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Tag: Growth

  • Cardano grows 36% in the past two weeks, 6th in gainers

    Cardano grows 36% in the past two weeks, 6th in gainers

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    Cardano continues to report growth this week, currently sitting at number 6 for top gainers in today’s CoinMarketCap report.

    Santiment shows that the surge that has occurred this week comes alongside Cardano address activity and whale transactions being at the highest they have been in more than three months.

    Double digit growth

    The Nov. 2 post on X from Santiment, the behavior analytics platform for cryptocurrencies, Cardano, was reported to have grown 9% on Nov. 2 and 4.24% on Nov. 3, totalling 36% over the previous two weeks.

    Top Crypto Gainers and Losers Today | Source: CoinMarketCap

    At the same time, Cardano address activity has grown 23% in the past three weeks, reflecting growth in the platform’s usage and adoption, while whale activity has grown 32% in the same time period.

    CoinMarketCap reports that Cardano currently sits at $0.3208 at the time of writing. 

    A partner chain announcement

    Growth comes at the same time as the announcement from the Cardano Summit 2023, in which the founder & CEO shares a new framework that will allow developers to build their own partner chains.


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    Sarah Jansen

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  • How to Know When to Persist, Pivot or Give Up and Pack it In | Entrepreneur

    How to Know When to Persist, Pivot or Give Up and Pack it In | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This isn’t your standard “persevere and conquer” pep talk. You’ve heard it all — ‘Push through, never give up, you can achieve anything if you set your mind to it.’ Sure, resilience is crucial, but let’s be real: That advice starts to ring hollow when you’re up against wall after wall and you experience rejection after rejection.

    At some point, you’re left wondering if the struggle is even worth it. Most articles don’t tell you that resilience isn’t just about bull-headed tenacity; it’s also about discernment – understanding that there’s a fine line between tenacity and futility. The wisdom lies in knowing when to dig in your heels and when it’s smarter to pivot. Often, a “no” is not a stop sign — it’s a detour sign that says, “Adjust course.”

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

    The case of the unwavering pursuit

    In the mid-90s, my young and struggling advertising agency grappled with the constant challenges of an upstart company, such as personnel, cash flow and client acquisition. We were small but ambitious, armed with a unique approach for helping large companies market and sell their products to consumers through resellers, such as dealers or retail outlets.

    Undeterred by our size and confident in our approach, we had our sights set on the big, national players. One of those big players on my radar was Troy-Bilt. For two relentless years, I pursued them with the confidence that we had a unique marketing solution they couldn’t afford to ignore

    Given that they were just a two-hour drive away in Albany, NY, I took the liberty of making several unscheduled visits. To say the reception was lukewarm would be generous. At one point, I flat-out asked their V.P. of Marketing if I was becoming a nuisance and should just go away. His answer never wavered: “No need to leave; always good to talk, but we’ve got nothing for you.” Then, two years into this dance, the phone rang. It was them. “Scott, we’re ready to give you a shot.” That shot transformed into a multi-million-dollar annual program that sustained for several years.

    Related: 5 Ways to Master the Persistence That Makes a Great Entrepreneur

    The psychology of ‘No’: Your mindset dictates your response

    Rejection is far more than a bruise to your ego — it tests your emotional intelligence and resilience. Often, what hurts us most is not the rejection itself but our emotional response to it. We ruminate, second-guess and eventually let that “no” settle into our mindset as a prohibitive obstacle. But if we can shift our perception and see rejection not as a blockade but as feedback, we turn the tables.

    Mindset matters. A resilient mindset interprets a “no” as a “not yet” or “not this way.” It’s an invitation to revisit your strategy, adapt, change course and charge forward. Your next victory is as much about your mental calibration as it is about the external opportunity.

    Related: Never Underestimate the Power of Adversity: How Hardship Builds Resilience

    When to push forward and when to pivot

    Ah, the million-dollar question: When is a “no” really a “NO,” and when is it a “try again, but differently”? Even the most tenacious of us need to recognize that some doors are meant to remain closed. Perhaps you’re chasing a deal that isn’t the right fit or sticking to a strategy that’s clearly not working. In those moments, the wisdom to pivot is invaluable.

    The key here is data and intuition. Collect and analyze data on your efforts. Are you getting closer to a “yes” or further away? Your gut feeling, informed by experience, will often be your best guide. And remember, redirecting your energy doesn’t mean defeat — it means you’re savvy enough to focus on battles you can win.

    Related: The Art of the Pivot — 6 Steps to Reengineer Yourself for a Career Change

    Rejection is often not about you

    We often internalize rejection as a fault in our personality, skills or ideas. That’s rarely the entire story. External factors — economic downturns, corporate restructuring or internal politics — often contribute to that “no” more than you might think.

    So, when you hear that dreaded word, take a step back. Separate your personal attachment from the situation to objectively analyze why you were rejected. Was it the wrong time for the company? Were there budget constraints? Perhaps a change in leadership? If the rejection involves factors out of your control, don’t let it weigh down your self-worth or deter your progress. Instead, revise your strategy, recalibrate your pitch, and knock on the next door with renewed gusto.

    After you’ve paused to analyze the rejection, knowing full well that many variables could be out of your hands, it’s time to look forward. Start by refining your game plan. There’s an art to taking a “no” and letting it sculpt you into a better, more prepared individual. Pivot your approach, retool your game plan and consider “no” a constructive critique on the road to “yes.”

    Now, you’ve got to build some mental muscle. Rejection stings, but resilience is the salve. Put rejection in your rearview, as your focus needs to be on the road ahead. Every setback is just a setup for an even greater comeback.

    And please, for your own sake, don’t get tunnel-vision chasing one opportunity. Diversify your approaches; it’s like having multiple lines in the water when you’re fishing. One might not bite, but another will. Keep your connections fresh and your network dynamic. Your next opportunity could come from the most unexpected conversations.

    So, as you continue on this unpredictable path, never lose sight of your dream. Every great story — from Edison’s thousand attempts to create a light bulb to J.K. Rowling’s twelve rejections before Harry Potter saw the light of day — includes an anthology of “no’s.” Yours is no different. The ‘yes’ you’re searching for, the one that changes everything, could be just around the corner. And the lessons learned from each “no” along the way? That’s your roadmap, filled with detours that make the journey richer, not just longer, but only if you dare to persevere and the wisdom to pivot when needed.

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    Scott Deming

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  • You Don’t Need a Crises to Pivot | Entrepreneur

    You Don’t Need a Crises to Pivot | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The ability to pivot is a valuable skill in any business toolbox. Fundamentally, it is about being able to change direction in order to provide a product or service that best meets the needs of your clients. And, as we know, they are not a constant.

    The whole concept of pivoting has been brought to the forefront in recent years thanks to the pandemic and all manner of reactions to the consistently changing landscape. It has been a means of surviving and thriving in tumultuous times.

    Yet, we don’t need a crisis or challenge to embrace these very principles and build an adaptable business.

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    Joanna Swash

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  • Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

    Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you considered how your successful business venture will end?

    It might seem counterintuitive, but planning your business exit strategy from the start can significantly improve your entrepreneurial journey. When you set out on a road trip, you don’t drive around aimlessly — you have a destination in mind. Similarly, as an entrepreneur, having a clear end goal in mind guides your decisions and actions, leading to a more satisfying outcome for all stakeholders.

    Let’s explore why looking at the end from the beginning is a strategy that pays off, how to consider various exit options and what steps to take in preparation for a fulfilling and profitable exit.

    What is an exit strategy and why do you need one?

    An exit strategy is like the GPS guiding your entrepreneurial journey. Often thought of as a way to end a business, its core purpose lies in propelling it closer to its long-term goals and facilitating a smooth transition into a new phase or venture.

    Envisioning your exit isn’t just about business but also about harmonizing your professional aspirations with your broader life objectives. Whether it’s financial independence, travel or creative fulfillment, your strategy should mirror these objectives. Additionally, proactive exit planning attracts, builds credibility with, and encourages the loyalty of stakeholders (investors, partners and employees) who share your vision.

    Even if an exit isn’t imminent, constructing your business with a future exit plan promotes a continuous drive to elevate operations and forecast potential exit valuations. Much like assessing a home’s value, getting an inspection, and making improvements before listing it for sale, an exit strategy applies similar principles to increase the value of your business. Gaining insights into its potential exit value provides a heightened market perspective, influencing your strategic choices and supporting your credibility.

    Crafting your exit strategy, you also project what comes next: What’s your next venture? Where can you put your wealth to protect it and ensure growth? A well-thought-out exit plan carries you effortlessly to your next entrepreneurial or personal endeavor.

    Related: When Should Business Owners Start Developing an Exit Plan? Here’s What You Need to Know.

    Exit options: Picking your path

    In defining your exit strategy, you have various options to consider. There are as many unique paths as there are entrepreneurs; however, here are the typical high-level approaches:

    • Selling outright: While not always the goal, selling might be strategically advantageous, especially if a business is declining. Exiting before financial troubles worsen can protect your investment and prevent further loss.
    • Keeping it in the family: Passing the business to heirs can create a meaningful legacy. It’s important to ensure they are prepared to take on this responsibility and have the necessary skills or management support required to operate a business.
    • Initial public offering (IPO): An IPO generates substantial funding and rapid visibility, advantageous for fast-growth firms.
    • Mergers and acquisitions: These deals involve another entity purchasing either a majority or all of your company’s assets, driven by strategic and financial objectives.
    • Private equity investment: This route involves private equity firms purchasing companies, granting capital inflows and specialized resources to maximize profits.

