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Tag: Leadership

  • CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

    CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

    Takeaways:

    Rethinking How We Get Food – A traditional restaurant is one brand under one roof. With a commissary kitchen you can have multiple brands under one roof. But with CookUnity it’s different. Their “roof” is an app that connects chef with consumer. Technology is helping food get around easier, which is a win for cooks and eaters alike.

    Helping Chefs Scale – While the average chef might feed hundreds a day, CookUnity helps them reach thousands with a scalable model that includes kitchen space, ingredients, and essential services for running a food business. This model has helped their chefs make lots more money than they would just cooking at one restaurant.

    Customers Want Variety – In the food industry the customer wants choice. Mateo Marietti points out that even the biggest burger brands don’t reach a majority of customers because the market demands options. CookUnity helps provide eaters with a bevy of choices by partnering with dozens of chefs from around the United States.

    ***

    CookUnity CEO Mateo Marietti is on a mission to reconnect farmer to chef to eater.

    Mateo Marietti co-founded the CookUnity meal subscription service with a belief in the power of great food. And great food comes from great chefs.

    But far too often it’s hard for cooks — even the best — to expand outside the walls of their restaurants.

    That’s where CookUnity comes in to help.

    “We want thousands of people per day to enjoy your recipes, not just hundreds,” said Mateo Marietti to Restaurant Influencers host Shawn Walchef of CaliBBQ Media.

    CookUnity is an innovative “chef collective” that sells personalized meal subscription plans with an emphasis on quality, health, and sustainability. It connects top chefs from top restaurants directly with thousands of diners all over the United States.

    The New York-based company provides kitchen space, ingredients, and other vital services for their large line-up of chefs. Then the meal magic can be scaled much easier.

    “The problem that we are trying to solve primarily is the access problem. So if you’re a successful restaurateur or chef, your impact is not that big. Your reach is not that big, even the successful ones.”

    Being a chef with CookUnity means being able to tap into a pre-existing customer base, scalability potential, and far less headaches than it takes to operate a restaurant location.

    “We have two chefs doing more than $2 million a year in income, while more than 20 percent of our chefs are making more than a million,” the company co-founder said.

    CookUnity meals have included such specialities like Miso Roasted Brisket by Maiko Kyogoku, Parmigiana Chicken by Pat LaFrieda, and Asiago-stuffed Gnocchi by previous Restaurant Influencers Guest Fabio Viviani.

    Mateo Marietti has been connected with food his whole life. He was born on a farm in Argentina and has worked in the business for a long time at the intersection of food, logistics, and technology. Mateo estimates that the brands he has built have delivered more than 25 million meals combined.

    The Pandemic of 2020 took CookUnity to another level due to an increase in people wanting to eat at home.

    “It was an inflection point. And we continue growing steadily since then,” he said.

    Even though CookUnity is operating in an emerging space in the food industry, Mateo knows in a few years people will get used to the idea of ordering their meals online directly from amazing chefs. After all, there was a time when it was still new to rent a stranger’s house through a website, or get a ride from a stranger with a cell phone app.

    “I will argue that customers are always looking for new things and not necessarily satisfied,” said Mateo Marietti. “Even the biggest brands, companies become a tiny fraction (of the market). And to me, that is a sign that consumers always want to try new things.”

    ***

    ABOUT RESTAURANT INFLUENCERS:

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    Toast — Powering Successful Restaurants. Learn more about Toast.

    Shawn P. Walchef

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  • How Leaders Can Embrace Change and Keep Thriving Through It

    How Leaders Can Embrace Change and Keep Thriving Through It

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re anything like me, when you reflect on the past year, you find yourself reeling from what feels like a punch to the gut. At the start of 2022, businesses were grasping for new hires amid a nationwide employee shortage and trying to decide upon a flexible work plan that was right for them. With 2023 now underway, many organizations are steadying their sails for what increasingly looks like an imminent downturn by tightening budgets and issuing hiring freezes.

    Navigating change will be the anchor for leadership in 2023. As a business leader, you already recognize that change happens constantly. Economies fluctuate between recessions and expansions, share prices increase and decrease, innovative technologies and industries disrupt businesses, and so on.

    The typical response to change can vary greatly depending on the person and the current environment. Some want to jump to immediate action, while others take a wait-and-see approach. It’s only natural that we as humans — and as leaders — get comfortable in our present state and find a rhythm for success, only to then get thrown off by change.

    But what if instead of simply reacting to disruptions, we turned them into opportunities for innovation and growth? Here are some key strategies I’ve found useful to successfully navigate change — and even embrace it — as 2023 kicks into high gear.

    Related: 7 Ways to Stay Resilient in Uncertain Times

    1. Reframe change as untapped potential

    Seasoned leaders know that handling change is always going to be part of the job. The key is for leaders to see that change can be a good thing, and to reframe change as an untapped opportunity for employees.

    A few years ago, we made the proactive decision to upend our business model and undertake a massive digital transformation. Things were not going poorly for us — we were doing better as an organization than we had in a long time. But our CEO at the time believed there was a better way to serve our customers: by transitioning to a digital-first subscription model. And if that proved to be true, it was going to be much better for our clients and our organization.

    I was tasked with testing the model with a subset of salespeople and clients, where results quickly proved the idea viable. But it was not an easy decision as a public company to transform our business. We needed to address everything — what we sold, the way we sold, the way we engaged clients, the financial model of the company, how we recognized revenue, how we accounted for our sales, how we went to market and more. In one way or another, every touchpoint of our business had to change.

    Throughout that process, we knew that if we couldn’t capture the hearts of our people, this change would fail and the benefits we envisioned wouldn’t be realized. As leaders, our job was to help everyone in the organization understand that, while we didn’t have answers to every question, ultimately this move was right for them and our customers.

    We often believe that leadership is about having the “big idea.” But the idea is only the starting line. Leaders need the willingness to confront reality, adjust, get input, adjust again and bring people along. That’s the real work of leadership.

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

    2. Create a plan for better change management

    When it comes to change management, I have seen organizations of all sizes on every part of the spectrum. Some business leaders have done an incredible job of developing change management plans that are agile and of which their entire workforce is on board, while many others have not.

    Having a change management plan is both a failsafe for organizations and a safety net for employees. It’s a clear signal to employees that you as a leader know change is coming and can be trusted to lead the organization through what’s to come. Creating a great change management plan includes forecasting what changes you expect — and what you as an organization and your individual departments specifically will do to come out ahead.

    3. Communicate your plan and lead out by example

    Start by getting in touch with your own personal reactions to change. As you do so, your empathy with your team increases. Harness that empathy; it’s key to helping your team persist when the going gets tough.

    Empathy plays a major role in communicating effectively with your team. Successful leaders directly engage their people in change. A change management plan is nothing except words on paper if you as a leader don’t communicate it and get buy-in from your people.

    No matter the size of your organization, one of the best ways to communicate your change management plan is to get employee feedback early on in the process. Be a sounding board and listen as they voice their concerns over the anticipated change. It’s essential to meet people where they’re at to successfully gain their support for a change management plan. Try not to focus too much on the process — humans make up your teams, so be human in your approach.

    Related: Want to Make Your Workplace More Human? Here Are 4 Foolproof Ways.

    4. Encourage leadership at every level

    Once you’ve received buy-in and communicated with your employees, trust your leaders to take the helm and begin implementing the plan within their individual departments and teams. With each small win, your leaders will find the courage and motivation to continue moving forward with your change management plan. They will know they can turn to you as a resource for voicing concerns or providing direction, but they will also know that you trust them to make important decisions and carry the initiative forward.

    Over the past decade, we’ve worked with hundreds of organizations to equip them with the skills not only to develop change management plans, but also to create change-ready cultures where people move from fearing and disliking change to embracing and thriving through change.

    As we look to the months ahead, don’t be afraid of what’s to come. You’ve navigated uncharted territory before and you’ll do it again. Use these insights and work with your employees to create a change management plan that is right for your organization and you will steadily sail — even through the storms — and come out ahead on the other side.

    Paul Walker

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  • 8 Reasons You Should Give Your Employees More Control

    8 Reasons You Should Give Your Employees More Control

    Opinions expressed by Entrepreneur contributors are their own.

    If you are an employer, you might think giving employees clear direction is the best way to get things done and keep your business moving forward. And while it is true that everyone needs some structure and guidance, constantly telling your employees what they should be doing can be incredibly damaging to your organization. Your employees want you to trust them. If they feel like you tell them what to do instead of trusting them with their decisions, they may not be happy with their jobs.

    Here are the reasons you should stop telling your employees what to do and give them more control:

    Related: 4 Ways to Give Employees More of the Control They Want

    1. Employees hate micromanagement

    You might think this is a given and should not even need saying. However, many companies are still guilty of micromanaging their employees, especially when delegating tasks and projects. As mentioned by HBR, micromanagement is still a dirty word in today’s workplaces

    The problem with micromanagement is that when you constantly tell your employees everything they need to do, they do not feel like they are contributing anything of value or making any impact on their job. This can cause them to feel bored and underappreciated, which could lead them to leave your company for a new one where they have more freedom.

    If you want loyal workers who care about their work and feel they are contributing something valuable, you should trust them enough to get the job done.

    2. Employees want your trust

    Employees also want to know that they can make mistakes without being punished. If you value your employees’ input and let them contribute ideas, they will feel like they are a part of the team and that you listen to them. This will keep them motivated in their job and make work more enjoyable for everyone involved since it shows that you trust them and care about the work they do.

    3. Employees want to know that their opinions matter

    It is important to note that employees want to feel like they are contributing and that their opinions matter. Nothing is worse than being told what to do all the time and not feeling heard. The point is that employees want you to value them for their knowledge, skill and ability. They do not just want someone telling them what they need to do.

    4. Employees want to try something by themselves first

    Your employees want to learn on their own or at least be allowed to try something for themselves first. As discussed by Gartner, people are motivated when they feel valued and create an impact. The most productive employees do not have time for micromanagers. They are too busy smashing out tasks at lightning speed while thinking up creative solutions to problems.

    Of course, you will find those who will never change: the people who think it is fun (or funny) to prank call your office. There are those who think nothing of walking into work 15 minutes late every morning. There are workers who think it is acceptable behavior to skip meetings and leave early without letting anyone know why and others. These people need constant reminders about expectations set forth by management.

