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Tag: Leadership Strategy

  • My Business Hit $1 Million — Then a $46,000 Mistake Exposed the Biggest Bottleneck to Explosive Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ll never forget the day I realized I couldn’t do it all anymore.

    My business had just crossed the million-dollar mark, but I was still trying to handle everything myself — coaching clients, selling, leading my team and running the accounting. Then, one day, I discovered I’d accidentally overcharged our biggest client $46,000 over nine months because I’d set up auto-pay and never double-checked it.

    The wave of panic that hit me was overwhelming. It was one of the worst moments of my professional life. I immediately owned the mistake, apologized and worked out a plan to credit the money back over six months. Thankfully, the client was incredibly gracious. But in that moment, I knew something had to change — I had to stop trying to do everything and start leading like a CEO.

    Related: 10 Growth Strategies Every Business Owner Should Know

    Stop doing — start leading

    When you launch a business, you wear every hat. You create the product, send invoices, post on social media and answer every email. That scrappy hustle is necessary to get off the ground — but it won’t get you to the next level.

    Scaling means an identity shift. You have to stop being the “doer” and become the delegater. Instead of asking, “How can I do this?” start asking, “Who can do this better than I can?”

    This is easier said than done. But holding onto control keeps you stuck. You’ll stay buried in day-to-day tasks instead of focusing on big-picture moves that grow your business.

    For me, stepping into the CEO role meant redefining leadership on my own terms. I didn’t want to follow a corporate playbook written by men. I wanted to lead in a way that aligned with my values and strengths — building flexibility into my schedule, doubling down on coaching and sales (my superpowers) and empowering my team to own the rest.

    Build the right team — and trust them

    Hiring an assistant to manage my schedule, emails and admin was one of the smartest moves I made. It freed up hours I could now spend coaching clients and bringing in new business.

    Delegating is scary. You worry they won’t do it as well as you can. Sometimes, that’s true. But growth only happens when you give others space to learn. If they stumble, you help them recover — and they get stronger. That’s leadership.

    Ask yourself: What are your superpowers? Are you a sales rockstar? A client relationship builder? Then be honest: How much of your time is lost in tasks that drain you — digging out of your inbox, chasing invoices?

    If those tasks pull you away from your strengths, it’s time to delegate. When you operate in your zone of genius and let others handle the rest, your business will finally grow the way it’s meant to.

    As your team grows, get to know them as people. We have every team member take the Enneagram test to understand communication styles and personalities. It’s taught me the power of listening and meeting people where they are.

    Create systems that set you free

    If your business lives only in your head, you can’t scale. Every process — client onboarding, social media posting, monthly reporting — needs to be documented so someone else can follow it.

    At our company, we use Asana for task management and Slack for communication. Everyone knows the flow, and it keeps us aligned.

    When I sell a client, I immediately hand them off to our onboarding team. Why? Because I know I’m the worst at follow-up. I know my strengths—and where I tend to get in my own way.

    We use Stripe for payments and Go High Level for email automations. These simple systems keep us running like a well-oiled machine.

    Related: Most Entrepreneurs Fail Because They Ignore These 3 Business Stages

    Think like a CEO

    If your calendar is full of urgent tasks, there’s no time for strategic thinking. But that’s exactly where CEOs live.

    Everyone on my team works from home on Fridays. I use that day to strategize and focus on the future. Where are we headed? Who do we need to become to get there? I take walks, listen to industry podcasts, and brainstorm new ideas.

    I also use this time to vet opportunities. It’s tempting to say yes to everything, especially early on. But now, before I commit, I ask: Is this worth my time? Does it align with our vision? Will it deliver a real return on investment?

    You belong in the CEO seat

    For too long, I thought being a great business owner meant doing everything myself. But real growth started when I stepped into the CEO seat — hiring for my weaknesses, trusting my team and making decisions from a long-term perspective.

    You don’t have to run your business like anyone else. Define what leadership means for you. Build a business that supports your strengths—and let go of what’s holding you back.

    You didn’t start your business to stay small. So take your CEO seat… you’ve earned it.

    I’ll never forget the day I realized I couldn’t do it all anymore.

    My business had just crossed the million-dollar mark, but I was still trying to handle everything myself — coaching clients, selling, leading my team and running the accounting. Then, one day, I discovered I’d accidentally overcharged our biggest client $46,000 over nine months because I’d set up auto-pay and never double-checked it.

    The wave of panic that hit me was overwhelming. It was one of the worst moments of my professional life. I immediately owned the mistake, apologized and worked out a plan to credit the money back over six months. Thankfully, the client was incredibly gracious. But in that moment, I knew something had to change — I had to stop trying to do everything and start leading like a CEO.

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    Deedra Determan

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  • You Want to Grow Your Business — But Do You Have a Plan? Here Are The Proactive Steps You Need to Take to Succeed. | Entrepreneur

    You Want to Grow Your Business — But Do You Have a Plan? Here Are The Proactive Steps You Need to Take to Succeed. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Across industries, there’s a lot talk about the importance of a “growth mindset” for entrepreneurs and managers of established businesses.

    There are countless studies out there — such as this one presented by Harvard — that highlight how companies focusing on growth through innovation and investment often outpace those stuck in the status quo, which tends to stagnate or fall behind.

    But what exactly does operating from a growth mindset look like? In an article titled Why Having a Growth Mindset is Critical for Company Success,” it highlights how Microsoft developed a culture around this mindset to prevent falling behind in the fast-paced technology world. In 2014, CEO Satya Nadella shifted the culture from one of bureaucracy to one of growth and worked to develop systemwide processes for a growth mindset to take off among all employees, from entry-level to top executives. In the article, one Microsoft employee summarized the company’s culture, saying it changed from “know-it-all” to “learn-it-all.”

    “Learn it all” is the key here. It’s easy for entrepreneurs and others to think they have mastered all they need to and less often seek learning opportunities. In a world that moves as quickly as ours in just about every way possible, this is a self-defeating mindset. “Learn it all” does not mean just attending conferences and reading white papers that pertain to your business; it very importantly applies to “learning it all” about your own business.

    Yet “learning it all” about the pros and cons of your current business processes, systems and growth programs can be daunting. Like looking under the car of your hood, you might be forced to see leaks, cracks and other issues you don’t realize you have because, like your car, your business is still sputtering forward. Yet you have to face the weaknesses if you want to get in the fast lane and keep up with your competition.

    Facing that you don’t know what you don’t know is important for growth. You may understand your product category, but do you know how to set up lead generation and sales programs that bring you qualified prospects? Do you know how to nurture these to conversion and lifetime value? Do you know how to set up IT and operational processes that optimize productivity and enable you to achieve more with less?

    The key to growth is to face your weaknesses and your strengths — and to get help when you need it. Business managers seem at ease signing up for SaaS products that enable them to manage payroll, HR needs, account management, customer relationships and communications with monthly subscription fees. But how likely are you to subscribe to growth-focused services or set aside time each month to focus your time on growth initiatives? Continuous focus and activity are key to success.

    What does a continuous growth plan that you execute and monitor monthly look like? Here’s a glimpse.

    1. Audit your status quo

    As no one is a master of all things, you need to find experts who can audit the areas of your business about which you can and need to learn more. This can include auditing your digital brand presence, offerings, business model, sales processes, customer onboarding and success programs. Your systems for information technology, financial management, customer transactions, project workflow, systems monitoring and so on. Experts can quickly identify where you are losing money and efficiencies, as well as identify opportunities.

    Your audit should include identifying expectations and aspirations from customer groups and looking for ways to add value, both tangible and emotional to your products and brand experience.

    2. Stay on top of trends

    Make the time to stay on top of technology and other changes that impact your industry. Monitor consumer attitudes toward your category and brand to identify issues that may change purchasing behavior and loyalty toward your brand.

    3. Invest in your business

    To succeed in any category, you need programs and systems that enable you to operate with high levels of efficiency so you can focus on innovating new products, services, and systems to increase your efficiencies and competitiveness. You need to lead with new ideas and not always try to catch up with others who move faster than you do. To do this, you need to invest in systems and technology that allow you to automate processes for workflow, customer and account management, accounting, and more so your time can be used innovating.

    4. Prioritize marketing and sales

    If no one knows about your brand, it’s fair to assume you won’t get a lot of new leads and sales. Marketing is more than awareness. Marketing helps define your brand’s values and build relationships that drive sales, loyalty and referrals. It also communicates your values, like CSR and ESG, that matter to consumers, leading to stronger relationships. Consumers choose brands with like values. Check out a McKinsey study that backs this up.

    All of these processes enable you to continuously learn about your business, strengths, opportunities, risks and weaknesses.

    The most important element of growth? Continuity! Setting up your company for growth is not a one-and-done initiative. It is a constant process that crosses over all systems, such as those identified above, and has to be monitored, managed and executed daily. As Microsoft illustrates, it has to be the foundation and core of your company culture. Every employee and contractor you use needs to be obsessed with growth, which means always looking for ways to stand out competitively, add more value to customers, imagine new ways to do old things better,

    Setting up regular processes or finding partners that can do this for you with growth as a service model to keep you moving forward should be a top priority. You can read about these and other growth strategies in a new book released by Entrepreneur Press, “Market Your Business – Your Guide to Do It Yourself Marketing.

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    Jeanette McMurtry

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  • You Need to Listen More to Lead Better — 5 Tactics for Leaders to Bridge the Communication Gap With Their Team | Entrepreneur

    You Need to Listen More to Lead Better — 5 Tactics for Leaders to Bridge the Communication Gap With Their Team | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    All leaders know that communication is critical to an organization’s success. But often we fail to bridge the gap between senior executives and our front-line team members to truly get a pulse of what is happening across an organization. This disconnection is heightened in hospitality and healthcare, where we work in direct contact with customers or care for patients’ health and wellness. As a result, it causes issues like:

    • Leaders without a clear or accurate understanding of their front-line teams’ challenges.
    • Decisions being made by the C-suite that do not effectively address those challenges.
    • A lack of trust between leaders and teams.
    • Disconnection between culture and action.

