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Tag: Growth

  • How to Build a Business That Lasts 100 Years | Entrepreneur

    How to Build a Business That Lasts 100 Years | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Limiting your company vision to 5 or 7 years will force you to chase short-term metrics to impress investors, credit organizations and clients. The focus, however, is quite different when you have a century-long mindset and realize your company will still exist in 2122. Businesses with a 100-year vision should focus on building a solid foundation. It’s like launching a long-term space exploration ship equipped with all the supplies instead of just sending it out into space with no thought to how it will survive.

    Education-oriented organizations especially have a great deal of responsibility on their founders’ shoulders. You take nine months off from your students for the learning process and influence their career paths, which might shape their lives for the next 10, 20, 30 years, and beyond. Eventually, we are building something massive that can compete with universities on a similar level or even replace them.

    Here are several crucial strategies for building a long-term company.

    Related: Be an Innovative Leader or Risk Your Company’s Longevity

    Keep long-term goals in mind, not short-term revenue metrics

    It is crucial for companies that aim at long-term goals to focus on complex, costly processes that will pay off in the long run. Although it might take more time and money than you would otherwise spend, it is worth the effort.

    An excellent example of the short-term metrics investors monitor for an edtech company is the completion rate of the course. Although we focused on this metric since day one as an ed tech company, we are currently not meeting the benchmark. This metric would have been the priority of the company targeted to the short-term revenue, but as we aim to help people find a job, we’ve chosen not to fix it directly.

    Most adult students are employed and must pass the course at their own pace. If we were focused on metrics, we would have told our clients to finish the course in 9 months or be expelled. In contrast, we offered clients a solution tailored to their schedule instead of pushing them to complete the course faster. Rather than focusing on short-term investor metrics, we build products to suit the needs of our clients.

    Related: How Entrepreneurs Can Achieve Longevity

    Stay on top of long-term global trends

    Long-term-thinking entrepreneurs should always watch long-term global trends to prepare ahead of time or adjust their company’s direction accordingly. Here are several global trends to be aware of:

    • Automation and AI will dramatically reduce human labor: According to the new World Robotics report, an all-time high of 517,385 industrial robots were installed in factories worldwide in 2021, up 31% from the previous year, with 74% of all newly deployed industrial robots located in Asia, which has the world’s most significant industrial robot market. According to the World Economic Forum’s Future of Jobs report 2020, 85 million jobs might be replaced by machines by 2025.
    • Anti-globalization: In 2019, approximately 3 million migrant workers came from ASEAN countries, according to the International Labour Migration Statistics (ILMS) of the International Labour Organization. The data on ASEAN nationals going abroad for work indicates Vietnam (152,530) is the leading country among those providing data, followed by Cambodia (68,040) and Lao People’s Democratic Republic (54,091). One of the ways to address this issue can be partnering with local employers to provide students with employment opportunities within the businesses.

    For a company striving for 100-year history, it’s not wise to apply any trend right after it appears. For example, we currently don’t teach blockchain or metaverse developer professions at my company, even though the trend is emerging. There is no certainty as to what extent companies will migrate into virtual worlds nor how the adoption of the metaverse and cost reductions for wearable devices will proceed. As this will develop in the future, there’s no point in jumping on the bandwagon now if you’re not building the metaverse yourself.

    Don’t skimp on your service

    You must go the extra mile for your clients, no matter what type of business you run. It may mean spending more money and taking a greater risk, but the long-term benefits are worth it. If we talk about education, the feedback the students get is key — otherwise, they could’ve watched open-source videos.

    Another perk that costs you extra but makes the product better in the long term is helping students get employed. Refocus students are guaranteed a job or a refund at the end of the course. We do this to ensure that our graduates can find employment. For this, we assist students in their job searches, interview preparation, and application process.

    Related: 5 Tips for Improving Client Relationships

    Plan ahead for expansion

    If you have a global expansion plan, consider the development of countries, their education needs and when to begin targeting those markets. All processes are in place, and you should know the exact timing for expansion.

    Another part of long-term planning is integrating several partners and gathering information from modern tech companies on what skillsets are needed from potential employees. We have decided to invest in it from the beginning because it’s an essential step towards embracing more significant flows of students in the future.

    Related: 3 Tips for Global Business Expansion

    Antifragility

    According to Nassim Nicholas Taleb, an antifragile system becomes more resilient when exposed to stresses, shocks, volatility, noise, errors, faults, attacks or failures. It is vital to envision your company so that unfavorable events would strengthen it rather than weaken it. Antifragility is essential for a business to survive in volatile and uncertain conditions.

    One way to adhere to this philosophy is to conduct so-called debugging meetings to identify why we failed at some point and what needs to be changed. The results should be included in a “playbook,” outlining what to do and what not to do, whether it is launching a new marketing campaign or entering a new market.

    To survive storms, you need to be able to predict the bad moments and strategize accordingly. For example, as part of a strategy session, discuss the possibility of surviving a nuclear or third world war as a company. For us, the conclusion was that we would still exist but with a microservices-based architecture.

    Final words

    It’s hard to predict what the future will look like in 100 years. However, regardless of how education is delivered, it will be in demand forever. In any form, whether through the metaverse, VR, augmented reality, or any other cutting-edge technology, build the education spaceship that will explore the unknown depths of the future and improve people’s lives for decades.

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    Roman Kumar Vyas

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  • 3 Books to Help Business Leaders Discover Innovation and Growth

    3 Books to Help Business Leaders Discover Innovation and Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to leadership development and business growth, more leaders and entrepreneurs are looking to achieve their growth goals by looking for “outside-the-box” opportunities.

    According to McKinsey & Company, “About a quarter of companies don’t grow at all, and between 2010 and 2019, only one in eight achieved more than 10% revenue growth annually.” Thus, profitable growth arises when leaders can swiftly adapt, shift, move and adjust to new ideas and ways of thinking when building a business from the ground up.

    Check out these new publications that offer a new way of thinking regarding leadership, innovation and growth.

    Related: 4 Ways Market Leaders Use Innovation to Foster Business Growth

    1. Mastering Microdosing: How to Use Sub-Perceptual Psychedelics to Heal Trauma, Improve Performance and Transform Your Life by Paul Austin

    In his newest book, Paul Austin provides a comprehensive look at using sub-perceptual psychedelics to address mental health and wellness needs, discover innovative business ideas and find out-of-the-box solutions to team performance issues.

    To ensure the safety of the practice, Austin provides an all-inclusive guide to the practice, protocols, benefits and potential drawbacks of microdosing.

    While this may seem like a wild idea to some, Austin’s approach incorporates a wealth of research and anecdotes to demonstrate the effectiveness and positive impact that sub-perceptual psychedelics can have on the general well-being of today’s entrepreneurs, leaders, creative minds and healers — and he is not the only one.

    In 2022, the MIT Sloan Management Review offered a study on the progressively mainstream practice of business leaders using psychedelic medicines and therapies to address mental health and illness. This includes the practice of taking small amounts (a “micro dose”) of psychedelic drugs that may consist of lysergic acid diethylamide (LSD), psilocybin mushrooms and other common psychoactive substances that impact your perceptions, thoughts and emotions of the world and ideas around you.

    Such studies have continued to modernize the idea of how we address mental health and wellness, including when it comes to encouraging the growth of safe and inclusive work cultures. In 2022, the American Psychological Association (APA) conducted a Work and Well-being Survey that found 71% of employees “believe their employer is more concerned about the mental health of employees now than in the past.” This belief, in itself, has the capacity to improve individual and team performance for a company.

