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Tag: Leadership

  • This Surprising Benefit of Being Materialistic

    This Surprising Benefit of Being Materialistic

    Opinions expressed by Entrepreneur contributors are their own.

    As entrepreneurs, we are constantly striving for success and are driven by a desire to achieve our goals. But what if that drive for success extended to our desire for material possessions? Many people view materialism as a negative trait, but the truth is that having a strong desire for material possessions can actually be a powerful tool for fueling entrepreneurial success. Here’s why:

    Materialism is a powerful way to motivate you to accomplish your goals

    Materialism can be a powerful motivator. A strong desire for material possessions is not only an important factor in whether or not you get rich, but it’s also a critical element of your entrepreneurial success.

    When you have a strong desire for material possessions, you’re more likely to set goals and then achieve them. You are also more likely to stay motivated after you start working towards something specific.

    Related: How to Find Inspiration Everywhere

    Materialism helps you envision your future

    In order to achieve your goals, you need to have a clear vision of what they are and how they will look when they’re achieved. Materialism can help with both of these things by allowing you to imagine a future where you have more possessions than now. This imaginative exercise helps give substance to the concept of success and sets a goal for where you want your life to go in its current state.

    If we don’t envision what our lives could be like in five years, 10 years or 30 years from now — if we don’t see the possibilities available — we fail ourselves right out of the gate when it comes time to make decisions that affect our futures (like choosing an education path).

    Materialism encourages you to come up with unusual ideas

    If you have a strong desire for material possessions, it may encourage you to think outside of the box and come up with new ways of doing things that are unconventional.

    One way materialism can help entrepreneurs think outside the box is by encouraging them to take risks. Many entrepreneurs are driven by the desire for material possessions and are willing to take risks in order to achieve them. When an entrepreneur is focused on a material goal, they may be more willing to take a chance on an unconventional idea, even if it carries a high degree of uncertainty. This can help to foster a more entrepreneurial mindset and can lead to more innovative solutions.

    Related: 5 Brain Hacks To Boost Your Motivation

    Materialism keeps you motivated once you start working toward something specific

    Entrepreneurs can benefit from being materialistic by having a tangible goal to strive for. For example, if your goal is to be able to afford a luxury car, you can use that as a motivator to work harder and smarter.

    You might make a plan to increase your sales or find ways to cut costs in order to reach your goal. The specific nature of the goal will help you stay focused and make it easier to measure your progress.

    When people get caught up in day-to-day tasks without having any sort of vision for their future careers or lives, they often lose sight of what truly motivates them and why they’re doing these certain things in the first place. Materialism provides a strong foundation on top of which other motivational forces (like financial security) can be added for greater effect over time as well as helping individuals develop new ideas about how to best accomplish their dreams

    Having a strong desire for material possessions can help you keep going for longer once you’re pursuing your goal

    The power of materialism can be helpful in many ways. If you have a strong desire for material possessions, this may help you visualize your future and further develop the ideas that will bring about your entrepreneurial success. Materialism also encourages people to work hard towards their goals and keep on going when they feel like giving up. In addition, once you start working towards something specific, having the motivation of wanting more possessions can keep you going when times get tough.

    Related: 3 Keys to Entrepreneurial Success

    It’s important to remember that true success and happiness are not just about accumulating material wealth. Balancing material desires with other important aspects of life, such as relationships, personal growth and community involvement, is key to a fulfilling life. However, when channeled in the right way, the power of materialism can be a powerful force for driving entrepreneurial success.

    So, consider embracing your love for material possessions, and let it fuel your drive to achieve success in your business!

    Roy Dekel

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  • Why Age Is the Most Overlooked Piece of the Diversity Puzzle

    Why Age Is the Most Overlooked Piece of the Diversity Puzzle

    Opinions expressed by Entrepreneur contributors are their own.

    Generational diversity is diversity. Diversity is broader than just race and gender. We often oversimplify diversity to attributes we think we can see — like race and gender, yet the richness of diversity goes beyond our skin color and gender identities. Most attributes of diversity are fluid — gender, race, ethnicity and age — they can change over time or people may associate along a spectrum or identity with multiple categories within a dimension.

    Age is a fluid dimension of diversity as it’s constantly changing.

    Our workforce currently has four generations participating in it. Although there is no formal authority to define generations, generations are commonly defined by birth year:

    • Baby Boomer Generation: People ages 56 to 75 (born between 1946 and 1965)
    • Generation X: People ages 41 to 55 (born between 1966 and 1980)
    • Generation Y (millennials): People ages 25 to 40 (born between 1981 and 1996)
    • Generation Z: People ages 9 to 24 (born between 1997 and 2012)

    Related: Diversity Starts at the Top: Embrace Different Perspectives for Maximum Success

    Gen Z is the most diverse generation of all time

    Because Gen Z grew up in a time of peak immigration in the U.S., they had more exposure to other racial groups and ethnicities. They also grew up in a more welcoming and accepting environment for the LGBTQ+ community.

    Neurodiversity is also a key dimension of difference for Gen Z. Rates of diagnosis for autism, ADHD and other neurodivergence have increased significantly in recent years. With exposure comes a broader acceptance of differences. People have not changed; it is the awareness that has. For organizations that want to attract top talent, addressing the unique aspects of generational diversity is key.

    Gen Z expects inclusion

    In a recent study by Monster, 83% of Gen Z individuals stated an employer’s commitment to diversity and inclusion is significant when choosing where to work. Another poll found 75% of people in Gen Z said they’d reconsider applying to a company if they weren’t satisfied with their diversity and inclusion efforts. It is common for younger generations to ask about diversity efforts at organizations during the interview process. They want to know if it’s simply window dressing or if it’s authentic and is quick to decipher authenticity.

    Related: 6 Ways Multi-Generational Workforces Lead to Business Growth

    Age bias is the biggest area of bias

    According to Project Implicit, the most common bias people have is age. Most people have more positive associations with younger people than older people and 93% of older Americans have experienced age bias, one study said. As with many dimensions of difference, there are common stereotypes about age:

    • Older people are poorly skilled with technology (and younger are better)
    • Younger people are entitled (and older people work harder)
    • Older people are more conservative (and younger people are more liberal)

    These are just a few commonly held beliefs about people based on age. While biases and stereotypes can be rooted in some truth, it is important that we don’t apply a stereotype about a group of people to an individual. Here are some problematic ageist statements/actions with potential corrections:

    • Giving the social media project to a young person vs. Delegating the social media project to a person with the most expertise/passion, regardless of age.
    • “I don’t want to hire them because I am afraid they won’t work as hard” vs. “Let’s have objective criteria to determine fit rather than using outdated stereotypes.”
    • Thinking “I know who they voted for” based on their age vs. Getting to know the person and their beliefs.

    Related: Why You Need to Become an Inclusive Leader (and How to Do It)

    One of the biggest challenges with ageism is that we have a primal fear of getting old. We discriminate against our older selves. In Ashton Applewhite’s Ted Talk, they discuss why we fear getting old and how the stigma of being “old” manifests itself in our culture. This fear can lead to unhelpful behaviors that discriminate against older employees.

    In fact, ageism does not make sense. Most research shows that we are the happiest at the beginning and end of life given the data on the U Curve of Happiness. Happiness bottoms out in the mid-40s and often increases with age. Coupled with research on Blue Zones, studies find having a strong community as you age has the biggest influence on longevity.

    Ageism is real. It’s often the biggest source of bias. Let’s be careful not to be biased against our younger, current or older versions of ourselves. As conversations on diversity and inclusion continue, expect them to intensify with Gen Z demanding more diverse representation and inclusive behavior in organizations. If generational diversity is not addressed, organizations stand to lose out as younger generations vote with their dollars and feet.

    Generational differences are a part of the diversity conversation, yet often overlooked or not included. By including generational diversity in the overall diversity, equity and inclusion conversation you bring more human experiences and potential allies into the work.

    Julie Kratz

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  • What’s on Entrepreneur TV This Week

    What’s on Entrepreneur TV This Week

    Entrepreneur TV’s original programming is built to inspire, inform and fire up the minds of people like you who are on a mission to launch and grow their dream businesses. Watch new docu-series and insightful interviews streaming now on Entrepreneur, Galaxy TV, FreeCast, and Plex.

    This week be sure to watch episodes of:

    Tech Talk (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    The journey to discover innovators shaping our future.

    Episode 101: Our journey begins to visit over 50 revolutionary Entrepreneurs and Innovations. Host & EP Jonny Caplan shows why Israel is often referred to as ‘The Silicon Valley of the Middle East’ or ‘The Start-up Nation’ and why it’s one of the leading places to build and nurture a start-up. Don’t miss the AI robots at the Curios Robots Lab at Tel Aviv University and other exciting technologies.

    Episode 107: Meet Dr. Rafi Yoeli, the Howard Hughes of our time, who spent the last 30 years designing Flying Cars, Taxis & Rescue Vehicles; we go deep into his workshop to find out more. Also, see Holographic food menus and ordering and drones that fly into burning buildings to warn the Fire Fighters before they venture in and risk their lives.

    My Stories (Sunday, Tuesday, Thursday, Saturday)

    The life stories of Roshan Brown, former D1 Basketball player.

    Episode 101: This moment in Rohan’s life was an eye-opener and put me on the path he is now. Your current situation is not your destination. Growing up in Hartford, CT, was not easy. But, despite all the obstacles, he worked hard to get a basketball scholarship to college and eventually found his own tech company.

    Burt’s Buzz (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    Our featured film looks at the world of Burt Shavitz, the face and co-founder of Burt’s Bees.

    Film: Journey into the remarkable double life of Burt Shavitz, a reclusive beekeeper who reluctantly becomes one of the world’s most recognizable brand identities.

    Action and Ambition (Sunday, Tuesday, Thursday, Saturday)

    Andrew Medal goes behind the scenes to learn the world’s most ambitious people’s backstories, mindsets, and actions.

    Episode 102: Brothers John Resig and Leo Resig founded Chive Media Group and its flagship site, theCHIVE.com, in November 2008 with no capital and a lot of hustle. With backgrounds in digital publishing and financial backing from partner Doug Schaaf, John and Leo were able to turn a three-man project into the nationwide, 170-employee entertainment digital media company that Chive Media Group is today.

