Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.
TECH TALK is the journey to discover innovators shaping our future.
Episode 107: See Flying Cars, Taxis & Rescue Vehicles; we go to find out more. Discover 3D holographic food and drones that fly into burning buildings to warn the Fire Fighters.
Episode 108: Drones pose a significant security threat to all. Meet the inventors of 360-degree drone defense systems. Then, watch Jonny’s connected car get hacked by a trained cybersecurity expert!
Episode 109: Visit IDC Herzliya, one of Israel’s leading universities. We also take you to one of the leaders behind self-driving cars and discover mind-blowing 3D holographic surgery.
Episode 110: Augmented reality snowboarding helmets made by ex-military fighter pilots. Jonny then visits the Robotics Lab at Bar Ilan University to meet the Israeli Robot Soccer team.
Episode 111: See intelligent drone delivery systems for any business. JC tests a TV scanner app to get audio on any TV. Finally, Ruth discusses her impactful venture to protect us from old age.
Episode 112: Season Finale discovers five outstanding innovators ranging from futuristic zappers to Autonomous Robot Window Washers & Mind Controlled Games to assist with ADHD.
Elevator Pitch (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)
On ENTREPRENEUR ELEVATOR PITCH, entrepreneurs have 60 seconds to pitch a business idea to a boardroom of investors.
Episode 801: Entrepreneur Elevator Pitch is back! Season 8 starts with entrepreneurs building intergenerational wealth through hat sales, building bodies back with foam roller water bottles, and building a new way to co-own vacation homes.
Episode 802: Learn the finer points of pitching and deal-making in the new episode of Entrepreneur Elevator Pitch.
Episode 806: See if our investors think there’s something fishy about her concept on the new episode of ‘Elevator Pitch.’ You never know who will walk (or swim) through the doors of Entrepreneur Elevator Pitch. So check out episode six for some genuine surprises!
Celebrity Business Tips (Monday, Wednesday, Friday)
CELEBRITY BUSINESS TIPS showcases actors, athletes, and entrepreneurs as they share their best business tips to help you get started and find success with some humor and heart.
Episode 101: Actors, athletes, and entrepreneurs share their best business tips.
Mindvalley Talks (Monday, Wednesday, Friday)
MINDVALLEY TALKS brings you the best personal growth video content from the most brilliant minds on the planet.
Episode 103: In this talk at A-Fest Portugal 2019, Keith Ferrazzi is an American author and entrepreneur. He shares some of his critical insights into how you can analyze your team’s effectiveness and performance at work.
Mirage (Sunday, Tuesday, Thursday, Saturday)
Featured Film.
In 1968, at the ripe age of 26, Peter Kalikow was confident he could build a better car than anyone else. So he took the money he made in the construction and put it all on the line to take on the automotive establishment.
Opinions expressed by Entrepreneur contributors are their own.
In almost every country, immigration is a contentious issue, particularly as it affects the economy. On one side of the debate, detractors argue that too much can saturate job markets and depress wages, while on the other side are those who point to falling birth rates in developed countries and to the need for labor in sectors with increasing worker shortages.
Here in Canada, we’ve been for years fairly liberal about allowing immigration. According to Statista, just shy of 493,000 people arrived here legally between July 1, 2021 and June 30, 2022. And the results of a 2022 poll by Research Co. indicate that three-quarters of Canadians see their arrival and contributions to the economy as a net positive.
As a CEO heavily involved with the technology sector, I couldn’t agree more. The reality is that immigrants are critical to economic growth, particularly in this sector, and I’m not the only one saying so. Canada is in the midst of a mini tech boom right now, due in large part to the paralysis of the immigration system of our immediate neighbor to the south.
Here’s a look at why technology leaders should consider transforming themselves into immigration advocates if they desire sustainable growth.
In 2017, Canada’s immigration process was revamped — its goal bringing in highly-skilled technology workers from abroad. As part of the country’s Global Skills Strategy, our government significantly shortened the visa process for these workers, from ten weeks to just two. Additionally, some were given a generous work permit exemption period so they could start working immediately, even while their paperwork was being processed. Moreover, Canada has a Start-Up Visa program that enables immigrant entrepreneurs to live and work here, provided they have secured funding from venture capital funds, angel investor groups or business incubators.
These policy changes made it possible for tech startups to attract the talent they needed to thrive at an accelerated rate. As a result, there are now at least 61 privately held and Canadian-founded technology firms on a path to earning $1 billion in annual revenue.
They’re not alone, either: Major U.S.-based tech firms have noticed this success and hurried up north to become a part of it. One by one, companies like Amazon, Apple, Google, Microsoft and Meta opened new offices or expanded their presence here. Such startup activity and expansions have made Toronto the fastest-growing tech hub in North America, trailing only New York and Silicon Valley for total sector activity…for now. And venture capitalists have noticed, too, driving tech investment activity here from $5.8 billion in 2019 to $13.6 billion in 2021, according to PitchBook.
This growth is partly due to government investment and favorable immigration policies, but also because of the lower cost of talent. Hired reports that the average tech salary in the U.S. is $152,463, whereas in Toronto it’s around $117,000. For small companies, this can make a massive difference. For instance, in the growing app development market, the average Canadian app developer earns around CAD 126,370, which is 4% lower than the U.S. national average. This makes Canada a desirable destination for both investors and skilled workers looking to join a start-up ecosystem.
Of course, it would be all too easy to write off Canada’s tech expansion as a function of that sector’s cyclical nature. After all, Toronto isn’t the first city to host such a boom. A few years back, everyone dubbed Miami the next big hub. Before that it was Austin. However, there’s good reason to assess what’s going on in Canada as something beyond cyclical.
First of all, it’s no coincidence that growth started within months of the visa program revamp. The truth is that Canada simply doesn’t have the workforce to support what’s happening without high-skilled immigrants, and resulting growth mirrored what happened in the U.S. during its innovation booms.
It’s also important to remember that growth in the U.S. technology sector was also largely the work of newcomers to the country. Steve Jobs was the son of Syrian immigrants, and Google co-founder Sergey Brin is himself a refugee — to name just a very, very few. And research from the National Foundation for American Policy indicates that 80% of tech unicorns in the U.S. were either founded by immigrants or rely on them for key management roles. In other words, these people drive tech innovation and growth, period.
The broad takeaway here is that leaders in the technology sector must start to speak up and advocate for smarter immigration policies, wherever they’re based. To not do so is to deprive companies of the very lifeblood of innovation, and all they need to do is to look at what’s happening here in Canada to see how such efforts pay off.
The simple fact is that immigrants offer tech firms the only viable way to keep talent pipelines full and bottom lines growing. That means it’s incumbent on leaders and CEOs to look for ways to use their influence to shape associated governmental debate. Or, they could keep letting Canada eat their lunch. We are quite polite here in the True North but are not about to turn down a talent bounty provided by the inaction of others.
Opinions expressed by Entrepreneur contributors are their own.
Change in all aspects of life is as inevitable as the sun rises in the east and sets in the west — nothing stays the same. Although technology uptake has increased over the last few years, management and tech companies still have their work cut out for them. Championing changes is no walk in the park, and the same goes for leadership. So, here are a few ways tech leaders can deal with pushback on diverse technological initiatives, as well as a few signs to help leaders identify pushback on these initiatives:
1. Create strong foundational data
When making changes, most company executives are looking for foundational data. This kind of data shows what tech is, what it does, how it does it, and most importantly, what the favorable results are. Foundational data should be well formatted and easy to interpret.
IT leaders may rely on something other than their soft skills to get the job done, but these skills are vital in establishing productive discourse. A conversation ensures all parties feel heard and decisions are not one-sided. Effective communication and attentive listening can make technology initiatives succeed.
3. Cut out the long speeches; for the most part
The thing about speeches is that they could be more interactive. This one-way flow of information can backfire as the audience may feel alienated from a process they are expected to partake in. The best way to combat this is by making the entire process as interactive as possible. Let every stakeholder interact with the new technology at their own pace. You will likely get unanimous cooperation from multiple echelons if each can realize the benefits firsthand.
4. Impromptu problem-solving
Patience and fortitude are not virtues associated with most mega-companies and industries. What people want are systems that work with minimal effort and accurate results. Any tech initiatives that have a hard time taking off are less likely to get adapted into regular use. The pushback will likely be at its worst when something fails during implementation, so fast response time is crucial to implementing tech initiatives.