    Related: 3 Proven Ways to Keep Employees Happy

    5. Employees want to be able to ask questions

    Employees need to know that their questions are important. They need to know that it will not hurt their feelings if they ask for clarification or more information about something you have said or done. If you do not make people feel like their questions are welcome, they will stop asking and do what you tell them without understanding why.

    6. Employees want to know that you’re collaborating with them and not against them

    Employees want an environment where they can collaborate with their colleagues. This can be as straightforward as letting your team members know you appreciate their input. When employees feel like they are a part of the company, they will be more likely to take pride in their jobs and create innovative ways to solve problems.

    One study from Gallup found that employees who felt engaged were more productive than those who did not feel the engagement. Another study found that when managers recognize employees for their achievements, it indicates trust between the two parties.

    7. Employees need a clear idea of what success looks like

    You can only expect your employees to figure out how to achieve a goal if you provide them with a clear vision of success. If you want them to be motivated by the result, give them a picture of how they will feel when they reach it instead of just telling them what to do.

    This will help them stay motivated during challenging times and prevent burnout. You should also provide examples of people who have successfully achieved similar goals, so workers understand what you expect of them and how they might achieve those same results.

    8. Employees should have access to the job information

    Employees need access to the information they need to do their jobs, including knowing any specific project deadlines. If your staff can access the job instructions they need to complete their projects, they will know how much time and effort they should put into whatever task.

    Employees also need to know why they are doing something. This will help them understand how their actions affect customers, clients or other parts of your business. On the other side, employees might only sometimes be able to see that what they do affects other departments or divisions within a company. Access to the correct information can inspire them and give them a clear purpose in their role at work.

    Related: 6 Ways to Encourage Autonomy With Your Employees

    Your employees want you to trust them. It is no secret that if your employees feel like you trust them, they are happier with their job. A good strategy is to have weekly or monthly check-ins with them vs. hovering over everything they are doing. If they feel like you tell them what to do instead of trusting them with their decisions, they may not be happy with their jobs. That is because people are more motivated when they feel like they have some autonomy and control over their lives.

    Steve Taplin

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  • 8 Ways to Retain Customers During an Economic Downturn

    8 Ways to Retain Customers During an Economic Downturn

    Opinions expressed by Entrepreneur contributors are their own.

    Recessions typically mean reduced consumer spending. And by many accounts, we’re heading into a recession this year. So, companies need to start gearing up.

    The first reaction many companies have is to start cutting back on costs. While in many cases that makes sense, it can backfire if you cut investments in areas crucial to your bottom line. One area worth investing more in during an economic downturn is customer loyalty.

    As we all know, customer retention costs far less than customer acquisition. When it comes to cutting costs, you can only save so much. But there’s no limit to how much you can earn. So, if past recessions are any indication, the smartest strategy is to focus on your most loyal customers and super-serve them with personalized offers, experiences and rewards.

    Done right, existing loyal customers will deliver the consistent sales needed to weather the storm. The question isn’t so much should you have a loyalty program, but rather how to implement the best one. Here are a few tips:

    Related: Steal These 4 Proven Customer-Retention Strategies

    1. Be rewarding

    Brands that reward loyal customers are the brands that customers will return to first. It’s the brand they’ll refer friends and family to. So, focus your efforts on the experience of rewarding, listening and recognizing every action your customers take. Create an emotional bond that transcends price, before price becomes the deciding factor.

    2. Be flexible

    Give customers a choice in how they redeem loyalty rewards. Let them decide whether to convert rewards into cash, account credits or redeem them at the point of purchase. If you have multiple brands under your umbrella, allow customers to transfer rewards between them as they prefer. And don’t forget to check in and ask for feedback along the way — as well as look for trends across your database — then respond. Ultimately, it’s about rewarding customers first and making them feel heard.

    3. Be inventive

    Don’t be restrained by convention. Explore new ways to reward and incentivize customers and build loyalty. Perhaps focus on product returns, and offer an incentive for customers to exchange items rather than ask for a refund. Or focus on the cart abandonment problem by offering incentives to return to the sale. Look for the frictions that exist in the customer experience, and develop loyalty systems in response. It’s not just about points-for-purchase.

    4. Be unique

    Try personalizing loyalty program benefits to the customer based on their history with your products and their responses to the questions you’ve asked them. Remember, loyalty programs shouldn’t focus only on monetary exchanges. It can include gamification for referrals, reviews, sweepstakes and more. Using these tactics to make loyalty programs more individually relevant will not only make each customer feel seen and valued, but it will increase the effectiveness of the loyalty campaign.

    Related: 5 Types of Customer Loyalty Programs that Pay Off

    5. Be coordinated

    Loyalty programs, like any marketing program, shouldn’t exist in a vacuum. Sales and marketing must work together to be in lockstep when reviewing the markets, industries and opportunities with the highest success rate. Discipline, speed and experience are all key to reaching agreement on the ideal customer experience and advancing opportunities together.

    6. Be responsive

    If you’re going to ask a customer for information, react to it immediately. Don’t just store it in a database for some unknown future use. Provide a discount or a product recommendation. Demonstrate that you’re not just building a profile of data on them, but that you’re actually listening and actively looking for ways to provide value.

    7. Be strategic

    It’s not enough to just throw more money at a loyalty program. It’s important to know where to aim, and that means constantly monitoring the effectiveness of your efforts and adjusting as needed. Not all customers are the same. While some may respond well to receiving more emails, others may be put off. Determine which is which, and make sure to use a system capable of accommodating both at scale.

    Related: 3 Secret Reasons Why Your Brand Needs a Rewards Program

    8. Be self-aware

    The worst mistake you can make is failing to deliver the goods once customers engage with your site. So, be sure your house is in order before you start inviting people in. Eliminate any bottleneck in your website to ensure every customer who visits has their needs met. Make sure your recommendation engine can recognize previous visitors so you’re not offering them products they’ve already bought. For those not ready to buy, offer wishlists that you can offer promotions on in the future. Getting people in the door is only the first step.

    What do these tips have in common? They’re all focused on the customer’s needs and their unique interactions with your company. After all, loyalty works both ways. The best loyalty programs don’t just provide customers a way to stay loyal to your brand. It gives you a way to demonstrate your loyalty to your customers.

    Remember, the goal of a loyalty program isn’t about generating more sales. It’s about building trust. It’s showing your most valuable customers that you value them in return. When you do so, you’ll create an emotional connection with your customers that will last far longer than any period of economic unrest or uncertainty. It’ll last a lifetime.

    Michelena Howl

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  • 6 Steps To Follow When Choosing a Real Estate Agent

    6 Steps To Follow When Choosing a Real Estate Agent

    Opinions expressed by Entrepreneur contributors are their own.

    Due to higher home mortgage loan interest rates, many homebuyers are sitting on the sidelines, waiting to purchase a home. The high-interest rates have also reduced the homebuyer’s purchasing power making a once manageable monthly mortgage payment an unaffordable expense.

    However, homes that show well, are priced well and are in a highly desirable part of town will sell very quickly with multiple offers. If not, your home may be on the market for 30-plus days before you receive an offer.

    If you’re thinking of calling an agent, like me, to purchase or sell a home, here are a few ways to prepare yourself for the journey ahead; have all of the money matters taken care of. What I mean by that is to be pre-approved for a mortgage loan if you’re purchasing a home and know how much you’re going to net off the sale of your current home if you’re planning to sell it. Assuming the home is presentable, we’ll be ready to show it within a few days.

    You already know buying or selling is not an overnight task, but how much time it takes depends on the layout of your home and your budget. Don’t take the chance of making a bad first impression in real estate.

    Related: 7 Secrets Luxury Home Buyers Need to Know

    To decide on an agent, first complete the following:

    1. Get a mortgage pre-approval

    To begin, research your mortgage choices before signing a contract with a real estate agent. The mortgage you can afford depends on several factors, including the length, price and interest rate of the mortgage you choose.

    Getting pre-qualified for a mortgage is not the same as getting pre-approved. Both pre-qualification and pre-approval need a thorough examination of your financial situation, but only the latter requires a formal mortgage application.

    Related: The Property Line: What’s With the Surge in Mortgage Rates?

    2. Research the market

    Your search for a new home should be limited to properties within the price range established by the mortgage for which you have been pre-approved. However, if you plan on selling simultaneously, you should research comparable homes in the neighborhood. Remember that the asking prices listed in real estate ads, whether online or in print, are all you will learn. A real estate agent can provide information on how long a home has been on the market, if there have been any price reductions and, most crucially, how much you may expect to pay at closing.

    While studying the real estate market is crucial, avoiding falling in love with any particular property is essential. If you need to sell your current house before buying a new one, there’s a good possibility the property won’t still be available when you’re ready to purchase. Offers contingent on selling another property, known in the real estate market as “yes, but…” offers, have a lower likelihood of being accepted by the seller than those with a stable financial background.

    Related: Single Home Purchase Error Gives Woman Entire Neighborhood

    3. Remove clutter

    Many of us have seen “Trading Spaces” and feel confident in our home-staging abilities. You probably already know that making a good impression on your real estate agent is crucial. If you want your real estate agent to see the full potential in your home, you should have an open house before they come over.

    • Extra shoes and coats should be stored. Keeping these items in plain sight indicates a closet or storage area deficiency.
    • Take off your belongings. Potential buyers want to envision themselves living in your home, and seeing photos of your family reunion can soon dash any hopes.
    • Empty the fridge. The home’s appearance of order and tranquility is ruined by the accumulation of alphabet magnets, postcards, and receipts.
    • Clear out the clutter. Larger homes with more open floor plans give visitors more room to move about and think creatively about how they may use the property.

    Related: 5 Essential Tips for Networking in Real Estate

    4. Clean

    If you’re trying to sell your property, a spotless look will get you far further than you think. A neat dwelling indicates a sense of ownership and pride. The entrance, for example, should be given as much care and attention as the rest of the building. Clean up the area around your entrance, mailbox, mat and trim. While you might not give much thought to dust and insects living in your light fixtures and shades daily, prospective purchasers who do their due diligence might be put off by such slovenly maintenance.

    Window cleanliness is directly proportional to the amount of natural light let in and the degree to which one can take in the scenery outside. It’s a good idea to change out the furnace filter once a month to keep the air flowing freely and to keep the air quality high in your home. Finally, make sure the restroom is spotless. The ancient rule of bathroom etiquette that states you shouldn’t touch anything other than the toilet, the bathtub and the tiles suddenly becomes extremely important. Do not stand on the toilet seat.

