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Tag: Operations & Logistics

  • We’re One Step Closer to the Era of Open Banking. Here’s Everything You Need to Know.

    We’re One Step Closer to the Era of Open Banking. Here’s Everything You Need to Know.

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    Opinions expressed by Entrepreneur contributors are their own.

    Consumers have become more aware of the security risks their data is exposed to, resulting in tougher privacy regulations that increase business costs and slow innovation. But, with new moves toward open banking on the horizon, there is a better, more secure way to share your data — without the concern that banks will use it for marketing purposes.

    Recently, the Consumer Financial Protection Bureau (CFPB) unveiled its plans to activate a dormant authority laid out more than a decade ago in the Dodd-Frank Act. Based on Director Rohit Chopra’s comments, the industry’s assumption that regulators won’t mandate banks to share customer data may not prove true, which could transform the banking industry for good.

    Are we entering the open banking era?

    On paper, open banking is simple: Create a network where consumers, banks and non-bank financial institutions can securely exchange pertinent data for creating transparency, reducing fraud and improving service delivery. In other words, provide third-party service providers with open access to consumer banking, transaction and other financial data from banks and non-bank financial institutions through the use of application programming interfaces, or APIs. However, with regulatory bodies racing to stay ahead of technology-based privacy concerns over the past decade, many thought open banking was a long way off.

    At October’s Money 20/20 conference, Chopra unveiled a process for exercising the CFPB’s authority under Section 1033 of the Dodd-Frank Consumer Financial Protection Act that could lay the foundation for open banking. While specifics have yet to be defined, the rule would obligate financial institutions to share data with consumers upon their request. At the least, this would bolster industry competition by making it easier for consumers to pack up and switch banks for reasons like bad service. It would also take power away from service providers that try to act as gatekeepers, strengthening the competitive advantage of those who provide the best rates, products and customer service.

    So, does this mean we’re entering the open banking era? For certain, it means we’re moving one step closer. Even if the CFPB doesn’t mandate data sharing, it will most likely establish standards and guidelines on how to do it. Of course, these processes take time. The CFPB plans to publish a report in the first quarter of 2023 following a public comment period. It will propose rules late next year, and Chopra said that they aim to finalize a rule and begin implementing it sometime in 2024. In other words, official change will not happen overnight, but that doesn’t mean financial institutions can afford to sit and wait.

    Related: How Open Banking Can Benefit Small Businesses

    It’s already time to leverage consumer data

    Supported by droves of startups, certain financial institutions have already begun building the foundation for open banking by utilizing technology like API-based collaboration. Now, consumers can use a non-bank financial app, like a budgeting tool, and connect it to their spending, saving and credit card accounts to reveal insights about their transactions. The banks that support this type of integration recognize it as an opportunity to improve the customer experience and even provide new services. Still, not everyone is on board just yet.

    Faced with open banking regulations, financial institutions always have the option to simply comply and do nothing more, like those who have yet to get involved in the voluntary Financial Data Exchange (FDX). It’s a valid choice, but it means staying unaware of what’s happening with customers everywhere else they bank, leading to ecosystem ignorance.

    There are other ways to view a financial institution’s role in open banking. Finding ways to share consumer data and leverage other financial institutions’ information will put a business in a far better position for developing competitive offerings, especially as the CFPB moves forward with its plans. We’ll examine each of these different roles next.

    Since the industry has already been moving toward standardization independent of regulation, like through the FDX, it’s unlikely any standards established by the CFPB will look dramatically different from the existing specifications. With that in mind, financial institutions have no excuse for not moving forward and getting involved in the innovation that’s already happening, which holds vast opportunities ahead of regulations that may catch some players off guard and vulnerable to increased competition.

    Related: How Tech is Shaping the Future of Finance

    Everyone can benefit from open banking

    The ability to connect financial institutions (FI) and third parties safely and efficiently with well-proven mechanisms is an exciting opportunity, not just for the companies that comprise the ecosystem but for individual and corporate customers. By consuming data instead of just providing it, banks can build an accurate 360-degree view of their customers, helping them recommend the right products, improve service experiences and support users’ financial goals. It allows banks to be more intelligent, creating ecosystem intelligence.

    It’s not all about sharing data, either. Sometimes it’s about sharing capabilities through Embedded Finance or Banking as a Service (BaaS) solutions. For instance, banks can allow third parties to initiate transactions from their front end, such as inside an accounting, invoicing or ride-sharing app. In turn, the third-party provider creates a more convenient customer experience while the bank acquires a new client with a substantially lower, if not free, acquisition cost. I call this ecosystem infrastructure.

    Taking this a step further and putting everything together, banks can share and consume information from other FIs, fintech and third parties, creating opportunities for business models such as marketplaces and super apps. I like to refer to this ecosystem orchestration, which allows banks to become a one-stop shop for financial services.

    Financial institutions that move in this direction while adhering to the emerging open banking standards will be ready to integrate with virtually the entire market while simultaneously solving for immediate use cases. Doing so is a win/win with endless benefits yet to be realized for consumers, corporate clients and financial institutions.

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    Leonardo Mattiazzi

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  • Walmart Raises Base Pay from $12 to $14

    Walmart Raises Base Pay from $12 to $14

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    Walmart announced an increase in base pay on Tuesday for its associates that will bring its average hourly pay to “more than” $17.50 an hour.


    Bloomberg / Contributor I Getty Images

    Walmart employee in Canada.

    “We’re proud to continue investing in Walmart’s legacy by introducing new job opportunities and raising pay,” John Furner, president and CEO of Walmart U.S., wrote in a note to employees.

    As part of the move, base pay for Walmart’s associates will increase from $12 an hour to $14 an hour, per CNBC. It’s also now reflected in the company’s “Working at Walmart,” page.

    “Walmart’s starting hourly wage rates vary by region and role and have the following ranges: For store formats (e.g. Supercenter, Neighborhood Market grocery format): $14 to $32 per hour,” the site says.

    Walmart’s 1.7 million U.S. workers also make it the nation’s largest private employer.

    A spokesperson for Walmart told CNBC that, prior to this change, store associates made from $12 to $18 an hour. Now, the range will jump, to between $14 and $19 an hour. The change will be evident in March 2 paychecks for employees, Furner wrote.