    In my business practice, in which I’ve sold several well-established companies, I’ve learned another thing to consider: How your financing impacts your exit strategy. Self-funding gives you more control over your exit strategy and may encourage you to remain independent. In contrast, outside equity can come with investor expectations for specific ongoing or exit outcomes.

    Before bringing in any partners or investors, consider how the additional stakes may influence your long-term objective. If you bring in capital partners, have an open discussion with them about what the possible exits could look like and what they can expect.

    Related: How to Prepare a Company to Go Public in a Volatile Market

    Preparing for the grand exit

    As you move closer to operation exit, careful preparation is essential. You’ll need to ensure the approach you’re considering is feasible for your organization and business model, and that all stakeholders share the same vision.

    Here are best practice steps to take:

    • Retain expert council: Bring in legal, strategic and tax advisors to ensure you’re making informed decisions. Hiring a business broker can also prove invaluable in finding the right buyers or investors who align with your goals.
    • Get your financials ready: Having organized financial records increases transparency and makes the due diligence process smoother for interested parties.
    • Optimizing revenue and expenses: To maximize your exit valuation, focus on optimizing your revenues and managing expenses.
    • Negotiate for the best terms: Effective negotiation ensures you get the best deal and your interests are protected. Aim for terms that align with your objectives and minimize economic risk.
    • Vet your buyer/investors: Ensure that whoever acquires your business will maintain your vision and treat your team well.
    • Determine post-acquisition management: Will you still be involved? What happens to your team? Clarify what the management structure will look like post-acquisition.

    In 20-plus years of founding and operating successful businesses that naturally scale up and lead to profitable exits and observing the wins and failures of peers and competitors, I’ve distilled a crucial principle that applies to all businesses: Innovation fuels efficiency, growth, credibility, and operational sustainability. This applies even more to dynamic industries subject to significant social, technological, regulatory, and economic change.

    Always being open to (and embracing where appropriate) innovation in tech, business models, production/fulfillment methods, marketing, compliance and other areas of operations helps you thrive in a competitive landscape, demonstrates your resilience and potential longevity, and supports the interest and trust of stakeholders.

    Diligence and advance planning ensures you’re taking the most strategic approach to transition into the next phase of your journey.

    Related: 10 Mistakes I Made While Selling My First Startup (and How You Can Avoid Them)

    Carving out your entrepreneurial legacy

    As you navigate business ownership, be mindful that a successful journey involves more than focusing on the present. Working backward and planning your exit strategy from the start enables you to create a roadmap that aligns your business endeavors with your personal, organizational, and financial goals. Consider where your path will lead and plan your exit strategy accordingly. In doing so, you’ll enhance your chances of success and ensure your entrepreneurial legacy endures.

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    Robert Finlay

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  • How to Build a Durable Business in a Down Economy | Entrepreneur

    How to Build a Durable Business in a Down Economy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How do I build a business that withstands the test of time? One that endures economic downturns, surges in innovation and workplace trends like the Great Resignation and September Surge? As leaders and founders, it’s a question that we spend hours strategizing and brainstorming around.

    I view it much like playing a video game, but not the kind where you drop a quarter in the arcade and win a quick prize. It’s more like the video games that have you glued to your chair, fist-pumping, with a combination of stress and satisfaction when you finally unlock the next level — and then another and another. Unlocking these levels — which are essentially the building blocks of a durable business – is a marathon, not a sprint. We need to plan appropriately, invest in the right areas, leverage market data to inform our decisions and learn from those who have already succeeded. What worked and what didn’t? Through my own journey of building a durable business, I’ve identified several patterns that can help other businesses withstand not only the test of time but also uncertain times.

    Related: Economic Downturns Don’t Last Forever — Here Are 5 Ways to Maintain Resilience During a Recession

    Building for durability isn’t for the faint of heart

    In reality, building for durability requires a commitment to decades of work. I call these the hard yards — and it always gets more difficult as you scale. At each stage, as you multiply your business in terms of revenue, people, and reach to market, there are new challenges to unlock, much like gaming levels. The experience will test your skills and not only demand an up-leveling of your commitment but will also require you to recommit with the passage of each year because it will be that challenging.

    Be disciplined and data-driven with growth decisions

    The types of challenges you will encounter will differ from business to business. For founders leading through the current economic downturn, many are facing the daunting question, “Can I still invest in the business?” The answer is yes. We just have to be very specific about how and where to invest. Take, for example, one study that followed 4,700 companies over the course of three recessionary periods and found that those that performed the strongest invested in tactics such as R&D, marketing and necessary business assets.

    Instead of taking their foot off the pedal, they buckled down and invested in areas that made sense for them. Today, leaders need to apply an added level of discipline around where to focus inside the business and how to approach their growth decisions. Rather than take on additional risk by investing in large long-term bets that may not work out, it’s better to double down on or reinvest in things that have proven successful based on experience. It sounds counterintuitive, but boosting spending can result in long-term success. A report from Analytic Partners noted that 60% of companies that increased their media spend during the last recession saw greater ROI compared with those that didn’t.

    To guide decision-making in uncertain times, my advice is to lean in. Study market and economic updates as a critical data set. One-third of my reading material these days is economic reports from advisors, geopolitical sources, economists, bankers and investor groups. The great news is that many of these materials are available to you for free, and when you and your executive team make it a shared responsibility to dig into the macroeconomics, you’ll have valuable data inputs to guide decision-making around what moves to make or what to change.

    A word of caution here, though: It’s critical that you don’t rely solely on data, or you may risk losing sight of the human element of leadership and decision-making. By merely focusing on the performance metrics and ignoring this vital human feedback, you could risk losing customer trust and satisfaction, which could ultimately impact your bottom line. Therefore, it’s essential to balance data-driven insights with an empathetic, human-centered approach.

    Don’t copy, but learn from predecessors

    Economic highs and lows are cyclical. When you take the time to build a durable model with intention and long-lead planning, there’s likely someone who’s a decade ahead of you who has seen and ridden similar waves. The goal is to study their moves. You may not build a replicate of Microsoft, Google or Atlassian because you don’t have their specific viewpoints or ability to repeat their success verbatim, but their experience provides an incredible opportunity to learn from their successes and failures, patterns and anti-patterns while discovering the things you’d like to emulate. As a tip, I recommend getting in touch with your peer groups at these companies to speak with them directly, ask questions and study their journey with firsthand information.

    5 patterns of successful long-standing businesses

    While your long game is unique to you and your business, there are five common patterns that successful multi-generational businesses follow:

    1. Building community

    Successful businesses that have been around for a long time, that have reinvented themselves and grown along the way, have built a community economy around themselves. These are philanthropic giving communities, user group communities and company communities. Microsoft, Atlassian, Salesforce -— these are all companies that have successfully built a community economy, and it has paid off for them in the long term. What they all have in common is that they are using the community to win the hearts and minds of people to wrap their business model around.

    2. Giving back

    The new DNA of a durable business is one that does good and in doing good, drives profit. In fact, a study from Harvard Business Review found that nearly 60% of businesses that had a strong and clear purpose that laddered back to supporting the broader community experienced 10% or more growth during a three-year period. But keep in mind this isn’t just about having a Corporate Social Responsibility (CSR) program and charter. Successful businesses go out and act with impact. They build this into their business model and start giving back from day one; donating their profits, product, equity and employee time. They do it for a long period of time, not seasonally or to make a statement. Companies can and should orient around giving back as a key factor in positioning for long-term success.

    3. Establishing a partnership economy

    Durable businesses look to find as many companies — small, medium and large — that will consider their business as a long-term viable partner. These partners can grow around, within and from you. Partners can take you deep into other verticals, help expand your Total Addressable Market (TAM), and even translate your documentation into local languages, making your offerings more accessible. This may mean reselling your goods and services, integrating their offerings with yours and/or building practice areas around you with education, installation and configuration, workshops and more.

    Leaders should always ask, “How well does this partner fit our culture?” and “What value does this partner bring to the organization?” Listen for answers that address how the partnership will support your long-term vision. You want to be sure that you can see yourself working and growing with them for the next 5-10 years. Misalignment, if overlooked, can be an expensive misstep in your journey towards growth.

    Related: 4 Ways To Sustain A Recession-Proof Business

    4. Building a jobs economy

    Successful long-standing businesses, like Microsoft, Atlassian, Oracle and Salesforce, have built a jobs economy around their products by offering product certifications to end users. For users, being certified in Atlassian means that your odds increase of getting another job that uses the Atlassian product stack. The skill becomes an advantage for career paths, and the likelihood increases that a new job for a past user will translate to a repeat sale of your products.

    5. Growing a marketplace economy

    Today, app marketplaces are a thriving ecosystem of software solutions. More than half of the top 100 SaaS platforms have them. Marketplaces have become the cornerstone of success for both SaaS platforms and their marketplace vendors. The marketplace enables SaaS platforms to extend their R&D capabilities through marketplace vendors who offer innovative extensions that help customers do more with the platform. App providers are able to compete with each other to deliver solutions to enhance the platform’s capabilities for the wide variety of knowledge workers using the platform.