    Related: 5 Ways to Sell Your House Fast

    5. Replace, restore or resurface

    Many long-term residents have come to accept the need for constant maintenance and the presence of outdated or broken fixtures. Walls, for instance, need to be patched and painted. Neutral paint colors make it easier for potential buyers to picture themselves in your home (like a blank canvas), and a fresh coat of paint on an undamaged wall shows that you take pride in maintaining the property.

    Consider the home’s street charm as well. Are the weeds pulled and the grass cut? Most potential buyers will form their first impression of your home based on its outside, so give it its best face forward.

    A pre-sale home inspection might be helpful if your property is older or you suspect there may be surprises that would cause potential buyers to back out of their offer. An estimate of the repairs needed will let potential purchasers know what they’re getting into.

    6. Search for prospective brokers

    Try not to settle for the first agent that pops up in a web search. Find an agent who is a good fit for your needs by doing some research. Referrals from recent movers are an excellent place to begin, and there are also many online resources for researching and evaluating real estate agents. Also, it’s important to find a real estate agent who has experience selling properties in your area since they will know how to set a fair price for your property.

    A real estate agent with years of expertise will know how to market your home effectively and where to look for a new one. Remember that real estate brokers can take as much as 7% of your home’s sale price at closing, so choose carefully.

    Related: Signs You are in a Bad Relationship With Your Real Estate Broker

    In conclusion

    The first things to do when selling or purchasing a home are the same as they would be for any other large purchase: research and planning. Before you call in a real estate agent, you must make your house look desirable. Keep in mind that if you don’t get an offer, your real estate agent can’t help you sell, and if your home isn’t in good shape, it won’t be in high demand.

    Chris D. Bentley

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  • Why You Need to Consider Implementing the 4-Day Workweek

    Why You Need to Consider Implementing the 4-Day Workweek

    Opinions expressed by Entrepreneur contributors are their own.

    The four-day workweek concept isn’t new. New Zealand and many European countries have proven it successful over recent years. Yet, with the shift to hybrid work and the need for increased flexibility, more companies are rethinking the work week. One study showed that 40% of companies have implemented or are beginning to implement a four-day workweek.

    Having managed my diversity speaking business for eight years, my organization is trying the four-day workweek in 2023. We studied the benefits, discussed our preferences and decided as a team to commit to the shift. As with any change, we anticipate there will be challenges short-term and are hopeful about the long-term results.

    Research shows the four-day workweek boosts productivity, improves retention and increases access to diverse talent. This work schedule is more attractive to those that are caregivers, younger employees, those from different socioeconomic classes and those with disabilities.

    According to Four-Day Week, organizations with successful implementation take into account the differing preferences of their employees with the flexibility to co-create their work schedule. LinkedIn’s Workforce Confidence survey, which surveyed 19,000 workers in 2022, found that for 54% of people, the four-day workweek is among their top three priorities when it comes to workplace benefits. Support is especially strong for the younger generation of workers, with 62% of both millennials and Gen Z supporting the shift. The four-day week was also more popular among women (57%) than among men (51%).

    One wrinkle to this — most senior leadership teams have significantly lower interest in four-day work weeks at just 43%.

    What does it take to boost diversity and inclusion with the four-day workweek?

    Related: The Case for a 4-Day Work Week

    Ditch the “traditional worker” mindset

    Most senior-level leaders grew up under the “traditional worker” mindset where men were more likely to occupy leadership roles with stay-at-home partners to help with tasks outside of work. The preference for workers to always be “on,” respond to emails right away, be visible in the office for more hours, have back-to-back meeting schedules and emphasize being busy over actual results is outdated. The “traditional worker” model needs to shift from the four-day workweek to work.

    For women that are caregivers, folks with disabilities and those from different cultures and backgrounds, it is more difficult to fit into a culture that reveres the “traditional worker.” Burnout and turnover are much higher for leaders in diversity work. More flexible work environments are known to create more psychological safety for workers with different backgrounds and reduce the number of microaggressions they face.

    Barnes‘ organization, which is working with university researchers to test the four-day week across different industries, promotes the 100/80/100 model: 100% productivity, 80% of the time, with 100% pay.

    Oftentimes people don’t reduce their workloads, they’re simply more intentional and efficient with the time they have when they lose one working day. People are forced to evaluate trade-offs and set clear priorities instead of saying yes to everything.

    Related: This is What It’s Actually Like to Work a 4-Day Workweek

    Be clear on what good performance looks like

    Instead of glorifying the “traditional worker,” have objective criteria to measure performance. Reduce meetings by asking “could this meeting be an email,” set clear boundaries on business hours and do not reward work done outside of those business hours.

    Teams that flourish in the four-day workweek have a concise set of documented goals and expectations. They know what is in scope for their role and out of scope for their role. They have the confidence to push back on work outside of their job descriptions.

    Also, encourage employees to set healthy boundaries based on their primary job responsibilities. Normalize pushing back when people ask more from you with clever phrases like, “If I helped you, I’d be letting others down” or “I would be unable to do a good job on your project and my other work would suffer.”

    As a leader, paint a picture of what good looks like. Measure performance objectively based on specific, measurable data to set your team up for success. For example, my team does quarterly key performance indicators (KPIs). Each team member selects three broad goals with specific tactics that are easy to measure completion on. We evaluate them at the end of each quarter to inform quarterly bonuses and pay increases.

    Related: Want to Work A 4-Day Workweek? Here’s What It Takes

    Do a trial run

    If your team is skeptical about the four-day workweek, try it first. Set an expectation for a time period for the trial, define what success looks like and gather perspectives at the end of the trial. My team has committed to our trial period at the start of the year. We are shifting to longer hours Monday through Thursday, proactively managing expectations with our clients and blocking time on our calendars for critical tasks aligned with our KPIs.

    We also looked ahead to the year and blocked time off when we know we are traditionally slow. We plan to take time off on holiday weeks, summertime and spring and fall break times. That way we can be available when our clients are traditionally busier by proactively planning our work schedules around past known seasonality.

    One of the few downfalls to the four-day workweek is time for creative work for folks with diverse backgrounds. With less time to wonder and banter with colleagues informally, the status quo can endure. Innovation time should also be prioritized and fit into the new work week. Our team schedules regular creative project time throughout the month to remind us to continue to rethink work.

    Flexible work environments like the four-day workweek are known to help diversify workplaces. With this new model, our team hopes to retain our diverse team and also attract more talent from diverse backgrounds.

    Julie Kratz

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  • It’s Impossible to Succeed Without Encouragement. Here’s Why.

    It’s Impossible to Succeed Without Encouragement. Here’s Why.

    There are several underlying factors that cause success, but encouragement from those around you is among the most important.

    Jonny Caplan

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  • Why the FTX Scandal Will Be Good for Crypto and NFTs

    Why the FTX Scandal Will Be Good for Crypto and NFTs

    Opinions expressed by Entrepreneur contributors are their own.

    While navigating a tragedy, few people welcome a comment like, “It was all for the best.” Too often we hear this pep talk from compassionate friends or family, as we quietly think to ourselves, They just don’t understand what I’m going through.

    But do they? A recent investment scandal might offer some insights into why that cliché can be spot-on after all.

    Jonny Caplan

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  • 4 Things All Small Business Owners Should Know in 2023

    4 Things All Small Business Owners Should Know in 2023

    Opinions expressed by Entrepreneur contributors are their own.

    The beginning of a new year often comes with a laundry list of goals and to-dos, which can quickly become overwhelming if you try to tackle too much, too fast. I’ve always approached resolutions by setting short and long-term goals spanning the entirety of the year — after all, we have 12 months to accomplish our goals, and there’s a reason they’re not called January Resolutions.

    Now is an important time for business owners to reflect and set a course for the year ahead, but it’s easier than ever to get bogged down worrying about the challenges facing the economy.

    I would encourage all small business owners to tackle 2023 with a splash of empathy and realism. Don’t bury your head in the sand — be mindful of the economic headwinds we’re facing, but don’t let them monopolize your attention. Instead, devote your time and energy to the challenges and operations that do fall within your control.

    Here are four trends shaping the small business landscape to be aware of — and take advantage of — as you implement your plans throughout the year:

    Related: 4 Success Tips From Small Businesses That Are Doing It Right

    1. The big picture: Business owners are prioritizing marketing and hiring amid recession concerns

    We conducted a national survey of business owners late last year, which found 78% expect a recession would impact their business initiatives. Despite this, business owners are actively investing in their businesses, with a priority on marketing and promotion, hiring and increasing wages and investing in new equipment and technologies.

    The best defense against customers tightening their wallets is a proactive offense. If your marketing efforts could use a refresh, consider these best practices:

    1. Keep it simple: A streamlined strategy that ladders up to your overall business goals will help keep you on the path to success.

    2. Identify your target audience: Begin with your end goal in mind. With whom are you communicating and what are you trying to tell them?

    3. Choose the right platform: Once you know where to find your audience, you’re ready to pick your preferred marketing channel(s). When kicking off, I’d recommend focusing more heavily on one or two specific marketing channels, at least at first.

    4. Measure your success: In the age of social media, marketing is no longer a one-way street. A successful marketing campaign is now a multi-platform, multi-interactional way to engage with your customers. Set your goals and KPIs early, and examine and reevaluate them often to see if your message is resonating with your target audience.

    2. Don’t get left behind on the latest business technology

    Over the past few years, small businesses have widely adopted new technology to make their operations and customers’ lives easier. At this point, incorporating the latest tech is no longer a nice-to-have — it’s essential to the future of your business. Even in the face of a potential recession, 68% of business owners plan to upgrade or incorporate new technology this year.

    Implementing new tech and services has the potential to be confusing, if not downright intimidating, for many of us. If you’re looking to integrate new tech but don’t know where to start, here’s what you might consider prioritizing this year:

    1. Investing in an automated payroll or people management (HR) platform to reduce complexities and streamline operational costs.

    2. Accepting new forms of cashless or peer-to-peer (P2P) payments, such as Zelle, at your business’ point of sale.

    3. Modernizing your customer relationship management (CRM) system with enhanced omnichannel capabilities that can communicate with your customers, regardless of whatever platform they might be on.

    4. Enhance your cybersecurity measures to protect yourself against hackers and the latest cyber threats. Unfortunately, small businesses are becoming increasingly popular targets for hackers and scammers.