    Related: Embrace the Unknown to Transform Your Life

    2. DEO’s Financial Secrets to Grow Dental Organizations by Ken and Ashley Kaufman

    In this book, Ken and Ashley Kaufman give their insight into the top financial tools and best practices that dental entrepreneurs can use to succeed as business leaders.

    The authors recognize that many of the common challenges entrepreneurs face during the startup process are related to common financial pitfalls. This includes everything from the location of your business to local tax regulations and operational expenses to financing strategies.

    To help entrepreneurs identify these common mistakes, errors, traps and pitfalls — the authors seek to empower business leaders to take charge of their businesses and find financial success. As a result of this financial leadership growth, entrepreneurs can find greater clarity in their work to focus more on the people they serve rather than worrying about financial business woes.

    Related: Best Financial Tools and Business Ideas to Make More Money in 2023

    3. Innovating Innovation!: Why Corporate Innovation Struggles in the Age of the Entrepreneur by Mike Stemple

    The first year of any business startup is crucial to its long-term success. Last year, HubSpot found that at least 90% of startups fail within their initial year, while another 10% fail before the following year. Yet, according to Mike Stemple in his new book, more startups are successful in driving innovation compared to their large corporate counterparts.

    Entrepreneurs can learn a lot from corporate leaders. And the main question corporate executives are asking is, “What can large companies do to innovate as easily as their disruptive startup competitors?”

    The objective of Innovating Innovation! is to help prevent businesses from going under and to continue to see growth throughout their maturity. Mike gives support to leaders looking to transform their company’s sense of innovation by understanding the contemporary building blocks necessary and how to effectively execute a modern innovation program.

    As a result, readers finish the book understanding how they can catch up in their industry and find the same quick-to-market innovations that new business startups use to disrupt entire industries.

    If you are looking to recapture an innovative culture, become more financially savvy in your new business venture, or focus more on mental health and well-being, these new books can help guide you.

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    Peter Daisyme

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  • How to Provide a Must-Have Product In a Do-Without Economy

    How to Provide a Must-Have Product In a Do-Without Economy

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    Opinions expressed by Entrepreneur contributors are their own.

    Consumers might not be putting the brakes on their spending. However, they’re certainly letting up on the gas.

    According to Deloitte’s most recent State of the US Customer report, around 75% of buyers remain concerned about prices. This is nine fewer percentage points than seven months prior. Nevertheless, it’s still a reason for company leaders to take notice. And with 47% of people worried about their savings, consumers could quickly tighten their purse strings.

    There’s a shiny silver lining, though: As long as your product is needed, you can expect sales. Think about what happened in 2020. Shoppers didn’t stop purchasing items they considered “must-haves,” including home gym tech, machines, and accessories. This caused a lasting trend that’s pushed the expected CAGR of the fitness equipment market to 5.2% until 2028.

    So what does this mean for your product or service lineup? You need to make sure that you are providing something that seems necessary to target users. “Seems” is the operative word. Were Pelotons necessary during pandemic shutdowns? Not from Maslow’s hierarchy of needs perspective. But don’t tell that to the customers who pushed the brand toward the billion-dollar revenue mark.

    Related: This Is the Framework to Make Your Product a Smash Success

    To help you review and revise your marketing in a do-without economy, take these recommendations into consideration.

    1. Solve a recession-proof need

    People change their behaviors during recessions and near-recessions. Nevertheless, the dad who switches to generic grocery labels may still buy his kiddo the more expensive bike. Why? Maybe it has earned higher safety marks. Perhaps it’s the same brand as the one he rides. Either way, he views the higher bike investment as necessary because he can justify it.

    Take a moment to think about what your company sells. What recession-proof need could it satisfy? You may want to work backward to come up with an “Aha!” answer. CitizenShipper, for instance, connects private drivers willing to move pets and precious items across the nation for people interested in bypassing the big shipping companies. One of the biggest requests the company fulfills is the need for reliable, personalized ground transportation of pets. When pet parents need to relocate their pets, they will pay a reasonable price in order to be able to do so.

    While you’re undergoing this exercise, don’t be afraid to think about niches within your current target customer base. With a little digging, you may be able to uncover smaller consumer segments that would see your offerings as a must-have. Once those segments are identified, you can begin marketing to them.

    Related: 3 Tips for Using Consumer Data to Create More Personalized Experiences

    2. Go for the feels

    We’d like to think that we make purchasing decisions solely based on objectivity, data and logic. We don’t. Our brains are wired to take the information into account but add a modicum of emotion to the mix. With that in mind, head back to the drawing board regarding your sales and support. The more of an emotional connection you can make with leads, the more likely they will return.

    One way to add more of an emotional link between you and your customers is with personalization. About seven out of 10 people told McKinsey they wanted more personalized engagement with their preferred brands. Your job, then, is to find ways to make the customer journey more of an individualized experience.

    Are you looking for inspiration for personalizing a product or service? Check out Sephora. The company has consistently won kudos for its personalization machine. You can book an appointment online with a conversational “assistant.” You can find the right foundation shade in the store using Sephora’s software. You can become an Insider and get extra rewards. It’s personalization all over — and that’s why Sephora, which isn’t “need to have, “is still seeing incredible revenue growth.

    Don’t instantly picture that your team will need to babysit every email or text. You can leverage tech tools that integrate with your existing systems to make interactions feel more one-to-one. That way, you don’t have to exhaust your human resources to offer up Sephora-level personalization.

    Related: Why People Buy What They Buy

    3. Explain your value-added differentiators

    Now isn’t the time to hold back on all the differentiators that set you apart from your competition. The more value you can bring to consumers, the more likely they’ll be to pick your products over others’. For best outcomes, make sure that the differentiators you pick matter.

    Case in point: If you sell socks, you could point out the many benefits your socks provide. These could include added cushioning, reinforced heels, moisture-wicking qualities, quick-dry technology, etc.

    For the past few years, Chipotle has been a solid case study for the power of differentiation. Its growth continues into 2023, despite other fast food chains like Burger King losing their luster. Chipotle’s key to remaining a top pick for hungry eaters is a mixture of picking top ingredients, making everything fresh and offering flavor consistency.

    Related: Why Your Business Idea Should Sell Itself

    Want to dive deeper into your differentiators and perhaps uncover some you didn’t know were important? Consider surveying your employees and customers. A well-written survey can highlight what matters most so you can lead with it in future “here’s why we’re the ONLY choice” campaigns.

    Even if inflation causes prices to creep upward more, consumers will still spend money. Your diligence and strategic planning today could ensure that some of their disposable income goes toward your products and services.

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    Kimberly Zhang

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  • 8 Secrets to Business Success

    8 Secrets to Business Success

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    Opinions expressed by Entrepreneur contributors are their own.

    Yearly small business growth takes a vision and a plan. You need to envision where you’re going and develop a step-by-step guide to get there. Most of the time, growing your business requires doing things a bit differently.

    Many entrepreneurs get so bogged down in day-to-day operations that their growth goals become a distant memory. You may look back in Q3 and realize that what would have been possible if you started in Q1 may not be feasible this year at all. Avoid this scenario by understanding your goals and setting a path toward growth.

    Here’s what you should do differently to catalyze small business growth.