    Walmart is one of the many retail companies struggling to hire workers, as CNN noted — there are currently about 30,000 job openings. This has led to some minor wage competition. Amazon announced small pay raises for warehouse associates in October.

    However, the retail trade sector lost jobs in November’s 2022 Job Openings and Labor Turnover report, while the overall job market remained robust.

    Gregory Daco, chief economist at EY Parthenon, told CNBC it’s easier for companies like Walmart to avoid the large layoffs that are currently plaguing the tech sector because of labor churn, i.e., high turnover.

    Related: ‘Why me? Why now?’: 8 Months Pregnant Woman Says Google Laid Her Off

    But Walmart raising its pay has a ripple effect, as it often functions as a local “minimum wage” as CNN noted.

    “Hourly workers are still hard to find, and companies are continuing to compete for them by raising wages,” said Andy Challenger, senior vice president at labor firm Challenger, Gray & Christmas, per CNN.

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    Gabrielle Bienasz

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  • What to Know Before Adding Someone to Your Bank Account

    What to Know Before Adding Someone to Your Bank Account

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    Opinions expressed by Entrepreneur contributors are their own.

    If you own a small business, then you have a few bank accounts — at least I hope so. Most likely, you have a checking account or two, a few savings accounts and maybe some type of investment accounts as well. Now, when it comes to banking, and if you’re a one-man or one-woman operation, it’s just you on the account. But what about when your company gets bigger and bigger, and you have a difficult time keeping up with what’s happening in your accounts?

    This is the point when you need to add people to your accounts to ensure that everything gets paid and there are no overdrafts. Here are some ideas and suggestions that can help you navigate the ins, outs, risks and rewards of having someone on your business bank accounts.

    Related: What Should You Look For In A Business Bank Account?

    Adding someone to your business bank account

    Signer: This is when you add another owner or a high-level employee (obviously one that you trust) to help you get your business banking done on time, every time. For banking purposes, this does not mean that they own the company in any way, they are just a signer on the bank account. They will be able to write checks, make cash withdrawals, order items like stamps, new checks and their own debit cards. They can also get online access, which is often a huge help to so many business owners as this person can help with bill pay, sign up for other online services, call the bank to inquire about fees or charges that they see on the account and any other account info they need. This is a great step if the business is growing and the owner can only do banking about once a week or so, which allows the signer to handle the day-to-day.

    Downside? You better trust this person, as they have every right to write any check for any amount they want, even to themselves. They can literally clean you out by making a large cash withdrawal if they wanted to. To get the money back, the bank will not help since you were the one who added them as a signer on the account. You would have to take them to court for that matter. In the end, just be careful.

    Related: 4 Best Business Bank Accounts | Entrepreneur Guide

    Adding someone to a personal bank account

    POA: Having a Power of Attorney added to your bank account can be a big help if you will be, for example, going in for surgery and will be out of commission for a few weeks or months. Or if you plan to travel overseas for a few months. Or for that “just in case” thing that usually happens in life. By designating someone as a POA, they can act on your behalf to ensure that bills are being paid, checks are being written, the mortgage is getting paid, etc.

    For this, you’ll need to have the proper documents, which a good attorney can complete for you. Each bank is different in its requirements for a POA, but these papers will always need to be reviewed by the legal department of the bank before anyone can be actually added. Often, the paperwork is incomplete because the account owner is doing the paperwork themselves, so be sure to consult an attorney for this.

    One more thing, if the account owner passes away, the POA is immediately null and void. POA is only good for people who are living.

    POD: POD (Payable On Death), which is also referred to as a beneficiary for many banks, is also a good thing to have on your accounts. Let’s say you are getting much older or having extreme health issues, and the prognosis is not good, and the doctors are giving you only so much time left to live. It’s a smart thing to add the family member of choice to the bank account.

    And here’s why: When you pass away, and you do not have a POD on the account, most times, the bank accounts will go directly to probate court, and your family will wait a long time for the funds and jump through needless hoops. Many people really need the money, too. By having the POD on the account, they can just come to any branch with your death certificate, close the account within a few days to a few weeks and have a cashier’s check issued to them directly.

    If not, the funds can go to probate as mentioned, or the check issued will have to be issued to the Estate of “the person who just deceased.” All banks vary in their requirements as do state laws, so speak to your banker about this in detail.

    Related: 6 Best Checking Accounts of 2022 | Entrepreneur Guide

    Co-owner: This is just as it sounds and is similar to a signer on a business account, but this is for personal accounts, not business. To add a co-owner to the bank account, you must be present in the branch to do so. Adding someone by phone or online is generally never an option. Here is what a co-owner can do when you add them to the account: They can do any transaction they wish on the account, including closing the account. What they cannot do is remove the other owner without them being present. In the world of banking, the phrase is “if you’re getting a divorce, the person who gets to the bank first gets the money.”

    Pro tip: There are many ways to add someone to your bank accounts — both business and personal — and there are a lot of benefits as well as a lot of risks involved, so you’d better talk to your banker. While the government makes the regulations that each bank must follow, each bank must decide what they will do to comply with that law and what logistical steps they will take to ensure that they are reducing any risk that comes with adding people to accounts. So, be sure to talk to your banker first to see what steps you need to take to make sure everything is properly conducted.

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    John Kyle

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  • CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

    CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

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    Takeaways:

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

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

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

    ***

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

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

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

    That’s where CookUnity comes in to help.

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

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

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

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

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

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

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

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

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

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

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

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

    ***

    ABOUT RESTAURANT INFLUENCERS:

    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.

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    Shawn P. Walchef

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  • Entrepreneur Guide | Best Financial Tools and Business Ideas to Make More Money in 2023

    Entrepreneur Guide | Best Financial Tools and Business Ideas to Make More Money in 2023

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    Ask any entrepreneur what their most valuable asset is, and ten out of ten will answer the same: time.

    You can’t buy more of it and try as you might, you can’t squeeze more of it into a day. But you can save time, which is why we’re introducing Entrepreneur Guide, a one-stop shop for all of your business needs. We’ve pulled together this heavily-researched compendium to help you make the best decisions for your personal and business finances. No more hours wasted shopping around — Entrepreneur Guide has expert-vetted and time-tested resources to build and manage your wealth quickly and efficiently.