5. Actively campaign against false assumptions
Your staff may face unfounded rumors and assumptions about tech changes that can destabilize the initiative. Some obvious fears your employees may face include:
During such times, it is essential to discredit each individual’s worries using proven facts and recorded data. Ensure employees don’t think the employer’s new tech initiative is directly against their collective well-being.
It’s not always about the money, so proving to stakeholders that the technology initiative can produce more profits is only sometimes the right move. Some might consider an attempt to buy in proof that the product will face opposition from employees at different levels.
Identifying pushback against technology initiatives
One of the most damning mistakes people in a crisis make is not realizing they are in one. The fastest way to break up technological dissent in any setting is by realizing it is happening. Here are a few ways you can identify pushback in any backdrop:
Denial:
Most people’s first reaction to sudden and unexpected change is denial. Employees and stakeholders may declare new technology redundant and argue for the logic that “if it’s not broken, don’t fix it.” It is up to the tech companies and top company management to prove to the employees that the new system is beneficial in multiple aspects.
One way to combat denial is to clearly illustrate the benefits of tech initiatives by displaying them in a common language for everyone to comprehend. Feedback channels are critical during this stage because they give you an action plan for implementation. For example, creating company groups online allows employees to ask questions and receive information in real time.
Disengagement:
Denial and disengagement often go hand in hand. In this phase, employees will quickly adopt a nonchalant approach toward any changes in the company. This behavior is more prevalent when technology initiatives are shoved down everyone’s throat. This approach can make getting anything done in the workplace challenging and tedious. The perfect way to tackle disengagement is by incentivizing goals like giving bonuses, rewards and allowances for employees that excel at adopting new technology.
Derailment:
This is the “what, you think we don’t have other/real problems?” approach usually adopted by people in an organization who feel disadvantaged by the new changes. These groups often exaggerate the importance of more straightforward tasks to invalidate changes. The best way to combat this symptom of technological decent is by ensuring that no duties will be neglected through proper scheduling and resource allocation. One way to schedule effectively is by making the schedule visible and easy to interpret, like by placing it on a notice board or sending it to individual employees’ work emails.
You may notice that employees are less willing to go about their tasks, especially if they use new technology. This is often the case if the tech is not fully functional or needs to be equipped to handle the current capacity smoothly. Employees may also act unmotivated if the new technology brings extra work and the company is unwilling to compensate.
One such trend is the quiet quitting trend, which is motivated by a similar trend in numerous industries. Demotivation may seem harmless at first but may end up hitting the company with a reality many companies have realized too late. Having employees willing to go the extra mile gives a company a competitive edge, and the opposite could lead to a company’s rapid decline. The best way to deal with demotivated staff members is to incentivize tasks. Creating a competitive workplace culture can also help if the winner gets a coveted prize.
Do not expect all employees to join the bandwagon with a smile. The most important thing when implementing technology initiatives is to keep communication channels open. The flow of information vertically and horizontally across different organizational levels can create a better working environment and smoother tech integration. Implementing technology initiatives can avoid opposition, especially if you build trust and ensure open feedback channels.
Opinions expressed by Entrepreneur contributors are their own.
We are living through a new era of space activity, and the evidence is all around us. From striking images of private sector rocket launches to new satellite and data capabilities to the innovative tools that will permit lunar exploration, the space industry is more vibrant and ripe with opportunity than ever before — and this is true not just for “space companies,” whose primary business is space activity, services and tools, but for every company.
This may at first seem counterintuitive. The current space economy is valued at $469 billion, according to The Space Report, and is expected to top $639 billion by 2026. This growing economy is fueled by thousands of businesses large and small worldwide, and many of these companies are not space-specific. Instead, they are “space adjacent,” which means their products and services have applications in the space industry, as well as in other sectors, like high-precision manufacturing, data science and artificial intelligence, and life sciences and biology.
In this era of dynamic growth in the space market, the challenge for entrepreneurs is to answer:
Is their enterprise space adjacent or could it be changed to become space adjacent?
What is the space market demanding and what could the company offer?
How does the business leader or entrepreneur identify and access opportunities that require fundamentally innovative applications for space?
There is not one route or strategy that will lead a space-adjacent company into the space economy. The approach that best fits the existing business model isn’t necessarily defined by the entrepreneur or business leader. Yet, there are best practices and signposts along the way that can facilitate entrance. With that in mind, here are four steps to consider when seeking opportunities in the global space economy.
As with any business endeavor, opportunity requires connections and collaboration. Wherever the business is located geographically (potential in more than one location), survey the area for organizations or businesses that are already engaged in the space economy.
This does not necessarily mean seeking out a rocket launch provider. Instead, consult with large manufacturers who may be selling technology components to civil or commercial space organizations. Engage with regional military installations, where there are sure to be space-engaged professionals who can help elucidate market opportunities and facilitate introductions. Look for local chamber of commerce events related to space and explore industry groups and academic institutions that may offer space-focused seminars and forums. Ultimately, only the entrepreneur or business leader will be able to precisely identify local space stakeholders. Step one is to find them and grow from there.
2. Seek new applications for existing IP
When we think of space products and activities, some might imagine breakthrough technologies invented in government-run labs whose applications begin and end in space. This is incorrect. In fact, while some space technologies are entirely novel (e.g. scientific instruments for biological experiments in microgravity), many are simply the reapplication of space tools and services devised for use on Earth.
To wit, entrepreneurs and businesses may already have intellectual property that, with some adjustments, could be sold to companies engaged in space activities. If you are engaged in textiles, do you hold a patent on an innovative material whose properties may be useful in space operations? If your business is in the food and beverage industry, could you cater to the local space operations on Earth or even adapt your product for consumption in space? In industrial construction, artificial intelligence, raw materials sourcing, supply chain optimization, the list of industries where existing products could be used in space is unending. When seeking space economy access, entrepreneurs should look to existing IP and consult with their growing network of space industry contacts.
The space-to-Earth market accounts for most of the space economy. Put another way, the enormous data flows pouring in from satellites and other space-based assets are the currently dominant area for financial return. Entrepreneurs and businesses in the data science fields can find eager customers seeking insights and services derived from this data. This can include markets for Earth observation, climate monitoring, logistics and transportation, agriculture, water management, public health and many other industries. In this, space adjacency is defined by the capacity to process and compute data streamed from space and sell the resulting insights to markets here on Earth.
For example, an incisive understanding of water levels and drought in a geographic region could be highly valuable to water utilities, local governments and agricultural businesses. The task for entrepreneurs and businesses is to consider how to access space-derived datasets, consider their data science capabilities and look to the marketplace for the intersection between space adjacency, data insights and on-Earth demand.
4. Check for patents in the public domain
Space activity is valuable in part because the tools and technology needed to operate in space often have important applications on Earth. In the United States, NASA offers a Technology Transfer Program and a database of thousands of its expired patents that are available for unrestricted commercial use. The European Space Agency also offers a technology transfer process. These and other space agencies already did costly, innovative work to create something new. Dig through these databases, consider your capabilities and identify patents you can use to bring new products to market.
We are still only at the beginning of a new era of space access and exploration, and analysts expect the global space economy will reach $1 trillion in the coming years. Entrepreneurs and business leaders who begin probing the space domain for opportunity today will not only open new revenue streams and invigorate innovation. They will also capitalize on first-mover advantages and position their organizations to lead as the space market grows.
Opinions expressed by Entrepreneur contributors are their own.
Crafting a successful product portfolio might sound daunting, and it certainly can be if you’re not well-prepared. But in reality, it doesn’t have to be an overwhelming process. With the right strategies and knowledge, you can create and maintain a strong product portfolio that meets your customers’ needs and stands out from the competition.
In this article, we’ll walk through the steps necessary to craft a successful product portfolio.
Before you start creating your product portfolio, you must do some research and understand the market landscape. Gather as much information as possible about your potential customers, competitors, and industry trends. This will help you develop a compelling product roadmap and ensure your products stay on top of the latest technological advances.
Consider using various research methods such as surveys, interviews, focus groups or observation studies to gain insights into customer needs and preferences. Other data sources include industry reports, competitive analysis, analytics from existing products or customer feedback from existing users. Take the time to analyze all available data points to get a complete picture of the current market environment and identify growth opportunities.
