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Tag: Growth Strategies

  • Hope Bancorp to buy Hawaii bank in $79 million deal

    Hope Bancorp to buy Hawaii bank in $79 million deal

    Hope Bancorp would add $2.24 billion of assets, including $1.31 billion of loans, with the acquisition of Territorial Bancorp.

    Adobe Stock

    Hope Bancorp, a Los Angeles-based company focused on serving Korean Americans, will acquire Territorial Bancorp in Hawaii in an all-stock deal valued at $78.6 million, the acquiring bank announced Monday.

    The $18 billion-asset Hope, which operates through its Bank of Hope subsidiary, said the acquisition will expand its footprint to Hawaii and double its residential mortgage portfolio. The deal is expected to be immediately accretive at a double-digit growth rate, and is slated to close by the end of 2024, pending regulatory approval.

    Hope Chairman and CEO Kevin Kim said that the leaders of the two banks began serious conversations toward the end of 2023, and Territorial spoke to other potential buyers throughout the process.

    “This transaction creates the largest U.S. regional bank catering to multi-ethnic customers across the continental United States and the Hawaiian Islands,” he said Monday on the company’s first-quarter earnings call. “Hope is excited to be partnering with a bank that shares our values, and we intend to preserve and continue to build on Territorial’s long and storied legacy to ensure continuity of service for the customer base and employees.”

    Kim added that the bank will be able to grow its customer base in Hawaii, which has a large Asian American and Pacific Islander community. Territorial will continue to operate under the Territorial Savings Bank brand.

    Hope operates 48 branches in nine U.S. states, and it has an outsized Southern California commercial real estate portfolio, which makes up more than one-third of its $13.7 billion loan book. 

    Territorial operates 28 branches across Hawaii, with total assets of $2.24 billion, $1.31 billion of loans and $1.64 billion of deposits, as of Dec. 31.

    Tim Coffey, a managing director at Janney, said the deal’s announcement was surprising because Bank of Hope had announced a cost restructuring plan on its fourth-quarter earnings call. He added that he thought the deal made sense, though it was “the opposite” of the company’s implied plan from last quarter.

    Accessing a new market and obtaining low-cost funding are beneficial to Hope, and gaining access to a larger balance sheet will be an advantage for Territorial, so that it can offer bigger loans and serve different types of clients, Coffey said. While he predicted that the deal will pay off, he thinks it will take time because of Territorial’s bulk of long-term, fixed-rate mortgages. 

    “Financially, it does work,” Coffey said. “It’s going to make money for them. I think the question is, ‘When is that going to happen?’”

    Hope Chief Financial Officer Julianna Balicka said on the call that the company is still in the process of planning the Territorial integration, and it currently expects deal expenses to “be in the $25 million to $30 million range.”

    “This is not necessarily a cost-saves transaction,” Balicka said. “This is a strategic market expansion transaction that provides us an excellent, high-quality core deposit base. And we are focused on making sure that the customer experience and transition period is seamless.”

    The transaction is expected to be about 6% dilutive to Hope’s tangible book value, with a three-year earn-back period, which Coffey said “was significant for a company that was already trading below its tangible book value.” But the transaction will help Hope make more money than it otherwise would have in the long term, Coffey added.

    Upon close, Hope shareholders will own about 94.4% of the combined entity, and Territorial shareholders will own about 5.6%.

    OnMonday, Hope’s stock price dipped 9.44% to $9.92. Coffey said he thinks the market’s reaction to the acquisition was due to surprise at the announcement.

    Kim has overseen the combination of three major Korean-focused regional banks in the last 15 years to create what’s now Hope Bancorp. In 2017, the bank was forced to scuttle an acquisition when it couldn’t get regulatory approval due to “material weaknesses” in its financial reporting, which it cleaned up the following year. 

    The Territorial deal takes Hope back to its roots, building an amalgamation of banks through mergers, Coffey said.

    M&A activity in the banking industry has had a tepid couple of years. Experts had forecast that deals would pick up again in 2024 as interest rates were expected to fall. However, with rate cuts now seeming less likely, unrealized losses on bond portfolios are continuing to serve as a headwind.

    In the deal announced Monday, Bank of Hope has to mark down loans by 15% and securities by 17%, although Balicka said that Territorial has strong credit quality. The large marks are due to high interest rates, Coffey said.

    Recently there have been some signs that M&A activity isn’t dead, such as Capital One Financial’s deal to buy Discover Financial Services and Wintrust Financial’s agreement to purchase Macatawa Bank Corp.

    In another sign of the M&A environment thawing, UMB Financial said Monday that it has agreed to pay $2 billion to acquire Heartland Financial USA,

    Kim said on the call Monday that the Territorial deal will help diversify Hope’s loan mix and grow its customer base. 

    “We believe that Territorial’s long legacy in the state of Hawaii has established a very good market presence,” Kim said. “And with our larger balance sheet and our broader array of banking products and services, I think we have really good market share expansion opportunities in Hawaii. And this will also become a very beneficial experience for the customers of Territorial.”

    Greenberg Traurig is legal adviser to Hope Bancorp, and D.A. Davidson’s investment banking firm is its financial adviser. Territorial is being advised by the investment banking firm of Keefe, Bruyette & Woods and the law firm Luse Gorman.

    Catherine Leffert

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  • How to Know When to Hire Your First Employee | Entrepreneur

    How to Know When to Hire Your First Employee | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    At some point as an entrepreneur, you’ll face a challenging decision: When is it time to hire your first employee? After incubating the idea of your startup. then deploying your resources and making it all happen, at some point you may realize it’s time to bring someone else in to help you achieve your vision and grow the business. It’s exciting, but at the same time, can be daunting. What if the new hire doesn’t work out? What if you hire too many people or too few?

    Entrepreneurs are inherently self-starters and ambitious, and shifting responsibilities to new workers can be difficult – but it’s a necessary step for growth. A company needs support to grow and thrive. You can’t do it all on your own, which makes hiring employees — especially the early ones — a crucial step toward entrepreneurial success. Before you do anything, though, ask yourself: Is this the right time to hire?

    Knowing when you shouldn’t hire

    Before addressing best practices for hiring, it’s vital to recognize common pitfalls entrepreneurs face when starting to grow their workforce – that starts with knowing when not to hire. Similar to making big life decisions, you should avoid hiring employees out of anxiety or uncertainty. Your choices should be deliberate and strategic. Take a step back and reconsider hiring employees if you find yourself in the following situations:

    You’re desperate

    If you have more work than you can humanly handle and you just need to get another body behind a desk, it’s tempting to find someone right away. However, a hasty decision born of desperation is rarely a good one. Take the time to find the right person for the job.

