote and hybrid work models, and how it has impacted their productivity and their relationships with their colleagues.

    The participants

    To understand the role of remote work in the internal network of employers, we included participants across 31 states who are either working entirely remotely or with a hybrid work model. The survey sample included a diverse audience, as people of various ages and industries have varying preferences when it comes to the methods and tools they use to perform.

    • 82% of the participants were aged between 25 and 44 years old.
    • 18% were aged between 45 and 55 years old.

    The majority worked across different industries including, but not limited to, finance, software, healthcare and information services.

    Related: Employers: Productivity Among Your Remote Workers Isn’t A Problem — Your Proximity Bias Is.

    Remote work and productivity

    71% of our participants claimed that their productivity has improved over the past two years. A further 21% stated that it remained unchanged and 8% believe that it deteriorated.

    This came as no surprise. Removing the hours of commute, preparing food at home and being close to the family are all elements that employees have appreciated. In the words of Allyson Zimmermann, Executive Director at Catalyst, “access to remote work increases employee wellbeing, productivity, innovation and inclusion.”

    Whereas, no one under the age of 34 found their productivity deteriorating.

    Remote work and relationships with colleagues

    Despite the fact that remote work removes the boundary between work and home, people have been able to establish methods to communicate with colleagues without it becoming a burden. So much so, that for some, remote work has improved their relationships with their colleagues.

    67% of our participants believe that their relationships with their colleagues have improved during the last two years. This figure was sufficiently higher among the younger ages, as 73.8% of the respondents between the ages of 25-34 answered positively.

    This is in line with the findings of Dan Schwable, Managing Partner of Workplace Intelligence, who highlights that “over the past year their relationships have improved with their managers (32%), peers/colleagues on their team (25%), and peers/colleagues on other teams (21%).”

    “When people trust one another and have social capital, you get a willingness to take risks, you get more innovation and creativity and less groupthink.”

    Methods of interactions

    No matter the benefits of remote work, employees can get lonely. Nancy Baym, Jonathan Larso and Ronnie Martin from Harvard Business Review elaborate, “the spontaneous informal interactions at risk in hybrid and remote work are not distractions or unproductive. They foster the employee connections that feed productivity and innovation — these interactions are the soil in which ideas grow.”

    Our survey participants, however, have shared different methods that their employers promote in-person interactions:

    • 26% said that social outings have been their company’s go-to method.
    • 23% of our participants stated their company does so through work retreats and off-site gatherings.

    An interesting point to note is that some companies encourage remote interactions with colleagues:

    • 23% connect through digital Interactive Office Solutions.
    • 11% interact through online video game sessions.

    Admittedly, we have tried the last two points at Covve by hosting virtual game nights and online yoga sessions once per month with great success, connecting our teams.

    In addition to the above responses, we invited the participants to share other activities that would help them interact better with their colleagues at work. The most prominent responses were:

    • The inclusion of outdoor activities and sports in the company’s schedule.
    • Department-wide lunches or occasional dinners with colleagues. This is a technique introduced at Google (and then the wider Silicon Valley) to encourage employees to eat together, connect and share ideas for new projects.
    • The introduction of biweekly or monthly mentorship sessions.
    • Working together on volunteering activities and community service projects.

    Related: How to Strengthen Communication Within Remote and Hybrid Teams

    Conclusion

    The key message from our findings is that while remote work has increased employee productivity and improved their relationships, it did not eliminate the need for social interaction.

    Company networking and bonding is still heavily facilitated at company outings and gatherings. Although online interactions and even video games are novel and rising methods in connecting employees at the remote or hybrid workplace, employees still need to connect over drinks, food, exercise, or even volunteering. This is well explained by a research-backed op-ed by Edward Glaeser and David Cutler featured in The Washington Post, which claims that “over the medium to long term, long-distance employment can’t deliver key benefits — including learning and new friendships — that come from face-to-face contact.”

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    Gleb Tsipursky

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  • Securing Venture Capital for Your Business Means Getting Back to Basics

    Securing Venture Capital for Your Business Means Getting Back to Basics

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s tough out there for businesses looking to raise money. After several record-breaking years, startups saw funding cut in half in the third quarter of 2022, according to Crunchbase News. Even as many of us wonder if we’ve hit bottom, there’s reason to be hopeful that dollars in reserve could boost prospects in 2023. Whatever the market holds, venture capital funding will likely look different in the coming years, with VCs prioritizing evidence of focused, sustainable growth in the companies they back.