Once you’ve done your research, it’s time to set goals for your product portfolio. Think about what success looks like for each product and establish clear objectives with measurable metrics such as customer satisfaction scores or user engagement numbers. To ensure accuracy, break down objectives into smaller tasks and milestones that can be tracked more easily over time. This will enable teams to assess progress regularly while also allowing flexibility should plans need to change due to unexpected circumstances or new requirements arising mid-way through development cycles.
Consider long-term implications such as future expansion plans or scalability issues when setting goals. This will ensure that products remain relevant in the years ahead, even if certain technologies become obsolete or new solutions enter the market.
Design with intent
When designing product features, take the time to think through their purpose and how they can benefit users. Consider who is using the product and why they may want or need certain features or functionality. This could range from simple usability enhancements for novice users to advanced capabilities for more experienced ones. Keep an eye out for any gaps between user intent and existing features that a new offering in your portfolio could fill. This could open up opportunities for growth while also providing value to users at the same time.
Try to incorporate design elements that resonate with different types of customers — whether visual design styles that match branding guidelines or interactive components that are easily accessible regardless of experience level with a certain type of device or technology platform.
No matter how well-planned a project may be, ultimately, its success hinges on execution. Develop an agile workflow that allows fast iterations while preserving quality standards, making progress visible throughout development cycles. This will enable teams to make quick decisions based on feedback from stakeholders and changing market conditions without compromising overall results.
Utilize feedback from customers and other stakeholders along the way. This can help identify problems before too many resources have already been invested in a particular direction. It also ensures that all points of view are considered when making decisions about feature development or improvement. This will help create products that truly meet customer needs rather than just incorporating features because they sound good on paper but don’t necessarily deliver real value in practice.
Strive for transparency throughout every stage of development. This will build trust amongst stakeholders involved in the project and make it easier for everyone involved to keep track of the progress being made against established milestones & objectives.
A successful product portfolio requires careful planning, research, intentional design and effective execution. By investing the time to do these tasks correctly, you can create products that meet customer expectations and deliver significant value in return. Whether you’re looking to launch a new product or revamp your existing one, following these steps will ensure that your portfolio is strong and positioned for success.
Opinions expressed by Entrepreneur contributors are their own.
How much will bitcoin or any altcoin cost in 2023? Great question. Even professional traders cannot foresee the price of crypto due to multiple impact factors. But as an investor, I want to reflect on something else. Are those who have already buried the crypt right, or is last year’s market crash not the end?
In February 2021, the capitalization of bitcoin exceeded $1 trillion for the first time. The first cryptocurrency grew by 900% in a year and traded for $54,000 per coin.
Despite the record price, there was no release from investors. For example, the Square payment service, owned by Jack Dorsey, then bought over three thousand bitcoins.
Amid the rising bitcoin price, in March 2021, the founder of the Kraken cryptocurrency exchange, Jesse Powell, made a sensational forecast: by the end of 2022, one bitcoin can buy a Lamborghini, and in 2023, a Bugatti.
The forecast failed: today, you can only buy a Kia Rio or a Mitsubishi Mirage for a bitcoin. And this is after the boom of ETFs, NFTs, DeFi and stablecoins. So what went wrong?
In 2022, the growth rates of blockchain technology remained high. For example, we witnessed the Ethereum protocol modernization: now, instead of the Proof-of-work algorithm, the blockchain uses Proof-of-stake. After the change, the network will consume 99.95% less energy.
However, this event was overshadowed by others — the bankruptcies of the Terra project, Voyager Digital and Celsius Network crypto banks, Three Arrows Capital hedge fund, BlockFi and FTX exchanges.
Also, inflation in the US reached 7% in 2022, just as in the early 1980s. To curb inflation, the Federal Reserve raised rates seven times a year. The base rate is between 4.25% and 4.5%, the highest mark in 15 years.
The Fed’s policy affected the value of risky assets, namely stocks and crypto. The dollar strengthens as interest rates rise, but risky assets fall. Due to this and the bankruptcy of key crypto projects, the cryptocurrency market collapsed. The media again started talking about the onset of crypto winter — a decrease in the cost of all coins and a long bearish trend.
But I disagree that due to the fall (over the past year, according to the Coinmarketcap charts, market capitalization has more than halved – from $2 trillion to $800 billion), this segment can be put to rest.
Regarding crypto, price fluctuations are the last thing you should focus on. I look at less obvious factors to understand the market prospects.
Venture capital impact
The activity of venture capitalists decreased significantly in late 2022. This information can make beginners panic, but let’s read the news more carefully.
How did the timing of entry into projects change the enthusiasm of investors? Seed and early-stage crypto startups received larger checks in 2022. Investors are buying up young startups, meaning the game is not over, and funds will be poured into the sector.
Besides, the cryptocurrency market is only developing. You can fail in school but enter college on the first try. So the failure of 2022 is not a sentence, but only growing pains.
Web3 is a new blockchain-based decentralized and tokenized incarnation of the internet. It is both financial applications and NFTs. But the most dynamic segment of Web3 is blockchain games.
The crypto winter did not affect the growth of gaming programs based on distributed ledger technology: in 2022, the number of transactions in gaming blockchains increased by 94%.
It is such a strong trend that only full-on electricity cuts across the planet can bring it down. So the entire blockchain sector will become less speculative and more practice-oriented.
Return of NFTs
After COVID-19, even people far from business learned that the most affected sectors actively recovered after the crisis. This is precisely what should happen with the NFT segment.
Over 2022, it decreased by 97%. But the fall is not a trend — unlike the arrival of big players in this market. NFTs were launched as part of a loyalty program by the giant Starbucks. By year’s end, the list of majors that launched NFTs was replenished with Reddit, Meta, Nike, Disney and Coca-Cola.
All these companies invested in developing their own projects based on Web3 and will continue to develop them in 2023. My guess, other companies will pick up the trend, so the NFT market revival is only a matter of time.
In December 2013, on the Bitcointalk forum, a user, GameKyuubi wrote a post with a typo in the title – “I AM HODLING.” He criticized traders who use bitcoin to get rich, contrasting their position with his own — to keep the crypto even when market signals indicate a need to get rid of the asset.
The term HODL became a meme, and the change in the number of hodlers became the data for analytical platforms to evaluate the development of the industry.
New statistics from Glassnode demonstrate a sharp increase in the accumulation addresses in the Bitcoin blockchain. These hodler wallets have received at least two transfers in the past seven years. Yet, funds were never withdrawn from these addresses.
The number of such wallets reached almost 800,000 — increasing by 18% during the year. The figures show that the number of committed users of the service is growing.
Hodlers don’t make money off bitcoin. They believe in its potential as a universal means of payment. And user growth is a significant factor in the global adoption of bitcoin. I am sure that while some faithfully accumulate crypto and those who develop the blockchain and projects based on it, seasonal and annual jumps are just ripples in a pond. The most exciting things happen in the depths.
Opinions expressed by Entrepreneur contributors are their own.
Slump. Bust. Dip. Whatever you call it, it happens to all businesses at some point. And that means you need a solution so you can avoid the slump when it happens to your business and grow faster when it does happen.
The first thing you need to know is that it’s okay to slump. We’re going to get into the nitty-gritty of what a slump is, why your business might be slumping and how you can overcome it. But first, I want to start with a little bit of context: You are not alone in this. Slumps happen to the best of us, even to Elon Musk a few years back. In fact, they happen all the time — to everyone from newbies just starting out to corporate giants who have been around for decades.
So, if we’re all in this together, why do some businesses come out of slumps stronger than ever while others crumble? The answer is simple: Those who have mastered the art of overcoming slumps are able to grow even when times are tough and learn from their mistakes so they don’t fall into them again.
That’s not to say a slump can’t be the time to do some deep soul-searching. If you’re suffering from a slump and you’re wondering how to get out of it, don’t worry. We’ve got you covered.
A slump is a sudden business downturn that can be caused by a host of factors, including an economic downturn or changes in technology. Sometimes a slump just happens for no reason at all, but the good news is that there are ways to overcome them and get back on track.
While it’s true that slumps are never fun and they can feel like they last forever (I promise they don’t), it’s important not to let your mind go down that path because it will only make things worse. Instead, take some time to reflect on what’s working well right now and what isn’t working so well — and then make some changes!
So, how do you get back on your feet?
You’re in a slump. It happens to every business at some point. And if you don’t know how to get out of it, you’re going to end up being stuck there for months or even years.