    You don’t have specific responsibilities for an employee

    Unless you have a defined set of tasks and expectations for your new hire, do them a favor and don’t hire anyone. A new hire at this stage will rightfully be confused and ineffective. You may need help, but if you don’t know exactly what that help will look like, consider hiring a coach instead of an employee.

    You’ll take anyone

    If you’re lucky, the first applicant will be an absolute rockstar who can bring your business to the next level – but that’s not the norm. You’ll learn a lot about yourself, the applicant market and your own position by interviewing more candidates. The variety of skill sets on display can also hone your focus for what your future employee will do.

    Hiring your first employee

    Hire someone too early and you could have cash flow problems, a worker who has nothing to do and the added stress of management. Hire too late, and you could be inundated with work you can’t accomplish, which could lead to missing deadlines and losing out on business.

    Finding the right moment to hire, therefore, can make the difference between a failed enterprise and a successful business. But how do you know when the time is right? The following tips can make this process a little less painful and provide options for making that first hire:

    Start with a cofounder

    If you’re a solopreneur looking to make that next step, bringing on an employee can be intimidating. Instead, hire a cofounder, or at least someone who thinks like one.When making that first hire, look for someone with cofounder potential and traits, such as complementary skills, similar values and vision, teachability, passion, emotional intelligence, flexibility and honesty. Your first employee will hopefully be one of your longest lasting and most knowledgeable.

    Ask yourself: Will these tasks generate money?

    It’s been said that the only two purposes of an employee are to: 1) make money for the business, or 2) save money for the business. If you’re confident a new hire will do at least one of those two things, go for it. In the early stage of a company, making money is more important than saving it. Typically, these early roles involve creating products (designers, developers, etc.), marketing products (growth hackers, content marketers, etc.) and supporting products (customer support, help desk, etc.).

    Know your desired skill set

    Before you search for an employee, you need to know what kind of candidate you’re looking for. It’s not enough to simply know that you “need some help” or “need a developer.” Get specific: You don’t want just a “developer.” You want a Javascript developer with GitHub experience able to create machine learning algorithms with educational applications, for example. The clearer your set of responsibilities are, the more effectively you can hire someone to fulfill those duties r.

    Delay the decision by hiring a contractor

    You may still be undecided over whether or not it’s time to hire. Don’t sweat it. Instead, test it. Try hiring a contractor with the same set of parameters you’re looking for in a full-time employee. The introductory hassle of onboarding a contractor is relatively low compared to that of hiring an employee. You can create a contract for one month, six months or a year. If it works out, you can transition this person into an official hire or look for a full-time employee.

    The differences between hiring freelancers, contractors and employees

    The major differences between freelancers, contractors and employees has to do with their relationship with the business owner. Freelancers and contractors are self-employed individuals, while employees are hired by the company. Freelancers and contractors typically set their schedules based on the needs of their clients and work out a payment schedule (typically upon completion of a job).

    Employees, on the other hand, work the schedule established by the company and receive a regular paycheck on a schedule set by the company. As a business owner, you’re responsible for tax reporting on your payroll employees. But since freelancers and independent contractors are considered self-employed, they are responsible for reporting their taxes.

    So what’s the best decision for your company? It depends on your needs, your resources and your ambitions.

    When should you hire a freelancer?

    Some people use the terms “freelancer” and “contractor” interchangeably, but there is a difference in the type of professional you are hiring. Freelancers usually work on smaller, short-term projects, while contractors work on larger, more long-term projects.

    Freelancers are great options for specific support — for example, bringing on a digital marketer to get your social media up and running. If you’re not financially ready to bring on full-time employees for whom you have to provide employee benefits, a freelance relationship may be a better setup.

    When should you hire a contractor?

    Contractors generally come with a team of expert professionals who can get you the help you need, whatever it may be. They can handle specialized projects, such as IT, remodels, design and consulting. As your business grows, financial consultants can keep you on track with your financial goals. If you need highly specialized work that requires a team, contracting a company will ensure the job gets done right.

    When should you hire an employee?

    Not every company needs a large number of employees, but if you hold frequent meetings, rent an office space or interact with customers, you’ll want reliable employees to help support the business. Remember, just because someone looks good on paper doesn’t mean they’re a good fit for your business. They must fit into your company’s culture. Consider bringing on full-time staff if they can make you more money or improve the customer experience.

    Why hiring globally might be your best move

    The growing popularity of remote work has meant dramatic growth in the pool of available talent. Don’t limit yourself to just domestic workers, though. By hiring workers outside your country, you can save money, increase efficiency and still provide customers with superior service. Consider the following benefits to hiring globally.

    A wider talent pool

    As unemployment levels drop, the demand for skilled workers rises — especially for roles in software engineering or data science. By looking past your own borders, you can grow your pool of potential employees and have access to a wider swath of workers. For example, Poland, Slovakia and India are renowned for their pool of highly qualified tech professionals available to work remotely for international companies. Tap into this talent network to find the right fit for your company.

    Cost efficiencies

    Hiring overseas means access to employees who live somewhere with a much lower cost of living, which generally means lower salary expectations. The requirements for compulsory employer contributions and payroll taxes that increase business costs also vary by country. For example, countries like Germany and Japan generally require that employers deduct a certain amount of the employee’s pay for health insurance. But Australia and New Zealand, with public healthcare systems, do not require such employer insurance contributions.

    Access to resilient international markets

    If you run a growing, ambitious business, you may be eyeing overseas expansion. One of the biggest factors in your success will be having employees familiar with that market. You have a few options for growing an international presence: set up a local entity or subsidiary (abiding by local employment laws) or use an Employer of Record (EOR) solution, in which you designate a third-party company to handle payroll, HR compliance and employee tax withholding.

    Compliance benefits

    Employer compliance can vary depending on the country, and some are more strict than others. Whether you’re concerned about at-will employment, parental leave allowance or pension contributions, you can hire from countries whose labor laws align with your needs.

    24/7 customer support

    Customers expect fast and capable support, no matter where they’re based or when they contact the company. With just 9% of customers able to solve business queries on their own, customer service channels are more important than ever. Having staff in multiple international locations and time zones ensures someone will always answer the support line and provide 24/7 support for your customers.

    Before you hire globally, though, you should look into any logistical challenges it might create. Despite the many benefits, hiring international talent can lead to internal communication challenges, scheduling conflicts across time zones, cultural differences, and discrepancies in pay scales. While these challenges can be overcome, they’re worth considering before building a continent-spanning workforce.

    Related: 10 Pros (and Cons) of Hiring International Employees

    Can college students solve your employee needs?

    Different hires provide varying solutions for business, and hiring college students can infuse your company with young energy and ambitious workers. Whether you develop an internship program or employ them part time or seasonally, college students are often more affordable to hire than full-time employees and can support your team’s specific needs.