    Simply put: In this environment, it’s about going back to basics.

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    Douglas Wilber

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  • How Leaders and Their Teams Flourish Through Continuing Education

    How Leaders and Their Teams Flourish Through Continuing Education

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    Opinions expressed by Entrepreneur contributors are their own.

    After likely spending years in college and excitedly anticipating a professional life, it’s easy to be sympathetic to an entrepreneur’s hesitancy about returning to the classroom. But being excellence-and stability-driven, like it or not, also means nurturing knowledge and skills as leaders, as well as those of staff members. Put simply, at some point, to keep careers, businesses and overall satisfaction growing, it’s occasionally necessary to plunge back into the scholastic pool.

    Why further education could be the right choice for you

    Significant payoffs of ongoing learning include value creation, career satisfaction and engagement, as well as closing collegiate skill gaps and reducing churn.

    Let’s look at the value side first: The more you know and can do, the greater your value to all parties — investors, partners and staff. Diverse and up-to-date knowledge increases the ability to identify opportunities and problem-solve.

    Keeping your knowledge and skills current also puts you in the best position to explore new business opportunities and lead authoritatively. In doing so, you’re positioning both yourself and (ideally) your team as experts as a way to stay market competitive. If you’re starting a company or buying an asset, that extra education symbolizes commitment and capability that can give you an edge in attracting partners and winning over investors.

    Sometimes, college doesn’t prepare new graduates for everything needed to be capable and successful in entrepreneurial or other professional pursuits. Many industries, such as tech, finance, commercial real estate and other dynamic fields are evolving so quickly that a gap exists between expertise needed in the real world and that provided via college curriculums. So, you and/or your team may well need specialized vocational training provided by industry organizations and experts to build and maintain a competitive advantage. And for enterprises that require licensing, it’s often obligatory to do so.

    This brings to mind another essential reason to stay current: avoiding liability. If you operate a business in an industry that carries a fair amount of malpractice risk, such as law, architecture or real estate, showing that you took best-practice measures to keep team abilities at their peak will help protect against professional negligence claims.

    Data abundantly points to the value of continuing education, particularly as it applies to providing ongoing learning to employees. According to LinkedIn’s 2018 Workplace Learning Report, 94% of employees reported being more loyal to employers that invest in their education, and no less than 63% of working adults described themselves as being “professional learners” (taken career courses or other training in the last twelve months according to a 2016 Pew Research Center article. That latter research also indicates that 69% of workers living in households earning more than $75,000 per year are likewise self-described professional learners.

    Related: Here Are Some of the Best Continuing Education Options for Entrepreneurs

    Growth and satisfaction

    Both business and personal lives can become tedious when a person is stuck doing the same task repeatedly, particularly without variation or the opportunity to expand. This is what tends to happen when knowledge and experience in new areas haven’t been developed for an extended period.

    When we’re trying to build a reliable team, boredom is among the primary opponents. Intellectually stymied employees are likely to become disengaged and have diminishing views of their futures, making them much more likely to look for a new job.

    Further education challenges entrepreneurs and employees personally and professionally and opens opportunities for growth and creativity. The chance to try something new, get a better or novel result or simply offer a different perspective keeps work fresh and boosts engagement and fulfillment. The potential opened by ongoing learning allows us to redefine entrepreneurial and professional identities and find what truly fits our personalities and talents.

    Related: What Benjamin Franklin and Tony Robbins Can Teach You About Self-Improvement

    Educational avenues

    Fortunately, depending on preferences, objectives, budget, industry and available time, there are plenty of options for pursuing additional education. If you’re considering diversifying into a new sector, the conventional route is going back to college (or hiring managers and technicians with the needed skill sets). While this can be costly and time-consuming, it’s also valuable and rewarding. Even if you already have a particular level of degree (bachelor’s, master’s, etc.), there’s no limit to how many degrees you can get on the same level. In other words, just because you already have a bachelor’s doesn’t mean that the mandatory next step is a master’s, particularly if the goal is to change industries.