    It’s important to acknowledge these patterns of success at a time when not a single business today can say that they are completely insulated from current macro and micro economic conditions. Getting back to the gameplay theme, durability is the power-up that helps long-standing businesses advance to the next level. Microsoft, for example, has seen three down economic cycles over three decades in its history. Atlassian has seen two. They all leverage extra capacity and output through the economies mentioned above to help them pull through, innovate and reinvent.

    At a minimum, leaders must study economic data (and history), hone their sights and suppress selfish decision-making that trades short-term results for long-term business longevity. Yes, time and vision are your allies, but stay nimble. Just like your gameplay character, sometimes your next move will surprise you.

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    Randall Ward

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  • If You Make This Customer Mistake, Prepare to Lose Business Fast | Entrepreneur

    If You Make This Customer Mistake, Prepare to Lose Business Fast | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Maybe your customer service is tip-top in important areas like empathy, efficiency, proper use of language and so forth. Maybe you’ve engaged in effective and ongoing customer service training — whether in person or via eLearning. All of this is absolutely wonderful and very important. Still, you may have a blind spot that is driving customers away.

    In other words, Beware of The Cliff of Dissatisfaction!

    What customers expect in terms of speed is growing more emphatic and extreme every day, accelerating apace with technological, communication and competitive development. Broadband internet, ubiquitous smartphones and tablets, intuitive search functions, always-on GPS, innovative delivery options and greater competitive choice have all influenced customers’ expectations for timeliness. The old business expression, “Quality, price or speed: pick two,” no longer rings true.

    Related: Don’t Get Defensive — Avoid These 7 Phrases When Talking With an Angry Person

    The “cliff of dissatisfaction” is a metaphorical edge where customers lose patience with your company due to slow service (as defined by the customer, not by you). Before reaching the precipice, this timeframe can fluctuate depending on various factors like business type, location and time of day. It’s an inherent risk in service industries and business relationships.

    Starbucks, for instance, has a good grasp of how long their average customer will wait, from when they are acknowledged to when they receive their customized drink. The company employs strategies like interesting decor to make the wait pleasant and proactive countermeasures like baristas taking orders from the line when wait times threaten to exceed the acceptable limit. Technological solutions like their highly successful mobile app also help manage wait times. These strategies guide Starbucks’ expansion plans; when data indicates that demand and resulting wait times negatively impact customer satisfaction, a new store is opened nearby.

    Related: Want Your Business to Succeed? Use These Tips to Understand Your Customer

    Casino management is another example where waiting times are meticulously managed. Some casinos know precisely how long the average gambler will wait for a complimentary drink before getting frustrated. They utilize data analysis and staff-tracking technology like RFID tags concealed in their servers’ uniforms to improve staffing decisions and workflow.

    However, recognizing that your company has a problem can be challenging when industry standards lag behind customer expectations. For instance, in the furniture sector, a 12-week delivery time may actually be considered (at least by the merchants) to be normal. But if all businesses in your industry are too slow, it’s time for you to revolutionize your field before an innovative competitor like Uber or Amazon does.

    Letting customers control the tempo of support

    In addition to improving your speed of service — for example, by reducing hold times, cutting down on in-person waiting and returning emails more quickly — there are creative ways to match the customer’s timetable. Extending your hours is an obvious one. Allowing appointments and doing so in a way that requires minimal effort for the customer is another. And in telephone support, even when you aren’t actually answering calls any quicker, you can still answer them more conveniently by taking a page out of some of the airlines’ playbook and offering a callback option: When a customer calling in would be faced with a long hold time, give them the alternative of having their call returned at a time of the customer’s own choosing.

    Related: Use This Secret Customer Service Technique to Boost Your Customer Retention and Loyalty

    In-app support can be a step even beyond real-time

    In-app support is another way to align yourself to the timetable of your customers. If a customer is using your app and comes across a bug or something else they need to bring to your attention, in-app support, such as that offered by Zendesk, provides your customers with a “Click to Chat’ button, allowing them to chat with one of your customer support agents right there within the app. Also impressive is that this in-app solution promises to give companies a complete picture of the customer so that customers don’t feel like they’re starting over every time they interact with your company.

    Even more futuristically, certain flavors of in-app support can be, in a sense, a step beyond real-time. (Or if that sounds like a nonsensical statement, think of it as a step toward proactive assistance, or pre-sistance, so to speak.) For instance, when your company deploys Apptentive’s in-app solution, here’s what happens when a customer using your mobile app experiences a crash: A note pops up right within the app with an apology and reassurance that the issue is being fixed — before they even have to take any steps to complain.

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    Micah Solomon

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  • How to Build a Marketing Function During the Go-to-Market Stage of Your Startup | Entrepreneur

    How to Build a Marketing Function During the Go-to-Market Stage of Your Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I talk to entrepreneurs all the time with a shiny new product or service and big marketing plans. Since I own a marketing agency, they’re probably not expecting to hear what I have to tell them:

    They don’t need my agency yet.

    In fact, they might not even need a full-time marketer on their team yet. At this stage, with a go-to-market plan the priority, there are certainly lots of boxes to check, but many of them have little to do with media.

    Let’s discuss how to approach marketing resources at the go-to-market stage: mistakes to avoid, priorities to address and how to move forward without curtailing future growth prospects.

    Related: How to Build a Marketing Function During the Early Stage of Your Startup

    Marketing mistakes in the go-to-market stage

    There are a couple of things founders can get very wrong about marketing at this stage: either they under-invest in things like branding and proving product-market fit, or they over-invest in resources they don’t need.

    I’ve seen plenty of founders bring on full-time CMOs or VPs of Marketing when the priorities should be block-and-tackle work and establishing product-market fit and a go-to-market plan. A better approach, and one that doesn’t represent a long-term salary commitment and/or equity shares, is a fractional expert who can help you develop your go-to-market strategy and find the right operational talent – which might be freelance – to carry it out.

    Another mistake founders make at this stage is thinking that any marketer can do the job and not trying to find – or pay for – a great fit. I had a conversation with a fellow agency founder the other day, and what he said about hiring – in general, but especially in the early days – really stuck with me: If you think hiring experts is expensive, try hiring novices.

    You need to tackle a few initiatives at this point:

    1. Establish your brand

    By “branding,” I don’t mean spending a bunch of money on commercials and programmatic campaigns to build brand awareness. I’m talking about building the essentials: a name, logo, visual identity and messaging that speaks to the brand’s positioning, differentiation and target market. This branding should carry over into optimizing owned media: a website, social media profiles and profiles on any free directories that might be referenced by your target audience.

    Related: Creating a Brand: How To Build a Brand From Scratch

    2. Find a channel-product fit

    The quickest way to assess the right advertising channels for your offering is to choose one or two advertising channels (usually Google and Facebook) and methodically test messaging, creatives, and audiences to see what features and differentiators resonate and with whom. You’re likely convinced you have a great product that can improve your ICP’s life, but paid media offers a quick way to establish proof of concept outside of your echo chamber.

    Even with paid media on the table, you’re probably still too early for an agency; if you go that route, you’ll get a B team and a retainer you don’t need. When you scale up, it’s time to evaluate in-housing or hiring an agency. In the meantime, I highly recommend freelancers or consultants with expertise in these channels. If you try to do it yourself or make it worthwhile with existing resources who don’t have the chops, you’ll never know if it was the channel that didn’t work or just a lack of operational skill that led to failure. Carefully vetted freelancers are great for point-and-shoot projects, and this is an imperative one.

    Related: You’ve Got to Rethink Product-Market Fit to Stand Out

    3. Build a community of evangelists

    Your immediate network should help provide you with a seed group of folks who can test your product and speak publicly about why they’re using it. Those folks will provide some significant early benefits: social proof and a source of referrals to establish a revenue base and force you to build your customer service processes.

    How to plan for responsible growth

    The important things to avoid at this point have a theme: commitments that will extend beyond their usefulness. This often boils down to hiring and equity, but it can also incorporate initiatives like PR and media campaigns that don’t have a product-market fit to convey.

    Concentrate on initiatives that will pay off for years to come: positioning, audience understanding, competitive research and your place in the market. Look for experts who can help you tackle each of these, but leave yourself room to bring on the next wave of experts as your business matures and your needs evolve.

    When you move into the next phase of your business – early-stage growth – you’ll have more resources on hand and a broader range of possible initiatives to tackle, including building an actual marketing team. I’ll break down the challenges and considerations of this stage in my next post.

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    Bryan Karas

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  • When Is The Right Time to Raise Institutional Capital For Your Business? Here’s What You Need to Know. | Entrepreneur

    When Is The Right Time to Raise Institutional Capital For Your Business? Here’s What You Need to Know. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As the founder of Viirtue, my entrepreneurial journey was a rollercoaster of decisions, risks and strategic turns. But one of the most critical turning points was knowing when to seek institutional capital for my business. This is a decision that can make or break a startup, and understanding the correct timing was paramount for us.

    My company was bootstrapped for many years, and we maintained profitability throughout. This was a significant advantage, especially when the economy took a downturn in 2022. It was a moment when investors started valuing profitability more than unicorn potential, which put us in a favorable position.

    But even then, the decision to raise institutional capital wasn’t taken lightly. It came after we saw rising traction and rapid growth. Larger groups had access to more capital and strategic advisory than we did, which fueled our motivation to seek institutional funding.

    We ran a long process, vetting investors just as much as they vetted us. In our eyes, this was not just about finding a partner for financial growth, but also about securing strategic guidance. We were not looking for a mere check; we were in search of a partner who could offer advice and mentorship based on experience and industry insight.