    Creating a pipeline between universities and your business could be a worthwhile investment. Students are trying to get their foot in the door, and they can also provide your company with much-needed help. Here are a few benefits of hiring college students:

    They bring fresh perspectives and new ideas

    College students are at a unique stage in their lives and are just beginning to form professional identities. Eager to develop skill sets and apply classroom lessons in the professional world, they often bring welcome new perspectives to the table. This can be especially valuable in industries that are constantly changing or in need of innovation.

    They’re highly motivated and ready to learn

    The most ambitious college students are proactive and eager to take on new challenges — both promising traits for future employees. When you empower college workers, they’ll go above and beyond to learn and contribute to your organization. Additionally, young people are generally tech-savvy and comfortable with digital tools and platforms — a huge asset in today’s business landscape.

    They’re cost-effective employees

    Because school is the main priority, students are often willing to work for less pay than more experienced candidates; they’re also more open to part-time or internship positions, helping small businesses bring in new talent without breaking the bank. These internships can act as trial runs for potential full-time employment.

    How to attract and hire the best salespeople

    Just about any business needs persuasive salespeople. In order to sustain and grow your company, you need someone who can bring in new clients while you focus on the business itself. No matter what role someone in your company fulfills, everyone does some kind of selling on a regular basis — pitching investors or bankers, selling coworkers on a new project idea or vision, providing customer service, negotiating with vendors, etc.

    Ultimately, though, it will be your sales team that drives your company’s growth. If you want to add top-notch talent to this group and increase your revenue, keep these things in mind:

    Your mission should be exciting and purposeful

    What are you looking to achieve with your business? Most people these days are looking to join a company because of its mission — its goal to change the world in some meaningful way. According to a 2021 McKinsey study, 70% of Americans say work defines their sense of purpose. Your mission doesn’t need to save lives, it just needs to inspire workers and point to a larger goal. Find salespeople who buy into this mindset, and they’ll evangelize the company or product for you.

    Be the best salesperson you can be

    If you’re looking to hire salespeople, you should also know how to sell. You may get to a point in your business where you’re not the main person bringing in new clients, but you still have ideas you need to sell to investors, journalists or marketers — and your own team. When interviewing a potential candidate, pay attention to your own energy level. Are you charismatic? Are you enthusiastic about the position and the opportunity? When the interview is done, you’ll want the candidate to feel like they’re ready to jump on your bandwagon and get started right away.

    Know what else you can offer

    If you can’t compete in the market with a high salary, you can at least offer other incentives that attract top talent and keep your business afloat. Many employees are looking for better work-life balance. Can you offer a flexible work schedule? Consider offering profit sharing or a higher commission in the near future. If your product or services are innovative or revolutionary, that can also be an incentive, as employees are eager to join a business that’s about to rapidly expand.

    The best recruiting platforms for small business hiring

    When it’s time to hire, finding quality candidates doesn’t need to be complicated. Job search sites can help you recruit and retain talent no matter your company’s budget or size. Some companies advertise jobs across a variety of platforms, and the sites you choose will determine who applies for your open roles.

    Similar to reaching a target audience, you want to meet candidates where they already are — think industry-specific forums, alumni networks or on social media. But there’s also value in casting a wide net and posting on major job boards with millions of visitors. With so many platforms to choose from, which will best support your mission? Here are some of the top recruiting platforms to consider:

    ZipRecruiter

    ZipRecruiter allows you to post job openings and receive applications from relevant candidates, as well as organize applicants in a resume database. Applicant tracking tools, including providing candidates with notes and feedback, also help you manage the hiring process.

    LinkedIn

    LinkedIn is particularly effective for recruiting candidates in the business, finance and technology sectors. To help you find and hire top talent in — and outside of — your network, it offers job postings, resume searches and applicant tracking.

    Indeed

    One of the world’s largest job search websites, Indeed allows you to search for candidates based on their location, experience and skills. It also provides rates for sponsored listings that prioritize your job openings in the search results.

    Glassdoor

    In addition to job postings, Glassdoor features reviews from people who’ve worked at various companies. By providing insight into a company’s culture and employee satisfaction, the site can help attract candidates to your open positions.

    Workable

    With affordable pricing plans and an easy-to-use interface, Workable is a recruiting platform that’s particularly effective for small- and medium-size businesses looking to streamline their hiring process. It offers a variety of features, including job postings, applicant tracking and candidate sourcing.

    Writing job advertisements to attract remote workers

    The pandemic ushered in a widespread adoption of work-from-home policies that may be here to stay. These policies allow for more flexible working situations, and they’re an excellent way for businesses to stay competitive in the job market.

    When writing your job advertisements, keep in mind it’s still just a listing, so you need to effectively communicate the benefits of working remotely and the job requirements. Consider the following tips for writing job advertisements to attract remote workers:

    Communicate the remote nature of the job

    Specify that the job is a remote position and include details about the type of work environment and equipment that will be required. Does this person need to work certain hours or be in a certain time zone? Spell everything out. If the job advertisement doesn’t say remote up front, many people will assume that it’s not.

    Highlight the benefits to employees working remotely

    Make it clear that the job offers the flexibility and autonomy of working remotely. Mention any perks or benefits that come with the position, such as a flexible schedule or the ability to work from anywhere.

    Clearly outline the job requirements

    Your job advertisements should clearly state the skills, experience, and qualifications that are required for the position. This will help you attract the right candidates and weed out those who are not a good fit.

    Use language that resonates with remote workers

    Use language that speaks to the realities of working remotely. For example, mention the ability to work from anywhere or the need for strong self-motivation and discipline. Also mention skills necessary for collaborating remotely, such as clear and concise communication.

    Include information about your company culture

    Whether in-person or working remotely, employees place a high value on company culture. In fact, this may be even more crucial in a remote environment, where your only coworker interactions are happening in chats and on video calls. Include information about your company’s values and mission in your job advertisements to help attract candidates who are a good fit.

    It’s time to start hiring

    By following these tips, you can make the most effective hiring decisions for your business. Keep in mind: no two companies are the same. Before you make a hire — or post a job, for that matter — consider the work you need done, the kind of worker you need to complete it, and where that person should be located. By outlining your needs early, you’ll save money (and headaches) in the long run.

    Neil Patel

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  • Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business. | Entrepreneur

    Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Not every business can be franchised, nor should it. As the founder and operator of an exciting, new concept, it’s hard not to envision opening a unit on every corner and becoming the next franchise millionaire. It’s a common dream. At one time, numerous concepts were claiming to be the next “McDonald’s” of their industry.