    The solution is simple. As the president and CEO of AtlantiCare Health System, I’ve learned that stepping outside my office, the boardroom or senior leadership meeting and engaging directly with team members across the organization is what matters most. I spend time in our hospitals and at our practice locations, without an agenda or formal itinerary, to learn about their work and their challenges.

    Leadership axiom: Business moves at the speed of relationships.

    Here are my five leadership tenets to build relationships with a lasting and positive impact.

    Related: Why Executives Need to Roll Up Their Sleeves and Work ‘in the Trenches’ of Their Companies

    1. Always be present

    When I first started walking the hospital floors after my appointment, one senior nurse remained elusive, regardless of the hour. It was clear she was avoiding me.

    When I would go left to talk to her, she would go right. When I would go right, she would go left. So, I just kept returning during her shifts. Eleven at night on a Saturday or 2 a.m. on a weekday — it didn’t matter. She is a well-liked and highly respected nurse, and I knew her insights would offer tremendous value. Then, finally, one night, she walked over and shook my hand. She said: “Okay, I appreciate you being here. Especially during the overnight shift. Let’s talk.”

    Leadership axiom: Presence is the foundation of influence.

    It can take time and persistence to establish connections, but the commitment is worthwhile. So, make the effort, have skip-level meetings and walk the floors. What you hear will be eye-opening.

    2. Fostering trust and leading with emotional intelligence

    My purpose in establishing a connection with the senior nurse was about making positive change and easing the pain points the team was experiencing, but I needed her help to understand those opportunities. Building trust through a transparent leadership style allows for mutual understanding of the realities the team faces and, in turn, what leadership is trying to accomplish.

    Leadership axiom: Transparency builds trust, and trust forms great relationships.

    Relying on outside consultants to tell leaders what team members are thinking is counter-intuitive to building relationships. I pride myself on being open about what is driving the decision-making process and engaging people to co-create solutions. Yet trust can still be broken if transparency reveals problems that don’t get fixed, which is why the next point is so important.

    Related: I Invited My Employees to ‘Ask Me Anything.’ Here’s What I Learned.

    3. Reducing administrative burdens to empower teams

    In healthcare, human connection is mission critical. However, team members’ responsibilities also include adhering to procedures and managing paperwork, which can occasionally be challenging — and many other industries have similar challenges.

    Leadership axiom: A leader’s responsibility includes the unburdening of unnecessary tasks.

    Leaders must remove barriers that prevent team members from focusing on their core roles. So, consider implementing these operational efficiencies:

    • Investing in technology to simplify daily tasks and activities.
    • Removing box-ticking tasks such as generating reports that are completed simply because “that’s how it has always been done.”
    • Removing training modules unrelated to team members’ roles.
    • Eliminating the culture of including everyone in meetings; only involve those who need to be present. If the information can be shared via email, a meeting isn’t necessary.

    4. Building forums for stakeholder feedback

    At AtlantiCare, active listening is key to our success. Along with my leadership team, we seek out opportunities to bring team members together, building forums and councils for them to share feedback and engage in honest dialogue.

    Leadership axiom: The only capital a leader has is the willingness of their team members to contribute.

    So, encourage your leadership team to conduct skip-level meetings to gain broader insights and strengthen organizational connections. But for these forums to be successful, we must:

    • Ensure that team members have a stake in the process when implementing new programs or policies.
    • Encourage team members to suggest what they would do differently or how they would improve things.
    • Incorporate front-line insights into decision-making.

    5. Creating a culture of problem-solving by always asking ‘why’

    Active listening is a cornerstone of developing a culture of problem-solving and continuous improvement. We need to challenge legacy thinking and processes by asking “why” — and then asking “why” again to empower acute curiosity.

    Leadership axiom: The solutions often lie within the team, not above it.

    My job isn’t just to hear the challenges my team faces — it’s to empower them with the resources and support they need to solve those problems. So, I suggest:

    • Exemplifying the qualities and behaviors you expect from your team in achieving their goals.
    • Providing unwavering support and resources to team members seeking knowledge and information.
    • Encouraging team members to plan for change like they are its architects.
    • Creating a pipeline of future leaders that makes problem-solving part of their mindset.

    When leaders truly listen, they understand the emotions, concerns and ideas behind the words. This deep level of engagement makes team members feel valued and heard, which in turn boosts morale and productivity.

    Related: Engage and Inspire Your Team by Talking to Them Outside of Formal Settings

    An ongoing conversation

    The moment the senior nurse acknowledged my presence, I felt like I had made a connection. And it is only because of this connection that we can now be transparent and honest with each other, even if it means calling out issues and challenges directly, to drive necessary changes. If business moves at the speed of relationships, the first step is to be present. But you must be consistent and lead by example. This will be the foundation of how to successfully bridge the C-suite and front-line divide.

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    Michael Charlton

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

    3 Values That Empower Entrepreneurs Just Starting Their Journey | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

    The hardest challenges give the greatest rewards

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

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

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

    Related: The 8 Biggest Challenges for New Entrepreneurs

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

    1. Talk to your heart to follow your passions

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

    2. Be brave and dare to do difficult things

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

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

    3. Be persistent

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

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    Diane Wang

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you considered how your successful business venture will end?

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

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

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

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

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

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

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

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

    Exit options: Picking your path

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

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

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

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

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

    Preparing for the grand exit

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

    Here are best practice steps to take:

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

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

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

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

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

    Carving out your entrepreneurial legacy

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

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    Robert Finlay

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  • What is an Empathetic Leader? (Plus 3 Tips on How to Become One) | Entrepreneur

    What is an Empathetic Leader? (Plus 3 Tips on How to Become One) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The massive layoffs in the tech industry earlier this year sparked an interesting conversation here. It’s one I continue to remember long after. Leaders and organizations are often put into positions where difficult decisions that impact others must be made — where employees, vendors, partners and even customers can be affected by our choices.

    Determinations are rarely made by the company’s founder or CEO alone. We don’t typically have ultimate control. It is often the Board of Directors, venture capital investors or shareholders with voting shares. There can be circumstances that are beyond anyone’s control. Significant revenue loss or economic turmoil often force painful decisions.

    Related: A Guide to Effective Crisis Leadership — Key Steps to Lead Your Team Through Turbulent Times

    Yet, when choices have to be made, we usually must deliver the message. When people you’ve worked with closely feel the brunt, it is particularly challenging. We’re not always taught how to navigate hard decisions in business school or what to do when something has a ripple effect on others. What I have found to help is empathetic leadership. When the going gets tough, empathy can carry a lot more weight than might be expected. It can also wield much power far beyond challenges, which can benefit your day-to-day operations and bottom line.

    There are a lot of misconceptions and misunderstandings about empathetic leadership. Some see “empathetic” and forget that “leadership” is a significant part. They assume that empathetic leaders are soft or meek. In reality, they are strong, talented people who are highly skilled at driving success – while recognizing the value of people. Empathetic leaders can look at any decision, issue or discussion, and see their business from multiple angles and understand other people’s viewpoints. There are endless examples of this leadership approach having a dynamic impact on organizations.

    At my company, BriteCo, we’ve seen empathy help enable employee retention, drive customer satisfaction and sales, improve innovation and create a supportive work environment and culture. People who feel appreciated and acknowledged want to go to bat or you and your business. Our employees are excited and engaged and want to contribute. They function in a safe environment where everybody feels that they can weigh in. They feel heard and valued, relevant and important. It has also helped us recruit outstanding talent, where people have referred colleagues and former co-workers to us. That culture of empathy has spread to partners, customers, vendors and every aspect of our business. When you’re an empathetic leader, the approach and benefits are felt company-wide.

    It doesn’t mean empathetic leaders do not have to make hard decisions. Cutting jobs, ending vendor contracts, or other determinations that impact people are often still part of the job.

    But, when these instances arise, you are caring for people in the best way possible. For example, a company that I am familiar with had to lay off employees. They approached it by being transparent, caring and honest about the situation. They then opened their professional network to help workers find roles elsewhere. It may not have made the decision any easier, but they knew that they handled it in the best way possible. It helped take away the sting of separation for everyone involved.

    Related: 7 Ways To Stay Resilient As a Leader During Turbulent Times

    For entrepreneurs who are interested in incorporating empathy into their companies, these three steps can help:

    1. Learn – Exploring the principles of servant leadership can be a good starting point. There are books, videos and media articles to help you learn and foster your skills. At its very base, empathetic leadership requires having an open mind and putting value on everybody regardless of who they are or their role in the company.
    2. Care – Empathetic leaders cultivate genuine care for others. They do not just see people as employees, vendors or business partners. They are interested in who they are, their opinions and their perspectives. As they operate and lead their companies, they have everyone in mind and try to tap in. It can take an extra step, but it can be highly valuable.
    3. Listen – Let people give their input and ideas without being judgemental. Give people the benefit of the doubt. Let them say whatever they want to say, and make sure you are really listening. Listen and hear, and take that data and turn it into actual insight. Some of our best ideas originate from conversations with employees, vendors and partners.

    A great example of empathetic leadership in action was a recent story a colleague shared. One of the company’s team members began coming late to work and missing company deadlines. Rather than reprimanding the actions first, the leader at the company asked the employee if something may be causing the issue with their work and performance. It turned out that the employee was navigating a difficult situation in their personal life.

    Related: How to Lead With Resilience, Empathy and Vision Despite an Uncertain Future

    Within that conversation, the two discussed some ideas and tactics the employee could use to help balance their work with life challenges. It also created a bond between the leader and the employee. The employee felt heard and valued. Soon after, the work issues stopped, and the employee has been a top performer. It can be easy to jump to conclusions or assume the worst when problems arise, but often, some causes may not be immediately evident. Empathetic leadership looks for resolutions and solutions in a different way.

    Those who are currently empathetic leaders should continue to strive to expand their abilities. Empathy can sometimes mean acting against your beliefs and putting others ahead of yourself. But, the benefits to your organization and business can be immeasurable.