    The process wasn’t without its pitfalls. One of the primary lessons we learned was about the importance of hiring investment bankers that specialize in your industry. Initially, we made the mistake of hiring inexperienced bankers. This decision cost us time, money and a long tail period when we decided to move on from them. If there’s one thing I wish we did right from the start, it would be interviewing many bankers who specialized in our vertical and meticulously checking references.

    Related: Kevin O’Leary Explains Why Institutional Capital Must Have a Role in Sustainability

    Investment bankers are not just intermediaries who connect you with potential investors. They represent you at the negotiation table. Many founders can receive Letters of Intent (LOIs), but the real challenge lies in navigating deals that don’t retrade and negotiating with future stakeholders, especially when emotions run high. These are the moments when a seasoned investment banker can make all the difference.

    Ultimately, we decided to raise capital for a multitude of reasons. The business was growing exponentially, and we needed the development and sales funding to help us scale from a $20 to $30 million company to a company worth over $100 million. We had long-time minority investors who were looking to exit and needed liquidity. And most importantly, we were in search of strategic partners who could fuel our growth thoughtfully as well as financially. Raising capital was the silver bullet that enabled us to accomplish all of these goals in one fell swoop.

    Are you ready to take on institutional capital?

    Firstly, are you ready to commit to the robust reporting requirements of investors? Institutional investors will need regular and detailed reports on business performance, financials and strategic updates. This requires a significant time commitment and a level of transparency that some business owners may find uncomfortable. We had always operated Viirtue with candor and transparency. This made the transition so much more frictionless.

    Secondly, do you truly need the capital to reach a milestone, or are you just taking money? Money for the sake of money can lead to wasteful spending and a lack of focus. It’s crucial to have a clear understanding of what you need the capital for, such as reaching a particular business milestone or achieving a specific growth target.

    Thirdly, do you have a thoughtful growth plan of how you will deploy the capital? It’s not enough just to have money; you need a strategic plan for how that money will be used to grow your business. This includes identifying key areas for investment, understanding how these investments will drive growth and having a clear timeline for when you expect to see returns. Detailed financial modeling is an incredible asset for any founder. We never had a full-time finance leader, yet still were able to create detailed models with our CPAs and bankers. Additionally, when it comes time to pitch to investors, they will want to see these models coupled with market research and other evidence to support your assumptions.

    Finally, have you set the stage to significantly scale your team? Fundraising is a pivotal step, but it’s just a piece of the puzzle. The real task is putting the capital to good use, which often implies expanding your team. This demands not only a well-crafted recruitment strategy but also the capacity to house a growing workforce.

    At Viirtue, we have always held our people in the highest regard. Our human capital, which comprises industry experts and genuinely wonderful individuals, has been our greatest asset, our superpower. The team’s dedication and expertise have been instrumental in shaping my company’s identity and will continue to give us a competitive edge as we move forward.

    The unique culture we have cultivated at my company has been a magnet for new talent, making our scaling efforts more seamless than we could have ever anticipated. But, let me assure you, a strong culture doesn’t materialize overnight. It’s a product of time, open dialogues with your team, investing in their growth and success, and co-creating a vision that resonates with their sense of purpose.

    I have often emphasized the transformative power of finding purpose in work. When you can align a group of uniquely talented individuals towards a shared mission and imbue their roles with purpose, the result is nothing short of magical. A purpose-driven team is not just a group of employees; it’s a community of dedicated contributors who are invested in the company’s journey and its ultimate success.

    Related: 4 Passive Income Investment Strategies That’ll Free Your Time and Peace of Mind

    The quest for institutional capital is more than just a funding round. It’s a strategic move that can catapult a business to new heights if done correctly. But it’s crucial to remember that timing is everything. Raising capital should be considered when the business shows promising growth and needs an additional boost to reach its full potential. It should also be considered when partners are looking for an exit, and the company requires strategic guidance to navigate future growth.

    One more point to consider is the importance of maintaining profitability. It’s not just about creating an appealing proposition for investors. It’s about ensuring that your business can weather economic downturns and still come out on top.

    I hope you find success and the answers you are searching for in your entrepreneurial journey. Whether or not it is the right time to raise capital is ultimately up to you as a founder.

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    Daniel Rosenrauch

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  • 7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

    7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach the last quarter of 2023, businesses start assessing their performances, and many consider scaling and expanding their operations. With rapid changes in technology, consumer behavior and market dynamics, it’s crucial that businesses constantly adopt innovative strategies to remain competitive and achieve sustainable growth within their industries.

    So, businesses looking to bring themselves to the next level in this coming year have a few different strategies they can use to achieve long-term growth.

    Related: How to Scale Your Small Business in 8 Steps

    1. Embrace digital evolution

    In today’s fast-paced business landscape, embracing technology is not an option but a necessity. Small businesses can use it to their advantage to help streamline operations, enhance customer service experiences and even reach new markets. User-friendly ecommerce platforms, efficient inventory management systems and cloud-based drives are different examples of ways to help improve productivity and scalability.

    Also, businesses can use data-driven decision-making technology to help collect and analyze customer data. This can help provide insight into their customers’ preferences and behaviors to tailor marketing strategies, optimize product offerings and provide personalized customer experiences, ultimately driving growth through each quarter.

    2. Expand online presence

    In a post-pandemic world, the importance of a strong online presence cannot be emphasized enough. Consumers are increasingly turning to the internet to discover, research and purchase products and services. Focusing on optimizing your website for search engines (SEO) can vastly improve visibility and drive organic traffic.

    Social media platforms remain a huge player in reaching broader audiences. Developing a robust social media strategy that engages customers, encourages sharing and builds brand loyalty is essential to any business. By being consistent and posting relevant content, small businesses can easily connect with their target audience and build a loyal customer base.

    3. Diversify revenue streams

    Overreliance on a single product or service can become a significant risk to small businesses. If a business can diversify its revenue streams with new offerings, it can help build the business up and give room for scaling. This offering can be a complementary product line or a service that aligns with your core product. This not only provides added value to existing customers but also opens up new markets and revenue opportunities.

    Additionally, strategic partnerships or collaborations with other businesses in the industry are super helpful. These alliances lead to shared resources, increased visibility and access to new customer bases, which ultimately drives growth without a substantial capital investment that not many small businesses have.

    4. Focus on customer engagement and retention

    Acquiring new customers is an essential element for growth, but retaining existing customers is equally vital. Small businesses should try to prioritize customer engagement and retention strategies. By implementing loyalty programs, offering personalized recommendations and providing exceptional customer support, businesses can create a positive customer experience that will keep them loyal.

    With that, businesses should regularly seek honest feedback from customers and use it to make improvements to their products or services. Happy customers are more likely to become brand advocates and refer new business, further fueling growth efforts.

    Related: 3 Crucial Strategies for Sustaining Growth in a Competitive Market

    5. Invest in employee development

    Your team is the backbone of your business, and their growth and development directly impact your company’s success. Investing in training and development programs to build your employees’ skills will empower them to take on new responsibilities as the business expands. A skilled and motivated workforce is essential for maintaining the quality of the products or services as the business scales.

    Additionally, fostering a positive workplace culture can lead to higher employee satisfaction and retention rates. When your employees feel valued and aligned with your company’s mission, they become more motivated to contribute to the business’s success.

    6. Secure financing wisely

    Scaling a small business often requires some sort of capital investment for expansion, marketing and infrastructure development. Securing this type of financing can be challenging, especially for newer businesses. However, there are many different financing options businesses can explore, including traditional bank loans, Small Business Administration (SBA) loans, working capital loans, accounts receivable loans and so much more.

    Before a business even starts seeking financing, they need to ensure they have a well-defined business plan and financial projection that can show the potential for profitability and growth. Also, it’s crucial to assess the terms and conditions of each financing option, considering the impact on your business’s financial health and long-term sustainability.

    7. Monitor and adapt to market trends

    The business landscape is ever-evolving, and staying attuned to market trends is essential for small businesses. Monitoring industry developments and keeping an eye on emerging technologies can help businesses adapt strategies accordingly. This allows them to grow as well as be open to pivoting their business model if market conditions change or new opportunities arise.

    Regular competitive analyses can also help businesses understand their competitors’ strengths and weaknesses. In turn, this helps identify gaps in the market that the business can fill and helps refine products, services and marketing strategies.

    Related: 15 Ways to Scale Your Business and Make More Money

    Scaling a small business today requires a combination of innovative thinking, strategic planning and adaptability. Embracing technology, expanding your online presence, diversifying your offerings, focusing on customer engagement, investing in employee development, securing financing wisely and monitoring market trends are all essential strategies for success.

    These components can help small businesses thrive in today’s competitive business landscape. By continually assessing and adjusting their approaches, businesses can position themselves for sustainable growth and long-term success.

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    Erica Dushey Sarway

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  • 3 Publishing Trends You Must Know in 2024 | Entrepreneur

    3 Publishing Trends You Must Know in 2024 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    What was the last book or novel you read? Was it full of action and adventure? A steamy, slow-burning romance? Maybe it was the tale of a successful business owner or entrepreneur. Or was it the tell-all from a famous entertainment icon?

    More importantly, What format was that story in? The traditional way of reading a story these days has drifted from the standard paperback or hardcover physical book to that of eBooks, audiobooks and even videos.