    Related: 3 Things to Consider Before Investing in New Technology for Your Small Business

    3. Business owners are taking advantage of free educational resources

    It’s never too late to learn. Free educational resources for business owners have greatly improved and proliferated over the past few years, and many entrepreneurs (at various stages of their business journey) are seeking them out. Last year, we learned that the majority of business owners wish they were more knowledgeable about business finances — including 75% of women business owners — so if you’re looking for tips, here are some resources you can consider:

    • Educational resources like SCORE and Bank of America’s Small Business Resources site provide answers to many common questions and are great to keep handy.

    • If you’re interested in pursuing more formal education, organizations like LinkedIn and the SBA have online learning platforms. Bank of America also offers a free online program for women to earn a certificate in business from Cornell.

    • Your local small business banker can also be a key asset to your success and make your life much easier.

    4. Business ownership can be lonely — don’t go it alone

    Starting the new year with the weight of running your business on your shoulders can be beyond stressful. If only one piece of advice from this article sticks with you, I hope it’s this: Find someone to talk to who has been there before.

    Explore organizations like the National Association of Women Business Owners (NAWBO), Luminary, your local Small Business Chamber of Commerce, Entrepreneurs’ Organization, Business Networking International or similar groups. The return of in-person networking events has also created opportunities to meet other local entrepreneurs and collaborate with mentors who can support you along your journey as an independent business owner. Less formal ways of networking such as LinkedIn groups or coffee/drinks with like-minded individuals can be equally beneficial.

    Prioritize building relationships with people and communities you trust, and you’ll reap the benefits for years to come.

    Setting out to accomplish all of the goals you’re dreaming of for the year can be daunting, but by adding the above tips to your game plan, you are actively positioning your business for continued success in 2023 and beyond.

    Related: 7 Networking Groups Every Small Business Owner Should Join

    Sharon Miller

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  • How Crafting a Winning Environment Can Change Your Life and Your Business

    How Crafting a Winning Environment Can Change Your Life and Your Business

    Opinions expressed by Entrepreneur contributors are their own.

    Business owners have always been problem solvers. That’s what the free market is designed to do — allow innovative thinkers to create change for others by solving problems. We, as entrepreneurs, are problem solvers and creative thinkers. To see success in business, we must be good at a few core skills. We must be good at solving a specific problem for a specific type of person. We must be good at finding the right people and managing those people. And we must be good at solving the problems that arise in our businesses from the chaos that the world brings.

    We all know that even with the perfect plan, we still run into problems. It’s how we deal with those problems that dictate the end results in our business. The human mind has evolved to create more comfort for us. We’ve designed houses, cities, supply chains and much more to solve problems and also create more safety and security in an uncertain world. It’s in the crafting of these types of environments that we create a better world for ourselves, and, ironically, a worse one at the same time.

    Related: 3 Ways to Create an Environment That’ll Nurture an Entrepreneur

    The problem with being too comfortable

    The more comfort we create for ourselves, the more we crave that comfort and allow that comfort to coddle us and lure us into relaxing our pursuit of betterment. Many of us tell ourselves the story that if we just have the Peloton, that tonal or that home gym set up, we’ll work out more.

    The hard truth is that once we get those things that we tell ourselves will create a successful routine for us, many of us stay the same. Now we just have a new living room ornament and a reminder of the failed promises that we’ve made to ourselves every day. We tell ourselves, “Tomorrow, I’ll use it.” And then another day goes by, and it’s unused.

    I’ve been there, too. For five years, I told myself, “I’ll quit heroin tomorrow.” And then, the next day came, and I found myself sticking a needle in my arm. Until a day came when the pain of staying the same was bigger than the pain of changing. So, I quit and haven’t touched it since. Was it easy? No, but what in life that’s worth it is easy? Not much that I’ve found.

    Related: 8 Ways to Structure Your Daily Grind for Success

    Crafting a winning internal environment

    Most of our habits aren’t nearly as harmful to our health, our relationships and our business as heroin. But the continued practice of being comfortable and sitting on our laurels, thinking we’ve made it because we have a business that pays us a certain amount month after month, year after year, can be nauseatingly comfortable and therefore harmful. It’s that type of comfort that we get lured into that can cause catastrophic damage when a large problem arises, and we’re not prepared to solve it because we’ve let our metaphorical tools become dull and our muscles weaken.

    In business, I’ve found that we are at war with ourselves and at war with the tendency to crave comfort over the habit of the consistent pursuit of success. So, it’s not the environment outside that we must cultivate to create success. It’s the internal environment that we must shape and prune to create the success we truly desire.

    With lifting weights, it’s the last few reps when we’re in more pain, fully exerting ourselves and feeling the maximum amount of strain, that create the most significant changes in our muscles and physique. It’s also the times when we feel like giving up, throwing in the towel or procrastinating starting the thing we know we should be doing in which we need to change the internal environment and create habits of execution.

    Life will get in the way; that’s inevitable. Children, headaches, feeling low on energy, needing to get one more thing done at work — the list could go on as to the excuses we could allow ourselves to use to continue to procrastinate the things that we know we need to do. The true power lies in realizing that we’ll never get more time in the day and that we need to prioritize what’s most important, which is self-worth, self-trust and the habit of showing up.

    Yes, burnout is a real thing. And we are only capable of doing so much every day. We’ll never be able to create more time in the day, and that’s why we must create an environment inside, a set of decision-making skills that allows us to be the most effective we can possibly be with our time and our energy. That can show up as being willing to let go of control and empowering employees so that we can allocate our time and energy to different and more critical tasks and activities. It can also mean not allowing ourselves to be distracted by social media and motivational content and only allowing ourselves to be satiated by doing the things we want the motivation to do.

    So, in 2023, I’m going to be creating an environment for myself and my business that allows me to stay consistently on the path toward greatness, and I encourage you to do the same. I’m not going to allow my old habits to destroy the person I know I can be and will become, and I surely won’t let the outside world dictate the way I show up. I hope you don’t either.

    Trevor Cowley

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  • How to Build the Right Culture by Building the Right Team

    How to Build the Right Culture by Building the Right Team

    Opinions expressed by Entrepreneur contributors are their own.

    As the founder of a successful real estate investment platform connecting investors with national holdings in commercial and residential properties, I have learned a great deal about leadership, culture and talent. In building a team of employees at 1031 Crowdfunding, I have had to learn the basics of managing a workforce and building up a healthy, productive and fun internal culture while also attracting accredited investors.

    I have some tips for entrepreneurs that might apply across various businesses and industries that involve hiring and honing talent and growing the right culture that pleases employers, employees, customers and clients. Culture, combined with passion, is the key to success and longevity as a business, regardless of your industry.

    Related: 5 Ways to Create a Great Company Culture

    Ask for help: Manage and delegate to a team

    Whether you work in real estate or another industry, and you want to start up your own business, the most important thing to understand is that just because you’re an entrepreneur, you’re not automatically also a good manager. In this situation, you have to surround yourself with colleagues who are highly skilled at the art of managing other employees. I prefer to isolate myself, put my head down and focus on my job. With the high-functioning team around me, it’s easier for me to allocate more time to sales, strategy and growth, as opposed to employee management.

    Managing also requires a grasp on psychology: You have to understand people’s unique personalities and feelings. When it comes to starting a business, stick with what you know, and be cognizant of what you don’t and of where you need support. The bottom line: If you’re not a good manager, bring good management around you.

    Achieve a strong culture: Select team members whose values align with your own

    Once you have a senior management team in place, the next step is to create a healthy culture by hiring individuals with the right drive and goals. According to PwC’s 2021 Global Culture Survey, 67% of people believe culture is more important than strategy or operations. Make sure that whatever your passion is, it’s matched by those you hire.

    I have some team members at my company who are in my family, but they have earned their place and continue to work hard to showcase their value. If you hire family members, I recommend keeping your company a meritocracy. Blood relation isn’t enough of a reason to hire and keep an employee; like-mindedness and enthusiasm for the business are also deciding factors. When I hire outside of my family, I do so based on referrals. Cultural alignment is critical to sustaining a healthy internal culture, which boosts productivity and output, ultimately keeping investors happier.

    Related: 6 Steps for Hiring the Right People to Build Effective Teams

    What should you look for when making a hire?

    Employees should share a sense of urgency, responsibility and passion for your business. It’s also a two-way street in that, as a business owner, you need to provide an opportunity for your employees to grow their careers by working to earn higher titles, promotions and raises. A strong culture is one where employees can not only educate themselves but also strengthen their skillset. While it’s necessary for many employees to start at a more entry-level position because of their experience level, it’s critical to create an environment for them to be able to work their way up. These are key to building a business that can survive and thrive.

    When assessing potential candidates to join your company, being a good judge of character and work ethic is important as well. I can tell when I look into somebody’s eyes how much and how hard they work. I personally have dark circles under my eyes constantly. Many entrepreneurs are sleeping in their offices, working seven days a week, maybe 16 hours a day. When you try to start a business, it’s not a 9-to-5. It’s 24 hours a day, seven days a week.

    While you shouldn’t expect your employees to sleep in their offices or burn the midnight oil all the time, having a deep commitment to hard work is important, especially for an entrepreneurial firm with a lot of growth potential. Success is never overnight, and the journey can be arduous. But once you reach a point of success, you can appreciate what you have built. By relying on the right team, you’re going to sustain success by making wise and reasonable decisions.

    Overall, building out the right team to manage the entire workforce and selecting employees whose cultural values align with your time are key to running a successful, productive and healthy business. Now more than ever in a post-pandemic working world, culture is critical to helping sustain startups and even more established businesses.

    Edward Fernandez

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  • Expanding to China? Don’t Do These 6 Things.

    Expanding to China? Don’t Do These 6 Things.

    Opinions expressed by Entrepreneur contributors are their own.

    According to the American Chamber of Commerce in South China’s 2022 report, foreign companies are quite optimistic about their China expansion plans. As many as 72% of the companies surveyed intended to expand their China operations over the next three years.

    However, even with a large number of companies interested, foreign investments in China were down by 2.1% in 2022. This can be attributed to restrictions imposed for Covid shutdowns, along with the complexity of expanding into a huge and complex market such as China for small and large enterprises alike.

    Not being aware of the laws of the land can result in serious complications along with loss of money and time. For instance, AstraZeneca, the global pharma giant, found out the hard way that it needed government permission to transfer citizens’ genetic material to third parties even within China’s borders, resulting in criminal arrests of the company’s employees.

