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Tag: innovation

  • 5 Ways to Prepare and Thrive In the New Economy

    5 Ways to Prepare and Thrive In the New Economy

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    Opinions expressed by Entrepreneur contributors are their own.

    Experts have been predicting a new economy for a few years now, and astute observers and analysts can already see that it is here. While several catalysts drive the acceleration, exponential technologies, the global debt bubble, changing demographics and the recent pandemic are a select few.

    Even those that are most change-resistant amongst us agree that the world will look very different by the time this decade ends. However, many folks are still in denial, succumbing to denial-led obsolescence. Several paradoxical changes in the new economy conflict with old-school thinking and need diametrically opposite approaches. The foundations for the new economy are built on the paradox, which makes it hard for old economy folks to transition out — unfortunately, many will not make it.

    Related: Shift Your Mindset and Actions to Embrace Change

    The shifting landscape

    The term “new economy mindset” refers to a way of thinking and approach to business focused on innovation, adaptability and modern technology to drive growth and success. This mindset often involves a willingness to take risks, embrace change, think outside the box to stay ahead of the competition and remain relevant in today’s rapidly changing economic landscape.

    “The pace of change has never been this fast, yet it will never be this slow again.” – Justin Trudeau

    Related: Why You Need to Think Outside the Box

    Old economy: baggage patterns

    I have seen a few different patterns of baggage which hamper progress and block the transition or success in the new economy.

    1. Resisting truth

    Understand yourself, watch your reactions and analyze if you resist every new technological change like artificial intelligence, metaverse, cryptocurrencies, autonomous driving, etc. Missing out on the first wave of success in the new world makes people upset, and you either play victim or adversary — neither is helpful in your transition into the new world. But if you take positive action, understand the opportunity and dimension the risks, you set the foundation for growth.

    It is also important to remind yourself that these shifts are fundamental whether you like them or not. If these changes cannot be bent to your thought process, you change your thinking and adapt or get left behind. People who have built nothing and have opinions about sticking to the old economy are already obsolete and often subject to ridicule.

    2. Living in the past

    Many of us have had very successful careers in the past decade or two; this success hinged on skills, background and ability to do things in a certain way. However, as the turf changes around us and the new realities of the new economy unfold, many people hold on to security from the past to masquerade their insecurity. While nostalgia is a great feeling, it blinds people to the progress around them.

    “Progress is impossible without change; and those who cannot change their minds cannot change anything.” — George Bernard Shaw

    3. Sense of entitlement

    Holding some title in an old economy enterprise neither makes you current, relevant or sought after. There is a high probability that your skills have not developed outside the realms of your responsibility. Spending many years in large archaic companies disconnects people from ground realities and turns them into administrators.

    To succeed in the new economy, one must get hands-on, play with the dirt, make mistakes, look stupid and even be mocked. The definitions of scale have changed; complexity is now defined as doing more with less headcount and more innovative technologies. If your company’s T-shirt gives you a sense of handling a complex job or a sense of entitlement, it might be time for some introspection.

    Related: Is That Your Title or Your Entitlement?

    New economy: skills and attributes

    There are multiple skills required to succeed and thrive in a new economy. When playbooks from the past don’t apply, one needs to upgrade their mindset. A mosaic of skills and attributes must be imbibed and cultivated.

    1. Navigate uncertainty and ambiguity

    We are no longer in a linear era and do not have a well-charted course to follow as a professional or a business. Unpredictability, lack of clarity and disruption are rampant, creating the need to navigate uncharted territory.

    The new economy, by definition, is volatile, disruptive and fast-changing. People used to predictability and practices which worked in the last decade must adapt to survive.

    2. Be a connector

    Mastering relationships and building networks are the currency of the new economy. Social capital must be built, acquired, and grown to drive effectiveness. True connectors understand this well and have ingrained this into their operating model inside and outside their company, i.e., they are a mini ecosystem in themselves. Being a connector creates opportunities and a sense of community and provides a platform to thrive in today’s fast-paced, breakneck-speed world where it’s easy to lose the human touch.

    3. Develop a personal brand

    Many people network or even get visible when they want something. In the new economy, your brand must be managed daily as the volume and velocity of opportunities not even on your radar move fast without you. If your brand is strong, visible and recognizable, then it attracts opportunities, and you drive your goals. If this is not something you do, it might be time for a mindset change and attitude upgrade.

    Many old economy companies cripple the personal brand narrative by throwing obsolete reasons like self-promotion or lacking humility. These cultures cripple ecosystem enrichment and limit innovation, and it eventually reflects on their financials.

    Related: 8 Reasons a Powerful Personal Brand Will Make You Successful

    4. Abandon comfort zones

    The days of lifelong employment or even milking your skillset for a decade are long gone. Jobs, companies and industries all get disrupted and replaced. Sometimes your skills, as relevant as they may seem, become obsolete within a company or industry without even coming to your notice. One should constantly be learning (and unlearning) and adapting to market shifts.

    A personal brand and your network help stay on the cutting edge. Be firm on principles but flexible on methods — it can help individuals and organizations avoid becoming rigid and inflexible, making it difficult for them to adapt to changing circumstances and stay competitive.

    “If you change the way you look at things, the things you look at change.” — Wayne Dyer

    5. Let go of your experience

    There is never a guarantee that experience gained in one organization will make you successful in another — there are too many variables like structure, culture and incentives which influence behaviors.

    Many playbooks, practices, mindsets and beliefs from the past have taken a toll on companies and industries themselves. Expertise is valuable, and experience is baggage in the new economy. People with mindsets rooted in past success and proven and established strategies must look at things afresh and analyze where they stand.

    Often, old economy beliefs may be characterized by a lack of innovation, a reluctance to embrace new technologies, and a focus on short-term gains rather than long-term success. Unlearning is as important as learning to make the transition.

    Concluding thoughts

    Overall, the key to overcoming these barriers is recognizing the need for change, investing in resources, and embracing new ways of thinking and working. Individuals and organizations can adopt a new economy mindset and thrive in today’s rapidly changing economic landscape.

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    Nitin Kumar

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  • 5 Best Practices to Prevent Digital Fatigue from Derailing Training

    5 Best Practices to Prevent Digital Fatigue from Derailing Training

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s employees spend a lot of time in front of screens, which is undoubtedly necessary but can also lead to digital fatigue. This mental exhaustion can affect not only performance, but also the capacity to absorb and apply new knowledge, which can lead to training failure.

    To drive productivity, results and morale, it’s up to companies and learning and development teams to design training programs that reduce digital fatigue.

    Related: How to Help Your Employees Avoid Digital Burnout

    How does digital fatigue affect training?

    Digital fatigue can affect any professional sphere, including training. There are several telltale signs of digital fatigue, so you can take action to mitigate and even prevent it from spoiling training outcomes. For example, when employees frequently put off training or have higher-than-usual rates of poor training results, those can be indicators of digital fatigue.

    According to a study by Deloitte, about a third of Americans say that since the Covid-19 pandemic began, they’ve felt overwhelmed by the number of devices and subscriptions they need to handle. The pandemic may be waning, but digital fatigue is here to stay and take its toll. Research shows that 22% of remote workers want to leave their jobs because they’re inundated with email; in fact, half would rather scrub their bathrooms than clear an overflowing inbox!

    What can learning specialists do to prevent digital fatigue from derailing training in particular? Here are five best practices.

    1. Offer more communication opportunities online and offline

    While on-demand digital training is highly convenient, a constant lack of face-to-face communication can sometimes make employees feel disconnected and tired in front of their screens.

    But with the right tools, training designers can prevent this and encourage learners to connect and communicate. Social learning — where employees connect, often informally, and learn collaboratively and through real-life scenarios — remains a priority, even if training is more digitized than ever. In 2021, 28% of organizations relied on social learning, compared to 19% the year before.

    Some e-learning features that streamline communication are:

    • Chats that allow employees to quickly get instructions, feedback and support;
    • Forums that enable group communication on specific training topics;
    • Groups that keep everyone in the loop and allow users to easily share learning resources.

    Communication and collaboration tools are vital to making online training more engaging. However, employees also need some time away from screens to mitigate the effects of digital fatigue. Occasionally organizing in-person training sessions for people working in the same office, area or country can counteract digital fatigue. This provides employees the chance to connect, learn together and test their knowledge in a more traditional learning environment — adding some variety into the predominantly digital routine.

    Related: This Silent Productivity Killer is Draining 4 Hours From Your Week. Here’s How To Fix It

    2. Tap into learners’ competitive spirit

    Training shouldn’t be perceived as boring or useless — but when employees feel like that, engagement suffers. For example, a recent survey about cybersecurity awareness training found that boring training caused employees to disengage — and, as a result, persist in risky behaviors.

    At the same time, when 70% of employees say they lack the skills needed to do their jobs, training is, of course, crucial. How can L&D specialists motivate people to learn? One answer lies in gamification.

    Learners are often eager to know there’s something waiting for them at the end of their training (and along the way), aside from meeting their company’s requirements. Challenges and incentives, such as certificates, badges, leaderboards and group games (where two or more teams compete for points), can provide motivation. The prizes’ utility goes beyond their symbolic value. Knowing they’ve done well in an online course stimulates employees to keep up the good work.

    Related: 3 Ways to Make Corporate Training Fun

    3. Make training more “snackable”

    Microlearning — or short learning activities with single objectives — doesn’t only help employees acquire and retain knowledge more easily, but it also feels less overwhelming.

    By providing short courses and multimedia content to help employees with their tasks at hand, instructors can easily squeeze learning into employees’ schedules. L&D professionals need flexible technologies that support different training formats (like videos) and can streamline assessments, i.e. through automated quizzes.

    4. Tailor training to employees’ skills and preferences

    It’s the instructors’ responsibility to design training programs that address necessary skills and goals for their workforce, but these should also focus on employees’ specific needs and preferences.

    Technology makes it possible to personalize training at scale by creating individualized learning paths. Some learning systems choose the steps in learners’ journeys based on learners’ skills, aptitudes, goals, roles, competencies demonstrated, interests and more — automatically recommending, for example, whether someone needs a refresher in a certain area or can move on to the next learning activity. They might suggest course modules, videos, Q&A forums, articles or more for individualized skills development.

    Related: Workplace Learning Is Broken. These 5 Steps Tell You How to Fix It.

    5. Use different training models

    A combination of live and on-demand learning also optimizes training and makes it more engaging. Although live training (whether in-person or online) is often harder to organize, especially for large teams working across time zones, it offers undeniable benefits — especially when interactive components (e.g., role plays, Q&As, brainstorming) are involved. Live training sessions allow employees to engage with others, get feedback in real time and put names to faces. Social interaction can motivate learners to engage in training they perceive as more meaningful.

    On-demand training provides many benefits too, including the ability for learners to consume (and review, as necessary) materials when it fits into their schedules. And when training isn’t highly interactive, on-demand e-learning is both convenient and cost-effective.

    Taking a blended approach benefits learners and companies. Instructors can kick off a training program with a live call to explain its scope and goals, and take questions. Afterward, trainees can learn at their own pace, when time allows — consuming articles, course modules and videos, posting questions in forums, etc. Periodic group calls and a closing live session, where trainees put their skills in action, can wrap up the initiative.

    Related: How to Evaluate if Your Corporate Training is Working

    Avoiding digital fatigue

    Nowadays, employees are increasingly prone to suffering from digital fatigue. Uncontrolled, it can lead to burnout. Instructors need to catch the early signs of digital fatigue and design training programs that are engaging, rewarding, concise and flexible so that employees find the motivation to spend more quality time in the digital workplace learning environment.

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    Graham Glass

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  • 9 Lessons Entrepreneurship Will Teach You

    9 Lessons Entrepreneurship Will Teach You

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    Opinions expressed by Entrepreneur contributors are their own.