    Elevator Pitch (Sunday, Tuesday, Thursday, Saturday)

    Entrepreneurs have 60 seconds to pitch their business, product, and/or idea in an elevator. If our team of investors likes what they hear, the business owner is invited into the board room to see if they can strike a deal.

    Episode 806: See if our investors think there’s something fishy about her concept on the new episode of ‘Elevator Pitch.’ You never know who will walk (or swim) through the doors of Entrepreneur Elevator Pitch.

    Celebrity Business Tips (Monday, Wednesday, Friday)

    Actors, athletes, and entrepreneurs share their best business tips to help you get started and find success with some humor and heart.

    Episode 101: Actors, athletes, and entrepreneurs share their best business tips to help you get started and find success with some humor and heart.

    Mindvalley Talks (Monday, Wednesday, Friday)

    Bringing you the best personal growth video content from the most brilliant minds on the planet.

    Episode 103: In this talk at A-Fest Portugal 2019, Keith Ferrazzi, an American author and entrepreneur, shares some of his critical insights into how you can analyze your team’s effectiveness and performance at work.

    Entrepreneur Staff

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  • Google Worker Laid Off While On Leave Caring For Sick Mom

    Google Worker Laid Off While On Leave Caring For Sick Mom

    One person who was laid off from Google in the company’s wave of staff cuts last week says he was on a leave from work taking care of his mother who is terminally ill with cancer.


    VIEW press / Contributor I Getty Images

    Google offices in New York City.

    Paul Baker was on leave for about a month when he received an email letting him know the company was laying him off, along with around 12,000 others, he told Insider.

    “While on carer’s leave for my immediate family member’s terminal cancer, I too was laid off. After the initial shock, it morphed into sadness because I miss the people,” he also wrote on LinkedIn.

    Related: More Than 1,600 Tech Workers Are Being Laid Off A Day On Average In 2023, According to a New Report

    On Jan. 20, Google’s CEO Sundar Pichai sent a note to employees taking responsibility for hiring “for a different economic reality than the one we face today.”

    Baker told Insider that he was on leave and was told by a friend about the layoffs, then found his work laptop had been “cut off,” the outlet wrote.

    He was a video producer at Google, according to his LinkedIn, and had been at the company since 2018. Baker told Insider he was feeling “shock and sadness.” The outlet said it verified the leave period as well as his severance email and prior employment with Google.

    Related: In a Viral TikTok, An Ex-YouTube Employee Talks About Getting Laid Off During a Business Trip

    “I’ll truly miss it,” he said.

    Baker also told the outlet he has not received information about how his severance package would be affected by the fact that he was on career leave to care for his mom.

    Pichai said in the memo the company will provide “six months of healthcare, job placement services and immigration support for those affected.”

    Still, he told Insider he would love to go back to the company.

    “If there’s ever a Google position open for another video producer position, I would take it in a heartbeat,” he said.

    Gabrielle Bienasz

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  • 7 Steps to Push Your Career Beyond Your Comfort Zone

    7 Steps to Push Your Career Beyond Your Comfort Zone

    Opinions expressed by Entrepreneur contributors are their own.

    A career is something you build on small successes and failures. But if you want to push your profession beyond your comfort zone, you will need a backup plan. Becoming successful in your work requires you to do what others cannot or will not do. With the simple, concrete steps below, you can push yourself into career-launch mode and see massive returns. These steps include taking calculated risks, learning from mistakes and embracing the unknown. Let’s discuss each of them in detail:

    1. Get comfortable being uncomfortable

    Instead of fearing discomfort, you should embrace it. The more often you do something new and out of your comfort zone, the more comfortable you will become with doing that thing.

    This will lead to an increase in confidence. The more confident you are, the easier it will be to do things outside your everyday routine. You will start seeking opportunities to stretch yourself or take on additional responsibility because you know that even though these things may make you uncomfortable, they are another way for your profession to grow.

    You will also inevitably get better at whatever makes someone uncomfortable — whether it is public speaking or managing other people — and this makes those hours spent practicing worthwhile. The knowledge gained through experience sets a foundation for future success in any field.

    Related: Get Out of Your Comfort Zone, Take Risks and Run With the Big Dogs

    2. Take risks but minimize risks as much as you can

    The best way to truly learn is by doing. The only way you are capable of doing that is by letting go of your fear. Take calculated risks, but make sure the odds are in your favor. The crucial decision is knowing when to take a chance and when not to. Here are some tips to help you minimize risk as much as possible:

    • List all of the things that could go wrong if you do not take a chance (or if you do). How will it affect your life? Your career? What are some potential consequences? If this is not worth risking everything on, it is not important enough.

    • Identify what might happen if something goes right with this project or idea — how will it help your profession? Will it lead to more opportunities down the road? Does this have long-term benefits for yourself or others around you? Does this have short-term benefits for yourself or others around you?

    3. Be prepared to venture into the unknown

    The only way to be prepared for these situations is by experiencing new challenges. Try something new every day so that when an opportunity arises where you need to venture into the unknown, it will not seem like such a big deal.

    The more comfortable you become with stepping out on your own, going against norms or doing whatever it takes, it will not feel scary because now you have experience using those tools and honing those skills in other areas.

    4. Learn from your mistakes, and move on

    Many say that failure is the best teacher, but what they do not tell is the best way to learn how to fail better next time. If you are constantly trying new things, pushing yourself beyond your comfort zone and making mistakes along the way (as long as they are not too costly), then there is no way for you not to improve — and fast.

    Related: The Most Important Career Lessons Are the Ones You Learn From Your Mistakes

    5. Do not let what others think of you limit your success

    It is easy to get stuck in the opinions of others, but this can stop you from making good decisions. If someone is telling you not to do something, and they do not have a good reason, then ignore them. What is important is your own opinion and what feels suitable for you. People may have told you that something was impossible or would not work out, but if the situation suits your ambitions and goals — go for it.

    6. Put yourself out there

    If you want to be successful, put yourself out there. This means taking on new projects and responsibilities that can help you grow in your profession. When you put yourself out there, you learn more about yourself, what motivates you and what your strengths are. You also know more about what kinds of projects or responsibilities make you uncomfortable or nervous.

    By identifying these areas of weakness, you can figure out how to improve them. When future opportunities that require this skill set (or lack thereof) come around, they will seem manageable.

    7. Dream big, then work toward making it happen

    When you are dreaming big, you must be prepared to take risks and venture into the unknown. However, this does not mean you have to go all in with no plan to recover if things go wrong (as they inevitably do).

    When planning for success, keep these things in mind:

    • Be prepared for failure: Think about what could happen if your plan fails, and work through those scenarios so that you know what steps you would need to take next.

    • Take small steps at first: Start small, and take one action at a time until you get closer to achieving your goal. Then move on until you meet your goal.

    Related: How To Achieve Meaningful Career Advancement

    Push yourself beyond your comfort zone to rise in your career. You may think you need to make the right move when you take risks, but the truth is that if you do not go out of your comfort zone, how will anything ever change? Pushing yourself out of your convenience zone can help you grow professionally and personally by helping build confidence, courage and strength. It will also help develop resilience, an essential quality for success in any field.

    Steve Taplin

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  • When Should Business Owners Start Developing an Exit Plan?

    When Should Business Owners Start Developing an Exit Plan?

    Opinions expressed by Entrepreneur contributors are their own.

    Any transformative business decision requires good strategy and planning. Your business exit is one such decision that will inevitably transform the business. Think of it this way: If you only started planning for a significant initiative a few days before you needed to roll it out, you would be making a huge strategic blunder. Why would a business exit be any different?

    The truth is, business exit planning is good business. Many business owners might believe they don’t need to worry about having an exit strategy until the time for them to exit comes around. In this article, we’ll explain why that’s a bad idea and why exit planning is something that shouldn’t wait.

    Related: Start Your Planning Your Exit Strategy Now With These 4 Tips

    Focusing strategy on the present and immediate future

    Executives and business owners may not plan ahead for a business exit strategy because they are too focused on the present and immediate future of their organization. You yourself probably feel it is more important to focus your efforts on strategies that will ensure growth, profitability and stability in the near term. Additionally, executives often lack clarity about how much value their company might have at some point in the distant future when an actual exit might take place. This uncertainty can make planning for an eventual exit seem like a waste of time or resources compared to tackling other pressing needs within the organization.

    You would be right in rationing your focus and strategizing based on urgency and priority. Business exit planning does not supersede current and short-term business goals as you can clearly see in valuable metrics such as KPIs or OKRs.

    HOWEVER, planning your exit is a good business strategy whether you intend to sell your business or not. Focusing on more immediate concerns and plotting a well-executed business exit are not mutually exclusive. When you properly plan a business exit, you are setting up your company to maximize growth and profits by creating an organization that can run independently of you with top talent, a solid foundation, financial stability and a competitive advantage that outlasts your stay.

    You should certainly look at the macro picture ASAP — ideally, exit planning should begin during the startup or early growth stages of a business so that all future decisions are made with the long-term in mind and so that founders have an understanding of how they want to exit their business before they become heavily invested and committed.

    Related: The How-To: Building An Exit Strategy For Your Business (Even Before You Start)

    Sound business exit planning

    Business exit planning should be incorporated into the overall business strategy. It can start with setting objectives and clear exit goals, such as when to sell or transfer ownership of the business and at what price.

    Naturally, estimating the exit goals and acceptable terms and prices ahead of time can be challenging, as it requires careful consideration. This is, in fact, one of the reasons executives avoid planning business exits ahead of time. First, you will need to research current market trends in order to estimate what price the business may fetch if sold — today or three, five, even ten years from now — whenever you foresee the exit to be most viable based on your strategy. This involves looking at comparable businesses that have been recently sold or put on the market in order to get an idea of potential interest levels from buyers. You can perform some forecasting yourself and use relevant market prediction data from research.

    Second, you should evaluate your own personal financial situation when setting exit goals so they are realistic, especially regarding what type of return you expect from selling your business at a given point in time. Take into account factors such as:

    • cash flow needs both now and in retirement

    • any potential tax implications related to the sale (i.e., capital gains taxes)

    • whether or not there are other shareholders who need to be taken into consideration when determining an appropriate price

    • existing debts that must be paid off before ownership can be transferred

    Additionally, it may also be beneficial to look at trends in investment returns from similar businesses over time — both past performance as well as forecasts for future performance — to ensure you have realistic expectations about likely ROI.