    As an alternative route, higher education institutions offer certificate programs that can be completed in three to 18 months. These allow you to supplement a skill set in your current leadership role and broaden your capabilities.

    Related: How to Recreate Your Career and Start Over

    Beyond formal education channels, industry organizations provide many professional and vocational options. These include credential/designation programs, industry conferences, academies and workshops. These can be a great choice, even fresh out of college, if you or your employees need to reinforce knowledge that’s fueled by practical insights from active experts in your industry.

    Finally, leaders and workers alike can learn by exploring new roles in the current company or in a new venture, where existing skills can be applied while being exposed to new ideas, methodologies and skill sets. So, if you have a staff, consider offering in-house training programs, because supporting and sponsoring this education pays substantial dividends, including being an incubator for new leaders.

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    Robert Finlay

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  • Expanding Employee Perks This Year May Be Easier With a Costco Membership

    Expanding Employee Perks This Year May Be Easier With a Costco Membership

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    Opinions expressed by Entrepreneur contributors are their own.

    What are you doing to boost team morale in 2023? If you’ve been considering the cost-benefit analysis of adding employee perks, you may want to also consider shopping at Costco to supply the program and potentially cut costs. If you don’t have a membership, you can get a One-Year Costco Gold Star Membership for $60, which comes with a $30 Digital Costco Shop Card*.


    StackCommerce

    Stretch your benefits budget by shopping at Costco.

    Whether you’re looking to stock the office kitchen, reward staff with gifts throughout the year, or book travel and entertainment events for the team, you may be able to find what you need under one roof. With more than 800 Costco warehouses across the U.S., it’s possible there’s one not far from your office.

    Treat your staff to everything from tasty snacks to the latest electronics. You could even pick up new furniture, like standing desks, to create more ergonomic workspaces. Fill your cart in person or shop online—the $30 Digital Costco Shop Card* works on Costco.com, too.

    While you’re shopping for your employees, you could also run some personal errands without leaving the building. Visit the Costco Tire Center to have brand-name tires installed while you shop. Pick up a prescription at the Costco Pharmacy or use Costco Optical. Stop by the food court for a bite to eat, and don’t forget to fill your car with gasoline on your way out.

    Save on office and team essentials at Costco.

    If you want to give your team something to be excited about this year and run a few errands without running all over town, Costco is a great place to shop. Get a One-Year Costco Gold Star Membership and a $30 Digital Costco Shop Card* for $60.

    Prices subject to change.

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

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    Entrepreneur Store

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  • 3 Ways to Fuel Your Digital Media Growth in 2023

    3 Ways to Fuel Your Digital Media Growth in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    In light of recent shakeups at tech companies, a possible looming recession and enduring inflation, it’s never been more important for companies to reallocate marketing budgets across a variety of platforms to maximize return on investment. Collectively, Apple, Microsoft, Amazon, Alphabet (Google) and Meta (Facebook/Instagram) have lost more than $3 trillion in market value this year alone, according to Bloomberg.

    Frequent mass layoffs and highly volatile technology stock prices have led companies to wonder whether these firms are stable enough to continue advertising with. And even if they are, should channel priorities change?

    A few digital media shift highlights of 2022:

    • After Elon Musk’s chaotic takeover of Twitter — including his sudden departure as CEO and both introducing and then disposing of subscriptions for Twitter Blue — advertisers have been anxiously pulling paid media spend, fearing brand safety, misinformation and minimal content moderation.
    • Tech layoffs were so common that they quickly became trending hashtags, including #TwitterLayoffs and #MetaLayoffs.
    • Meta’s valuation plunged this past February and set off Wall Street’s worst drop in nearly a year, with Meta shares falling more than 26%, representing a $230 billion decrease in its market value, according to The New York Times. This plunge comes on the heels of Facebook’s re-brand to Meta, including a pivot from driving brand growth through performance-centric ads to its Metaverse future vision focused on augmented and virtual reality.