    Once upon a time, my wife Jenna and I and our three kids under ten moved from San Francisco to Los Angeles, had another baby, and bought our first house together. This, we thought, is the perfect time to quit our jobs and start a business! [eyeroll]

    The idea of our company, Be Courageous, was born during the facilitation of a client session when the team was at odds with each other while exploring the future of their business. This quote from George Prince was on the wall: “Another word for creativity is courage.”

    I realized many of us stay trapped in old thinking and actions when we lack the conditions to be creative and courageous.

    A question emerged for me, “What would a world with an abundance of courage look like? How can I help create it?”

    With my experience in marketing, strategy and facilitation, and Jenna’s in psychology, human resources and operations, we founded our business consultancy, Be Courageous. Every year we’ve grown. Every year our impact has expanded. Every year we’ve learned.

    Here are some of our biggest learnings for those of you on your entrepreneurial journey.

    Related: The 7 Business Lessons You Should Learn by 30

    9 lessons from five years of learning

    As any reader here knows, starting and running a business is a piece of cake. Ha!

    For real, here is what we learned, having grown our U.S. business of two to a worldwide organization with dozens of clients and 35+ network partners while positively impacting nearly 1 million people in 82 countries.

    1. Agility

    One of our most in-demand programs with Fortune 500 companies this year has been our training on agile leadership. When you own your own business — the unexpected will happen. A successful entrepreneur adapts to new challenges and situations and creates lemonade from lemons.

    We have created programs we never thought we would in response to what the world has needed from us.

    Have a solid plan, but be flexible.

    Related: These Are the Core Elements Needed to Successfully Pivot Your Business

    2. Purpose

    We aim to activate courage in companies worldwide and align them with a planet-beneficial future. Yours might be to improve humanity’s mental health or lessen people’s stress by building an easier-to-use product. Whatever your purpose is, make sure you’re deeply passionate about it and that it fuels your actions.

    Use the strength of your purpose to courage through challenges.

    3. Superpowers (and kryptonite)

    We found more success when we identified and focused on our greatest strengths. We aligned our strengths with our values and the services we wanted to provide to our clients to solve a problem they faced.

    For example, my superpower is guiding businesses to realize their potential and future. My kryptonite is getting tripped up in the micro-details of spreadsheets. That’s where Jenna comes in. She leads operations with her superpower of keeping our company financially stable, growing and on the ground. I’m the visionary, and she makes it possible.

    Align your superpowers with your business goals and values. Find people who have superpowers you lack.

    Related: Find Your Flow Through Deep Work and Unlock Your Superpower

    4. Curiosity

    In an exponentially-changing world, having an open mind is the key to running a successful business. Be curious about skills you don’t have and new ways to solve problems. Challenges will arise, but if your curiosity remains peaked, you’ll always get to the solution positively. Ask, “What is the courage needed in this situation?”

    Curiosity may have killed the cat, but it feeds company growth. (We’re a dog company, anyway, no offense to cats.)

    5. Healthy company culture

    Create a team that feels safe, strong, empowered and able to share and receive ideas. When you foster personal connections with your team and your clients (yes, business is personal), you will thrive beyond competitors who are only in it for the buck.

    Develop a positive company culture to unlock the full potential of your team.

    Related: 4 Ways Leaders Can Create Award-Winning Corporate Culture

    6. Operational foundation

    While you don’t want to get bogged down in systems and processes, your business won’t thrive without a solid operational foundation. Get an understanding of legal, financial and team infrastructure.

    Stay pragmatic and, as we like to say, “aggressively conservative.” We make leaps, but only with a net.

    Develop systems to streamline your business, so you can focus on serving your customers.

    7. Integrity

    Many people make empty promises, which erodes trust over time. It’s far better to over-deliver on your word. Pay what you say you will, earlier than you say you will. We’ve established deep, trusting relationships with our clients. We foster community.

    We get callbacks five years after doing one program with a client because we don’t burn bridges; we build them.

    Show up with your heart, don’t be a jerk, and honor your word.

    Related: Understanding the Burden of Trust for Business Leaders

    8. Optimism

    Never doubt what you can achieve, yet don’t be disillusioned. Approach everyone you can as a holistic human being, putting aside bias. Presume positive intent and look for positive solutions. Expect people to be their best until proven otherwise. And even then, be graceful about terminating any relationships.

    Work and live from a place of abundance, not scarcity.

    9. Mindful hiring

    Be thoughtful about who you bring into your organization.

    We hire a type of person — not only for the exact level of expertise we need. We hire people in love with our vision. A person who can be adaptive and learn with us. Who is willing to put in the work for a shared purpose.

    Hire the right puzzle piece for your vision, not just how they look on paper.

    Related: Why Kindness Should Be Part of Your Hiring Process

    Bottom line

    Owning your own business isn’t for the faint of heart. It’s an ebb and flow of successes and learnings. But 20 years from now, if you look back, would you regret not doing something about your big and burning idea?

    Fear will never go away, but when the desire to fulfill your purpose outweighs the fear of risks involved, that’s when you know you’re made to be an entrepreneur.

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    Kyle Hermans

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  • 5 Ways You Can Build a Strong Leadership Team

    5 Ways You Can Build a Strong Leadership Team

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    Opinions expressed by Entrepreneur contributors are their own.

    Laying the foundation for a powerful leadership team starts with a business assessment and a self-assessment. What does the business need to achieve, and how can our leadership teams get us there?

    I tend to look at things globally, but while I can see things in a micro way to determine the next steps, I like to lean on my teams to dig down into the details as they come up with a knock-out marketing and sales strategy, stellar creative, rock-solid and accurate financials and innovative thinking that are all informed by five guiding tips.

    Related: 22 Qualities That Make a Great Leader

    1. Determine what goals and priorities the business needs to focus on

    When determining the base needs of the business, you have to look at who’s already on your team. Here’s a good example. I have a person in a manager’s seat right now, but I’m mentoring him to be a director because what I’ve identified in him are many of the key personality qualities that a leader and a leadership team need.

    Intelligence is key. I refer not only to business intelligence but also to emotional intelligence. This includes understanding how to interact with people and the business requirements. They are two different things, but both are required of a leader. You need to be organized, and you need to have really good communication skills.

    You also need to be able to say no. I want my leadership team to be strong enough to know the difference between what we should say yes to and what we should say no to because I’m relying on them to run their parts of the business and then report to me. Therefore, I need to have trust that they understand what it means to say no — and they can only know that if they understand the business as a complete operation.

    For example, if there’s a need for someone to jump in the warehouse and pack boxes, then so be it. The fact that my warehouse leader was packing orders on a Monday shows the rest of his team and me that he’s not going to ask anyone to do something that he’s not willing to do himself.

    Related: Setting Measurable Goals Is Critical to Your Strategic Plan (and Your Success). Here’s Why.

    2. Never forget the importance of “right people, right seats.”

    Do they get it? Do they want it? Do they have the capacity to do it? And then there are measurables that give us an idea if they are meeting those criteria. We’re a little obsessed about this, but it’s important.

    One thing that guides a strong leadership team foundation is the establishment of core values. What does the business stand for, and what are those values?

    In our business, one of the things that we really believe in is customer relationships built on trust. Another one is minding the small details. Little things matter. This can be the little nuances of contract manufacturing or providing more service to our customers.

    You want to go out and find a leadership team that lives the core values every minute of every day that they are in the building, hybrid or remote — because it is through their leadership, their belief in those values, and how they exemplify them that provides the blueprint of how an employee should act.

    Remember that every employee, not just leaders, builds a company’s reputation and goodwill.

    Related: As a Leader: Never Compromise Your Core Values

    3. Leaders should be able to pivot, make adjustments and change course

    If you’re going to be in business and think things are going to stay the same, you’re not in the right field and should do something else. There’s an excellent quote that I read recently from Jeff Bezos, where he said that “every day needs to be day one.”

    He said that day one is when you’re entirely customer-obsessed and constantly looking to grow the business. On day one of a business, you’re asking what we can do to wow our customers. How can we provide value? You never want to leave day one because, once it becomes day two, it’s now on a path to stagnation.

    I agree with that. Part of day one thinking is understanding that things change. It’s being resilient enough to change course, evaluating things on the fly, knowing what’s working and rapidly driving resources to what’s working.

    How do you bring the best out in your teams? In baseball, it’s catchers that have a unique perspective. They’re managing the pitcher and see the game from a perspective only they can see.

    They’re watching the game unfold in front of them. Nine innings, 162 games a year for 20 years, or however long they’re behind the plate. They’re great leaders in the sport because they understand the game at a level that other players can’t.

    I think that that’s a big part of when you’re looking to develop a quality leadership team. Those are the kind of skills that you want to see.

    Be like a catcher.

    4. Knowing that honest mistakes, smart risk and bold action are often needed

    What I believe in is that you want to give people smart authority. You want to let them understand the guardrails within their sphere and encourage people to own things. You give people a chance to accept responsibility, take full responsibility for something and give them goals for what you want them to accomplish. Then set them free to go out and do it.

    When they make mistakes, they learn something. It’s through honest mistakes that real learning happens. We grow up in a culture where everything has to be mistake-free and perfect. In reality, however, the best and most successful entrepreneurs are founded out of risk. If you remove the risk from your business as you’re operating it, how can you ever grow? How can you ever move to the next level?

    You want to allow your team and leaders to grow and make what I call “smart mistakes” — honest mistakes that are not due to carelessness or recklessness. It’s okay to make a mistake when you’ve gone through the process of making a good decision.

    I also believe in “smart risk,” — where you think more outside the box. Smart risk is, for example, taking a reasonable chance on a well-thought-out opportunity.

    In marketing, there’s the whole theory of test and rest. Try something, give it a time frame, and look at the results. Did it work? Yes, then throw more at it. If not, what did we learn, why didn’t it work and what could we tweak?

    Related: 7 Mistakes Leaders Make When Managing a Remote Team

    5. Blending diverse talents can create a force multiplier effect

    The best example that I can give is a hockey team. There are usually four lines on a hockey team, and traditionally, you have the top six that score. You have two lines of forwards that go out there, and their job is to generate offense and control the puck in the other team’s zone. But if you have four lines like that, then who’s playing defense?

    So, you complement those lines with somebody who’s maybe a bit more physical, somebody who likes to agitate. While you certainly need to score goals, you also need the passers, the players who keep the team spirits up, and the enforcers where necessary.

    Same thing in business. You have to have a leadership team that’s not an echo chamber. In echo chambers, there are no divergent views or solutions. When you look at things like marketing and sales, you want different opinions so you have the best chance to make a decision that helps the business move forward.

    Related: Ensuring Diversity Is Not a Distraction to Leaders

    While values can be shared, talents should be unique. People should be able to work together and respect each other’s aptitudes and viewpoints because I believe that creates a high tide in which all boats can float.

    My feedback about our vice president of sales from her employees is that “She is the best manager I ever worked for because she empowers me to own things and do the best job I can.”

    That’s what I call great leadership.

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    Vincent Tricarico

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  • Kabbage from American Express CMO Brett Sussman on Supporting Small Businesses with TikTok

    Kabbage from American Express CMO Brett Sussman on Supporting Small Businesses with TikTok

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    Key Takeaways:

    Reaching Small Businesses with TikTok – Brett Sussman’s team at Kabbage from American Express is dedicated to highlighting and amplifying Small Business Owners. The most recent way of doing so is by forging a unique partnership with TikTok that offers eligible small businesses incentives for advertising on the app.

    Social Media as a Commerce Tool – More than half of Small Business Owners who are not currently on TikTok agree that they would be able to attract more new customers if their business had a presence on the app. Brett Sussman and his team are willing and able to provide data that solidifies the various benefits for Small Business Owners using the app.