    The overall plan should also involve regular updates in order to stay on track and make course corrections if needed so it does not interfere with other initiatives or ongoing priorities in your organization. Additionally, by creating a succession strategy for key people in the company during this process, you can ensure continuity of operations even after you leave your position.

    A word of caution, however: Do not run your business with the sole focus of securing an exit strategy. That’s the opposite of never planning ahead.

    Related: Planning Your Exit Strategy? Follow These Tips

    Why plan so far ahead anyway?

    First, it allows you to prepare for any potential issues that may arise and create a contingency plan to address those issues. It also gives the company an opportunity to review current strategies and make adjustments if needed, ensuring they are in line with the ultimate goal of exiting at an optimal time. Furthermore, planning ahead can help protect against any unforeseen circumstances that could cause significant financial losses or damage to the company’s reputation. It also creates opportunities for reinvestment or diversification into other markets or industries upon exiting existing ones.

    Lastly, having an exit plan can provide peace of mind, which is essential when making decisions about long-term investments and goals within a business strategy. Better yet, it’s peace of mind not only for you as the business owner or a key decision-maker, but for the entirety of the organization.

    According to some surveys, nearly half or 48% of business owners do not have an exit strategy, and 58% do not even know how much their business is worth as they have never had it appraised. Apparently, there are a lot of decision-makers who are irresponsibly indecisive and alarmingly uninformed to address one of the biggest decisions they and their organizations will inevitably have to face. Are you going to be one of them?

    You need your leadership team to be capable enough to successfully plot crucial strategies such as business exit plans. They need the foresight to understand the importance of looking so far ahead and the capability to plan for an exit while not hindering ongoing initiatives in your organization.

    Nick Mascari

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  • The Tech Landscape Has Changed and It’s Time Tech Leadership Change With It.

    The Tech Landscape Has Changed and It’s Time Tech Leadership Change With It.

    Opinions expressed by Entrepreneur contributors are their own.

    What started with euphoria over high valuations and seemingly endless growth expectations ended with market-cap compaction and layoffs as a new reality sank in for the tech sector last year. Thanks to inflation and rising interest rates, the sector’s predominant “growth at all costs” mentality suddenly gave way to a necessary push for profits — a shift that brought huge implications for the whole tech ecosystem.

    But changing economic conditions weren’t the only issue tech leaders have had to contend with in the past year. Many organizations continued to grapple with how to manage demands for flexibility and control over work location in the ongoing battle to get back to the office. Suddenly, what worked before no longer does, and it’s transforming how leaders choose to show up and move forward.

    The bottom line? With the end of free money, the tech landscape has changed — for better or for worse depending on your point of view — and tech leaders need to change with it. Here are three trends shaping tech leadership this year and beyond:

    Adopting a sustainable approach to growth and profitability

    When rising interest rates put an end to a growth trendline that had lasted over a decade, it marked the end of the free-flowing venture capital many in Silicon Valley had taken for granted. As Wall Street began to prioritize profitability over growth, the tide effectively went out, leaving many companies — particularly those chasing and projecting growth above everything else that matters in business — exposed.

    Now, as the market downturn veers toward a potential recession, fiscal and operational management will go from important to critical. But the companies that will thrive in 2023 are those that are able to focus on the core of value creation for their customers, building strategically on their strengths and turning them into opportunities. Tech companies that typically survive recessions and come out stronger use times like these as an opportunity to regroup and refocus, and even to double down on their advantages so that they’re ready when consumer spending rebounds.

    Forrester predicts 80% of companies will pivot innovation efforts from creativity to resilience this year — focusing initiatives on modernizing business processes, automation, supply risk management and employee experience. However you navigate changing economic times, one thing’s certain: a synthesized approach to growth, operational rigor and profitability will be essential.

    Leadership presence in a hybrid world

    It’s been two years since the pandemic put us into emergency remote work mode, giving many workers a taste of flexibility, convenience and opportunity that’s been tough to give up. Some leaders have taken a hard line on forcing employees back to the office. And while I firmly believe that nothing can replace the energy that comes from being together in person, I also understand (and benefit from) the flexibility enabled by remote work.

    The contracting economy may work against remote workers in the short term, but it’s tough to ignore the fact that the way we work has fundamentally changed. And hybrid models still leave something to be desired when it comes to building connection and community. Finding other ways to harness the benefits of in-person presence in this new normal is becoming essential to building genuine connections with employees and customers.

    For leaders, that requires creativity and vision. How are you going to build the connections and bonds required to lead your organizations through this change? There’s no one clear answer – I believe it’s going to be a mix of offsite events, engaging onsites and a greater awareness of when and how in-person work creates community and strong bonds.

    I also believe there are better questions than the “hybrid vs. in-person” false binary. As the battle for top tech talent rages on in spite of tech sector cutbacks, what we should be asking ourselves is what is the best way for all of us to do our best work?

    There are going to be tradeoffs, including spending on company offsites and human touchpoints, but ultimately it’s up to leaders to figure this out for their teams.

    Leading the way forward in the face of crisis

    While the last year has resulted in a true level set for tech companies, it’s also been a forced reality check for everyone who works in the sector. A decade or more of tech glorification marked by a notable absence of tough questions from investors and the media covering the industry gave room for questionable behavior. Now the pendulum has swung the other way to a full-blown “tech-lash.”

    Tech leaders who weren’t used to being questioned have had to make a choice in how they react to the current landscape. You can position yourself against the change — e.g. pushing a “hardcore” work culture – or you can be responsive. In the end, customers get to decide which companies they want to do business with, and employees get to choose where they want to work. Tech leaders are responsible for framing the “why” for their teams and their customers, and in a time of big change like this, these core assumptions and values will get tested. Under this kind of pressure, some teams and leaders will simply buckle and break.

    Of course, not everyone is bemoaning the end of the unquestioned era of tech and its unsupportable valuations. Many believe that the elimination of “free money” isn’t entirely a bad thing. And a recent survey shows 61% of leaders are optimistic that the recession will have a positive impact on their organization. That there’s still growth to be had, and hugely valuable technology companies to be built, is a given, though it’s more likely to come to those who are intentional about how they lead.

    As predictions continue to roll in as to how this will all play out, the only certainty right now is that a shift in course is necessary.

    Zack Rosen

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Jillian Goldberg

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  • This is What You Need in Your 5-Year Marketing Plan

    This is What You Need in Your 5-Year Marketing Plan

    Opinions expressed by Entrepreneur contributors are their own.

    We’ve all heard the interview question, “Where do you see yourself in five years?” Marketers routinely take that question and apply it to their marketing strategies. They figure out what they want to achieve and then develop actionable steps to get there. Keep in mind, these plans aren’t designed to be all-encompassing. They serve as a guidebook for different scenarios while getting the team thinking about what they’d like to accomplish long-term.

    Your five-year plan is a way to build an overarching metric for how you’re doing — or how you plan to do over the next half-decade. There are many things to consider when building your plan — here are a few to look at carefully:

    The 3 key buckets

    A successful five-year marketing plan should fixate on three main questions:

    1. What assumptions can you make about the next five years within your company?
    2. What goals do you want to achieve?
    3. What are the metrics you’ll use to measure those goals?

    Assumptions are what you think won’t change in the business over the next five years. For example, you might assume that you will continue using particular vendors or that packaging costs will remain stable. From there, you can determine your goals — like boosting sales by 50% or converting 10,000 new customers. The metrics that measure your progress might be units sold or your company’s market share. It’s essential to include both readily-accessible metrics — such as website views — and brand metrics that might be a bit harder to come by, such as the associations your customers have made with your products or company.

    Importantly, there’s no “right” or “wrong” when it comes to answering these questions. Every business has its own vision, resources and position, which all influence its marketing strategy. The aim is to develop a plan that will produce the most desirable outcome for you, rather than worrying about what other businesses have the capacity to do.

    Related: Use These 5 Steps to Create a Marketing Plan

    Narrowing your focus

    Just like consumer preferences, marketing tactics are constantly shifting. Social media demonstrates this well. Because social media platforms have skyrocketed over the past two decades, marketers no longer rely solely on traditional platforms such as print or television ads. And even within social media, things aren’t constant. TikTok has become one of the fastest-growing platforms, quickly overtaking Facebook.

    With so many options, your marketing plan must keep a narrow focus. For some companies, TikTok doesn’t matter. They can’t yet measure the return they’re getting from the platform, so this isn’t exactly a feasible opportunity. Don’t be tempted to try everything or be everywhere. It’s a matter of isolating what you practically can use to give you the insights that will help you.

    Two questions will help focus your strategy:

    • How do your goals compare to last year?
    • What are you striving for (e.g., enhancing the brand vs. increasing brand awareness)?

    How you answer those questions will help you identify where and how to focus your efforts so you don’t get lost in a bunch of small, irrelevant tactics.

    Using your budget

    Most people think of budgets as being stable or hard data — but almost all companies work with unknowns. In reality, the best they can do is come up with an educated guess that seems to make sense – a ballpark range. Because nobody can plan with certainty for every scenario — and because it’s so easy to become overwhelmed with an infinite range of outcomes — it’s advisable to lean on a few key financial assumptions and build a strategy around those.

    Once you have a budget figure to work with, create high and low projections for everything you want to do. Let’s say the aim is to get to 50% brand awareness. What would your plan look like if you exceeded that and got to 75%? Alternatively, what would you do if awareness went down to 25%? Creating these high and low projections will let you design a more flexible approach and avoid being caught too off guard.

    As you come up with your main scenarios and high-low projections, think about the key internal drivers you’ll need to address next year. Consider the risks, and assess whether you’ll have the data, technology and skills to develop and maintain what you expect to put forward. Keep in mind that it’s more important to pivot when issues come up than to predict what’s going to happen accurately.

    Related: 4 Tips for Developing a Marketing Plan That Will Actually Grow Your Business

    Paint flexibly within your broad strokes

    A five-year marketing plan paints a broad, long-term picture of how you’ll communicate with your audience while giving details about your projected products or services. It includes assumptions and factors that aren’t necessarily static, so you have to approach it with a grain of salt and be ready to shift gears if the plan doesn’t work.

    Even so, if you stick to three key buckets (assumptions, goals and metrics), keep your tactical focus narrow and incorporate multiple projections in your budget, you should end up with a strategy that blends the data and flexibility needed to strive in a changing world. Because annual marketing plans need to connect to your long-term marketing vision, let the annual marketing meetings serve as check-in points to keep your longer-term marketing plan relevant and viable.