    1. Set 3-5 goals for the year

    Always start with goals. Set three to five overarching goals for the year with detailed steps on how you will achieve each one. Break down the plan by quarter. Assign due dates and add them to your calendar. Make room in your schedule to prioritize each step.

    Building a digestible structure helps you achieve your goals systematically instead of having them all on your plate at once, which might end up overwhelming and demotivating. Allow your team to assist with bringing your goals to completion. Share due dates on when each step will be finalized each quarter.

    Related: 7 Steps to Achieving Any Goal in Life

    2. Be transparent with your team

    Bring your team into the process. Be transparent about what you aim to achieve this year and how you plan to get there. By sharing your vision, your team gains visibility into their roles in accomplishing each goal. This enables collaboration and helps your team feel involved in what the business achieves.

    Further involve them by asking for input and ideas. You might be surprised by how helpful their perspectives can be. Stay open to recommendations as long as they point to more efficient strategies or better solutions.

    Related: 5 Things Preventing You From Being Transparent

    3. Get to know your customers or clients

    Be creative in getting to know your customers or clients. Send surveys and check in personally. Share in their wins as often as you can. Go beyond merely following them on social media and reposting content. Surprise and delight them by sharing their goals, growth and other exciting news they may share.

    Offering special attention to your clients enables them to envision a strong, long-term partnership with you. That mindset leads to raving fans who sing your praises and help grow your brand.

    4. Challenge yourself

    Challenge yourself each week to be 1% better. Reaching for that small 1%, even broken down over the year, will enormously impact your success. Think about continuous, mindful and meaningful improvements. Address your weaknesses and fortify your strengths. Make your impact through small wins over time.

    Related: 12 Actions You Can Take to Become a Better Person and a Better Leader

    5. Do what you love

    Determine what you love and do more of it — in business and life. This keeps you motivated and combats burnout. For example, traveling will be at the top of my list this year. With careful planning, a workcation — or an extended stay vacation with a mix of fun and work — is one of my main priorities and a practice worth following.

    Find what you enjoy (i.e., a big city, ocean, etc.) and take a workcation as part of your upcoming plans for the year. You will return re-energized and ready to tackle the road ahead. Plus, you more than likely have new business ideas that you discovered while away from your business’s day-to-day activities and stresses.

    6. Practice listening

    You gain so much more from conversations if you simply learn how to listen. So often, leaders listen to respond as opposed to genuinely listening to what is being said. In doing so, they miss out on subtext and depth in the conversation, especially since much communication is nonverbal.

    When you focus on listening, you gain a more accurate sense of what is being said and why it matters. And truly, doesn’t it feel great when you know you are being heard?

    Related: How to Listen to Your Employees

    7. Find a mentor or coach

    Find a mentor or coach. More specifically, find someone in your industry that you admire because they perform better than you in your space. They will help you develop better strategies and overcome challenges.

    A mentor or coach will provide a learning experience, offer a bird’s eye view of your company and help you reach the next level. Working with someone who understands your challenges and has risen above them can be priceless.

    8. Set your goals high

    Knowing what is truly possible, set your goals high. As an accidental entrepreneur, if you had told me 11 years ago that my business would grow to a more than two million dollar business, it would have been hard to imagine — it would have felt crazy.

    With hard work, delegation, a dedicated co-founder and a team that supports us, it is now our reality. We continue to put goals and systems into place to sustain and multiply this growth.

    Follow these secrets to success to make 2023 a standout year for your business. Remember, success is achieved in your personal life as well as your professional life. Be sure to enjoy the entrepreneurial journey along the way.

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    Lauren Gall

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  • Rishi Sunak is haunted by ghosts of prime ministers past

    Rishi Sunak is haunted by ghosts of prime ministers past

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    LONDON — “Back to her old self again” was how one erstwhile colleague described Liz Truss, who made her return to the U.K.’s front pages at the weekend. 

    That’s exactly what Rishi Sunak and his allies were afraid of. 

    Truss, who spent 49 turbulent days in No. 10 Downing Street last year, is back. After a respectful period of 13 weeks’ silence, the U.K.’s shortest-serving prime minister exploded back onto the scene with a 4,000-word essay in the Sunday Telegraph complaining that her radical economic agenda was never given a “realistic chance.”

    In her first interview since stepping down, broadcast Monday evening, she expanded on this, saying she encountered “system resistance” to her plans as PM and did not get “the level of political support required” to change prevailing attitudes.

    While the reception for Truss’s relaunch has not been exactly rapturous — with much of the grumbling coming from within her own party — it still presents a genuine headache for her successor, Sunak, who must now deal with not one but two unruly former prime ministers jostling from the sidelines. 

    Boris Johnson is also out of a job, but is never far from the headlines. Recent engagements with the U.S. media and high-profile excursions to Kyiv have ensured his strident views on the situation in Ukraine remain well-aired, even as he racks up hundreds of thousands in fees from private speaking engagements around the world.

    Wasting no time

    Truss and Johnson have, typically, both opted for swifter and more vocal returns to frontline politics than many of their forerunners in the role. 

    “Most post-war prime ministers have been relatively lucky with their predecessors,” says Tim Bale, professor of politics at Queen Mary, University of London. “They have tended to follow the lead of [interwar Conservative PM] Stanley Baldwin, who in 1937 promised: ‘Once I leave, I leave. I am not going to speak to the man on the bridge, and I am not going to spit on the deck.’”

    Such an approach has never been universal. Ted Heath, PM from 1970-74, made no secret of his disdain for his successor as Tory leader Margaret Thatcher. Thatcher in turn “behaved appallingly” — in Bale’s words — to John Major, who replaced her in Downing Street in 1990 after she was forced from office.

    But more recent Tory PMs have kept a respectful distance.

    David Cameron quit parliament entirely after losing the EU referendum in 2016, and waited three years before publishing a memoir — reportedly in order to avoid “rocking the boat” during the ongoing Brexit negotiations. 

    And while Theresa May became an occasional liberal-centrist thorn in Boris Johnson’s side, she did so only after a series of careful, low-profile contributions in the House of Commons on subjects close to her heart, such as domestic abuse and rail services in her hometown of Maidenhead.

    “You might expect to see former prime ministers be a tad more circumspect in the way they re-enter the political debate,” says Paul Harrison, former press secretary to May. “But then she [Truss] wasn’t a conventional prime minister in any sense of the word, so perhaps we shouldn’t be surprised that she’s done something very unconventional.”

    Truss’s rapid refresh has not met with rave reviews.

    Paul Goodman, editor of influential grassroots website ConservativeHome, writes that “rather than concede, move on, and focus on the future, she denies, digs in and reimagines the past,” while Tory MP Richard Graham told Times Radio that Truss’ time in office “was a period that [people] would rather not really remember too clearly.”

    One long-serving Conservative MP said “she only had herself to blame for her demise, and we are still clearing up some of the mess.” Another appraised her latest intervention simply with an exploding-head emoji.

    Trussites forever

    But despite Tory appeals for calm, the refusal of Truss and Johnson to lie low remains a serious worry for the man eventually chosen to lead the party after Truss crashed and burned and Johnson thought better of trying to stage a comeback.

    Between them, the two ex-PMs have the ability to highlight two of Sunak’s big weaknesses. 

    While Truss may never live down the disastrous “mini-budget” of last September which sent the U.K. economy off the rails, her wider policy agenda still has a hold over a number of Conservative MPs who believe they have no hope of winning the election without it. 