    Elevator (Campaign) Pitches – An effective campaign is a difficult task to accomplish. In today’s multichannel environment, Brett Sussman and Kabbage believe finding the correct need for their partners is indispensable, but it has to be easily understood and explained.

    ***

    Brett Sussman of Kabbage from American Express has embraced the new economy and is determined to help small business owners adapt to how people learn and buy.

    Kabbage from American Express teamed up with TikTok in the holiday season to offer eligible small businesses a $100 ad credit to use on the app after they spend $50 on their first TikTok Ad campaign.

    Data pulled from the American Express Small Business Holiday Report shows that 7 out of 10 business owners say that their customers rely on their social media channels for news. And almost 90 percent say it has helped them acquire customers this past year.

    Social media is playing an increasingly important role in businesses, specifically small businesses.

    “We’re actually seeing, which is really exciting, that the whole experience of commerce is being accelerated on these platforms.” says Sales and Marketing Executive Brett Sussman to Restaurant Influencers podcast host Shawn P. Walchef of CaliBBQ Media.

    “You’re going to do your search, ask recommendations, and buy maybe in one or two sessions versus over three weeks, going to different websites. And so that acceleration is really important for small business owners to be in that conversation.”

    Enter the Kabbage Shop Small Accelerator campaign powered by TikTok. The goal with the Accelerator initiative is to provide tips to small business owners to help the optimal usage out of the app. American Express also created the Small Business Saturday marketing initiative.

    “So this collaboration with TikTok really is that we work closely with the set of creators to say, what are some of those tips and tricks if you want to get your small business owner on TikTok.” explains Brett Sussman.

    “There” being present on TikTok, which, despite its immense growth is still considered a non-traditional marketing strategy.

    The novelty of TikTok and its perception as a tool for the younger generation has made marketing traditionalists hesitant and some small business owners reluctant to incorporate it into their business model.

    Regardless of trepidation, over half of small business owners who are not currently on TikTok agree that they would be able to attract more new customers if their business had a presence on the app, according to the AMEX report.

    “Right now, if you go to shop Small Accelerator, there are a series of tools from American Express on how to improve your community, your social media presence from some great creators who have done it well, small business owners and non-small business owners.”

    Along with its TikTok partnership, AMEX is also kicking off a new initiative this year, a Kabbage Funding offer, which includes a $250 incentive. This gives small businesses cash flow support to invest in their social and marketing.

    The future of shopping is online.

    “When you look at demographics, we see that both Gen Z and Millennials are spending an outsized amount of time on TikTok and really looking to make purchase decisions on TikTok. And so it’s really for you to be there in a meaningful way.

    ***

    NOMINATE A RESTAURANT INFLUENCER — Do you know someone who is killing it on social media? Let us know by emailing influencers@calibbq.media or sending the @calibbqmedia team a DM on social media.

    ABOUT RESTAURANT INFLUENCERS:

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

    Restaurant Influencers is also supported by DAVO. Never worry about sales tax again. Try DAVO and get your first month free. And AtmosphereTV – TV to Enhance Your Business. Try AtmosphereTV.

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    Shawn P. Walchef

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  • Boston’s Architectural Scene Gets A Wakeup Call

    Boston’s Architectural Scene Gets A Wakeup Call

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    Almost half a century ago, Boston’s skyline went from ordinary to extraordinary with the arrival of the then-new Hancock and Prudential skyscrapers. In the decades since, the city has watched as its homegrown companies have led the nation in one advancement after another, bringing transformative innovation to medicine, technology and education.

    Some felt, however, that Boston’s architecture scene lagged behind.

    But on the heels of last year’s completion of One Dalton, a crop of new architectural stunners has risen from the Boston cityscape. They include Ellis Manfred’s rippling St. Regis Residences; The Parker, designed by Stantec; South Station Tower from Pelli Clarke Pelli; and Boston University’s recently unveiled Center for Computing & Data Sciences, designed by Toronto-based KPMB Architects. Each of these projects are giving Bostonians more reason than they’ve had in years to turn their gazes skyward.

    Architecturally significant

    As conceived by the late Harry Cobb, one of the nation’s legendary architects, the iconic, 750-foot tall One Dalton has introduced a new era in design innovation for Beantown. So says Richard Friedman, president and CEO of Carpenter & Company, lead developer of the high rise. “One Dalton is one of the most architecturally significant skyscrapers ever built in Boston,” he flatly asserts.

    “This tower not only advances the architectural reputation of Boston, but also cements the incredible legacy of Harry Cobb, one of the world’s greatest architects, and completes the ‘High Spine’ of the Back Bay. We are grateful to have worked closely with Harry on this architectural landmark.”

    In the Seaport enclave, a swiftly evolving neighborhood where bustling shipyards and sparkling new biotech headquarters stand virtually side by side, St. Regis Residences rises directly on the water, its design aptly conjuring images of the tall sail of a ship.

    “The St. Regis Residences, Boston sits on the last developable residential site on the water in the Seaport,” says Jon Cronin, founder and principal of Cronin Development, the building’s developer.

    “So it was crucial for us to emphasize this location by paying homage to Boston’s important seafaring history and expanding the footprint of Boston’s Celebrated Harborwalk . . . Manfredi envisioned a rippling, all-glass façade that evokes the movement of water and a ship’s sales as they billow in the wind, perfectly befitting the building’s location on the Harbor. The building, which is nearing completion, has solidified its place among the iconic landmarks along Boston’s waterfront.”

    Within Boston’s emergent Theater District, The Parker rises over Boston Common in the form of a rounded-edge glass tower. With exterior sheathing of corrugated metal and dark charcoal glass, it sharply contrasts with the neighboring brick buildings, merging Boston’s understated elegance with the Theater District’s lively vibe.

    The high-rise creates “a vibrant design statement rarely seen in this area” says Jonathan Landau, CEO of Fortis Property Group, The Parker’s developer. “Stantec’s use of charcoal glass paired with smooth rounded and gently segmented edges adds a flare of soft yet alluring drama that immediately grabs your attention as you stroll along the cobblestone streets surrounding Boston Common.”

    Trademark center

    Soaring 680 feet above Boston’s history-steeped landmark train station, South Station Tower is helping modernize the aesthetics of Boston’s Central Business District. As part of the development, South Station Tower features an updated rehabilitation of the trademark transit center.

    Concurrently, KPMB Architects imbued the Center for Computing & Data Sciences with a look of stacked boxes and cantilevers, delivering an appearance not only distinctive, but downright controversial. Rising above the Charles River’s banks, the Center offers a head-turning backdrop for the river’s iconic crew races, in which teams from Boston University, MIT and Harvard University have long and colorfully vied.

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    Jeffrey Steele, Contributor

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  • 3 Strategies to Respond to the Changes in the B2B Buying Journey

    3 Strategies to Respond to the Changes in the B2B Buying Journey

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    Opinions expressed by Entrepreneur contributors are their own.

    Tumultuous times have a way of altering our approach to many things — especially the decision-making process. Organizations with decades of internal processes built around how to make critical decisions were challenged to change radically during the global health crisis, as the norm has seemed to change nearly every month. And if those decisions involve purchases, it just complicates matters further.

    As economic and societal uncertainty continues to loom, some businesses are asking realistically, how much money could be allocated to any investment at this time. Is any investment a wise appropriation of funds? Small businesses can certainly attest to this fear, with an UpCity survey finding that 57% cut their spending during the global health and economic crisis. Those that left their spending intact opted for budget reallocation, choosing to devote more funds to salary increases (34%), marketing (28%) or operations management (27%).

    In the past, businesses set approval thresholds to authorize spending up to certain dollar amounts. The decision for larger capital expenditures would naturally be reserved for higher levels in the organization. Certainly, leadership would gather feedback to provide more context on the purchase, but the ultimate decision would be left in the C-suite’s hands.

    However, there has been a shift. It is no longer possible to gather input in the same ways, as remote and hybrid work has become common. A meeting for larger expenditures would need to be scheduled, though doing so can add months to the process. These roadblocks have led some companies to abandon processes that were set in stone for years.

    Related: 6 Fatal B2B Sales Mistakes You Must Avoid

    The changing face of B2B customer engagement

    Firms working with these businesses have been quick to respond, evolving to meet the new many-to-many relationship that has surfaced. An increasing number of people within the supplier have found themselves communicating simultaneously with an increasing number of people at the customer — often across multiple locations and mediums. In many cases, this only adds to the strain on the firm’s internal operations. It takes more time and energy to synchronize with a customer to ensure the quality and consistency of messages, especially because B2B buyers are now going in different directions.

    With the evolution of the multistep decision process, suppliers have had to be prepared to support asynchronous communication. This method of contact has created a new B2B customer experience trend, with buyers requesting information but not consistently. It is up to suppliers to meet them where they are with up-to-date information. All of this is driving significant change to suppliers’ internal operations.

    Internal systems have had to change to address this new style of remote decision-making as well. Video calling, video chat systems and so on are instrumental in getting internal teams on the same page to facilitate consistent communication with buyers. Process-based decision tools are also being rapidly adopted. Slack’s acquisition by Salesforce and Workfront’s acquisition by Adobe illustrate how critical communication and decision-making across distributed individuals has become central to maintaining B2B customer engagement across the B2B buying journey.

    Related: 5 Tips for Developing Your B2B Sales

    Instituting new B2B customer engagement strategies

    B2B customer engagement strategies have changed. There’s no denying that fact. However, you must still resolve B2B pain points to maintain customer relationships and remain in the good graces of your customer base. There are aspects of operations that might require a tweak or two to keep pace with what’s ahead. Here’s what you can do to be prepared:

    1. Get everyone on the same page

    If you’re not on the same page with your team, you won’t be able to provide relevant strategies for customers. Getting everyone on the same page sounds simple enough, but Salesforce found that 86% of business executives believe ineffective collaboration and communication are the two major causes of failure in business.

    Don’t just focus on the tools and systems that facilitate collaboration and communication. Those should already be there. Look at the processes involved. Like B2B pain points, are there obstacles to more effective communication? If there are, now is the time to find ways to internally streamline them.

    2. Evaluate the sequence of communications

    The sequencing of communications with your customers shouldn’t be something you take for granted. Just ask the 82% of decision-makers who believe sales reps are unprepared for meetings, according to SiriusDecisions. A Forrester survey backs up this sentiment, with 78% of executives reporting that sales reps lack essential information. Another 77% believe these reps don’t understand their company issues or the purpose of the product.

    To mitigate these shortcomings, ensure your team members understand where customers are in their B2B buying journey. If a customer is still in the design phase and has yet to establish the requirements, pushing the company to make a decision only sours the relationship. Capture accurate data and clarify your B2B buyer insights to ensure you’re consistently meeting customers where they are.

    Related: Sharing Winning B2B Customer Stories: How to Showcase an Effective Case Study

    3. Embrace the new norm

    By now, you no doubt know that many change efforts fail due to internal resistance and a lack of managerial support. As such, you need to strengthen your internal competency around change management to ensure you can constantly adjust to customer demands and an ever-evolving marketplace.

    The B2B buying journey has forever changed, and it will likely change again in the very near future. Social and economic turmoil has accelerated the adoption of digital solutions and ushered in continual improvements in the way businesses connect. Getting specific aspects of the B2B buying journey right can ensure your team is better positioned to handle whatever the future holds.

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    Scott Webb

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  • What Makes an Idea Great? These 3 Key Elements Are the Answer

    What Makes an Idea Great? These 3 Key Elements Are the Answer

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    Opinions expressed by Entrepreneur contributors are their own.

    Having spent many years in the sports world, I often find that sports ideas and business ideas are not that different. During a time when I was serving as a coach in a girls’ lacrosse program, I was asked to help a team that had just had a series of tough games.

    Morale was low. My coaching friend and I knew we had to inject energy into them, so we came up with a cheer called the Heart and Hustle chant. It goes like this:

    Coaches: H-squared!