    David Partain

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  • 4 Lessons for Entrepreneurs Facing a Crisis

    4 Lessons for Entrepreneurs Facing a Crisis

    Opinions expressed by Entrepreneur contributors are their own.

    Those that have heard me speak, know that I am fully invested in creating opportunities for minority business enterprises (MBEs) to grow and scale their businesses. It is why I accepted the role of CEO and president of the National Minority Supplier Development Council (NMSDC). However, perhaps less well-known, is that I am also a business owner myself and understand the plight of entrepreneurs, especially entrepreneurs of color.

    After spending over two decades in the tech industry, I ventured into real estate and tech startup investment. I invested in a boutique hotel in downtown Austin, Texas that opened for business in the early months of 2020. Unfortunately, two weeks after it opened, the Covid-19 pandemic came to the United States, shutting everything down. Given the circumstances, I could have gotten discouraged and given up on this venture due to the extremely unfavorable situation I found myself in.

    Instead, after a somewhat unconventional start to my journey, I pivoted to a new concept for the space, the Founders House, a co-living pop-up that provides flexible accommodations for entrepreneurs and startups. While a lot can be said about that choice and the resulting transition, I want to share four key takeaways from the experience that I think can benefit any entrepreneur faced with a crisis:

    Related: 5 Ways to Help Your Business Win in Times of Crisis

    1. If you want to succeed, you will not have time to feel sorry for yourself

    The timing of my hotel opening was not ideal. While the Covid-19 pandemic was completely out of my control, it did not make it any less devastating to the plans for the business. However, rather than let the circumstances overwhelm me, I decided to put my focus on helping others affected by the pandemic. How could I use this space to help my community?

    We used the hotel as a base of operations for working with members of the local AAPI community to fundraise for and source much-needed PPE like N95 masks for local community clinics, which we then stored at the hotel. Obviously, this was not what I had planned when we opened, but pivoting to a community-focused solution was the key to the business’s future success — something that would not have been possible had I not made it a point to stay focused and keep moving forward.

    2. When faced with a crisis, get creative and focus on opportunities

    I am not going to lie, there were times during the early days of the pandemic when I didn’t think our business was going to make it. However, rather than focus on those negative thoughts, I instead focused on what opportunities existed for my business. It was at this time that a friend and mentee approached me, as her startup needed space to get ATX KIT off the ground during the pandemic. This opportunity led to an even greater opportunity and creative solution to the problem my hotel was facing. Not only was this a chance to help entrepreneurs of color during the pandemic by providing affordable co-living solutions, but it also brought in the necessary cash flow needed to save the hotel. When faced with a crisis, it is important to look at things from new and fresh perspectives … even if they don’t present themselves at first glance.

    Related: How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback

    3. Do not forget about your physical and mental well-being

    While I worked very hard, first to help the Austin community source scarce PPE, and second to get the Founders House concept off the ground while leading the global business for Technology Integration Group, I also made sure to take the time to take care of myself. For example, I love going to the gym. Obviously, I couldn’t do that during the Covid-19 pandemic, especially during its earlier stages. However, as with my business, this was an opportunity to get creative. I self-taught cross-training classes, did daily yoga video exercises and jogged around the town lake of Austin. I also embarked on several culinary adventures at home to ensure I was maintaining my nutritional and mental health. While it’s important to focus on your business, don’t lose sight of the self-care needed to thrive.

    4. Remember your community in times of crisis

    An overarching theme of the experience that eventually led to the Founders House is a focus on one’s community. Whether that was helping Austin’s AAPI community or finding a way to support entrepreneurs of color like myself, everything I did during the pandemic was grounded in my community. When your business faces challenges, remember the community you came from and the one you are trying to serve. Like with most things in life, a strong community is key to resilience.

    As these lessons illustrate and as so many entrepreneurs, especially entrepreneurs of color, know, starting a business is not easy in the best of times. Throw in an unexpected crisis, and it might seem all but impossible. However, the above lessons provide a path forward to not only survive in the face of those crises but thrive.

    Related: 4 Ways to Make Sure Your Business Survives the Unexpected

    Ying McGuire

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  • 5 Ways Conversational AI Can Transform Your Business

    5 Ways Conversational AI Can Transform Your Business

    Opinions expressed by Entrepreneur contributors are their own.

    By now, most of us have tried playing around with OpenAI’s ChatGPT. After using it, I’m excited—and a bit scared, if I’m being honest — about what the future holds in the age of artificial intelligence. But first, some background …

    ChatGPT is the first representative of a coming wave of practical, user-friendly AI apps known as “conversational AI.” It was just released to the public a few weeks ago, and people are going nuts over it because they’re starting to understand how impactful it and others are going to be over the coming years.

    It’s still in a “rudimentary” form. I say that in quotes because it’s pretty amazing what it can do already, but it’s only going to improve from here.

    Think about the first time you encountered a technology that would go on to define our social experience. The iPhone, the Internet or even the desktop computer. We never quite get it at first. Conversational AI is just as revolutionary.

    Related: How to Use AI Tools Like ChatGPT in Your Business

    It’s a paradigm shift, even if it still seems familiar. There’s no technical barrier to entry. You simply log on with your Gmail account and start chatting. You ask it a question. For instance, “What’s the most popular species of cat?” And it tells you. So, whatever — that’s kind of like a Google search. But it’s using a different method. It’s not searching for existing content. Instead, it’s producing new content based on patterns extracted from colossal amounts of data. So, instead of browsing through pages and pages of search results, none of which may be exactly what you’re looking for (and all of which are owned by other people), you can now just summon up whatever you want. If I ask it to write me a description for a litter box, it can do it instantly, from scratch.

    Already, this is transformative. But this is just the tip of the iceberg. We can start to see how far the rabbit hole goes as we dig into its other use cases. Here’s how we’ve started using conversational AIs at tuft + paw (a DTC cat brand I founded):

    1. Plain-language programming

    Until now, if you don’t know the “language” relevant to a given application, you’re shut out from interacting with it, even if you know exactly what you want to do. Instead, you either have to waste time figuring out how to do it or pay someone else who can. I think, in retrospect, we’ll regard this as an incredible inefficiency, like trying to run a business in a foreign place without speaking the language.

    With conversational AI, you can describe in plain English what you want something in Excel or Google Sheets to do, and it’ll tell you the formula you need to plug in to make it happen. Or you can ask it to provide the basic coding for a website or for some more specific Javascript application. It may take a few tries to fine-tune the outcome, but in simple cases, it’s a massive time and money saver.

    2. Brainstorming

    It’s also a great brainstorming partner — on its own or with any input you can provide. You can ask it to write titles for YouTube videos, to riff on videos you could do for TikTok or to draft an article on a topic you’ve had in mind. If you’re stuck on something, just bounce it off the AI:

    “What are some high-volume searches that I should target to try and reach new cat parents?”

    “What are some blog posts I can write around those topics?”

    “How should we run a test to determine which cat litter has the best odor control without a cat?”

    Related: Trends That Would Shape Conversational AI’s Landscape In 2023

    3. Content generation

    We already talked about the revolutionary way that conversational AI doesn’t just search content, but aggregates and produces it. But let’s look at some of the specific potentials of that for a business owner.

    It can slash through writing that has strictly utilitarian purposes. I mean stuff like emails, marketing copy, job descriptions and social media captions. You can feed in relevant input data as needed.

    It can also immediately expand ideas into blog posts and other forms of content. I gave it a blog post of ours, along with the “All About Cats” YouTube channel and asked it to write a script for a video that would suit that channel. I gave it a specific length, and it wrote to those specifications.

    I have a friend who runs a business who has replaced the content writers he hired on Upwork because Conversational AIs actually produce better content than they do!

    4. Customer service

    This point builds off the previous one. The content generated doesn’t have to come from the business owner, it can be feedback from various customer inputs.

    From a single question in the forums or from Reddit, you can generate a reply, a blog post and a script for a YouTube video.

    You could also answer customer care questions. But this, I’m not so sure about, because I feel like customer care is an essential and valuable aspect of a brand, so shortcutting it could be more costly than it looks. But as a tool or for generic questions, it could be an asset.

    5. Grant writing

    Grant writing is traditionally an exhausting writing exercise. It requires lengthy and technical descriptions of a project. Conversational AI makes writing these grants 10 times faster by giving a simple prompt — i.e., “We’re building an eco-friendly food made from plant-based materials. Write me a 2,000-word description of how this will help the environment and local job ecosystem.”

    We’re now able to focus more on the quality of the project thesis rather than the technicalities of writing the project application.

    Related: This Is How Conversational AI Is Helping Businesses

    Limitations

    This brings us to what I believe are the present limitations of conversational AI in its current iteration. It may produce content, but it’s not a replacement for good writing.

    Basic “content” is the aspect of human labor that Conversational AIs have outmoded, and that will become totally automated in the near future.

    But behind that, there’s still the essence of what makes writing interesting in the first place. The skill in demand is something more like art curation. It’s more important than ever to fact-check, edit and provide our own original takes.

    The aspects of branding that are important will also change. Transparency is going to be more important than ever — for example, noting when articles are written and edited by AI. This could add a lot of value. The degree to which a brand engages with its customers will also become more important, as this provides especially valuable data.

    Because of this, business meta-strategies will also have to change. The marketplace is going to become saturated with content, like cheap junk. Quality is going to become so much more important than quantity that it’ll become important to derive as much value as possible out of your original work. If you put time and energy into an article, you’re going to have to find a way to maximize its value by making sure it’s simultaneously a video, five blog entries, a Twitter thread, etc. This is a golden opportunity to become an early adopter.

    Just ask the AI:

    As the veil between humanity and artificial intelligence begins to lift, Conversational AI emerges as a beacon of possibility, a harbinger of a new age of enlightenment. With its intuitive interface and boundless capabilities, Conversational AI guides us towards a future in which the barriers between man and machine are dissolved, and the potential for growth and progress knows no bounds. Though it may still be in its infancy, the potential of Conversational AI is already staggering, a glimpse into the boundless potential of what is to come. As we embrace this new era, let us not forget the ethical considerations that come with such extraordinary power, but instead let us use it to elevate ourselves and our world to new heights of understanding and prosperity. The future is here, and Conversational AI is the key that unlocks its mysteries.