But we’re here to tell you that it doesn’t have to be that way! Slumps are temporary by nature — and they can usually be fixed by implementing a few simple tweaks to your current strategy. Here’s how:
1. Ask yourself, “What is the cause of my slump?”
If you’re in a slump, it’s important to ask yourself what caused it. Did you have an uncharacteristic drop in quality? Did you change up your pricing and not get the results you were hoping for? Did something happen in the industry that affected your bottom line?
Whatever the case may be, it’s important to figure out what went wrong and why so that it doesn’t happen again. You can even try to get some help from business strategic consultants and assess your whole business.
2. Is your business model broken? Look at your competitors’ strategies.
Businesses are built on competition, and with the advent of the internet, that competition is more fierce than ever. If you’re not nipping at the heels of your competitors, you’re falling behind. With so many businesses vying for attention, how do you stay ahead of the curve?
As the old saying goes: “If you can’t beat ’em, join ’em.” That’s right — look at your competitors’ strategies, and see what they’re doing right. What can you learn from them? How can you apply their ideas to improve your own business model?
We’ve all seen it before: One company comes up with an innovative new idea that catches on, and suddenly everyone else is doing it too. It’s no longer enough to just have a good idea — you need to be able to execute it better than anyone else. So, if your competitor is doing something that works well for them but not for you, try changing things up!
If nothing else, this will give you some insight into why some ideas work for certain companies but not for others, and that kind of knowledge can only help you develop better strategies for your own business in the future.
3. Are you connected with your customers?
In a world where people are spending more time online than in person, it’s more important than ever to ensure that your customers are happy with the services that you provide. If they’re not satisfied, they will leave and take their business elsewhere.
If you’re looking for ways to improve customer satisfaction, then it’s time to start asking them what they think about the products and services that you offer. This is the only way that you can determine what needs improvement and how those areas might be improved. It also gives you an opportunity to ask questions about new products or services so that they can help shape what’s next for your company.
The unexpected can happen at any time, but how will you handle it? The best way to prepare for a downturn is to get ahead of it.
Think of your business as a car and the rainy day as an accident. You want to be able to pay for repairs without going into debt, right? So, why wouldn’t you want to save up money in case something like that happens?
You don’t want to be caught off guard, so make sure that you’re prepared for all kinds of scenarios. If you’re not, it could put your whole business at risk!
5. Have you failed to innovate?
You must bring new ideas to the table.In business, there are two kinds of people: those who innovate and those who don’t. The innovators are the ones who succeed in times of slump. They’re always looking for new ways to bring their business back from the brink of failure.
Remember Nokia? If you’re on the other hand … well, maybe it’s time to start thinking outside the box!
6. Are you not looking into the future? Try predictive analytics
Not looking into the future? If so, you’re missing out on a lot of opportunities.
Predictive analytics is a tool for predicting the future by using data about previous actions and outcomes. This can help you avoid problems before they even happen. It’s a great way to ensure that your business remains strong and stable, even in times of slump.
If you’re not using predictive analytics, though, don’t worry — you can still turn things around now!
7. Don’t look for “quick hits”
If you’re in a slump, it’s tempting to look for “quick hits” that will bring your business back to life. The problem is, these quick-hit solutions often lead to more slumps.
For example, if you hire a new team member and expect them to fix all of your problems, you might be disappointed when they don’t turn things around fast enough. Or if you launch a new product and expect it to pull in tons of revenue, but then it doesn’t perform as well as you’d hoped, you’ll be disappointed again.
The truth is that there are no “quick hits” when it comes to overcoming a slump. The only way out is through deep engagement with your customers and an openness to change that’s supported by data-driven analysis and experimentation.
Don’t you hate it when you’re reading something and suddenly you’re like, “Wow, this is really fluffy.” Like, “I’m not sure what I was expecting here, but it wasn’t this.”
It’s like, what are you doing? You’re wasting my time! And I don’t have a lot of time to waste. I’m too busy trying to save up money for my retirement so that I can buy a house in Florida and spend my days on the beach sipping margaritas.
But seriously, we all have our own lives to live and our own problems to solve. So, let’s cut through all the bullsh*t and talk about how we can work together to get through this slump together.
So, don’t wait another moment. Take action now! It’s time to stretch, listen to your body and rally your team for one last push. And if taking action doesn’t work, you might need to make some changes. But until then, before the critical moment hits and you’re left with no other choice, don’t forget to use these ideas as a way to fight through rough patches and get back on track.
Opinions expressed by Entrepreneur contributors are their own.
As entrepreneurs, we are constantly striving for success and are driven by a desire to achieve our goals. But what if that drive for success extended to our desire for material possessions? Many people view materialism as a negative trait, but the truth is that having a strong desire for material possessions can actually be a powerful tool for fueling entrepreneurial success. Here’s why:
Materialism is a powerful way to motivate you to accomplish your goals
Materialism can be a powerful motivator. A strong desire for material possessions is not only an important factor in whether or not you get rich, but it’s also a critical element of your entrepreneurial success.
When you have a strong desire for material possessions, you’re more likely to set goals and then achieve them. You are also more likely to stay motivated after you start working towards something specific.
In order to achieve your goals, you need to have a clear vision of what they are and how they will look when they’re achieved. Materialism can help with both of these things by allowing you to imagine a future where you have more possessions than now. This imaginative exercise helps give substance to the concept of success and sets a goal for where you want your life to go in its current state.
If we don’t envision what our lives could be like in five years, 10 years or 30 years from now — if we don’t see the possibilities available — we fail ourselves right out of the gate when it comes time to make decisions that affect our futures (like choosing an education path).
Materialism encourages you to come up with unusual ideas
If you have a strong desire for material possessions, it may encourage you to think outside of the box and come up with new ways of doing things that are unconventional.
One way materialism can help entrepreneurs think outside the box is by encouraging them to take risks. Many entrepreneurs are driven by the desire for material possessions and are willing to take risks in order to achieve them. When an entrepreneur is focused on a material goal, they may be more willing to take a chance on an unconventional idea, even if it carries a high degree of uncertainty. This can help to foster a more entrepreneurial mindset and can lead to more innovative solutions.
Materialism keeps you motivated once you start working toward something specific
Entrepreneurs can benefit from being materialistic by having a tangible goal to strive for. For example, if your goal is to be able to afford a luxury car, you can use that as a motivator to work harder and smarter.
You might make a plan to increase your sales or find ways to cut costs in order to reach your goal. The specific nature of the goal will help you stay focused and make it easier to measure your progress.
When people get caught up in day-to-day tasks without having any sort of vision for their future careers or lives, they often lose sight of what truly motivates them and why they’re doing these certain things in the first place. Materialism provides a strong foundation on top of which other motivational forces (like financial security) can be added for greater effect over time as well as helping individuals develop new ideas about how to best accomplish their dreams
Having a strong desire for material possessions can help you keep going for longer once you’re pursuing your goal
The power of materialism can be helpful in many ways. If you have a strong desire for material possessions, this may help you visualize your future and further develop the ideas that will bring about your entrepreneurial success. Materialism also encourages people to work hard towards their goals and keep on going when they feel like giving up. In addition, once you start working towards something specific, having the motivation of wanting more possessions can keep you going when times get tough.
It’s important to remember that true success and happiness are not just about accumulating material wealth. Balancing material desires with other important aspects of life, such as relationships, personal growth and community involvement, is key to a fulfilling life. However, when channeled in the right way, the power of materialism can be a powerful force for driving entrepreneurial success.
So, consider embracing your love for material possessions, and let it fuel your drive to achieve success in your business!
Opinions expressed by Entrepreneur contributors are their own.
Generational diversity is diversity. Diversity is broader than just race and gender. We often oversimplify diversity to attributes we think we can see — like race and gender, yet the richness of diversity goes beyond our skin color and gender identities. Most attributes of diversity are fluid — gender, race, ethnicity and age — they can change over time or people may associate along a spectrum or identity with multiple categories within a dimension.
Age is a fluid dimension of diversity as it’s constantly changing.
Our workforce currently has four generations participating in it. Although there is no formal authority to define generations, generations are commonly defined by birth year:
Baby Boomer Generation: People ages 56 to 75 (born between 1946 and 1965)
Generation X: People ages 41 to 55 (born between 1966 and 1980)
Generation Y (millennials): People ages 25 to 40 (born between 1981 and 1996)
Generation Z: People ages 9 to 24 (born between 1997 and 2012)
Because Gen Z grew up in a time of peak immigration in the U.S., they had more exposure to other racial groups and ethnicities. They also grew up in a more welcoming and accepting environment for the LGBTQ+ community.