    Players: Heart and Hustle!

    And repeat until everyone’s pumped up.

    Simple, right? We instituted this little cheer and suddenly these young girls — about 12 years old — got fired up. The team was playing as I had never seen them play before. The chant invigorated them and they powered through.

    They won in more ways than one.

    Fast forward to today, and that chant is still shared by every team that comes through that lacrosse program — which has expanded to over 400 girls playing in any given year. There’s a Heart and Hustle tournament, Heart and Hustle T-shirts and in my last year in the program, I received a necklace from a group of players with an H2, which represents — you guessed it — Heart and Hustle. It never ceases to amaze me that a simple cheer grew from one team and spread across the entire organization.

    What does this have to do with business? Everything.

    Great ideas run the world. But what makes an idea great? When I think back on that cheer and then on my current career, I think there are three key elements: authentic desire, channeled energy and receptive people.

    Related: Authentic Leadership: What Is It and Why is it Important?

    You can’t fake authenticity

    There are fake intentions everywhere — and believe me, they don’t stick. We can intuitively feel whether an idea is coming from an authentic place.

    Getting an idea to stick starts with not focusing on sticking but on fueling an intrinsic desire to be of service. I’m convinced that’s why so many successful businesses describe themselves as people-focused or human-centric and then follow up those words with action. A team that truly wants to make a positive change in the world or really values its company mission will inherently be more impactful than one backed only by flimsy, half-hearted slogans.

    Focus on your best

    We all know (and love) those happy-go-lucky people who always seem cheerful and optimistic. Maybe you’re one of them. But while that kind of positivity can be extremely helpful in creating a welcoming work environment, it won’t make or break a company.

    You create force and movement when you channel your positive energy into the best projects with the highest priority. Scattering your motivation into too many projects leaves every project without the momentum needed to deliver true impact. This responsibility often falls on management. Your team may have 10 fantastic projects they’d like to ideate on, but if you only have time for three realistically, you’re doing all 10 projects a disservice by not channeling your energy. Choose your best projects and put everything into them.

    Related: How to Employ a Team That Shapes Your Company Culture

    Build the best team

    It’s often difficult to know when a team member simply isn’t the right fit. Sometimes it’s a matter of skills, but often it’s something beyond a list on a resume.

    A team member with average skills who shares your vision will work far more effectively than one who has exemplary skills but doesn’t care. When you’re building your team, seek prospects who lean in when discussing your company’s mission. These employees will pick themselves up after an unsuccessful campaign, get back to work and try even harder to reach shared goals next time. These kinds of people are often the ones who come up with the ideas that stick.

    Related: How to Craft the Perfect Recipe for Persuasive Storytelling in Your Presentations

    There’s no recipe

    Part of what makes ideas stick is having the perfect blend of circumstances that allows all of those three components to come together — along with other far more nebulous elements like timing, community attitudes and trends — which is part of the reason why not all ideas stick. Even good ideas. So what can you do to make sure you get ideas that stick? Focus on the elements you can control and bring them together as frequently as possible.

    There’s no perfect roadmap and certainly no instruction manual. But getting the best people together to share their authentic desires toward a shared goal, with targeted focus, puts your team and your business in the best possible place to stir up those world-changing ideas. As a leader, that’s the most important part of my job: to create the best atmosphere I can and encourage creativity, spark and a free flow of ideas. That, to me, is heart and hustle.

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    Amanda Rogers

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  • How to Advertise to Customer Emotions Without Invading Privacy

    How to Advertise to Customer Emotions Without Invading Privacy

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s probably not difficult to grasp that our customers’ purchase behaviors are deeply entangled with moods.

    There’s a reason that we call shopping therapeutic. Purchasing things we want sends a serotonin surge to the brain that can temporarily make us feel better if we’re stressed, depressed or anxious. Moreover, according to widely-cited research by Gerald Zaltman, 95% of purchase decisions are made subconsciously and driven by emotions — so it’s no surprise that advertisers have been interested in understanding and evoking particular mood states for generations.

    Now that data about internal states of mind is becoming more available, the stakes are higher when we consider how to act on this sensitive consumer information. For example, how far should brands go to utilize emotional data to encourage purchases?

    Let’s take a look at where we’re at and how brands can take a human-centered approach to the use of this sensitive information.

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

    How we gauge emotions

    Let’s start with how we gauge emotions. Until recently, our data about feelings relied on self-reporting by consumers since it’s impossible to embody another person’s emotional experience. Self-reporting means that consumers answer direct questions about how they are feeling at a given time or in a given context. Usually, this happens via market research surveys.

    Neuroscience is advancing to the point that we may be able to accurately predict emotional states without relying on overt consumer admissions. This type of emotional assessment may prove to be even more accurate than direct consumer reporting since many people struggle to predict how they’ll feel in particular contexts.

    Technology that assesses activity in our brains is getting more advanced and better capable of predicting mood states. While most of this innovation is happening in research labs, we’re getting closer to realizing this technology as a marketing tool.

    Neuroscience and wearables

    The Art of Shopping, a subconscious shopping experience between art retailer Saatchi and eBay, is one of the most direct campaigns that aimed to utilize this technology in shopping.

    During the experiential retail event, attendees browsed an art gallery while wearing headsets that were designed to track a consumer’s mental engagement. When the software suggested that viewers were inspired, eBay added similar items to the patron’s shopping cart.

    While the activation was interesting, getting consumers to voluntarily and consistently wear mind-tracking headsets is far-fetched in our current environment. Although, it may become more common as more consumers adopt augmented and virtual realities.

    Today, wearables like fitness trackers and smartwatches are becoming more ubiquitous and can aggregate mood data inferentially or from the self-assessment of consumers. The devices can assess everything from our heart rate and breathing patterns to our mindfulness activity. This can imply or correlate to stress levels or provide more direct mood data on apps like Calm and Halo that encourage emotional reporting.

    Related: 4 Neuromarketing Hacks to Reach More People and Maximize Results

    Inferring emotional data

    There are other ways to gauge the mood of consumers, and some of them have a troubling history.

    Meta, formerly Facebook, was famously under the microscope for conducting a large-scale emotion experiment aimed at understanding if emotions spread through networks.

    It actively manipulated the algorithm of nearly 700,000 users without their informed consent, in order to serve them positive or negative content and to gauge the apparent mood in their resulting posts. Among other goals, the company was interested in how emotions might make the site more or less engaging.

    The more engaged users are on the platform, the more valuable they are to Meta’s advertisers. Critics worried that the company wanted to understand how to manipulate emotions to bolster its bottom line and increase purchases for its advertisers, without apparent regard for the impact on the consumer.

    Meta isn’t the only tech company making actionable inferences about emotions. Search engines like Google track emotional effects by utilizing software to assess language for positive and negative sentiments in search, among other tactics.

    In conjunction with the rest of their consumer data, such as browsing and purchase history, these tech behemoths have real power to understand, contextualize and leverage consumer emotion without the use of neurological equipment.

    Related: If You Want to Win Over Customers, Appeal to Their Emotions

    How are we using this data?

    Marketers are curious about how mood impacts purchases, and thereby interested in creating purchase paths that are aligned with particular feelings. Payment providers are paying attention as well. In fact, in their latest Future of Payments research paper, Worldpay from FIS identified personalization, including emotional engagement, as a trend that payment providers are attending to.

    Creating payment journeys that utilize emotional information from consumers may sound troubling. But it’s worth noting that consumers increasingly expect these kinds of personalized experiences from brands — as long as they are additive to the consumer journey.

    When an experience provides convenience to a consumer and helps the brand connect meaningfully with them, it can make the consumer feel supported and improve emotional engagement and loyalty.

    Striking a balance between utilizing emotional data to offer mutual brand-consumer gains while respecting consumer rights and privacy is tricky. This is why we need to think deeply about creating consumer safeguards as we venture into the future.

    Related: Personalization: A Perspective On The Future Of Targeting

    Where do we go from here?

    There’s no shortage of data, and we’re only going to get better at detecting and reacting to emotional states in various contexts. As advertisers and marketers, we need to be thoughtful about how all this emotional data is applied.

    We’ve already seen social media companies exploiting negative emotional states like anxiety and depression to move users toward a purchase path of aspirational products in categories like beauty and fitness (What’s even more troubling is that the algorithms are likely contributing to the negative emotional state, but that’s a conversation for another day). We’ve seen the same algorithms promote negative headlines that are likely to elicit engagement, which results in exacerbated political polarization and negative societal impacts more broadly.

    As an advertising community, we need to implement safeguards to protect consumers. These safeguards should come from regulators, as well as individual brands. Creating an ethics playbook prior to locking in uses of emotional data in the purchase path, conducting thought experiments for secondary and tertiary impacts of the use of mood-based information, and defining and acting in accordance with a brand’s values can help to ensure marketers are responsible brokers of mood data.

    It’s worth remembering that understanding emotion can have powerful positive consequences as well. As humans, we’re emotional beings and brands that can meet consumers where they are in their internal experiences are likely to create better and more meaningful connections. It’s imperative for brands to think through how they’re using emotional information, not only to create lasting relationships with consumers but also to take a human-centered approach to innovation.

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    Tina Mulqueen

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  • 5 Metaverse Trends That Will Shape the Next Decade

    5 Metaverse Trends That Will Shape the Next Decade

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    Opinions expressed by Entrepreneur contributors are their own.

    In times of economic uncertainty, you can find unique entrepreneurial ideas emerging in the metaverse, often driving industry innovation and opening up new opportunities for businesses and individuals alike. As the metaverse continues to expand, here are five trends that will shape the next 10 years:

    1. Virtual content creation

    3D modeling has been used for many decades in almost all industries, such as gaming, engineering and architecture. All products, buildings, characters and environments have been created using 3D modeling tools on a computer. This industry is only projected to increase in value, reaching $6.33 billion in 2028. This number doesn’t include the metaverse space, which is predicted to reach $783.3 billion by 2024.

    As consumers migrate to the 3D space, the need for virtual goods has only increased. For example, the most popular Roblox metaverse has over 40 million games where its users exclusively create all items, characters, and environments. Those who are top creators can make a ton of money. Just look at Samuel Jordan, who reportedly makes up to $80,000 each month from selling his digital goods in Roblox.

    Related: Brace For Impact: It’s Time To Usher In The Metaverse

    2. Metaversal education

    Covid-19 has shifted most of the world to remote working and distance learning. Some of the fastest to adapt to this change included schoolchildren. The idea of learning digitally has really caught the younger generation to the point where one of the most popular metaverses, Minecraft, has an educational platform for distance learning.

    However, this is just the beginning of the global trend for online education. The online education market size is expected to reach $198.9 billion by 2030, according to Straits Research. Entrepreneurs should expect new virtual studying platforms to appear, as well as courses covering topics such as meta-marketing, avatar design and virtual law. This will open up a lot of career options for the younger generations that use the metaverse.

    3. Virtual social and music events

    Did you know that 4 million people attended Rod Stewart’s free concert on Copacabana Beach in Rio in 1994? It remained the most attended live show until Travis Scott performed in the Fortnight Metaverse in 2020, as more than 12 million players logged in for his virtual concert.

    Once other artists caught wind of this, they started planning their own virtual concerts. Artists such as Post Malone, Ariana Grande and Justin Bieber provided virtual concerts using the metaverse as their platform. This trend creates many opportunities for musicians and other event planners on platforms who want to capitalize on the popularity of virtual events.

    However, it’s important to start exploring these opportunities now, as global entertainment company, Live Nation, has already partnered with Snap this year to improve the virtual concert and social experience using AR technology.

    Related: 5 Technologies That Will Shape the Metaverse’s Future

    4. Avatar-based dating

    While millennials were getting married virtually during the Covid-19 lockdown, Gen Z has been using “stay at home” as an opportunity to date in the metaverse. Games today can provide more than entertainment; they can even introduce you to potential partners.