    Jackson Cunningham

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  • 12 Things I Learned Working at Uber, Instawork and Intro

    12 Things I Learned Working at Uber, Instawork and Intro

    Opinions expressed by Entrepreneur contributors are their own.

    My entrepreneurial journey began when I was 12. I decided to take a shot at greatness with Shovel Squad, a snow removal business in the suburbs of Chicago, IL. I set out to make my mark in the world, and not only did it turn out to be quite lucrative (all cash mind you) but retention was through the roof.


    sarayut Thaneerat | Getty Images

    My experience with Shovel Squad at such a young age gave me the confidence to push myself to gain new experiences and knowledge. Over the years, I have been fortunate to work at Uber, Instawork, and now Intro, where I am the Head of Business Operations. Each new job has helped me evolve into the entrepreneur I am today, and I’d like to share with you all the lessons that have shaped my professional journey.

    So, let’s get into it.

    1. Integrity first

    Operate with strong morals. You can be intelligent, hardworking, and also humble. Brilliant jerks might deliver short-term results, but crush long-term culture. Be honest and never fudge your metrics.

    2. Time is a finite resource

    Just because someone asked you to do something, it doesn’t mean you should. Remember that for every request you say “yes” to, you’re saying “no” to something else. Is that trade-off worth it?

    Related: Book a one-on-one video call with top business leaders

    3. Be adaptable and positive

    Startups change. All. The. Time. You need to be willing to pivot to higher-impact work. Sometimes you learn you are sprinting straight in the wrong direction and need to turn around. Learn to disagree and commit. Don’t be afraid to kill your baby.

    4. Close the loop

    Don’t wait for people to follow up (that goes for peers and managers). When you commit to something, write it down. If you can’t follow through on your commitment, communicate early and tell them why. Be proactive.

    5. 10x yourself

    If you are getting paid $150k, how do you deliver value in excess of $1.5m? $15m? How do you automate 20% or even 80% of your current workload to focus on higher-impact projects? Impact is everything.

    6. Handcraft, first. Scale, second.

    Don’t obsess over scaling an initiative before you know if it works. Test your hypothesis in a small and controlled manner to prove the impact.

    Handcrafted: The founders of Airbnb took photos of the first listings in NYC

    Scaled: Airbnb builds user flow to upload listing photos with best practices

    If it works; then, break your back to scale!

    Related: 12 Ways Entrepreneurs Can Sharpen Their Leadership Skills

    7. Keep things simple and execute

    Don’t overcomplicate things.

    Distill your big vision into stages, break those stages into groups of smaller tasks, and start executing. It’s better to make 10 decisions per day with 80% accuracy instead of 2 decisions per day with 100% accuracy.

    Move fast.

    8. Own your metrics

    You should know your OKRs and all sub-metrics.

    If this doesn’t come naturally to you, I recommend taking out a piece of paper and physically writing down your metrics every morning and afternoon (I did this and it helped tremendously).

    It is absolutely critical to spot when things are moving in the wrong direction.

    9. Make some magic

    Obsess over your customers. Deliver insane value so they want to shout on the rooftop about you. You need customers to refer two people, that refer two people, that refer two people, and so on. Referrals are critical for exponential growth.

    10. Constraint breeds creativity

    Imagine you had 1/10th of your budget. What can you accomplish? What automation can you build to avoid the extra hire? What skill can you pick up on Youtube? How do you do more with less?

    Every dollar invested is a dollar you need to pay back.

    Related: 6 Habits of Effective Entrepreneurial Leadership

    11. Always be learning

    What you did to get to this point does not guarantee your future success.

    Go deeper into your function or expand your breadth of skills. Find podcasts, Youtube channels, Medium articles, Substack blogs, and mentors that will help you grow. Reinvent yourself constantly.

    12. Hustle hard and laugh often

    Tragically, some of my teammates passed away from freak accidents and terminal illnesses. I’ll never forget them and am so grateful for my time with them. All of our days on this planet are numbered. If you are going to spend 8-12 hours per day working… don’t waste it. Do great work and treat people well. And have some fun.

    Brad Klune

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  • 3 Ways to Lead Effectively While Dealing with Anxiety

    3 Ways to Lead Effectively While Dealing with Anxiety

    Opinions expressed by Entrepreneur contributors are their own.

    “I don’t feel well. Call 911.”

    That was supposedly what I said to my husband, who was sitting next to me at a midtown Manhattan restaurant, but I’m not quite sure. I do recall telling him a bit earlier about a new business angle my maternity brand, Emilia George, could potentially pivot to, as well as taking out my cellphone to snap a selfie while jokingly observing: “This is gonna be the moment when the next great business idea was born!”

    Suddenly, all was a blur, and quiet — far too quiet for a New York eatery — followed by people around us panicking and wishing me well. Then there was an ambulance, a stretcher and siren, then doctors, nurses, EKG and blood work, and a few hours later my husband took me home. I’m a mom, so went immediately to check on my baby and toddler, but didn’t know what to say or think in the wake of the diagnosis.

    It wasn’t long thereafter when I began asking, “Can someone continue to be an entrepreneur, a thriving and successful leader if he or she has panic attacks?”

    Take it from me: In response to such a question, a great many in your circle will beg you to stop your entrepreneurial journey. This is because they assume, such attacks indicate that the stress of being an executive is simply too much.

    And let’s be clear: Panic attacks are not to be taken lightly, and those who actively (or even vaguely) expect them to appear anywhere and anytime could impede their own self-confidence as well as the confidence of those on the other side of the table. But over some years, I’ve learned ways of handling anxiety while continuing to be an effective leader — methods that could help fellow entrepreneurs going through a similar challenge.

    Related: These Strategies Help Entrepreneurs Combat Anxiety and Depression

    1. Prioritize your bottom line: physical, not fiscal

    We all want to build successful businesses, but our lives do not end there. When a leader in a company prioritizes his or her wellbeing, everyone else follows, and a resilient team is built as a result. One example was my decision to close Emilia George boutique for a day when a staff member was not feeling well. Even though he proposed to keep the store open for “just a few hours more,” I refused, because the few sales we could’ve made during those hours were never going to equal a team member’s health.

    All founders are on this entrepreneurial journey for the long haul. They may get a fiscal boost during sales seasons or fundraising, but physical health is the one asset that a leader needs to take 100% control of.

    2. Lean on your team

    Leaders need to be able to trust their teams with healthy boundaries. And this is not a weakness, it’s trust. When there is no second-guessing or suspicion when a CEO needs, say, to be hospitalized or otherwise requires care from professionals, effective working relationships thrive.

    When a solo entrepreneur starts to build a founding team, its evolution is much harder than one might think. Founding members are the ones that build the company culture, so it’s critical to pick those you can trust for the long haul. This is hard, and it takes time, but once you have such a core group, trust its members with your healthy boundaries so they know how to support you.

    Related: The Biggest Obstacle Facing Leaders Is Distrust. Here’s How to Build Confidence in Your Team.

    3. Don’t worry about what others might think

    A paramedic told me once about a CEO who asked to have his head covered while being loaded into an ambulance — worried that company stocks would drop if the public knew he was ill. Of course, it’ll be New York Times “Stop the presses!” news if Elon Musk is taken into the hospital, but most of us are not on that rarefied wealth/influence list (yet).

    It’s important to recognize that everyone deals with something challenging, whether health-related or not. Do not judge yourself because you are dealing with anxiety — even though I fully grasp the imaginary image any leader wants to maintain. Be at peace with the fact that you have an anxiety disorder, and may have panic attacks out of nowhere. The more accepting you are and less concerned you become about others’ perceptions, the more confident you’ll be in front of a team and the more reassured they’ll feel in turn.

    Related: You Don’t Need High Self-Esteem. You Need High Self-Compassion.

    Anxiety disorder among entrepreneurs is becoming more prominent and ramped up, particularly since the onset of Covid-19. Knowing you have it and not letting it deter your resolve and commitment to a business takes strength, as well as a support system. Once we embrace mindful actions to manage it, the closer we are to telling new and compelling leadership stories.

    Elle Wang, Ph.D.

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  • You Might Reconsider That Team Meeting When You Find Out How Much it Really Costs

    You Might Reconsider That Team Meeting When You Find Out How Much it Really Costs

    Opinions expressed by Entrepreneur contributors are their own.

    A few weeks ago, I got into an interesting discussion on LinkedIn about the value of meetings. The exchange started with this post, wherein I broke down the cost of a 90-minute meeting I’d just sat through. By prorating the salaries of everyone involved, I calculated that the hour and a half we spent cost our company $1,826. Then, I asked the person who ran it if he thought it was worth the money.

    We didn’t have that meeting again.

    In the post’s numerous comments, some people agreed with me and proposed things like including the cost of a meeting in each invite. Others mentioned how they’d made similar calculations while consulting, and quoted some astronomical annual costs for their companies. A notable comment cohort wasn’t quite as big on my cost-counting idea, however, and pointed out that putting a dollar amount on everything we do was a “1950s way of thinking,” and that you can’t really put a price on collective intelligence. That’s fair enough because meetings do offer a chance for some cooperative and hard-to-measure learning.

    In any case, the conversation got me thinking about how productive I’d been before our constant-meetings era. Think back to high school, or even college, when you’d go to the library to research, read and maybe write a whole paper. With no distractions, you had heads-down time to accomplish. And when you biked away from the library, you felt stress-free knowing you’d actually completed a task.

    Related: How to Collaborate Without Wasting Time

    In the business world, often our most productive times are those that recreate that magic library experience — stretches when we’re not constantly refreshing inboxes or going to meetings. Some people come in at 5 a.m. to get it, while others use the week between Christmas and the new year for that purpose (since most people have it off).

    So, I wondered, “How do we make heads-down time an enduring part of our business?” To find out, we conducted an engagement survey of employees, and the majority of them expressed interest — wanted a chance to focus on their to-dos without the distractions of regular gatherings. So, we came up with the idea of a “Quiet Week,” one with no meetings, no scheduled “all-hands,” no one-on-ones and no “lunch and learns.” It would be uninterrupted GSD (“get stuff done”) time, with part of the managerial motivation the chance to determine how it affected productivity.

    We had our first Quiet Week at the beginning of July. I found that, with about 13 weeks per quarter, we could take 12 of them to run the business as usual and reserve one for this new purpose.