    And while franchising can be the right growth vehicle for someone with an established brand and proven concept that’s ripe for growth, there are other options available for business owners who want to expand their concept into prime locations before their competition does but who don’t want to go it alone for a number of reasons. For instance, they may not have the resources or cash reserves to finance a franchise program (it is important to note that while franchising a business does leverage the time and capital of others to open additional units, establishing a franchise system is certainly not a no-cost endeavor). Or they don’t want the responsibilities and relationship of being a franchisor and would rather concentrate on running their core business, not a franchise system.

    Related: The Pros and Cons of Franchising Your Business

    But when you have eager customers asking to open a branded location just like yours in their neighborhood, it’s hard to resist. You might think: What if I don’t jump on the deal, and I miss out on an opportunity that might not come around again?

    Licensing your intellectual property, such as your name, trademarks and trade dress, in exchange for a set fee or percentage of sales is one way to accomplish this without having to go the somewhat more laborious and legally controlled franchise route. Types of licensing agreements range from granting a license to allow another entity to manufacture or make your products to allowing someone to use your logo and name for their own business. Unlike in a franchise, your partner in a licensing situation will only be allowed certain predetermined rights to sell your products and services, not an all-in agreement to give them a turnkey business, accompanied by training and support, in exchange for set fees. A licensing agreement spells out each party’s rights, responsibilities, and what they can and cannot do under the terms of the agreement. Having a lawyer draw up the paperwork is vital, as well as consulting with a trusted business advisor who has helped others along this path and can shorten your learning curve while protecting your rights. License agreements are governed by contract law as opposed to franchise laws. However, care must be taken: To ensure that you’re staying in your lane and not crossing over into franchisor territory, you’ll want your advisers to detail what you can and can’t do as a licensor.

    For instance, a license agreement excludes you from being involved in the day-to-day operations of the licensee’s business. While having no oversight may sound like a relief, it can be a double-edged sword, especially for people who are used to controlling all aspects of their products or services. You won’t have to provide licensees with ongoing services, such as marketing materials and continuous training, but it also means you have no control over how they run their business, their product mix or even how they decorate their space. If you’re a type-A, this may be hard for you.

    Most people are more familiar with trademark licensing with a third party because these agreements are big in the sports and entertainment industries, where a celebrity lends their name to endorse a product, whether it’s branded athletic wear or trendy foodservice menu items such as pizza, chicken, or even gelato.

    Using a celebrity’s cache garners media attention you might otherwise never get. But not everyone who comes up with a great concept or product has the recognition that would allow them to attract famous business partners or endorsements, and rabid fans that follow.

    There are other methods of getting your products in front of more consumers. Some coffee concepts, including Caribou for example, have created market saturation by both franchising traditional stores and granting licenses for nontraditional locations, such as airports, big-box stores, and college campuses. Others, on the other hand, like Starbucks, employ a combination of company-owned stores and licensees in high-traffic locations where a small kiosk can service a high-density population of shoppers. And, of course, bags and pods of these brands’ coffee blends are also sold in retail locations such as grocery stores.

    Related: Startups Must Protect Their Trademark. Here’s How and Why

    But again, here’s that cautionary note: If you go the licensing route for your products or services, be careful not to cross over into trying to direct the way that licensees do their business, from selecting locations to training employees.

    While licensing or franchising may be valid business growth vehicles for many brands, additional business structures that can be considered include:

    1. Company-owned stores: Opening corporate locations using bank loans and/or the profits from already opened units.
    2. Dealerships or distributorships: In a distributor relationship, products are purchased from a manufacturer and then sold through local dealers.
    3. Agency relationships: These are similar to the relationships you’d have with dealers, but in this case, an agent or representative of your company sells your services to a third party. The important distinction to remember so that the relationship doesn’t cross over into franchise territory is that you, as the provider of the services, pay the agent (as an independent sales rep) rather than the agent collecting the money and paying you.
    4. Joint ventures: In this case, you, as the concept owner, would take on an operating partner who also invests his own funds in the business. The two of you would then share in the equity and profits at the percentage rate of your investment.

    The appropriate method to grow your business depends on several factors, including your type of concept, service, or products; your risk aversion factor; your access to capital; where you’re located; and current market conditions. So, if you choose another option to franchising, be cognizant of not slipping into becoming a franchise. The Federal Trade Commission’s regulations define a franchise as meeting at least three standards: a shared name, fees and royalty payments paid to the company by the franchisee, and ongoing support and control of the day-to-day operations by the franchisor.

    Keep in mind that if you start with one expansion method, you can consider changing that structure with legal and professional guidance should your business needs merit a shift in strategy. Case in point: some licensors will eventually convert licensees to franchises under a newly crafted agreement and program if they see the need to change the fee structure and maintain additional control over operations.

    Slow growth can be detrimental to a business, but not picking the right vehicle for that growth can be worse than standing still. That’s why doing your homework — consulting with professionals, such as attorneys, accounting and franchising advisors, and talking to others in the same boat as you will save you from drifting too far from shore.

    Emiliano Jöcker

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  • This Google Update Could Be Tanking Your Traffic. Follow These Steps to Boost Your Page Views and Revenue Now. | Entrepreneur

    This Google Update Could Be Tanking Your Traffic. Follow These Steps to Boost Your Page Views and Revenue Now. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Google’s March 2024 Core Update was a seismic event for blogs and website owners relying on organic search traffic. This significant algorithm change targeted low-quality content and AI-generated spam, leading to the deindexing of hundreds of websites in its early stages. The consequences were that severely affected sites lost valuable organic traffic and advertising revenue overnight.

    The update aligned with findings from an Originality AI study, which revealed a high prevalence of AI-generated content among the deindexed websites. 50% of impacted sites had 90-100% of their posts generated by AI.

    This crackdown demonstrates Google’s commitment to enhancing search result quality and combating manipulative tactics like AI content spam. But it also raises an important question: How can website owners increase organic traffic significantly in this new reality?

    Related: The Rules of SEO Are Changing — Here Are 5 Powerful Strategies to Help You Rank in 2024

    Strategies for increasing organic traffic in 2024

    In the wake of the March 2024 Core Update, website owners must adapt their strategies to regain lost ground and significantly increase organic traffic. Here are some key focus areas:

    1. Perform a comprehensive content audit

    The first step is thoroughly analyzing your content. Use tools like Ahrefs or SEMrush to identify:

    • Articles performing well but not ranking in the top search results (prioritize these)
    • Content that has stopped performing after the update
    • Underperforming content that has never ranked well

    You can strategically allocate your optimization efforts by understanding which content assets are working and which need improvement.

    2. Focus on your best-performing content that hasn’t yet ranked #1 in searches

    Double down on your strengths to increase organic traffic rapidly. Find high-volume, low-competition keywords with a difficulty score of less than 10 that rank between 2 and 8. These are more likely to get that coveted highlight in the rich snippet position.