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    Dustin Lemick

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  • Why Unaddressed Grief is Hurting Your Company’s Bottom Line | Entrepreneur

    Why Unaddressed Grief is Hurting Your Company’s Bottom Line | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no mystery that continued major waves of layoffs in the tech industry are causing suffering for those who are being laid off. But a major elephant in the room is overlooked among remaining employees: grief. Ignoring the grief that the remaining workers are experiencing threatens to impact the remaining workers’ well-being and companies’ bottom lines negatively.

    More than 234,000 tech workers have been laid off this year. Major companies like Amazon, Spotify and Meta have cut tens of thousands of workers’ jobs this year, including Google’s recent round of layoffs this September. Obvious to most business analysts is that these large-scale layoffs create instability and inefficiencies within teams. What is less obvious, however, is that many remaining employees are dealing with grief around the loss of coworkers, work rhythms and stability amidst continued layoffs.

    Research demonstrates and experts have long warned that layoffs cause detrimental effects on both individual employee performance and corporate performance. Additionally, major layoffs can cause issues for companies in future employability because future candidates remember how companies handled economic uncertainty through massive layoffs.

    What is notably missing from the conversation around the current tech layoffs, however, is that many major companies are now facing a grief problem amidst their remaining workers. Failing to address this issue may make workers suffer and cost companies a lot of money through the loss of worker productivity, efficiency, and satisfaction.

    Related: What the Future Looks Like for Fresh Graduates in the Tech Industry

    The remaining employees at these companies are currently experiencing two major types of grief. The first is the actual grief of losing colleagues, work friends, team structure and dynamics, and often work schedule and range of responsibilities. Unfortunately, most companies and managers fail to acknowledge the psychological stress and grief their remaining employees might be experiencing after losing valuable team members.

    The second form of grief is anticipatory grief, which refers to grief around the potential of losing someone or something. Most remaining employees remain under constant stress of worrying about losing their jobs, another member of their team, and stability within their role.

    Because most of these layoffs are happening remotely, there is often an added layer of loneliness and isolation experienced by remaining employees. Remaining employees often lose meaningful social connections by being suddenly unable to reach their coworkers, many of whom they only had means of connecting via workplace channels. All this is happening against the backdrop of a loneliness epidemic in the U.S., as declared by the U.S. Surgeon General.

    Related: How to Combat the Growing Epidemic of Loneliness in the Workplace

    Following layoffs, remaining workers suffer. Prior research indicates that after a layoff, 74% of remaining employees report a decline in their productivity, 69% report the quality of their company’s product or service declines, 87% report being less likely to recommend their organization as a good organization to work for and 77% report making more errors and mistakes.

    Moreover, the most commonly reported feelings after a layoff are anger, anxiety and guilt. These are all common symptoms of grief. The post-layoff period is a fragile time within a company, one in which employers should provide adequate support and communication with their remaining workforce.

    Whether employees are experiencing grief, anticipatory grief or both, the best way for companies to support their workforce is to address the grief head-on through open, candid conversations. Grief research shows that avoiding conversations around loss only delays the healing process and worsens things.

    The translation for companies is that their employees will remain bitter, stressed and potentially angry about the situation if they do not feel seen or heard or their feelings remain unacknowledged. This, in turn, can reduce worker productivity and prevent new teams from forming positive and supportive team environments. Team dynamics are one of the biggest and best predictors of workplace efficiency, so ignoring this problem will be costly in the end, both in terms of well-being and productivity.

    Companies hold a lot of power to course correct during this unstable time. Prior research indicates that following layoffs, workers who feel their managers are visible, approachable and open are 70% less likely to report drops in productivity and 65% less likely to report a decline in their organization’s quality of work or service.

    Managers must communicate with team members through one-on-one conversations, allowing their direct reports to process their feelings. This open, candid and empathic communication can create space for a new and positive team dynamic to emerge.

    The best places for companies and managers to start are with key communication tactics that work in supporting those who are grieving and promoting resilience and growth:

    1. Acknowledge how remaining employees might be feeling
    2. Normalize experiencing feelings of guilt, anger, sadness, uncertainty, denial or regret following a major layoff
    3. Be candid about reasons for downsizing and layoffs
    4. Focus on the future and how employees can move forward with the company’s new vision
    5. Connect employees with their new teams in meaningful ways to create social cohesion

    Throughout the entire trajectory of layoffs, from announcing that they are coming to laying off individuals, companies should be mindful to keep their communications candid, consistent and transparent. Resources should be devoted to training managers and team leads in empathic communication. Designated spaces and meetings should be created for discussing the topic of layoffs. Employees should be given ample opportunities to ask questions.

    Avoidance is the enemy of good communication, whereas transparent, empathic, and person-centered communication can go a long way in creating trust, stability, and vision in an organization’s very unstable time of grief. This will, in turn, improve the company’s bottom line as well.

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    Megan Shen

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  • This Leadership Style Is Redefining Success in the Business World | Entrepreneur

    This Leadership Style Is Redefining Success in the Business World | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s business landscape, a distinct type of CEO stands out. These are not the conventional leaders solely driven by profits or quarterly results; they are transcendent leaders.

    A transcendent CEO embodies a visionary mindset that goes beyond the confines of conventional leadership. While many leaders might tunnel-vision on short-term profit margins or the next quarterly report, a transcendent CEO adopts a panoramic view of the business landscape. Their vision is not limited to mere fiscal performance; they aim to foster an environment where every stakeholder finds their place in the bigger picture.

    Related: How to Improve as a Leader by Optimizing Your Management Style

    Qualities of a transcendent leader

    For a transcendent CEO, business success is a multi-faceted gem that radiates with the collective fulfillment of everyone linked to the organization. They believe that an organization’s true value is realized when its employees find not just jobs, but purpose and passion in their roles. It’s reflected in suppliers and partners who feel genuinely valued and engaged, not just as transactional entities, but as pivotal cogs in a larger mission.

    Furthermore, their vision extends to the broader community. They understand that businesses don’t operate in isolation; they’re part of a community, a society and an ecosystem. As such, a transcendent CEO seeks to ensure that the organization’s impact is positive, sustainable and enriching, not just within its walls, but beyond. This ripple effect, where value and purpose permeate every layer of interaction and engagement, is the hallmark of transcendent leadership. It’s a leadership style that doesn’t just aim for success but seeks to redefine what success truly means in the modern business world.

    These leaders operate with a commitment to ideals that go beyond the bottom line. They use their influence to promote values such as unity, freedom, truth and love. This approach doesn’t disregard profits but prioritizes a balance between financial growth and ethical principles.

    Drawing an analogy, transcendent leaders are akin to modern-day alchemists. While they don’t literally turn metal into gold, they do strive to evolve rigid, outdated business models into more flexible and inclusive ones. This “Omni-win” approach ensures that success benefits the individual, society and the environment.

    Central to this leadership style is empowerment. Every team member, regardless of their position, is valued as an essential contributor with unique potential. This leadership model doesn’t strictly follow a top-down or bottom-up approach; instead, it incorporates the strengths of both. This balanced approach recognizes the mutual growth of individuals and the organization.

    But this leadership isn’t just about external tactics. At its core, it emphasizes personal growth and inner alignment. For a transcendent leader, internal spiritual and psychological alignment is crucial. They understand that true leadership starts from within.

    Related: Empowering Your Team Should Be a Top Priority. Here’s How to Start.

    Transcendent leadership vs. traditional leadership models

    Historically, the model of leadership in the corporate world mirrored that of ancient hierarchies: a structure similar to the pyramids, where a select few at the top wielded immense power, while the majority at the base supported these upper echelons. This authoritarian model, while stable and structured, was often imbalanced, relying heavily on a top-down approach. It primarily favored those in command, often sidelining the potential of those below.

    Such a leadership model, while credited with several milestones in business advancement, has inherent flaws. Centralized power often breeds a sense of complacency and entitlement in leaders, while the potential of countless employees is left untapped. In a world rapidly evolving, this is no longer sustainable. A vast reserve of innovation, creativity and productivity remains dormant when leadership fails to recognize and harness the brilliance that every individual brings to the table.

    In contrast, the servant-leader model attempted to subvert this hierarchy, placing the CEO at the foundational level, directly in service to customers and employees. While this approach brought a wave of fresh perspectives, promoting empathy and service, it also had its limitations. It sometimes led to leaders becoming too accommodating, often at the cost of decisive action and strategic foresight.

    The true evolution in leadership bridges the strengths of both these models. Enter the transcendent leadership approach. It understands that every individual, irrespective of their position, has something unique to offer — a specific talent, a distinct perspective or a groundbreaking idea. It acknowledges that leadership isn’t about dominance but about fostering an environment where each individual feels empowered to bring their full selves to work.

    Related: 7 Timeless Principles That Will Help You Become a Better Leader

    Transcendent leadership is more than a strategy; it’s a mindset shift. It requires leaders to introspect deeply, to align their inner psychological and spiritual values with their outward actions. In a world full of distractions and pressures, this might seem like a daunting task. However, the benefits of such alignment are unparalleled. Leaders who can harness this balance are not just efficient; they are holistically effective. They lead businesses that aren’t just profitable but are purpose-driven, communities that are not just engaged but empowered, and teams that are not just productive but passionately innovative.

    Reaching this state of transcendent leadership isn’t an overnight transformation. It requires continuous learning, self-awareness, and most importantly, a genuine commitment to seeing and treating every team member as a potential leader. The outcomes of this approach, though, are profound. Organizations that embrace this model don’t just thrive; they redefine success in terms that are both quantitatively impressive and qualitatively enriching. In essence, the evolution of leadership is the journey from power for a few to empowerment for all.

    Transcendent leadership offers a fresh perspective in the business world. It suggests a model where organizations don’t just thrive financially but also contribute positively to the broader ecosystem.

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    Satyen Raja

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  • How to Prioritize Mental Health in the Workplace | Entrepreneur

    How to Prioritize Mental Health in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How much do you consider mental health in your overall well-being? Many business owners sacrifice their own emotional stability and personal satisfaction for what they believe to be the greater good of the organizations they run. Or they are too lost in all the noise of operating and growing a company even to consider self-care. But there is no rulebook out there that states business owners can’t have a thriving business and a healthy mind. It is all about positive psychology.

