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Tag: Operations & Logistics

  • The Shortage of Tech Workers Can Be Solved By Hiring From This Region | Entrepreneur

    The Shortage of Tech Workers Can Be Solved By Hiring From This Region | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A peak in the tech job market is coming. The migration and technological adoption that almost all the US industrial sectors undertook due to the pandemic has overstretched the available STEM talent pool in the United States. Tech workers’ wages have skyrocketed for some time due to the labor shortage.

    A close, competitive, and viable ally

    Reports and articles abound confirming growth in demand for STEM jobs linked to the industrial digitization goals of US companies. According to the U.S. Bureau of Labor Statistics, occupations such as Data Scientists, Information Security Analysts, Statisticians, or Web Developers are among the five fastest-growing jobs for the next decade (2021-2031). But domestic talent is not sufficiently available, and employing foreign workers can generate a significant administrative burden for companies. So, hiring engineers and data scientists based in Latin America can be a much simpler, more viable and more profitable alternative than importing talent from other parts of the world.

    First, the geographical factor is important since Latin American countries have time zones similar to the US, which can improve the coordination of work teams. Also, Latino engineers who graduated from regional STEM faculties are of top-notch quality. According to the 2022 QS World University Ranking list, the University of Chile, the Pontificia Universidad Católica de Chile, the UNAM in Mexico, and the University of São Paulo in Brazil are all producing high-caliber talent.

    Although there is no accurate census, according to data consulted from Brazil, Mexico, Chile, Argentina, and Colombia, an estimated 165,000 to 220,000 engineers graduate annually from these universities.

    Related: Why Entrepreneurs Are Looking Towards Latin America for Nearshoring Opportunities

    How to access that talent?

    The impact of COVID-19 in all industrial sectors revealed opportunities in the labor dynamics of which teleworking is here to stay—85% of IT divisions consulted by Deloitte plan to be hybrid or fully remote. However, 82% of US companies could not complete digital transformation projects in the past year due to a lack of resources and skills.

    The pandemic positively impacted the modernization of remote contracting and payroll administration platforms. Although there are specificities for different countries, there are generally three viable options for hiring remote talent: As an independent contractor, through a local employer (EOR), or via opening a company subsidiary in a specific country.

    Some platforms specialized in accelerating these processes are strategically located in Mexico, Brazil, Argentina, or Peru, such as Skills.tech, Revel or Baires. Those companies and others offer candidate filtering services, skills verification, team management, recruitment laboratories and continued talent education, among other features.

    Related: 4 Tips for Hiring Employees No Matter Where They’re Located

    Two potential drawbacks

    Firstly, companies seeking to outsource talent (of any kind) should include Diversity, Equity, and Inclusion (DEI) policies in their work culture. This concept is critical because Latino workers might quickly leave their employers if they do not feel represented or included. This often happens regardless of the team they work with or the professional challenges they face.

    Another factor to consider is language. Latin America is not particularly known for having the best English literacy in the world. According to the English Proficiency Index de EF (EPI), only Argentina is listed as having at least a “high” English proficiency among Latin American countries.

    The good news is that there is a direct correlation between work experience and the level of English. Better yet, the same EPI recognizes that, as a result of the pandemic, English in Latin America seems to have improved exponentially compared to the rest of the world. The scores show an increase of 16 points compared to the average increase of 3 points for the rest of the world.

    Related: Interested in Starting a Business Overseas? Keep These 5 Things in Mind

    Conclusion

    Having the most qualified people is key to competitiveness and growth for most businesses. Hence, US companies have been competing to attract and retain IT professionals. The current demand and shortage of professionals pose a unique and timely opportunity for Latin America, and several startups are starting to capitalize on this opportunity.

    While directly hiring foreign workers is an option for some companies, leveraging remote talent via service providers can present a simpler and more profitable alternative. The time zones of the USA are similar to those of Latin American countries, and the population of engineers is motivated and well-educated.

    With special attention to remote and DEI policies, Latin American talent can provide an unparalleled competitive advantage for US companies seeking tech workers.

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    Roland Polzin

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  • Jamie & Kayla Giovinazzo of EAT CLEAN BRO on Creating a Meal Prep Business | Entrepreneur

    Jamie & Kayla Giovinazzo of EAT CLEAN BRO on Creating a Meal Prep Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Jamie and Kayla Giovinazzo have built a healthy food empire with Eat Clean Bro. But success took time, talent, and teamwork.

    At 19-years-old the CEO/Founder of Eat Clean Bro Jamie Giovinazzo wanted to combine his two passions of cooking and fitness to create a meal prep company.

    The year was 2012 when Jamie took a chance on himself. He was on his last $300 and had given up on his dreams of cooking. Until everything changed for the better.

    He began cooking again after a chance phone call from a long lost friend. That was enough to reignite his passion to restart his meal prep company journey during a time when that wasn’t really a thing. Eventually, Jamie became “the guy” that cooked and prepared meals for clients.

    “I had a Rolodex of business (contacts). So I just started going down by calling everybody’s name,” Jamie Giovinazzo recalls with Restaurant Influencers host Shawn Walchef of CaliBBQ Media. “I had four items on my menu and I started cooking at my buddy’s house.”

    That decision would forever change his life. It also led him to find his wife Kayla and learn she was indeed the one.

    Business had been doing so well at this point that Jamie had to call a rain check on a first date with Kayla in order to sort through receipts to submit for taxes. Instead of casting him aside, Kayla decided to help him organize. They have been locked in ever since.

    Kayla, who eventually dashed her dreams of being in Law Enforcement to be a part of the family business full time, still exhibits that helpful, considerate propensity to this day as the VP of Eat Clean Bro.

    One of the company’s overarching goals is “sculpting your company into a positive, uplifting, awesome place to work”, according to Kayla. She is the brains behind ensuring the success continues to happen.

    The two have built an empire and become a powerhouse couple that has amassed upwards of $20 million in sales per year for the company that now stretches across 15 states and operates out of a 17,000-square-foot facility with 150 employees.

    Marriage, money, and meals have all been put into their proper place as Eat Clean Bro continues to grow.

    “I’m only as good as my last meal” is a proclamation that Jamie Giovinazzo and Kayla Giovinzzo embody.

    With their dedication to hospitality and incredible celebrity backing, the Giovinazzo family’s ascension has been fast and shows no signs of slowing.

    ***

    ABOUT RESTAURANT INFLUENCERS:

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    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • How Dogpatch Games Wrote the Rulebook for Tabletop Gaming Customer Service? | Entrepreneur

    How Dogpatch Games Wrote the Rulebook for Tabletop Gaming Customer Service? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Behind the Review host and Yelp’s Small Business Expert, Emily Washcovick, shares a look at this week’s episode of the podcast.

    Growing up, Shannon spent countless hours playing board games with his family, a core memory he wanted to help others recreate, especially during the pandemic when people were feeling largely disconnected. From that, Dogpatch Games was born—a board game store in San Francisco that, soon after opening, became more than just a place to buy games.

    “One of our key tenets or touchstones that we try to focus on is inclusivity,” Shannon said. “It’s this idea that there is a seat for everybody, and there’s a game for everybody. This game may not be for you, but this game is, and you just haven’t found it yet.”

    Shannon’s approach to entrepreneurship was to start slow, giving the business a chance to grow in the neighborhood. He started with a soft opening, in which the business was only open a few hours of the day. Even with limited hours, curious customers still trickled in, giving Shannon the opportunity to wow them.

    One such customer was Yelp Elite reviewer Jenny X., who saw the store when she moved to the area. Before entering, she thought Dogpatch would be a one-time visit. To her surprise, it ended up being a memorable experience she couldn’t wait to tell her friends about.

    “I definitely entered being really skeptical. I [thought], we’re just gonna pop in and leave. This is not going to be somewhere we’re going to spend a lot of time,” Jenny said. “Just seeing how much passion the owner had for games, I let my guard down a little and [decided] to not be skeptical for a second here and let him try to convince us.”

    To make Dogpatch more than a store, Shannon goes the extra mile to make customers feel comfortable. Similar to Jenny’s experience, he frequently offers to teach customers how to play different board games and asks questions to figure out which games they’ll like best.

    By easing customers into the business, Shannon was later able to introduce a membership model for return customers, which provides a stable stream of revenue for the store. In deciding prices for different membership levels, Shannon prioritized accessibility for all customers.

    “We were trying to find a price that feels fair but recognizing that this is a premium game space,” Shannon said. “We want to have our community members feel like they’re getting enough value for their membership, where they’re getting the premium service, but they’re getting enough of a discount for it and getting invited to these extra things so that they don’t want to give up their membership.”

    As part of the membership model, Dogpatch hosts exclusive events and game nights for members. It also hosts events open to any community members, such as Dungeon & Dragons tournaments and Ladies’ Nights, to help customers meet each other and form new connections.

    Moving forward, Shannon hopes to integrate Dogpatch even more into the community by partnering with local businesses, such as his “Parents’ Night Out” initiative with local restaurant Gilberth’s Latin Fusion, where parents can drop their kids off at Dogpatch and receive a discount on their meal out.

    “The kids are here for two hours playing games. We got them—you go have your date night and then come back and pick them up,” Shannon said. “We’re trying to create a little neighborhood community with other establishments in our neighborhood because we’re all in this together.”