    Related: The Rules of SEO Are Changing — Here Are 5 Powerful Strategies to Help You Rank in 2024

    3. Optimize for featured snippets

    The highlighted results at “position zero” above the primary organic listings are known as featured snippets. There are four primary categories of them:

    • Paragraph snippets
    • List snippets
    • Table snippets
    • Video snippets

    4. To improve the ranking of your website and attract more highlighted snippets, it is essential to adhere to current SEO best practices:

    • Understanding the query’s intent and matching the snippet format.
    • Defining your topic succinctly in two to three sentences for paragraph snippets.
    • Using objective, fact-based language and avoiding personal pronouns.
    • Structuring content logically with proper heading tags.
    • Writing simply and using language your audience understands.

    Above all, prioritize providing a superior user experience over basic keyword optimization.

    Google’s stance on AI-generated content

    While Google has not explicitly banned AI-generated content, the message is clear: quality, originality and user value are paramount. AI should be leveraged as a supportive tool, not replacing human expertise and creativity.

    Matt G. Southern of Search Engine Journal aptly says, “Google is not waging a war against AI; the battle is against mediocrity.” The responsible use of AI as a content creation aid is acceptable. Still, it must be coupled with human insight, editing and a commitment to providing genuinely valuable information to users. AI should be leveraged as a supportive tool, not replacing human expertise and creativity.

    Related:

    The intelligent use of AI

    While the update penalized sites for over-relying on AI content, Google’s emphasis has always been on originality, depth and reader value. The ethical use of AI as a research aid and writing co-pilot is acceptable as long as human editing ensures unique, high-quality content.

    The future is E-E-A-T moving forward — Google’s prioritization of Experience, Expertise, Authoritativeness, and Trustworthiness (E-E-A-T) will be essential. Establish your topical authority by:

    • Citing reputable sources.
    • Showcasing author expertise prominently.
    • Providing accurate, trustworthy information.
    • Ensuring an optimal user experience through intelligent design.

    Websites solely focused on keyword optimization rather than holistic quality signals will increasingly be left behind.

    The March 2024 Core Update ushered in a new era of search where quality, originality, and authority reign supreme. You can significantly increase organic traffic in this new landscape by auditing your content, capitalizing on your strengths, and adhering to E-E-A-T principles. The path ahead requires a steadfast commitment to creating an exceptional user experience through genuinely valuable content.

    Ekaterina Ovodova

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  • What the SEC’s New Climate Transparency Rules Mean for You | Entrepreneur

    What the SEC’s New Climate Transparency Rules Mean for You | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Discussing sensitive topics can be challenging for business owners. This is one of the top three or four reasons I receive initial calls for public relations assistance addressing a hot-button issue. The latest confusing trend is sustainability and how to talk about it openly. Surprisingly, people need clarification about how much to talk about it, why it’s important and when to bring it up. There’s even a new word for this fear: “greenhushing.”

    The most recent bit of pressure on companies regarding eco-messaging is the U.S. Securities and Exchange Commission’s (SEC) recent efforts to enforce regulations that protect investors and maintain market integrity. Basically, the SEC has revised environmental transparency rules and introduced mandatory climate risk disclosures for public companies.

    This is the first time a sustainability mandate has emerged nationally, and it’s expected to have a notable impact. In my opinion, even for private companies, it’s a call to pay attention and stop neglecting this discussion.

    We are entering an era where climate objectives, targets and governance frameworks will become mandatory in corporate reporting. This shift also aligns with the increasing consumer demand for environmentally and ethically sustainable products — a trend that, despite its popularity, has seen many companies struggle to translate into tangible demand.

    Related: Sustainability for Entrepreneurs — Why It Matters (and How to Achieve It).

    The paradox of consumer demand and greenwashing

    Consumers’ enthusiasm for sustainable products often starkly contrasts with their actual purchasing behavior. While surveys indicate a robust desire for sustainability, sales frequently need to catch up to expectations for new, environmentally conscious products. This discrepancy is exacerbated by greenwashing — where claims of environmental stewardship are not backed by practice — further eroding consumer trust and complicating the landscape for genuine initiatives.

    I’d counsel any company today to prepare for sustainability discussions and engagement. It is now an unavoidable topic. Because I have been a fractional CMO and external public relations consultant since 2002, I’ve received many calls from companies facing these watershed moments. Here is the advice I’d give a leadership team aiming to be more vocal about sustainability.

    The imperative of transparency

    In this context, the necessity for transparency is undeniable. Beyond mere regulatory compliance, transparency is crucial for cultivating consumer trust and loyalty. Companies must now proactively measure and refine their approaches to climate change, so this journey has got to start with a comprehensive understanding of your environmental footprint, including greenhouse gas emissions, resource utilization and waste generation.

    Typically facilitated by external consultants or an internal sustainability team, this foundational assessment is critical for setting realistic sustainability goals and improvement strategies. Employing standardized tools and frameworks like the Greenhouse Gas Protocol and Life Cycle Assessment provides a methodical approach to this task and will result in data and benchmarks you can use consistently in your messaging efforts.

    Armed with this data, specific and time-bound goals can be set that meet compliance requirements (if necessary) and drive significant environmental and social improvements. Engaging stakeholders, particularly employees, at this stage, helps bring to the surface any practical concerns and integrate these insights into the goal-setting process.

    Related: 70% of Consumers Say They’ll Buy ‘Green’ Products, but Only 5% Actually Do. That’s Due to a Common Marketing Mistake By Eco-Friendly Brands.

    The role of public relations in implementation

    Public relations in the realm of sustainable messaging goes beyond just issuing press releases. PR is a strategic tool for amplifying and embedding climate-change initiatives into the corporate ethos. Compelling storytelling highlighting a company’s progress and impacts on sustainability can significantly boost its reputation and foster third-party credibility.

    Leveraging various channels — from press releases and social media to comprehensive sustainability reports — enables these stories to reach and resonate with a broad audience, sparking engagement and advancing the sustainability agenda.

    Cultivating a sustainability-centric culture internally is essential. Companies can ensure that sustainability principles are deeply ingrained in every aspect of their operation through regular educational programs, active participation in sustainability initiatives and acknowledgment of individual and team contributions. This not only reinforces the company’s commitment to sustainability among employees but also mobilizes them and other stakeholders as ambassadors of these values.

    Continuous monitoring and evaluation of sustainability initiatives and how they are being perceived in public are vital measurement points to consider when assessing progress. Like any meaningful initiative, setting and tracking key performance indicators (KPIs) allow companies to measure effectiveness and identify areas for improvement. Further, engaging with employees and stakeholders through feedback will enrich this process and provide real-world insights.