    Positive psychology is the scientific study of human flourishing. It focuses on factors like hope, happiness and optimism. Positive psychology is a proactive approach to mental health, not unlike wellness, which is to physical health. We often see a doctor when we feel sick or experience the onset of a disease, which is a reactive approach to physical health.

    A more proactive approach is to adopt the kind of healthy lifestyle choices that reduce our chances of getting sick in the first place. The same thing applies to mental health. We might see a therapist if we are in the throes of a mental health crisis, but it would surely be preferable to take a proactive approach to avoid a psychological emergency in the first place.

    Dr. Martin Seligman is an American psychologist and leading researcher widely considered the “father of positive psychology.” Seligman coined the term PERMA, an acronym that represents what he asserts are the five essential elements of mental health: Positive Emotions, Engagement, Relationships, Meaning and Accomplishment. The concept of PERMA is intriguing, specifically as it relates to the business owner’s emotional journey and mental health.

    Applying the concepts of PERMA to ourselves as business leaders is a great step in the right direction. Then, fostering opportunities to advance the PERMA ideology throughout your organization can dramatically enhance your company culture. I mean, who doesn’t want a team of emotionally healthy, mentally prosperous and happy people working for them?

    Let’s consider the facets of PERMA and how business owners can apply them to foster positive psychology throughout their organizations.

    Related: 5 Reasons We Should Make Our Health a Priority Over Our Business

    P — Positive emotions

    Not to be confused with happiness, positive emotions include personal feelings of love, joy and hope, among others. Seligman posits that our thoughts and actions improve when we cultivate and integrate positive emotions into our lives.

    First, focus on creating a culture of gratitude to help infuse positive emotions in your business. Recognize and celebrate achievements. Encourage your team to find joy in the work they do and in their interactions with others.

    Related: How Positivity Makes You Healthy and Successful

    E — Engagement

    Engagement is our ability to achieve a desirable state of flow in which we ditch our self-consciousness and allow ourselves to be absorbed in something we enjoy. It is about being substantively present in the moment rather than focusing on the mental baggage of the past or anxiety for the future.

    In your leadership role, provide employees growth and career development opportunities that encourage mastery, such as mentorship programs or advanced skills workshops. Implement ways to instill active involvement, autonomy and personal decision-making in the roles of every employee.

    R – Relationships

    We all know that deep, meaningful relationships with others are vital to our well-being. Seligman says that humans are inherently social creatures who thrive on feeling valued and supported by others. These social interactions may also stave off cognitive decline and physical health issues.

    As a business owner, be an active listener, reinforcing the importance of strong interpersonal relationships throughout your organization. Create opportunities for team bonding and collaboration.

    Related: How to Build a Positive Relationship With Your Boss and Colleagues

    M – Meaning

    Having meaning in our lives adds purpose and value to our actions. It is that connection with something bigger than ourselves. A sense of meaning might come from the business one runs, the causes one supports or one’s spiritual beliefs. Meaning increases personal satisfaction in our daily lives.

    Ensure your company mission and vision are meaningful to your team. Create in-house opportunities for employees to contribute to the causes they care about. Let your people know how important they are to the success of your business.

    Related: 3 Ways to Help Employees Combat Burnout and Create More Balance

    A – Accomplishment

    Being successful at the things we do can dramatically enhance our mental well-being. Accomplishment refers to the final product and the orchestration, mastery and self-motivation that propels a person to achieve great things.

    To support a culture of accomplishment in your business, set clear and attainable SMART goals for employees, departments and the organization. Celebrate big achievements, as well as little wins along the way. Understand that setbacks are often catalysts for growth, so provide constructive feedback when employees fall short of expectations.

    Proactively incorporating positive psychology and infusing the tenets of PERMA throughout your business can lead to a healthier, happier and more meaningful existence for you and your entire team.

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    Jason Zickerman

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  • Your Return to Office Strategy is Destined to Fail Without These 4 Steps | Entrepreneur

    Your Return to Office Strategy is Destined to Fail Without These 4 Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The decision on long-term return to office and hybrid work arrangements is no small matter. It’s like choosing between a thrilling roller coaster ride and a serene Ferris wheel experience — there’s no one-size-fits-all solution. As a leader, making the right choice for your organization is crucial, but haste makes waste. That’s why you need a thorough, transparent and evidence-driven process to avoid potential pitfalls and ensure success.

    The perils of impatience: Why rushing is a recipe for disaster

    Imagine throwing a dart at a dartboard, blindfolded, while standing on a skateboard. This is what making a rushed decision on office and hybrid work arrangements looks like. You might hit the bullseye, but chances are, you’ll miss the mark. A hurried decision can lead to a myriad of problems, including undermining retention, recruitment, engagement, productivity, development of junior staff, innovation, collaboration and culture. That’s what I tell the leaders of companies I’m helping determine and implement their return to office and hybrid work arrangements who, in my experience, invariably try to rush the process. An important part of my role is holding them back from making snap judgments and following their gut intuitions, which can lead to a biased decision.

    And even if they make the right decision, but skip the process in doing so, they will lack buy-in from their staff. While making the right decision on long-term return to office and hybrid work arrangements is, of course, essential, securing employee buy-in is critically important. In other words, the right decision-making is necessary, but not sufficient: the perfect policy means little if your employees aren’t onboard. Rushing to judgment and ignoring the voices of your workforce can lead to staff resistance, attrition, disengagement and harm to morale. This is why following the process outlined in this article is crucial.

    Picture your organization as a symphony orchestra. Each employee is a musician, and their buy-in is the harmony that brings the performance to life. Without that harmony, the music is disjointed, and the audience — your clients and stakeholders —will notice. By involving your employees in the decision-making process, you create a sense of ownership and commitment that paves the way for a successful transition.

    For example, a regional insurance company I worked with once rushed into a decision on hybrid work without consulting its employees. The result? A sharp decline in employee morale, a surge in turnover, and a loss of potential talent to competitors. The company was left scrambling to remedy the situation. Don’t let this be you.

    Related: Our Brains Will Never Be The Same Again After Remote Work. Forcing Your Employees To Readapt to The Office Is Not The Answer.

    Surveys and focus groups for information gathering and buy-in

    To avoid the pitfalls of impatience, your organization must embrace a thorough, transparent and evidence-driven process. Picture it as constructing a sturdy bridge to cross the turbulent waters of change. This process involves four essential components.

    Your first step should be conducting a survey of your employees to gather their perspectives on return to office and hybrid work arrangements. It’s like asking a room full of moviegoers whether they prefer popcorn or candy — everyone’s preferences matter. This invaluable data will provide a solid foundation for informed decision-making. And it will help your employees feel heard and listened to, which is an essential part of the process.

    Next, conduct focus groups to dive deeper into the survey findings. This will help you understand the motivations and reasons behind your employees’ responses, and will also build further buy-in.

    Sure, focus groups can be quite a bit of work, and are best done with an external facilitator. However, focus groups will provide valuable information you might not have considered or received from the survey. Case in point, one of my clients — a professional services company with about 100 staff — found that their employees were divided over remote and office-based work. Through focus groups, they discovered that employees with young children preferred remote work for flexibility, while junior staff wanted more office-based work to get mentoring. Understanding these motivations helped the company create tailored solutions for different employee groups.

    While doing the focus groups, make sure to experiment with getting employee feedback on a variety of options you might be considering. That will lay the groundwork for the eventual option you choose, both from having gotten feedback from the focus groups and through the focus group participants spreading the information about the options through the grapevine.

    Yes, of course, the ground rules of the focus groups require employees to keep what happens in the focus group inside the focus group. But let’s be real: In my experience, employees inevitably talk about what happened, especially on matters as important to their daily lives as their long-term hybrid work arrangements. So you might just as well make lemonade out of the lemons of leaked information by getting your staff prepared for whatever option is inevitably chosen.

    C-suite decision-making based on the information gathered

    Third, I present the survey and focus group findings to C-suite executives, followed by one-on-one discussions to gather their perspectives. This provides an opportunity to address questions, explore the impact of the data on decision-making, and evaluate alignment across the leadership team. It also helps develop an agenda and priorities for the last of the components of the process: the decision-making session.

    Fourth and last, arrange an offsite meeting for C-suite executives to review the reports, external benchmarks and data from other companies. Here, they’ll make a well-informed decision on return to office and long-term hybrid work arrangements, and develop a plan to measure success and revise policies as needed.

    Think of this offsite as a gourmet kitchen where your leadership team can cook up the perfect recipe for your organization’s future. This collaborative environment will encourage fruitful discussions and enable the team to weigh the pros and cons of different options based on the collected data and insights.

    A mid-size IT company, grappling with the challenges of transitioning to a hybrid work model, held an executive offsite to analyze the gathered data and external benchmarks. As a result, the company crafted a tailored hybrid work policy that took into account employee preferences, industry standards and company culture. This policy not only improved employee satisfaction but also boosted productivity and collaboration.

    Implementing the plan and overcoming resistance to change

    Once you’ve implemented the chosen policy, remember that Rome wasn’t built in a day. Continually monitor its success, evaluate its effectiveness and adjust as needed. After all, just like a fine wine, the perfect hybrid work policy may require some refining over time.

    I know of a large law firm in a Midwestern city that initially implemented a flexible hybrid work arrangement but soon found that it led to decreased collaboration and mentorship opportunities for junior staff. By closely monitoring the situation, the firm identified the issue and adapted their policy, introducing a mentoring program to ensure more guidance for junior employees.

    Related: Junior Staff Are Struggling to Adjust to Flexible Schedules, But Forced In-Office Mandates Are Not The Answer — This Is.

    Change is often met with resistance, and transitioning to new work arrangements is no exception. All of the previous parts of the process helped gain investment and buy-in, and your staff will be much more likely to accept the decision made, even the ones who don’t like some aspects of the chosen policy. However, you’ll still get some opposition.

    To minimize pushback and foster a smooth transition, open communication is key. Keep your employees informed throughout the process of implementation and give them a platform to voice their concerns.

    For instance, a multinational consumer packaged goods company faced resistance from some employees when transitioning to a flexible hybrid work model. By addressing their concerns through town hall meetings and providing resources to help them adapt, the company was able to win over the large majority of skeptics and ensure a successful transition.