    Entrepreneur Guide resources

    Best banking products: Low-interest loans, money market, checking and savings accounts, bank bonuses, and more

    Best small business tools: Calculators and management systems

    Best side hustle ideas: Proven ways to make passive income or run a business during off hours

    Best mortgages: Most competitive rates to refinance or buy a new property

    Best investments: Expert guidance on navigating the markets

    Best loans: Personal loans for business and personal needs

    Best insurance products: Low-cost coverage for your home and business

    Related: Latest stock tips for beginner investors

    Daily updated trends and news

    Information equals power. Beyond tools and money-saving financial products, you will find helpful how-tos and articles in Entrepreneur Guide to put you on a path to success, including:

    7 Small Business Tax Deductions You Need To Know

    8 Best Passive Income Business Ideas of 2023

    8 Must-Have Social Media Marketing Tools for 2023

    You’ve got the passion to run a business, Entrepreneur Guide has the tools and resources to help you achieve breakthrough results. Check for daily updates as our team is constantly monitoring and updating to bring you the best money-saving and money-making resources out there.

    Check out Entrepreneur Guide now

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    Entrepreneur Staff

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  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

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    Francesco Fazio

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

    How to Build the Right Culture by Building the Right Team

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: 5 Ways to Create a Great Company Culture

    Ask for help: Manage and delegate to a team

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

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

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

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

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

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

    What should you look for when making a hire?

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

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

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

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

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    Edward Fernandez

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  • Netflix Co-Founder Reed Hastings Stepping Down as CEO

    Netflix Co-Founder Reed Hastings Stepping Down as CEO

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    Reed Hastings will transition from CEO of Netflix, the company he co-founded some 25 years ago, to executive chairman, according to a blog post from the company on Thursday.


    Fairfax Media / Contributor

    Reed Hastings in 2022.

    “I’m so proud of our first 25 years, and so excited about our next quarter of a century. We can do so much more to better entertain the world and deliver more joy to our members,” he wrote in the post.

    Hastings was co-CEO along with Ted Sarandos. Former Chief Operating Officer Greg Peters will now be Sarandos’ fellow co-CEO.

    Hastings and Marc Randolph started brainstorming about their company in 1997, toying with the idea of competing with Blockbuster, but with DVDs, and delivering them by mail. The company went live in 1998.

    Hastings was responsible for an array of strategic decisions that made the company the giant that it is today, per The Hollywood Reporter. Netflix went public in 2002 (at under $1 a share) and introduced streaming in 2007. Netflix reported some $7.85 billion in revenue in Q4, per CNBC.

    Related: Why Netflix Co-founder Marc Randolph Doesn’t Regret Stepping Down as CEO

    Hastings wrote in the blog post that the transition has been happening behind the scenes for some time. Sarandos became his co-CEO in July 2020, and along with then COO Peters, the duo increasingly began to manage more of the company.

    Hasting said Sarandos taking reins during the pandemic was a “baptism by fire,” but that the company needs to continue to develop “a clear path to reaccelerate our revenue and earnings growth. So the board and I believe it’s the right time to complete my succession,” he wrote.

    Related: Netflix Loses Subscribers For First Time In A Decade

    Netflix enjoyed a boom at the beginning of the stay-at-home era but saw layoffs and drops in subscribers in 2022, as well as a much-depressed share price.

    “I’ll be serving as Executive Chairman, a role that founders often take (Jeff Bezos, Bill Gates, etc.) after they pass the CEO baton to others,” Hastings wrote. “Even founders need to evolve.”

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    Gabrielle Bienasz

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  • What to Know Before Signing a Commercial Lease

    What to Know Before Signing a Commercial Lease

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    Opinions expressed by Entrepreneur contributors are their own.

    When it is time to start looking for a commercial space to lease, there are many items to keep in mind. If this is the first time you have leased a commercial space, there are certain factors I recommend you know in advance before beginning your search.

    1. Zoning

    First and foremost, you must understand the concept of zoning. Zoning laws control what types of businesses may operate on any specific property — next, list cities where you are interested in opening your business.

    Once that list is created, you can either go online to the cities’ planning departments’ websites, call the planning departments or visit in person. I recommend you visit in person since it can expedite the process. When you speak to the person in planning, let them know the exact details of the business you will be opening.

    Remember that once you have an address of interest, you will need to check in again with the city. This time you will give the planning department the address and confirm that you can open your business at the address. Also, ask the planning department if your use is permitted by right or by permit. If it is by right then, you should be good to go regarding your use being allowed to operate. However, if the planning department mentions the use is allowed by permit, you will need to ask follow-up questions. The follow-up questions should include finding out what permits you will need, how long they will take to obtain and how much the permit cost.

    Related: 6 Overlooked Investment Opportunities in Commercial Real Estate

    2. Size

    Once you understand the zoning you are looking for, you need to know your ideal space size. If you need to know the square footage for your type of business, I recommend you research it before starting your search. You can quickly get an idea of the size space you need by using the internet and searching square footage and your use. I also recommend walking into similar businesses to get an understanding of space.

    Related: Criteria to Consider When Renting Commercial Space

    3. Customer demographics

    Next on the list is to know who your customers are through demographics. Age, average incomes and population are the key demographics you will want to keep in mind. For reference, in my markets of the Inland Empire and San Gabriel Valley regions of Southern California, most retailers seek sites with a minimum of 100,000 people within a three-mile radius.

    Additionally, you will want to know when your business will be the busiest. If you expect lunch to be critical, you will also want to know the daytime population numbers near the potential space you will be leasing.

    Knowing who your customers are will assist with understanding if visibility is vital to your business. Are you a destination tenant or an impulse tenant? If you are an impulse tenant, you need high visibility. Without high visibility, potential customers will have more difficulty seeing you and will not be able to visit your store.

    An excellent example of an impulse tenant is dessert. People often decide to have ice cream because they see it in a shopping center. Since prime street front space leases at a premium, you will have more leverage with landlords if visibility is not a significant concern for your business.

    Related: What to Do When Your Ideal Customer Isn’t Who You Expected

    4. Traffic counts

    If you need prime visibility, you will also want to pay attention to traffic counts. In commercial real estate, cars per day are examined. As a point of reference, 25,000 vehicles per day on the main street where the site is located is a minimum number many retailers are looking for when high-traffic areas are needed.