    Other small businesses can learn effective strategies from Dogpatch’s playbook, such as:

    • Considering a soft opening model. A soft opening can be a great way to garner excitement for your business and get the word out organically without a high resource investment.
    • Building a solid pricing model. Creating profiles of your ideal customers can help you decide on a pricing model that’s right for your business and accessible to customers.
    • Integrating your business in the community. Host community events open to all, and partner with other local businesses to help each other grow.
    • Giving customers an experience to talk about. Prioritize customer service and help customers feel comfortable with unfamiliar experiences to keep them (and their friends) coming back.

    Listen to the episode below to hear directly from Shannon and Jenny, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud

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    Emily Washcovick

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  • The Power of Franchisee Training Videos | Entrepreneur

    The Power of Franchisee Training Videos | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Franchisors love to tout the training and support offered to franchisees in their system, which is designed to provide an education on the ownership and operation of their respective brands. It’s vital to communicate the instructions that make up the corporate training process, as the majority of franchise concepts make the valid claim that prior industry experience isn’t necessary to run the business models. But when job safety and accident prevention are often key components, you simply can’t underestimate the value and importance of training new franchisees.

    This is why some franchisors go all out during the onboarding phase. Many have developed elaborate programs, billed as “[insert brand here] University,” that provide countless hours of classroom and on-the-job training sessions. But are these dry, classroom-style sessions truly the most effective – and cost-efficient – way to reach new franchisees?

    In search of a better and more cost-effective solution to training new franchisees, should brands consider transitioning their valuable resources and money elsewhere? Below makes the case for using video as the primary medium.

    Related: 4 Big Benefits of Improved Employee Training

    What’s at stake

    Training new franchisees on operating a business model where they often have no prior experience requires a serious and sober approach, especially if new owners plan to handle the day-to-day operations. For instance, you can’t expect a former CPA to run a pest-control franchise without first communicating the associated risks and hazards that come with handling dangerous and harmful pesticides and chemicals. Just the same, a successful medical device sales executive has no business operating a chainsaw at great heights soon after purchasing a tree-trimming franchise. In both of these cases, communicating the associated workplace risks is every bit as important as teaching new franchisees how to acquire new customers and manage online ad campaigns.

    The value propositions of video

    What franchisors should value more than any other aspect of the training process is engagement. And securing the right level of engagement requires a training program that’s interesting, informative and even appealing. If franchisees find the instruction to be entertaining and enjoyable, they’re much more likely to retain the knowledge you’re trying to communicate. Forrester Research has conducted studies that reveal employees are 75% more likely to watch a video than read documents, web articles or emails. And thanks to the repetition and sharing that videos allow, retention rates rise, increasing trainees’ ability to remember details and concepts.

    One study, undertaken by the SAVO Group, found that — in the absence of video learning — employees were unable to retain as much as 65% of the material presented. Instructional video also allows for consistent messaging, meaning the information franchisors need to convey is absorbed equally by viewers. Lastly, the use of video — an effective, portable and engaging medium — also comes with metrics, allowing franchisors to track views, sharing, comments and even downloads. Why the discrepancies in effectiveness? Most experts attribute this to a theory known as The Cone of Experience, which holds that individuals can recall up to 50% of what is presented to them. If that sounds discouraging, the recall rate is 30% for what they see, 20% for what they hear and only 10% for what they’ve read.

    Related: How to Scale Your Training with Video and Learning Management Systems

    Is eLearning a thing?

    The sudden onset of the global pandemic brought radical changes to many industries and business channels that needed to adapt quickly to the public health threat. Education, with its pivot to online, or eLearning, offers one of the strongest examples. But is eLearning a thing? Video-based instruction and visual learning entered the mainstream almost overnight, and the results have been intriguing.

    Businesses and organizations are in near-total agreement that videos help them train their employees better and faster, and they plan to continue using the medium as part of their overall digital learning strategy. The flexibility that comes with video instruction has proven invaluable. Through video learning, users have the ability to pause, rewind and even rewatch content — giving the viewer full control over learning and comprehension of the proposed subject matter.

    How video saves time, money and resources

    The current training programs and onboarding platforms offered by many franchisors require the repetition of expenses in time, money and resources. It’s a time-consuming process, but transitioning to video could eliminate a majority of repetitive fixed costs. There are no scheduling conflicts or plane tickets to secure for instructors or franchise trainees. There are no venues to book, rooms to reserve or meals to cater. In fact, with the simplicity that comes from video training, trainees can absorb the required instruction whenever and wherever they choose — including the comfort of their own homes.

    As industries across the spectrum continue their rapid transformation to an all-digital world, the portability, engagement and effectiveness of video will play a central role in the comprehension of valuable information. The world of franchising is particularly suited to take advantage of the benefits that video production offers, and they go well beyond training programs. Many leading brands, as well as several upstart and emerging concepts, are already reaping the benefits of integrating video into their platforms. Video has become an effective tool for franchise development, recruitment, training, sales, customer acquisition and even ongoing support. Those that have invested in high-quality, brand-specific content for numerous franchise programs and initiatives will continue to reap the whirlwind of success associated with a powerful and consistent medium — video production.

    Related: How to Create A Video-Based Employee Onboarding Program To Maximize New Hire Productivity

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    Trevor Rappleye

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  • Why Are So Many Companies Afraid of Generative AI? | Entrepreneur

    Why Are So Many Companies Afraid of Generative AI? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The release of ChatGPT in November of 2022 prompted the fastest public adoption of any new technology we have seen in a long time — perhaps ever. Many businesses, however, are largely taking a “wait and see” approach, which will only make it harder to keep pace as the technology evolves.

    In recent months, generative AI tools like ChatGPT, Jasper, Midjourney and Rowy, and others have demonstrated incredible breadth. For the first time, language models are passing Google’s hiring test for engineers, Wharton’s MBA exams, and Minnesota University’s Law School exams.

    Perhaps even more impressive, however, is how quickly creative fields once thought to be the sole domain of the human brain — like art, music and poetry — are being disrupted by automated systems capable of creating original works. And this is only just the beginning. Generative AI tools are improving at such a stunning rate that it won’t be long before we consider these early versions of the technology primitive.

    The quality of these generative AI systems is mainly due to the incredible breadth of data and computing they’re built on. However, developing this kind of sophisticated generative AI model takes a significant amount of data and money — the kind only available to a handful of the world’s largest and most powerful technology firms. While there are interesting reports of companies finding innovative applications for generative AI platforms, most companies have largely remained on the sidelines as they grapple with legitimate concerns regarding intellectual property, security and overall quality.

    While it’s important for organizations to fully consider the implications of disclosing their intellectual property to these third-party systems and be aware of ongoing quality concerns yet to be addressed, they also can’t afford to ignore such important technological breakthroughs. Though the concerns are valid, it’s also important to recognize that they will likely be addressed soon. The technology is only getting more sophisticated, and the longer they wait, the harder it will be to catch up.

    Related: ChatGPT vs. Bard: A Modern Day David and Goliath Story. Who Will Win?

    We’ve seen this pattern play out plenty of times; an innovation is unveiled, businesses widely acknowledge its disruptive potential and then refuse to engage with it due to some valid but ultimately — in the grand scheme of things — misplaced concerns.

    For example, I can still recall when concerns regarding intellectual property, security and privacy discouraged many organizations from using third-party email servers, who instead devoted significant resources to developing and operating in-house email. The same happened when personal mobile devices were initially banned from the workplace or when cloud technology was introduced, then widely avoided. Now every company has a cloud strategy.

    For large, legacy companies with significant investments in in-house, non-cloud native applications, the costs and challenges of starting the journey to the cloud were so daunting that they pushed it off. It’s been years since AWS, Azure and GCP have been available, and yet there are many Fortune 500 companies in still just the early stages of adapting and strategically leveraging these services.

    Related: It’s Time to Prepare for the Algorithmic Workforce

    For those making significant investments now, it obviously would have been cheaper, faster, and better if that journey had started years ago. Ultimately, time wasted yields competitive ground to the leaner startups that embraced the cloud and can move more quickly.

    Today, companies are once again faced with a game-changing technology and yet have similar concerns regarding intellectual property, ownership, security, legal and compliance. The difference this time, however, is that the scale, sophistication and openness of the new AI models are even more advanced, and the technology is expected to evolve at an even faster pace than we have seen in the past.

    While the need to address these concerns is valid, and quality issues with these platforms are real, we’ve overcome such challenges countless times over; we can expect they will be solved in this instance. In the meantime, I firmly believe at least some small investment should be dedicated to understanding the art of the possible and its limitations and working through the intellectual property, security, and legal issues.

    Throughout history, countless inventions have improved human productivity. Software engineers today are more productive than engineers from decades ago. What changed? It certainly wasn’t the capacity of the human brain. Instead, our heightened productivity is thanks to new software engineering frameworks, platforms, and tools. AI tools represent the next major leap in this journey. Just imagine what an AI engine that can pass college-level exams can do when it’s purpose-built to help software engineers write code.

    While there are risks associated with the technology in its early stage, the most significant risk most tech companies face is waiting too long and allowing the competition to onboard the technology first.

    Related: 5 Fears All Entrepreneurs Face (and How to Conquer Them)

    Start-ups are in a particularly advantageous position, as they have much less to lose and much more to gain by taking a bold risk on early AI adoption. However, large enterprises can begin dabbling with generative AI by finding low-risk use cases. They should also ensure that this is considered a top priority for legal and security teams and adequately communicate the significant stakes.

    While the applicability of these technologies is broad, I recommend finding a pragmatic, simple area to begin experimenting and learning, then expand from there. Perhaps even host an in-house hackathon to see all the creative solutions your teams think up.