    Ultimately, the success of any work arrangement hinges on considering the human factor. Empathize with your employees’ needs and aspirations, and you’ll be well on your way to creating a harmonious work environment that drives engagement, productivity, and innovation.

    A late-stage biotech startup chose to implement a hybrid work model that prioritized employee well-being and work-life balance. The company’s management demonstrated empathy and understanding, leading to increased employee loyalty, productivity, and retention.

    Conclusion

    When making a decision on long-term return to office and hybrid work arrangements, it’s crucial to embrace a thorough, transparent and evidence-driven process. By following the four-pillar approach outlined in this article, you’ll lay the groundwork for a successful transition that benefits both your employees and your organization. Just remember, like a skilled gardener cultivating a beautiful garden, patience, care, and attention to detail are key to achieving the perfect balance between office and hybrid work arrangements.

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    Gleb Tsipursky

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  • Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

    Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For years, I’ve heard people say that “culture eats strategy for breakfast” — a phrase I have always found frustrating as a business leader. Not only are these words misleading, but they also perpetuate a dangerous misconception. Strategy and culture are completely dependent on one another, yet I would venture to say that more than 90% of C-suite executives fail to understand why and how the two must be integrated in the right way to drive sustainable results.

    Business strategy is essential for reaching a new, profitable growth level; it is the vision, the plan, the choices and the decisions made — the what, where, why and how much of any company.

    Company culture encompasses the values, behaviors, attitudes and standards that unite a workforce — the who and the how of any company. Culture is the sum of a workplace environment and stretches beyond the formalities of strategy. Yet to say that one is more important than the other negates the fact that strategy and culture must be thoroughly and properly integrated for a company to execute its vision in a sustainable way properly.

    Related: Why Being Profitable is a Business Strategy in Itself

    Strategy and culture are always intertwined

    Action without vision wastes time and resources. Vision (AKA strategy) without action (AKA culture) is just a dream. Of 300 executives, only 56% said they used an integrated approach to strategy and culture, while 30% said they put strategy first. Both elements of business should be developed in tandem, yet too often they remain siloed. While a strong strategy is a company’s north star, companies looking for comprehensive growth must be clear and strategic about what this growth will require of the organization’s culture.

    So, what does effective integration look like? The top three categoric enablers of change are tone from the top, communications and incentives or compensation (PWC). When properly understood and utilized correctly, an organization’s unwritten and informal cultural sentiments and norms will successfully drive change — and, therefore, enable the proper execution of the strategy — but only if both strategy and culture are interconnected.

    Businesses must understand and value the various skillsets, learning and working styles and perspectives of their workforce — then, resources must be allocated from the top down, investing in those key behaviors that are most crucial to overall company success. This is where the infamous 80/20 rule comes into play: 80% of resources should be allocated to 20% of activities, specifically, those founded on the efficacy of the overall strategy.

    However, when it is left to HR to foster culture, and the marketing and leadership teams alone handle strategy, there is little to no shared dialogue about the holistic vision for the company. In these instances, essential aspects of the business suffer — including buy-in, collaboration and cross-functional communication. It is the role of leadership to integrate strategy and culture and then enable and drive the change.

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

    Strategy must be developed based on the core strengths of its existing culture

    Every company’s unique culture lays the groundwork for an actionable strategy; culture is the raw material but is of little value if the strategy does not capitalize on its core strengths. Microsoft is known for optimizing its strategy this way following Steve Ballmer’s exit in 2014. Satya Nadella understood how to motivate and unite Microsoft’s workforce of engineers, developers and programmers to make Microsoft a better place to work. During his tenure as CEO, Nadella minimized the then-cutthroat, arrogant culture to heighten the workforce’s more explorative and empathetic growth mindset — laying the groundwork for a step change and sustainable profit growth.

    To best understand where the company’s core strengths lie (and how much upskilling may be required), leaders must run diagnostics on the culture. Then, the symptoms and limitations can be alleviated, and sources of productivity and innovation can be prioritized. A common language is essential for honing key mindsets and concepts. This language might include values, traits, value propositions, business models and capabilities — these can all be essential in nurturing cultural strengths into strategic advantages.

    In addition to identifying key strengths and building a common language, leaders must identify and engage the key drivers of change. These individuals may not be speaking from the C-suite but serve as change agents for the company. These passionate advocates should be present at all levels and represent the model behaviors for the evolution of the culture.

    Four types of change agents are essential to the process: pride builders are master motivators; exemplars act as respected role models; networkers are hubs of internal personal communication; and early adopters are earnest, curious enthusiasts for change. By modeling these attributes, change agents help spotlight and hone the strengths of the company-wide culture, making achieving company goals through strategy more possible.

    Related: If You Are Choosing Between Culture and Strategy, You’re Choosing Wrong.

    Culture must change and evolve to accommodate strategy

    Of course, both culture and strategy must be adaptable. While the two should grow together, there are times when the already established culture must adjust to better support the new strategy directing the company.

    Netflix, a company famous for its “radical reinvention,” faced this task when shifting its focus to streaming. CEO Reed Hastings took an interest in the behaviors of Netflix workers, cultivating an environment of “freedom with responsibility.” Regarding expenses (such as travel, etc.), time off and other benefits, Netflix has only one policy: “Act in Netflix’s best interest.” Hastings credits this policy for the shared trust that helped the company pivot successfully, as the freedom offered by Netflix has fostered a culture of loyalty, curiosity, and enthusiasm among its employees.

    Related: Why “Culture Eats Strategy For Breakfast” Misses the Point of a Truly Healthy Work Culture

    Microsoft, Netflix and Best Buy are prime examples of when leadership understood the critical, equal importance of strategy and culture when changing the company’s trajectory. The market capitalization of these companies had step-change increases from static baselines before the change.

    Business leaders must know which behaviors drive the best work and what fosters or hinders these actions or behaviors. Likewise, leaders should evaluate which behaviors should be eliminated and what changes are needed to do so. From there, leaders can assess the opportunities on the horizon and how best to reach them — but such a trajectory requires an interwoven approach to strategy and culture, understanding their unique importance and mutual exclusivity.

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    Jack Truong

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  • Why Healing From Your Past Trauma Makes You a Great Leader | Entrepreneur

    Why Healing From Your Past Trauma Makes You a Great Leader | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s rapidly evolving business landscape, leaders face numerous challenges that demand adaptability, empathy and resilience. However, many leaders may first need to learn how their past emotional and psychological wounds impact their present leadership style. The growing interest in trauma and its effects on individuals has shed light on the significance of trauma integration as a competitive advantage in business.

    By actively working to heal and integrate their childhood trauma, leaders can develop greater self-awareness, empathy and comfort with vulnerability, ultimately creating a desire to uplift others. This article explores the benefits of healing for leaders and organizations, highlighting how trauma-informed leadership cultivates a distinct competitive edge.

    Related: 5 Ways Our Emotional Past Manifests in Leadership

    Understanding trauma and its influence on leadership style

    Trauma encompasses various experiences that overwhelm an individual’s ability to cope and can leave lasting imprints on their psyche. These experiences may range from childhood neglect or abuse to traumatic events in adulthood. Trauma disrupts safety and trust, leading to potential long-term effects such as conflict avoidance, self-limiting thoughts and emotional dysregulation. Unresolved trauma shapes leadership styles. It can result in aggression, control, resistance to change and difficulty forming connections. Leaders with trauma may also struggle with trust, delegation, openness and effective communication.

    The benefits of trauma integration for leaders

    By recognizing the influence of trauma on leadership, individuals can embark on a journey of healing and integration. That leads to more conscious and effective leadership, fostering trust, collaboration and healthier work environments for all.

    1. Increased self-awareness and personal growth

    Trauma integration promotes self-reflection and understanding, enabling leaders to gain insights into their triggers, patterns and emotional responses. Leaders can identify and address unresolved issues that may hinder their growth by consciously exploring past traumas. This process allows them to develop deep self-awareness, leading to personal transformation and enhanced leadership effectiveness.

    For example, a leader who experienced neglect in childhood may unconsciously seek validation from others, leading to overwork and burnout. Through trauma integration, they can recognize this pattern and learn healthier ways to meet their emotional needs, fostering a more balanced and sustainable leadership approach.

    2. Enhanced empathy and emotional intelligence

    Trauma integration enables leaders to develop heightened empathy and emotional intelligence as they better understand their pain and struggle. Profound leadership demands leaders confront their trauma. Honing their ability to comprehend the emotions of others. That produces a positive work atmosphere that nurtures empathy and compassion throughout an organization.

    Empathetic leaders are better equipped to support their teams, understand their needs and create an environment where individuals feel valued and heard. This leads to increased employee satisfaction, engagement and overall well-being.

    Related: How Emotional Intelligence Can Improve Your Productivity

    3. Embracing vulnerability and building trust

    Trauma integration helps leaders become more comfortable with vulnerability as they confront their fears and insecurities. Leaders create a safe space for open communication and vulnerability within their teams by sharing their stories of growth and resilience.

    Building trust is essential for effective leadership. When leaders model vulnerability and authenticity, it encourages team members to do the same, fostering a culture of trust and psychological safety. This trust enables teams to collaborate more effectively, innovate and take calculated risks, ultimately driving organizational success.

    Read More: How to Understand the Link Between Childhood Trauma and Entrepreneurship

    Organizational advantages

    1. Improved employee well-being and reduced attrition rate

    Conscious leaders who have integrated their trauma create an environment where employees feel seen, heard, respected and valued. This sense of psychological safety reduces employee turnover and attrition rates, as individuals are more likely to stay in an organization where they feel supported and understood.

    Research on post-traumatic growth supports the positive correlation between trauma-informed leadership and employee well-being. Working under trauma-informed leaders significantly benefits employees by reducing stress levels, promoting positive mental health and increasing job satisfaction overall. These factors ultimately lead to a more engaged and resilient workforce.