Neurodiversity is also a key dimension of difference for Gen Z. Rates of diagnosis for autism, ADHD and other neurodivergence have increased significantly in recent years. With exposure comes a broader acceptance of differences. People have not changed; it is the awareness that has. For organizations that want to attract top talent, addressing the unique aspects of generational diversity is key.
Gen Z expects inclusion
In a recent study by Monster, 83% of Gen Z individuals stated an employer’s commitment to diversity and inclusion is significant when choosing where to work. Another poll found 75% of people in Gen Z said they’d reconsider applying to a company if they weren’t satisfied with their diversity and inclusion efforts. It is common for younger generations to ask about diversity efforts at organizations during the interview process. They want to know if it’s simply window dressing or if it’s authentic and is quick to decipher authenticity.
According to Project Implicit, the most common bias people have is age. Most people have more positive associations with younger people than older people and 93% of older Americans have experienced age bias, one study said. As with many dimensions of difference, there are common stereotypes about age:
Older people are poorly skilled with technology (and younger are better)
Younger people are entitled (and older people work harder)
Older people are more conservative (and younger people are more liberal)
These are just a few commonly held beliefs about people based on age. While biases and stereotypes can be rooted in some truth, it is important that we don’t apply a stereotype about a group of people to an individual. Here are some problematic ageist statements/actions with potential corrections:
Giving the social media project to a young person vs. Delegating the social media project to a person with the most expertise/passion, regardless of age.
“I don’t want to hire them because I am afraid they won’t work as hard” vs. “Let’s have objective criteria to determine fit rather than using outdated stereotypes.”
Thinking “I know who they voted for” based on their age vs. Getting to know the person and their beliefs.
One of the biggest challenges with ageism is that we have a primal fear of getting old. We discriminate against our older selves. In Ashton Applewhite’s Ted Talk, they discuss why we fear getting old and how the stigma of being “old” manifests itself in our culture. This fear can lead to unhelpful behaviors that discriminate against older employees.
In fact, ageism does not make sense. Most research shows that we are the happiest at the beginning and end of life given the data on the U Curve of Happiness. Happiness bottoms out in the mid-40s and often increases with age. Coupled with research on Blue Zones, studies find having a strong community as you age has the biggest influence on longevity.
Ageism is real. It’s often the biggest source of bias. Let’s be careful not to be biased against our younger, current or older versions of ourselves. As conversations on diversity and inclusion continue, expect them to intensify with Gen Z demanding more diverse representation and inclusive behavior in organizations. If generational diversity is not addressed, organizations stand to lose out as younger generations vote with their dollars and feet.
Generational differences are a part of the diversity conversation, yet often overlooked or not included. By including generational diversity in the overall diversity, equity and inclusion conversation you bring more human experiences and potential allies into the work.
Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.
The journey to discover innovators shaping our future.
Episode 101: Our journey begins to visit over 50 revolutionary Entrepreneurs and Innovations. Host & EP Jonny Caplan shows why Israel is often referred to as ‘The Silicon Valley of the Middle East’ or ‘The Start-up Nation’ and why it’s one of the leading places to build and nurture a start-up. Don’t miss the AI robots at the Curios Robots Lab at Tel Aviv University and other exciting technologies.
Episode 107: Meet Dr. Rafi Yoeli, the Howard Hughes of our time, who spent the last 30 years designing Flying Cars, Taxis & Rescue Vehicles; we go deep into his workshop to find out more. Also, see Holographic food menus and ordering and drones that fly into burning buildings to warn the Fire Fighters before they venture in and risk their lives.
My Stories (Sunday, Tuesday, Thursday, Saturday)
The life stories of Roshan Brown, former D1 Basketball player.
Episode 101: This moment in Rohan’s life was an eye-opener and put me on the path he is now. Your current situation is not your destination. Growing up in Hartford, CT, was not easy. But, despite all the obstacles, he worked hard to get a basketball scholarship to college and eventually found his own tech company.
Our featured film looks at the world of Burt Shavitz, the face and co-founder of Burt’s Bees.
Film: Journey into the remarkable double life of Burt Shavitz, a reclusive beekeeper who reluctantly becomes one of the world’s most recognizable brand identities.
Action and Ambition (Sunday, Tuesday, Thursday, Saturday)
Andrew Medal goes behind the scenes to learn the world’s most ambitious people’s backstories, mindsets, and actions.
Episode 102: Brothers John Resig and Leo Resig founded Chive Media Group and its flagship site, theCHIVE.com, in November 2008 with no capital and a lot of hustle. With backgrounds in digital publishing and financial backing from partner Doug Schaaf, John and Leo were able to turn a three-man project into the nationwide, 170-employee entertainment digital media company that Chive Media Group is today.
Elevator Pitch (Sunday, Tuesday, Thursday, Saturday)
Entrepreneurs have 60 seconds to pitch their business, product, and/or idea in an elevator. If our team of investors likes what they hear, the business owner is invited into the board room to see if they can strike a deal.
Episode 806: See if our investors think there’s something fishy about her concept on the new episode of ‘Elevator Pitch.’ You never know who will walk (or swim) through the doors of Entrepreneur Elevator Pitch.
Celebrity Business Tips (Monday, Wednesday, Friday)
Actors, athletes, and entrepreneurs share their best business tips to help you get started and find success with some humor and heart.
Episode 101: Actors, athletes, and entrepreneurs share their best business tips to help you get started and find success with some humor and heart.
Mindvalley Talks (Monday, Wednesday, Friday)
Bringing you the best personal growth video content from the most brilliant minds on the planet.
Episode 103: In this talk at A-Fest Portugal 2019, Keith Ferrazzi, an American author and entrepreneur, shares some of his critical insights into how you can analyze your team’s effectiveness and performance at work.
Opinions expressed by Entrepreneur contributors are their own.
No-code app builders are tools that allow non-programmers to build their own apps without the need for any technical knowledge. These tools break down the process of coding an app and make it as simple as filling in a template with pre-written code.
This doesn’t require any special programming knowledge to start building. In this article, we will explain how no-code app builders work and how they can help you build your application quickly.
What is a no-code app builder?
No-code application builders are online platforms that allow you to build mobile applications without coding. Instead of programming, you choose ready-made templates to create your application. The main advantage of no-code apps is that you don’t have to write code, and you don’t need to hire a developer.
No-code application builders are easy to use. They allow anyone to build their own software without needing any special skills.
No-code app builders break down the application creation process into a series of steps. You just click on different buttons to select the elements you want from the pre-written code. You don’t need any programming skills to know how to use them.
Every app builder has a mechanism similar to a drag-and-drop interface where you click to add different elements to your app. This includes things like text, images, videos, buttons and forms. It’s as simple as dragging and dropping the elements you want from a selection panel into your app.
Once you’ve added the elements you want to your app, you can add the final touches, like selecting the logo for your app, choosing a color palette and so on. You can add data to your app, set up your URL, add instructions and more.
Benefits of using a no-code app builder
There are many advantages of using a no-code app builder over coding your app manually. Here are the main advantages:
1. Time:
No-code app builders cut down the time needed to build an application tremendously. While it usually takes several months to a couple of years to develop a fully functional app, with a no-code app builder, you can create it in a matter of hours.
2. Cost:
While it might cost you thousands of dollars to create a custom-built application, no-code app builders charge you a very reasonable monthly fee that does not exceed a couple of hundred dollars, which is a very small fraction of what you will pay to develop a custom app.
3. Agility:
No code apps let you quickly change and update your application. This is perfect for businesses that need to quickly adapt their app. If you want to change the color scheme or layout of your app or add more features, you can do it with a click of a button.
4. Accessibility:
They are accessible to users with a wide variety of skill levels. This enables the app developer to increase their capacity for inventiveness because there are no technical obstacles.
5. Ease of use:
You don’t need to spend days learning how it works. Select your feature, drag, drop, customize, click save and viola! Your feature is installed. Also, no-code apps are easy to use by both users and businesses. They are optimized for usability and engagement.
6. Security:
No-code apps are secure by the builder’s firewalls. Once you’ve built your app, you can spend less time worrying about bugs and more time focusing on making sure your app works perfectly!