    There are countless opportunities to experiment with generative AI across marketing, engineering, customer service, and many business functions. While being conscious of the risks and taking steps to mitigate them, it makes sense to start small. However, getting started is important; otherwise, you may risk getting left behind.

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    James Barrese

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  • 5 Reasons Strategic Planning is Vital for Entrepreneurs | Entrepreneur

    5 Reasons Strategic Planning is Vital for Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I have a good friend who detests making plans. Our small circle of colleagues jokingly refers to him as “Houdini,” as he’ll seemingly go to any lengths to get out preparing. When it’s time to detail our yearly group vacation, for example, he’ll come up with the unlikeliest excuses to avoid participating. “I prefer to go with the flow,” is the reliable response.

    I’m sure we all have someone in our lives like this — a person who leaves much for the last minute. And I can understand that desire for spontaneity. Back in 2006, when I founded my startup, Jotform, I promised to never get so caught up in strategic planning that I forgot how to live without it. Of course, I was then a newly minted entrepreneur and had many untested ideas about running a business. Now I know better and have grasped that, as leaders, it’s not simply planning that’s key to success, but doing so strategically.

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    Aytekin Tank

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  • 4 Ways M&A Can Transform Your Company | Entrepreneur

    4 Ways M&A Can Transform Your Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Not all mergers and acquisitions (M&A) end well. In fact, 70-90% fail, primarily because of an inability to identify appropriate fits for acquisition or the best ways to integrate them.

    Maybe this is why we hear such horror stories: A corporate takeover where people from the acquired company wait for the other shoe to drop. I understand that perspective. One company takes over another and holds its employees’ livelihoods in its hands — their careers, culture and security— with a high risk of failure.

    But I also know how being acquired by another company can result in amazing outcomes for professional growth. I am a living example of that.

    Over the last couple of years, my company acquired a series of companies in different regions to accelerate our growth, each with its client portfolio, industry expertise and merger timelines. Integrations have many moving parts but are rich with learning opportunities for the next integration. My experience on both sides of M&A has taught me that each company must deeply understand the other company’s values, culture and decision hierarchy. Just as important are the people who are part of the integration team. Those “in the kitchen” need to be open to building trust as soon as possible to ensure the integration goes as smoothly as possible.

    Related: Why Prioritizing Company Culture Is the Key to a Successful Acquisition

    1. Align values

    I joined CI&T six years ago when they acquired my company. I was the HR Director for a small ad agency with many clients in financial services. We had been courted over the years by companies interested in acquiring us, but they were not the right fit as they were more interested in our client relationships than our people. Our CEO believed in putting our people first, and it was important to him that I be close to those conversations.

    When we met CI&T, they were intriguing — even though they were headquartered in a different country. They instantly blew us away with their realness, honesty and transparency. We felt their values in every interaction and could tell that joining them would improve us.

    Related: Are You a Leader Loyal to Your Values? Here’s How to Align Your Leadership Style With Your Values

    2. Transparent communication

    Communication is how we keep everyone aligned and involved. We have a meeting every Wednesday with each acquired company led by the integration leader from “their side” to provide updates on progress on various fronts — such as the integration timeline, brand, benefits, new swag, etc. On “our side,” we give shoutouts to people who have been instrumental “in the kitchen.”

    Even if the news is the same as the week before, we affirm things are on track, and if things are delayed, we explain the dependencies. If we are waiting on something, we simply say so. We aim to ensure people are in the know every step of the way. Total transparency is key.

    Related: This Unique Leadership Model Will Transform Your Business and Ensure Success

    3. Understand culture

    Understanding a company’s values takes more than a motto — we need to understand the lived behaviors that reinforce the values that make up the culture daily. How do they hire, reward and recognize people? How do they make decisions? What programs or rituals reinforce them? Where are they on a Friday afternoon? If they say they promote from within, what’s their average tenure? How do they celebrate people and milestones? What’s the banter on their internal chat channels? What are their D&I metrics? Who’s on their leadership team? What is their T&D budget?

    In most M&A due diligence, many processes overlook corporate culture. It’s understandable: Culture isn’t seen on paper, and CEOs of acquired companies may not describe it objectively. Let’s face it — they are not the ones to ask. But not understanding the other company’s culture makes it easy to get wrong. Like dating the wrong person — those little things we ignore early on turn into bigger deals in time. Before too long, we can’t get past what we used to overlook.

    Not to say both cultures need to be identical for M&A success, but we should understand the differences and how to address them intentionally. For example, At CI&T, our culture is a learning environment, which means we bring many people to our meetings on a day-to-day basis so they can listen and learn. It’s not unusual for a meeting to have over ten people, but only half actively contributing.

    At first, this confused one of our acquired companies. Their hiring philosophy was to hire only experts and bring the necessary people to meetings. When we explained our culture, we decided together which meetings would have more bandwidth for our approach. Yes, we discussed and agreed together on how to integrate their approach with ours. Flexibility to change is a good sign of a smooth transition.

    Related: 7 Deadly Sins of Merger and Acquisition Negotiations

    4. Bring in the right people

    Understanding a company’s values and cultural differences from the beginning makes it easier to put together the right communications plan and approach an integration. Including the right people must be more than an afterthought. They should be an integral part of the M&A process.

    HR often has a better touch on the pulse of an acquired company’s people and can provide a more realistic and objective picture of its values and culture. Ideally, the HR leaders from both sides are willing to “get real” real quick.

    Perhaps many M&A efforts fail because understanding deeper aspects of a company, like values and culture, requires the right people involved — not business people, not salespeople, but “people” people. Even on the acquiring end, HR has a role to play in upfront discussions — even more for me as an acquired employee who has found success in my new role. I can assure new acquisitions, “Hey, you can trust these people.” I’ll be honest that the process won’t be easy, but these are good people and working through those challenges together makes us all the better.

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    Victoria Maitland

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  • Free Up Your Finances By Avoiding the Pitfalls of Excess Inventory | Entrepreneur

    Free Up Your Finances By Avoiding the Pitfalls of Excess Inventory | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Most companies have a lot on their plates currently. The rapid shifting of societal and economic elements has brought challenges to getting funds, sustaining cash flow, finding partners and dealing with essentially every other aspect of running a startup.

    Supply chains usually don’t make it into the startup headlines. But in today’s climate, the chaos of global supply and demand means that supply chain management is one of the most crucial skills early-stage teams need to get right.

    Even the largest retail companies — such as Target — have recently gone public about their supply chain issues and the impact of excess inventory. They are announcing drastic strategies of cutting prices and canceling orders to regain their inventory equilibrium and free up warehouse revenue.

    And if giants like Target are having trouble demand forecasting, smaller businesses and startups are in even more precarious situations, often without cash buffers to support wasted materials and orders.

    Related: How Advanced Analytics Can Put an End to the $50 Billion Retail Overstock Problem

    How does excess inventory happen?

    When your inventory strategy hinges on fulfilling demand, rather than considering lead times for replenishment, you end up over-ordering. Bulk buying seems cheaper in the short term and less risky than letting orders go unfulfilled. Still, eventually, you’ll probably end up with a case of musical chairs: You can’t shift inventory quickly enough, it piles up and you need to store or shift it because no room remains for the new product you’re trying to impress the market with.

    This also happens because of a lack of accurate demand forecasting, but forecasting tools only work when they can find patterns. When you have an inventory management solution to make deliveries and consumption more predictable, you can order more frequently in smaller batches. This way, you’ll have less inventory tied up and sitting around, and you’ll have more ability to be nimble — to intervene and course-correct — without saturating your warehouses. The biggest gap in demand forecasting and planning systems is their inability to support real-time intervention.

    Why is excess inventory significantly impacting early-stage companies?

    A stunning number of startups find that the money tied up in excess inventory could equate to a round of funding. That’s funding that could support the startup’s research, survival, growth or next development phase. What might seem like a temporary glitch becomes a significant hindrance to a startup’s long-term success and life expectancy.

    Managing material goods should be vitally important to startup founders; without it, they just won’t be able to stay financially nimble enough to take chances and grow.

    Take Peloton, for example. This VC-backed company found itself with products with huge physical components (bikes and treadmills) that were no longer selling in droves. Peloton faced dire financial consequences because of this wasted inventory and had to take emergency measures, including laying off thousands of employees and canceling plans for a new manufacturing facility.

    Rivian, an electric vehicle manufacturer, is the latest casualty of excess inventory. An inability to sell its physical product meant it had to hike prices before it had even developed enough to sell at scale. The final nail in the coffin? The company made the critical mistake of asking customers who had already ordered the lower-priced vehicle to make up the difference.

    The sad thing is that this could have been a very different story; the company admits that if it hadn’t struggled so much with its supply chain issues, it could have produced two times more units.

    Related: 3 Ways Small Businesses Can Survive the Supply-Chain Crisis

    How should startups deal with the immediate problem of excess inventory?

    Before startup leaders can begin practicing better demand forecasting, they’ll need to deal with the immediate problem of excess inventory and insufficient cash.

    How startups resolve this initial state of affairs will depend on their unique financial situation. If they need the cash to stay alive, faster cash velocity is better than inventory as an asset on their balance sheet. For most inventory-heavy startups, there are more excess and wasteful dollars tied in inventory than the savings they are gaining from laying off employees right now.