    It seems counterintuitive, but in my experience, challenge is often in partnership with opportunity. Tackling tough subjects can uncover opportunities for innovation, stakeholder engagement and corporate accountability that otherwise would’ve been dormant. Talking specifically about sustainability is not always about compliance. It is a chance to appeal to buyers and lead the market with integrity, innovation and vision.

    Christine Wetzler

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

    What are value-added products and services?

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

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

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

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

    1. Digital cards

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

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

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

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

    2. Extended warranties and service plans

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

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

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

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

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

    3. Loyalty programs

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

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

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

    Leverage value-add products and services to scale

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

    Louis Lombardi

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Related: 6 Positive Impacts of Artificial Intelligence on Digital Marketing

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

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

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

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

    1. Make amplified human capabilities the key focus

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

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

    2. Have a designated AI control center

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

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

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

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

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

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

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

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

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

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

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

    Takeaway

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

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

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

    Divyesh Patel

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: 10 Questions to Ask When Pricing Your Product

    Where does value go?

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

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

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

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

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

    How can I capture more value?

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

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

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

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

    Don’t miss out on potential profit

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

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

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

    Itai Sadan

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  • How to Maximize AI to Boost Your Productivity and Drive Your Profits | Entrepreneur

    How to Maximize AI to Boost Your Productivity and Drive Your Profits | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    AI is not just a tool; it’s swiftly becoming the mastermind behind thriving businesses and startups. But there’s a catch — not all that glitters in the world of AI-enhanced marketing is gold.

    In this must-watch video, we tackle the seminal challenge that every modern marketer and entrepreneur must confront: the strategic integration of AI into their core marketing strategies.

    Strap in, as we:

    • Uncover the seldom-spoken truths about AI’s role in hyper-accelerating business growth and innovation.
    • A masterclass in discerning the optimal use of AI, veering away from the pitfalls of misuse.
    • Reveal the secrets gleaned from a year of deep research on AI technologies.
    • Crucial tips from the frontlines of AI development, including the wisdom to sidestep third-party limitations and harness the raw power of AI with precision and insight.

    Are you fully utilizing AI to drive your productivity and profits yet?

    Download the free AI Success Kit (limited time only). You’ll also receive a free chapter from Ben’s new book, “The Wolf is at The Door—How to Survive and Thrive in an AI-Driven World.”

    Ben Angel

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  • Get a 1-year Costco Gold Star Membership and $20 Digital Costco Shop Card for $60 | Entrepreneur

    Get a 1-year Costco Gold Star Membership and $20 Digital Costco Shop Card for $60 | Entrepreneur

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

    Small businesses pay as much as $92 per employee per month for office supplies (according to TonerBuzz). While that may not sound like very much, if you have five employees, that’s more than $450 every month that could be better invested elsewhere.

    One good way to reduce those costs is by being mindful of where you shop. At Costco, members can find significant savings year-round and buy in bulk. Purchase large quantities of items at lower prices, so the more you shop, the bigger the savings might be. Right now, when you get a one-year Costco Gold Star Membership, you’ll also get a $20 Digital Costco Shop Card*.

    Find significant savings on everything from office supplies and groceries to furniture and electronics. Whatever you need for your office, you can likely find it at Costco and in enough bulk to keep you stocked up. With more than 500 locations across the country, there’s a good chance there’s a convenient Costco for you to enjoy.

    In addition to the everyday value of shopping, you can access offers on travel and much more. Costco Gold Star Membership comes with a host of Member Privileges, which means there are a lot of ways to find value.

    Save money on the most crucial parts of your business.

    Right now, when you sign up for a 1-year Costco Gold Star Membership, you’ll also get a $20 Digital Costco Shop Card* to get you started.

    StackSocial prices subject to change.

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

    Entrepreneur Store

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  • How to Turn Setbacks Into Advantages | Entrepreneur

    How to Turn Setbacks Into Advantages | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    About Beyond Unstoppable

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

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

    Ben Angel

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

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

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

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

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

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

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

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

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

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

    StackSocial prices subject to change.

    Entrepreneur Store

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: Top Health and Wellness Franchises

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Editorial contributions by Callie Morgan and Kristi Lindahl.

    Emily Washcovick

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  • 3 Values That Empower Entrepreneurs Just Starting Their Journey | Entrepreneur

    3 Values That Empower Entrepreneurs Just Starting Their Journey | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Launching a new venture from the ground up can be a thrilling process. Selecting your first workplace, narrowing down your business model and defining a clear action plan are all common exciting experiences that entrepreneurs go through. But even these first steps can present challenges to surpass.

    My first startup was an internet company called Joyo.com, which I co-founded in late 1999. This was in the early days when the internet was still very young and full of undiscovered potential. Joyo’s first three months saw many fierce debates within my team as we struggled to agree on what we wanted our startup to achieve — with so many possibilities available in the internet space at that time, from e-commerce and web portals to travel sites and games, it was tough to decide on the best course of action.

    In such moments, a founder needs to trust in their ability to make hard decisions and stick to them. This kind of steadfast resilience can help guide entrepreneurs through the early stages of a company. So, I finally decided to build Joyo.com as China’s first B2C e-commerce platform at the end of February 2000. Joyo became the largest such site in China at the time and was acquired by Amazon in 2004 and rebranded as Amazon China.

    Related: How to Tap into the U.S. Social Commerce Market Through Millennials and Gen Z

    My second venture, DHgate, was a much more arduous challenge. As China’s first B2B e-commerce platform, it was extremely difficult to prove our business model and attract investment. I discovered how truly cold and heartless the business world can be when we almost ran out of funds just before we launched in 2004. An investor who had signed a contract to fund us suddenly reneged on his promise in the eleventh hour, which meant that I had to turn to my own savings to pay the remaining employees at DHgate, never knowing if that week might be our last.

    Without sufficient funds, we surrendered the office and moved to a 20sqm conference room next to the toilet of a friend’s company. My office chair was broken, but my hope was strong. I was able to find a way to stay focused on the positives and possibilities. Most importantly, I looked inward for strength and confidence in my business.

    Beyond a lack of funding, the biggest problem we faced in the early days was that nobody trusted us. This was back in the mid-2000s when traditional trade was still booming. Nobody believed the entire complex process of international trade could be achieved online. Validating our business model was like running a marathon — a long and challenging ordeal.

    Most entrepreneurs experience win-or-go-home moments like these. Mentally, the early stages can be the most difficult period of building a company. Yet, we persevered, and today DHgate is one of the world’s leading B2B cross-border e-commerce platforms.