    Avatar-based dating is becoming more and more popular, with many new companies emerging that specialize in this service, such as Nevermet. This fast-growing avatar-based service allows users to match with other VR fans and then meet up anywhere in the metaverse. As this trend continues to grow, there will be more and more opportunities for entrepreneurs to enter this space.

    5. Metfluencing

    When it comes to influencers, the metaverse has become a prime platform for marketing and advertising products and services. This is mostly due to its interactive platform, which allows users to engage with each other in real-time.

    This trend is known as “metfluencing,” which refers to when an influencer leverages their popularity in the metaverse to influence other users. For example, Albert Spencer Aretz, also known as Flamingo, is an American Roblox Gamer whose “let’s play” videos are gaining millions of views. His estimated net worth is over $20 million, as reported by various sources. Due to his popularity, brands are now paying him to promote their products on his channel. If you’ve ever considered becoming an influencer, the metaverse is definitely a great place to start.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    The metaverse is an ever-evolving ecosystem that’s becoming increasingly popular and accessible. As more people turn to this virtual reality, entrepreneurs should look for ways to take advantage of the opportunities available in the metaverse. From establishing an online education platform to promoting products via metfluencing, there are plenty of avenues to explore. With the right strategy, you can use the metaverse to create your own successful business.

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    Ashot Gabrelyanov

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  • The Beginner’s Guide to Understanding Data Science and Machine Learning

    The Beginner’s Guide to Understanding Data Science and Machine Learning

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    Opinions expressed by Entrepreneur contributors are their own.

    We are on the brink of a massive technological revolution as we slowly move from the water and steam-powered first industrial revolution to the artificial intelligence-powered fourth industrial revolution. The theories backing data science and machine learning have existed for hundreds of years. There used to be times when proto-computers would take almost forever to compute a billion calculations. No one dared think of artificial intelligence or related technology. All thanks to machine learning and data science, we can now calculate data at a capacity of 5 billion calculations per second.

    Data science and machine learning are amongst the most popular disciplines that evaluate and analyze big data for beneficial purposes. Whenever big data or data, in general, is mentioned, our minds go straight to data science and machine learning. While both disciplines are noticeably different, they have a unique and symbiotic relationship. This article will explain in detail the concepts of data science and machine learning, their special relationship and practical examples.

    Related: How Data Science Can Help You Grow Your Business Faster

    The science of data

    As mentioned above, our world is about to be overrun by data. Data is fast becoming overwhelming and tedious to manage. Tons and tons of data are being generated every second. The advent of the internet further pushed this development to the edge. Everywhere you go, your data is being collected knowingly and unknowingly — from gestures as simple as opening a door through fingerprint sensor automation to shopping for groceries from a grocery store.

    Data science is the study of data and the processes involved in extracting and analyzing data for problem-solving and predicting future trends. Data science is a broad discipline that is interconnected with other fields, such as machine learning, data analytics, data mining, visualizations, pattern recognition and neurocomputing, to mention a few.

    Data scientists investigate, analyze, infer and present data that solve technology-related business problems. The science of data draws inferences, interpretations and conclusions from data that can be used for informed decision-making. This science is built on fundamental disciplines like statistics, mathematics and probability. In all its entirety, data science works to understand data and interpret it.

    Machine learning

    Machine learning studies data over time to create predictive models that can discern trends and solve problems without human intervention. Machine learning is a subset of data science. Through algorithms and development tools, machine learning engineers build expert systems that can be taught to work independently without human intervention. This is achieved through a series of algorithmic approaches divided into four categories: supervised, unsupervised, semi-supervised and reinforcement learning.

    Machine learning engineers study big data to simulate machines to behave and think like humans. Machine learning utilizes fundamental disciplines like strong programming knowledge skills in languages, like python and R, as well as mathematics and data processing. Machine learning is extensive on data; machines rely on this input to gain knowledge and understanding and also to act independently of human information after complete simulation. Through machine learning, artificially intelligent systems continue to grow in numbers as more intelligent agents are being developed.

    Related: 3 Ways Machine Learning Can Help Entrepreneurs

    The relationship between data science and machine learning

    The relationship between data science and machine learning is symbiotic. They work hand in hand. Data is the big link bridge between the two fields, as both disciplines use data for advanced problem-solving and prediction.

    Machine learning is a development tool for data science. Data scientists research, evaluate and interpret big data, while machine learning engineers, on the other hand, build predictive and simulative models that use decrypted data to further solve problems — for example, the betting companies.

    These companies use data science to study and interpret tons of data from decades of football games. They observe each club’s strengths, the footballers’ skills and consistency. This data was then used to build algorithmic solutions and models that predict the outcome of these games even before they are played. The odds and probability of occurrence are calculated even down to which player scores in these games and the number of shots that could be fired. You can also predict which player will be featured full-time and who will be played as substitutes. Another excellent example of the symbiotic relationship between data science and machine learning is natural language processing. Data from different backgrounds and cultures were collected and studied by data scientists. The data machine learning engineers utilized this data in the development of intelligent agents such as Alexa and Siri.

    You can not think of data without data science and machine learning coming to mind. They carry out specific activities but are strongly interwoven with each other. One is only complete with the other. Yes, you can perform some data analytics activities in data science, but you can only fully utilize that data with machine learning.

    On the other hand, machine learning is supposedly based on building models with this data rather than interpreting it, which can only happen with big data. Both disciplines work with data and work to solve problems with data. Data scientists create and clean these data, analyze them and use them for problem-solving, according to the subject matter. In contrast, machine learning experts study these data over time and build an algorithmic predictive model that uses these data to mimic human thinking, solve advanced problems and predict future trends.

    If I may add a subtext, a data scientist would be the senior colleague of a machine learning engineer. This is because data science is more encompassing and interwoven with different aspects of technology. A machine learning engineer would report to a data scientist because they have the interpreted model of what the machine learning engineer wants to build. The data scientist has a futuristic view of what the predictive model should do, so naturally, the machine learning engineer should report for a clearer picture and alignment of the model with the entire business objective of building the model.

    Having seen the unique and symbiotic relationship between data science and machine learning, let’s look at some use-case scenarios of these power disciplines.

    Related: Big Data Combined With Machine Learning Helps Businesses Make Much Smarter Decisions

    Use cases for data science

    Data science can be used in business for different beneficial purposes. Some of them are highlighted below:

    1. Simple data analytics with Excel (e.g., creating clusters, data collection and organization into structured and unstructured data).

    2. Root cause analysis. Several organizations adopt data science for root cause analysis and resolution. This is done by investigating all collected data on the subject matter and tracing down the root of the problem through different data analysis models/algorithms like classification, binary trees and clustering.

    3. Prediction of future trends by researching and interpreting big data

    4. Design and delivery of user/customer-focused business solutions

    5. User-centered product development and management

    6. Expert decision-making and inferences

    7. Building and development of strategic business models

    Use cases for machine learning

    Machine learning is the propelling force behind artificial intelligence. Highlighted below are some of the use case scenarios for machine learning:

    1. Design and construction of robotics

    2. Design and implementation of natural language processing

    3. Design and building of expert knowledge databases and inference engines

    4. Structure of predictive models for problem-solving

    5. Simulation and construction of artificially intelligent agents (e.g., facial recognition machines and lie detectors).

    Data scientists and machine learning experts are using the plethora of data produced daily to move our world rapidly into the machine age. Here is an era where machines might be as intelligent as human beings or even more intelligent than human beings — a time when devices have evolved beyond every scientific principle. While some believe that time is much closer than farther, it is almost here. In all, data science and machine learning are the two front wheels that are moving us toward singularity in technology.

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    Taiwo Sotikare

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  • How Proptech Is Disrupting the Real Estate Industry

    How Proptech Is Disrupting the Real Estate Industry

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the last two decades, the real estate industry has experienced significant changes. These changes are due to the influx of new technologies and advancements that benefit many stakeholders, including agents, brokers, developers, property managers, investors, homeowners and entrepreneurs. The name that we give collectively to the synergy between technology and real estate is proptech.

    Below are the four most significant ways in which this innovative technology has disrupted the real estate industry.

    Related: Property Tech Is Creating An Incredible Real Estate Opportunity for Entrepreneurs

    Enhancing transparency

    The lack of transparency and sometimes accountability has been a long-standing problem in the real estate market, with no easy solution. At the same time, solving this challenge is of utmost importance as real estate concerns everyone. All of us need places to live in, work at and so on.

    However, the root of this problem lies in the very nature of real estate. As such a large market (currently valued at $3.69 trillion), real estate has sizable capital requirements that few can traditionally afford. In addition, although it may not look this way from the outside, the real estate space is rather limited and only accessible to a relatively small number of professionals. For the average person, real estate processes and deals have always been notoriously convoluted and obscure.

    Thanks to the changes it’s been bringing to the residential and commercial real estate market, proptech has made major advancements in this regard. The accelerated access to data, widespread use of technology tools and enhanced feasibility of fractional property ownership have largely contributed to growing transparency and accountability in the industry. Real estate trends, analyses, deals and operations are now much more transparent than just a few short years ago.

    Related: New Real Estate Technology: Disruptive Ideas Transforming the Industry

    Providing real estate access to just about anyone

    Proptech’s contribution resulted in another major disruption in real estate. By enabling data, analysis and investment access to the average person, proptech has opened the door for just about anyone to enter and participate in the industry.

    With the help of tech-based tools, even those with limited knowledge and experience can take part in real estate transactions. For example, the advancement of CRM, analysis, virtual reality and deal-closing online platforms has lowered the barriers to entry for real estate agents and brokers. As a result, the number of licensed realtors in the U.S. alone increased from 1 million in 2011 to 1.56 million in 2021. This is a growth of more than 50% over the course of only ten years.

    Similarly, while investing in real estate has always been a tempting idea for millions of Americans, many were left out of this profitable strategy due to a lack of sufficient financial resources, market knowledge, data access or even time. In the last decade, we have seen a surge in the number of technology tools that address each of these challenges and more. Therefore, we can expect the number of small-scale, beginner real estate investors to grow exponentially in the coming years.

    Related: This Tech is Disrupting Real Estate. Don’t Miss Out

    Breaking the monopoly of big players

    On the flip side, another way that this innovative technology is changing the face of real estate is by putting an end to the monopoly of big players. Traditionally, real estate has been dominated by a few large corporations and moguls that control each aspect of the industry such as development, brokerage, investing, market analysis or property management. The reason is simple — very large barriers to entry that only some could cross.

    As smaller players are now able to participate across the different segments of real estate, this is inevitably challenging the dominance of the traditional major stakeholders. While they might understandably feel threatened by this flipping reality, it will be beneficial for everyone if the industry becomes more accessible, transparent and democratic. The entry of new players will inevitably lead to accelerated growth within the industry, thus opening more opportunities for everyone involved.

    Boosting productivity and profitability

    Last but not least, proptech has forever transformed the way of doing business in real estate by raising productivity and profitability. This is arguably the most significant advantage that disruptive technology has brought to real estate professionals.

    Investors, for instance, formerly needed months of research, data collection and analysis in order to find a single profitable deal. Now with the help of certain real estate tech tools based on big data and AI, they can locate good deals within a few minutes — whether they are interested in residential or commercial properties, the ownership of entire buildings or parts of properties.

    Similarly, being a landlord and short-term rental property host used to resemble a full-time job between writing contracts, dealing with tenants, setting up rental rates, collecting rent, managing finances and all of the other tasks. Now, there are dozens of platforms that help automate and streamline the rental property management process.

    The day-to-day work of agents, brokers, property managers, lenders and others has also been expedited and facilitated in a similar manner. The end result is that real estate professionals — as well as amateurs — can complete their duties much faster and more efficiently, all while making more profitable decisions about how to operate their businesses.