    2. Increased employee loyalty and productivity

    Trauma-informed leaders foster loyalty by cultivating solid interpersonal connections with their teams. A workplace that values employee well-being will likely cultivate a committed workforce loyal to the organization’s vision. Leaders who exhibit genuine care and support can foster such an environment.

    Additionally, trauma-informed leadership enhances employee productivity. Leaders enhance workplace performance by creating an environment that respects and appreciates employees. Investing in their growth and well-being fosters a culture of excellence that inspires extraordinary achievements.

    3. Enhanced organizational culture and profitability

    Trauma-informed leadership positively influences organizational culture by promoting inclusivity, collaboration and empathy. By focusing on employee well-being, leaders can establish a workplace that fosters growth, learning and innovation in a culture of support.

    A healthy organizational culture, fostered by trauma-informed leadership, directly impacts profitability. Research from Gallup has shown that organizations with positive work cultures experience higher employee engagement, customer satisfaction and tremendous financial success.

    Related: Career Trauma Is a Real Thing. Here’s How to Recognize and Recover From It.

    The case for trauma integration in leadership

    Numerous examples demonstrate the transformative power of trauma-informed leadership. Successful leaders who have integrated their trauma have experienced personal growth and achieved remarkable organizational results.

    The works of renowned experts such as Dr. Gabor Maté, Dr. Bessel van der Kolk and Dr. Nicole LePera provide valuable insights into trauma integration and its impact on how we show up in all aspects of our lives. Their respective books are resources that deepen the understanding of trauma and its effects and provide guidance on how trauma-informed leaders can effectively integrate their experiences for personal growth and enhanced leadership influence.

    In short, leaders experience personal growth, enhanced self-awareness and increased emotional intelligence by addressing and integrating their past traumas. Consequently, this positively affects the organization’s culture and employee wellness, ultimately improving overall performance. Trauma-informed leaders are competitive over wounded leaders, as they create supportive environments, foster trust and drive success.

    Trauma integration is the new competitive advantage for leaders seeking new levels of potential. By actively working to heal and integrate their past trauma, leaders create safe and empowering environments for their teams. Organizations led by trauma-informed leaders experience reduced attrition rates, increased employee loyalty and improved productivity, leading to higher profit margins and a sustainable competitive edge.

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    Kelly Campbell

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  • How to Harness the Power of Acceptance for Success | Entrepreneur

    How to Harness the Power of Acceptance for Success | Entrepreneur

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    The troubled young founder, her voice heavy with concern, confided in me over the phone, “I’ve got to slash the marketing budget, and it’s going to bring growth to a screeching halt.” I took a moment before suggesting that this seemingly crushing setback might just be the catalyst she needed to unleash her inner creative genius.

    In the same week, a founder of another rapidly growing startup employing over 500 people suddenly faced an unexpected crisis and slower sales cycles. To control spiraling costs and extend their runway, the founder had to make the heart-wrenching decision to lay off 100 dedicated employees. The founder was emotionally drained and down — I had never seen him like that.

    As a SaaS founder and mentor, I interact with several entrepreneurs each week, grappling with trepidation and uncertainty. For many, the fragile economy of the last year or two has delivered a series of gut punches they’ve never experienced before. And you can’t blame their sense of shock. They had primarily experienced good times, with companies founded in the last 4-5 years when the economy was relatively healthy.

    The availability of cheap capital and funding excesses of 2021 and 2022 resulted in startups flush with VC money going all out, chasing growth at any cost. With the slowing economy and tightening money supply, founders suddenly have to shift their mindset to efficient growth.

    Related: Entrepreneurship Often Involves Uncertainty. Here’s How to Deal With It Productively.

    Adopting a value mindset

    I try to support these young founders by helping them to adopt the “Value Mindset.” I define this as predominantly three things:

    1. Avoid wastage at all times
    2. Accept what you have
    3. Find a way to win

    Let me take you back to when our company fit into just two small rooms in Chennai, India. Feeding my six teammates was hard because cafes were too far, and our car tires kept getting slashed, so the whole idea of each driving to different places to buy lunch was unfeasible. At lunchtime, we moved the laptops and keyboards out of one room and turned them into a makeshift cafeteria for an hour.

    Fast forward to 2023, and thousands of employees now enjoy an array of delicious meals in our cafeteria. Initially, we were paying twice what we needed to, as staff sampled dessert from one vendor while choosing main courses from another. To circumvent this issue, we set up a separate dessert station offering yogurt and poppadoms, eliminating extra costs.

    In a contrasting example, McDonald’s restaurants in Chennai provide trays for customers to deposit unused ketchup packets. Meanwhile, I’ve observed American patrons frequently discard these packets into the trash, often simply because they’re unaware of this eco-friendly alternative.

    Avoiding wastage, accepting our constraints and finding a way to win comes naturally to me and many of us Indians, thanks to our middle-class upbringing when resources were always scarce.

    Related: Mindset Matters: How to Prepare Your Company for Ongoing Change

    Understanding the value mindset

    Whether switching off the lights on your way out or finishing up the last morsel of food on your plate, these have become deeply ingrained habits from our childhood. In one sense, most of India has a value mindset. That’s why I still can’t understand why all the lights stay on through the night in downtown stores in the U.S., especially when the whole world is struggling with climate change and energy efficiency.

    Accepting what you have is an essential part of this philosophy. Whether it’s a team, or a budget, a captain of business or sport has to accept what they have and learn to play and win with that. If you start the game complaining about why the team isn’t right or there aren’t enough resources, one thing is guaranteed. You are never going to win.

    Related: 5 Ways to Create and Maintain an Abundance Mindset

    Navigating your desires

    Waste and unnecessary expenditure aren’t exclusive to the realm of food. They pervade every aspect of a business. To help budding founders navigate these challenges, I encourage them to embrace their circumstances, maintain belief in their perseverance and devise innovative solutions to bridge the gap between available resources and aspirations.

    The recent economic slowdown and the pandemic’s lingering effects have highlighted our desires’ precarious nature. The operative term for businesses of all sizes now is ‘efficiency.’ Adversity has a unique ability to ignite creativity, giving rise to ingenious strategies that enhance efficiency, promote mindful spending and pave the way for future expansion.

    In our case, we’ve eliminated many licenses for third-party software products that we barely use and change our laptop replacement policy from four to five years. We’ve also encouraged our employees to share their ideas to help spend more efficiently. Because of this and other measures, we can spend more in areas that need greater investment. This is who we are and how we serve customers facing the same constraints.

    Related: Your Potential Success is Limitless, Despite What You’ve Been Told

    I take heart from remembering that great companies are born and prove themselves in times like these. In the early 2000s, for instance, Google went from an ‘also-ran in search’ to the brand defining the category. Amazon was under pressure from Wall Street to trim its ambitions. Instead, Jeff Bezos held fast, and today Amazon is one of the planet’s most valuable enterprises. LinkedIn and Tesla Motors debuted during this same period – two companies that remain steadily successful today.

    The obstacles to success may be higher now, but I believe this is still the time to win — if you focus on your positives and act prudently. Hold fast to your vision, and don’t be afraid to cut back now if it will drive you ahead later. The value mindset will help you in good times and bad. As I say to my team in Tamil, “Paathukalam” — come what may, we’ll be ready to face the outcome.

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    Girish Mathrubootham

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  • Why Executives Need to Work on the Ground With Employees | Entrepreneur

    Why Executives Need to Work on the Ground With Employees | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s highly competitive business environment, executives are often caught up in their day-to-day responsibilities and lose sight of what is actually occurring “in the trenches.” However, this lack of connection with the rest of the company can be detrimental to the success of the business. To stay ahead, executives must work on the ground and “in the trenches” with the rest of the company, understand their challenges and provide support and leadership to overcome them.

    One notable example of executives working on the ground is Starbucks, which has had tremendous success with its CEO, Kevin Johnson, working in the company’s stores. In an article published in Business Insider, Johnson discussed the benefits of his hands-on approach and how it has helped him better understand the needs of his customers and employees.

    Another example is Uber’s CEO, Dara Khosrowshahi, moonlighting as a driver for several months. He was surprised to learn how many issues were present and how rude some of the riders could be. He also learned of inefficiencies with the company’s application and implemented improvements for drivers, including sign-on features.

    There is also the two-time Emmy Award-winning series called Undercover Boss, where high-level executives slip anonymously into their businesses for weeks or months at a time. Some of the key benefits of executives and CEOs working “in the trenches” include:

    • Gain fresh perspectives on the business, market and health of your business

    • Improve team morale

    • Understanding clients

    • Becoming a better leader by breaking down hierarchies

    Related: What I Learn by Going ‘Undercover’ at My Company

    Why executives need to get in the trenches

    One of the primary benefits of executives working on the ground is that it creates a culture of accountability. When visible and engaged with employees, executives set an example for others to follow. This culture of accountability can help improve employee morale and productivity, as they feel supported and valued. Moreover, when executives are on the ground, they are able to detect areas where improvements are needed and adjust accordingly.

    Another critical benefit of executives working on the ground is that it fosters innovation. By engaging with employees and customers, executives can learn about current trends and ideas that could benefit the company. This approach encourages creativity and helps the company stay ahead of the competition. As executives observe customer behavior and gain insight into their preferences, they can better inform the company’s strategy.

    Executives working on the ground can also help build a stronger team. By collaborating with employees, executives can build relationships and create a sense of camaraderie. This approach helps break down barriers and promotes collaboration, which is crucial in a fast-paced and competitive environment. When employees see executives collaborating with them, they feel appreciated and inspired to do their best.

    Finally, executives working on the ground can help improve the customer experience. By observing customer behavior and interacting directly, executives can better understand their needs and preferences. This approach can help the company create a more personalized customer experience, increasing loyalty and repeat business. When your clients believe they are appreciated, they are more likely to be loyal to your company and recommend it to others.

    Related: 4 Lessons Every Executive Can Learn from Hourly Workers

    How executives can get the most value out of working on the ground

    Here are a few key considerations for executives who want to start working on the ground with the rest of the company:

    1. Set clear expectations: Executives should have clear goals and expectations for their time on the ground. This methodology will help them stay focused and ensure all parties get the most out of their experience.