    5. Access

    Next to consider is access. It does not matter if you are an impulse or destination tenant. Access is a critical component in deciding on a space to lease. When figuring out the access for a potential site, make sure to drive all streets in all directions. Please pay attention to the road’s lines and whether they are broken. Also, pay attention to street medians and no U-turn signs. You want to make sure your customers will be able to access your business conveniently.

    Related: How to Make Your Product More Accessible to Customers

    6. Signage

    Signage can also be critical. Most centers have monument signs. Often tenants think that if they are leasing a space that had a monument sign prior, they will be able to take over that sign. That is not the case. You only have the right to use a monument sign if it is in your lease.

    When considering a center, I recommend you fully drive the entire center and take pictures of all the monument signs. In your offer, you must include these images of the monument signs and the specific panels you request rights to utilize.

    Related: 5 Major Leasing Deal Points to Know Before Signing a Lease

    It is essential to realize that there are basics in site selection. If your company has done its homework in advance, your site selection process will be simplified when looking for commercial space to lease. If you have an understanding of what you are looking for but also keep an open mind, the process of finding a location will run smoother.

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    Roxanne Klein

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  • Netflix Is Hiring a Flight Attendant With a Salary Up to $385K

    Netflix Is Hiring a Flight Attendant With a Salary Up to $385K

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    A pay range from a job is common, but one from Netflix — as a flight attendant based in San Jose, California — varies pretty wildly.


    CHRIS DELMAS / Contributor

    Hollywood, California Netflix office.

    Netflix is hiring a flight attendant, per CNBC, and the salary range for the role is $60,000 – $385,000, according to the job listing.

    “As a Netflix Flight Attendant, you are expected to embrace our culture, which places a strong emphasis on operating with Freedom and Responsibility, with independence and a lot of self-motivation,” the job posting says.

    Netflix, like other very large companies, has an aviation arm to coordinate and execute business-related travel. Per the company’s 2022 proxy statement, top executives at the company, as well as their families, and guests, are allowed to use the company’s aircraft for personal transportation.

    Other people apparently involved with the company’s flight operations are Jay Orwin, director of aviation, and Chad Brewer, aviation safety manager, according to LinkedIn profiles.

    The job also involves being aware of potentially sensitive issues for the company or people who use its aircraft.

    The ideal candidate must demonstrate “discretion,” the listing says.

    The job also requires someone to be able to “maintain and provision” a stockroom, handle flight attendant duties for a Super Midsize jet solo (around seven to nine seats), and assist with trips on a Gulfstream G550 jet, a plane intended for business travel.

    The job’s base in San Jose puts it about 15 minutes away from the company’s headquarters in Los Gatos. The role reports to a Flight Attendant Manager.

    People who apply for the position will also face a background check and a schedule that requires holidays and weekends. Flights will be international and domestic.

    The company had a similarly large pay range on a job posting from a month ago, per LinkedIn, for an “Aircraft Maintenance Technician” for $50,000 to $380,000.

    Glassdoor puts an estimate for a Delta Air Lines flight attendant at around $54,000.

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    Gabrielle Bienasz

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  • Layoffs Affecting 1,600 Tech Workers A Day on Average In 2023

    Layoffs Affecting 1,600 Tech Workers A Day on Average In 2023

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    About 1,600 tech sector workers, on average, have been laid off every day in 2023 so far, per Insider.


    Europa Press News / Contributor

    Amazon delivery truck in Spain. The company has conducted layoffs in the last 12 months.

    The outlet cited data from “Layoffs.fyi,” a layoffs tracking site created during the pandemic by Roger Lee, the co-founder of Human Interest, a company that helps small businesses provide 401(k) plans.

    But, as another wave of layoffs emerged in 2022 (and now 2023), the site has been kept busy. Workers can submit to the site, and it also uses media reports on layoffs, per its FAQs.

    The site’s tracker says that 91 tech companies have laid off 24,151 employees in 2023. Companies on the list include ShareChat, a social media company based in India that laid off 20% of its staff this month.

    In 2022, over 1,000 companies laid off 154,336 workers, per the site. Tech companies were hit hard by increased interest rates, which makes borrowing money more expensive, inflation, and decreased demand for pandemic-era services and products that saw skyrocketing interest in 2020 and 2021.

    As such, tech layoffs hit a clip in 2022, with Meta conducting its first large-scale layoffs in November and Amazon said to begin layoffs of about 10,000 people in that same month.

    Related: Salesforce Announces Layoffs, Gets Mocked by Burry — But Still Looks Better Than its Rivals

    The trend continued, with companies like Coinbase announcing layoffs, and non-tech companies, such as Bed, Bath & Beyond and Goldman Sachs, per the Wall Street Journal. Amazon has announced more layoffs of some 18,000-plus people in the new year as well.

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    Gabrielle Bienasz

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  • Learn to Model Your Business on Sustainable Practices with This Course Bundle

    Learn to Model Your Business on Sustainable Practices with This Course Bundle

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    Opinions expressed by Entrepreneur contributors are their own.

    Running a business is expensive, but shifting to a sustainable, more environmentally friendly strategy could lower your operating cost by as much as 60%. U.S.-based companies can also benefit from tax breaks and rebates for incorporating sustainable practices. You could hire a sustainability expert to consult on your business practices, or you could become one yourself. The 2023 Complete Renewable and Electrical Energy Engineer Preparation Bundle could help you stay informed on the latest sustainable-energy practices you can use in your business.


    StackCommerce

    This 38-hour informational bundle may help you create large and small-scale changes in your business. An understanding of wind turbines could help you invest in green energy solutions. A few lessons in the Basics of Solar Energy course may help you create an energy model that actually has you selling energy back to the power companies. And operating a brick-and-mortar may not have the same high cost if you can create your own solar water pumping system.

    While these courses will not make you an electrical or environmental engineer overnight, they could help you learn about the feasibility of converting your business to a more sustainable model. As intense storms become more common, finding a way to ensure your business does not rely on an inconsistent power grid may become more valuable over time. Keeping the electricity on during a blackout could even mean preserving your frozen inventory and keeping the doors open after a disaster if you’re in the food industry. In addition, all course materials are available to you for life.

    If you want to learn the basics principles behind solar and wind, get the 2023 Complete Renewable Energy Engineer Preparation Bundle on sale for $39.99 (reg. $2,400).