    One immediate step that can lighten the load is to cancel all upcoming orders that are in excess of your needs. If you can access real lead time data, you can reroute or cancel inventory. You shouldn’t have to consider laying off employees when there’s excess inventory that could be monetized.

    How do you know when it’s time to make this kind of intervention? You might be seeing changes in demand, abnormally long lead times, changes in on-shelf availability, etc. Keep an eye on the materials passing through (and getting stuck) in your supply chain.

    Related: How Better Inventory Management Can Improve Your Finances

    How can startups use AI to forecast demand?

    Newer retailers and early-stage startups can use AI-powered tools to better plan demand going forward, and it needn’t mean retraining or relearning everything you know about supply chains. Consider these strategies:

    1. Keep an eye on lead time estimates

    Looking ahead at real lead time estimations for your goods can help you plan for potential excess inventory. Understand how often a supplier can deliver. Look at global shipments to determine if you will get your materials on time to either distribute or manufacture. This information can set up more accurate expectations for the rest of production and beyond. It also helps you advise customers ahead of time rather than apologizing after you’ve let them down.

    2. Don’t undersell your clearance inventory

    Price your clearances properly; there is no need to price something 50% off when a 40% discount would result in the same purchase volume. The great thing about awareness of lead times is that you don’t need to go to desperate measures. You can see ahead at the whole picture and put more gradual, smaller measures in place to deal with excess inventory.

    3. Actively manage inventory buffers

    Inventory buffers shouldn’t just stagnate because excess inventory (even in the form of a planned buffer) can oversaturate your supply chain, causing the flow of goods to grind to a halt. If you can actively manage inventory buffers for critical goods, factoring carrier and demand disruption patterns, you can create a healthier flow even when the market environment is in turmoil.

    Excess inventory happens to the best (and biggest) of us. But when you’re an early-stage company fighting to fuel your way ahead with VC funding and struggling to find enough spare cash to make changes, then excess inventory can drag your business down and threaten its future. By focusing on your supply chain and reading lead time estimates to manage the flow of your material goods, you can take back control and free up your finances.

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    Ali Hassan

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  • I Wrote a Book, But What Now? 5 Things to Do After You Publish Your Book | Entrepreneur

    I Wrote a Book, But What Now? 5 Things to Do After You Publish Your Book | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret today that entrepreneurs are writing and publishing non-fiction books to market themselves and their brands and businesses. As an entrepreneur, it increases your authority and credibility, helps you reach new clients, gain speaking engagements and much more. Books have become the business cards of modern entrepreneurs.

    Since COVID-19, the amount of eBooks available on Amazon Kindle Direct Publishing (KDP) has more than tripled. That means that writing and publishing have become the easy part and that book marketing is the real challenge.

    Despite this, too many entrepreneurs turned authors see their non-fiction book as the end of something when it’s really just the beginning of a new level of marketing.

    Related: How to Begin Your Lead-Generating Non-Fiction Book

    What should I do after I publish a book?

    After your book is published, you shouldn’t sit back and relax. It’s a common mistake to assume that book sales will take care of themselves. In reality, that couldn’t be further from the truth.

    Yes, writing and publishing a book will open many doors for you. But you still have to be the one to walk through those doors. Otherwise, what was the point of all the hard work, time and money you put into publishing your book?

    In this article, I will share five things I tell all of my authors to do after publishing their books.

    Related: 3 Ways to Sell More Copies of Your Non-Fiction Books

    1. Take a bunch of pictures with your book

    Do you know what picture gives me a spike in book sales whenever I share it? The one of me, holding my paperback next to my face and smiling. It’s not a professional picture by any means; it’s just a selfie taken with my smartphone. I don’t use filters or wear makeup, and I certainly don’t dress the part of a traditional businesswoman.

    But guess what? That selfie resembles every other picture your friends, family and colleagues share. It doesn’t look like an ad to buy your book. And that’s what counts. That is what people respond to on social media.

    My advice is to take pictures with your book often. It makes for a much more interesting scene. I tell authors to try different poses and locations. You can find many pictures of my books traveling, standing up in the sand on the beach or atop a balcony overlooking the Caribbean sea. Where I go, my books go.

    Related: 5 Proven Tips for Effectively Marketing Your First Book

    2. Tell people about your book again… and again

    To be clear, I am not talking about bringing up your published book non-stop and no one ever being able to have a productive conversation with you. I just mean that you need to remind people periodically, preferably in various creative ways. You can share pictures with your book (as I mentioned), record videos of you reading powerful one-liners or valuable paragraphs, book quotes, glowing reader reviews, bestseller status or other sales updates, anniversaries and more.

    You need to keep reminding people subtly about your book for two main reasons. One is that people get distracted easily, and you have to catch them at the right time if you want them to buy something.

    The other is the commitment implied by purchasing a book. There is a funny thing that happens. Readers only want to buy it if they actually have time to sit down and read it. They take the book purchasing commitment seriously.

    It’s been almost two years since my first book was published, and every time I share an update, I get messages in my inbox from someone who had no idea and/or just finally got the chance to sit down and purchase it.

    3. Set up an author meet and greet and book signing

    Nothing is as effective in selling your book as in-person events where you can connect with your ideal reader. Unfortunately, nothing else is as intimidating either. New authors always doubt their ability to organize book signings, draw a crowd and actually sell copies of their books.

    Stop doubting yourself! You will be surprised just how open venues are to hosting you as an author. Contact local libraries, bookstores, relevant organizations, schools, universities, etc.

    Related: The World’s Best Marketing Tool: Writing a Book

    4. Start guest blogging

    One of the biggest benefits of writing a book is having a writing sample in front of you. Guest blogging in your niche is a great way to grow your audience and boost your book sales by providing insights and value to your ideal reader.

    This can also be very lucrative as well. I have found that not only are niche websites willing to pay for my knowledge, but they also link directly back to my books within the blog post.

    5. Write a speech to expand on your book

    Most speaking engagements go to published authors. Writing a speech is very similar to the idea of guest blogging. You want to write a talk, or talks, that expand on your book.

    You can find speaking opportunities online via virtual summits and in person with relevant professional organizations, events, universities, etc. As a bonus, you can usually set up a book table where you can sign and sell copies of your book and connect with your ideal reader.

    Related: 7 Simple Ways to Market Your Book and Brand Organically

    To sum up

    In conclusion, there are several ways to market your book, and by extension, yourself and your ideas, after publication if you want to sell as many copies of your title as possible.

    I always give the advice to my authors that you really can’t screw up a book launch, unless you go silent. All you have to do is keep talking and, above all, have fun! It may sound a little cheesy, but happiness and excitement are contagious. Keep talking, participating, sharing, and interacting by using the five strategies I outlined, and you will have no problem marketing yourself as an author.

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    Sara Tyler

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  • How to Take an Organization From Web2 to Web3 in 2023 | Entrepreneur

    How to Take an Organization From Web2 to Web3 in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    After years of serving as a hotspot for early technology adopters and innovators, Web3 is finally receiving the attention it deserves. From Big Tech to traditional enterprises and even government institutions, the advancement of blockchain technology is undeniable.

    While this innovation remains complex, blockchain has shown that it can serve as highly secure, transparent and reliable infrastructure for countless applications. For example, as the U.S. Air Force works on tokenizing components of its supply chain and budget, FIFA even released an exclusive NFT series during its 2022 World Cup.

    However, as a growing number of traditional organizations line up to explore Web3, it’s clear the transition isn’t always easy. Efforts to track groceries using blockchain have progressed more slowly than expected, while others have given up due to the high costs associated with developing blockchain applications from scratch.

    Despite these setbacks, it’s important to note that organizations can mitigate the risks of experimenting with Web3 by structuring plans around a few core considerations.

    Related: Web 3.0 Is Coming, and Here’s What That Really Means for You

    Selecting the right strategy

    Blockchain has numerous applications that help optimize workflows and visibility across trustless systems. Companies can leverage blockchain to improve internal processes, such as budgeting, supply chain management, manufacturing and auditing — or they can utilize the technology to communicate with consumers and build a fanbase. These processes often require enterprise-grade solutions and thus are usually separated from public use of blockchain.

    Getting started with blockchain isn’t always easy, requiring several critical decisions before development can begin. For example, companies must think about which specific use cases blockchain can offer to their organization, what data privacy and protection requirements they need to consider (which can help determine whether a public or private blockchain is necessary), what data needs to be stored on chain, as well as their current cloud and node infrastructure, among other decisions. These considerations must also include how to scale or adapt, accommodating an organization’s future needs.

    Not all infrastructures are equal

    Previously, most Web3 applications were built on Ethereum, the world’s first smart contract platform. But this dynamic has changed dramatically since 2017, with an abundance of options emerging that allow organizations to successfully connect to the new internet era.

    With access to multiple options, choosing the right infrastructure is critical to ensuring compatibility with current systems and regulations, as well as future endeavors. Fortunately, unlike a few years ago, organizations can now select a protocol that perfectly fits their needs.

    For example, decision-makers can choose between public, private and even hybrid blockchains. Public blockchains, such as Ethereum, commonly feature high transaction volumes, are used by a huge variety of projects and are popular amongst consumers. On the flip side, they’re often quite expensive to use and lack privacy. As a result, public blockchains are best suited to consumer-focused projects like NFT markets and gaming.

    Private or permissioned blockchains, like Hyperledger Besu, perform as closed databases, allowing only select members to create and view transactions, smart contracts and nodes. These systems are best for internal applications or pilot projects.