    This was the rationale behind the formation last month of the Conservative Growth Group, a caucus of MPs who will carry the torch for the low-tax, deregulatory approach to government favored by Truss and who continue to complain Sunak has little imagination when it comes to supply-side reforms. 

    Simon Clarke, who was a Cabinet minister under Truss, insisted “she has thought long and hard” about why her approach failed and “posed important questions” about how the U.K. models economic growth in her Telegraph piece.

    Other Conservatives have been advocating a reappraisal of the actions of the Bank of England in the period surrounding the mini-budget, arguing that Truss was unfairly blamed for a collapse in the bond market.

    But Harrison doubts whether she may be the best advocate for the causes she represents. “There’s a question about whether it actually best serves her interests in pushing back against a strong prevailing understanding of what happened so soon after leaving office.”

    Johnson, meanwhile — to his fans, at least — continues to symbolize the star quality and ballot box appeal which they fear Sunak lacks. 

    One government aide who has worked with both men said Johnson’s strength lay in his “undeniable charisma” and persuasive power, while Sunak, more prosaically, “was all about hard work.”

    These apparent deficiencies feed into a fear among Sunak’s MPs that he is governing too tentatively and, as one ally put it recently, needs to rip off the “cashmere jumper.”

    It’s been posited that British prime ministers swing back and forth between “jocks” and “nerds” — and nothing is more likely to underline Sunak’s nerdiness than a pair of recently-deposed jocks refusing to shut up. 

    Trouble ahead 

    Unluckily for Sunak, there are at least three big-ticket items coming up which will provide ample ground on which his nemeses can cause trouble. 

    One is the forthcoming budget — the government’s annual public spending plan, due March 15. Truss and Johnson are unlikely to get personally involved, but Truss loyalists will make a nuisance of themselves if Sunak’s approach is judged to offer the paucity of answers on growth they already fear.

    Before that, Truss is expected to make her first public appearance outside the U.K. with a speech on Taiwan which could turn up the heat on Sunak over his approach to relations with China. 

    One person close to her confirmed China would be “a big thing” for her, and is expected to be a theme of her future parliamentary interventions.

    Then there is the small matter of the Northern Ireland protocol, the thorniest unresolved aspect of the Brexit deal with Brussels where tortured negotiations appear to be reaching an endgame.

    Sunak has been sitting with a draft version of a technical deal since last week, according to several people with knowledge of the matter, and is now girding his loins for the unenviable task of trying to get a compromise agreement past both his own party and hardline Northern Irish unionists.

    A Whitehall official working on the protocol said Johnson “absolutely” had the power to detonate that process, and that “he should never be underestimated as an agent of chaos.”

    One option touted by onlookers is for Sunak to attempt to assemble the former prime ministers and ask them to stand behind him on a matter of such huge national and international significance. But as things stand such a get-together is difficult to picture.

    At the heart of Johnson and Truss’ actions seems to be an essential disquiet over the explosive manner of their departures.

    They appear fated to follow in Thatcher’s footsteps, as Bale puts it — “not caring how much trouble they cause Sunak, because in their view, he should never have taken over from them in the first place.”

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    Esther Webber and Annabelle Dickson

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  • Are You a Winner? How to Truly Define Winning in Your Business

    Are You a Winner? How to Truly Define Winning in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Businesses gauge their performance typically with dozens of goals and metrics. But you can’t do everything at once. The challenge is to get people focused on the one thing that’s most important right now. If it moved in the right direction, it would eliminate a weakness (or capitalize on an opportunity) and improve financial outcomes. You improve that, and you win.

    However, not every company clearly defines winning. A catalog of goals can pull the organization in multiple directions and stretch finite resources. Numerous goals can inherently be at odds, working against each other and for conflicting purposes. For example, a cost reduction goal might undermine an innovation goal requiring a significant investment.

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    Andrea Olson

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  • Having a 10-Year Plan Is a Bad Idea. Here’s Why — and What You Should Do Instead.

    Having a 10-Year Plan Is a Bad Idea. Here’s Why — and What You Should Do Instead.

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    Opinions expressed by Entrepreneur contributors are their own.

    “Everybody has a plan ’till they get punched in the mouth,” Mike Tyson famously said in 1987. History teaches us that we will face conflict when we don’t plan and often when we do. Over 60 years ago, President Dwight D. Eisenhower said, “Plans are worthless, but planning is everything.” We learn valuable information during the exercise of planning and not just the understanding that even the best plans can and will change.

    When planning for your business battles, do you ever really know what is ahead, and most importantly, what to do? Strategic planning can help create mechanisms and mindsets to allow you to respond to the battles ahead, but it is not a one-time thing or a “set it and forget it” activity.

    It is a plan that shows the way forward for your business, spelling out your company’s goals and why they are important. It can also guide you by outlining things to consider when responding to opportunities and challenges.

    Related: Why Having a Strategic Plan for Your Business Is Essential

    Why are long-range strategic plans not realistic?

    I believe in one- and three-year strategic plans and re-establishing them each year. Just keep in mind that a strategic plan is a roadmap for a company to achieve its goals. It’s also a tool to unite your teams, motivating them with clarity, direction and focus.

    Not that you wouldn’t want to have a list of items you want to achieve long-term (I do have one), but because we live in a world that is changing faster and faster, we must adapt our plans in an agile way and harness the power of technology and systems to help us.

    Companies need to be fluid and mobile. In a changing world, the future is no longer easy to predict based solely on the past. What we need is a strategy that breaks away from the old three-ring binder plan already starting to gather dust on the shelf and instead devises one that is adaptive and directive.

    This is why the one-to-three-year timeframe helps and why a 10-year timeframe is obsolete before it even begins.

    Related: 5 Actionable Strategic-Planning Tips To Boost Business Efficiency

    What should strategic goals align with?

    If strategic goals are your long-term objectives, operational goals — or, as we call them, lead measures — are the daily milestones that have to be reached to achieve them.

    While aligning your business goals with your strategic goals can be hard to do every year, we must make an effort. Don’t forget that the actions you take each day should mostly roll up to achieving your goals.

    For our franchise brands and us, our three main goals each year are franchisee success, revenue and profit. Each brand determines success, but revenue and profit numbers change each year. What’s important is to have your main strategic goals supported by lead measures — actionable items you will do each day and week that will lead to accomplishing the goal.

    So, for example, if you are a salesperson and have a goal of $XXX sales this year (revenue), what do you need to do to make those sales?

    Look at your sales funnel to determine the steps and the quantity of each step you need to make your goal: how many leads or prospects; how many points of contact, calls, presentations, discovery days and follow-up calls; or how many applications?

    Related: How to Fall in Love With Strategic Planning

    How do I prioritize goals and to-do lists?

    One recipe for disaster is never doing the most important things and always doing the urgent things. While balancing them, you should stay focused on the most important goals.

    It’s not about “to-do” lists or checklists — it’s about your goals. The only thing worse than not having goals is having too many goals. I believe that three primary goals per year and two to three lead measures for each are good.

    While there are set goals and trackable lead measures, don’t forget that there’s never only one way to get something done; there are multiple ways.

    So, encourage your team members to do what they feel is right. Find out what they want to do rather than just telling them what you would do to achieve it. Weaving that strategy into your planning together will help you get better results.

    In The Power of Positive Leadership, author Jon Gordon famously advised us not to focus on the numbers. We must trust the process, and when we keep doing things the right way, the numbers will eventually rise, those wins will come, and the desired outcomes will occur.