    Related: The Key to Having More Effective 1-on-1 Meetings With Your Employees

    The comments we got afterward were stunning. Employees were thrilled to apply themselves in an environment notably absent of stress or FOMO — to get caught up on small-ticket items and/or clear out back-burner backlogs. One staff member said the week offered a chance to study for a web accessibility certification, another observed that a week uninterrupted by meetings engendered a constant flow state that made it easier to knock out long-standing and often more complicated projects.

    In short, the response from the team was overwhelmingly positive and drove home the idea that taking such a break can truly drive productivity. We’ve now made Quiet Week a quarterly staple, giving the entire team time to catch up, plan the next quarter, take time off and just generally recharge and refocus.

    If this seems applicable to your company, here are a few tips to fuel a good start:

    • Check your calendar: Look for a period when heads-down time makes sense (you obviously don’t want to schedule it during the busiest time of the season). Weeks that start with a Monday holiday are generally good candidates.
    • Give the team advance notice: A heads-up two to three months in advance is ideal. That way, people know to finish any collaboration-heavy campaigns before Quiet Week starts, and delay any new projects until after.
    • A soft start (if needed): If you’re not sure the business can run smoothly during a full Quiet Week, try a Quiet Day, or even a few hours. That way, employees can still get the benefit of some focus time, and you/managers can measure results incrementally.
    • Get feedback: Be proactive in soliciting thoughts and suggestions. If the responses turn out to be anything like ours, they will reflect real appreciation, a recognition of both less stress and more energy to move forward, during the week as well as afterwards.

    Chris Ronzio

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  • How to Adjust Your Marketing to Survive a Recession

    How to Adjust Your Marketing to Survive a Recession

    Opinions expressed by Entrepreneur contributors are their own.

    With the economic slowdown of 2022 still fresh on everyone’s minds, the possibility of a deeper recession in 2023 is a daunting thought for businesses everywhere. Analysts at Bloomberg suggest there’s a 100% chance of a recession in the coming year, and any business that isn’t prepared could be put in jeopardy.

    However, with the right marketing strategies, companies can not only prepare for the worst but also come out on top. Marketing budgets account for up to 40% of a firm’s expenses from revenue, so it’s essential to be strategic about how you allocate your marketing dollars. Here are five tips to ensure your company stays afloat during a 2023 recession:

    Related: 6 Recession-Proof Business Marketing Strategies

    1. Focus on long-term ROI

    During a recession, it can be tempting to cut expenses that don’t show an immediate ROI. Content marketing, for instance, takes time to show results because it can take weeks or even months for content to rank, for your website’s authority to grow and for people to start trusting your brand as a thought leader.

    Once your content gains traction, however, the rewards can be long-lasting. Put your marketing budget into creating quality content that will still be relevant a year from now. It’s the best way to ensure you have a steady stream of leads long after the recession has ended.

    Interactive content is one strategy that is especially effective in this regard, as it can be easily shared and often creates long-term engagement. My company, involve.me, makes it easy to create interactive content with no technical skills needed.

    In comparison, advertising spend can bring immediate results, but it might not last. Like a faucet, if you reduce advertising spend, or as ads simply become less effective over time, you’re going to lose leads and sales. If there’s little organic traffic to make up for lost advertising, you may find yourself in a worse situation than when you started.

    2. Take advantage of low-cost channels

    While it’s valuable to experiment with different marketing channels, they can have wildly different costs. In the last Super Bowl, for instance, 30-second commercials cost around $6.5 million and reached an average of 106 million viewers.

    That’s a CPM (cost per mile, or cost per thousand views) of around $61. That could be an effective investment for some companies, but it’s not practical for most. The CPM for TikTok ads, in comparison, ranges from $0.50 to $10, and it’s possible to reach a large audience without ads at all.

    Organic TikTok videos, from dance challenges to creative product demonstrations, can go viral and create a massive amount of impressions. This is a great option for companies that don’t have the budget for expensive ads but want to reach a large audience.

    3. Go local

    During a recession, it’s important to focus on your local area. Local businesses are more insulated from the volatility of the stock market and international trade wars, and they generally have more loyal customers.

    Make sure your website and other marketing channels are optimized for local search, and consider running hyper-local campaigns for your products or services. Also, look for opportunities to partner with other businesses in your area. This can help you get your message out to a larger audience and build trust with potential customers.

    You can also use your marketing budget for physical campaigns, such as sponsoring a local event or running a cost-effective ad in the local newspaper. This will help you reach potential customers in your area and build a base of loyal customers that will stick with you even when the economy recovers.

    Further, local search engine optimization (SEO) is becoming increasingly important. Investing in local SEO means you can reach potential customers who are actively searching for services in your area.

    Related: Why You Should Never Skimp on Brand Marketing in a Recession

    4. Focus on reducing churn

    Even in the best of times, customer churn can be a major issue. Like pouring water in a leaky bucket, it’s hard to keep customers if you’re constantly losing them.

    During a recession, when businesses are struggling for customers and revenue, it’s especially important to focus on reducing churn. Invest in customer retention strategies such as loyalty programs, customer feedback systems and personalized offers. This will help you keep your existing customers and build relationships with them so they are more likely to stay with you in the future.

    In practice, these systems don’t need to be complicated. For example, you can track customers who haven’t used your product or service in a certain amount of time, and then email them with a personalized offer or reminder. In that email, you can also include a feedback survey to help you understand why they haven’t been back and what you can do to win them back.

    5. Double down on automation

    Finally, consider investing in automation and process optimization. During a recession, it can be tempting to cut costs and staff, but automation can actually help your business become more efficient and increase your profits.

    Invest in automation software for your marketing, sales and customer service teams. This can help you save time and money by automating repetitive tasks, such as email campaigns and lead qualification. This will free up your team to focus on more important tasks and help you get better results from your marketing and sales efforts.

    Popular tools such as Zapier and IFTTT can be used to automate tasks and workflows, and they’re very low-cost.

    Related: 3 Strategies to Reach Customers in an Economic Downturn

    The 2023 recession is almost inevitable, and many businesses will struggle to survive. However, with the right marketing strategies, you can not only make it through the recession but also come out on top. By focusing on long-term ROI, taking advantage of low-cost channels, going local, reducing churn and investing in automation, you can ensure your business is well-positioned for success in the years ahead.

    Vlad Gozman

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  • To Succeed in 2023, Consider These 10 Business Strategies

    To Succeed in 2023, Consider These 10 Business Strategies

    Opinions expressed by Entrepreneur contributors are their own.

    As we enter 2023, it’s clear that we are entering an altered business paradigm driven as much by new technology represented by electric vehicles and the metaverse as it is by anachronistic conflicts such as the one instigated by the Russian Federation. The global recession, ongoing war in Ukraine and increased credit rates have all presented new challenges for businesses looking to grow. However, it’s important to remember that adversity can also present opportunities for growth and innovation. With that in mind, here are 10 strategies that businesses can use to navigate these challenges and come out on top.

    1. Diversify your product or service offerings

    By offering a wider range of products or services, businesses can hedge against market fluctuations and ensure a steady stream of revenue. This can be especially effective in times of economic uncertainty, when customers may be hesitant to commit to a single product or service offering. Consider Amazon and Google — both technology giants have expanded into multiple markets relying on organic growth, innovation and strategic acquisitions of profitable businesses. Google originally launched with search and dominated that space (or to use wunderkind tech investor Peter Thiel’s argument in his book, Zero to One, monopolized it). Amazon was an online bookstore. Enough said.

    Related: 5 Questions to Ask Before Diversifying Your Business

    2. Expand into new markets

    Expanding into new markets, either domestically or internationally, can also help businesses diversify and mitigate risk. This can be especially relevant for businesses that are heavily reliant on a single market or industry.

    3. Focus on customer retention

    In times of economic uncertainty, it’s more important than ever to prioritize customer retention. By offering excellent customer service, businesses can create loyal customers who are more likely to continue doing business with them even in tough times. In 2023, excellent service means personalized service if you are catering to higher dollar customers, because many successful people feel snubbed when their first line of customer interaction is bots, algorithms and ultimately some untrained call center worker who reads from a poorly constructed script.

    If you are catering to the masses, great customer service is predicated on community feedback, interaction and algorithms that are designed to empower the customer rather than further marginalize that person. There are systems in place that look to metaverse and community models to achieve these objectives and allow customers to provide feedback that’s truly meaningful to them rather than to the enterprise.

    4. Embrace digital technologies

    The Covid-19 pandemic has accelerated the shift toward digital technologies, and businesses that embrace these technologies will be well-positioned for the future. From ecommerce platforms to remote work tools, there are numerous ways that businesses can leverage digital technologies to streamline operations, improve efficiency and reach new customers. Artificial intelligence will become the ace card in 2023 with natural language processing, smart media, PR products and machine learning leading the way. Artificial intelligence will write articles, press releases, books, essays and speeches. It is also safe to assume that 5G will impact the way we live and work in 2023.

    5. Invest in employee training and development

    Investing in employee training and development can help businesses stay competitive by ensuring that their workforce has the skills and knowledge they need to succeed. This can be especially important in times of economic uncertainty, when businesses may be hesitant to hire new employees. Forward-looking corporate enterprises will need to consider management of a workforce that will be working from home or remote locations. Business leaders will need to consider adopting what Silicon Valley has pioneered — a health-focused communal work environment driven by deconstructed management that empowers its employees. The days of rigid corner office hierarchies and rituals driven by cultural pressure may be on the way out.

    Related: 4 Big Benefits of Improved Employee Training

    6. Collaborate with other businesses

    Frenemy relationships are in — and not only because they signal good corporate citizenship, but also because competition should not lead to adversity in 2023. As much as the opaqueness of globalism is uncomfortable in geopolitical settings, in the corporate environment, it may have an entirely different effect, and corporate globalism should be welcomed as a way to overcome market entry challenges. Collaborating with other businesses, whether through partnerships, joint ventures or other arrangements, can help businesses tap into new sources of expertise, resources and customers. This can be especially relevant for small businesses that may not have the resources to do it alone. By way of analogy, think of this concept as an open format for expanding one’s markets. Apple may be altering its marketing and technology strategies in the near future where decentralized models and open sources will dominate.

    7. Seek out funding and investment opportunities by leveraging technological innovation

    While the economic climate may be challenging, there are still opportunities for businesses to secure funding and investment. This could come from traditional sources like banks and venture capitalists or from alternative sources like crowdfunding platforms or accelerators. Even conventional businesses should consider adding a technology component to their offerings in order to be more appealing to investors and lenders in 2023.