    Final words

    As a firm believer in the importance of technology across the board (but especially in real estate), I am confident that we are far from reaching the full potential of disruption in this industry. I expect these four proptech trends to continue developing in the coming years. , And, new disruptions will continue to emerge as so many entrepreneurs are eager to carry on with the democratization of real estate.

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    Zain Jaffer

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  • 2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

    2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach 2023, there is a ringing sound of uncertainty, amplified by foreboding headlines that warn us of a looming recession, or, as it’s described in one article, “a big reset,” — a term used to describe widespread layoffs across the technology sector. The latest report by the U.S. Bureau of Labor Statistics just adds to the collective discourse that we’re, well, doomed, stating that 263,000 new jobs have been added to the workforce — more than what was expected — yet the hiring economy remains extremely tight.

    The reality is that uncertainty hasn’t actually risen — it’s always been there. What is rising, in fact, is our fear of uncertainty. And we, as company leaders, try to do everything in our power to mitigate it, analyze it and wish it away. But the truth is, uncertainty will always be there. We may shore up our supply chain, reduce inflation and vaccinate ourselves against Covid-19, but a new health scare may hit, a war might break out or a natural disaster strike.

    As we kick off 2023, entrepreneurs have the opportunity to develop a relationship with uncertainty and get more comfortable with its existence. In fact, according to the Kauffman Foundation, a staggering 57% of Fortune 500 companies were started during a recession, so despite the fear of what’s to come, there can be a path to success. Here are seven ways to harness the unknown and find opportunity within that uncertainty:

    1. Identify what is in and out of your control

    No matter how much we plan, research and analyze, there will always be forces that are out of our control. Instead of obsessing about ridding ourselves of these circumstances, we must analyze our challenges and categorize them according to what we can and cannot control. For those we cannot control, we should be aware of them but also not dwell on trying to predict their outcomes. No one could foresee the effect a pandemic would have on their individual business. However, we can now think about the lessons learned, appreciate the innovation that occurred and reflect on how we can operate more nimbly in the future.

    2. Reframe your uncertainty

    Our tendency, as entrepreneurs, is to correlate uncertainty with a negative outcome. We don’t know whether we’ll raise the amount of capital we need, we don’t know whether our product will find market fit once launched, we don’t know whether our company will survive. The truth is, we also don’t know whether we’ll scale beyond our wildest dreams, an out-of-scope event will come our way that opens a new door, or an unidentified need for our product or service will emerge. As Steve Jobs once said, “You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” Uncertainty can be your biggest advantage.

    Related: How to Protect and Retain Control Over Your Business

    3. Listen to what your sense of uncertainty is telling you

    Many times, we as entrepreneurs feel a strong sense of uncertainty or fear about areas that affect us personally — meaning we are particularly sensitive to those topics that elicit a sense of fear-based bias resulting from our own life experiences. If you once had a poor experience living in a different city, state or country, for example, and are years later offered an opportunity to expand there, chances are your uncertainty bias will impact you. Perhaps you had raised money from a venture capital firm at one point in your career and that situation didn’t turn out well. You may be skeptical the second time around, potentially hindering an opportunity for a constructive investment relationship.

    4. Detach from your desired outcome

    There’s an old Yiddish proverb: “We plan. God laughs.” Many entrepreneurs kick off their ventures with their own definition of success in mind, and they become married to it. Any deviation is a failure. However, to properly navigate the reality of our futures being uncertain, we must detach from our own definitions of success — removing the ego from the outcome — and be open to what may unveil itself along the way. The uncertainty of such is also the joy.

    5. Understand the bigger life picture

    There is a bigger world out there, and it is important that we have perspective. Take a walk in nature and realize those things we obsess about are things in our own small universe. Uncertainty is inevitable, and it is foolish for us to believe that we have the power to control so much that goes on. Your life will not depend on the success of your venture. Today is a moment in time and we are but specks in a massive universe. Perspective is imperative.

    7. Recognize your survival instinct

    The human brain was formed over millions of years. We have an innate survival instinct that comes from the early days of being cavemen/women. For example, scientists have postulated that our need to be accepted by others stems from the previous reality that if the group were to kick us out, we’d be away from the fire and prone to attack by predators. This level of uncertainty held an entirely different scope at that time. Yet today our brains are still wired with the same survival-based fight-or-flight framework.

    Related: Many People Are Burdened by Fear. Here’s How I Embrace It.

    8. Approach with a beginner’s mind

    Our lives are all made of unique experiences that are individual to us. These experiences make up the lens through which we view the world. A toddler will not be afraid of the stock market crashing. However, s/he may be fearful of being alone or not having food. As entrepreneurs, we need to remove our biases and retrain our minds to approach our ventures with the wisdom of past experiences but also a sense of youthful naivety.

    As we kick off 2023, we, as entrepreneurs, have an opportunity to redefine our relationship with uncertainty. There is an opportunity to partner with the feeling of uncertainty by acknowledging its existence, asking what it is trying to tell us and being comfortable setting our own boundaries with its partner: fear. Uncertainty can serve as the pavement for our future path to success. We just have to become friends first.

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    Kalon Gutierrez

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  • This Tech Will Transform Commercial Real Estate in 2023

    This Tech Will Transform Commercial Real Estate in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    3D digital twins have started to enter the real estate market and vocabulary, slowly moving from technical tools used in the operational processes to a more people-facing role. They become commercial tools of high value that stand as a commitment to innovation, adaptability and sustainability.

    In 2023 and beyond, I expect to see them evolve in how they impact and support the market. Commercial real estate segments — such as office or retail — have met great challenges over the past 2 years. Now, they are confronted with new expectations from their customers, and 3D digital twins can play a vital role in meeting them. This is why I expect these tools to evolve more and more to become a standard in real estate.

    After three years of focusing on digital replicas and their potential worldwide, here are the main directions I see 3D commercial digital twins developing next year:

    Related: Why Executives Need to Take Note of ‘Digital Twins’

    More resources for research and development

    The growth of the digital twin industry means an increased competitiveness among digital twin providers to offer the best technologies to their customers. Resources involved in research and development will grow in order to develop and integrate new AI, VR and AR-based technologies, optimize and automate processes and reduce costs.

    With renderings still having better graphics than most 3D tours, this could easily be a starting point for digital twin companies. The metaverses we have right now face the same challenge and as the two (real estate and digital universes) come closer, better graphics and immersive gamification features will be a must. Real estate has to be prepared for the future and for a generation of clients (Gen Z, millennials and even Gen Alpha) for whom mastering the digital space comes naturally.

    We will see digital twins more in commercial areas

    If until not long ago, digital twins were complex structures representing all technicalities needed in the building process, we are moving towards an era where they get fine-tuned for the public. Heavy-data replicas that required professional knowledge get a complementary partner: web-based 3D twins, easy to access and understand by anyone.

    These beautiful, branded and soon-to-be gamified replicas will play an important role not only in showcasing a space digitally in order to cut down research and negotiation times but also in divestment processes, facilitating the sale of a building. Furthermore, given the increasing number of refurbished offices (54% of new projects in 2021 in London were office refurbishments), digital twins can be put to very good use here, too — presenting and pre-leasing a future space.

    Related: Into the Metaverse: How Digital Twins Can Change the Business Landscape

    We’re moving towards digital universes

    The enterprise metaverse as a concept isn’t something new anymore. Real estate companies might soon enough have their whole portfolio digitally replicated in a web, virtual platform. This would favor especially large developers or the ones with mixed asset classes (office, residential, retail, logistics, etc.).

    These universes would present spaces and their specific features in a company’s one-stop-shop, starting from a state-of-the-art 3D digital twin.

    A digital twin-based real estate universe would make sense not only for existing assets but for ones in the projecting or building process. Think about new cities being built from scratch, such as The Line or the New Administrative Capital of Egypt. Presenting these projects or any future construction works to interested stakeholders can give a clearer picture of the aimed result and facilitate investments.

    Costs will be reduced as more AI will be involved

    In the following year and beyond, I expect to see more advanced AI-enhanced features being used in the development of 3D digital twins, as well as more IoTs, such as high-end sensors being used in the generation of these replicas.

    We’ll be taking steps towards automated generation and almost-simultaneous updates of the twin — if a physical space will change, its digital version of that should (almost) immediately update. This will translate into more automation, but less manual work, time and budget spent on alterations, and consequently, lower costs.

    Related: How Disruptive Technologies Are Changing the Way People Invest in Real Estate

    More features will be available for more connectivity

    A 3D digital twin of an office will cease to be just a replica. It will turn into an integrated administrative tool that will allow stakeholders to make comments and notes about different features or challenges they’d like to see solved. Tenants will be able to book a meeting call or a certain desk directly from the digital twin or even join a virtual office. Tenant experience and building management solutions will be integrated as well, in order to streamline as many processes and offer the market a complex solution, with multiple easy-to-use features.

    What this will lead to, eventually, is turning the 3D digital twin into a more elaborate environment than the actual physical space. This might align just perfectly with the future of work, where the office will be more of a collaborative, social space, designed to bring people together not only to work together but to connect as well.

    Meeting the new generation of workers’ requirements

    There are two aspects to consider regarding the future of work, and consequently, of the office:

    • With digital nomad visas becoming a thing, at least among European countries, people are not necessarily giving up on having an office, but they do want more flexibility. For them, it has to be as easy as possible to explore a space online, ask for an offer, access a virtual office or book a meeting room;

    • When it comes to moving to a new office, the decision within a company is not taken by real estate people anymore. Marketing, HR, sales and customer success representatives want to have a saying in where a company is relocating. This means that for them, seeing a space and its potential fit-out in 3D digital twin and not on 2D plans or renderings might make or break a deal.

    Digital twins will have a real impact on ESG

    Transport is responsible for approximately one-fifth of global carbon dioxide emissions. People travel for many purposes, and choosing an office or buying a home at a distance is one of them. This, together with the printed materials, are two of the main areas where digital twins can have the most powerful and visible impact. Showcasing/choosing a space digitally can reduce travel and printed advertising, offering a great, sustainable alternative.

    Furthermore, in the EU alone, buildings account for 40% of all energy consumption, which means there is a lot to improve in how real estate uses and recycles energy. Digital twins can easily become part of the monitoring, test-running and managing processes, helping landlords allocate resources better and show where there’s room for improvement. Better monitoring of any type of data is key in a fast-changing environment.

    To conclude, I would like to emphasize what connects all the ideas I developed above: adaptability. More than anything, the real estate industry is at a turning point where players get to decide if they go digital or stick to the old ways. Change is inevitable, and I see 3D digital twins as a central part of what new processes will mean. Although they have yet to prove their full potential, I don’t think there’s room for questioning if they make sense. While I strongly believe in the power of real-life interactions, at the same time, I think real estate can’t count solely on these anymore. The industry must try to find and use the right mix with digital environments.

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    Bogdan Nicoara

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  • VCs Are Missing Out on New, Innovative Ideas. Here’s Why (and What They Can Do About It).

    VCs Are Missing Out on New, Innovative Ideas. Here’s Why (and What They Can Do About It).

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    Opinions expressed by Entrepreneur contributors are their own.

    It has been a challenging time for technology investing. S&P and NASDAQ are down, and crypto is down considerably. S&P 500 declined by 19% earlier in the year, and NASDAQ, which is tech-heavy, has lost almost 30% of its value in the same period, with some of the biggest tech giants reporting disappointing earnings.

    The crypto winter continues with Bitcoin and Ethereum prices tanking following the collapse of FTX earlier this month, with around $200 billion being wiped off the crypto market in just days. It goes without saying that on the surface, it may seem like this is not a good time for tech investing, and many investors have indeed dropped their big tech stock in favor of “old economy” stocks. Still, could this be an opportunity to invest in companies with a discount?