    Avoid these six mistakes to ensure you don’t fall victim to a similar unfortunate incident when venturing into the Chinese market:

    Related: 6 Tips for Doing Business in China

    1. Not researching business registration laws

    Building a subsidiary in a new country, especially one as legally complex as China, is a massive undertaking both in terms of time and money. You can either choose to hire individual consultants and law firms to guide you in different steps or complete the entire process on your own.

    While the government incorporation costs to register a Wholly Foreign-Owned Enterprise or WFOE isn’t much, and you’d be tempted to do it yourself, a single mistake can set you back thousands of dollars in legal fees.

    For instance, when registering a WFOE, you need to ensure that the scope of your business is broadly defined in the application to accommodate future changes but specific enough to be approved by the authorities. Getting this crucial element wrong can create legal issues for your company down the road.

    On the other hand, Professional Employer Organization (PEO) services allow you to have a legally approved presence in the country without getting bogged down by protracted registration cycles. This is because a global PEO such as INS Global deals with legal compliance, payroll administration and other legal benefits globally on your behalf.

    2. Missing essential certificates and licenses

    China has strict laws regarding the products and services that can be sold within its borders. Multiple government departments require your products to be certified and licensed before distribution.

    Your business and products should also be compliant with the Foreign Investment Negative List, Market Access Negative List, and the Unreliable Entity List. Correctly completing these additional requirements is time-consuming. Thus, many companies partner with a local entity well-versed with all the necessary certificates and licenses to reduce these legal hassles.

    3. Not studying local tax regulations

    Tax laws for businesses in China can differ from those in many western countries. Enterprise income tax, business tax, import duties, value-added tax and more need to be closely studied before commencing operations in the country.

    Legal and tax advisors can help you assess the impact of all relevant taxes on your China operation. Hence, it’s essential to know them in-depth during the initial phase of your expansion.

    Related: 3 Steps to a Successful International Expansion

    4. Ignoring local labor laws

    Chinese labor laws can differ significantly from what you might be used to in your home country. Strict employment contracts are required by law, and they’re limited to only fixed-term, open-ended and project-based contracts.

    When hiring in China, additional clauses like a non-compete can also differ from, say, American contracts. For instance, compensation is required to be paid to an employee during the non-competition period.

    Severance pay calculation in China is also something you should be aware of. In short, companies owe employees one month’s salary for every completed year of service.

    Employment contracts can be tricky if you’re unfamiliar with China’s labor landscape. Leveraging the services of a local PEO can ease the process for you.

    5. Not having airtight dispute resolution contracts

    Dispute resolution clauses are heavily negotiated when doing business with Chinese entities. Companies need to get into airtight arbitration clauses when partnering with local vendors. The U.S. and China are both parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York” Convention).

    But the arbitration clause needs to be properly drafted: deciding which arbitration institution and rules to choose, the location of the arbitration, the language to be used and the governing law that’ll govern any disputes.

    Arbitration clauses have the potential to drag your company into years-long court cases and huge financial losses. Hence, it’s always better to consult with a trusted partner that knows the ins and outs of dispute resolution in the Chinese context.

    6. Not protecting your intellectual property

    China’s IP protection laws have improved drastically over the years, offering foreign companies much more legal protection to safeguard their IP. But the onus still lies on the company to obtain copyright protection before launching operations in the country. Global trademarks are not automatically protected in China, so you’ll need to register them again. And with the first-to-file trademark system, it needs to be done as soon as possible.

    China’s National Intelligence Law also affects how you manage your core IP. Moreover, China’s Cybersecurity Law determines how your organization can collect, store and transfer customer data.

    Related: Considering an Overseas Expansion? Avoid These 3 Mistakes.

    Flexibility and partnerships to unlock success in China

    Companies mulling expansion to China stand to unlock increased and sustainable growth in one of the largest economies on the globe. But diving headfirst without the necessary homework can quickly kill your expansion dreams and tarnish your brand for years to come.

    Besides legal compliance, it’s also incredibly important to take your time to study China’s cultural and socio-political landscape to be able to adapt your products effectively to the market. Chinese businesses also differ from their western counterparts in terms of corporate hierarchies, compensation structures, distribution channels, advertising laws and more. Being flexible and open to partnerships is the way to go if you want to tame the Chinese dragon.

    Wei Hsu

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  • 3 Enterprise Security Trends to Watch Out For in 2023

    3 Enterprise Security Trends to Watch Out For in 2023

    Opinions expressed by Entrepreneur contributors are their own.

    As our planet completes yet another lap around the sun, we find ourselves looking ahead to the new challenges and opportunities of 2023. It is always exciting to peer into the unknown and predict what this new solar orbit brings.

    But if the recent years have taught us anything, it’s that such a task is, in fact, a difficult endeavor. I’m sure that none of the predictions we made at the start of 2020 could’ve prepared us for what was coming in the years that followed. So, this ritual of soothsaying we practice every year is not about focusing on the finer details, but instead, it seeks to provide an insight into the general direction the world seems to be cruising towards.

    Gartner used the phrase “seize uncertainty” as the theme for their strategic roadmap report for the coming years. It is truly an apt phrase to define 2023. The ripples caused by the boiling geopolitical tensions caused by the Russia-Ukraine issue, the brewing cybersecurity concerns and the global recession looming over the horizon point toward the uncertainties that await us.

    Because of this, enterprise security has risen to be one of the top priorities for businesses in the coming year, so here’s a take on the upcoming trends of 2023 that companies need to watch out for.

    Related: 5 Fundamental Best Practices for Enterprise Security

    1. Adaptable protection and enhanced visibility for endpoints

    Endpoints continue to be a top target for sophisticated hackers. Adversaries are now leveraging endpoints as a launching pad to conduct more lucrative assaults, such as ransomware and business email compromise, rather than simply taking sensitive data from them. Furthermore, businesses must deal with a growing number of devices, including employee-owned devices outside of corporate networks and IoT devices like virtual personal assistants that need access to company networks, services or databases. Consequently, endpoint protection platforms and endpoint management suits remain a high priority.

    The cybersecurity landscape is fluid and constantly changing. The last few years have shown a significant rise in industry-specific attacks focused on healthcare, supply chains, education, etc. This trend will likely proceed to the following year, and the industries on the weaker end of digital transformation are easy targets for cyber-attacks. In such a paradigm, solutions to detect such threats, platforms to secure and manage corporate devices and other SaaS offerings can provide visibility, protection and a streamlined management platform to take care of the myriad of endpoints being deployed.

    Related: Web3, Crypto, Cybersecurity, Rural Fintech: Trends To Look Out For In 2023

    2. Integrations, collaborations and partnerships

    The onset of the cloud and the subsequent migration towards it enabled organizations to set fluid boundaries to give customers a more inclusive solution. Every SaaS vendor is moving towards this approach to combine the strengths of multiple tools and provide a unified console for seamless management.

    An example of such a collaboration is the prominence and proliferation of SASE (Secure Access Service Edge). Introduced by Gartner in 2019, SASE is a cybersecurity concept that converges multiple network connectivity and network security solutions into a unified service delivered via the cloud. Global spending on SASE is predicted to grow $8 billion by 2023 – a clear indication of its importance and value.

    2023 will also see security and management solutions integrating Artificial Intelligence into their existing toolset. Over the past years, AI has been a significant enabler of automation in security systems. For example, intelligent threat detection systems like endpoint detection and response solutions use AI and ML to detect and respond to zero-day vulnerabilities that can harm your business. The coming year will find many solutions integrating AI technology to strengthen their security posture further.

    3. Fostering a culture of security awareness

    Developing and creating a culture of awareness around cybersecurity risks is the most crucial action to take at any firm. Employers and the workforce can no longer consider cybersecurity to be a problem that the IT department should handle. In reality, everyone’s work description in 2023 should include understanding the dangers and taking simple security measures!

    Many IT security strategies follow a reactive rather than proactive approach, which involves pumping money to recover from the attack and rebuild brand reputation. Attackers take advantage of this and target the weak links to cause damage. Phishing attacks utilize “social engineering” techniques to deceive victims into disclosing sensitive data or downloading malware onto their computers.

    Related: How to Prioritize Online Security While Working From Home

    Anyone can learn to recognize these assaults and take simple safety measures to protect themselves without needing technological expertise. In the same way, fundamental security abilities like secure password usage and learning about two-factor authentication (2FA) ought to be taught to everyone and regularly updated. If an organization wants to ensure resilience and preparation over the next 12 months, taking simple safeguards like these to promote a culture of cybersecurity awareness should be a significant aspect of their security strategy.

    Moreover, with the global economy predicting a global recession, enterprises of all sizes can expect budget cuts throughout the year. In such a situation training your employees and ensuring they have a solid understanding of cybersecurity practices can provide a strong security posture that can act as the first line of defense, protecting your business.

    As we take our first steps into 2023, every enterprise and industry should prepare for the new year and the challenges it brings with it. While predictions and trends serve as guidelines that help us navigate the coming ordeals, the history of the digital world has shown us to always prepare for the worst and expect the unexpected.

    Apu Pavithran

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  • The Savannah Bananas Turned Down $1 Million in Ticket Sales

    The Savannah Bananas Turned Down $1 Million in Ticket Sales

    A buyer attempting to buy $1 million worth of tickets from the Savannah Bananas baseball team just struck out.


    Kent Nishimura | Getty Images

    If you are unfamiliar, the Bananas are best described as the Harlem Globetrotters of baseball, mixing wacky rules and goofy entertainment with incredible athleticism. Among some of the screwball rules of a Bananas’ game, batters can steal first and if a fan catches a fly ball, it’s an out.

    The Bananas played in the summer collegiate Coastal Plain League for seven seasons starting in 2015, and now play “Banana Ball” year-round, according to their website, fielding two independent professional teams, The Savannah Bananas and The Party Animals.

    Owner Jesse Cole posted on LinkedIn about the attempted mass purchase, which sounds like a dream scenario for any owner: “I just turned down a $1,000,000 ticket order for the Savannah Bananas. I laughed when I first saw the email because at first I thought it was a joke,” he wrote, adding that the massive order promised to pay double face value on every ticket, delivering, “a half a million dollars in extra profit for our team. Crazy. But I didn’t consider it for even a second.”

    Why not? Because to Cole, the customer comes first and in this scenario, only Cole and ticket scalpers would win. Writing that it is common practice in sports for teams to work with secondary market resellers to make “tons of extra profit on their tickets,” Cole says when it comes to the Bananas, the fans are what matters most. “Since Day 1, we’ve prided ourselves in creating an experience that is fans first,” he wrote. “We’ve eliminated all ticket fees, service fees, convenience fees and even paid the taxes for our fans for every single order.”