    Related: Core Values: What They Are, Why They’re Important, and How to Implement Them Today

    The hardest challenges give the greatest rewards

    Keeping a young company afloat is a daily struggle. Challenges and obstacles come from all directions — you may have to deal with limited access to capital, an undersized and overstretched team, a lack of market recognition in a possibly overcrowded market, and a lack of mass understanding around the business or technology, among other factors.

    Your staff and investors all have lofty expectations, and you must also set high standards for yourself. Maintaining high motivation and energy in the office is a constant challenge, especially when everyone knows you’re feeling exhausted and anxious. This builds an incredible amount of pressure and stress, which rides on the shoulders of founders who already battle self-doubt daily.

    Yet, running your own business can also be incredibly rewarding. Every entrepreneurial journey has its ups and downs; if you can find the right path and persevere through obstacles, you can achieve things that nobody has ever done before, and your efforts can pay off a hundred-fold. These growing pains are worth it for your own personal development, too.

    Related: The 8 Biggest Challenges for New Entrepreneurs

    Strong founders who make it through the initial stages of entrepreneurship tend to have certain key characteristics. New founders may benefit from embracing these three key values or standards to hold themselves to:

    1. Talk to your heart to follow your passions

    Your founding journey will be made all the easier when you are following a dream that you are truly passionate about. As a bonus, you’ll be able to make your team more passionate, too. When facing difficult decisions, talk to your heart for guidance. I have done this many times in my life to help me choose a path that excites my imagination and keeps my interest.

    2. Be brave and dare to do difficult things

    If you listen to your heart, you will hear an answer, and your next course of action will become clear. So, take action! Start looking for opportunities, and you will find them — it is practically inevitable if you look hard enough. As long as you know what your goal is, it doesn’t matter if you don’t see the path from the start. The important thing is to start walking down that road.

    Related: The Top 5 Reasons Why Entrepreneurship is Difficult (and How to Overcome Them)

    3. Be persistent

    Eventually, you will stumble on your path. Everybody does. The key is to celebrate your failures, learn from them and keep moving on. Persistence just requires you to keep showing up daily to pursue your goals. If you listen to your heart and follow your passions, optimism, and confidence in your projects, come much easier. It may sound cliché, but I believe that while it’s not magic at first, steadfast persistence in any goal can create magic.

    Diane Wang

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    The swag landscape: A $21.2 billion market

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

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

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

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

    Related: 5 Steps to Creating Successful Marketing Campaigns

    What promotional items work best?

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

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

    1. Create an informed swag budget

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

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

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

    2. Identify your ideal outcome

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

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

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

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

    Related: 5 Critical Marketing Strategies for Product Promotions

    3. Iterate creatively

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

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

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

    Dan Conner

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

    7 Proven Strategies to Rehabilitate Your Shattered Online Image | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Picking up the pieces

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

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

    Where to start

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

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

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

    1. Acknowledge the weight of the situation

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

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

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

    2. Own your mistake and offer a genuine apology

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

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

    3. Take control of your narrative

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

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

    Related: 7 Ways to Recover After a Reputation Crisis

    4. Turn a crisis into an opportunity

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

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

    5. Crafting a narrative of redemption

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

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

    6. Be a positive force for change

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

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

    7. Embracing change: Evolving and reshaping your digital narrative

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

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

    Embracing proactive protection

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

    Uri Samet

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  • Why Super Bowl Commercials Are the Ultimate Marketing Play | Entrepreneur

    Why Super Bowl Commercials Are the Ultimate Marketing Play | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    Of the estimated 113+ million viewers who tuned in for the Super Bowl LVII in 2023, around 43% tuned in primarily for the advertisements — a far cry from those of us who groan at even 15-second-long ads. Super Bowl commercials have become a cultural phenomenon, with audiences anticipating creative spins from familiar brands and often comparing their favorites online afterward. While plenty of companies have secured these behemoth ad slots only to fumble the ball, many have stood the primetime test. By examining the patterns and themes of some of the most successful Super Bowl ads, business leaders can learn from the ultimate marketing play.

    Related: What Super Bowl Ads Can Teach Entrepreneurs About Marketing

    1. Emotion gets ads to the end zone

    In fact, one of the most memorable and impactful Super Bowl commercials tugged at the heartstrings of the masses, opting for pathos in the form of puppies. “Puppy Love,” the classic Budweiser Clydesdales ad that debuted in 2014, appealed to human consumers not through the classic can-and-condensation combo but via an unlikely animal friendship between a Clydesdale and a golden retriever puppy.

    With subtle themes of rustic patriotism and all-American heroism, the Belgian multinational brewing company wooed viewers via man’s best friend — and barely featured their product at all. In 2016, it was ranked as the most popular ad ever to air in the 50-year history of the NFL’s premier event. The lesson here is clear: wholesome content appeals to almost everyone, and authenticity is universal — eclipsing predictable, emotionally empty product placement.

    When planning our 2005 “What Did You Ever Do Without Them?” commercial for Post-It notes, the 3M team took the same tack, opting for cuteness that resonates with a general audience. While this sentiment does play well, what doesn’t make the cut are the unique challenges of filming with unpredictable (albeit adorable) animals.

    2. Americans huddle up for humor

    Whether it’s a torrential downpour of lemons forecasted by Budweiser, Homer Simpson swiping his Mastercard or the rapid transitions and smooth-talking of the infamous Old Spice guy, Super Bowl audiences are looking for laughs between plays. Since laughter is shown to improve short-term memory, funny commercials are far more memorable, and so are the brands/products they represent.

    While one-hit-wonders may have their moment, brands that establish likable recurring characters in their ads are especially adept at building brand awareness and memory recall of the hero products advertised. The average American will likely recognize Progressive’s iconic associate Flo, Geico’s recently-revived Caveman, Allstate’s mischievous Mayhem man and even Liberty Mutual’s seemingly inescapable LiMu Emu. The combination of clever humor and unique, original characters makes for an effective commercial that will continue to build and enhance brand awareness for years to come.

    Related: 4 Must-Haves for Brands Considering TV Commercials

    3. Social issues are shared goals

    More than ever, Super Bowl commercials are addressing social issues, reflecting a shift in consumer preferences toward purpose-driven brands. By aligning themselves with meaningful causes and communicating their commitment to societal issues, brands aim to foster a positive image and build loyalty.

    For example, Dove’s “Real Strength” commercial (2015) challenges stereotypical gender roles, including what it means to be a “real man”; Nike supported Colin Kaepernick’s social activism by featuring Kaepernick in their 2019 “Dream Crazy” ad. Of course, for these allegiances/political stances to be effective, companies must practice what they preach — which is to say that authentic initiatives within the company must also back up these public allyships. Otherwise, companies run the risk of a backlash similar to that against Budweiser following their controversial Dylan Mulvaney partnership.