    Translation?

    The way we read has changed. And that change is not in just how we access the reading material. I’m going to explain 3 of the most insane trends happening in the world of publishing that will change the way you read in 2024.

    Related: 4 Reasons Why You Should Write a Multi-Author Book

    Trend #1 — The explosion of eBooks

    In 2020, 191 million eBooks were purchased. This shouldn’t be a surprise, considering that the world was in the midst of a global pandemic. But this statistic has actually been growing steadily since about 2019.

    The popularity of Amazon’s Kindle helped to drive that, with 84% of people reading those purchased eBooks on the device. Additionally, 23% of the $26 billion publishing industry in 2020 came from eBook purchases.

    While the pandemic helped boost eBooks even higher, the impact of digital reading will only grow into 2024. Why? There are several reasons:

    • Convenience – readers can start reading immediately after purchase, without the need to leave the office or home.
    • Accessibility – to add to convenience, accessibility is also what’s helped to make eBooks a popular choice. eBooks come in various formats – PDF, ePUB and MOBI – and many are designed to handle and use assistive technology for those with disabilities.
    • Portability – the portable nature of eBooks means you can take an entire library anywhere you go. The Kindle is a popular device. However, thanks to its mobile app, anyone with a smartphone can access their library on whatever device – Mac, PC, iPhone, or Android – they prefer.
    • Customization – perfect for students at all levels, eBooks can mark up passages for quick reference, notes, annotations and even website links.

    Related: The 6-Step Process to Writing Your Own Book as an Entrepreneur

    Trend #2 – Can you hear me now?

    The convenience and portability of eBooks make them the perfect companion while on vacation or for a relaxing evening. But what if you don’t have time to sit and relax with a good book? Our hectic daily lives, both in and outside of work, can often make enjoying leisurely activities difficult to come by. So, while you may want to read, you probably don’t have the time or energy to settle down with a good book.

    Enter the audiobook.

    Audiobooks might seem like a new invention thanks to the growth in technology, but they’ve had a long life, starting in 1932. Actually, the American Foundation for the Blind established a recording studio, creating recordings of books on vinyl records.

    This continued into the early 1990s when the term ‘audiobook’ became a standard to explain these recordings — the year 1995 introduced the debut of the soon-to-be audiobook giant Audible. Started by Donald Katz and Tim Mott, the two took the initial idea of the audiobook and began to develop it for the growing internet.

    Two years later, the company released a mobile player, allowing people to listen while on the go. It wasn’t as popular or cheap as the emerging iPod, but it was a glimpse at what could be. Two years after that, Amazon became the strategic partner for Audible and the rest, as they say, is history.

    Since then, searches for ‘audible’ have risen over the last 15 years by 167%, with revenue growing 14.3% year over year. While holding most of the eBook market, Amazon also hosts about 200,000 audiobooks through Audible.

    In combination, the explosion of both eBooks and audiobooks will ultimately continue – especially as more publishers develop their works to accommodate the technology.

    Related: How to Book Yourself on 10 Podcasts in 10 Weeks

    Trend #3 – The rise of AI

    All eyes — and talk — are on AI.

    The introduction of ChatGPT, the natural language processing tool driven by AI technology, continues to be all the rage with human-like conversations and more with, essentially, a chatbot. ChatGPT, like Bard and Bing, can do more than just answer simple questions; it can compose essays, describe various objects in detail, create AI art prompts and even code for you.

    Regarding publishing, writers and publishers alike have flocked to AI software to produce written content. This can be beneficial to writers in coming up with ideas or helping to create outlines. While ChatGPT is great at providing helpful answers after giving specific prompts, there are limits to what the software can do (currently). Remember, this is still a piece of software that uses machine language; even ChatGPT will admit that it has limits on what it can do.

    Among those limits include plagiarism and sometimes giving incorrect answers to questions asked. This has given rise to AI detectors from various businesses and corporations, including Amazon and even Google. There are also privacy concerns due to how OpenAI was able to train the software.

    The convergence of publishing and technology

    These are just three trends that publishing companies and authors are experiencing as we head into 2024.

    As technology advances, the abilities afforded to us to use only grows. Still, like other business areas, the devices and software we use are just tools to further our knowledge and abilities, not replacements.

    Audiobooks, ebooks and AI are incredible for the opportunities provided and our wider availability to reach others. Storytelling is universal, and the more stories we can tell each other, the more connected we become.

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    Sean Dollwet

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  • How to Navigate Ethical Considerations In Your Decision-Making | Entrepreneur

    How to Navigate Ethical Considerations In Your Decision-Making | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners and managers often face difficult decisions that involve weighing ethical and unethical options. However, making choices that consider ethics can have significant long-term benefits for a company.

    When employees feel their company prioritizes ethics, it fosters trust and loyalty. They’ll be more motivated to give their best work. Customers also care deeply about supporting businesses with strong values. An ethical reputation builds goodwill that leads to repeat customers and word-of-mouth marketing.

    Moreover, in today’s transparent world, unethical actions usually don’t stay hidden for long. A single lapse in judgment can go viral on social media and seriously damage a brand. Several large companies have suffered enormous financial losses due to ethics scandals. Clearly, incorporating ethics into decision-making is simply a good business strategy.

    Still, ethics are not always black and white. Managers must thoughtfully weigh various factors like short-term profits versus long-term impacts. Here are some practical considerations to guide them.

    Related: More Than Just A Moral Compass: The Power Of Ethical Business Practices

    It’s not just about the bottom line

    Many business owners fall into the trap of focusing exclusively on financial outcomes when making choices for their companies. While profits are important, they should not be the sole criteria against which options are judged. Remember that your business does not operate in a vacuum — it has an impact on employees, customers, suppliers and the wider community. Ignoring ethics can seriously damage relationships and goodwill over time.

    For example, cutting corners on product safety or quality to reduce costs may lead to higher profit margins in the short term. However, it also risks harming customers, resulting in negative publicity, and losing the trust that has been built up. In contrast, prioritizing ethical practices shows stakeholders that you value more than money and helps ensure the sustainability of the business.

    Related: Are You an Ethical Entrepreneur? Here’s How Business Leaders Can Embrace Social and Environmental Responsibilities

    Think through unintended consequences

    Most organizational decisions are complicated, with outcomes that are difficult to predict with certainty. Hasty or self-interested choices often fail to consider all angles. It is wise to carefully weigh both intended and potential unintended consequences before acting on an idea.

    Imagine, for instance, a clothing company that decides to significantly lower the wages of its factory workers abroad to reduce production expenses. While this may boost profits in the accounting ledgers, have leaders fully contemplated how it impacts livelihoods and morale? Have they accounted for the possibility of quality or retention issues down the line from unhappy employees? Stepping into others’ shoes and viewing decisions from their perspective can surface important uncertainties or ethical issues to address.

    Staying consistent with core values

    Establishing a strong set of values and operating principles for a business is crucial. These provide an agreed framework and shared understanding for navigating complex choices. However, values only matter if teams consistently work to uphold them in both good times and bad.

    When under pressure to cut costs or hit unrealistic targets, it is all too easy to compromise on ethics “just this once” and rationalize it away later. Over time, these mini-exceptions can erode the integrity of an organization. By openly discussing values as part of decision-making, leaders can ensure options align with what the company stands for – not just what seems expedient right now but damages credibility in the long run.

    Related: Stand for Something: How to Establish Authentic Core Values

    The power of stakeholder feedback

    No business exists in isolation from those it interacts with. Customers, employees, and community members all have useful perspectives informed by their experiences. Making time for open communication and stakeholder feedback can be eye-opening, revealing both future opportunities and potential pitfalls that leaders may have overlooked.

    For instance, regularly surveying frontline workers gives insight into day-to-day operational realities and early warning of any brewing issues. While undesirable information requires courage to hear, ignoring problems often makes them worse. Building a two-way dialogue shows respect for others and improves the quality of choices by grounding them in reality.

    Related: What Does It Mean to Be An ‘Authentic Leader,’ Anyway? Here’s What You Need to Know.

    Consider all parties affected

    Many ethical lapses occur due to a narrow focus. It’s important to map how decisions reverberate throughout extended networks. For example, while optimizing one department may slightly benefit shareholders, what consequences ripple to suppliers, the environment or society? Taking a systems view ensures no one is left shouldering undue risks or costs.

    Review with hindsight

    Revisiting earlier choices allows for spotting patterns and blind spots. What could have been done differently with the benefit of hindsight? Lessons learned should inform future policy settings and discussions. It also reinforces wisdom gained over time. Through experience, judgment improves at building ethics seamlessly into a business’ strategic priorities and daily operations.

    Weighing ethical considerations cannot be set aside or delayed when times get challenging. On the contrary, it becomes even more crucial. Leaders who thoughtfully consider the impacts on all stakeholders, stay consistent with core values, and invite diverse input tend to build businesses that endure because they have wisely constructed strong foundations of integrity and trust.

    In the end, the most successful organizations are usually those deliberately guided not only by profits but also by principles.

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    Murali Nethi

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  • How To Grow Your Startup With Rapid Experimentation | Entrepreneur

    How To Grow Your Startup With Rapid Experimentation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Many concepts get pounded into us from well before we’re entrepreneur cubs. One example is: “Money doesn’t grow on trees, so be careful with it.”