    2. Engage with employees: Executives should take the time to interact with employees and learn about their challenges and successes. This approach will help build relationships and foster a culture of accountability.

    3. Listen to customers: Executives should listen carefully to what customers say and note their feedback. This approach will help the company better understand its customers and create a more personalized experience.

    4. Build a formidable team: Executives should work to build a resolute team by promoting collaboration and creating a sense of camaraderie. This approach will help improve morale and productivity.

    5. Stay flexible: Executives should be prepared to adjust their strategy based on what they observe on the ground. This approach will help the company remain ahead of its competition and adjust to shifting customer needs.

    In conclusion, executives working on the ground can significantly impact a business’s success. By creating a culture of accountability, fostering innovation, building a stronger team and improving the customer experience, executives can help their companies stay ahead of the competition. To obtain the maximum value out of this methodology, businesses should set clear expectations, engage with employees, listen to customers, build a formidable team, and stay flexible. By doing so, executives can build a stronger, more successful company.

    Related: Get Better at Your Own Job by Doing Someone Else’s

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    Steve Taplin

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  • How to Master the Art of Leading Yourself | Entrepreneur

    How to Master the Art of Leading Yourself | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Self-leadership is about more than just being able to lead yourself. It involves taking care of yourself to optimize your personal and professional life, recognizing personal values and aligning them with business goals, organizing yourself, and being your best self.

    Entrepreneurs are constantly on the go. Since we work long hours, we can get lost in the demands of the business and need to remember to take care of ourselves. However, self-care is crucial in self-leadership. When business leaders don’t practice self-care, they become overwhelmed and burnt out, which means a decrease in productivity, creativity, and overall happiness.

    Related: Why Self-Leadership is Essential to Your Success

    Know yourself and your purpose

    Becoming aware of your thoughts and emotions can be challenging, but with practice, it becomes easier. Meditation and journaling are tried and tested ways of becoming self-aware. By practicing meditation and writing down your thoughts, you can learn to observe your thoughts and emotions without judgment, leading to greater self-awareness and insights into your behavior.

    Once you have identified your values and purpose, you can align them with your business goals. This alignment leads to greater fulfillment and success in personal and professional life.

    Related: 6 Ways Self-Leadership Can Help You Take Control of Your Life and Business

    Take care of yourself

    Leaders and entrepreneurs prioritizing their physical and mental health can perform at their best and lead more effectively. Self-care is not a luxury. Leaders and entrepreneurs who prioritize self-care set an example for their team and create a culture of well-being. Moreover, taking care of yourself leads to greater productivity, creativity, and resilience, allowing you to perform at your best.

    When you ride a plane, one of the safety instructions is always “put your mask on first before helping others.” The same is true in business. Leaders and entrepreneurs prioritizing their physical and mental health can better serve their teams and customers. Physical fitness means higher energy levels, reduced risk of illness, and better stress regulation. Regular exercise, healthy eating, and adequate rest are the foundations of being physically fit.

    Mental well-being is just as important as physical health. Leaders and entrepreneurs prioritizing mental health can better manage stress, think more clearly, and make better decisions.

    There are many strategies for self-care, and it is essential to find what works best for you. For one, there are plenty of ways to keep fit — you can participate in team sports, lift weights at the gym or walk for a few miles during the day.

    Healthy eating — planning meals and eating whole foods — is equally essential in keeping yourself healthy. Finally, getting enough sleep and scheduled downtime can help your stress management.

    Stress is a part of life, and chronic stress can lead to burnout. Fortunately, business leaders prioritizing stress management can prevent burnout and maintain well-being.

    Related: How Self-Leadership Can Help Move The Needle Forward On Your Vision And Goals

    Organize yourself

    Organized leaders manage their time effectively, prioritize tasks and make better decisions. By being organized, we set an example for our teams and create a culture of efficiency and effectiveness.

    Setting goals can help you stay focused and motivated. Goals should be specific, measurable, achievable, relevant and time-bound. Once you have goals, you can create a schedule that helps you accomplish all your weekly tasks.

    Prioritization is crucial for managing time effectively. You can prioritize tasks by assessing the urgency and importance of each task, delegating tasks when possible, and breaking down large tasks into smaller, manageable ones. Creating a schedule can help you manage your time effectively and avoid procrastination. You can create a schedule by blocking time for specific tasks, breaks, and even your leisure time.

    Avoiding distractions is also vital. Distractions can derail productivity and waste time. You can prevent distractions by turning off notifications, setting aside time for specific tasks, and utilizing productivity tools like the Pomodoro technique.

    Be your best self

    Being your best self is a critical aspect of self-leadership. Leaders and entrepreneurs who strive to be their best selves can create a positive work environment, build strong relationships with their teams, and achieve their goals. Effective self-leaders possess certain qualities, like punctuality, honesty, openness, and consistency. These qualities are essential for developing a high-trust relationship with teams since they make you predictable as a leader: Being punctual demonstrates respect for others’ time and shows a commitment to professionalism. Meanwhile, honesty and openness will prove that you have no hidden agenda and everyone is on the same page. Finally, consistency in behavior and decision-making builds a stable work environment without negative surprises.

    Finally, supporting team members can create a culture of positivity and productivity. Leaders and entrepreneurs should provide resources, guidance, and feedback to team members when necessary. This goes both ways, though—building a support system of mentors, peers, and friends provides a positive feedback loop of guidance, motivation, and continuous learning.

    Self-leadership is a habit

    Self-leadership is not a one-off activity but a habit needing consistent practice. It is also crucial for optimizing your personal and professional life. Practicing self-care, knowing yourself and your purpose, organizing yourself, and being your best self are all essential components of self-leadership. By making self-leadership a habit, leaders and entrepreneurs can increase their productivity, creativity, and overall happiness, leading to more success in their personal and professional lives.

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    Roland Polzin

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  • Free Webinar | April 25: How to Lead a Company Through Multiple Times of Uncertainty | Entrepreneur

    Free Webinar | April 25: How to Lead a Company Through Multiple Times of Uncertainty | Entrepreneur

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    Previously a trader and an investment banker, Glenn Fogel joined Booking (then known as Priceline.com) in Feb. 2000 as a young manager. Two weeks later, the stock market peaked and the dot-com bubble burst. Soon after, the Sept. 11 attacks happened, hampering people’s desire to travel. And the industry was shattered again when the 2020 pandemic hit. How did the world’s leading provider of online travel lead through these uncertain times?

    Find out in the next episode of our Leadership Lessons series with the CEO & President of Booking Holdings (NASDAQ: BKNG) – parent company of Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable – chats with series host Jason Nazar about how he leads more than 20,000 employees across 300+ offices in 220 countries around the world and the greatest lessons learned in his 30+ year career. Topics include:

    Don’t miss out—register now!

    About The Speakers

    Glenn Fogel is CEO & President of Booking Holdings (Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK, OpenTable), a position he has held since January 2017, and CEO of Booking.com since June 2019. He previously served as Head of Worldwide Strategy and Planning for six years. He was also EVP, Corporate Development for over seven years, responsible for worldwide mergers, acquisitions, and strategic alliances. Prior to Glenn joining Booking Holdings in Feb. 2000, he was a trader at a global asset management firm and an investment banker specializing in the air transportation industry. He is a member of the New York State Bar (retired). Glenn is a graduate of Harvard Law School and earned a B.S. in Economics from the University of Pennsylvania’s Wharton School.

    Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

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    Jason Nazar

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  • Why Personal Branding Matters for Entrepreneurs | Entrepreneur

    Why Personal Branding Matters for Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, you can use your personal brand to your advantage in several ways. It’s an expression of your values, personality and unique selling proposition (USP) that can help you stand out from the competition. In the digital age we live in now, it’s important to have a strong personal brand if you want to be successful in business and stay relevant in a crowded market.

    According to studies, a person’s personal brand can significantly impact both the reputation of their employer and their career success. For example:

    • A study by LinkedIn found that professionals with a strong personal brand are more likely to be hired and promoted. The study found that “50% of professionals with a strong personal brand received interest from new employers compared to only 14% of those with a weak personal brand.”
    • A survey conducted by CareerBuilder found that “57% of employers are less likely to interview a candidate they can’t find online.” This highlights the importance of having a strong online presence and personal brand.
    • A study by Weber Shandwick found that “49% of executives believe a strong CEO personal brand is critical to their company’s overall reputation.” This highlights the importance of personal branding not only for individuals but also for the companies they represent.
    • A study by HubSpot found that “companies with a strong CEO personal brand generate 11% more shareholder return than their competitors.”

    These studies show how personal branding can affect professional success and a company’s reputation. By building a strong personal brand, entrepreneurs can set themselves apart from their competitors, gain credibility and help their businesses succeed.

    Related: How to Build a Successful Personal Brand in 5 Simple Steps

    Strategies for developing your personal brand

    To build a strong personal brand, you should spend time and energy building your brand identity, establishing your online presence, creating compelling content, networking and collaborating, being genuine and consistent, developing your leadership skills, embracing your unique point of view and asking for feedback.

    1. Define your brand identity

    The basis of your personal brand is your brand identity. Your unique selling proposition (USP), personality and values are all included. Asking yourself questions like, “What do I stand for?” will help you define your brand identity. What values do I hold? What distinguishes me from my rivals?

    Related: 4 Steps to Create a Lasting Brand Identity

    2. Establish your online presence

    In today’s digital age, building your brand online is crucial. Convey your expertise and add value to your readers’ lives by creating a website or blog. You can reach your target audience and spread your message by using social media like Instagram, Twitter and LinkedIn.

    3. Create compelling content

    With the help of content marketing, you can establish your brand and yourself as a leader in your field. Make blog posts, videos or podcasts that are interesting to your audience and showcase your expertise.

    4. Network and collaborate

    Networking and working with other people can help you build your reputation and connect with other leaders in your field. By attending conferences, joining professional groups, or participating in online communities, you can meet other business owners and grow your network.

    Related: Why Collaboration Is Essential to Entrepreneurship

    5. Be authentic and consistent

    Being honest and reliable is crucial to winning over your audience. Don’t stray too far from your brand’s identity and values in your content and messaging. Your listeners will value your sincerity and credibility highly.