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    Ray Titus

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  • 5 Things All Successful and Profitable Media Productions Need

    5 Things All Successful and Profitable Media Productions Need

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    Opinions expressed by Entrepreneur contributors are their own.

    Great television shows and films have staying power, which means they capture and keep the viewers’ attention and often motivate them to action. For some shows, this could mean tuning in week after week for each new episode.

    For documentary films, it could mean changing a lifestyle or habit to help effect change. Successful media productions have several qualities that help encourage viewership, inspire action and leave viewers satisfied. For the producer, successful productions mean an increase in profit. These essential qualities cross genres, locations, production lengths and much more.

    A structure to fit the genre

    There are various ways to develop a storyline, but certain expectations exist for particular genres. Many television shows follow the three-act structure that tends to define literary works. The beginning, the middle and the end divide a storyline across an individual segment and an entire series. The characters, settings and plot unfold differently through these periods, giving the viewer a way to follow the show without getting lost.

    It’s also important to remember how the audience will watch the production. Productions developed for television must account for commercial breaks or other interruptions, such as programming changes. Building up tension with dramatic elements or omitted information can keep viewers engaged with the show and keep them from changing channels during a commercial. In a film, think about where to insert some comic relief or how to bring an audience down from an intense moment of action.

    Related: 10 Ways Producing Television Taught Me to Succeed

    A clear but unique point of view

    For a production to receive the attention that will (ideally) make it successful and profitable, it should stand out and be distinct from other shows or films in its genre. There is an audience for every type of production out there, but chances are, someone else is already filling the market with a product.

    Viewers want a fresh new take on something familiar. Changing how you host a talk show or incorporating elements you need to become more familiar with gives you a way to present something different. The newness of your presentation and idea needs to make sense while generating the necessary curiosity to see more.

    A storyline containing meaningful conflict

    Whether you’re filming a sports theme, documentary, talk show or comedy, it’s imperative to include significant conflict elements to generate viewership and satisfy your audience. Conflict can take many forms and add to the development of an idea, such as with a talk show. Healthy conflict involves reasoning between two or more ideas to inspire dialogue. It could also include situations that test a particular character, whether physically, intellectually or emotionally.

    If you’re developing a television series, incorporate conflict that spans the entire series or across several episodes. The desire for resolution helps attracts viewers over the duration, but working in shorter periods of conflict within an episode can attract and hold their attention over the short term. In longer films, it’s crucial to keep conflict from playing out too long, at least with brief moments that offer some sort of resolution. An audience needs hope when watching characters they can trust and relate to.

    Related: 5 Steps to Craft a Story That Hooks Your Audience Every Time

    A screen full of believable characters

    Your storyline and presentation engage more viewers when the characters are interesting, relatable, and believable. This is important whether you produce a daily talk show, mini-series or full-length film. Your audience wants to be captivated by those they are watching, whether it’s their interactions with one another, how they respond to situations or how they handle emotional or physical challenges. While not everyone can relate to being a superhero, the drama and friction inherent in unconventional relationships are something many can appreciate.

    If the media production is a newscast, keep the audience in mind when selecting anchors for a particular story or segment. Seasoned anchors may appear more sympathetic and understanding when discussing sensitive information or social problems. Characters developed for a comedy shouldn’t abandon all maturity and seriousness, especially in real-world scenarios where subtly is necessary.

    Related: Top 10 Horror Movie Entrepreneurs

    A dialogue that enhances character perception

    Whether it’s a rom-com, sports talk show or marketing production, the audience knows the importance of less is more when it comes to dialogue. Unnecessary, filler conversation is unappealing and creates the perception that the production is slow or out-of-touch. All dialogue or discussion should work to draw the audience into the storyline or segment, often done through humor, honesty, passion and more. Make sure the dialogue fits both the show and the character. When a character is known for a sense of humor or the inability to be discreet, it helps bring the characters to life and causes the show to stand out from others in the field.

    These are just some of the critical factors to consider when planning your next media production. While it’s important to have your idea and vision for the work in mind, it’s how the audience will perceive and engage with the end result that matters. Their loyalty is what makes it successful and profitable.

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    Eric Weinberger

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  • Pathify Announces New Funding From Brex Asset Management

    Pathify Announces New Funding From Brex Asset Management

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    Pathify closed a new funding deal with Brex Asset Management to help universities drive greater student engagement via its Engagement Hub

    Press Release
    –


    updated: Feb 2, 2023 08:44 MST


    DENVER, February 2, 2023 (Newswire.com)
    –
    Pathify, a leading provider of student portals for colleges and universities, today announced it has recently received funding from Brex Asset Management. This new capital will help Pathify expand its student portal offering throughout the United States and beyond. The funding from Brex Asset Management came in tandem with further investment from Pathify’s existing shareholders.

    The Pathify Engagement Hub fills the void at the center of the higher education digital ecosystem, creating a centralized user experience unifying all things digital. Pathify has achieved a greater than 100% compound annual growth rate on recurring revenue over the past four years, as the Engagement Hub gains traction at institutions across the country. 

    “We’re thrilled to partner with Chase, James, and the team at Pathify that has reimagined the student experience and modernized the university tech stack,” said Benjamin Wu, CEO of Brex Asset Management. “Pathify is a great addition to our portfolio. They provide a mission-critical service to an underserved market with a capital-efficient business model. Our mission is to support our customers at every stage of growth, and we are excited to support Pathify through this next phase.” 

    This deal marks continued momentum for Brex Asset Management and its affiliated fund, which U.S. fintech company Brex launched as a way to provide companies with growth capital and help founders take their business to the next level. Brex Asset Management selectively provides capital to scaleable, high-growth startups with strong recurring revenue in expanding sectors. 

    “We’re excited to partner with the team at Brex to further strengthen Pathify’s Balance Sheet, particularly in the current tech environment,” said Pathify Chief Financial Officer and co-founder James McCubbin. “Brex met all the key criteria we were looking for in a financial partner and we look forward to our ongoing relationship with them.”

    The Brex funding will help Pathify continue to scale its product suite and deepen integrations with strategic partners, all while maintaining its industry-best customer success and support.

    “We experienced rapid growth last year and this capital allows us to continue our expansion plans this year and beyond,” said Pathify Chief Executive Officer and co-founder Chase Williams.

    About Brex Asset Management

    Brex Asset Management (“BAM”), Brex’s asset manager focusing on supporting companies with venture debt and growth capital, leverages Brex’s reach within the venture fund-backed startup industry and offers alternative investment opportunities to investors around the world — including institutional investors, endowments and foundations, financial institutions, and private wealth investors. BAM is a wholly owned subsidiary of Brex Inc.

    About Brex

    Brex empowers the next generation of businesses with an integrated corporate card and spend management software. We make it easy for our customers to manage every aspect of spending and empower their employees to make better financial decisions from anywhere they live or work. Brex proudly serves tens of thousands of growing businesses, from early-stage startups to enterprise leaders. Learn more.

    About Pathify

    Obsessed with making great technology while developing incredible long-term relationships with customers, Pathify remains hyper-focused on creating stellar experiences across the entire student lifecycle — from prospects to alumni. Delivering cloud-based, integration-friendly technology designed to drive engagement, Pathify pushes personalized information, content, and resources to the right people, at the right time — on any device. Led by a team of former higher ed executives, builders, and technology leaders, the team at Pathify focuses every day on serving the needs of learners everywhere. Learn more at pathify.com.