    Related: How The Country’s Goofiest Baseball Team Made Millions

    With a 500,000-person waitlist (yes, you read that right) Cole says he understands if ticket holders want to resell their own tickets, but for him to participate in a money grab goes against everything he stands for. “To take advantage of our experience and our fans to make more money, hurts me and [his wife] Emily more than people know,” he wrote.

    This offer isn’t the first thing the Bananas have burned. Check out Party Animal star slugger Zak Whalin’s unique batting style:

    Entrepreneur Staff

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  • 10 Questions to Ask Before Hiring a Lead Generation Company

    10 Questions to Ask Before Hiring a Lead Generation Company

    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shame in admitting it: Generating leads is exhausting. It drains your time, resources and patience. But despite its inherent pains, lead generation is integral to growth.

    Unfortunately, there is no metaphorical ibuprofen to make the process any less of a headache. Developing a winning lead generation strategy is all about weathering the droughts and downpours with perseverance. But you don’t always have to go it alone. You can accelerate your growth and avoid unnecessary roadblocks by partnering with an expert.

    Hiring a lead generation company can be a great way to expand your business and bring in new customers, but you have to ensure it’s the right move. To help you make the best decision for your company, here are the 10 questions you should ask before hiring a B2B lead generation company:

    Related: A Straightforward Guide To Effective B2B Lead Generation

    1. What is the company’s lead generation process?

    How leads are generated influences the quality and quantity of prospects in your pipeline. So, it’s important to understand each lead generation company’s process before making a hiring decision. Finding a lead generation company that aligns with your business goals and target audience comes down to the strategies and tactics they implement.

    For B2B, inbound marketing is a great long-term strategy, but if you are looking for more immediate results, outbound is the way to go. Still, you’ll want to avoid those who practice outdated lead generation processes such as single-channel marketing, mass-blast email campaigns and aggressive telemarketing. Modern outbound lead generation relies on precision targeting and multichannel outreach to drive brand awareness and interest to the right audience at the right time.

    Keep in mind that your lead generation partner will represent your brand’s first impression on potential clients. So, go ahead; be as picky as you like when choosing the right lead generation company. Not only will a stringent selection process protect your brand reputation, but you’ll end up with more high-quality leads to convert.

    2. Does the same SDR deliver all touchpoints?

    Lead generation is full of repetitive, time-consuming tasks, which is why many companies outsource this part of the sales process. Efficiency can be lost, however, if these activities are split among multiple sales development representatives (SDRs). Still, some lead generation companies practice the dissection of duties based on the touchpoint type. SDRs will be assigned based on a channel such as email, LinkedIn or phone calls. The trouble is this can cause miscommunication with potential clients, which makes your prospecting methods feel unprofessional.

    If you hire a lead generation company, you will most likely work with more than one SDR. Check how touchpoints are handled through the campaigns, and verify that each SDR has their own lead list to pursue. This will help your company maintain a professional appearance through every step of the prospecting process.

    3. Where is the client-facing team located?

    Outsourcing and offshoring are often synonymous, but when it comes to prospecting, the location of your client-facing team can really make a difference. B2B products and services often involve complex solutions that are difficult to sell. Sales development representatives (SDRs) must be able to communicate efficiently and effectively to build rapport with prospective clients.

    Look for a team based in the same location as your target market. If the SDRs and prospects share the same time zone and language, conversations will flow more smoothly. In turn, sales appointments booked will be beneficial and informative for both you and your prospective clients.

    4. How experienced are the SDRs?

    Chances are, if you are contemplating outsourcing, you are searching for experts to help you move the needle. However, retaining experienced salespeople is not easy. SDR burnout is high, with 50% churning within 12 months. Most lead generation companies control costs by hiring inexperienced workers to fulfill the tasks. As you may expect, such SDRs produce inconsistent results at best and numerous mistakes at worst. While lead generation teams often have a sales manager to keep performance in check, they do not handle the daily activities that directly impact your pipeline.

    Interviewing SDRs from the lead generation companies you are considering can help you get a feel for the experience your client-facing team would be bringing to the table. In addition, the SDRs’ LinkedIn profiles can provide you with the background information you need to verify they have what it takes to produce results.

    5. How are the SDRs compensated?

    As we’ve discussed, hiring SDRs new to the field is one way lead generation companies cut down on expenses. Some SDRs make as little as $500 a month, but these entry-level compensation rates can hurt morale and motivation.

    Take some time to discuss the SDR pay structure with the lead generation companies you are vetting. While you might not have much say over this aspect of the partnership, knowing the incentive model will help determine if you can expect a steady stream of quality leads.

    6. What types of leads does the company specialize in generating?

    Some partners are more general in their experience, but the truth is no two industries are the same when it comes to lead generation. If you hire a lead generation company will little to no background in your field, the ramp-up time and cost per lead will be comparable to running the campaigns in-house, if not more expensive.

    Companies that specialize in generating leads for specific types of businesses have proven strategies in place to streamline prospecting and shorten sales cycles. These experts also have a pulse on the industry, so they can adapt quickly when consumer purchasing behaviors change.

    Make sure the company you choose has experience generating leads that are relevant to your business. Ask for case studies, testimonials or references to see if past performance in related industries matches your expectations.

    Related: Tips to Improve Your Lead Generation Process

    7. How will the company measure lead generation success?

    Clear and transparent reporting will help you track the return on your investment and make informed decisions about the campaign’s success. When outsourcing lead generation, you need a partner willing to translate their results into metrics that measure progress toward your goals.

    Before hiring a lead generation company, ask how success is measured and what metrics are reported. Share your current sales goals and discuss how meeting those metrics will help your company close the gap. By setting expectations upfront, both parties can ensure that objectives and priorities are in harmony, leading to a more productive campaign.

    8. Does the lead generation company exhibit internal growth?

    The number one reason business leaders hire lead generation companies is to accelerate growth. So, it makes sense that one of the number one ways to validate a lead generation company’s capabilities is to assess its own ability to grow.

    However, this can be difficult, especially if the lead generation companies you are considering are not publicly traded. Luckily, platforms like LinkedIn make it easy to evaluate key metrics like employee headcount that provide insight into the company’s overall health. A significant dip in employees could be a sign of layoffs or internal disruption.

    When making your shortlist, look for lead generation companies with strong year-over-year growth. At a time when economic instability is shaking the foundations of businesses around the world, you’ll be more likely to stand firm with a lead generation partner rooted in proven success for both their clients and themselves.

    9. Do you have the resources to handle the additional leads?

    Partnering with a lead generation company will likely result in a significant increase in pipeline activity, so it’s important to have the resources (such as sales staff, marketing materials and customer service reps) in place to handle the additional volume.

    In most cases, lead generation partners handle the first four stages of the sales cycle: prospecting, contacting, qualifying and nurturing. Once an appointment is booked, the internal sales team guides prospective clients through the remaining purchasing process. So, lacking the resources needed to usher leads toward conversion could result in lots of lost opportunities. To maximize the ROI of your partnership, prepare your team to take on a full funnel of leads.

    Alternatively, you can seek out a full-service lead generation firm that offers support throughout the entire sales cycle, from prospecting to closing. Such partnerships can be more cost-effective than scaling your resources before you scale your revenue.

    10. Do you have a clear target market?

    A B2B lead generation company will be most effective if you understand your target market and can provide detailed information about the types of companies and individuals you want to reach.

    With a clear picture of your target market, a lead generation partner can develop ideal client profiles (ICPs) for each decision-maker. These ICPs guide every element of the lead generation process, including list building, content creation and objection handling. Using the demographic, firmographic and technographic data of each ICP, a team of experts can develop a custom campaign strategy designed to convert prospects quickly.

    However, if you are unsure about or have experienced trouble penetrating your target market, don’t hesitate to discuss your current challenges with potential lead generation partners. These specialists have a keen understanding of product-market fit and can walk you through the steps you need to take to identify your most profitable target market.

    Related: Lead Generation Best Practices That Help You Find New Customers

    How to know you’ve found the right lead generation company

    It’s essential to do your due diligence by researching the lead generation companies you are considering. Reviews and testimonials are helpful, but don’t be afraid to ask technical questions about processes, procedures and performance.

    There are hundreds of lead generation companies to choose from, all with their own unique purpose and place in the market. Ultimately, the right partner for you will be the one that most closely aligns with your business needs and goals.

    Vito Vishnepolsky

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  • 5 Effective Ways to Prepare for the Unexpected

    5 Effective Ways to Prepare for the Unexpected

    Opinions expressed by Entrepreneur contributors are their own.

    Let’s face the hard truth: We are never fully equipped with adequate information to predict — for sure — what will happen in the next couple of days. For businesses, this could be an interrupted cash flow when an investor pulls out of a deal. It could be a lockdown that stalls your plans to advertise your new brand at the next regional convention. Who knows?

    When unexpected events happen, a business must adapt quickly or risk going under. Interestingly, the fate of a business — especially a startup — lies mainly on the shoulders of the founders.

    How founders respond to unanticipated events varies. Some are reactive. Others are proactive. While the latter is better, we all have limits. Frequent exposure to the unknown can cause anxiety and other psychological strains that can be your business’s undoing.

    How many unexpected and unpleasant events can you endure, and how quickly can you navigate through them? That’s a difficult question to answer, I know. Here are five ways that you can prepare yourself.

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

    1. Assess your capabilities objectively

    As founders, you’ve had to wear many hats in your company. You’ve assumed the roles of HR, operations and even finance. You’ve developed skills you never knew you had the abilities for.

    All these experiences can spark the belief that you’re single-handedly capable of handling anything that comes your way. Although this confidence in your abilities is good for entrepreneurs, it could lead to the Dunning-Kruger Effect, which is defined as “a cognitive bias whereby people with limited knowledge or competence in a given intellectual or social domain greatly overestimate their own knowledge or competence in that domain relative to objective criteria or to the performance of their peers or of people in general.”

    Successful entrepreneurs have accurate knowledge of themselves and their capabilities. They also understand the people they work with and have great confidence in their abilities.

    By quickly realizing that your capabilities are not suited for an unanticipated event, you will be better disposed to seek help from those that are better suited for the situation at hand.

    2. Use “buffers”

    Running a business is all about making plans, setting deadlines and pursuing them. Things don’t often go to plan, and deadlines are missed. These are quite expected, but at times, things may spiral in the wrong direction, and chaos could ensue.