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

    6. Develop your leadership skills

    Leadership skills are highly correlated with the reputation you’ve built for yourself as an entrepreneur. You can become an industry leader by inspiring and motivating your team, sharing your vision with them and making strategic decisions. Finding a mentor or coach, participating in a leadership development program, or reading material on the topic can all help you grow as a leader. Focus on improving your emotional intelligence, strategic thinking and communication skills to become a better leader and build your personal brand.

    7. Embrace your unique perspective

    Your original perspective sets you apart from other professionals in your field. Recognize the value of your unique perspective and employ it to set yourself apart. Communicate your point of view through your messages and articles.

    8. Seek feedback

    If you want to fix any flaws in your message, you need to hear what people think. Your target audience, coworkers and mentors can give you feedback that can help you build and keep your personal brand.

    If they want to succeed in business, entrepreneurs must build a solid personal brand. The time and effort you put into developing your brand identity, online presence, content creation, networking and collaboration skills, authenticity and consistency, leadership skills, a unique perspective and feedback will pay off in the form of a strong personal brand that sets you apart in your industry.

    Building a name for yourself in the business world can only help you in the long run. It’s not easy, but it’s worth it in the end. Building a solid personal brand can lead to increased professional credibility, trust and success. Using the aforementioned methods, you can establish a solid personal brand that will set you apart in your field and aid you in reaching your objectives.

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    Martin Rowinski

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  • Why People-Focused Leaders Are Crucial to Overcoming a Recession | Entrepreneur

    Why People-Focused Leaders Are Crucial to Overcoming a Recession | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As economists and financial leaders continue to debate the possibility of an economic recession in 2023, there is little doubt this hot topic is creating a great sense of uncertainty for businesses and a disruption in the workforce. While companies are likely focused on continuing operations, workers are on edge for professional and personal reasons, leading to distracted employees and reduced performance that affects the bottom line.

    Although economic indicators fluctuate, and recession forecasts are ever-changing, savvy business leaders understand the unwavering foundation of their business is people – a company’s greatest asset. Successful leaders emphasize taking care of their people — in good times and bad — to stay the course, leverage opportunities and weather any storms, leading to more resilient companies anchored by an engaged, secure workforce.

    Below are three ways people-focused business leaders can address recessionary concerns to make employees feel safe.

    1. Practice clear communication

    In a world of 24-hour news cycles filled with dynamic views about a recession, it is not surprising that employees may feel confused and concerned about the economy and their employer’s stability. Human nature dictates that workers will naturally rely on those they trust. They look to leaders for clear communication, guidance, reassurance and a path forward to help alleviate any fears.

    While practicing clear communication is key in all business situations, it is even more critical during times of uncertainty, which employers and employees are all too familiar given the last three years. Prior communication strategies serve as a solid knowledge base to inform current decision-making tactics.

    Leaders should consider what worked, what didn’t and areas for improvement. Frequent, clear and consistent communication throughout the company can help to reinforce the company’s position and its vision forward. Hence, employees feel secure and free to focus on the tasks at hand. For example, acknowledging recessionary concerns and sharing insights through CEO video messages/all-employee meetings, manager updates during team meetings with time for employee Q&As and relevant content/links posted on the intranet are ways for leaders to keep workers informed and to help them feel more secure.

    Related: 3 Steps to Help Employees Understand Your Objectives and Expectations

    2. Promote  the  culture

    A strong corporate culture can be a differentiating factor during uncertain times because employees need to feel supported and cared for by their work family, providing a critical sense of belonging that leads to camaraderie and a united front as everyone faces the possibility of an economic recession together. Therefore, promoting the culture by reinforcing existing policies, programs and benefits, or creating new ones, should be top of mind for business leaders.

    When leaders make a concerted effort to understand employee wants and needs regarding particular situations – similar to offering more flexible scheduling during the pandemic – it can go a long way toward cultivating an environment in which employees feel appreciated and leads to a confident, engaged workforce.

    For example, many employee assistance programs (EAPs) offer access to financial resources, mental health and well-being programs, and personal or professional guidance free of charge to employees and family members. Another way to support employees is through financial wellness programs that delve into developing a budget, reducing debt, understanding credit and saving for college or retirement, which can help employees gain more confidence in managing their finances.

    Related: How Leaders Should Think About Employee Benefits

    3. Offer unique financial perks

    Although the economy is uncertain, the still-tight labor market is a valid concern for many organizations. Therefore, offering unique financial perks is one way to attract and retain top talent. When employers think outside of the box by providing benefits to help ease employees’ financial burdens, it not only acknowledges economic concerns but also demonstrates empathy because leaders understand what it is like to feel financial stressors.

    There are numerous ways companies can provide financial assistance to support employees while standing out as a great workplace. For example, employers might consider offering employees lump-sum financial benefits workers can use at their discretion for groceries, gas, elder/child care, utilities and other living expenses. Additional areas to consider are assistance with student loan repayments, tuition reimbursement, access to short-term loans and company match on 401(k) accounts. When employers go above and beyond to address financial issues, employees take notice and realize business leaders have their best interests at heart.

    As business leaders face the possibility of a recession, their number one priority should be taking care of their people — the lifeblood of a company’s existence — to help ensure they feel informed, supported and secure in the workplace.

    Related: Employee Perks Might Not Be As Effective As You Think They Are

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    Steve Arizpe

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  • 2023 Is the Year to ‘Marie Kondo’ Your Business — Here’s How. | Entrepreneur

    2023 Is the Year to ‘Marie Kondo’ Your Business — Here’s How. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2022, business leaders were forced to play defense. While still recovering from the pandemic, we had to deal with the Great Resignation, soaring inflation and a looming recession.

    In many ways, last year felt like a never-ending wildfire — as soon as we put out one fire, another flared up. We tried to fix things with a flurry of meetings, committees and Zooms, but instead, we only got more stressed. By the end of the year, most of us were burned out and ready for the holiday break.

    As we seek to get out of this spiral, we need to ensure we do not have a repeat of the same stressors that caused us to burn out. We need to make space for strategic thinking.

    Related: 4 Ways To Sustain A Recession-Proof Business

    Do less to do more

    Often, our response to feeling overwhelmed is to try to get everything done: pinpoint every issue, schedule meeting after meeting and keep working until everything is crossed off our list and “perfect.”

    However, this mindset is based on a fallacy — a mistaken belief that we can get everything under control by doing more. The first truth we must acknowledge is that we will never get everything under control, and there may always be a fire blazing somewhere.

    Further, doing more rarely solves the problem; sometimes, it adds fuel to a fire that may have fizzled on its own. When we are overloaded with problems, meetings and emails, the first victim is strategic thinking. We do not have the time and space to consider our options before forging blindly ahead.

    Instead of holding another meeting, sometimes, we need to do less — pause the troublesome project or end it entirely so that we have the bandwidth to handle more pressing issues and strategize for the future without running ourselves or our employees ragged.

    Related: What You Need to Do to Get Your Team Ready for 2023

    Make space to prioritize

    During a reactive period, our capacity to prioritize degrades. So many things are happening that we do not know where to start. But when we don’t prioritize, everything becomes urgent, which wreaks havoc on our nervous system and makes it impossible to get much of anything done. We end up overworking ourselves — either everything is perfect, or nothing is.

    By doing less, we give ourselves the space to prioritize, asking, “What needs to be dealt with first, and what can wait?” When we take the time to prioritize effectively, we enable ourselves to focus on creating action plans that can accomplish what we want.

    Imagine a sales leader who’s feeling pressure from macroeconomic headwinds. They may double down on meetings with their salespeople, review forecasts repeatedly and become obsessed with each granular detail. In doing so, they might think they’re resolving the issue, but all they’re doing is making everybody anxious and wasting time — valuable time that could have been spent strategizing or making sales. Instead of another meeting, the sales leader might be better served by hitting pause and asking, “What do we need to be doing differently? Do we have the right people for this challenge? Is there an untapped market that we’re not addressing?”

    Related: Fighting the Secret Battle Tearing Apart Your Culture

    Don’t forget to breathe

    The first step toward making space for strategic thinking and behavior is simply to breathe. Breathing exercises clear space in our minds, allowing us to think clearly and ask important questions. Take a moment to pause and breathe before running full steam ahead. And once your mind is clear, ask yourself and your team these five questions:

    1. What are my top 10 projects?
    2. Which of these projects are the most valuable to our success as a business?
    3. Am I getting a return on the energy I put into my work?
    4. If I’m not, why? And what do I need to do differently?
    5. Are there projects I need to deprioritize or end?

    It’s okay to step away if something isn’t working. If you ever took a course in behavioral economics, you might remember the sunk cost fallacy — we think that because we’ve already invested time, money, and energy into something, we must see it to the end. It’s why so many people stay in relationships too long or finish a movie they already hate. It keeps us stuck in an unpleasant present instead of allowing us to make space for the things that truly matter or future opportunities we are not yet aware of.

    Related: How to Get Comfortable With Change and Build It Into the Foundation of Your Business

    Now is the time to revamp your business

    We’ve all heard the phrase “less is more.” It is high time we stop the pile-on of meetings and projects and calls and Zooms and take it to heart: cancel the unnecessary meeting, end the project that is not advancing and take care of ourselves as whole people, not just the bobblehead that shows up on Zoom.

    Strategic thinking doesn’t just happen. We must make space for it. We live in a time where it has become exceptionally difficult to protect and preserve that space. This year, take a Marie Kondo for business approach: “Is this project, meeting or call going to give me, my employees or my business more energy and fuel for the future?” If not, it’s time to let it go and make space for something that will.

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    Jonathan Kirschner

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

    How to Build a Business That Lasts 100 Years | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

    Related: How Entrepreneurs Can Achieve Longevity

    Stay on top of long-term global trends

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

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

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

    Don’t skimp on your service

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

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

    Related: 5 Tips for Improving Client Relationships

    Plan ahead for expansion

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

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

    Related: 3 Tips for Global Business Expansion

    Antifragility

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

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

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

    Final words

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

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    Roman Kumar Vyas

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