    Hybrid blockchains, on the other hand, provide the best of both worlds. Polygon, for instance, is a relatively inexpensive public blockchain platform that integrates with Ethereum at significantly reduced fees, while also providing access to private environments via Polygon Edge.

    Another option is to choose a solution that simplifies building with blockchain by delivering exclusive tools, templates and sandboxes to build enterprise-grade blockchain applications. SIMBA Chain, for example, auto-generates APIs that support private, public or hybrid deployments. The powerful platform also supports a structured data feature that generates valuable business intelligence insights while allowing organizations to migrate between supported blockchain protocols with ease.

    Perhaps most importantly, these platforms can significantly cut developing costs, shorten timelines and utilize proven infrastructure, ensuring a high level of reliability and security.

    Related: Web3.0: The Next Big Thing?

    The path to Web3 success

    Web3 has the potential to significantly improve key processes in many organizations, but it’s also clear that not every enterprise has the technical resources and talent to make an ambitious project successful.

    When Meta (then Facebook) announced its plan for a digital currency called Libra, the company went from having no blockchain connection to launching its own cryptocurrency. Although hundreds of organizations have launched their own cryptocurrencies over the years, it appears Facebook’s initiative failed to receive the time, resources and preparation it needed to thrive. As an unnamed government official told Financial Times, the company “spent years trying to reverse engineer their project to fix all of its faults. But they could never fix being linked to Facebook. It was their original sin.”

    In comparison to such ill-fated projects, the U.S. government has been successfully expanding its blockchain applications across the Department of Defense (DoD). One of the U.S. Air Force’s (USAF’s) ventures into blockchain started with a Small Business Innovation Research (SBIR) contract in 2021, which tasked SIMBA Chain with developing a Web3 solution to manufacture, test and deploy 3-D printed replacement parts for aircraft and other weaponry on the battlefield. Following this successful implementation, the USAF has slowly expanded its blockchain projects in conjunction with other U.S. agencies, such as the U.S. Space Force.

    One step at a time

    Given the challenges associated with Web3 development, it’s critical that organizations and governments take the time to learn blockchain fundamentals and weigh the opportunities and costs of each initiative. This practice is particularly important for large enterprises that already have well-oiled operations and those that deal with considerable public interest.

    Taking a step back to thoroughly consider specific solutions and their requirements, leveraging the right technology solutions to simplify the building process and relying on experts to help complete the job, are the three core pillars of virtually every successful blockchain project — and thus the key to rewarding investments and a solid reputation.

    Related: The Ultimate Guide to Navigating Web3 for Non-Tech Founders

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    Bryan Ritchie

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  • 3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are the backbone of our communities. They supply and care for our families, support economic growth and stability, and foster meaningful relationships with the people they serve. Nobody understands the value of small businesses more than those who live in communities that are most likely to experience disinvestment and neglect from corporate investors — which are disproportionately communities of color.

    These small businesses are also most often owned and operated by Black entrepreneurs and other entrepreneurs of color. Despite their value to their communities, racial inequities persist, and many Black-owned small businesses lack the financial resources necessary to grow and survive an economic crisis.

    Luckily, in today’s tech-driven economy, Black small business owners have new digital tools to help their businesses survive, thrive and stand out among corporate competitors. Here are three reasons Black small business leaders should meet this moment and embrace digital transformation.

    Related: 12 Steps That Could Help Your Small Business Start a Digital Transformation

    1. Improving agility

    Businesses that rely on foot traffic to reach clientele were hit hardest by pandemic-related shutdowns. The needs and interests of business leaders and their clients drastically changed, and those without the infrastructure to adapt to our new normal were at the greatest risk. As experts continue to signal that we’re nearing an economic recession, agility becomes increasingly necessary for the survival of small businesses.

    When small business leaders adopt digital tools and infrastructure, it allows them to shift quickly to ensure they can continue providing services to their customers. Whether through eCommerce websites or social media campaigns, digital adoption can help small businesses stay afloat amid global economic disruption. If business leaders start planning and implementing digital strategies now, they will be better prepared to meet whatever challenges they face next.

    Related: Digital Transformation Means Adopting a New Culture: Here’s How To Do It

    2. Expanding customer base

    One of the many reasons Black-owned businesses struggled to survive amid the pandemic was due to the direct economic impact it had on the people they serve. Many Black-owned businesses operate in predominantly Black communities, which are disproportionately affected by job loss and illness spurred by COVID-19 because of economic and healthcare disparities.

    Business leaders have to seek new ways to expand their customer base. Digitizing operations can open new markets for small businesses to explore, which generates more significant growth opportunities. Through online advertising, cloud computing and mobile commerce, small business leaders can extend their reach beyond local communities and into national or global markets. This will not only advance the success of small businesses but also ensure they are still around to serve their communities well after an economic crisis hits.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    3. Leveling the playing field

    Corporate competitors routinely receive more investment than small businesses, which means they have the resources to position themselves as better service providers. Small business leaders can stand out among corporate competition when investing in digital tools. These tools offer a more efficient means for handling inventory management, data analysis and marketing automation — resulting in faster turnaround times and better decision-making processes.

    Small businesses, especially Black-owned ones, often lack the financial capital and investments needed to innovate and keep up with their larger competitors. The good news is there is support for small business leaders, especially those who are shut out of financial opportunities due to pre-existing racial inequities.

    One of the groups I work with, the Small Business Digital Alliance (SBDA), connects small business owners with digital tools, training, and other opportunities to reach new customers by expanding their digital networks. Services and resources provided by the SBDA can help small businesses adopt digital strategies to grow and sustain their businesses – and they are free of charge to those within the network. This can help small businesses better understand the needs of their customers and quickly fulfill their expectations. By investing in digital solutions, small businesses can level the playing field and put themselves on equal footing with larger corporations.

    There is no way to predict an economic crisis’s impact on our businesses, but we can take steps to prepare and mitigate risks. Beyond business survival, going digital offers many advantages for Black small business leaders who want to stay competitive in an increasingly tech-driven landscape.

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    Jimmy Newson

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  • Strikes and Work Stoppages Were Up 52% in 2022: Report | Entrepreneur

    Strikes and Work Stoppages Were Up 52% in 2022: Report | Entrepreneur

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    Strike activity saw a marked increase from 2021 to 2022, according to a study released Monday from Cornell University’s School of Industrial and Labor Relations (ILR).

    The number of strikes increased to 424 total (including seven lockouts, when an employer stops work by not allowing employees to come in) from 279 the year prior — an increase of 52%.

    “Management is sort of being taught a lesson through the strike action,” Harry Katz, professor of collective bargaining at ILR, told CBS News.

    “It’s being taught how much power workers actually have now given the improvement in their bargaining leverage,” he added.

    The report comes from data published by ILR on strike and work stoppage activity through its Labor Action Tracker, which uses sources like news articles and social media to identify and verify strikes and work stoppages.

    The ILR says it does so because the Bureau of Labor Statistics stopped tracking strikes with fewer than 1,000 workers due to budget cuts in the 1980s.

    “It is imperative to have reliable data on strike activity, by union and non-union workers in stoppages of all sizes, to keep journalists, policymakers, activists and scholars informed about labor activism and unrest across the United States,” said Johnnie Kallas, a Ph.D. candidate at ILR, co-author of the report as well as one of the leads of the database, in the release.

    The industry with the most strikes, per the tracker, was “accommodation and food services,” which accounted for 34% of strikes. Most of these were led by Starbucks employees and fast food workers looking for a $15 minimum wage through Fight for $15, the ILR said in the release.

    The leading industry for the number of workers participating in the strikes was educational services, in which 60% of workers participated in strikes. This was in concert with increased educational worker activism and a massive strike by graduate students at the broader University of California system, which has 10 campuses.

    However, despite the uptick, it is hard to consider it a banner year, the ILR noted. “The number of workers engaged in work stoppages in the past two years falls behind the recent organizing upticks documented by the government in 2018 and 2019,” it wrote.

    Katz further told CBS this was not a “revolutionary” power grab by unions compared to strike numbers in the 50s, 60s, and 70s, the outlet wrote.

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    Gabrielle Bienasz

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  • Entrepreneur | Top 5 Marketing Tips for a Successful Brand

    Entrepreneur | Top 5 Marketing Tips for a Successful Brand

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    Opinions expressed by Entrepreneur contributors are their own.

    Digital marketing isn’t a set-and-forget strategy. New marketing trends, technology and evolving consumer and market demands keep digital marketing in a constant state of metamorphosis. If the last decade has shown us anything, the digital landscape is ever-changing, and to be on the ball, you need to be ahead of your competitors.

    To help you align your brand marketing to future changes and stay ahead of the curve, we’ve researched the 2023 trends that’ll most impact digital marketing.

    1. Social media influencer marketing

    According to research by Edelman, only one in three consumers say they can trust most of the brands they buy from. Furthermore, 67% of customers agree they may buy a company’s product because of its good reputation, but they’ll stop if they don’t come to trust the company.

    In response, many brands are partnering with influencers to help them cultivate strong brand awareness, recognition and trust. Influencers are people or entities with a receptive fan base (followers) that they can persuade (influence) towards a certain action. They may be content creators, celebrities, models, or marketers with a huge or rising social media following. Partnering with influencers builds brand credibility, as 37% of consumers trust social media influencers over mainstream brands.

    To succeed in influencer marketing in 2023, design an influencer marketing strategy. With a solid strategy, you’ll pick the right influencers to elevate your brand’s credibility and awareness with your target market, boosting your sales in the long run.