    Related: “Tweets are read ~100 times more than they are liked,” Musk Rolls Out New View Count Feature

    So, how can leaders confidently put together 2023 marketing budgets and forecast return on ad spend (ROAS) when the technology firms they’ve been advertising with — and upon which they have become so reliant to drive brand awareness, new leads and revenue — have seemingly become so unstable?

    My experience managing digital marketing at B2C companies like Nike, L’Oréal and Meta, and now as vice president of digital media at The Bliss Group (a data-driven marketing communications agency focused on financial services, professional services and healthcare) grants me unique insight into the future of these and other media platforms.

    With that in mind, here are tips for optimizing 2023 marketing plans and budgets:

    1. What do the metrics show? Re-evaluate your analytics

    Performance starts and ends with a weekly assessment of metrics. The ability to determine why numbers are up or down is critical in order to drive sustainable growth. For example, if Twitter is an important channel for your brand engagement strategy, start looking more closely at recent trends. Have your followers been significantly increasing or decreasing, and more quickly than usual? An unexpected increase could indicate bots, while a sudden decrease could indicate that followers are leaving the platform. If you’re seeing a significant decrease, it might impact referral traffic from Twitter to your company’s website, potentially leading to fewer new visits and leads.

    Tip: For Twitter, it might be worth pausing ads until the platform stabilizes, and re-allocating that budget portion to another channel like TikTok, Instagram or LinkedIn, depending on where your audience is. And for organic social media, be sure to monitor comments on your corporate Twitter account. If sentiment is trending more negatively than usual, re-consider the type of content you’re promoting and/or how frequently you post. For B2B firms, it might be worth re-focusing on other channels, like LinkedIn.

    Related: How to Make Social Media Marketing Effective for Your Brand

    2. Who are you talking to? Re-assess your audience

    The way advertisers identify and target audiences is changing, including increased friction between balancing data privacy best practices and delivering personalized content. To provide a truly one-to-one user journey, marketers need to have a clear understanding of who they’re talking to. The challenge? There has been a heightened global focus on data privacy, with government regulation at the forefront (i.e., GDPR in the EU, Google Chrome’s possible deprecation of third-party cookies and Apple’s iOS changes).

    Because of these shifts, it might become more difficult for companies to identify a highly segmented audience, track its behavior and assess paid media metrics. This could impact digital advertising campaigns’ re-targeting, measurement and attribution. (Source: Meta & Deloitte Digital, Q3 2022).

    Ensure that your organization clearly understands what audience data is being collected and by whom, what technology tools are housing that data and how you plan to leverage information in marketing communications and reporting. In other words, continue to invest in paid media campaigns, but be sure to prioritize owned media by capturing first-party data on your website, rather than being completely reliant on third-party data through various ad platforms.

    Tip: To grow an audience base through owned media, focus on collecting new email addresses on your website (lead generation), then follow up with a strategic lead nurture campaign in which your company sends segmented “Welcome” emails, with personalized content to new users. By honing your website customer relationship management strategy, if third-party cookies were to go away in the future, your company will be prepared, since it has already developed a direct relationship with its audience and captured information in a trustworthy way.

    Related: 3 Tips to Re-Engage With Isolated Consumers

    3. What happens after the click? Create a streamlined user experience

    More than 80% of smartphone users access email on their devices, but if they are not easily readable on mobile, consumers delete them in three seconds, according to HubSpot. If subscribers open your email, click on the content and land on your website, what messaging do they see? Do they take an action, or do they immediately leave? It’s critical to use responsive design and prioritize the mobile website journey.

    Tip: Create a seamless “after the click” experience. Align your company’s email with its website content. Develop concise benefits-oriented copy with a clear image, a consistent user experience that ensures all key messages are “above the fold” (at the top of the mobile landing page) and a clear call-to-action, using buttons that are action-oriented, such as “Download Now”). The simpler the user experience, the higher the engagement.

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    Melissa Stone

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  • 3 Lessons Subscription-Based Businesses Can Teach You About Building Connections and Fostering Community

    3 Lessons Subscription-Based Businesses Can Teach You About Building Connections and Fostering Community

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s going to sound controversial, but hear me out: Your metrics and data alone won’t help you reach the next phase for your business. Don’t get me wrong, they play a huge role in growing and scaling your company, but so do other assets that are perhaps less tangible.