    Prices subject to change.

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    Entrepreneur Store

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  • Amazon Warehouse Employee Death in Colorado Stirs Outrage

    Amazon Warehouse Employee Death in Colorado Stirs Outrage

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    A worker at an Amazon warehouse died late last month — and some employees are taking the company to task for how it was handled.


    Nathan Stirk / Contributor I Getty Images

    Amazon facility in the UK.

    A 61-year-old Amazon employee died just before a shift change at a Colorado Springs warehouse, and workers are taking issue with how the company handled the issue — from having workers continue business as normal to what they said was a lackluster meeting about the incident a week later.

    Related: Amazon to Layoff 18,000 Employees, Largest Cut in Company History: ‘We’ll Be Inventive, Resourceful, and Scrappy’

    Rick Jacobs died of a heart attack at the facility, per CBS affiliate KKTV. The death was apparently unrelated to the job, the Colorado Springs Police Department told the outlet. But some employees are claiming that the deceased was hidden by cardboard bins (which Amazon has denied) and that business at the warehouse continued as normal, according to The Guardian.

    “No one should have been told to work alongside a dead body, particularly after witnessing it,” an unnamed day shift worker at the facility told the outlet.

    An Amazon representative told Entrepreneur via phone that workers were not in the same vicinity as the deceased.

    Jacobs was the fifth Amazon worker to die while on the job in 2022, per Sourcing Journal.

    Several Colorado Springs workers told The Guardian they were not happy with how Jacobs’s death was handled.

    “Day shift comes in at 7 a.m. or 7:30 a.m., and we were never informed until we arrived to where it had occurred. No warnings before walking into the building. No on-site counselor. Simply a flyer put out days later informing us of how to receive mental health counseling,” they added.

    Another person said that they didn’t find out about what happened until speaking with coworkers that morning after seeing emergency response vehicles outside the facility, per the outlet.

    “Why is it that we are still working as usual when someone is dead downstairs? I was angry that they think that our lives don’t matter, that they’re going to sweep me out of the way to get a package out,” she told the outlet.

    Sources told the outlet there was no discussion about what happened until a meeting on January 4, a week later. “It wasn’t handled fairly at all,” another worker at the facility told the outlet.

    Amazon told Entrepreneur it gave workers information while trying to balance the need for Jacobs’s privacy — and again stated that cardboard bins were not used to hide Jacobs’s body from view. Amazon said last year it employs around 1 million people in the U.S.

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    Gabrielle Bienasz

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  • How to Use Predictive Analytics in Your Business

    How to Use Predictive Analytics in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Predictive analytics is a field of data analysis that uses past data to make future predictions. By understanding customer behavior, you can better anticipate what they want and need — and therefore create products and services that appeal to them. In this article, we outline seven simple steps for using predictive analytics in your business. We hope these will help you get started and that the insights generated will help you achieve your business goals. In this article, we’ll discuss:

    1. What is predictive analytics?

    2. Why is it important in business?

    3. How does predictive analytics work?

    4. The different types of data that can be used in predictive analytics

    5. Steps for using predictive analytics in your business

    Related: How Predictive Analytics Can Help Your Business See the Future (Infographic)

    1. What is predictive analytics?

    Predictive analytics is a method of using data to make predictions about future events or behavior. It can be used in a number of different fields, including marketing, sales and customer service.

    Predictive analytics can be used to predict how people will behave in the future based on their past behavior. This can help businesses plan their marketing campaigns or sales initiatives better by knowing which type of customer is likely to respond well to a particular product or service.

    It can also be used to predict how customers will respond to changes that are made to the company’s website or product offerings. By understanding where and how customers are clicking on the website, for example, you can make sure that all information is presented in an effective way.

    Finally, predictive analytics can be used in order to improve customer service by predicting which customers are likely to require more attention than others. This allows staff members to allocate their time accordingly so that everyone receives the care they need.

    2. Why is it important in business?

    Predictive analytics is a powerful tool that can help you make better decisions in your business. It’s used to predict future events and trends, which can then be used to influence decision-making throughout the organization.

    There are a number of reasons why predictive analytics is important in business. Some of them include:

    • It helps you optimize your operations.

    • It helps you identify and prevent risks before they become problems.

    • It allows you to make more informed decisions about pricing, marketing and product development.

    • It can help you improve customer retention and loyalty by understanding how customers behave and what motivates them.

    Related: Why Industry Leaders Are Turning Towards Predictive Analytics

    3. How does predictive analytics work?

    Predictive analytics is a method of predicting future outcomes based on past data. By understanding how people behave and what affects their behavior, you can make better decisions about the future. There are three different ways that predictive analytics can work:

    1. Predictive modeling: This is the most common type of predictive analytics, and it uses mathematical models to predict future outcomes. These models are usually powered by data sources like historical sales data or customer preferences.

    2. Predictive segmentation: This is used to identify specific groups of people who are more likely to behave in a certain way. For example, you might use predictive segmentation to know which segments of your customers are more likely to switch brands or spend more money.

    3. Predictive analysis: This is used to understand how various factors (like pricing, product design, etc.) affect overall customer behavior. It can also be used to improve performance by identifying problems early on and fixing them before they become major issues.

    4. The different types of data that can be used in predictive analytics

    There are many different types of data that can be used in predictive analytics, and each offers its own benefits. Here are the four types of data that can be used in predictive analytics:

    1. Demographic data: This includes information about people’s age, gender, location and other personal details. It is often used to predict who will buy a product or service, or to understand customer trends over time.

    2. Behavioral data: This includes information about how people behave, including their shopping habits and preferences. It is often used to target ads and content with the right audience.

    3. Social media data: This includes information about who is talking about what on social media and how this conversation is evolving over time. It is often used to understand which topics are being talked about most frequently and to identify potential marketing opportunities.

    4. Economic data: This includes information about economic trends such as inflation rates and GDP growth rates. It is often used to make business decisions based on predictions about future customer behavior.

    Related: 3 Steps to Building a Predictive Analytics System

    5. Steps for using predictive analytics in your business

    There are a lot of different ways to use predictive analytics in your business, so it can be hard to know where to start. Here are seven simple steps that will help you get started:

    1. Set your goals for using predictive analytics in your business. What do you want to achieve? What outcomes do you want to see?