    Related: Influencers Are The Future of Marketing. Here’s How To Prepare Your Brand

    2. Marketing automation

    Every marketing campaign has many repetitive functions that can be automated with the right tools. These are everyday processes such as project assignments, social media posting, new project requests, messaging, email marketing, task reminders and workflow status updates.

    These recurrent marketing tasks can eat into your productive time, preventing you from completing other, more productive functions like creating fresh marketing content or analyzing key insights from your marketing data.

    Automation tools are particularly crucial today, seeing the greater part of marketing is data-driven. Conventionally, automation tools have supported data collection and behavioral observation. But in 2023 and subsequent years, data will advance signal-based marketing, which will interpret signals from the customer and help you better understand what customers want, both now and in the future.

    Next-gen automation tools learn from old customer data and predict their future actions. As such, you’ll be empowered to automate messages addressing future customer needs. This is a welcome innovation, considering how much effort it takes to derive key insights from predictive analytics manually.

    Related: The Top 5 Perks of Marketing Automation

    3. Generative artificial intelligence (AI) in content creation

    Generative AI is improving daily, making automated content generation the most disruptive trend in contemporary content marketing. Cutting-edge AI programs like Generative Pre-trained Transformer 3 (GPT-3) are already creating quality human-like text. GPT-4 will likely debut in 2023, offering more automation functions, better accuracy, and lower bias.

    While content automation tools are unlikely to eliminate the need for human content creators, they make content curation, creativity and predictive marketing much easier. You may not have the resources to immediately roll out sophisticated automation tools like GPT-3 in 2023 because they’re costly to acquire and train. Still, you can use more affordable tools like Marketmuse or Article Forge to assist you in meeting your content creation aims.

    The upside of generative AI is that once you train your model, you can fine-tune it on the go to suit different content. This makes generative AI extremely convenient for digital marketers who need varied types of content.

    Related: Should You Trust Artificial Intelligence in Marketing?

    4. Video marketing

    Video marketing has been one of the top marketing strategies for years. However, video production and delivery advancements have steadily increased its importance, as well as transformed the best practices for video advertising.

    Some of the video marketing trends you should cash in on in 2023 include:

    • Search-optimized video
    • Live video
    • Virtual and augmented reality
    • Vlogs and social media stories
    • Silent videos
    • Smartphone production

    A great video pays dividends since you can release it through multiple channels without reproducing it from scratch.

    5. Mobile-first marketing

    Mobile devices made up 58.99% of global website traffic in the 2nd quarter of 2022. An even larger percentage of web traffic will likely come from mobile in 2023 and beyond. Pay more attention to mobile-first marketing in your digital marketing approach to take advantage of this trend.

    A mobile-first marketing approach requires you to tailor your website and marketing content precisely for your mobile users so that they can consume and engage with your brand marketing message effortlessly. Mobile-delivered content is more appealing and personal to consumers. To execute mobile-first marketing effectively, consider the following 2023 best practices:

    • Utilize target messaging
    • Employ chatbots to advance personalization
    • Create relevant and exclusive content that’s mobile-friendly
    • Leverage SMS and in-app messaging
    • Use geo-targeting marketing, QR codes, and push notifications

    To nail mobile-first marketing, you must embrace fresh ways of designing and disseminating marketing content via mobile and optimize your e-commerce storefront to support and advance mobile commerce.

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    Adam Chandler

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  • Entrepreneur | Charlie Eblen of Single Tree BBQ on Becoming the

    Entrepreneur | Charlie Eblen of Single Tree BBQ on Becoming the

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    Opinions expressed by Entrepreneur contributors are their own.

    Just Do It. For Charlie Eblen, founder of Single Tree BBQ and host of Single Nation Podcast, that famous slogan is both a motto and rallying cry.

    “We really believe that we can be the “Nike of Barbecue.” says Charlie Eblen to Restaurant Influencers host Shawn Walchef of CaliBBQ Media.

    The motivation behind that mission is not to be the top-selling BBQ restaurant and corner the market. Instead, the entrepreneur credits his push to a more noble cause; he wishes to use BBQ to impact the community.

    Eblen has turned to technology to increase his digital hospitality. Taking steps, like implementing an upgraded POS system, is done with the customer in mind.

    “We went with Toast to be able to start doing stuff like having a loyalty program,” says Eblen of the change. “Being able to tell our loyal fans of Single Tree Barbecue that we’re opening a brick and mortar, that we’re going to partner with Heroes Den (a local live music restaurant in Murfreesboro, TN) and we’re going to have live music and we’re going to have a great bar. We’re going to have an amazing barbecue.”

    In addition to technology upgrades, Eblen has dove head first into the new media world of podcasting with the Single Tree Nation podcast. After a push from Digital Media Guru Shawn Walchef, he wasted no time putting ideas to action and broadening the scope of Single Tree’s impact.

    “The purpose of my show is really that it doesn’t have anything to do with Single Tree BBQ. It has everything to do with our community and helping build our community through barbecue, digital hospitality, and online storytelling.” explains Charlie Eblen of the weekly podcast.

    The most apt description of Eblen’s growth as a restaurant influencer is summed up in his own words: “It’s been amazing.”

    ***

    ABOUT RESTAURANT INFLUENCERS:

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

    Toast — Powering Successful Restaurants. Learn more about Toast.

    Restaurant Influencers is also supported by AtmosphereTV – TV to Enhance Your Business. Try AtmosphereTV.

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    Shawn P. Walchef

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  • Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

    Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

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    Opinions expressed by Entrepreneur contributors are their own.

    Large corporations have been using offshoring to gain a competitive advantage by lowering their manufacturing costs since companies like General Electric pioneered the practice in the 1960s. Outsourcing started in the 1950s and became an attractive business strategy in the late 1980s as businesses began focusing more on their core competencies (NCST). Initially, these business strategies were mainly reserved for big corporations. However, as remote work technologies have developed and offshoring has gone from a strategy for lowering manufacturing costs to recruiting talent from around the world, companies of all sizes have turned to offshoring or nearshoring as a business strategy.

    The strategy has grown since 2020 due to five main factors:

    • global competition and the search for the best talent
    • COVID-19 forcing businesses of all sizes to work remotely
    • employees voluntarily resigning from their jobs en masse, compelling businesses to find talent abroad
    • high inflation rates and fear of a recession prompting businesses to examine strategies for cutting costs and maximizing their budgets
    • companies applying these strategies to almost all positions and not only IT.

    Related: Your Most Pressing Offshoring Questions, Answered

    What are the differences between these concepts?

    We must first understand the difference between outsourcing and nearshoring/offshoring. Outsourcing is when one company hires another to be responsible for a complete activity, losing control of the work done; the former pays for deliverables. For example, when a company outsources its designs to a design company, it relinquishes control of the activity, and the hired company takes responsibility for the designs. It will manage the team and deliver the designs.

    Nearshoring or offshoring is when a company hires staff abroad through a firm. The company controls the team, which reports directly to the company. The firm oversees legal compliance, payroll and HR — it might also provide office space and other value-added services. Let’s say a company wants to retain control of its design team and design activities; instead of outsourcing the work to a design company, it would hire designers from Mexico through a nearshore staffing firm. That firm would be the employee and be in charge of everything related to staffing, but the staff would report directly to the first company, ensuring they share the same culture and values.

    Nearshoring/offshoring is sometimes referred to as staff outsourcing because a company is outsourcing everything to do with staffing in a given country to a firm. Another term used for these practices is virtual staffing, where a company hires, for example, virtual designers. However, virtual staffing is a misnomer because the staff would not be virtual; they would report directly to the hiring company and would be an extension of its team in another country.

    The difference between nearshoring and offshoring is that, in the former, staff is in a neighboring country rather than an overseas country, as with offshoring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Which one is better for my company, outsourcing or nearshoring/offshoring?

    Deciding which strategy is better for your company requires first understanding your needs.

    From my experience, you should outsource when an activity:

    • is not your company’s core competency
    • does not affect your clients directly
    • does not involve support for your clients
    • does not strictly have to be controlled by you
    • cannot be handled by someone hired in-house, and economies of scale are available (for example, needing designs but not many scenarios would justify hiring a designer via outsourcing, whereas nearshoring/offshoring will be cheaper when you need to hire and manage a designer)
    • is one you do not know how and do not want to oversee (for example, outsourcing your accounting and taxes to a CPA firm makes sense when you prefer not to invest time and energy in an accounting and tax department).

    You can always use nearshoring or offshoring to cut costs or stretch your budget while getting talent from around the world. For example, if you have the budget to hire one digital designer but require a team, you might be able to hire three digital designers in another country. Based on my experience, I recommend analyzing which positions can be performed remotely by:

    • ascertaining if you are having trouble filling a position;
    • reviewing for each position how much you would save if you were to nearshore/offshore it; and
    • identifying any department, such as customer service, that could be completely nearshored or offshored.

    These analyses will guide you in developing a plan for building your remote team through a staffing company.

    Related: How to Prepare Your Employees for Outsourced Hires

    Should I go nearshore or offshore?

    Companies initially recruited from developing countries primarily to save money. They, therefore, turned to counties like India and the Philippines and began offshoring low-level positions.

    Companies are now using offshoring and nearshoring to save money and tap into global talent. They are offshoring positions of all levels. Companies are not looking for the cheapest solutions but for workers in the same time zone, countries with cultures similar to that in their country, and firms that share their values. Companies thus often look in neighboring countries, which is why nearshoring has been growing.