    The asset I’m referring to is your community. Whether or not you realize it, you’ve been building it ever since the day you launched your business. But are you nurturing it?

    Entrepreneurs need community to succeed and thrive in today’s hyper-paced, changing environment. In a constantly connected world, fostering a shared space of common interests and authentic connections can lead to increased customer loyalty, drive revenue and maintain growth.

    When it comes to engaging with your community on a regular basis, the subscription business model is king. Here are three lessons I have learned from subscription-based businesses when it comes to building authentic connections and fostering community.

    Related: Building Community Is Good Business

    1. Prioritize the customer experience

    Too often, organizations prioritize revenue over relationships. Previous research has shown that brands often create content based on their own needs and desires while failing to listen to what their audiences actually want.

    Subscription-based companies are naturally suited to build a more customer-centric approach through multiple touchpoints along the user journey. They have increased visibility into first-party data to understand customer behaviors and personalize their offerings. The result? A meaningful relationship with their clients.

    You may be afraid of the “S” word, but I assure you, implementing a subscription within your current offering is not as daunting of a task as you may think. You can start small by introducing an exclusive Facebook group open to your most loyal customers or launching a newsletter. You can go a little bigger by implementing a membership portal that offers premium perks (free shipping, exclusive access to product launches, discounts, etc.) in exchange for a recurring fee.

    Ultimately, remember the heart of a community is its people. The most successful brands prioritize building a customer experience unique to their products and audiences.

    Related: 6 Benefits of Having a Community When Building a Business

    2. Stay committed

    Being committed to what you’re doing when starting or running a business is crucial. Commitment is the key every entrepreneur needs to stay on track with any plan as their business grows. When challenges inevitably come your way, commitment can help you rise above and keep your business on the right track.

    When we were getting Gentleman’s Box off the ground, we tapped every resource possible, worked tirelessly and stayed committed to our customers to create a completely unique experience that they simply couldn’t receive on the retail level. We wouldn’t have achieved what we did, like our seven-figure acquisition in 2020, if we didn’t stay committed to all the levers we were deploying. It was a guiding post through our entire journey. I naturally use that same community-driven and committed mindset for every program and event we produce at our company.

    This commitment can be tough, which is why the support of a community is vital. Research has shown that the majority of business owners believe mentorship has a direct impact on their organization and its growth. And leaders across subscription-based organizations agree that you need to surround yourself with others who are supportive and positive.

    Entrepreneurs, business leaders and businesses derive many benefits from community memberships. A community of entrepreneurs, either in similar industries or not, can provide support, mastermind training and access to experts who can help grow a business. Some trade associations may even feature smaller communities for different roles, such as entrepreneurs, business managers and more.

    For example, at SUBTA, we’ve built one of the most supportive communities of business owners there is through our event, SubSummit, the world’s largest DTC subscription eCommerce conference. It’s a great event where business leaders can gather to share ideas, learn about new trends in the industry and prepare for what’s next.

    Related: A Business Owner’s Guide to Building a Community

    3. Remember your “why”

    The journey of entrepreneurship takes grit, resilience and patience. You won’t become an overnight success. Rather, business owners must put in the time, effort and hard work to accomplish their goals. The road to company growth can be long, and it often leaves an owner feeling stuck and unmotivated. That’s where a community can help.

    Igniting your passion through an impactful community is not just for subscription companies. To begin, ask yourself what got you out of bed this morning. The answer will provide clarity for the reason behind the work.

    Then, connect with your customers, whether through in-person events or digitally. Their feedback and support can help you hone your “why” and build brand affinity. When you see how your product or service is positively affecting your consumer base, it’s much easier for you to stay motivated and inspired.

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    Chris George

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  • What Separates the Best From the Rest in Technology Sales?

    What Separates the Best From the Rest in Technology Sales?

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    Opinions expressed by Entrepreneur contributors are their own.

    Acquiring new customers and retaining existing ones in the technology space is tough. It’s a lengthy sales cycle, competition is stiff, and you’re dealing with decision-makers from up, down and across the organization. And there’s always at least one executive barking that familiar, dogged refrain: “Show. Me. The. ROI.”