    Later in life, we learn about the wonders of leverage. In business school or elsewhere, we’re introduced to the seductive benefits of bringing on lenders and private equity partners to accelerate our dreams.

    If we need to be careful with our own money, we learn that we better be doubly careful with others’ money. We’re continuously answerable to them, and they can sink our business.

    When building Warrior Trading, I instead chose the self-funded route. I had been subject to anxiety attacks since I was young, and the last thing I needed was to skyrocket my anxiety by worrying about investors.

    There are two sides to having investors: their money does offer the potential to grow faster. But it also creates drag. Startups funded by investors can find it difficult to pivot and change course when needed. To me, self-funding has equaled freedom. Working within the constraints of my limited funds gave way to resourcefulness, creativity and innovation.

    Related: How Entrepreneurial Creativity Leads to Innovation

    Creating a culture of rapid experimentation

    In my startup, I created an engine of rapid experimentation to find products that matched demand in the active trading community. I had to be smart about where I invested my time and money, but I knew that quick experiments and quick decisions could lead to quick progress.

    The SaaS world has the concept of a minimum viable product. That implies a deliverable, an “alpha” or “beta” test that’s at least semi-packaged for others’ consumption. I take the concept further: When I start to develop a product, I want to see the most primitive product that performs at least one new function. You might call it “most primitive improvement.”

    I’ll caution that rapid prototyping is not for everyone. You need a team accustomed to bootstrapping and thrives under that pressure. Of course, there is no other option for the self-funded startup. So, it comes down to assembling the right team for your company.

    Related: What I Wish I Knew Before Bootstrapping My Startup

    How rapid experimentation gives way to product iteration

    My team engages with developing new products by testing a thesis. We have a belief based on consumer behavior and looking at the marketplace that there is demand for a specific product. We begin the development of that product, but instead of keeping it hidden until it’s perfect, we put customers into beta testing as soon as it meets the standard of “most primitive improvement”.

    Here’s something really interesting. Every single time we’ve done this, we get feedback from beta testers that we didn’t expect. Whether it’s a common request for a feature we overlooked or an element we thought would be highly valued but is not being utilized at all, we can quickly take this feedback and roll it into the next release.

    I find this process especially exciting. One might even say, thrilling.

    The final product will often look and feel much different from our initial mockup, but that’s a good thing. We will have created a product that is an exact match for our target customer.

    Throughout my years in the investing space, I’ve seen companies backed by investors spend incredible sums of money building platforms that sadly completely missed the mark in terms of delivering what traders are really looking for. I believe this happens when development occurs in isolation from the intended users.

    But truth be told, rapid experimentation does not always lead to a success story.

    Rapid experimentation helped me pull the plug on a doomed project

    A few years ago, I wanted to see if it was worth starting a free service for traders similar to Twitch; in other words, a platform where people can easily stream their trading activity but where they’re in a tighter community of active traders. We got a few dozen people streaming at first, and they, in turn, had modest followings. But it didn’t take long for me to come to a difficult conclusion. Twitch and YouTube are successful because they attract a massive audience, attracting advertisers.

    My new platform was too niche. Even though it was free, our total available market was too small to bring in the advertising revenue we needed to keep that platform running. No amount of product iteration was going to change these dynamics, but the good news is that I was able to pull the plug while we were still in the early stages of development.

    I wrote off that project as a loss. But every loss is a lesson. There’s a saying in Silicon Valley: You don’t learn until you ship. I would expand on that to say: Ship fast. Fail fast. Ship again. Just like in trading, in business, we must be willing to take risks, but we must also cut losses quickly.

    A few takeaways:

    1. Think hard before seeking external funds for your venture. Self-funding doesn’t earn commissions for anyone, so you hear less about it, but it can potentially take substantial pressure off you.
    2. Focus on ROI, but also focus on ROT: Return on Time. Rapid experimentation, along with rapid decision-making, can not only save money but can gain you a first-mover advantage. You can be on version 4.0 — or be done with an unworkable experiment — before the competition has finished suiting up.
    3. Be proud of the money you raise and even prouder of what you rapidly ship. Many fortunes have been made with external capital, but even more great, young businesses have been snuffed out by the constraints and risk-aversion that the capital brought. By all means, do a round of high fives if you close a round of financing. But save your biggest celebrations for when you rapidly confirm your failed experiments and ship your newest winner.

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    Ross Cameron

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  • How to Using Influencers, AI and Social Media to Drive Growth | Entrepreneur

    How to Using Influencers, AI and Social Media to Drive Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    ‘Prime Energy Drink’ — it’s everywhere! Their striking cans are impossible to miss in supermarkets and convenience stores. What fueled their surge? The secret ingredient is the influencer duo Logan Paul and KSI.

    Despite looming concern (its caffeine has triggered calls for the FDA to investigate), Prime Energy has quickly created a space for itself in a crowded and competitive market. This curious case begs the question: If influencers can spearhead a product’s success, how does this revelation apply to your brand? How can you get the most bang for your buck when leveraging social media? My teammate, Ronan O’Callaghan, and I did the research, so you don’t have to.

    This article explores this subject by examining a series of case studies about influencers, the power of blending the digital and physical worlds and AI. By the end, you’ll have a strong understanding of how to leverage these powerful tools for all they are worth.

    Part 1: Using influencers the right way

    Influencers possess immense power to shape consumer perceptions. The previously mentioned meteoric rise of Prime Energy is only one example. Mr. Beast, the world’s most popular YouTube personality, has transformed his name into several successful consumer brands, including a chain for ghost kitchens, chocolates and athletic clothing.

    It might seem like influencers have a Midas touch: an uncanny ability to turn ventures into success stories. However, these successes only materialized after years of painstaking brand cultivation. That means your next big marketing success won’t just come from getting your product into an influencer’s hands and hoping some of their magic will rub off on you. You need to select influencers whose brand values resonate with yours and engage innovatively.

    Häagen-Dazs offers an instructive case study. Häagen-Dazs wanted to remind New Yorkers that ice cream is integral to summer. They partnered with millennial influencers living in New York to promote their product throughout the city. The campaign generated 14.3 million impressions, 4 million more than their goal. If they had tried to reach that number of people through conventional means, it would have cost them 3x as much. The lesson: working with influencers whom your target customer can relate to can create a real connection. In a deeply digital and distressingly disconnected world, this is especially important to remember.

    You can reach a broader audience by working with a diverse range of influencers. When the HISTORY channel started a TikTok account in 2021, they wanted to reach beyond their typical audience. They contacted Paralympians, cooks and hurricane chasers on TikTok to promote their wide range of educational programs — the result: 21 million views and exposure to a new audience.

    To harness the true power of influencers, businesses should aim for a more profound alignment than a mere product endorsement. This collaboration should reflect shared values, a unified vision and genuine resonance with the target audience. This deep-rooted connection has the potential to foster not just temporary engagement but long-term brand loyalty.

    Related: 5 Ways to Stop Wasting Money on Influencer Marketing

    Part 2: Blending digital and physical worlds

    Many brands focus heavily on the digital realm when considering social media. However, the recipe for substantial success lies in orchestrating a symphony between digital engagements and physical realities. Especially for brands with brick-and-mortar stores, this harmony can engage the younger generation of consumers who seamlessly navigate between the online and offline worlds.

    McDonald’s ‘Grimace Shake’ campaign is an excellent example of this philosophy. This initiative didn’t just create a buzz; it crafted an engaging narrative that allowed consumers to participate actively. Consumers posted themselves getting the shake; some even made animated parodies, giving the shake to fictional characters from media franchises.

    The genius of the Grimace Shake is that it understood that engaging with social media is not simply a matter of advertising. People don’t want to stare at ads; they want to be a part of the action. This trend created a global cultural moment anyone could engage with: the gold standard of social media engagement.

    Another brand that has effectively harnessed this strategy is Duolingo, which leveraged its mascot for user engagement and kept a keen eye on evolving trends like TikTok’s rise. By focusing on this larger trend and creating content that matches young consumers’ irreverent and self-deprecating sense of humor, Duolingo earned 6.3 million TikTok followers, making it one of the most followed accounts on the website. Duolingo has been so successful that they are now starting to forgo TV advertisements.

    McDonald’s and Duolingo also share a marketing strength: their recognizable mascots. Their simple and iconic designs make it easy for young people to create memes featuring them. Again, hooks like these allow customers to engage. These monocolored, simple mascots can easily be inserted into images, making them ‘memeable,’ a valuable asset for engaging with GenZ consumers.

    However, this approach requires a shift from traditional advertising mindsets. It’s about embracing social media not merely as a billboard but as a platform for storytelling. The best stories aren’t just read or heard—they’re experienced. Brands need to create immersive experiences that allow consumers to be a part of the narrative, leading to stronger connections and loyalty.

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

    Part 3: Seeing through the noise with AI

    So, how can your brand forge such victories? The answer lies in understanding these insights and tailoring them to your unique brand proposition. Staying ahead of trends — both ephemeral fads and lasting shifts — is key to gaining a competitive edge.

    AI-powered sensing is an invaluable tool for identifying these trends and recognizing which ones will strike a chord with your consumers. For example, BeReal is a fast-growing social media platform with 20 million daily users. Yet, no companies have been able to capitalize on this space for marketing. Despite this, one of our AI sensing partners identified it as a growing space where companies could succeed by promoting their brands.