    Source: Pathify

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  • 5 Trends Redefining Business and Entrepreneurship

    5 Trends Redefining Business and Entrepreneurship

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    Opinions expressed by Entrepreneur contributors are their own.

    Being an entrepreneur or business owner today has proven extremely challenging. As we enter the new year, we have many variables to consider. Fortunately, every new year presents an opportunity to position ourselves for success, provided we make ourselves aware of the forecasted trends.

    As we enter the new year, let’s look at five prevailing trends affecting entrepreneurs and business owners. We’ll discuss how to use this information to shield yourself from uncertainty while maximizing your efforts.

    1. Technology will continue to grow

    Technology and digitalization may be the only factors not influenced by geopolitics. Indeed, innovation has never occurred at a more blistering pace than it has through the early 2020s. In 2023, experts predict AI (artificial intelligence) and VR (virtual reality) will continue to grow and expand into new sectors and industries.

    Early adopters can enjoy new, time-saving, and money-saving benefits. In other cases, they will find they’ve put the cart before the horse and will need to wait for their customers to catch up. Whatever your industry, it’s critical that you stay on top tech news and watch for products that have the potential to benefit (or hurt) your bottom line.

    2. Sustainability will take a front seat

    It only took one summer of high gas prices to completely change how the world feels about electric cars. Now, green and sustainable technology is trending more than ever. In August, a new study revealed that 66% of U.S. consumers would be willing to pay more for sustainable products.

    And while many business owners feel this trend only applies to energy or high-polluting industries, this couldn’t be further from the truth. Modern consumers are interested in green and ethical sourcing at all levels of the supply chain. From how factories are powered to the treatment of labor to how the final products are packaged, every step in the process could be a potential marketing goldmine (or a PR nightmare).

    3. Employee/employer relationships will continue to change

    Few things in the post-pandemic world changed as dramatically as work. And while corporate leaders see this shift as a major threat to their productivity, smaller enterprises may be able to capitalize on new employment trends. For instance, by offering remote or hybrid work options, you can instantly make yourself more attractive to potential employees. Many of these might accept less pay in exchange for more freedom. Sometimes, you save thousands by doing away with your office space.

    Of course, only some businesses lend themselves to remote work. That’s where you should refer back to #1 on this list. Technology is moving so quickly that it could effectively replace many paid positions within the next 12 months. Couple this with the growing viability of third-party manufacturing, and you suddenly have many new avenues to expand or cut costs.

    4. Customers will demand better experiences

    Deloitte recently published a great article on the true value of the customer experience. It highlights how much has changed regarding what customers look for in a business, product, or service. Indeed, while price point and quality are still very important, modern consumers tend to identify with the brands they use in the same way they might identify with a friend or significant other. For this reason, they crave experiences that bring them and their brand “closer together.”

    This can be as simple as including personalized or exclusive items with your products or streamlining the buying experience. Whatever the case, the goal is to make your customers feel special, boosting loyalty and encouraging them to promote your brand to others. Of course, technology will also play a pivotal role in this process. From recommendation engines and automated after-sales support to 3D dressing room experiences, the more you can offer your customers, the better.

    5. Everything will be affected by economic factors

    The world entered 2023 with a war in Ukraine, an energy crisis in Europe, and record inflation nearly everywhere else. While these might seem like problems “for the big guys,” every single business will be affected by these factors in the coming year. Whether it comes from late supply shipments, increased fuel costs, or overpriced products, we’re all likely to feel some economic pinch.

    Without a crystal ball, the only real solution to this problem is for business owners to map out their entire supply chain and identify any parts that might be at risk. Where is your manufacturing done? Who handles your shipping? Are any of the materials in your products susceptible to supply chain problems? If your business is more service-oriented, will it be affected by inflation, energy prices, or demand decay? The more you know now, the better you can be prepared later.

    Every new year presents new challenges for entrepreneurs and business owners. But in the end, that’s all they are! With a little preparation and a commitment to staying on top of industry news, you can put yourself in a position to weather any storm. More importantly, you can take advantage of opportunities you might not have considered in the “old days” of 2022.

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    Larry Jones

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  • Your Company’s Responsible Guide to Staying Profitable in a Recession

    Your Company’s Responsible Guide to Staying Profitable in a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

    The recent trend of easy money and exorbitant valuations has skidded to a halt amid recent economic volatility. Understandably, many companies rode that wave as long as they could, but in doing so many prioritized growth over sustainability and sound leadership. Layoffs continue to ripple through the tech ecosystem, so employees both in this sector and elsewhere are feeling the consequences.

    Having to let go of staff members is all but unavoidable in a company’s lifecycle, but there is always more that can be done to keep businesses afloat while preserving morale. Strategies can include responsible budgetary decision-making, thoughtful and prudent responses to external pressures and transparent dialogue with employees, to name a few. Such actions can help companies remain healthy, productive and profitable, even as they navigate challenging waters.

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    Jillian Goldberg

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  • 6 cheap stocks that famed value-fund manager Bill Nygren says can help you beat the market

    6 cheap stocks that famed value-fund manager Bill Nygren says can help you beat the market

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    These are tricky times in the stock market, so it pays to look to the best stock-fund managers for guidance on how to behave now. Veteran value investor Bill Nygren belongs in this camp, because the Oakmark Fund OAKMX he co-manages consistently and substantially outperforms its peers. 

    That isn’t easy, considering how many fund managers fail to do so. Nygren’s fund beats its Morningstar large-cap value index and category by more than four percentage points annualized over the past three years. It also outperforms at five and…

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  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

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    Francesco Fazio

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  • Expanding to China? Don’t Do These 6 Things.

    Expanding to China? Don’t Do These 6 Things.

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    Opinions expressed by Entrepreneur contributors are their own.

    According to the American Chamber of Commerce in South China’s 2022 report, foreign companies are quite optimistic about their China expansion plans. As many as 72% of the companies surveyed intended to expand their China operations over the next three years.

    However, even with a large number of companies interested, foreign investments in China were down by 2.1% in 2022. This can be attributed to restrictions imposed for Covid shutdowns, along with the complexity of expanding into a huge and complex market such as China for small and large enterprises alike.

    Not being aware of the laws of the land can result in serious complications along with loss of money and time. For instance, AstraZeneca, the global pharma giant, found out the hard way that it needed government permission to transfer citizens’ genetic material to third parties even within China’s borders, resulting in criminal arrests of the company’s employees.

    Avoid these six mistakes to ensure you don’t fall victim to a similar unfortunate incident when venturing into the Chinese market:

    Related: 6 Tips for Doing Business in China

    1. Not researching business registration laws

    Building a subsidiary in a new country, especially one as legally complex as China, is a massive undertaking both in terms of time and money. You can either choose to hire individual consultants and law firms to guide you in different steps or complete the entire process on your own.

    While the government incorporation costs to register a Wholly Foreign-Owned Enterprise or WFOE isn’t much, and you’d be tempted to do it yourself, a single mistake can set you back thousands of dollars in legal fees.

    For instance, when registering a WFOE, you need to ensure that the scope of your business is broadly defined in the application to accommodate future changes but specific enough to be approved by the authorities. Getting this crucial element wrong can create legal issues for your company down the road.