    Related: 6 Important Factors Venture Capitalists Consider Before Investing

    Tier 1 wastage

    For large VC funds, investors are often looking to partner with startups that can achieve more than a $50B outcome in order to get a return of 3-5 times the fund. However, with only 48 public tech companies currently valued at more than $50B and over 1000 venture funds gunning for these few, this is a challenging situation.

    Furthermore, since VCs only typically take on 20 or 30 companies per fund, they often use “pattern recognition,” whereby they use experiences from the past to make more efficient decisions about current investments. However, what can happen is that their portfolio companies all look pretty similar.

    This can be problematic for entrepreneurs applying for VC funding who do not fit the “tried and tested” criteria many VCs use to decide whether to invest or not. In fact, we see that the majority of U.S. venture funding goes to white, Ivy-League-type entrepreneurs. In Q3 of this year, only 0.12% of venture funding went to Black entrepreneurs.

    Even if these startups have the potential to be the next biggest thing, their idea will struggle to get off the ground just because they cannot get the venture capital. Furthermore, VCs also stand to lose out, simply because they are only focusing on that small segment of startups and not on the potential of others that perhaps do not fit the bill on paper.

    Opportunity for disruption in the market

    However, while many VCs are focusing on targeting increasingly large outcomes, this provides an abundance of opportunities for what is left. By targeting the underfunded startups, you can invest in businesses that have an 80% chance of a $300M outcome and gradually move upmarket from there.

    Not only will this provide a funding opportunity for entrepreneurs who would normally have been seen as outside the box, but it can drive innovation and new ideas. Different people can solve different problems, so it stands to reason that funding a wider spectrum of people will create new, innovative solutions — potentially serving a wider, more diverse population.

    Related: How We Can Beat Venture Capital’s Diversity Problem

    A need for a change of perspective

    It is not that venture capitalists have made bad decisions or ignored critical data. They haven’t, but it is rather the culmination of multiple parties making rational decisions that have resulted in systemic levels of risk.

    If we look at U.S. venture performance, the majority of returns are generated by a very small subset of players, with the top 5% of funds significantly outpacing the median.

    This is also the case with startups, where you will usually have just one from the VC fund’s portfolio bringing in the overwhelming majority of the returns if not all. When successful, VCs can see a return of 5-10x of their money back, and founders can become billionaires.

    Yet, we now find ourselves in a post-Power Law meta, which opens up an opportunity for a new perspective and to start making new rational decisions. This shift has seen a substantial increase in both the VC fund count and value in the U.S., with 2021 proving to be a record-breaking year.

    Approximately $329B was invested across 17.054 deals last year, a record for both deal count and value. Investors also passed the $100B mark for the first time ever, raising $128.3B.

    How should venture work?

    However, although we would like to think that this influx of funding is going to the entrepreneurs who could not otherwise get funding, this is not the reality of the situation.

    A funding round in a startup will usually comprise 3-5 major funds and a variety of smaller checks putting capital in. However, a recent analysis by venture fund, Social Capital, has shown that there is a significant overlap of VCs co-investing with each other.

    Additionally, funds over $500M accounted for 77% of capital raised by venture funds in H1 2022, with an average fund size of $317M. The returns are predominantly concentrated on those few companies and a few key investors.

    Related: You Can’t Get VC Funding for Your Startup. Now, What?

    What is the solution?

    Many things can go wrong with startups once they have accepted venture capital, and they are typically left with two options: to shut down or pivot. Limited partners’ fund managers are generally not going to consider risky bets, opting to look for consistent winners within their allocation. Furthermore, you have to look at what would incentivize them to diversify when they have received huge returns over the past decade.

    Still, this provides an opportunity for an alternative product to invest in companies with limited fund size and equity optionality through redemption clauses or equity buybacks. As a serial entrepreneur myself, I have built multiple businesses in the last few years. Some failed, and a couple of them succeeded in multi-million dollar companies with offices on a global scale.

    Now as Co-Founder and Managing Partner at Venturerock The Valley, we aim to support startups from seed to scale and decrease the high failure rate for startups. We are not looking to sell products, but rather to focus on startups that create a big impact and really solve a problem using emerging technologies such as blockchain, AI and IoT. All our partners combined have accelerated more than 700 startups to date.

    While many still focus on the big few, they risk missing out on new innovative ideas and breakthrough technologies simply because they did not fit the mold. Even though these startups may not turn out to be the next $50B company, they can still bring great value to the table, be very successful and create a big impact. These companies deserve to be supported on their journeys and to see their visions come to fruition.

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    Danny Cortenraede

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  • What It Takes to Be a Leading Tech CEO in 2023

    What It Takes to Be a Leading Tech CEO in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you know what it takes to be a top tech CEO? In short, top tech leaders need a clear vision, a sharp focus on execution and consistency amid business pressures and challenges. A tech leader also bridges the gap between business and engineering, guiding the team to achieve a shared goal. Below are a few other abilities one needs to be considered a leading technology executive today:

    Ability to solve complex engineering problems

    Apart from managing people, DevOps tech leaders solve challenging engineering problems while seeing the bigger picture. They also deeply understand how their decisions impact the team’s success, and ultimately, the IT business.

    Apple’s Tim Cook, Microsoft’s Satya Nadella, Adobe’s Shantanu Narayan,and Google’s Sundar Pichai are great examples of the world’s most influential and respectable CEOs. And they have a few things in common; they are effective listeners, savvy data analysts, and have a strong instinct that makes them successful business people.

    Related: 6 Success Secrets From the Most Influential Tech CEOs

    Use of robots to reduce the labor strains

    Top CEOs are passionate about seeking new methods to reduce their workload efficiently, while at the same time, trying as much as possible to improve how well they meet and satisfy the demand for their products and services. While labor shortages are the highlight of the economy during the pandemic, robots are quickly filling this gap with better outcomes, too.

    First, they do more jobs with more speed and efficiency. Secondly, they are diverse and are usable in multiple industries, including manufacturing, agriculture and construction. Business leaders who are labor-constrained should consider employing robots in their activities to boost productivity and enhance their daily operations.

    A natural curiosity and willingness to learn

    Top leaders are naturally curious and eager to learn to expand their mindset. Tech leaders should always embrace continuous learning to understand the fast-changing nature of the industry to adapt quickly, grow their skills and effectively manage their teams. Top tech leaders also mentor junior engineers to help them advance in their careers and be more responsive to market demands.

    Offering customized purchase insurance

    Businesses that sell products or services online, including flights, rental real estate or books, offer purchase insurance at checkout. And such online insurance could expand to new industries like shipping, car sales, construction and financial services.

    New insurance carriers could emerge soon to offer industry-specific insurance coverage. Tech leaders should explore the benefits of partnering with such carriers, or better still, create their own.

    Tech leaders lead by example

    Successful leaders inspire their tech teams by leading from the front. Giving their recommendations to their IT teams is essential, but it’s even more effective to practice what they believe in, even if it means they have to dive deep into the code.

    Inspirational CIOs also collaborate actively, encouraging teamwork and enforcing the belief that no problem is unsolvable. Working beside your team goes a long way in showing your resolve to achieve a common goal.

    Related: 6 Crucial Characteristics of an Effective Tech CEO

    Use of simulations to solve operational problems

    One of the best ways to share a leader’s vision is by using software simulations to map out the company’s activities to identify loopholes and pinpoint growth opportunities. Simulations can also solve technical challenges like supply chains that rely on a single provider.

    While most organizations could lack an in-house function to set up such simulations, exploring the possibilities is critical. There are powerful tools you can use to envision significant improvements, even if it means outsourcing.

    Use of virtual customer service deepfakes

    Many of your customers may not be tech-savvy and may not understand some technical issues and possible solutions. While a company can hire customer service and human resources to attend to online queries, some may struggle to hire and retain these critical staff.

    Top tech leaders explore the alternative: virtual deepfakes, which are digital videos of human replicas that help to offer customer service, entertainment or gaming. The applications are endless and can help to streamline your business operations.

    Use of predictive software to boost productivity

    Predictive software uses data to predict your next word or phrase, which is how search engines such as Google work. But in this sense, the software indicates the code likely to come next, thereby helping in faster development to help you boost productivity. This functionality is invaluable, especially where there’s a labor shortage, and tech leaders should explore the possibilities of such predictive software.

    Encouraging ownership

    When IT teams acquire ownership of a project, they play an integral role in the overall IT firm’s vision. But take care not to micromanage IT teams and their leaders. Instead, allow them to lead, run their businesses and grow as leaders.

    Inspired employees are happier and more productive, and in turn, they make the clients happy as well. Top tech leaders allow their employees to buy a share of the software and apps they develop, making them more loyal to the company’s values, vision and goals.

    An inspirational leader takes a firm stand on critical issues, especially regarding major decisions for your firm. Successful tech leaders believe in the company’s mission and goals and communicate them to all IT teams. The goal is to lead by example instead of being reactionary.

    Related: How This Tech Leader Found Her Voice and Took the Reins of a Major Company

    An effective leader assembles highly skilled teams to support the company’s ability to stay on top of its game in the highly competitive IT and software market. But to remain relevant and consistent in the industry, regular training and retraining are necessary to equip your teams with new skills and refresh the existing ones.

    To gain a competitive edge, the most successful tech leader is one who will incorporate software solutions to streamline business and facilitate team activities. These solutions could be applicable in marketing, offering customer care and predictive software for faster development of apps.

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    Steve Taplin

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  • How to Beat Your Number One Competitor (It’s Not Who You Think)

    How to Beat Your Number One Competitor (It’s Not Who You Think)

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    Opinions expressed by Entrepreneur contributors are their own.

    While studies such as CB Insight’s report on the top 13 reasons startups fail indicate that cash flow, no market need and internal dissent amongst founders are what leads to corporate closure, I argue that customer apathy is actually the root cause; those are simply the symptoms. Apathy is defined as a “lack of responsiveness to something that might normally excite interest or emotion.”

    In a fickle world stymied by a melee of advertising from deep-pocketed corporations and a plethora of products auditioning for our limited and desensitized attention span, it’s more than differentiation (that our business schools used to implore us to follow) that will unlock customers’ wallets. We need to be firing on all cylinders in order to build what our customers are begging for quietly and focus our attention solely on them more than our competition does.

    Related: 5 Ways to Dominate Your Competition

    Customer proximity is a competitive advantage

    Attentive, unbiased listening, feedback-driven product development and empathetic relationship-building are paramount in a transactionally driven, utilitarian and apathetic world.

    The crux of this design-thinking approach can credit its notoriety to the leading design and innovation firm, Ideo (Palo Alto, Calif.). Tim Brown, Executive Chair of Ideo, offers a simplified definition for us, “Design thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.”

    A key piece of the design-thinking model includes empathy — which, by definition, requires the designer (entrepreneur) to get as close to the user as possible to fully understand (empathize) their problems, identify their shared goals and design viable solutions that hit the mark (all within the limits of the business’ predefined constraints).

    Ideo’s design-thinking framework unpacks the technique further, “Thinking like a designer can transform the way organizations develop products, services, processes, and strategy. This approach, which is known as design thinking, brings together what is desirable from a human point of view with what is technologically feasible and economically viable. It also allows people who aren’t trained as designers to use creative tools to address a vast range of challenges.”

    Related: How Design Thinking Can Help You Ask the Right Questions (And Get the Right Answers)

    Knowing your customer’s fears, goals and challenges helps you design experiences that delight and spark joy

    The small restaurant owner that spends considerable time sitting down with clients to revise the menu and optimize for specific personas (groups of customers that hold shared beliefs — e.g., vegan, plant-based options, Kosher items, etc.) makes a lasting impression that builds transactional empathy which counters de facto market apathy. The coffee shop owner that launches a valued customer punch card that rewards patrons with a free cup of coffee every ten cups instills reciprocal goodwill that spurs future repeat business. The ecommerce shop that overnights that gift just in time for the party and waves the fee gets an A+ in the shopper’s mind and fills up their hearts with lasting, intangible goodwill.