    To make the most of these trends, brands must be agile, constantly adapting their strategies based on these insights. It’s not enough to just know what’s “in” today. Businesses should be proactive, anticipating what’s coming next and positioning themselves at the forefront of these trends. This approach boosts brand visibility and positions the brand as an innovator in consumers’ eyes.

    The realm of social media presents an unparalleled opportunity to engage consumers in ways traditional advertising could never dream of. You can revolutionize your marketing strategy by creating brand-aligned partnerships with influencers, crafting narratives that interweave digital and physical experiences and harnessing AI’s trend-predicting powers. By channeling these strategies, you can become the next big sensation.

    The question is – are you ready?

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    Francesco Fazio

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  • This is What It Actually Means to Show Up — Both Personally and Professionally | Entrepreneur

    This is What It Actually Means to Show Up — Both Personally and Professionally | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A favorite subject for entrepreneurial articles and podcasts is that of habits. Hundreds (if not thousands) of books are touting the importance of creating good habits. Your own habits depend on your end goal, but a lot of them seem to place particular importance on mastering your morning routine. Maybe that looks like meditating or hitting the gym by 6 a.m., gulping grass-fed butter-infused coffee or a superfood smoothie, and jotting down something in your daily gratitude journal before heading to work.

    Good habits are a method of keeping ourselves on course. In James Clear’s book Atomic Habits, he shares an analogy about a flight from LA to NYC. If the pilot points the nose just a few degrees south, eventually, the plane will end up in DC rather than its intended destination. It’s a great example of how tiny changes can make a big difference.

    We know good habits are important, and, particularly as entrepreneurs, we must stay on our A-game. People are watching, right? We’re setting an example, and the pressure is on. So, why, o’ why, do good habits sometimes feel like they’re so hard to maintain?

    Related: 18 Destructive Habits Holding You Back From Success

    Why consistency can feel hard

    Reading Clear’s book, I thought, “Oh, that’s why staying on the path matters. Cool!” But as I sat with that concept for a few minutes, I started to feel some anxiety creeping in. As a leader, I can’t take a single step in the wrong direction because if I do, I miss my target. And people are counting on me.

    What if I make a bad decision? What if I’m not always the last one to leave the office? What if I totally spaced that meeting… twice? What if I hired someone who turned out to make everyone’s life more stressful? What if I didn’t pick the right snacks for the break room?

    Aaaahhhhhhhhhh. I’m gonna need that oxygen mask.

    We sure do put a lot of pressure on ourselves. Stay on the path. Don’t mess up. And when that performance pressure becomes too much, our brains or bodies (or both) just crash. That’s a message, not a failure.

    When it happens, it’s important to take a moment to ask if the path you’re pursuing is actually leading you to the destination you think it is. After all, you’re a person, not a plane. If your body feels tired or your mind feels overwhelmed, it’s totally okay to touch down. Recalibrate periodically. Reevaluate the path.

    Related: 3 Simple Methods To Achieve Work-Life Balance And Combat Decision Fatigue

    Showing up is personal

    Habits can be anything you want them to be, but to qualify as habits, they need to stay consistent. We have to show up when we say we will to reap the rewards. Yes, I know it sounds a lot like “discipline.” Trust me, the rebel in me thought, “Hell, no. I’m not a military operation!” But I’ve started to realize that good habits aren’t asking for perfection. They’re just asking you to show up when and how you can.

    The truth is, some days, we don’t feel 100%. Maybe there’s only 25% in our tank. Say you had a late night binging some Netflix series that you couldn’t bring yourself to stop. Or you went to a friend’s birthday dinner, and the late-night conversation was too good to miss. Or you have a loved one in the hospital, and you’re mind is elsewhere. That’s life. Those are normal, sometimes even healthy, interruptions. Showing up to maintain your good habits means you do what you can consistently. That doesn’t mean always. It means regularly.

    Related: A ‘Quiet Promotion’ Will Cost You a Lot — Use This Expert’s 4-Step Strategy to Avoid It

    Practicing and prioritizing consistency

    When it comes to habits, we tend to overestimate the importance of a single action while we underestimate the importance of small, repetitive movements. If you had a piggy bank as a kid, then you know what I’m talking about. Every day, you drop a penny into the slot. One day, you put a dime in there. That’s awesome!

    But that doesn’t mean you need to put a dime in every day now for it to keep adding up. (It also doesn’t mean you should change your route to avoid seeing the piggy bank and, thus, feeling guilty.) Okay, guilty as charged…this is a gym metaphor. The point is that you just need to consistently be putting something in that piggy bank or calorie tracker. That’s what showing up is all about.

    How to show up…for yourself

    In an episode of her podcast How To Take Action, Sarah Arnold Hall says, “Doing something every day is actually easier than doing it once in a while.” Speaking from experience, I can confirm. Going to the gym five days a week feels way easier than going only two days a week. Gratitude journaling daily is easier and better for my mental health than doing it only when I feel like it.

    But just like flying a plane, there are times when I’ve experienced unexpected turbulence along the way. Flying conditions may not always be perfect. In those moments, I have to give myself grace. Touch down for a break. Refuel. Prioritize my vessel.

    When we establish a habit, taking a break doesn’t make it go away. Habits occupy a permanent place in our brains. Interruptions will happen, but our habits will still be there when we’re ready to pick them back up again.

    When we feel like it’s time to get back on the runway, all we need to do is look out the window, and voilà! When you show up, blue skies will return. Meaningful accomplishment takes time because it’s accumulative. It’s a process of learning from our mistakes, adjusting the path when something isn’t working, and figuring out what really matters. Over time, you’ll start to recognize the fruits of your habitual labors, and only then will you see just how far you’ve come.

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    Ginni Saraswati

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  • Why Long-Term Strategic Planning is the Lifeline For Your Business | Entrepreneur

    Why Long-Term Strategic Planning is the Lifeline For Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business leaders have faced extraordinary challenges over the past several years. Pandemic-related demand changes, workflow shifts, persistent inflation and a tight labor market have left business leaders zigzagging through crisis after crisis. The pace has been unrelenting.

    But we risk getting swept away if we’re constantly hopping from one precarious rock to another across a fast-flowing river of challenges. We risk moving in inches, not miles. We stagnate. What’s worse, we can become enticed by taking the easy path of mirroring competitors’ strategies and being just another company that doesn’t stand out.

    Aspirations alone won’t cut it. For businesses to excel, it’s essential to be intentional in formulating short-, medium- and long-term plans. These blueprints will help future success.

    Related: The 5 Pillars of Thriving Teams and Extraordinary Workplace Cultures

    Step 1: Pinpoint your X-factor

    Every brand has its own X-factor — its unique value. What’s yours? Is it groundbreaking technology, a service that rivals none, or maybe unparalleled cost efficiency? Identifying this competitive edge isn’t just about self-awareness. It’s about amplifying this edge in everything you do. It’s what ensures you’re not just another player on the field, but one recognized, sought-after and admired.

    Finding your X-factor is not a top-down exercise. You might have identified your X-factor, but unless the wider team shares this view, you’re working against the tide. Engaging your team to align with this understanding is crucial. Remember, leadership isn’t about dictating direction but about cultivating a shared vision. You’ve missed the mark if the X-factor only resonates with the C-suite and not the broader team.

    To build an organization that’s resilient and progressive, every team member, from entry-level to senior executives, should have a say in the direction and future aspirations. When everyone sees where the ship is sailing and why, they not only paddle in rhythm but often faster and more efficiently. If it’s just senior leadership dictating the vision, the plan is destined to fail. On the other hand, a collective vision strengthens resolve, determination and commitment.

    If you’re struggling to find your special sauces, ask yourself a series of questions. Why are customers choosing you? What resources do you have or can you access that others cannot? Where is the market saturated, and where is the open lane? Knowing and using your strengths wisely is one of the most critical factors to business success.

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

    Step 2: Chart the course with tangible milestones

    With your X-factor identified, the next challenge is progressing toward defined goals. The concept of OKRs, “Objectives and Key Results,” proves invaluable here. It’s about setting objectives, the motivation behind your goals and then determining specific Key Results to achieve them within a set timeframe. This methodology enables businesses to measure success more tangibly.

    For instance, if a substantial portion of your revenue comes from a single product, you’ll likely want to diversify your income stream to ensure stability. Using the OKR methodology, an objective could be to bolster economic security. A corresponding Key Result might involve boosting business from various products or sources, thus reducing dependency on a single one.

    This method isn’t complicated, but it requires a focused approach to the factors that truly drive a business’s growth and success.

    Step 3: Consider your plan at every major decision point

    A dirty little secret of the business world is that many strategic plans fade into obscurity. Employees generate them with enthusiasm. People are inspired. Then, the next crisis emerges, consuming leadership’s time and attention. By the time they survive one — another arises. All the while, the plan ends up collecting dust.

    Successful leaders have to keep multiple plates spinning. What’s more, when responding to an urgent issue, they do so with express reference to the goals and their OKRs. At Fennemore, we relentlessly focus on pursuing our plan’s vision and whether decisions support our broader objectives. Keeping your plan front and center will keep you and your team on course.

    Related: How to Achieve Long-Term Success by Slowing Down Your Business and Creating a Strategic Plan

    Step 4: Recalibrate along the way

    Just as no war plan survives the first contact with the enemy, no strategic business plan remains untouched by the realities of a shifting market. The global landscape is not static. External forces — from market dynamics and technological advancements to geopolitical shifts — can render tactics obsolete. Flexibility, therefore, is not just a value-add but a necessity. This doesn’t mean you deviate from your goals or abandon your X-factor.