    On the other hand, Professional Employer Organization (PEO) services allow you to have a legally approved presence in the country without getting bogged down by protracted registration cycles. This is because a global PEO such as INS Global deals with legal compliance, payroll administration and other legal benefits globally on your behalf.

    2. Missing essential certificates and licenses

    China has strict laws regarding the products and services that can be sold within its borders. Multiple government departments require your products to be certified and licensed before distribution.

    Your business and products should also be compliant with the Foreign Investment Negative List, Market Access Negative List, and the Unreliable Entity List. Correctly completing these additional requirements is time-consuming. Thus, many companies partner with a local entity well-versed with all the necessary certificates and licenses to reduce these legal hassles.

    3. Not studying local tax regulations

    Tax laws for businesses in China can differ from those in many western countries. Enterprise income tax, business tax, import duties, value-added tax and more need to be closely studied before commencing operations in the country.

    Legal and tax advisors can help you assess the impact of all relevant taxes on your China operation. Hence, it’s essential to know them in-depth during the initial phase of your expansion.

    Related: 3 Steps to a Successful International Expansion

    4. Ignoring local labor laws

    Chinese labor laws can differ significantly from what you might be used to in your home country. Strict employment contracts are required by law, and they’re limited to only fixed-term, open-ended and project-based contracts.

    When hiring in China, additional clauses like a non-compete can also differ from, say, American contracts. For instance, compensation is required to be paid to an employee during the non-competition period.

    Severance pay calculation in China is also something you should be aware of. In short, companies owe employees one month’s salary for every completed year of service.

    Employment contracts can be tricky if you’re unfamiliar with China’s labor landscape. Leveraging the services of a local PEO can ease the process for you.

    5. Not having airtight dispute resolution contracts

    Dispute resolution clauses are heavily negotiated when doing business with Chinese entities. Companies need to get into airtight arbitration clauses when partnering with local vendors. The U.S. and China are both parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York” Convention).

    But the arbitration clause needs to be properly drafted: deciding which arbitration institution and rules to choose, the location of the arbitration, the language to be used and the governing law that’ll govern any disputes.

    Arbitration clauses have the potential to drag your company into years-long court cases and huge financial losses. Hence, it’s always better to consult with a trusted partner that knows the ins and outs of dispute resolution in the Chinese context.

    6. Not protecting your intellectual property

    China’s IP protection laws have improved drastically over the years, offering foreign companies much more legal protection to safeguard their IP. But the onus still lies on the company to obtain copyright protection before launching operations in the country. Global trademarks are not automatically protected in China, so you’ll need to register them again. And with the first-to-file trademark system, it needs to be done as soon as possible.

    China’s National Intelligence Law also affects how you manage your core IP. Moreover, China’s Cybersecurity Law determines how your organization can collect, store and transfer customer data.

    Related: Considering an Overseas Expansion? Avoid These 3 Mistakes.

    Flexibility and partnerships to unlock success in China

    Companies mulling expansion to China stand to unlock increased and sustainable growth in one of the largest economies on the globe. But diving headfirst without the necessary homework can quickly kill your expansion dreams and tarnish your brand for years to come.

    Besides legal compliance, it’s also incredibly important to take your time to study China’s cultural and socio-political landscape to be able to adapt your products effectively to the market. Chinese businesses also differ from their western counterparts in terms of corporate hierarchies, compensation structures, distribution channels, advertising laws and more. Being flexible and open to partnerships is the way to go if you want to tame the Chinese dragon.

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    Wei Hsu

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  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shame in admitting it: Generating leads is exhausting. It drains your time, resources and patience. But despite its inherent pains, lead generation is integral to growth.

    Unfortunately, there is no metaphorical ibuprofen to make the process any less of a headache. Developing a winning lead generation strategy is all about weathering the droughts and downpours with perseverance. But you don’t always have to go it alone. You can accelerate your growth and avoid unnecessary roadblocks by partnering with an expert.

    Hiring a lead generation company can be a great way to expand your business and bring in new customers, but you have to ensure it’s the right move. To help you make the best decision for your company, here are the 10 questions you should ask before hiring a B2B lead generation company:

    Related: A Straightforward Guide To Effective B2B Lead Generation

    1. What is the company’s lead generation process?

    How leads are generated influences the quality and quantity of prospects in your pipeline. So, it’s important to understand each lead generation company’s process before making a hiring decision. Finding a lead generation company that aligns with your business goals and target audience comes down to the strategies and tactics they implement.

    For B2B, inbound marketing is a great long-term strategy, but if you are looking for more immediate results, outbound is the way to go. Still, you’ll want to avoid those who practice outdated lead generation processes such as single-channel marketing, mass-blast email campaigns and aggressive telemarketing. Modern outbound lead generation relies on precision targeting and multichannel outreach to drive brand awareness and interest to the right audience at the right time.

    Keep in mind that your lead generation partner will represent your brand’s first impression on potential clients. So, go ahead; be as picky as you like when choosing the right lead generation company. Not only will a stringent selection process protect your brand reputation, but you’ll end up with more high-quality leads to convert.

    2. Does the same SDR deliver all touchpoints?

    Lead generation is full of repetitive, time-consuming tasks, which is why many companies outsource this part of the sales process. Efficiency can be lost, however, if these activities are split among multiple sales development representatives (SDRs). Still, some lead generation companies practice the dissection of duties based on the touchpoint type. SDRs will be assigned based on a channel such as email, LinkedIn or phone calls. The trouble is this can cause miscommunication with potential clients, which makes your prospecting methods feel unprofessional.

    If you hire a lead generation company, you will most likely work with more than one SDR. Check how touchpoints are handled through the campaigns, and verify that each SDR has their own lead list to pursue. This will help your company maintain a professional appearance through every step of the prospecting process.

    3. Where is the client-facing team located?

    Outsourcing and offshoring are often synonymous, but when it comes to prospecting, the location of your client-facing team can really make a difference. B2B products and services often involve complex solutions that are difficult to sell. Sales development representatives (SDRs) must be able to communicate efficiently and effectively to build rapport with prospective clients.

    Look for a team based in the same location as your target market. If the SDRs and prospects share the same time zone and language, conversations will flow more smoothly. In turn, sales appointments booked will be beneficial and informative for both you and your prospective clients.

    4. How experienced are the SDRs?

    Chances are, if you are contemplating outsourcing, you are searching for experts to help you move the needle. However, retaining experienced salespeople is not easy. SDR burnout is high, with 50% churning within 12 months. Most lead generation companies control costs by hiring inexperienced workers to fulfill the tasks. As you may expect, such SDRs produce inconsistent results at best and numerous mistakes at worst. While lead generation teams often have a sales manager to keep performance in check, they do not handle the daily activities that directly impact your pipeline.

    Interviewing SDRs from the lead generation companies you are considering can help you get a feel for the experience your client-facing team would be bringing to the table. In addition, the SDRs’ LinkedIn profiles can provide you with the background information you need to verify they have what it takes to produce results.

    5. How are the SDRs compensated?

    As we’ve discussed, hiring SDRs new to the field is one way lead generation companies cut down on expenses. Some SDRs make as little as $500 a month, but these entry-level compensation rates can hurt morale and motivation.

    Take some time to discuss the SDR pay structure with the lead generation companies you are vetting. While you might not have much say over this aspect of the partnership, knowing the incentive model will help determine if you can expect a steady stream of quality leads.