    All of this means your salespeople need to be at the top of their game. As to what separates the best from the rest in technology sales, the RAIN Group Center for Sales Research conducted a global study on the skills and behaviors of top performers. Here’s some of what was uncovered:

    Related: The 10 Traits Every Good Salesperson Has in Common

    What characterizes a top performer in technology sales?

    Before I dig into the skills and behaviors, let’s be clear on what defines a top performer in technology sales. They do the following:

    Not surprisingly, salespeople earn top-performer status by winning more business. The average win rate of top performers in technology is 74% compared to only 47% for “the rest.” As such, top performers are more difficult to find. In our study, they represent only 20% of respondents. Most technology sellers (80%) belong in “the rest.”

    Related: 3 Traits High Performing Sales Reps Have That Average Sales Reps Don’t

    The 6 greatest differences between the best and the rest

    So, what sales skills should you look for in technology sales reps? More importantly, what skills most differentiate top performers and the rest? Our study found that the best sellers are much more likely to excel at these six specific skills and behaviors:

    • 2x more likely to focus on their agenda, not reacting to and getting derailed by others

    • 2x more likely to present overall value cases compellingly and persuasively

    • 2x more likely to tell good stories when selling

    • 2x more likely to have coaching to lead masterful sales conversations

    • 1.9x more likely to change habits when needed to improve results

    • 1.8x more likely to avoid distraction

    Three important themes emerge from this data:

    1. Driving productivity

    Three of the top six skills and behaviors relate to productivity. Top performers are much more likely to stay focused on their agenda, adapt their habits when needed and remain impervious to distraction.

    Despite the data, we see too little focus on productivity in the sales space. If you’re looking for top performers in technology sales, look for a track record of accountability, proactivity and time management.

    2. Effective coaching

    Top performers are much more likely to have managers who excel at coaching them to lead masterful sales conversations. They have the tools to succeed with virtual selling, too.

    Across the board, we found that top-performing sales managers in technology are more likely to have better coaching skills. The No. 1 sales management and coaching skill most separating top performers from the rest is “Coaching sellers to lead masterful sales conversations.” Indeed, top performers (47%) are significantly more likely to excel here compared to the rest (23%).

    The fact is sales are won and lost in the conversations sellers have with buyers. When sellers receive the coaching they need to lead effective conversations, it translates to results. To that end, sales managers should participate in ride-a-longs, listen to recordings of sales conversations and participate in simulations with their sellers.

    3. Making the case

    The second largest gap between top performers in technology sales and the rest is the ability of top performers to make a compelling value case. And this is not just about presenting an ROI case. There are five cases a seller must make to influence buyers:

    1. Priorities: Sellers need to influence buyers that this is important and worthy of the priority list.

    2. Approaches: Sellers need to show that this is the right approach to solving their problem. This is where telling good stories comes into play. Sellers who do this well show how their approach has worked for others and can and will work for the buyer.

    3. Return on investment: Most sellers talk about ROI, but few are skilled in making a strong ROI case. In fact, only 16% of buyers report that sellers are effective at making a powerful ROI case. This leaves a lot of room for improvement for most sellers.

    4. Decisions: Too many sales are lost to no decision. Sellers need to influence and persuade buyers to act.

    5. Partners: Sellers need to make the case that they are the best partner to help the buyer succeed. Relationships and value come into play here. The more value a seller can provide in the sales process and the stronger the relationship they’re able to build, the more likely the buyer will view them as the preferred partner.

    Related: 5 Tricks to Instantly Connect With Any Sales Prospect

    Final word: When it comes to B2B tech sales, trust the data

    To overcome the challenges of selling technology, your team needs to make finding and cultivating top performers a core competency. The data research clearly shows that people who know how to sell technology do things differently. They:

    • Stay focused on their priorities

    • Make persuasive value cases

    • Tell good stories

    • Have solid coaching

    • Adapt their habits as needed

    • Avoid distraction

    That’s the data-backed rubric for better tech salespeople. How does your team stack up?

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    Andy Springer

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  • 5 Lessons I Learned From Children That Helped Me Create an Apple Award-Winning Business

    5 Lessons I Learned From Children That Helped Me Create an Apple Award-Winning Business

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    Opinions expressed by Entrepreneur contributors are their own.