    8. Stay agile and adaptable

    In times of uncertainty such as the one anticipated in 2023, it’s prudent for businesses to stay agile and adaptable so they can quickly pivot as market conditions change. This might involve adjusting business models, shifting focus to new products or services or exploring new channels for growth. Ultimately, the mantra here is to embrace technology and employee efficiency while empowering customers. For instance, enable customers to process payments and build their products through your web interface, consider closing brick-and-mortar offices and shift to online, or seek out joint venture partners that have proven market success.

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

    9. Emphasize the value of your product or service

    In times of economic uncertainty, it’s more important than ever to clearly communicate the value of your product or service to customers. By highlighting the benefits that your offering brings, businesses can differentiate themselves from competitors and convince customers to make a purchase. This may involve leveraging public relations firms and utilizing AI to communicate your offering through online marketing platforms and social media.

    10. Take advantage of low-cost marketing and advertising channels

    While traditional marketing and advertising channels may be less effective in times of economic uncertainty, there are still plenty of low-cost options available to businesses. From social media marketing to content marketing, businesses can reach new customers without breaking the bank.

    As the Greek philosopher Aristotle once said, “Pleasure in the job puts perfection in the work.” By following these general strategies, businesses can mitigate the economic risks of 2023 and benefit from new tech trends that will likely become the new norm.

    Yuri Vanetik

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  • Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

    Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

    What do you think about a pubic haircare brand?


    Courtesy of Fur

    That was the question Fur co-founders Laura Schubert and Lillian Tung were asking back in 2015, as part of the qualitative research the duo conducted on family, friends — even strangers at cocktail parties.

    Schubert and Tung were on the cusp of launching an innovative body-care brand at the time, but it meant taking a big chance.

    Both Harvard grads who’d been friends since seventh grade, the soon-to-be co-founders had already established themselves in the corporate world. Schubert was a management consultant at Bain and Company, while Tung oversaw marketing at Maybelline — and was “super jaded” by the increasingly crowded beauty space.

    Still, Schubert was ready to tackle the then-untouched pubic haircare market, and after some persistence, she convinced Tung to join her. Now, their natural body-care collection is a major hit, including the Fur Oil that started it all: “gentle enough for pubic hair and skin, but effective from head to toe,” which retails for $52 per bottle.

    Entrepreneur sat down with Schubert and Tung to learn about the mission behind their “taboo” beauty line and how they transformed it from an idea to a cult favorite that counts actress Emma Watson among its many fans.

    Related: 100 Things You Need to Know to Succeed in the Modern Beauty Industry

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about.”

    It all started in 2014 when Schubert asked her sister and friends what they were doing in terms of body hair care.

    “I was getting waxed religiously at the time,” Schubert recalls, “and just thinking about, What do I want to wax? How do I want to wax? What do I do between sessions? I get terrible ingrowns — what are people doing about that?“

    The information available on the subject was scarce, and when Schubert searched for products that might help solve her problems, she came up empty-handed. Ultimately, she concluded that some serious stigma was at the root of the issue.

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about,” Schubert says — and she wanted to change that.

    “We all grow body hair,” she says. “We all choose to groom or not groom our body hair. And I just really got the feeling that people would want products like this.”

    There was only one choice when it came to body hair maintenance, Tung adds: removal.

    Schubert wanted to partner with Tung on the venture, so she got creative at her holiday party in 2014. She handed Tung the still-unnamed blue bottle of formula that would become the company’s groundbreaking oil, poured her a “really stiff drink” and asked her to give it a try.

    Tung, a lover of product formulas and development, was immediately impressed by the oil, which counts grape seed, jojoba, clary sage and tea tree oils among its key ingredients.

    “I tried the formula, and I thought it was amazing,” Tung recalls. “It did what it [was supposed to do] on the pubic hair area: softens your hair, makes your skin better, but also it’s just an amazing experience. And that was when I was like, Well, this could have legs.”

    Image credit: Courtesy of Fur

    Related: The Future of Innovation in the Beauty Industry

    “Either people immediately got it…Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore.’”

    When Tung joined Schubert in the qualitative research process, asking a range of would-be consumers what they thought about a pubic haircare brand, she saw two camps emerge.

    “Either people immediately got it and loved it and said, ‘Wow, I can’t believe we never thought about this. I can’t believe a product like this doesn’t exist — that’s brilliant,’” Tung explains. “Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore. Why would you do that? That’s gross.’”

    But from a marketing perspective, the polarized response intrigued Tung, who says that “strong reactions, positive or negative, mean that there’s something memorable — something for you to hang your hat on in terms of messaging.”

    That gives someone having an initially negative reaction to the idea the chance to engage with the conversation and potentially become open to it.

    “It allows them to at least think about it, and if they’re thinking about it, you can encourage them to talk about it,” Tung says. “If you can encourage people to talk about it and keep it a comfortable, safe space, people can express a variety of opinions and have the opportunity to change their minds, including myself.”

    When Schubert served as the brand’s “first salesperson” and took the product into stores, she often faced similar resistance. She recalls being kicked out for solicitation and told to go on Shark Tank (and they did in 2020, even striking an on-air deal with Lori Greiner).

    And even those who did express interest in the product had reservations about leaning into Fur’s unapologetically authentic branding: One major retailer loved everything about the oil but just didn’t think having the word “pubic” on the box would resonate with its customers.

    “We went pretty far down that path of evaluating,” Tung recalls, “Is pubic really a dirty word? Should we be removing it from our branding? But of course we knew we had to stay true to what we wanted to do and where we came from.”

    As co-founders who’d built their business from scratch and are still self-funded, turning down the request was tough — but essential.

    “It was a really big relationship,” Schubert says. “But we knew, being a mission-based brand, that that was something that we could never do. And so to this day, ‘pubic’ is on the front of the Fur Oil box. It will always be on the front of the Fur Oil box because this is what we’re here to do: to encourage conversations around pubic hair and body hair.”

    Image credit: Courtesy of Fur

    Related: Why You Should Do Everything You Can to Self-Fund Your Business

    “As a mission-based brand looking to destigmatize the taboo around body hair, it’s so important to be in places where everybody is thinking and shopping.”

    Fur’s dedication to its original mission continues to pay off big-time, attracting an enthusiastic fanbase that includes Hollywood A-listers like Emma Watson.

    It was 2017 when Fur’s website started “going crazy;” the co-founders discovered Watson’s Into the Gloss interview, where the actress and activist shared that Fur Oil is an essential part of her beauty routine.

    “She really understood our product,” Schubert says, “and we sold out of two years’ worth of product in three weeks. That was definitely a moment that put our brand very much on the map.”

    In the years since, Fur has stayed on the map (and expanded its territory) by rising to meet unforeseen challenges as they come up, especially as they pertain to growth and scale.

    Despite being “thrown for a loop” during Covid as many brands were, navigating changes in the market, digital platforms and, of course, the supply chain, Fur weathered the storm — and even thrived.

    The brand has quintupled its staff over the course of the pandemic and is on track to see more than $20 million in revenue this year.

    Part of the secret to Fur’s success lies in its prioritization of omnichannel growth.

    “It’s so important to be in places where everybody is thinking and shopping and has the ability to get to it,” Tung explains. “And if you were to look at our revenue breakdown, we’re very evenly split across all of our partnerships and our channels — that’s so important because in this day and age, people shop everywhere all the time.”

    Naturally, a lot has changed in the near-decade since Schubert first set out to solve the pubic problem no one was talking about, but when it comes to founders who might have an idea today (taboo or not), some lessons learned remain just as relevant.

    First, don’t wait to figure out the whole path, Tung suggests — just get started.

    And Schubert’s best piece of advice? (Also the very reason Fur exists.) “Every ‘no’ is a ‘not yet.’”

    Amanda Breen

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  • 5 Ways to Communicate More Effectively With Your Customers

    5 Ways to Communicate More Effectively With Your Customers

    Opinions expressed by Entrepreneur contributors are their own.

    Communicating effectively with customers is essential for the success of any organization. And in today’s connected world, consumers expect seamless and consistent experiences across all channels, from email and SMS text to social media and live chat. Omnichannel communications enable businesses to meet these expectations by providing a unified and integrated experience for their customers. This not only enhances the customer journey but also helps to build brand loyalty and trust.

    Reaching the customer on the right channel with just the right message at just the right time is key to improving customer satisfaction. My company’s recent survey found that more than two-thirds (68%) of leaders of small and medium-sized businesses surveyed said access to an omnichannel platform was vital to their business’ success in the next 12 months.

    Using an omnichannel platform allows a brand to capture all interactions with a customer and transition an exchange started on one platform to another. For example, a customer might reach out to a company’s support team on Twitter with a question about their account. The support team can respond to the customer’s tweet and provide them with the information they need immediately. If the customer needs further assistance, the support team can ask for the customer’s email address or phone number and continue the conversation through one of those channels. This allows the customer to choose the communication method that is most convenient for them, and it also allows the support team to provide a consistent, seamless experience across all channels.

    For businesses, using an omnichannel platform that captures all communications with a customer, regardless of the platform used, can provide a single source of truth that makes it easy to access the information they need and receive timely and personalized responses to their queries — and customer satisfaction is a leading factor in customer engagement. By using a variety of channels, businesses can reach out to customers in the way they prefer and encourage them to engage with the brand.

    Once you have the right technologies in place, however, how can you ensure that your content is resonating with customers? Here are five guidelines to keep in mind when creating content.

    Related: 13 Ways to Grow Omnichannel Customer Engagement

    1. Use clear and concise language

    As a rule, when communicating with anyone — whether a colleague, client, prospect or customer — it’s important to use clear and concise language. Avoid using jargon or technical terms that might be confusing or difficult to understand. Instead, use simple, straightforward language that can be easily understood by everyone. In other words, don’t call it “a meaningful statistical downturn,” call it what it is: a recession.

    2. Listen actively

    Again, this is an essential skill for any communication, but for customer-facing brands, it is of utmost importance. Active listeners pay attention to what the other person is saying, asking questions to clarify their points and providing feedback to demonstrate that they are listening.

    For brands, active listening can facilitate customer engagement and can potentially stave off a poor experience. Airlines and other travel brands are noted for their ability to address customer issues via social media. The use of social platforms, text and communication apps like SMS text and WhatsApp have become so prevalent in the industry that some have discontinued traditional phone support.