    To avoid chaos, founders need to keep their heads high and remain on top of the situation. One way to do this is to create buffers.

    You can start by surrounding yourself with social buffers — familiar individuals that make you feel very comfortable. These could be family members, buddies or close colleagues. Having them around when events take a wrong turn can reduce your chances of acting impulsively out of anxiety or fear.

    Time buffers are very helpful, too. When the unexpected happens, business operations are expected to continue. As you set deadlines, you should consider increasing the timeline of each milestone by about 20%. This will provide enough time to navigate unexpected events without threatening upcoming processes.

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

    3. Maintain a healthy network

    When quick, unpredicted market changes threaten business survival, founders often seek assistance from outside their organization. Most times, founders seek out other founders in similar situations to help themselves figure things out.

    Many M&A deals during the Dot Com bubble burst — one of the most challenging times in our recent economic history — happened between founders within the same network. The relationship between Elon Musk and Peter Thiel is a typical example.

    Your network may not be there for only M&A opportunities. Sometimes, you need to assess your direction against theirs from time to time. If your industry is volatile and moving in a new unforeseen direction, it will do you a lot of good to know how your colleagues are going about it.

    4. Always look at the big picture

    Founders must recognize that unexpected events can be a good thing. It brings opportunities. Paradoxically, being fazed by the challenges that come with the unexpected can blind you to those opportunities.

    It’s best to paint a big picture of your business. Clearly define your grand mission. And keep an open mind as to how that mission can be accomplished. Things don’t always have to work out the way you planned them. But they will work out.

    Just like road trips, a wrong turn of events can make you reconsider your route. It could take a little longer to reach the destination. As long as you have a clear big picture, you will be more likely to stay in control of the situation.

    Related: 4 Ways to Prepare Now so Your Business Survives the Unexpected Later

    5. Finally, practice willful acceptance

    Unpredicted changes in your business or industry may create new challenges. Sometimes, we are required to solve these challenges. But what can you do if you neither have the capabilities nor resources to solve them?

    You can simply accept the issue and commit to other things within your resources and capabilities. Studies have shown that acceptance and commitment can reduce your chances of acting anxiously when you’re fazed by a fortuitous event.

    Also, the challenges created by the occurrence of these events may not be yours to solve, even though you have the skills and resources. You have to accept this, too.

    Founders must learn to use resources efficiently. If there is an already existing solution that could be creatively used to solve a problem, you should try that out first before committing to creating a solution. This will save you lots of time and resources.

    Judah Longgrear

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  • Why The Demand for Tech Jobs Will Only Get Stronger

    Why The Demand for Tech Jobs Will Only Get Stronger

    Opinions expressed by Entrepreneur contributors are their own.

    In the world of big tech, there have been many hiring freezes and recent layoffs. Many worry that layoffs in this realm signify an impending national economic crisis. Yet, there is hope for tech workers and jobs outside traditional tech giants. Companies outside of big tech are scooping up tech talent to develop their tech infrastructures.

    All in all, don’t expect a slowdown in Information Technology (IT). What you should expect is a redistribution.

    Related: Why The Consumer Tech World Is Too Focused on Electronics

    Current layoffs and “cooling off” in IT hiring are a drop in the bucket amid a global shortage of IT talent

    Three major jobs in the ICT industry are a software developer or engineer, user support specialist and systems analyst. Other positions include project managers, systems engineers, systems administrators and network engineers. High-profile tech layoffs and hiring freezes are masking the job growth and demand that remains in the job market. Many companies outside of the tech sector are hiring tech workers for their digital transformation processes. As a result, the growth rate outside big tech firms is minimally affected.

    Some tech firms’ layoffs, such as those at Stripe and Meta, result from over-hiring. This happened as part of the tech boom that emerged during the COVID pandemic in 2020 and has less to do with the state of our economy. Raising capital is increasingly difficult as these tech firms’ public market valuations decrease. Therefore, they’re switching from a hyper-growth mode to an efficient growth mode.

    Globally, there has been a shortage of tech workers for a while. Management consulting firm Korn Ferry predicts we’ll be short over 85 million tech workers globally by 2030. That’s $8.5 trillion in lost annual revenue. Since technology is rapidly becoming a fundamental element in every operation within any company, there will always be a shortage of highly skilled tech workers, no matter how many companies hire and pay more.

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

    Fundamental demand for IT continues to grow

    There is too much work worldwide to build new digital products, rebuild old systems, take advantage of cloud tech and automate human-dependent processes.

    Tech job postings are higher by 25% this year as aerospace, finance and healthcare companies are vying to hire tech talent. And since 2020, tech talents worldwide have been finding work in Canada, specifically in Toronto and Vancouver. One reason for this could be the Trump administration’s tricky immigration policy. Why jump through hoops to work in the US when neighboring Canada has looser guidelines and available work?

    Canada’s tech job growth rate has been outpacing that of the United States. This continues even as cities such as Seattle and San Francisco have tech giants hiring masses of workers.

    Layoffs and freezes will unevenly affect different sectors

    While big tech firms will slow down, other industries (e.g., travel and healthcare) will take advantage, meaning more resources will come in.

    Every laid-off tech worker has a job waiting for them in the United States or elsewhere. Remote work, burgeoning since 2020, has extended the job market and made it possible for people to work anywhere.

    Frankly, some bloodletting is healthy

    Compensation and perks in big tech and Silicon Valley have reached crazy levels. Many believe that the Valley is losing its unique aura. Silicon Valley talent may not be a good fit for “Main Street” and may have little interest in working in such an environment. They will have to adjust, leading to a healthier, adaptable and sustainable tech workforce in the long term. Silicon Valley and New York City, traditional major tech hubs, are cooling down and cutting costs. However, states like Pennsylvania, Arizona, Texas and Florida are seeing tech industry job growth.

    It’s also important to keep the Eastern European IT picture in mind. What is happening now is that Eastern Europe, which was traditionally considered to be the main competitor, is in turmoil because of the war in Ukraine. Although still working and available, Russia and Belarus are no longer in the picture, and Ukraine is a high risk. Poland, Romania, Serbia and Portugal are becoming more expensive because of war and the reduced talent market. This is helping India, always a big IT outsourcing hub, benefit.

    Conclusion

    Labor market conditions are only getting better. Tech is the backbone of every company, whether in consulting, healthcare or aerospace. Displaced big tech workers will turn to companies in other sectors where they’ll still be paid well and expected to work similar jobs. IT jobs were hot and still are because of the law of supply and demand.

    Every company wants to hire the best tech talent. However, there’s only so much talent to choose from. It can get pretty competitive when another company can lure away the tech workers that one company has been eyeing. Let the tech talent wars continue.

    Dmitry Bagrov

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  • Successful Entrepreneurs Need to Hone This One Skill

    Successful Entrepreneurs Need to Hone This One Skill

    Opinions expressed by Entrepreneur contributors are their own.

    “We have interest from new investors,” a new acquaintance, Tom, told me a few years back after a conference. He assured me that this new injection of funds would help his startup reach new heights. Needless to say: He was overly confident, overzealous and wanted to grow as fast as possible.

    It’s a tale as old as time: Inexperienced entrepreneurs believe the only way to succeed is by focusing solely on immediate profits.

    Unfortunately, Tom failed to take into account different variables such as a solid business plan and building a quality product with high market demand. His business became just another statistic in the 90% of startups that fail.

    I’ve been CEO of my company, Jotform, for more than 16 years now, and I’ve seen the above scenario play out more times than I’d like to count. And what I’ve discovered is the same as what Harvard Business Review contributor Helen Lee Bouygues points out when she writes that the root cause of these organizational failures comes down to a lack of critical thinking.

    “Too many business leaders are simply not reasoning through pressing issues, taking the time to evaluate a topic from all sides.” However, she does offer some good news: Critical thinking is a skill we can all learn.

    Related: Truly Independent Thinkers Have These 5 Traits

    Why entrepreneurs need to hone their critical thinking

    When I first launched my company in 2006, I did something that sounds unheard of today: I didn’t quit my job. I had people insist I take the “all or nothing” approach. They told me my business wouldn’t succeed unless I took things seriously and dedicated myself completely to my startup.

    I’m glad I didn’t listen.

    We’ve eventually grown to have more than 15 million users, and we’ve done so with $0 funding.

    And I can attribute a large part of this to prioritizing critical thinking.

    You see, I went against the norm and didn’t quit my day job cold turkey. I didn’t feel the need to take on a co-founder or bring in investors. My company has always been a bootstrapped business. And I’ve preferred to grow slowly and steadily for the past decade-and-a-half rather than reach the top of TechCrunch.

    So, let me tell you what did happen: By the time I left my job, the product I had worked on replaced my salary and gave me a runway to spend my time building Jotform.

    For this reason, I’d like to help you develop your critical thinking skills — based on my own experience and expert advice — to ensure your organization’s success.

    Related: An Entrepreneur’s Guide to Better Thinking

    1. Don’t be guided by assumptions

    As I mentioned above, many people told me I was making a big mistake by holding onto my job. “You’re taking on too much,” some colleagues warned. “You’re not fully committed,” others would add.

    I had to bypass their voices to hear my own.

    As important as it is to question other people’s assumptions, it’s equally important to question our own. As Bouygues writes, “a questioning approach is particularly helpful when the stakes are high.”

    She notes that if we’re thinking about long-term company goals that will take years of effort and expense, we need to ask the following ourselves the following questions:

    • Can we determine how business will increase?
    • Have we done our research about our expectations for the future market?
    • Have we questioned what possible alternatives there are?

    All of this analysis is necessary for thinking critically and taking the best course of action.

    Related: The Real Reason Why Most Businesses Fail (And What to Do About It)

    2. Improve your reasoning

    It’s tempting to want to dive right into a new project without fully weighing all the pros and cons. And this doesn’t just happen to newly minted entrepreneurs — it applies to even the most seasoned among us.

    Yes, we can indeed gain more critical thinking skills with time and experience. But rather than learn through costly missteps, we can also improve our reasoning through logic. One way to do this is by examining different arguments and considering if they are supported by evidence.

    “Do all the pieces of evidence build on each other to produce a sound conclusion?” Bouygues asks. “Being aware of common fallacies can also allow you to think more logically.”

    For example, before taking on a new project at Jotform, we make sure to do our homework by sending out customer surveys, analyzing feedback and taking the market and competition into account. Rather than let our excitement take the lead, we rely on a thorough process of solid reasoning.