    When you spend most of your week with people from work, you tend to form a community. And with any community, you’ll find yourself facing many ups and downs along the way. During our years developing and pivoting mobile applications together, we’ve argued, laughed, broken up, and at times, cried.

    But during those trying moments, it’s often been the lessons I’ve learned from children that have helped me to keep going and ultimately led our team to create an app called Magic, which Apple chose as one of the best apps of 2017. Here are five insights I learned from children that helped us create this award-winning business:

    Related: 5 Ways Children Can Teach You How to Keep the Dream Alive

    1. Patience is a superpower

    “Are we there yet?” A common phrase uttered by a bored child on a long car ride. While this may be a tired trope, it’s no surprise that children are often impatient. To them, everything needs to happen instantly because they don’t understand the concept of time. So, whenever my twins would ask me this question, I would refrain from saying “no” and instead turn the conversation into an educational game.

    One of my business partners used to ask me every few weeks, “When will we become successful?” So, instead of answering his question, I used the same approach and tried to engage in conversations about our progress, how far we’ve come, brainstorm ideas on moving forward and what was still ahead. Instead of getting frustrated, this shift in my mindset reminded me of patience being a superpower — something that I had to develop if we were going to succeed.

    2. Make short-term goals

    LEGOs are one of the most popular toys among children because of how easy it is to be successful with them. All they have to do is follow the instructions, and each of their tiny pieces will eventually come together to form a larger construct in a matter of minutes, helping them to achieve their short-term goals faster. Combining small steps with instant results helps motivate children to keep going.

    This can be applied to business, as well. Instead of focusing on long-term goals, it’s essential to break them down into smaller chunks in order to keep the momentum going. For example, our team agreed to release evolutionary app updates every three months. Once we published the app’s new version, we would share it with the community, opinion makers and media to get feedback and improve the product.

    This strategy helped bring attention to our product, keep us motivated throughout the development process and helped us grow from a few thousand to a few million users. Overall, our team stays motivated when small successes arise from our short-term goals.

    Related: 3 Things My 5-Year-Old Cousin Taught Me About Entrepreneurship

    3. Don’t listen to what others say. Keep believing.

    My kids may use hammers to paint, kitchen appliances to play music or deodorant as a microphone to sing. At an early age, they had no established notional and social patterns of behavior. However, this allowed them to be creative and confident in their ideas, no matter what others said or thought.

    The same holds true in business — don’t listen to what others say, but keep believing and be confident in your ideas. When we first released Magic, many people said it would flop and never be a success. We didn’t let that stop us and kept pushing forward even through hard times, which paid off in the end. Whenever people around you doubt your ideas, keep in mind that Microsoft CEO, Steve Ballmer, laughed at the first iPhone model in 2007.

    4. Turn failure into motivation

    I’m always amazed at how stubborn kids can be when practicing what they love. For example, when I play soccer with my kids and fail to score a goal, my kids always cheer me on, saying, “Dad, don’t worry. Now you know what not to do. Just try again.”

    This lesson helped me realize that failure can be a great experience rather than something to feel embarrassed or ashamed about. This helped me to stay motivated even when hundreds of investors and journalists turned down our ideas. With every rejection, I worked to improve my pitch to make sure it was just right. Whenever we face setbacks or fail to reach expectations, I encourage our team to take those failures as an opportunity for learning, not only for ourselves but for the future of the company and how it could be improved.

    Related: 7 Things Entrepreneur Dads (and Moms) Can Learn From Kids

    5. Go through hard times together

    A child’s empathy is heartfelt and supportive. For example, when one of my twins falls down and starts crying, the other helps them get up, and they hug each other.

    This taught me the importance of team spirit and how support from your team can help you overcome any obstacle. Creating machine learning-based apps is based on a ton of research and development. Typically, only one of five hypotheses turns out to be true. I have been supporting our team members when they believed they tried all possible opinions, and within a few weeks, they usually found a solution that worked.

    By embracing kids’ spirit of creativity, confidence and teamwork, I’m able to stay positive even through hard times and use failure as an opportunity for learning, resulting in our team building an app with millions of users and even earning an Apple award.

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    Ashot Gabrelyanov

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