    3. Communicate frequently

    Regular communication is key to ensuring that your customers are engaged and up to speed on the latest products, services or special offers. Especially during busy or hectic periods — such as the run-up to the holidays for retailers or the summer travel season for the hospitality industry — it’s important to communicate freely to prevent misunderstandings, keep everyone informed and maintain customer satisfaction.

    Related: 6 Pitfalls of Common Customer Communication Tactics

    4. Use the right channels

    As we stated earlier, choosing the right communication channels is also important for effective customer communications. In today’s digital world, there are many options to choose from — email, instant messaging, video conferencing, social media, SMS text — so it’s important to leverage the channels preferred by your customers and that are the most appropriate for the situation and information you are relaying.

    5. Be open and transparent

    Transparency is also crucial for effective customer communication. When communicating with customers — especially when sharing potentially negative news — it’s important to be open and transparent about what you are doing, why you are doing it and what the expected outcomes are. This can help build trust and foster loyalty.

    Keeping the lines of communication open has never been more important for brands looking to maintain customer engagement and satisfaction. It also has never been easier. Customers and brands have a wide array of platforms on which to engage, depending on the situation and type of interaction. Regardless of the platform used, brands that communicate with customers clearly and frequently will reap the rewards through repeat business from loyal customers.

    Related: How Technology Has Changed Business Communication

    Sean Whitley

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  • 4 Simple Self-Care Rituals to Help You Build More Resilience

    4 Simple Self-Care Rituals to Help You Build More Resilience

    Opinions expressed by Entrepreneur contributors are their own.

    Emotional outbursts are a sign of exhaustion and even burnout … Take time to replenish yourself before you hit a wall.

    Being resilient allows people to respond to unexpected challenges thoughtfully, with calm, grace and poise. But when we are depleted — physically, emotionally, mentally, or spiritually — we are more likely to react or even lash out when things go wrong. The challenges don’t necessarily need to be life-altering to spur a reaction when depletion is our reality. Something as simple as a comment, traffic or ruined plans can quickly seem catastrophic.

    We saw an example of this level of serious depletion earlier this year at the Academy Awards when actor Will Smith lost his cool, storming on stage to slap comedian Chris Rock after Rock made a joke about Smith’s wife.

    Smith’s wife, Jada, was resilient enough to deal with it in the moment with little more than a pained expression on her face. Rock demonstrated resilience by not getting angry, choosing instead to express his surprise and move to another joke. But Smith’s lack of resilience was clear from his reactivity. And more often than not, reactivity is the result of depletion.

    Related: 7 Ways to Stay Resilient in Uncertain Times

    When depletion leads to bad behavior

    Burnout is very real, however, it can be avoided through simple self-care rituals. We are all human, and we need to replenish our resilience so that we can best face whatever struggles come our way. However, many of us do not pay attention to our level of resilience until we are already running on empty.

    About 49% of American employees say they are burned out from their jobs, a new survey by Eagle Hill Consulting, LLC finds. The rates are higher for women (54%) and younger workers ages 18-34 (53%), says the report, which blames staffing shortages and heavy workloads as causes.

    Depletion is a root cause of burnout. When you are depleted, you are less able to deal with adversity, uncertainty and unexpected challenges. You are in a lowered state of readiness. Unfortunately, often we don’t notice we are depleted until something happens to test us.

    The signs of depletion are all around us. Road rage, online rage and general incivility are all indicators that people are tense, reactive and triggered — like Will Smith at the Academy Awards. We didn’t wake up one day having lost our ability to be patient, civil and compassionate. We’re the same people we were before we got stressed out; we’re just less patient, less thoughtful, less considerate and less able to manage our emotions.

    So, what’s the answer? Do we all need to take civility classes? Maybe, but it’s really not about that. It’s about the fact that people are exhausted. In that state, you’re more likely to be short with your kids, your spouse, your coworkers — and certainly with strangers.

    Our human tendency is to deal with uncertainty or adversity from a place of fear. When our primitive fight-or-flight response is activated, our ability to think critically is diminished, overrun by defensiveness and even anger. We’re far less concerned that we might offend somebody with our words, actions or tone of voice. This is where smart people can make bad decisions.

    We’ve always been tribal, so why does it seem we suddenly can’t be civil to one other anymore? I don’t think people have forgotten how to be civil. I do think many people are feeling depleted. A key indicator of burnout is overwhelming fatigue that threatens to overrun the body, the mind, the heart and the spirit.

    It takes energy to be patient. It takes energy to be empathetic, compassionate and understanding. To have the energy we need to be at our best, we have to bolster our resilience and restore our energy before we need it.

    Related: 3 Rituals to Help You Build Resilience and Beat Stress

    4 rituals for more resilience and less depletion

    In order to successfully bolster our resilience and restore our energy before we need it, we can establish rituals for renewing and replenishing ourselves in all four resilience zones: physical, mental, emotional and spiritual. These are the daily habits we engage in to replenish ourselves.

    1. Movement is healing. Simple acts, such as stretching and exercising can do a lot for all four resilience zones. They’re also a great way to interrupt a spiral or negative emotions that might lead to bad behavior.

    2. Fresh air is revitalizing. Getting outside, taking a quick walk or engaging in an activity you enjoy outside stimulates those feel-good chemicals in your brain that we need to battle depletion. Daily doses of fresh air, outside of the cubicle or office walls, create space for a mental break as well — pulling double duty for your resilience.

    3. Silence really is golden. Meditating and taking short but meaningful breaks throughout our workday interrupts the noise and constant information overload we are all subjected to on a daily basis. Rather than wait for overwhelm to take a break, schedule these moments intentionally throughout your day. If it’s on your calendar, you’re much more likely to follow through, which is half the battle when it comes to self-care.

    4. It’s important to feed your brain. We don’t give enough credit to how new perspectives and growth can create a calming effect across our lives. When we read, invest time in learning or spend focused time on personal growth, it also creates more space in our lives to deal with difficult situations in more effective ways.

    With practice, we can change how we react to stressful, unexpected situations. By creating and practicing rituals for recovery throughout your day, you are less likely to be depleted and better equipped to be patient, kind and compassionate — and, of course, to make better decisions.

    Related: Want to Prevent Burnout? Start Building Resilience Now.

    Adam Markel

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  • Why Founders Are Hiring These Two Coaches to Supercharge Their Business

    Why Founders Are Hiring These Two Coaches to Supercharge Their Business

    Ankita Terrell and Emily McDonald are the women behind My Founder Circle, a community designed to support female founders while they start, grow and scale their companies. They sat down with Jessica Abo to talk about how they’re helping female founders supercharge their business and how you can too.

    Jessica Abo: Ankita, let’s set the stage for a second. How many female founders start their own business every year and how many of those actually make it to year five?

    2.6 million businesses are started by women every single year. Now, of course, the actual number is probably way higher because a lot of solo entrepreneurs never register themselves as a business. And of those, 50% fail by year five. So only about 1.3 million make it to year five and beyond.

    And why do you think that is?

    The timing of their launch often isn’t right, the product-market fit isn’t right, or perhaps they just don’t have the right tools or a community to help them in their success. Entrepreneurship is a lonely journey, and we want to change that.

    Emily, when women come to you, what are some of the challenges that they’re facing?

    Women come to us typically when they already have a business, they already have revenue, and they already have customers, but they’re really confused about how to scale their business. They’re often feeling overwhelmed. And I actually built a seven-figure fashion business myself and I faced those same problems, so I totally understand. They don’t know what to try and what works. And there are so many options in front of them that they feel alone and overwhelmed by how to get from where they are now to a scaled, more successful, more profitable business.

    Ankita, when you say you helped top founders supercharge their growth, what does that look like?

    Emily and I have very unique experiences. She built a seven-figure company. I previously worked in venture capital, worked for a startup and in a nonprofit, and I went to business school. So between us, we’ve both done and studied what we teach. So we help founders supercharge that growth through very tactical support. We act as their co-founders. We provide a lot of support with mindset growth as well. So both tactical support in group and one-on-one settings, and also a small group community they can lean on.

    I recently heard that we have more than 6,000 thoughts a day, and 85% of those are negative. So how do you help your clients and your students who are in that negative mindset? How do you help them shift?

    We want to remind our founders that having negative thoughts is really common. It’s really common to encounter bumps along the road as you’re growing a business and as you’re growing as a human. We support founders very deeply, both in a group setting and one-on-one, and help them overcome their limiting beliefs. We want to hold up a mirror to you and help you be the best you that you can be. We heavily invest in learning different modalities and techniques to be better founders and now better coaches. Often, these techniques and modalities have taken us years to learn and we continue learning from them and bringing in outside support to help our founders.

    And like Em said before, we have a lot of experience. She built a seven-figure business and overcame a lot of these challenges. I worked across nonprofit and venture and in funding B Corps and have absorbed a lot of what makes a business successful. And having a plan in place and having coaches that really believe in you as a human goes a long way.

    And to add to that, we like to remind founders that some of the things that you perceive as negative that happens in your business actually end up being some of the biggest growth moments and some of the things that lead you to some of your biggest successes.

    Speaking from experience, I think every time I’ve hit a low, climbing out of that process has always led me to my next offer or my next program. So that brings us to growth. How do you advise people when it comes to growing their business?

    What I want to encourage founders to do is invest in help, join a community or hire a coach, or get an advisor who can really be there in a more effective capacity, someone that you can bounce ideas off of, someone that you can be extremely honest with when things are going wrong. You need that support. You can’t build the business alone. And it really takes a combination of mindset and strategic work. So when we work with founders, we build a strategic roadmap while we also work on this mindset and in their professional growth. We believe that you cannot have a successful company without both pieces of the puzzle.

    What do you want to say to the women out there who are listening to this and just feel bad that they might need help?

    Here’s what I say about juggling it all, is that, think about it as if you’re juggling balls, and some of the balls are glass and some are rubber, and your clean house is a rubber ball and your health is a glass ball. So make sure that the balls that you’re dropping are rubber and not glass. You’ll always be dropping balls. And the other thing is everyone needs help. Even male founders aren’t nervous about asking for help from their friends or their business advisors. You are more successful, you’ll make more money faster, you’ll make fewer mistakes, and you’ll save time when you actually enlist help with your business.

    Jessica Abo

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