    2. Define what you need to measure to accurately assess the results of your predictive analytics efforts. Are there any key indicators that will tell you whether your predictions were accurate?

    3. Develop a strategy for how you will use predictive analytics data in order to make informed decisions. How will you use it to improve your business operations?

    4. Train your staff on how to use the data and how it can be helpful in their work. Make sure they understand the data’s limitations and why predictive analytics is important for their work.

    5. Implement a process for monitoring and adjusting your strategy based on feedback from the data-collection process, analysis and decision-making processes. Are there any changes that need to be made? Do they warrant a new set of predictions?

    6. Use predictive analytics technology as part of an overall effort toward improving decision-making across all parts of your business operation, not just with respect to marketing or sales activities.

    In today’s digital world, where customer behavior is changing at a rapid pace, you can use predictive analytics to put out relevant products and services that keep customers happy and satisfied. You can also add other techniques to your arsenal as necessary. For instance, you may focus on customer satisfaction by tracking their emotional state while using your product or service. With such powerful tools at your fingertips, you can now be more confident and informed before making any major decisions!

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    Piyanka Jain

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  • 12 Questions About Facebook That Every Entrepreneur Needs To Know

    12 Questions About Facebook That Every Entrepreneur Needs To Know

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    Opinions expressed by Entrepreneur contributors are their own.

    Facebook Ads can be a great way to drive traffic to your website and increase sales conversions, but they can also be expensive and difficult to manage if you’re unfamiliar with the platform. By understanding how Facebook Ads work and what options are available to you, you can create a cost-effective ad campaign that meets your business’s needs.

    In this article, discover the top 12 questions and answers entrepreneurs and small business owners need to know about running Facebook ads for their companies.

    As an online entrepreneur and marketing coach who teaches business owners how to DIY their digital branding and marketing (while saving time, money and energy), Facebook advertising is one of my favorite subjects to consult on. It’s been one of the most cost-effective ways for my companies to reach a large audience of targeted customers while helping my businesses grow brand awareness faster and easier.

    That said, here are 12 common questions I hear from entrepreneurs.

    Related: The Complete Guide to Getting Started With Facebook Ads

    How do I promote my small business on Facebook?

    An effective way to promote your small business on Facebook is through targeted ad campaigns. With targeted campaigns, you can reach the right people with your message and increase the chances of garnering attention for your business. To start, take advantage of Facebook’s Audience Insights feature to gain insight into the demographics of your ideal customers.

    Related: The Complete Guide to Facebook Advertising

    Are Facebook Ads worth it in 2023?

    Facebook Ads can be a great way to promote your business over the next year. While there are all types of online advertising tools (such as Google ads, YouTube ads and more), the bottom line is that Facebook advertising is still one of the most cost-effective advertising methods on the internet.

    Unlike other platforms or systems, Facebook advertising allows you to create specific audiences that help narrow down who you are trying to reach. This information will help you create a targeted ad campaign that is more likely to be successful.

    How much does a Facebook ad cost?

    The cost of the ads varies, depending on how many people you want to see the ad, the period you plan to run it for and even other factors like the location and audience type you want to reach. In addition, since it’s a social network where your ads generate organic engagement (such as shares, likes and comments), it enables your content to go viral faster, expanding your ad’s reach without spending more budget toward impressions. You can get started running ads for a small amount, like just $5 per day, which is a great way to test creative content.

    How do I start a Facebook ad?

    A small business owner can start a Facebook ad campaign on the platform by first creating a business page and ad account. Start by defining the campaign objectives (such as brand awareness, traffic, etc.) and select an audience most likely to convert. After that, create an engaging ad with high-quality visuals and compelling copy. Make sure to include a call to action that encourages viewers to take the desired action.

    Related: Your 7-Step Guide to Getting Started With Facebook Ads

    How do Facebook Ads work?

    Facebook Ads target users based on their behaviors, interests and other demographic information. When a user clicks on an ad or interacts with it in any way (such as liking, commenting or sharing), they are adding to the ad’s reach — and driving more conversions. Once an ad is created, it will be displayed in various sections on Facebook, Instagram and affiliated platforms.

    How do Google Ads compare to Facebook Ads?

    Google and Facebook ads are two different ways to advertise your business online.

    With Google ads, you can target people actively searching on Google for keywords related to your business. By contrast, Facebook ads let you target people based on their interests and other demographic information, so visual ads are served to them while they’re spending time on social media.

    The benefit of Facebook (in comparison to Google) is that it enables you to be more selective about the type of person you are trying to reach with your ad. Whereas, with Google ads, it’s all based on the keywords people are searching for, so you might end up paying for clicks from people who aren’t your ideal customer.

    Do Facebook Ads work for small businesses?

    As an entrepreneur starting a business, you must be mindful of how you spend your financial resources. That’s why testing ads online can be a cost-effective way to see how people engage with your content while driving brand awareness for your startup.

    Tap into the power of targeted Facebook Ads to reach your ideal customers faster and easier. You can tailor your ads with precise segmentation to get the right people with relevant messages, helping them make more impactful connections and increase engagement rates! By paying attention to detail when setting up an ad campaign on Facebook, small businesses can maximize their efforts for maximum success.

    How long should I run a Facebook ad?

    You should run a Facebook ad for as long as it is effective. That means you should track how many people click on it, like it or share it. If it is ineffective, you should stop running the ad and try something else.

    In the social media marketing course I created for Inspiring Brands Academy, within a few short hours, I teach my students (who are small business owners and entrepreneurs) step-by-step strategies to create successful ads that drive results. Analyzing the data on which type of creative content is performing best helps you decide how long to run each ad.

    How do I find my target audience through Facebook ads?

    Using the platform’s powerful targeting capabilities, you can find your target audience through Facebook Ads. With the ability to target users based on their behaviors, interests, demographics, location, and more, small business owners can create highly tailored campaigns that reach the right people (which means you’ll spend less advertising budget to reach the customers who’d naturally be interested in your product or service). This allows for more effective engagement and conversion rates since the audience your ad is being delivered to is already interested in what you are offering.

    For example, if you run a beauty ecommerce business that sells anti-aging skincare, then most likely you’d want to target people over age 40, whose interests include beauty and skincare, and who follow pages like Allure and NewBeauty magazine, retailers (such as Sephora and Ulta) and popular skincare brands.