    Related: 3 Super Simple Ways to Understand What Your Customer Wants

    Design thinking uncovers which emotions founders must build products and services around

    Great products and services connect on a deep, emotional level with their users. By focusing on your customer more than your competition does, you can win faster and far easier — and spend less time staring at your competition. This may sound trite, but I have seen it over and over in my consulting with small business owners and founders, whereby they spend the first few months focusing on understanding the market needs and then (post-launch) pivot completely away from a user-driven (design thinking) model and later shift into a market-driven model where they focus on beating the competition. This often leads to service mimicry, discounting (which erodes gross margins) and eventually downsizing or dissolution.

    While understanding where your competition is currently playing on a market matrix is helpful, it’s actually quite distracting for most entrepreneurs and pulls them further away from serving their customer base. In my opinion, the primary goal isn’t to beat the competition on market share — it’s to win customer loyalty, and you can only do that by paying more attention to them than your competition is willing to do. Market share is a byproduct of winning hearts and minds first.

    For the next 30 days, instead of worrying about what your competition is up to, try focusing intently on your own market leveraging a design thinking approach. Innovation, customer service and customer retention get supremely easier once you begin to listen more and design from your customer’s point of view.

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    Reagan Pollack

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  • What is Staff Augmentation? 3 Reasons It is Vital For Your Business

    What is Staff Augmentation? 3 Reasons It is Vital For Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Recruiting and retaining exceptional talent is challenging and takes a lot of time, especially when companies in the tech space demand experienced developers and engineers.

    Moreover, filling in the gaps due to a lack of resources or specialists can be challenging and time-consuming at the same time, especially for high-tech roles like iOS developers or machine learning engineers, for which the demands have been escalating since the great resignation.

    This is where the model of staff augmentation comes into play! In this article, we will discuss the concept of staff augmentation, its increasing demand and why enterprises need to focus on in-house team expansion for quick hiring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Staff augmentation

    Staff augmentation is a type of cooperation model where businesses, from startups to corporate enterprises, source talent via staffing agencies to work with them temporarily to fill the talent gaps promptly.

    Today, staff augmentation has turned mainstream, with nearly $500 billion annual spending on global IT staffing services alone.

    Businesses now prefer partnering with staff augmentation service providers to boost the competency of their internal teams and accelerate the development process rather than spending weeks prospecting ideal candidates, conducting interviews and shortlisting candidates to fill an immediate talent gap.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why is staff augmentation surging in popularity?

    The staff augmentation model has been successful over recent years due to the following three reasons:

    1. It is suited for a hybrid work environment

    People willing to switch to low-paying remote jobs rather than continuing on-prem work in their previous settings indicate that the future of work is remote. Remote work is the new normal, especially in the technology and digital transformation sectors.

    Staff augmentation services are suited to cater to the needs of a remote-first global economy that still needs to prepare to let go of all the advantages of on-prem work. With this setting, businesses can extend support to their internal teams by partnering with staff augmentation service providers to cater to bridge talent gaps and meet deadlines faster.

    2. It is low risk compared to other outsourcing models

    The staff augmentation model triumphs over all the outsourcing models regarding flexibility, affordability and quality. Compared to other outsourcing models, the risks involved with staff augmentation services are zero to none due to constant collaboration with the internal teams.

    The augmented team or resource operates either as mere extensions of the internal teams or under the supervision of the in-house managers. Uninterrupted collaboration and seamless integrations of both teams eliminate any possibility of errors.

    Thus, the risk involved in this model is considerably lower than the other project outsourcing models like offshoring or managed services.

    3. Staff augmentation is flexible to scale without compromising sustainability

    As the global recession started knocking on the doors, the results of aggressive hiring and fierce spending started becoming more evident. Consequently, most businesses either stopped or at least cut-down spending on scaling by considerable margins.

    This phenomenon has kept thousands of global entrepreneurs from putting all the stakes in and investing aggressively in scaling their businesses. However, things have started to take quite an exciting turn as IT staffing, and resource augmentation services became mainstream.

    With IT staff augmentation, businesses no longer remain prone to compromising sustainability, as they can end contracts with external teams if things start going south.

    This model enables entrepreneurs to fuel their desires to achieve exponential growth and scalability without worrying about laying off permanent employees or (in the worst case scenario) signing up for bankruptcy.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why you need to start implementing the staff augmentation model

    The following facts and figures are clear evidence that the staff augmentation model is here to stay:

    1. The great resignation and the wake-up call

    The quiet quitting culture has been disturbing the workflow of organizations since the epidemic. Even amidst the global recession session, where companies like Meta and Amazon are forced to lay off a considerable part of their workforce, the culture of quiet quitting has not stopped.

    People silently leave their well-paying jobs due to a lack of serenity, toxic work environments, pay disparity or other reasons. As an entrepreneur, you should be prepared to deal with such cases within your organization.

    Although you must prioritize fostering a culture of collaboration and encouragement, you should also be prepared to fill in talent gaps in case a team member resigns on short notice rather than compromising on the resource quality to fill the gaps.

    2. Going above and beyond to fill talent gaps

    The onshore, offshore and nearshore markets could provide more diversity in IT skills and expertise your company needs, depending on your location. With staff augmentation services, you can access a broader universal talent pool, including from regions acknowledged for having the finest IT talents, such as Europe and Asia.

    Building external teams to bridge the talent gap using staff augmentation services can also help you save the time and cost of setting up dedicated workspaces and recruiting highly-skilled teams.

    3. Increasing cyber attacks

    As businesses switch to fully remote and hybrid working models, they become prone to cyber-attacks and data breaches. According to Statista, the data breaches in the third quarter of 2022 were at the all-time highest, with businesses reporting approximately 15 million data breaches.

    Although businesses are now setting up dedicated networking teams to safeguard confidential information from hackers and intruders, not all of them can afford it. Thus, they eventually recruit network engineers via an augmented staffing model to stay protected from potential cyber threats and data breaches.

    Related: 4 Best Practices When Choosing a Staffing Agency

    Final thoughts

    Using staff augmentation to address the talent gaps instead of outsourcing or managed services models let business owners keep the charge of the project. As a business owner, you get to choose the talent you deem fit for the role and maintain authority over the project to get things done your way.

    With staffing services, you not only eliminate the recruitment time and cost but also access a global talent of highly-skilled developers and engineers to work alongside your in-house teams to optimize overall competencies and boost productivity.

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    Asim Rais Siddiqui

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  • Free Guide: Investing in Health Pays Back

    Free Guide: Investing in Health Pays Back

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    Hear from leaders prioritizing people-first places.

    While the benefits of people-first practices have long been established in public health and building science research, recent studies show organizations that make strategic investments in health see strong economic returns.

    We summarized the research to inform better decisions for your business.

    IWBI’s research review examines the business case for investing in health. Whether you are interested in how healthy buildings can strengthen your real estate returns or want to dive into the science behind improved productivity and performance ⁠— the review has something for everybody.

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  • 5 Things Every Entrepreneur Should Do This Holiday Season

    5 Things Every Entrepreneur Should Do This Holiday Season

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    Opinions expressed by Entrepreneur contributors are their own.

    With the holiday season upon us and the end of another year quickly approaching, it can cause frenetic feelings about wrapping up final projects. On the other hand, it may offer a chance to reflect on how far we’ve come since January.

    Most of us fall somewhere in between, and it can be easy to lose focus as December 31 approaches. However, this holiday season, carve out time to tackle a few to-dos that will set you up nicely for the year ahead, give you space to think about what you’ve already achieved and prepare you for 2023.

    Related: 5 Things Entrepreneurs Should Focus on During the Holidays

    1. Write three goals you want to accomplish

    Whether you have ongoing monthly or quarterly goals, it’s wise to set three larger goals you want to accomplish in the new year. Consider if you want to switch direction come January or build upon what you’ve already created. Start big. Then, create a strategy with individual milestones to get you where you want to be.

    In business, most goals are attached to revenue but consider alternative perspectives as you plan for the future. What kind of client or service growth do you want to achieve? Do you want to attract a different type of audience? Do you want to add a new skill or certification to your repertoire? Perhaps a goal is to speak at an event or become an influencer in your industry. Whatever you want to achieve, attach your motivating “why” to each goal and map out tangible steps to make it easier to envision.

    Related: This Simple Brain Hack Will Help You Achieve All Your Goals

    2. Declutter your schedule

    Adding new goals and plans to 2023 means you must make room by decluttering your current schedule. The end of the year is an excellent time to review your ongoing meetings and commitments and evaluate where they can be trimmed or deleted altogether. Every entrepreneur knows time is a precious commodity, so to avoid getting burned out, make sure your calendar is full of things that help your growth.

    Simple changes may be to change a weekly meeting to twice a month or shorten regularly scheduled hour meetings to half the time. Take a look at all the organizations — both online and in-person — which may be taking up time with little to no return on investment. Also, consider areas that limit your productivity. Social media is always a common distraction. Although, for many, it’s necessary to maintain a presence online. To keep it a helpful tool (rather than a place for mindless scrolling), schedule specific times when you’ll post and check your channels. Then, step away from social media for the rest of the day.

    Related: 10 Ways to Declutter Without Going Minimalist

    3. Review your budget

    As with decluttering your schedule, take a look at your budget and consider areas that can be eliminated. Are there programs or tools you’re no longer using? Have you put off canceling the free trial on apps or subscriptions that can be better invested elsewhere or budgeted in another way?

    Additionally, auto-pay makes it easy to forget where we spend our money. Take stock of all business auto-payments and see if any can be deactivated. Also, consider other business expenses like online courses, educational or networking events and client meetings. Where do you receive the most value? Weigh each individually to determine if all the resources you’re currently using are still as helpful as they once were. If not, get rid of them and know they’ll always be there should you need them again.

    Related: 5 Ways to Build a Business Budget for Maximum Success

    4. Make a list of all the things you’re thankful for

    Gratitude is the free, quiet booster to success. Plus, it’s easy to obtain. While waiting for your morning coffee to brew or before you dive into answering emails, jot down three things you’re thankful for. Take extra time to reflect and expand your list during the holiday season. Creating a daily gratitude habit isn’t just something to make you feel warm and fuzzy; it can help you focus, increase efficiency and create an abundance mindset.

    Numerous studies illustrate the positive effects of gratitude on the brain. It changes the brain’s makeup and can help us feel more engaged and appreciative, leading to greater productivity, optimism and overall better mental health. Consider the benefits of what starting your day with gratitude could do for your outlook, especially compared to the frenzy we often find ourselves in first thing in the morning.

    Related: Cultivating Gratitude and Happiness Will Boost Your Business

    5. Take time for yourself

    There’s been a cultural shift over the past years from the hustle mentality to a state of self-care. However, for entrepreneurs, sometimes it’s not so easy to slow down. Many times there is no one to delegate work to, which means there’s a difficult balance to sustain a steady workload. Nevertheless, it’s always necessary to take time for yourself. It can seem overwhelming for some, so you’ll have to be intentional in how you want to use the time. Put it on the calendar. Make it a priority.

    Good physical and mental health are two things that are easy to take for granted until they start to fail us. When taking time for yourself, these areas should be at the top of the list. Plan it out, whether it’s a workout at the gym, a walk around the block or a few minutes for stretching and meditation.

    Putting it last on the list means it’s not likely to happen, and burnout could be around the corner. Add time for play and enjoyment into your weekly schedule as well. Essentially, time for yourself, planning or relaxing, must be part of your daily list of to-dos, and what better time to start than the holidays?

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    Kelly Hyman

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