    Whether nearshoring or offshoring is better depends on what you are looking for. If you are looking only for savings, I recommend offshoring. Offshoring’s likely drawbacks are differences in time zones, culture and distance. If you are looking to save but willing to save a little less to have your team in the same time zone as you, in a country with a similar culture, and one flight away from your offices, then nearshoring is the best strategy for you.

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    Pedro A. Barboglio Murra

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  • Entrepreneur | How to Set Up Google Analytics in 7 Steps

    Entrepreneur | How to Set Up Google Analytics in 7 Steps

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    Opinions expressed by Entrepreneur contributors are their own.

    Google Analytics can do wonders for your business. If you have a website for your business and it’s not synced with Google Analytics, you’re missing out on a lot of data that you could use to drive more conversions, which ultimately will result in more revenue for your business.

    Google Analytics is a powerful tool that allows you to track your website’s traffic and gain insights into your audience’s behavior. Connecting Google Analytics to your website is an essential step in improving your website’s performance, but it can be daunting for beginners. This article will guide you through connecting Google Analytics to your website in easy-to-follow steps.

    Related: Using Data Analytics Will Transform Your Business. Here’s How.

    1. Create a Google Analytics account

    The first step in connecting Google Analytics to your website is to create an account. To do this, go to the Google Analytics website and sign up with your Google account. If you don’t have a Google account, you’ll need to create one before proceeding.

    2. Set up a new property

    Once you’ve created your account, the next step is to set up a new property. A property is a website or mobile app that you want to track. To set up a new property, click on the “Admin” button on the bottom left-hand side of the page. Then, click the “Create Property” button, and follow the prompts to enter your website’s details.

    3. Get your tracking code

    After you’ve set up your new property, you’ll need to get your tracking code. Your tracking code is a unique snippet of code that you’ll need to add to your website to start tracking your visitors. To get your tracking code, click the “Tracking Info” button on the left-hand side of the page and select “Tracking Code.”

    Related: 10 Questions to Ask When Using Google Analytics

    4. Add your tracking code to your website

    Now that you have your tracking code, it’s time to add it to your website. The method for adding your tracking code will depend on the platform you’re using to build your website. Most platforms can add code snippets to your website’s header or footer.

    For example, if you’re using WordPress, you can add your tracking code by going to Appearance > Editor and selecting your theme’s header.php file. Paste your tracking code just before the closing tag, and save your changes. Rest assured, this tracking code works for all types of websites, not just WordPress.

    If you’re uncomfortable editing your website’s code, you can use a plugin to add your tracking code. For WordPress, the Google Analytics plugin is an excellent option. This is the most popular option for business owners who don’t want to edit their website code.

    Related: How to Calculate SEO ROI Using Google Analytics

    5. Wait for data to start populating

    After you’ve added your tracking code to your website, it can take 24 hours for data to start populating in your Google Analytics account. Once data starts appearing, you’ll be able to see information about your website’s traffic, such as how many people are visiting your website, how long they’re staying on it, and which pages are most popular.

    6. Set up goals

    Setting up goals is essential in maximizing the value you get from Google Analytics. Goals are specific actions you want your visitors to take on your website. For example, a goal could be completing a purchase or filling out a contact form.

    To set up goals in Google Analytics, click on the “Admin” button and select “Goals.” From there, you can create a new goal and define the parameters of what you want to track.

    Related: A Small-Business Guide to Google Analytics (Infographic)

    7. Monitor your analytics data

    Once you’ve set up your tracking code and goals, it’s time to monitor your analytics data. Google Analytics provides a wealth of information that can help you improve your website’s performance. Some of the key metrics you should be monitoring include:

    • The number of visitors: This tells you how many people visit your website.
    • Bounce rate: This tells you the percentage of visitors who leave your website after viewing only one page.
    • Average session duration: This tells you how long visitors stay on your website.
    • Pages per session: This tells you how many pages, on average, visitors are viewing during a single session.

    Save your business time and money by setting up Google Analytics to track more data. Remember, the business owner with access to the most data will ultimately win the long game as they have more leverage. In future blogs, we’ll discuss how your business can optimize your Google Analytics account to achieve more success. Google Analytics 4 will be launching in a few months, so you need to be prepared as well to make sure you’re staying up to date on the latest tips and strategies to grow your business.

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    Sean Boyle

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  • Entrepreneur | Startups: Use the Power of Transparency to Earn Customer Trust

    Entrepreneur | Startups: Use the Power of Transparency to Earn Customer Trust

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    Opinions expressed by Entrepreneur contributors are their own.

    The hype that often accompanies new startups can be both a blessing and a curse for entrepreneurs. On the one hand, it increases the likelihood that investors will be ready and waiting to hear about your new startup. On the other, it means there’s a lot of pressure to go big and deliver fast to stand out from the competition. This has led to an environment where “fake it ’til you make it” has become something of an unofficial motto in Silicon Valley.

    For those just starting out, this approach can feel like the only way to get ahead. Startups are rarely funded in excess, and the people providing that funding are pretty much always short on time. That means you’re dealing with tight competition and a small window of time in which to present your best self to investors. It can be extremely tempting to mix imaginary future successes with the reality of the present moment to make your startup seem like the best investment out there.

    However, this creates an environment where investors approach everything you have to say with skepticism, regardless of whether you’re telling the truth. It also fosters an unhealthy environment where successes are exaggerated and failures are swept under the rug. On the extreme end, this leads to high-profile disasters such as Theranos; even in moderation, it can cause lasting harm to your startup’s business prospects and your own reputation.

    Related: How Transparency In Business Leads to Customer Growth and Loyalty

    Honesty is your best selling point

    Instead, you should try to be forthright and transparent right from the start. This engenders trust among investors and also puts you in a better place with potential customers. According to a report from NielsenIQ, 72% of consumers consider transparency to be either “important” or “extremely important” when it comes to choosing whom to buy from.

    With my own company, I’ve found that people are more willing to recommend us as a startup worth investing in. This isn’t because we offer guarantees that we won’t end up being one of the 90% of startups that fail. Rather, it’s because people know where we stand — both in the areas where the company is succeeding and those in which it’s struggling. Creating a positive brand image isn’t about removing risk from the equation. It’s about making both the risk and reward crystal clear to investors.

    The startup world might seem intimidatingly large, but when you narrow it down into specific niches, such as fintech or food tech, it becomes much smaller. You might start out as an unknown entity, but once you build a community around you, your reputation in your industry will likely precede you. You should make sure that reputation is one you’ll be happy to have associated with you for the rest of your career.

    For entrepreneurs who want to build that all-important customer trust, here are a few places to start.

    1. Balance optimism and realism

    I have to admit that I am more of a skeptic than an optimist, which makes one wonder: Why run a startup? I like to think of myself as more of a critical thinker. I would prefer to find the flaws in the path than have the market show it to me later. Transparency in business isn’t about admitting you don’t know the answer to something. Instead, it’s about admitting you don’t know the answer yet. You need to tell people where you are but also what your plan is for getting to where you need to be.

    If you’re still trying to figure out what or where your startup is, don’t shy away from that, either. You can be forthright without sounding lost at sea. Talk to potential investors and customers about your great idea, as well as the ways in which you’re moving toward understanding how to put that great idea into a commercial package.

    Related: 8 Practical Tips for Successfully Launching Your Startup

    2. Build your foundation on defendable information

    Data is important in any organization, but having data in a startup shows that you have done your homework to the furthest extent possible — whether that be market size backed by multiple industry contacts or lab data that has been repeated more than once. We have all seen the good news story that is based on only a single data point, but a company needs to build its foundation on defendable information.

    Remember that the goal shouldn’t be to raise money just because you can — it should be to raise money because you should. The best way to prove that is by backing up your efforts through data that shows what your startup is doing is impactful.

    Be honest about what kind of revenue to expect and what obstacles you’ll encounter. If all you have is a rosy, unrealistic forecast you relied upon in order to secure initial funding, it will only be a matter of time before you find yourself at the end of your runway with no real idea of how to take flight.

    3. Ask yourself the tough questions

    To succeed as a startup, you need to do some serious self-reflection. Understand that it is just as important to have a board made up of individuals that will ask the organization the tough questions as well. Ask yourself: Is your startup something that can actually make it with today’s technology and consumer demand? If it is, do you have enough money to make it happen?

    The answer to these questions might be no, but it’s better to know that before you’ve sunk your time, money and reputation into an idea that just won’t work. This can not only sink your startup but can also end up sinking your career as an entrepreneur. One such example is the drone startup Airware. The startup could have potentially made it if it had saved its funds and waited for its clients and tech to get up to speed. This is an excellent case to use as a comparison for future startups to ask themselves hard questions about budgets, market readiness and more — while not counting their victories with prestigious investors before reaching the finish line.

    Related: 5 Must-Haves for Entrepreneurs and Their Startups to be Successful

    While “fake it ’til you make it” might look good on a coffee mug, as a strategy in the real world, it leaves a lot to be desired. You might be able to convince venture capitalists to take a risk on you at the start, but if you’ve built your business on the back of empty promises, there’s nowhere to go but down.

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    Larry Clarke

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  • Entrepreneur | AI May Add More Value to Marketing Than Human Brains

    Entrepreneur | AI May Add More Value to Marketing Than Human Brains

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    Opinions expressed by Entrepreneur contributors are their own.