    Related: Escape Your Head: How Overthinking Can Injure Entrepreneurs in 2023

    3. Step outside your bubble

    Here’s a trap many of us fall into — surrounding ourselves with only those in our industry.

    “This is a problem,” writes Bouygues. “If everyone in our social circles thinks as we do, we become more rigid in our thinking, and less likely to change our beliefs on the basis of new information.”

    To hone our critical thinking, it’s imperative then that we leave our bubble. And we can do so by taking small steps.

    One way I apply this is by taking up a practice of talking to people outside of tech or by having lunch with individuals who have different backgrounds than my own. Aside from these active measures, I also make it a point to switch up my daily reading — preferring books that are also outside my industry.

    Experts agree. “Training yourself this way will help you escape your usual thinking and gain richer insights,” Bouygues advises.

    My suggestion? Don’t just read or listen to podcasts about business or tech (if that’s what you’re normally into). Read novels and listen to talks given by thought leaders outside of your normal environment. And remember:

    “While luck plays a role — sometimes small, sometimes large — in a company’s successes,” Bouygues adds, “the most important business victories are achieved through thinking smart.”

    In other words: Go against the herd mentality. Use logic, question your assumptions and above all, don’t allow yourself to remain stagnant.

    Related: Critical Thinking Is the Skill Many Leaders Lack

    Aytekin Tank

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  • Too Patient or Not Patient Enough? How Leaders Strike a Balance

    Too Patient or Not Patient Enough? How Leaders Strike a Balance

    Opinions expressed by Entrepreneur contributors are their own.

    We’ve all been told that “patience is a virtue.” Our parents admonished us when we incessantly asked, “Are we there yet?” Our teachers scolded us when we requested our grades back mere minutes after we finished the test. And even though we have now (hopefully) aged out of our restless childhoods, it is still just as important that leaders practice patience in business.

    Businesses are under immense pressure to produce results at break-neck speed in today’s fast-paced world. However, more often than not, the best, most sustainable results take time to achieve. What’s more, business results require the efforts of fallible, imperfect humans — people will miscommunicate, get sick and disagree. Month-long projects stretch into years, and rockstar employees fall behind. Patience is a critical yet undervalued element of great leadership — but how do leaders know when to be patient and when their patience has become inaction to resolve a long-term issue?

    Related: Why Patience And Kindness Need To Be At The Center Of How You Run Your Business

    Monitoring our returns

    In our business, we spend millions of dollars a month and we have precise guidelines for the amount and speed at which we expect to see returns on our investments (ROIs). We closely monitor ROIs and know how to recalibrate when our returns are lower or slower than expected. However, these fine-tuned metrics become much more nebulous when investing in human capital.

    We invest in our employees with the expectation that they will return that investment with tangible business results. For example, if we hire a team of developers at a specific yearly rate and they help our company make five times that rate within a year, we know we’ve made a solid investment. But what if that year turns into two or three years?

    Patience in business does not mean we let everything slide, twiddling our thumbs as we invest more and more into never-ending projects. Rather, it means we monitor our investments closely, knowing when patience is required and when it is time to step in and recalibrate our approach.

    Related: Patience Is the Secret to Boosting Your Profits

    Balancing the scale

    Movies have been made about impatient leaders who terrorize their employees with impossible expectations. However, leading with too much patience, though not as obviously harmful as too little, can hurt everyone in the end. Patience can quickly morph into avoidance or inaction; employees may lose faith in or take advantage of their leader, and business growth will stall. We must balance extending patience to our employees while also holding them accountable. We don’t want to become Meryl Streep in The Devil Wears Prada, but we don’t want to be Steve Carrell in The Office, either.

    In my role, I aim to lead with a growth mindset and I have faith that most people can develop into productive team members. But when employees are not meeting expectations, have a toxic attitude or their behavior negatively affects team morale, it’s a pretty easy call to put them on a performance plan. If they don’t improve, investing their resources in a new, more positive employee is often the next step.

    On the other hand, some underperforming employees are a great fit for our culture and want to improve. When this happens, we can extend a greater degree of patience. In the past, I offered a promising but underperforming employee two options: leave today and accept six weeks’ severance or work to improve, but if they showed no improvement in a timely manner, they would only receive two weeks’ severance. They decided to stay and have become one of our highest-performing employees.

    Remember, “It’s not what you preach; it’s what you tolerate.” We cannot tolerate a toxic or underperforming employee just to appear patient — not only will it hurt the business, but it could also hurt other employees. But we shouldn’t be so quick to fire that our employees live in fear. Leaders must balance how much patience they offer to create a supportive, productive and safe workplace.

    Related: How to Harness the Power of Patience to be a Better Leader

    What to consider

    When deciding how much or how little patience to extend to a struggling employee, there are three questions to ask:

    1. Is the person committed to improving?
    2. Does their team have confidence in their ability to grow and succeed?
    3. Based on the employee’s progress and current attitude, does the company have sufficient time and resources to allow this person to improve at their current pace?

    This last point is a tricky one. I hope all employees will thrive and create fair value for the company. Since I have a growth mindset, I believe people can learn and improve. However, we need to weigh how much time it will take an employee to improve against how much it will take to replace them. We can generally hire and train a new employee to be productive in three to six months. So, if we’re not certain an underperforming employee can improve in that time, should we replace them or should we be patient? The right answer isn’t always immediately clear.

    Take the time to consider each employee’s unique situation before making a decision. Companies that hire and fire fast may lose employee trust and create a negative atmosphere. Give employees the chance to step up to the plate before making the drastic choice to fire them — nobody wants to work in an office where they are always afraid of the chopping block. At the same time, no one wants to work with co-workers who don’t do their fair share and drag down the company’s performance.

    Reap the rewards of patience

    Patience can make or break a company. With too little patience, the workplace may become toxic, leading to employee burnout and high turnover rates. With too much patience, growth will stall, projects will get delayed and businesses will miss out on the growth that allows employees to see increases in compensation and responsibility.

    Patience is an art, not a science. There is no magic formula to tell you whether a project is worth waiting for or an employee worth keeping. Aristotle said, “Patience is bitter, but its fruit is sweet.” To taste the fruit, we must find the right balance of patience to build a company that allows employees to thrive, customers to be happy and shareholders to prosper.

    Daniel Todd

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  • Why You Shouldn’t Stress About Bad Online Reviews

    Why You Shouldn’t Stress About Bad Online Reviews

    Opinions expressed by Entrepreneur contributors are their own.

    In the last few years, consumers have become increasingly aware of their purchasing power, and that shift has led to a rise in online reviews. Online reviews are now an important part of the buying process for many customers. But do they affect your business? Especially if some of those reviews aren’t glowing? Here’s what you should know.

    As a business owner, you know that reviews are critical to your success. They help potential customers make decisions about whether or not doing business with you is worth their time and money. They can also help you understand what products and services your current customers need from you.

    Reviews allow consumers to share information about their experiences with other people, creating a space where customers can build relationships and trust between each other. The more positive reviews your business has received from past clients, the more confident potential new clients will be in working with you.

    But the thing is when it comes to reviews, who wrote them and what website they were written on matters, too.

    Related: How To Use Reviews to Grow Your Business

    Reviewers and their criteria

    There are three main types of reviewers: customers/users, organizations and experts. Customers are the most common type of reviewer; they’re people who have actually used a product or service and want to share their experience with others.

    A lot of people don’t realize that the companies that review products and services for profit are biased. They have to be: They’re businesses, and they need to make money. It makes sense that a company that pays to review your product or service will want you to buy theirs as well — and if you don’t, they’ll lose money, so they’ll try anything to get you to buy, like filtering out good reviews or giving you an unfair rating.

    There are also people who don’t use the product but still feel compelled to comment on it — and sometimes these reviews can be just as powerful as those that come from actual users.

    It’s also not always clear whether or not a reviewer has actually used a specific item for its intended purpose. If you’re looking at reviews in order to decide whether or not a particular product is right for your needs, then it’s important to read between the lines and look at what reviewers are saying beyond their initial impressions.

    Whether your business is doing well or not, you’ll certainly find bad reviews from all sorts of people and review sites. If you find yourself trying to redeem your product from what seemed to be an unfair judgment, here’s what you should do.

    How to respond to bad reviews

    When responding to negative reviews from customers who have had an unfortunate experience (whether it’s with your product or service), there are some things that should always be kept in mind:

    • Be polite and respectful at all times. Good manners go both ways; when responding politely and courteously to bad reviews, other potential customers will notice how professional your company is and take their chances on doing business with you instead of taking theirs elsewhere.

    • Respond quickly! If someone leaves feedback about an issue they had while using one of your products/services online through social media channels like Twitter or Facebook, then reach out immediately to not only resolve any issues but also to avoid having additional problems such as further complaints being made against you because others might think there isn’t any way for someone else experiencing similar issues get help from those responsible for creating said product/service.

    Related: 5 Ways to Embrace Online Reviews — Good or Bad — and Win New Customers

    Pay attention to online reviews, but don’t let them overpower your business

    While you should pay attention to online reviews and respond accordingly, don’t let them overwhelm you or dictate how you run your business. There are a few reasons for this:

    • You can’t control what people say about you in their own words — and that’s okay! The fact is, even if someone had been disappointed with their experience at your restaurant or hotel or spa (or whatever), they still might leave positive feedback if they enjoyed themselves overall. While it’s certainly worth responding when any negative comments come up, remember that it’s not always necessary or possible to change someone’s opinion of an entire company based on one person’s experience at one location or event.

    • Negative comments are likely outnumbered by positive ones! In fact, many people who write negative reviews never bother reviewing businesses again because they feel there’s no point — they assume all businesses will be terrible so why bother? Remembering this helps keep things in perspective: Even though one bad review may feel like the end of the world now (because we live and breathe our businesses), most businesses actually have dozens more fans than detractors out there!

    Related: Want a Successful Business? Focus on These 5 Things

    At the end of the day, it’s how you do your business that matters most. You can’t control what people say about you on social media, but you can control how you respond to it.

    If someone leaves a negative review, don’t try to argue with them or defend yourself. Instead, take what they say as an opportunity to improve your business for everyone — and offer an apology if appropriate.

    Remember: There are two sides to every story, and one person’s experience does not equal everyone else’s experience. People who leave negative reviews may not be satisfied with their purchase for any number of reasons — maybe they’re just having a bad day, or maybe they had unrealistic expectations from the beginning. By responding appropriately, you’ll show others that their experience is important, too.

    Roy Dekel

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