    Related: 3 Questions Pepsi Should Have Asked Before Releasing Its Kendall Jenner Ad

    4. Pass the ball to the consumer

    Ads that end with a Call to Action go beyond traditional one-way communication, inviting audiences to leave a lasting impact. One effective example was Coca-Cola’s 2014 “#AmericaIsBeautiful” ad, which encouraged viewers to share their own moments of beauty using the company’s hashtag. The genius of this hashtag is in its simplicity; much like Budweiser’s “Puppy Love” ad, which featured a minimal branded product, #AmericaIsBeautiful celebrates the country rather than Coca-Cola. Impressively, the owned hashtag created an onslaught of positive conversation around the brand without actually using any branding. This interactive element cultivated a trend of user-generated content while extending the reach of the company’s campaign and engagement.

    5. Celebrities are the MVPs

    Whether it’s a cranky pre-Snickers bar Betty White, Ryan Reynolds parking a Hyundai or Harrison Ford chatting with an Amazon Alexa, brands often turn to celebrities to boost the appeal of their Super Bowl commercials. When humor and emotional substance may be lacking, there’s no substitute for star power, and when companies can combine clever scripts with well-known faces, a viral moment is all but guaranteed. That said, companies must be careful when seeking celebrity endorsements — choosing a celebrity who resonates with the targeted audience and whose image/voice aligns with the company’s brand values is essential.

    With every Super Bowl, business leaders can become the brand consumers root for. Super Bowl commercials provide a unique and colossal opportunity to capture the attention of tens of millions of people who are not only exposed to the commercials but also look forward to them. Ultimately, the most successful are those who entertain and effectively communicate their brand’s message and values.



    Jack Truong

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

    5 Ways Franchises Can Benefit From Leveraging Offshore Talent | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: Your Most Pressing Offshoring Questions, Answered

    1. Access to a broader talent pool

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

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

    2. Cost efficiency and scalability

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

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

    3. Quality improvement

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

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

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

    4. Round-the-clock operations

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

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

    5. Leadership focus

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

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

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

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

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



    David Nilssen

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  • How Cultural Understanding and Adaptation Drives Business Success | Entrepreneur

    How Cultural Understanding and Adaptation Drives Business Success | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Navigating the nuances

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

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

    Workshops and diversification

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

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

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

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

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

    Communicating is not only about words

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

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

    Don’t forget the low-hanging cultural fruit

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

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

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

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

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

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



    Adnan Zai

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  • 6 Ways AI Can Boost Your Course Creation Business | Entrepreneur

    6 Ways AI Can Boost Your Course Creation Business | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    Online course creation has become a booming business, with the e-learning industry projected to reach $370 billion by 2026. Many course creators have successfully turned their experience in a particular niche into a thriving opportunity for growing a business through online teaching.

    And, like so many other industries, course creation is poised to be disrupted by AI. In fact, with several tools already introduced with a specific focus on course creation, the question on creators’ minds shouldn’t be if they’ll use AI, but when and how.

    Related: 4 Lesser Known Ways to Make Your Online Course More Impactful

    1. AI can help you come up with content ideas

    Not sure what topic you should cover for your next course? AI can significantly enhance your own brainstorming efforts, in large part thanks to its ability to analyze big data and utilize predictive analytics to help course creators determine whether a topic is appealing to their audience.

    By using AI to generate ideas for course content, and to assess the viability of a potential course, creators can focus their efforts on the topics that will be the most relevant and engaging to drive sign-ups and revenue.

    2. AI can provide course outlines

    AI can also assist in the creation of your courses by helping you quickly develop lesson outlines. AI can build an outline based on key instructions such as the course’s description, main talking points and target audience. It can even account for the audience’s knowledge or skill level to help you craft content for beginners or experts.

    While course creators must fill in the details of the course based on their own expertise, using AI to create an outline provides an important foundation that will help you put together a well-organized course with a logical flow of information. This will make it easier to develop your course content, while also ensuring your course delivers real value to online learners.

    3. Teaching AI can be a powerful course itself

    Among the many content ideas that AI can help you come up with, it’s worth considering how learning to use AI tools can become a viable course topic itself.

    For example, according to a case study from Business Insider, Chris Winfield developed a series of paid online challenges to teach AI use cases to other business owners. At the end of each challenge, participants who wanted more support could sign up for courses and mastermind programs. From January to September 2023, Winfield had over 40,000 paid challenge participants, with the challenges and courses reaching $2.7 million in sales.

    With so much demand for learning to use AI, teaching about AI applications relevant to your niche could be a powerful revenue generation tool.

    Related: Creators Shouldn’t Overlook These Powerful Uses for AI Like ChatGPT

    4. AI can generate quizzes and other course materials

    A quality course is about more than just the core materials. For example, quizzes and tests have been found to improve long-term retention of new information. Creating quizzes for your course can be a time-consuming task, but AI can be trained to quickly generate quiz questions based on the material you’ve developed for your course. Because the quiz questions are drawn directly from your course content, you can have confidence that they will align with what you teach.

    Visual aids can also be a powerful tool that makes digital courses more engaging. AI can help you find relevant images, create graphs and charts based on written course materials and more. For courses with audio or video content, AI can help create transcripts to better meet the needs of all learners.

    5. Manage “back office” tasks

    A successful career as a course creator involves more than the courses themselves. Data entry, tracking course sign-ups, managing email and other activities are all necessary parts of a successful course creation business, but they can be unnecessarily time-consuming. The repetitive nature of these tasks also makes them more prone to human error, which can become surprisingly costly.

    In fact, an analysis by the New York Post found that workers make an average of 118 mistakes at work per year, with distractions, stress and multitasking often to blame. By outsourcing repetitive tasks to AI, you can greatly reduce the risk for errors with these repetitive tasks, while also enjoying more time to focus on other aspects of your course creation business.

    With AI’s help, you can devote more time to creating high-quality courses and connecting with your students, which will lead to further business growth.

    Related: How to Make a Real Difference Teaching Online Courses

    6. AI can provide 24/7 help to students

    Chatbots can also be a helpful AI addition to your course creation toolkit. After all, e-learning participants may have additional questions about course materials or need support at times when you’re not available.

    Adding an AI chatbot tool to your course not only gives students 24/7 assistance, but it can also help resolve simpler questions and requests in a timely manner. This way, you’ll only need to worry about helping learners with more complex issues, which can be a valuable time-saver.

    AI cannot fully replace the human element in course creation. After all, your specific knowledge, insights and personality are essential parts of creating course materials that connect with and provide value to students. However, AI can be a powerful tool for course creators, helping you work more efficiently so you can turn your courses into a viable business.



    Andres Tovar

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