    While enterprises have benefited hugely from artificial intelligence and its strengths, the business side gets most of the benefits. Getting down to specifics, the value that AI adds to processes comes as the company’s most significant advantage for marketing.

    Marketing is about three aspects of analysis: identifying consumer needs and preferences, mapping products and services accurately to these needs, and ascertaining the returns that this calculation has accrued.

    These three aspects and their efficiency make or break a pipeline. But to get into that, there is an urgent need to increase awareness about AI tools for marketing in the marketing community.

    Customer data crunching is just the start of the marketing team’s journey. The magic that can be worked with those numbers needs to come from AI tools. The outreach time, pattern and strategies are identified by AI tools much better, faster and precisely than any human brain can.

    The ML aspect of AI is priceless when accurately anticipating market openings, intuitively predicting the customer’s needs, nurturing prospects and helping to craft their journey — which favors us marketers. Artificial intelligence can be a priceless enabler at every step of the customer’s journey. Marketers increasingly realize this, and salesforce figures show the adoption of AI stood at 29% by marketing leaders in 2018, which moved to 84% in 2020.

    Related: Should You Trust Artificial Intelligence in Marketing?

    It is also interesting to note that AI is not a tool separate from most of the standing marketing strategies — anyone who uses social media for marketing, data funnels to pipelines, is essentially using AI anyway.

    While an AI-based tool is a boon for marketing strategies, it naturally steps in where human abilities end. The scope for error in AI is much lower than in humans’ error factor. This is its biggest strength. It does not even include the cost savings that ensue because of its speed and the ability to consume much larger volumes of data and generate more marketing outreach.

    An interesting new use of AI in marketing is its ability to generate messaging and marketing content that targets prospects with customized messaging, increasing its efficacy manifold. The messaging is built from data derived for social listening, and more often than not, it can target just the right audience with the right message.

    Related: 5 Reasons Machine Learning Is the Future of Marketing

    With AI tools, it is also possible to generate unlimited customer personas based on billions of data bytes collected from AI algorithms — digital interactions, geographical focus, purchase patterns and timelines of demands and preferences, to name a few. Any or all of these factors could serve to slice and dice data, helping achieve the most specific messaging for every prospect! In many cases, chatbots help deliver this, and that’s AI in another form.

    An interesting example I read was how Unilever hit upon the idea of ice-cream-flavored breakfast loops. It may sound very ordinary, but it consisted of loads of AI-based insights into what people like for breakfast. And they discovered a considerable interest in having ice cream for breakfast! So, now they have cereal-flavored ice creams (including Fruit Loop and Frosted Flakes) for the Ben & Jerry’s brand (both my kids love it!).

    AI and ML’s flexibility to any strategy aid in a faster, smarter churn for models to try out ideas. With AI to help, communication and marketing professionals need not invest time and money trying out various ideas of message and content until they hit the right one. That’s a massive save right there. These models can be personalized and provide targeted customization of every idea and word. Tracking real-time tactical data can drive speedy and efficient adoption or rejection of the best models. The decision-making process that identifies the best strategy and model is swift. Strategic initiatives can thus be pushed out in the market much more accurately, faster and at a much lower cost.

    Many use cases come to mind, some of them purely B2C but brilliant in terms of their adoption of AI tools for much better marketing, customer requisition and retention strategies — Amazon, Starbucks, Nike, Alibaba’s fashion store, BMW’s assistant in the automobile, to name a few.

    Related: What Is Machine Learning, and How Can It Help With Content Marketing?

    However, AI is not entirely out of the woods yet. While it can notch up a massive advantage for marketing strategies, the decision-maker is still a human mind at the end of the day. This is not to question the efficiency of AI, but we cannot forget that there are some streams where humans think better than machines, and very often, a business decision that came straight from the heart scores miles over one that came from perfect machine-made data-driven decisions.

    The secret to the successful adoption of AI in marketing is to marry the advantages of the two kinds of intelligence and derive the best of both — delivering a singular, infallible and near-perfect marketing strategy. It is sure to drive marketing intelligence to a whole new level!

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    Kartik Anand

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  • Entrepreneur | Live Q&A: Ask the Producers of ‘TechTalk’ Your Startup Questions

    Entrepreneur | Live Q&A: Ask the Producers of ‘TechTalk’ Your Startup Questions

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    If you are obsessed with technology and love finding out what is coming around the corner to change our world, be sure to check out EntrepreneurTV‘s live Q&A with the creators of the award-winning docu-seriesTechTalk. Each episode of TechTalk takes viewers on an informative and inspiring journey of discovery, highlighting emerging startups and the innovators leading them — from flying cars to surgery-performing robots. TechTalk host Jonny Caplan and his producing partner Ronald Hans will be taking your questions live about what it takes for a tech startup to succeed, what innovations they see coming down the road, how to create your own future-forward content, and much more!

    Where can I watch?

    Watch and stream: YouTube, LinkedIn and Twitter

    You can watch on your phone, tablet or computer.

    What time does it start?

    Time: Wednesday, 2/15 at 1:30p ET

    Why should I watch?

    The award-winning producers and host of EntrepreneurTV’s show TechTalk have interviewed hundreds of tech founders, and have co-founded multiple businesses themselves. They’ve seen success (and struggle) firsthand and can offer incredible insights into what tech entrepreneurs can expect on their journeys.

    Related: Watch What’s Streaming for Free on EntrepreneurTV Now

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    Entrepreneur Staff

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  • 3 Books to Help Business Leaders Discover Innovation and Growth

    3 Books to Help Business Leaders Discover Innovation and Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to leadership development and business growth, more leaders and entrepreneurs are looking to achieve their growth goals by looking for “outside-the-box” opportunities.

    According to McKinsey & Company, “About a quarter of companies don’t grow at all, and between 2010 and 2019, only one in eight achieved more than 10% revenue growth annually.” Thus, profitable growth arises when leaders can swiftly adapt, shift, move and adjust to new ideas and ways of thinking when building a business from the ground up.

    Check out these new publications that offer a new way of thinking regarding leadership, innovation and growth.

    Related: 4 Ways Market Leaders Use Innovation to Foster Business Growth

    1. Mastering Microdosing: How to Use Sub-Perceptual Psychedelics to Heal Trauma, Improve Performance and Transform Your Life by Paul Austin

    In his newest book, Paul Austin provides a comprehensive look at using sub-perceptual psychedelics to address mental health and wellness needs, discover innovative business ideas and find out-of-the-box solutions to team performance issues.

    To ensure the safety of the practice, Austin provides an all-inclusive guide to the practice, protocols, benefits and potential drawbacks of microdosing.

    While this may seem like a wild idea to some, Austin’s approach incorporates a wealth of research and anecdotes to demonstrate the effectiveness and positive impact that sub-perceptual psychedelics can have on the general well-being of today’s entrepreneurs, leaders, creative minds and healers — and he is not the only one.

    In 2022, the MIT Sloan Management Review offered a study on the progressively mainstream practice of business leaders using psychedelic medicines and therapies to address mental health and illness. This includes the practice of taking small amounts (a “micro dose”) of psychedelic drugs that may consist of lysergic acid diethylamide (LSD), psilocybin mushrooms and other common psychoactive substances that impact your perceptions, thoughts and emotions of the world and ideas around you.

    Such studies have continued to modernize the idea of how we address mental health and wellness, including when it comes to encouraging the growth of safe and inclusive work cultures. In 2022, the American Psychological Association (APA) conducted a Work and Well-being Survey that found 71% of employees “believe their employer is more concerned about the mental health of employees now than in the past.” This belief, in itself, has the capacity to improve individual and team performance for a company.

    Related: Embrace the Unknown to Transform Your Life

    2. DEO’s Financial Secrets to Grow Dental Organizations by Ken and Ashley Kaufman

    In this book, Ken and Ashley Kaufman give their insight into the top financial tools and best practices that dental entrepreneurs can use to succeed as business leaders.

    The authors recognize that many of the common challenges entrepreneurs face during the startup process are related to common financial pitfalls. This includes everything from the location of your business to local tax regulations and operational expenses to financing strategies.

    To help entrepreneurs identify these common mistakes, errors, traps and pitfalls — the authors seek to empower business leaders to take charge of their businesses and find financial success. As a result of this financial leadership growth, entrepreneurs can find greater clarity in their work to focus more on the people they serve rather than worrying about financial business woes.

    Related: Best Financial Tools and Business Ideas to Make More Money in 2023

    3. Innovating Innovation!: Why Corporate Innovation Struggles in the Age of the Entrepreneur by Mike Stemple

    The first year of any business startup is crucial to its long-term success. Last year, HubSpot found that at least 90% of startups fail within their initial year, while another 10% fail before the following year. Yet, according to Mike Stemple in his new book, more startups are successful in driving innovation compared to their large corporate counterparts.

    Entrepreneurs can learn a lot from corporate leaders. And the main question corporate executives are asking is, “What can large companies do to innovate as easily as their disruptive startup competitors?”

    The objective of Innovating Innovation! is to help prevent businesses from going under and to continue to see growth throughout their maturity. Mike gives support to leaders looking to transform their company’s sense of innovation by understanding the contemporary building blocks necessary and how to effectively execute a modern innovation program.

    As a result, readers finish the book understanding how they can catch up in their industry and find the same quick-to-market innovations that new business startups use to disrupt entire industries.

    If you are looking to recapture an innovative culture, become more financially savvy in your new business venture, or focus more on mental health and well-being, these new books can help guide you.

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    Peter Daisyme

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