    How do I measure the success of my Facebook Ads?

    The success of your Facebook Ads depends on a variety of factors, including the quality of the creative content and how well they target your desired audience. However, the best way to measure the success of an ad campaign is by tracking its performance with analytics. Through Facebook’s Ads Manager, you can measure metrics such as impressions, clicks, conversions and more to determine which ads perform best and generate the most ROI.

    What is a good budget for running Facebook Ads?

    There is no one-size-fits-all answer to this question since it largely depends on the size of your business and the goals you want to achieve with your ad campaigns.

    Generally speaking, I recommend that entrepreneurs set aside a budget for testing their ads before allocating more money to successful campaigns generating results. But the good news is that you can start by testing ad content for just $5 per day over seven days to see results. I recommend trying various ad types (video, photos, different copy and CTAs) to see which performs best.

    Related: How to Increase Your Marketing Return On Investment Through Customization and Multiple Personas

    What is the average return on ad spend for a Facebook campaign?

    The average return on ad spend (ROAS) for a Facebook campaign can vary depending on your target audience and how well your ads perform. Generally, you should aim to get a ROAS of at least 1-5x — meaning that you’re earning back the amount you spent to run the campaigns.

    To calculate your ROAS, divide your total profit by the amount you spent on running the ad. For example, if your total profit is $100 and you spent $50 to run the ad, divide 100/50 = 2x ROAS. The higher the ROAS, the better it is for your business.

    As you can see, small business owners and entrepreneurs can benefit from running Facebook ad campaigns because they allow for highly targeted advertising that reaches people who are already interested in what you have to offer. Additionally, through analytics, businesses can measure the success of their ad campaigns and make necessary adjustments to ensure they are getting the most out of their investment. With a good budget and an understanding of targeting your audience, you can see a high return on investment from Facebook ad campaigns.

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    Christina-Lauren Pollack

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  • 9 Lessons Entrepreneurship Will Teach You

    9 Lessons Entrepreneurship Will Teach You

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

    Related: The 7 Business Lessons You Should Learn by 30

    9 lessons from five years of learning

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

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

    1. Agility

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

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

    Have a solid plan, but be flexible.

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

    2. Purpose

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

    Use the strength of your purpose to courage through challenges.

    3. Superpowers (and kryptonite)

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

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

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

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

    4. Curiosity

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

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

    5. Healthy company culture

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

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

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

    6. Operational foundation

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

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

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

    7. Integrity

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

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

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

    Related: Understanding the Burden of Trust for Business Leaders

    8. Optimism

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

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

    9. Mindful hiring

    Be thoughtful about who you bring into your organization.

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

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

    Related: Why Kindness Should Be Part of Your Hiring Process

    Bottom line

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

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

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    Kyle Hermans

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  • 5 Ways You Can Build a Strong Leadership Team

    5 Ways You Can Build a Strong Leadership Team

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: 22 Qualities That Make a Great Leader

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

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

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

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

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

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

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

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

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

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

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

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

    Related: As a Leader: Never Compromise Your Core Values

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

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

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

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

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

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

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

    Be like a catcher.

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

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

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

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

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

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

    Related: 7 Mistakes Leaders Make When Managing a Remote Team

    5. Blending diverse talents can create a force multiplier effect

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

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

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

    Related: Ensuring Diversity Is Not a Distraction to Leaders

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

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

    That’s what I call great leadership.

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    Vincent Tricarico

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  • What Is SQL and How Does It Work?

    What Is SQL and How Does It Work?

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    Out of all the programming languages you need to learn in the IT industry, SQL is one of the most important. SQL is so integral to modern big data access and organization processes that it’s never a bad idea to grasp the basics of this language, even if you don’t work in the IT industry.

    This article will break down what SQL is, how it works and when this language is used for everyday operations.

    What is SQL?

    SQL stands for “structured query language.” This core programming language is primarily used to manipulate or communicate with information databases.

    For example, when a computer requests information from a local library, SQL facilitates information transfer between that terminal and the library’s database.

    However, SQL is also frequently used by businesses. SQL enables enterprises to access and organize the mountains of data they collect from their customers, which is increasingly common and important today.

    Related: Learn How to Manage Data Like a Pro with This SQL Course

    SQL was created in the 1970s by IBM laboratories. Scientists at IBM created SQL to take advantage of a new database software system called System R. SQL was needed to manage all the data stored in System R.

    SQL was initially called Sequel, which is where the language got its acronym and spoken name. SQL was then updated in 1979 by Relational Software, a company that later became Oracle. Oracle changed SQL into Oracle V2, a modified version of SQL.

    Today, SQL is still widely used around the world for a variety of purposes.

    To be more specific, SQL allows users to:

    • Execute precise queries against a database or collection of data as a “relational database.”
    • Retrieve or update records and data in a database.
    • Insert new records into a database.
    • Delete old records in the database.
    • Make new databases or create new tables in the same database for further optimization and organization.
    • Make stored procedures and views for a database.
    • Set user permissions for procedures, views, tables and database data sets.

    In other words, SQL allows users to accurately access and manipulate their data sets in an efficient, streamlined way.

    SQL servers and relational database management systems or RDMS, are available from organizations like Microsoft in their Microsoft SQL Server (MS SQL). It’s a standard of the American National Standards Institute (ANSI) and the International Organization for Standardization (ISO).

    What is SQL used for?

    At its core, SQL is used to access and manipulate database information.

    For example, businesses may use SQL to modify, add to, remove or otherwise organize data stored in private databases.

    In addition, businesses can use SQL programs to create and alter data tables: an essential part of data analysis and understanding.

    Note that a “database” is any tool used to collect and organize dense information in these circumstances. Databases, for example, can store customer information, transaction information and much more.

    SQL is often needed for other programs or programming languages to interface with databases stored on remote or on-site servers.

    Python, Javascript or some other standard language can interact with an SQL database, which uses its own data manipulation language (DML)/data definition language (DDL). An SQL protocol can access the data before retrieving it and translating it into an output or format that Python can understand/render to an end user.

    Overall, SQL is essential for the following:

    • Accessing or removing data.
    • Editing data in databases.
    • Assisting with data analytics.
    • Connecting different programs or programming languages with databases.