    6. What types of leads does the company specialize in generating?

    Some partners are more general in their experience, but the truth is no two industries are the same when it comes to lead generation. If you hire a lead generation company will little to no background in your field, the ramp-up time and cost per lead will be comparable to running the campaigns in-house, if not more expensive.

    Companies that specialize in generating leads for specific types of businesses have proven strategies in place to streamline prospecting and shorten sales cycles. These experts also have a pulse on the industry, so they can adapt quickly when consumer purchasing behaviors change.

    Make sure the company you choose has experience generating leads that are relevant to your business. Ask for case studies, testimonials or references to see if past performance in related industries matches your expectations.

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

    Clear and transparent reporting will help you track the return on your investment and make informed decisions about the campaign’s success. When outsourcing lead generation, you need a partner willing to translate their results into metrics that measure progress toward your goals.

    Before hiring a lead generation company, ask how success is measured and what metrics are reported. Share your current sales goals and discuss how meeting those metrics will help your company close the gap. By setting expectations upfront, both parties can ensure that objectives and priorities are in harmony, leading to a more productive campaign.

    8. Does the lead generation company exhibit internal growth?

    The number one reason business leaders hire lead generation companies is to accelerate growth. So, it makes sense that one of the number one ways to validate a lead generation company’s capabilities is to assess its own ability to grow.

    However, this can be difficult, especially if the lead generation companies you are considering are not publicly traded. Luckily, platforms like LinkedIn make it easy to evaluate key metrics like employee headcount that provide insight into the company’s overall health. A significant dip in employees could be a sign of layoffs or internal disruption.

    When making your shortlist, look for lead generation companies with strong year-over-year growth. At a time when economic instability is shaking the foundations of businesses around the world, you’ll be more likely to stand firm with a lead generation partner rooted in proven success for both their clients and themselves.

    9. Do you have the resources to handle the additional leads?

    Partnering with a lead generation company will likely result in a significant increase in pipeline activity, so it’s important to have the resources (such as sales staff, marketing materials and customer service reps) in place to handle the additional volume.

    In most cases, lead generation partners handle the first four stages of the sales cycle: prospecting, contacting, qualifying and nurturing. Once an appointment is booked, the internal sales team guides prospective clients through the remaining purchasing process. So, lacking the resources needed to usher leads toward conversion could result in lots of lost opportunities. To maximize the ROI of your partnership, prepare your team to take on a full funnel of leads.

    Alternatively, you can seek out a full-service lead generation firm that offers support throughout the entire sales cycle, from prospecting to closing. Such partnerships can be more cost-effective than scaling your resources before you scale your revenue.

    10. Do you have a clear target market?

    A B2B lead generation company will be most effective if you understand your target market and can provide detailed information about the types of companies and individuals you want to reach.

    With a clear picture of your target market, a lead generation partner can develop ideal client profiles (ICPs) for each decision-maker. These ICPs guide every element of the lead generation process, including list building, content creation and objection handling. Using the demographic, firmographic and technographic data of each ICP, a team of experts can develop a custom campaign strategy designed to convert prospects quickly.

    However, if you are unsure about or have experienced trouble penetrating your target market, don’t hesitate to discuss your current challenges with potential lead generation partners. These specialists have a keen understanding of product-market fit and can walk you through the steps you need to take to identify your most profitable target market.

    Related: Lead Generation Best Practices That Help You Find New Customers

    How to know you’ve found the right lead generation company

    It’s essential to do your due diligence by researching the lead generation companies you are considering. Reviews and testimonials are helpful, but don’t be afraid to ask technical questions about processes, procedures and performance.

    There are hundreds of lead generation companies to choose from, all with their own unique purpose and place in the market. Ultimately, the right partner for you will be the one that most closely aligns with your business needs and goals.

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    Vito Vishnepolsky

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  • 4 Ways Your Business Can Take Advantage of a Recession

    4 Ways Your Business Can Take Advantage of a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    1. Look for white space in the market

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

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

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

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

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

    2. Attract top talent

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

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

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

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

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    3. Take advantage of lower costs

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

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

    4. Deploy cost-optimization technologies

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

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

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

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

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

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

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

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    Frederik Bussler

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  • 5 Crucial Predictions For Retail in 2023

    5 Crucial Predictions For Retail in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    1. Increased adoption of an omnichannel approach

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

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

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

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

    Related: Future Of Retail Is Omnichannel

    2. Hyperpersonalization will skyrocket

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

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

    3. AI redefines the shopping experience

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

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

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

    4. Data privacy laws will become stricter

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

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

    5. A switch to organic marketing

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

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

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

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    Jacob Loveless

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  • How to Grow Your Business and Maintain Your Independence

    How to Grow Your Business and Maintain Your Independence

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    Opinions expressed by Entrepreneur contributors are their own.

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


    Luis Alvarez | Getty Images

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

    Related: 7 Steps to Finding Freedom in Your Business

    1. Don’t eat the free lunch

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

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

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

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

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

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

    2. Cultivate diverse revenue streams

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

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

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

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

    Related: 4 Ways To Achieve Sustainable Growth

    3. Be an expert — and act like one

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

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

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

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

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

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

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

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

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

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    Tim Hentschel

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

    Securing Venture Capital for Your Business Means Getting Back to Basics

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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    Douglas Wilber

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  • ‘Markets are going to get rocked’ as Fed is likely to push rates higher, economist warns

    ‘Markets are going to get rocked’ as Fed is likely to push rates higher, economist warns

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    The Federal Reserve is likely to raise interest rates more than the markets now expect, says Ricardo Reis, an economist at the London School of Economics.

    “Markets are going to get rocked,” Reis told MarketWatch on the sidelines of the American Economic Association annual meeting in New Orleans.

    “All the risks are on the upside. A rate of 5.5% is the minimum,” he added.

    Last month the Fed raised the top end of its benchmark rate range to 4.5%. The central bank penciled in a 5.25% terminal rate.

    Investors who trade in the fed-funds futures market now expect the Fed to stop raising when rates get to 5%.

    Reis thinks the central bank will ultimately move rates higher.

    The Fed is burned by failing to recognize the persistent upward move of inflation in 2021, he said.

    “So I think they are biased toward over-tightening,” he said. “Either legitimately or because they are worried about fixing their past mistake, there are going to be tighter than you think.”

    The economy is at a turning point and the Fed does face some “tough calls,” Reis said.

    The key going forward is the path of wages.

    Workers need to have their wages go up because their paychecks have not kept up with inflation.

    So the Fed is going to have to gauge if the rise in wages is too much, just right or too little, he said.

    If wages don’t rise much, inflation can quickly return to the Fed’s 2% target, he said.

    If wages rise in line with productivity, the Fed won’t have to raise too much and inflation will come down to 2% in a few years.

    This will be difficult because productivity is an economic variable that is hard to measure.

    If wages spike, this would probably cause companies to continue raising prices, kicking off a wage-price spiral, Reis warned.

    The Fed might overreact to the rise in wages, he said.

    There is a scenario where rates go up “much more,” Reis said. But there is a range — it could be “much much more” or “much more” or “just more.”

    Reis said that he was sympathetic to the idea that raising the unemployment rate to 5.5% was not a terrible outcome if it means a return to low inflation.

    The unemployment rate hit 3.5% in December.

    Stocks
    DJIA,
    +2.13%
     
    SPX,
    +2.28%
    moved sharply higher Friday when the government reported relatively slow increase in wages in December. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.562%
    fell to 3.56%.

     

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