Choosing the right app builder is the first step to creating your application. You can build your application in a few days with a no-code app builder. But there are a lot of different app builders to choose from. It can be hard to know which one to pick. Here are a few tips to help you find the right app builder for you:
1. Identify:
Identify your business needs. Then you can compare the app builders based on these needs. For example, you might want an app builder that’s easy to use. Or you might want one that has more features, or you may be on a tight budget and would like an app builder that is lower in cost.
2. Prioritize:
You might have a long list of needs for a no-code app builder. You have to prioritize your needs. This will help you narrow down your options and find the best no-code app builder for you.
3. Research:
You can research the different types of no-code apps to make sure that you choose the best one that suits your needs.
If you’re not a developer, and you don’t have the time or money to hire a developer, or if you’re just starting out your business and want to prove your concept before investing thousands of dollars, then no-code app builders are perfect for you. Apps produced by no-code app builders are time-savers, cost-effective and easy to build.
Opinions expressed by Entrepreneur contributors are their own.
My entrepreneurial journey began when I was 12. I decided to take a shot at greatness with Shovel Squad, a snow removal business in the suburbs of Chicago, IL. I set out to make my mark in the world, and not only did it turn out to be quite lucrative (all cash mind you) but retention was through the roof.
sarayut Thaneerat | Getty Images
My experience with Shovel Squad at such a young age gave me the confidence to push myself to gain new experiences and knowledge. Over the years, I have been fortunate to work at Uber, Instawork, and now Intro, where I am the Head of Business Operations. Each new job has helped me evolve into the entrepreneur I am today, and I’d like to share with you all the lessons that have shaped my professional journey.
So, let’s get into it.
1. Integrity first
Operate with strong morals. You can be intelligent, hardworking, and also humble. Brilliant jerks might deliver short-term results, but crush long-term culture. Be honest and never fudge your metrics.
2. Time is a finite resource
Just because someone asked you to do something, it doesn’t mean you should. Remember that for every request you say “yes” to, you’re saying “no” to something else. Is that trade-off worth it?
Startups change. All. The. Time. You need to be willing to pivot to higher-impact work. Sometimes you learn you are sprinting straight in the wrong direction and need to turn around. Learn to disagree and commit. Don’t be afraid to kill your baby.
4. Close the loop
Don’t wait for people to follow up (that goes for peers and managers). When you commit to something, write it down. If you can’t follow through on your commitment, communicate early and tell them why. Be proactive.
5. 10x yourself
If you are getting paid $150k, how do you deliver value in excess of $1.5m? $15m? How do you automate 20% or even 80% of your current workload to focus on higher-impact projects? Impact is everything.
6. Handcraft, first. Scale, second.
Don’t obsess over scaling an initiative before you know if it works. Test your hypothesis in a small and controlled manner to prove the impact.
Handcrafted: The founders of Airbnb took photos of the first listings in NYC
Scaled: Airbnb builds user flow to upload listing photos with best practices
Distill your big vision into stages, break those stages into groups of smaller tasks, and start executing. It’s better to make 10 decisions per day with 80% accuracy instead of 2 decisions per day with 100% accuracy.
Move fast.
8. Own your metrics
You should know your OKRs and all sub-metrics.
If this doesn’t come naturally to you, I recommend taking out a piece of paper and physically writing down your metrics every morning and afternoon (I did this and it helped tremendously).
It is absolutely critical to spot when things are moving in the wrong direction.
9. Make some magic
Obsess over your customers. Deliver insane value so they want to shout on the rooftop about you. You need customers to refer two people, that refer two people, that refer two people, and so on. Referrals are critical for exponential growth.
10. Constraint breeds creativity
Imagine you had 1/10th of your budget. What can you accomplish? What automation can you build to avoid the extra hire? What skill can you pick up on Youtube? How do you do more with less?
Every dollar invested is a dollar you need to pay back.
What you did to get to this point does not guarantee your future success.
Go deeper into your function or expand your breadth of skills. Find podcasts, Youtube channels, Medium articles, Substack blogs, and mentors that will help you grow. Reinvent yourself constantly.
12. Hustle hard and laugh often
Tragically, some of my teammates passed away from freak accidents and terminal illnesses. I’ll never forget them and am so grateful for my time with them. All of our days on this planet are numbered. If you are going to spend 8-12 hours per day working… don’t waste it. Do great work and treat people well. And have some fun.
Opinions expressed by Entrepreneur contributors are their own.
I was so excited! Last week, I spoke with a potential author, who told me that his manuscript should be done in a few days. The kicker? He hadn’t started it yet.
I imagined him isolating himself inside a hotel room, pulling a Hemingway in a cabin somewhere off the beaten path. “I’m using AI to write it. Have you heard of the most recent chat AI?” I had, and my 50 years made me skeptical (it’s a side effect of growing old and awesome, lol).
But I was curious as the AI waves in my entrepreneurship network seemed to be gathering speed. AI-speak was popping up all over the place. As a publisher, editor and writer, did I have something to worry about? How would this change the face of publishing? Would it be like the most recent changes: everyone becoming a publisher and author — which is great for the market and people, but then there was the drawback: everyone becoming a publisher and author.
You might get mad at me, and that’s okay, but there are some fields we cannot level, even with the best tools. Hence, this article, which came about after I played with AI with my own manuscript and while writing ideas one late night. Here’s what I found in using AI — what it’s good and bad at:
1. It is GREAT at generating headlines. In fact, I used it to cobble together the headline for this very article. My author told me he is loving the book titles it is spitting out for him.
2. It is quite effective at taking existing copy and editing all the extra words out (i.e., “word economy”). The finished product will read a little like stereo instructions: flat, dehumanized and like everyone else’s. But this is a good starting place if you are working with a transcript, for example. Just load it up, and send it through AI so it comes out clean on the other side.
3. I didn’t like the results when I asked it to include storytelling elements like “use body language” and “include dialogue.” It will give you very basic suggestions like, “I wrote,” “I listened,” etc.
4. It is not consistent or accurate to include all elements of your manuscript unless you ask it to. I think it was actually designed for short-form docs because I crashed the thing a couple of times. For instance, I included a story about how my college professor took us on a field trip to select the main character of our stories, and boom! That was not included — until I told it to “include the story about my professor taking the class on a field trip.”
5. It takes some of the work out of writing your outline (please tell me you always start your book-writing process with an outline). But remember, the outline needs to read like your old-school English teacher used to yell at you about. You need an objective for each chapter — easily accomplished with AI — but then you need supportive points. So, if you’re writing about how to implement effective marketing in your business, your bullets under that could list out what marketing is, why you need it, what some of those marketing options are, and so on. You will need to tell your AI robot to provide supportive statements. Otherwise, you are stuck with a table of contents — that’s not enough info for your prospective book.
Now, the fabulous news! If you are a content creator, this can totally change the game for you. My author told me he ordered his AI to whip up a 52-week content creation calendar complete with posts. So, you could work that up and then feed in your existing content. Repurposing what you’ve written and shared is one of the smartest ways to compound your visibility, drive home your brand awareness, improve your content creation efficiency, speed up your writing and implementation, and the benefits keep coming.
Don’t worry that you will put people off with brand wear-out, either. It takes people a LONG time to remember your name and face (not that you aren’t completely lovely and memorable — it’s just how humans are wired). Did you know that if you have at least ten podcast episodes, you have a book? Feed your transcripts to the AI monster, take the results, and insert your humanness, stories and case studies. Then you’ve got a book.
The way I see it, AI is like Grammarly. It will improve you where you are. It will also teach you if you let it. You can’t take every suggestion of either blindly. You need to use your judgment to make decisions about what to include and not include in your writing. Know the basic writing rules. Keep your style. Then utilize the tools at your disposal to improve your talents.
That was the question Fur co-founders Laura Schubert and Lillian Tung were asking back in 2015, as part of the qualitative research the duo conducted on family, friends — even strangers at cocktail parties.
Schubert and Tung were on the cusp of launching an innovative body-care brand at the time, but it meant taking a big chance.
Both Harvard grads who’d been friends since seventh grade, the soon-to-be co-founders had already established themselves in the corporate world. Schubert was a management consultant at Bain and Company, while Tung oversaw marketing at Maybelline — and was “super jaded” by the increasingly crowded beauty space.
Still, Schubert was ready to tackle the then-untouched pubic haircare market, and after some persistence, she convinced Tung to join her. Now, their natural body-care collection is a major hit, including the Fur Oil that started it all: “gentle enough for pubic hair and skin, but effective from head to toe,” which retails for $52 per bottle.