    Instead, it’s about reassessing, recalibrating and tweaking the plan to ensure it remains relevant, effective, and aligned with your overarching objectives. Consistent check-ins and feedback loops internally within teams and externally with market trends will help your strategy evolve while remaining anchored to your business’s core purpose.

    Step 5: Embrace the power of resilience

    The journey of strategic planning isn’t a one-off event. It’s a continuous process, one that requires grit, determination and resilience. Challenges will arise, and crises will interrupt, but with a clear strategic direction, such obstacles become surmountable. And here’s the beauty of resilience: it’s contagious. When leadership showcases determination in the face of adversity, it trickles down, motivating every echelon of the organization. By fostering a culture of resilience and tying it directly to your long-term strategic planning, your business can navigate the crises of the day and be better prepared for any that may arise in the future.

    Related: 5 Ways to Adapt to Change and Build a More Resilient Business Model

    Stop winging it

    In today’s world, winging it won’t work. Businesses are complicated, and leaders need to adapt to new challenges constantly. Every decision requires thought, strategy and an honest assessment of where your organization is and needs to go.

    If you already have a long-term plan, it’s time to refine, recalibrate and set bolder metrics. If not, the journey of crafting one should start today.

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    James Goodnow

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  • Liz Truss: I didn’t crash the economy

    Liz Truss: I didn’t crash the economy

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    LONDON — Liz Truss struck firmly to her guns in a defiant speech Monday as Britain’s shortest-serving prime minister defended her chaotic economic legacy.

    Addressing the Institute for Government think tank, Truss blamed the media, the opposition Labour Party, and economic orthodoxy for her downfall during her 49 days in office.

    And she argued that the “reaction” from the “political and economic establishment” to her policies was the reason they failed.

    Pressed in the Q&A on the claim she “crashed the economy,” Truss shot back: “I do want to challenge this phrase ‘crashed the economy.’

    “The fact is that since I left office both mortgage rates and gilt rates have gone higher than they were at the time of the mini-budget. So I do think you are repeating a line to take from the Labour Party when you say that.”

    Truss’ mini-budget — officially billed as the “Plan for Growth” — aimed to slash taxes and cut regulations. But the debt-funded plan was not scrutinized by Westminster’s independent public spending watchdog, and a market rout followed its unveiling.

    Most of its measures were undone weeks later, and Truss argued Monday she was “effectively forced into a policy reversal” before her ideas could work. 

    ‘Fatten the pig on market day’

    In the closest Truss came to a concession, the former PM said the mini-budget may have been rolled out too quickly.

    “Some people said we were in too much of a rush, and it is certainly true that I didn’t just try to fatten the pig on market day — I tried to rear the pig and slaughter it as well,” she said. “I confess to that.”

    However, Truss largely blamed what she has dubbed the “anti-growth coalition” for undermining her plan.

    “The anti-growth coalition is now a powerful force, comprising the economic and political elite, corporatist part of the media, and even a section of the Conservative parliamentary party,” she argued, as she said her libertarian economic ideas were “simply … not fashionable on the London dinner party circuit.”

    She urged the Tory party, now led by her successor Rishi Sunak, not to be “scared” of climate activists, “anti-capitalists and the … woke diversity brigade.”

    Truss blamed the media, the opposition Labour Party, and economic orthodoxy for her downfall during her 49 days in office | Leon Neal/Getty Images

    Truss’ political opponents were quick to pounce on her re-emergence, nearly a year on from the mini-budget.

    Liberal Democrat deputy leader Daisy Cooper said: “Liz Truss giving a speech on economic growth is like an arsonist giving a talk on fire safety.”

    Sunak’s spokesperson was pressed Monday on whether the prime minister had tuned in. “No,” came the reply. “He was being prime minister, having meetings.”

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    Bethany Dawson

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  • U.S. economy seen growing at about a 2.2% annual rate in the July-September quarter, according to real-time New York Fed estimate

    U.S. economy seen growing at about a 2.2% annual rate in the July-September quarter, according to real-time New York Fed estimate

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    The U.S. economy could expand at about a 2.2% annual rate in the current quarter, according to a revamped real-time estimate from the New York Federal Reserve released Friday.

    According to the weekly New York Fed’s Staff Nowcast, the economy has been on an upward trend since late July.

    The regional Fed bank had discontinued the real-time estimate during the pandemic. The New York Fed said the series will now be available weekly.

    The New York Fed’s estimate is much lower than the Atlanta Fed’s GDPNow model, which shows growth could expand at a 5.6% annual rate in the current quarter.

    Economists say the strength of the economy will be critical going forward in deciding whether the Federal Reserve needs to continue to raise its policy interest rate to cool inflation.

    The Fed has been expecting the economy to slow in the second half of the year. Fed officials forecast only 1% growth for 2023. In the first six months of the year, U.S. gross domestic product is averaging about a 2% growth rate.

    If the economy reaccelerates, it is likely that inflation will also move higher. Fed officials had been hoping that slower economic growth would continue push down inflation.

    Faster growth means “you are probably going to get some inflation numbers that aren’t going to be as good as people were anticipating,” said James Bullard, the former president of St. Louis Fed president and now dean of Purdue’s business school.

    “There is some risk that the Fed will have to go a little bit higher” even than the one more interest rate hike that the central bankers have penciled in this year, he said, in a recent CNBC interview.

    The first official government estimate of third-quarter growth won’t be released until Oct. 26.

    The picture of the health of the economy painted by U.S. GDP statistics can change quickly.

    The growth estimates for the first half of the year could be revised at the end of September when the Commerce Department releases benchmark updates to GDP data.

    The sharp revisions are one of the reasons why the Fed typically pays more attention to the unemployment rate and the inflation data.

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  • Who are the G20’s bad guys now?

    Who are the G20’s bad guys now?

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    NEW DELHI — When world leaders gather at the G20 summit on Saturday morning, the smiles may be more awkward than usual. 

    While China’s Xi Jinping and Russia’s Vladimir Putin won’t be there, a B-list of strongmen with their own damning human rights records will be ready to embarrass the leaders of Western democracy with some stiff handshakes and fixed grins. 

    Some of these international bad guys also have played an increasingly assertive role in negotiations on the Ukraine war — interventions welcomed by the Ukrainian government. However unsavory their domestic records may be, that means they can’t be ignored.

    Take Saudi Arabia’s Mohammed bin Salman. According to U.S. intelligence, he approved the gruesome murder of journalist Jamal Khashoggi. But last month, he hosted a multinational meeting in Jeddah aimed at kick-starting peace talks. He’s also staying on after the G20 for a state visit in India.

    Turkey’s President Recep Tayyip Erdoğan, who has locked up thousands of political opponents and stifled media freedom, met Putin just this week in an effort to unblock grain shipments through the Red Sea. 

    One official involved in preparations for the summit in Delhi this week joked that the optics will be challenging. “No one wants that photo-op with MBS, let’s face it,” the official said. 

    But overall, Western diplomats are unapologetic about engaging with the bad boys of the G20 — reflecting a growing realization in Western capitals the battle to win minds on the Ukraine war is not working and needs buy-in from the countries beyond the affluent capitals of Europe and North America.

    “I’m not here to issue scorecards,” said U.S. National Security Adviser Jake Sullivan, when asked this week if President Biden was relaying U.S. concerns about Narendra Modi’s record on religious and press freedoms during his multiple meetings with the Indian leader. 

    Biden is expected to hold a meeting with MBS, with whom he shared an infamous fist-bump last year, a sign to many that all had been forgiven. 

    One European official involved in the preparations praised India for its work behind the scenes in trying to get consensus on an agreement rather than settling on different positions.  

    “If they succeed, it shows that the G20 has a future,” said the official, who was granted anonymity to speak openly due to the sensitive nature of the matter. 

    Ukraine remained the most divisive issue for G20 diplomats trying to hammer out a summit communique, with negotiations continuing late into Friday night.

    U.S. President Joe Biden is expected to hold a meeting with Saudi Arabia’s Mohammed bin Salman | Pool photo by Madel Ngan via AFP/Getty Images

    G7 countries — and the EU — are demanding that the principles enshrined in the U.N. Charter on territorial integrity and national sovereignty are reflected in the language.

    Also weighing on minds is the global economy. German Chancellor Olaf Scholz touches down in Delhi just as economic figures showed that industrial production in Europe’s economic powerhouse nose-dived again in July. 

    China is battling a slowing economy and a real-estate crisis. But it’s countries like India that are witnessing the kind of accelerated growth levels that suggest it is on the up.

    In New Delhi, giant posters of a smiling Modi, India’s prime minister, speckle the routes downtown. 

    This is India’s moment in the sun. Modi’s government has used its stint in the chair to show it can play a more assertive role in the global order. 

    India’s self-confidence as it hosts the global shindig signals a deeper geopolitical shift. 

    Three western officials with direct knowledge of the summit preparations said Brazil and South Africa, in particular, were playing a key role behind the scenes in coordination with India to get consensus on a final summit declaration, the holy grail of gatherings such as this. 

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    Suzanne Lynch

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

    How to Fall Back in Love with Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Dr. Sabrina Starling

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Related: How Business Leaders Can Keep Employees Engaged

    4. Protracted losses have compound effects

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

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

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    Ross Cameron

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