    Given its versatility and importance, SQL is one of the best programming languages to learn. If you want to join the IT industry at any point, becoming fluent in SQL standards will bolster your resume and career prospects.

    Related: Transform Data Into Game-Changing Insights with This SQL Training

    Major elements of SQL

    The SQL language has several vital elements that dictate its language syntax and format. All language commands in database management systems or databases are executed through specialized SQL command line interfaces or CLIs.

    The significant elements of SQL include:

    • Clauses — which are components of SQL statements or queries.
    • Expressions — which make scalar values or tables and which usually consist of rows and columns of data.
    • Predicates — which specify conditions and are used to limit statement effects or queries.
    • Queries — which are actions to retrieve data based on specific criteria.
    • Statements — which are used to control transactions, perform diagnostics, make connections, and adjust program flow or sessions.

    Very broadly, when a database system uses SQL, SQL statements send queries from a client program or server where data is stored. The server then processes SQL statements and gives replies to the client program or terminal.

    In this way, SQL lets users execute many data manipulation operations quickly and efficiently using direct data inputs.

    Common SQL commands

    To better understand SQL and how it works, it helps to understand some of the most common SQL commands.

    Here are just a few examples:

    • Create database — a command used to create a database.
    • Create table — which is used to create tables.
    • Select — which is used either find or extract data from a database.
    • Update — which allows users to edit or make adjustments to data.
    • Delete — which enables users to delete some data.
    • Drop — which is used to remove databases or tables.
    • Insert into — which lets users insert fresh data into a database.

    SQL is such a comprehensive and versatile language that it also includes many more complex commands. As a data control language, data analysts spend a lot of time learning the ins and outs of its database tables, database objects, relational models and data types.

    How does SQL work?

    While there are different versions or frameworks for SQL, the most common framework used is MySQL. MySQL is an open-source version of this programming language that facilitates the primary role of SQL, enabling organizations to manage their backend data and web applications quickly.

    For instance, companies like Instagram, Facebook and more use SQL for data processing and backend data storage.

    So, how does this all work? When a user or programmer writes an SQL query, it is written and run (or “parsed” according to the official terminology) and a query optimizer then processes it. Once the SQL query reaches the SQL server, it goes through three distinct phases: parsing, binding and optimization.

    Put very simply:

    • Parsing is an SQL process that checks syntax for the query.
    • Binding is an SQL process that checks the query’s semantics or details.
    • Optimization is an SQL process that generates the query execution plan or that carries out the requested command.

    If you want to know more about this, you can take some SQL courses for your personal knowledge or your company.

    Related: How to Become Master of Your Data with Microsoft SQL For Only $40

    Many of these courses are reasonably affordable, so it doesn’t take much to learn SQL, even for beginners, to data science or SQL syntax.

    The SQL compiling process explained

    Here’s a breakdown of the SQL compiling process in a little more detail.

    First, parsing takes place. This tokenizes the SQL statement into different words, checking them for verbiage, clauses and specific symbols. Next, the SQL server will check semantics. This means it validates the statement to ensure it is legitimate or understandable.

    In other words, the server ensures that the SQL query makes sense. Many servers also provide that the data the user requests exists and the user has the appropriate privileges to execute a specific query.

    Then comes binding. The SQL server makes a query plan for the received statement during this stage. This forms a binary representation of any steps needed to carry out the query or statement in byte code.

    This renders the compilation as a command-line shell, a program that can read SQL statements and send them to a database server for optimization and execution.

    At this stage, the SQL server optimizes the query plan and chooses the ideal algorithms for searching or storing data. Depending on the server or program, it may use a feature called query optimization or a “relational engine.”

    Last, the server executes the SQL statement by running the query plan depending on what exactly needs to be done.

    Related: Learn How to Manage Data Like a Pro with This SQL Course

    Summary

    SQL is one of the most crucial programming languages, and businesses use it daily.

    Now you know how SQL works, why it’s essential and how to leverage it for your advantage: a critical skill whether you need to build a business website or want to get into the IT sector.

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    Entrepreneur Staff

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  • See If Amazon Dropshipping Can Cut Costs and Increase Your Business’s Profits

    See If Amazon Dropshipping Can Cut Costs and Increase Your Business’s Profits

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re selling goods, your business could lose out by keeping your own inventory. But using Amazon drop-shipping services may help you earn up to 50% more profit.


    StackCommerce

    If you want to learn how you can make the switch, then take a look at this all-in-one online training. This 11-course program costs just $34.99 and can help you learn the basics of using Amazon Private Label, selling through your own Amazon store, and more.

    Save your business money by using Amazon drop-shipping.

    If you want to reduce the cost of keeping products in stock, one of Amazon’s fulfillment models could be the solution. Start by learning the differences between Amazon drop-shipping and Amazon FBA in The Last Amazon FBA Course and How to Retail Drop-ship on Amazon in 2022. These two courses account for 55 hours of instruction led by Brock Johnson and Bryan Guerra, two e-commerce experts.

    It’s not just your inventory and shipping that could cost less to manage. See if you can revise your advertising budget when you learn about building a pay-per-click (PPC) campaign that could boost your reach. PPC campaigns have grown popular with small businesses, with as many as 45% using them in their advertising strategy, and it may be a good strategy for your company, too.

    Of course, no matter where you are in your entrepreneurial journey, you don’t want to neglect the basics. The final course in this bundle will teach you to use the Amazon Limitless model. You could use it to start your own Amazon business from scratch, or you can apply what you learn from it to revise how you generate sales and research leads.

    A new direction for your business.

    If you want to cut costs and expand your shipping, marketing, and lead generation capabilities, then it’s time to learn about Amazon Dropshipping and FBA to see if it’s right for you. For a limited time, enroll in the 2023 All-in-One Amazon Dropshipping and Private Label Bundle for $34.99.

    Prices subject to change.

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    Entrepreneur Store

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  • How This Entrepreneur Went From Broke to $2.3 Million in Sales

    How This Entrepreneur Went From Broke to $2.3 Million in Sales

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    Opinions expressed by Entrepreneur contributors are their own.

    Three things must fall into place to retrain your brain for wealth and change the trajectory of your life. This entrepreneur used the “3 E Method” to turn around a failing business in a few short months.

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    Ben Angel

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