Entrepreneur sat down with Schubert and Tung to learn about the mission behind their “taboo” beauty line and how they transformed it from an idea to a cult favorite that counts actress Emma Watson among its many fans.
“[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about.”
It all started in 2014 when Schubert asked her sister and friends what they were doing in terms of body hair care.
“I was getting waxed religiously at the time,” Schubert recalls, “and just thinking about, What do I want to wax? How do I want to wax? What do I do between sessions? I get terrible ingrowns — what are people doing about that?“
The information available on the subject was scarce, and when Schubert searched for products that might help solve her problems, she came up empty-handed. Ultimately, she concluded that some serious stigma was at the root of the issue.
“[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about,” Schubert says — and she wanted to change that.
“We all grow body hair,” she says. “We all choose to groom or not groom our body hair. And I just really got the feeling that people would want products like this.”
There was only one choice when it came to body hair maintenance, Tung adds: removal.
Schubert wanted to partner with Tung on the venture, so she got creative at her holiday party in 2014. She handed Tung the still-unnamed blue bottle of formula that would become the company’s groundbreaking oil, poured her a “really stiff drink” and asked her to give it a try.
Tung, a lover of product formulas and development, was immediately impressed by the oil, which counts grape seed, jojoba, clary sage and tea tree oils among its key ingredients.
“I tried the formula, and I thought it was amazing,” Tung recalls. “It did what it [was supposed to do] on the pubic hair area: softens your hair, makes your skin better, but also it’s just an amazing experience. And that was when I was like, Well, this could have legs.”
“Either people immediately got it…Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore.’”
When Tung joined Schubert in the qualitative research process, asking a range of would-be consumers what they thought about a pubic haircare brand, she saw two camps emerge.
“Either people immediately got it and loved it and said, ‘Wow, I can’t believe we never thought about this. I can’t believe a product like this doesn’t exist — that’s brilliant,’” Tung explains. “Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore. Why would you do that? That’s gross.’”
But from a marketing perspective, the polarized response intrigued Tung, who says that “strong reactions, positive or negative, mean that there’s something memorable — something for you to hang your hat on in terms of messaging.”
That gives someone having an initially negative reaction to the idea the chance to engage with the conversation and potentially become open to it.
“It allows them to at least think about it, and if they’re thinking about it, you can encourage them to talk about it,” Tung says. “If you can encourage people to talk about it and keep it a comfortable, safe space, people can express a variety of opinions and have the opportunity to change their minds, including myself.”
When Schubert served as the brand’s “first salesperson” and took the product into stores, she often faced similar resistance. She recalls being kicked out for solicitation and told to go on Shark Tank(and they did in 2020, even striking an on-air deal with Lori Greiner).
And even those who did express interest in the product had reservations about leaning into Fur’s unapologetically authentic branding: One major retailer loved everything about the oil but just didn’t think having the word “pubic” on the box would resonate with its customers.
“We went pretty far down that path of evaluating,” Tung recalls, “Is pubic really a dirty word? Should we be removing it from our branding? But of course we knew we had to stay true to what we wanted to do and where we came from.”
As co-founders who’d built their business from scratch and are still self-funded, turning down the request was tough — but essential.
“It was a really big relationship,” Schubert says. “But we knew, being a mission-based brand, that that was something that we could never do. And so to this day, ‘pubic’ is on the front of the Fur Oil box. It will always be on the front of the Fur Oil box because this is what we’re here to do: to encourage conversations around pubic hair and body hair.”
“As a mission-based brand looking to destigmatize the taboo around body hair, it’s so important to be in places where everybody is thinking and shopping.”
Fur’s dedication to its original mission continues to pay off big-time, attracting an enthusiastic fanbase that includes Hollywood A-listers like Emma Watson.
It was 2017 when Fur’s website started “going crazy;” the co-founders discovered Watson’s Into the Gloss interview, where the actress and activist shared that Fur Oil is an essential part of her beauty routine.
“She really understood our product,” Schubert says, “and we sold out of two years’ worth of product in three weeks. That was definitely a moment that put our brand very much on the map.”
In the years since, Fur has stayed on the map (and expanded its territory) by rising to meet unforeseen challenges as they come up, especially as they pertain to growth and scale.
Despite being “thrown for a loop” during Covid as many brands were, navigating changes in the market, digital platforms and, of course, the supply chain, Fur weathered the storm — and even thrived.
The brand has quintupled its staff over the course of the pandemic and is on track to see more than $20 million in revenue this year.
Part of the secret to Fur’s success lies in its prioritization of omnichannel growth.
“It’s so important to be in places where everybody is thinking and shopping and has the ability to get to it,” Tung explains. “And if you were to look at our revenue breakdown, we’re very evenly split across all of our partnerships and our channels — that’s so important because in this day and age, people shop everywhere all the time.”
Naturally, a lot has changed in the near-decade since Schubert first set out to solve the pubic problem no one was talking about, but when it comes to founders who might have an idea today (taboo or not), some lessons learned remain just as relevant.
First, don’t wait to figure out the whole path, Tung suggests — just get started.
And Schubert’s best piece of advice? (Also the very reason Fur exists.) “Every ‘no’ is a ‘not yet.’”
Opinions expressed by Entrepreneur contributors are their own.
For a long time, Amazon has been known as a search engine for people ready to buy. Over the last year, with new features such as Amazon Live, they seem to have gradually positioned themselves as a discovery-based platform. That’s traditionally been the realm of search engines such as Google and social media platforms like Instagram, Facebook and TikTok.
It seems that social media platforms and online marketplaces are each heading in each other’s direction. If consumers are lucky, they’ll meet somewhere in the middle and end up making the way that we all shop in 2023 more streamlined and fun.
Over the last few years, influencer marketing has become a critical (and very valuable) part of online commerce. The influencer marketing business model has exploded from $1.7 billion in 2016 to $13.8 billion in 2021. Industry analysts predict that this year it will reach $16.4 billion.
And where do all those influencers call home? TikTok, that’s where.
OK, not just TikTok, but also other short-video-format heavy platforms such as Facebook and YouTube as well. Accelerated by the restrictions imposed by the long pandemic, they have all contributed to an exciting new way of effortlessly transitioning from social media engagement directly to shopping for favorite, influencer-recommended products.
TikTok signaled their eCommerce intentions with a recent announcement about a new partnership program designed to assist US merchants with advertising on their app by positioning the TikTok For Business Ads Manager as a home base for their TikTok-based marketing.
TikTok For Business allows merchants to create and manage TikTok campaigns without leaving their own native eCommerce platforms.
As importantly, they can do it by engaging with users right out at the tip of the spear, those users interacting with high-profile marketing trends.
Now, #TikTokMadeMeBuyIt has become both a trending hashtag and a place where products become viral eCommerce legends.
TikTok for Business is ground zero for influencers and online sellers looking to find what people are talking about, and, more importantly, buying.
The growing #TikTokMadeMeBuyIt hashtag movement doesn’t beg customers to make purchases. Instead, it just shows how cool these trending new products are. And it’s working! TikTok also has a “For You Page” that they say is intended to work as an online “matchmaker” between content and a curated audience.
At the same time, the same thing is happening on Amazon’s marketplace but in reverse!
Amazon just launched Inspire, “a new, personalized in-app shopping feed designed to make it easy to explore new products, discover ideas, and seamlessly shop content created by other customers, influencers, and brands (you) love.”
Sound familiar?
It should. It’s very similar to the experience that a TikTok user would have. Browsers (and not necessarily shoppers) could scroll through curated photos and videos tailored to their selected interests and engagement.
What’s groundbreaking about this new app is Amazon’s seeming willingness to create a platform for users who might not even be interested in shopping. That’s a business model that I’m not sure Jeff Bezos saw on the horizon.
Users of the Inspire app can swipe through the content to simply see what’s out there, get inspired by something new, cool, or crazy, and of course, make purchases with just a few clicks.
Amazon, along with several other large Ecommerce marketplaces, has decided that the long-held acceptance that their platforms were unapologetically for “shopping” had run its course. Now, they’re building entertaining ecosystems that also allow for shopping.
Amazon’s Inspire isn’t available for desktop applications. Instead hinting at the intended functionality as well as the demographic, it’s only available as an app for IOS and Android.
Amazon says it will roll out to select customers in the U.S. in early December, with the projected goal of completing U.S. accessibility completed in a few months.
Marketplace Pulse recently referenced “Prime Day is the best example of social commerce,” with videos tagged #primeday2022 viewed over 52 million times on TikTok.
It seems that very soon, a better representation of “social commerce” might just be groups of Amazon Inspire users passing their phones back and forth, alternately “liking” and making purchases from a marketplace formerly known for its single-minded focus, and let’s admit it, lack of fun.
Opinions expressed by Entrepreneur contributors are their own.
You’ve done a lot to build your brand as a financial advisor. Your business is prominently displayed on bus benches, billboards and even at local little league sports games — but now, you could be missing the bigger opportunity.
The internet isn’t just where people will find out the name of the actor that’s on the tips of their tongues or check the weather; the internet has become the one-stop shop for everything.
With unlimited information at our fingertips, the world has gone digital and isn’t turning back. If you’re not taking advantage of digital marketing options, chances are your marketing strategy could use an overhaul. The internet is a treasure trove of new clients just waiting to be discovered, and here’s why you should be taking advantage of it.
Brand compliance and digital marketing can co-exist
Just about every business industry has taken to the internet to attract new customers. However, the financial services industry, specifically financial advisors, has been slow to hop on the bandwagon. The reason is simple. As a financial advisor, you have a fiduciary responsibility to your customers that’s heavily regulated. Both brand and regulatory compliance are important, and you’re not willing to risk compliance issues to put your brand online.
Well, what if you didn’t have to?
When you partner with a strong marketing vendor that can provide the digital marketing strategy and automation needed to reach your prospects, your chances of actually converting these prospects into clients skyrocket. First, it’s important to understand why a solid online presence is key for your business.
Why you should embrace this new age of opportunity
Even if you don’t feel like you’re embracing digital marketing opportunities, there’s a strong chance that you’re already online. These days, customers share their experiences on social media and review websites, which have become crucial to building client trust in a new audience.
If you take advantage of the opportunity to use online tools, you have more control over your brand’s identity online and the opportunity to tap into a vast audience you may not have known even existed.
That’s why more than half of the companies in the United States are using some form of marketing automation.
There are several ways you can go about advertising online. Some of the most popular options for advertising online financial services include:
Social Media: Social media is a hotbed for online activity. To put the power of social media into perspective, Facebook has more than 2.9 billion active users. That means nearly a third of the global population is on it.
Search Engine Optimization: Google started as a brand name but has become a verb. If you don’t know something, you “Google” it. So, what happens when a customer in your area googles “Financial Advisor Near Me?” Are you on the list? Search engine optimization (SEO) can help.
Local Listings: Online local listing websites are free to use and have massive audiences. You can use these local listing websites to expand your clientele.
Paid Search: You can also take advantage of pay-per-click advertising. This allows you to show up at the top of search results and only pay a small fee when someone clicks your link.
Display Ad Campaigns: Banner ads on websites could expose your brand to thousands of potential customers for a minimal cost. CPM, or cost per mil (cost per thousand views), advertising campaigns allow you to put banners on popular websites for between $10 and $20 per thousand views, in most cases.
Online Videos: You might be amazed at the response you get from creating YouTube videos. A few short videos telling people things they may not already know about finances and the financial industry could drive customers through the door.
Email Marketing: Keep in touch with previous customers to ensure they come back when they need services next time.
Marketing automation is your biggest ally
Of course, there are several moving parts to a solid online marketing plan, but technology has also created incredibly efficient solutions for that. Marketing automation is a hot ticket and continues to rise in popularity. You can automate everything from paid search, organic and social posting to display campaigns. With the help of a solid digital marketing strategy and marketing automation, you get to focus on what you’re best at – providing financial advice to your clients.
Opinions expressed by Entrepreneur contributors are their own.
Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?
Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.
Here’s how they excel within the market:
1. Innovate new products and services with clear strategic intent
In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.
Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.
The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.
2. Thoughtfully explore new business arenas beyond their core
Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.
Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.
3. Invest in their people wholeheartedly
Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.
This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.
4. Carefully monitor and adapt to new technologies
Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.
Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.
5. Focus on customer experience and truly understand their customers
According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.
L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.
Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.
Opinions expressed by Entrepreneur contributors are their own.
While navigating a tragedy, few people welcome a comment like, “It was all for the best.” Too often we hear this pep talk from compassionate friends or family, as we quietly think to ourselves, They just don’t understand what I’m going through.
But do they? A recent investment scandal might offer some insights into why that cliché can be spot-on after all.
PARIS — German Chancellor Olaf Scholz raised optimism on Sunday that the EU and the U.S. can reach a trade truce in the coming months to prevent discrimination against European companies due to American subsidies.
Speaking at a press conference with French President Emmanuel Macron following a joint Franco-German Cabinet meeting in Paris, Scholz said he was “confident” that the EU and the U.S. could reach an agreement “within the first quarter of this year” to address measures under the U.S. Inflation Reduction Act that Europe fears would siphon investments in key technologies away the Continent.
“My impression is that there is a great understanding in the U.S. [of the concerns raised in the EU],” the chancellor said.
Macron told reporters that he and Scholz supported attempts by the European Commission to negotiate exemptions from the U.S. law to avoid discrimination against EU companies.
The fresh optimism came as both leaders adopted a joint statement in which they called for loosening EU state aid rules to boost home-grown green industries — in a response to the U.S. law. The text said the EU needed “ambitious” measures to increase the bloc’s economic competitiveness, such as “simplified and streamlined procedures for state aid” that would allow pumping more money into strategic industries.
The joint statement also stressed the need to create “sufficient funding.” But in a win for Berlin, which has been reluctant to talk about new EU debt, the text says that the bloc should first make “full use of the available funding and financial instruments.” The statement also includes an unspecific reference about the need to create “solidarity measures.”
EU leaders will meet early next month to discuss Europe’s response to the Inflation Reduction Act, including the Franco-German proposal to soften state aid rules.
The relationship between Scholz and Macron hit a low in recent months when the French president canceled a planned joint Cabinet meeting in October over disagreements on energy, finance and defense. But the two leaders have since found common ground over responding to the green subsidies in Washington’s Inflation Reduction Act. Macron said that Paris and Berlin had worked in recent weeks to “synchronize” their visions for Europe.
“We need the greatest convergence possible to help Europe to move forward,” he said.
But there was little convergence on how to respond to Ukraine’s repeated requests for Germany and France to deliver battle tanks amid fears there could be a renewed Russian offensive in the spring.
Asked whether France would send Leclerc tanks to Ukraine, Macron said the request was being considered and there was work to be done on this issue in the “days and weeks to come.”
Scholz evaded a question on whether Germany would send Leopard 2 tanks, stressing that Berlin had never ceased supporting Ukraine with weapons deliveries and took its decisions in cooperation with its allies.
“We have to fear that this war will go on for a very long time,” the chancellor said.
Reconciliation, for past and present
The German chancellor and his Cabinet were in Paris on Sunday to celebrate the 60th anniversary of the Elysée treaty, which marked a reconciliation between France and Germany after World War II. The celebrations, first at the Sorbonne University and later at the Elysée Palace, were also a moment for the two leaders to put their recent disagreements aside.
Paris and Berlin have been at odds in recent months not only over defense, energy and finance policy, but also Scholz’s controversial €200 billion package for energy price relief, which was announced last fall without previously involving the French government. These tensions culminated in Macron snubbing Scholz by canceling, in an unprecedented manner, a planned press conference with the German leader in October.
At the Sorbonne, Scholz admitted relations between the two countries were often turbulent.
“The Franco-German engine isn’t always an engine that purrs softly; it’s also a well-oiled machine that can be noisy when it is looking for compromises,” he said.
Macron said France and Germany needed to show “fresh ambition” at a time when “history is becoming unhinged again,” in a reference to Russia’s aggression against Ukraine.
“Because we have cleared a path towards reconciliation, France and Germany must become pioneers for the relaunch of Europe” in areas such as energy, innovation, technology, artificial intelligence and diplomacy, he said.
On defense, Paris and Berlin announced that Franco-German battalions would be deployed to Romania and Lithuania to reinforce NATO’s eastern front.
The leaders also welcomed “with satisfaction” recent progress on their joint fighter jet project, FCAS, and said they wanted to progress on their Franco-German tank project, according to the joint statement.
The joint declaration also said that both countries are open to the long-term project of EU treaty changes, and that in the shorter term they want to overcome “deadlocks” in the Council of the EU by switching to qualified majority voting on foreign policy and taxation.
