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Tag: Starting a Business

  • How to Become a Successful Authorpreneur | Entrepreneur

    How to Become a Successful Authorpreneur | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    You’re nestled in a bustling café, surrounded by the delicious aroma of freshly brewed coffee, the melody of clacking keyboard keys and the rush of your imagination flowing like waves crashing in an ocean. Whether you’re in an East London café by the canal, the Tuscan hills or a garden center café in Maui, Hawaii, you can work from anywhere in the world, your writing venture all the while supporting what you want to get out of life. If this sounds appealing, keep on reading.

    How do you make this dream a reality? The answer may be in the captivating realm of authorpreneurs.

    Writing a novel and transforming it into a thriving business can be both thrilling and intimidating. But anything can be possible with a passion for writing anywhere in the world and the drive to bring your publishing vision to life. So, let’s embark on this journey together and explore some strategies for achieving success as a novelist and an entrepreneur. The thrilling moment arrives when these two facets — writing and building a business — merge and blend, enabling you to become a successful authorpreneur.

    Related: Authorpreneurs: You Need to Do This Before You Write Your Book

    Becoming the storyteller, the novelist

    First, we need to write a book. Easier said than done, right? But it can be, simply because we all have interesting stories to share and our creative imagination that can be explored. Therefore, seeing the trail of the ink on paper or hearing the melodic sound of the keyboard is far better than pondering. Start writing those words. Here are three key areas that might help you start as a novelist.

    1. Unearth your unique voice:

    This means letting go of your fears and allowing your creativity to run wild. Write about what matters for you, what ignites the fire in your soul. We all have a unique voice; discover yours — the one that sets you apart from everybody else.

    2. Embrace learning and growing:

    There isn’t such a thing as “the best formula” when writing a book, but there is a form or structure that could help you start. So much literature has been written on storytelling and writing crafts, including courses and seminars you can attend. Being a voracious reader is a must, and it is so much fun to learn, research, broaden your knowledge and enjoy creating characters and scenes. I attended a four-day story crafting seminar a few months ago and will join a weeklong writing retreat in Italy this year. The learning never ends.

    3. Make writing a continuous improvement process:

    Writing a novel should be viewed as a marathon, not a sprint, requiring perseverance and determination to build strength and improve with each step. Tenacity is no less important than talent — perhaps more significant for success. Talent alone will not write that book, but perseverance will push you to expand your horizons and allow you to gain valuable experience.

    Related: 7 Common Obstacles Aspiring Authors Face — and How to Overcome Them

    Becoming the authorpreneur

    So, you authored a riveting novel, but now it needs to connect with its readers. Self-publishing is indeed a business; consider upfront costs such as editing, cover design, website development, marketing and more.

    Here are three key areas that will help you as authorpreneurs.

    1. Master the business of self-publishing:

    Writing is just one facet of being a successful authorpreneur. You must also thoroughly understand the publishing industry and determine how to publish your book. I learn from successful self-publishing authors, my husband being one. I also combine years of business acumen with improving my book publishing journey.

    There are workshops and a vast network of self-publishing authors and industry professionals to help you gain the knowledge and skills necessary to succeed. I am joining a self-publishing seminar in London and another in Las Vegas this year. The learning never ends, and it is undoubtedly exhilarating.

    2. Visualize a roadmap:

    As with any other business, having a plan and clarity of what’s ahead helps me to assess my capacity and supports how I manage my time. Having a roadmap helps as I have my annual goals and a high-level plan for the next three years. It is my big picture. I might derail here and there, but that is also part of the journey. Life happens; coffee helps.

    3. Have a marketing plan:

    While publishing your first book is undoubtedly a great accomplishment, subsequent books can pave the way to see you become a successful authorpreneur. However, even if your book is exceptional, effective marketing is still necessary so that your story reaches its readers.

    Get social media working for you, and learn from unconventional success stories. Publishing one book will be great, but your second or third book will illuminate your path to becoming a successful authorpreneur.

    Related: How to Become an Entrepreneur – 8 Tips to Get Your Business Going, Even if You Don’t Know Where to Start

    From dreams to books on shelves and beyond

    The journey of a first-time novelist and entrepreneur is an exciting and fulfilling adventure. With dedication and a willingness to embrace a new path, it can lead to beautiful possibilities. So, grab your pen, laptop and coffee cup, and start writing your success story.

    Picture this: You are sitting at a table behind impressive piles of books, and your fans are lining up to get their autographed copies. Imagine the possibilities open to you as you pen your next book somewhere around the world that you always dreamed of going.

    Drumroll, please; you’ve now entered the fascinating world of being a nomadic authorpreneur.

    Gulcan Telci, MBA

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  • The Future of Ecommerce Isn’t Personalization — It’s This. | Entrepreneur

    The Future of Ecommerce Isn’t Personalization — It’s This. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    If you have trouble remembering when ecommerce wasn’t a thing, congratulations. You’re normal. Still, the environment is developing as we speak, with retailers now building their own ad platforms.

    The industry’s future is using first-party data within these platforms — without compromising customer privacy — to provide a more connected consumer experience and improve advertiser returns. But, to know where we’re going (and why it’s so impressive), we need to know where we’ve been.

    Related: Forget Third-Party Data. You’re Already Missing Out on Most of Your First-Party Data

    Ecommerce was once the Wild West

    If you could get inside a time machine and set the controls to the start of the dot-com era, you’d only begin to see the seed of modern retail media sprouting in the fresh soil of the Internet. Back then, Amazon and Paypal were babies. Most companies exploring the new digital landscape were “pure-play” like Newegg.com — no physical stores involved. Then, in the late ’90s and early 2000s, physical big-box retailers started creating their own dot-coms. Think Walmart.com, BestBuy.com and Pets.com.

    Let’s say you were a brand or seller who wanted to advertise with pure-play or big box companies. They were game — for the right price. You’d cough up thousands of dollars in market development funds (MDF) for things like homepage banners or email blasts. The company would put your logo on its website, and if the stars aligned, your sales would go up.

    The data inherent to this pay-to-play landscape was so barren that you’d be lucky to see a tumbleweed in return for your funds and partnership. Forget modern marketing tools and metrics like sales return reports, impressions, click-through rate (CTR) or shopping behavior. And without those, good luck tracking your return on investment (ROI) efficiency.

    Around 2007, the saloon doors swung open. In walked programmatic marketing and Adzinia Media Group (the forbearer of Amazon Ads), which allowed sellers and brands to use automated processes to buy ad inventory. But it wasn’t until 2012 that advertisers started getting data from these services. The breakthrough came in 2016 when Amazon, Triad Media Group, Criteo and a few others introduced relevancy guardrails and performance metrics.

    Related: The Premium Inventory Opportunity Amid the Retail Media Surge

    Personalization brings some law and order

    With big-box companies finally able to leverage consumer data, things in the digital Wild West started to get a little more civilized — or, more accurately, personalized. The goal was to use consumer data to provide an optimal, tailored experience.

    Major retailers developed tools to drive traffic to their websites and stores using their first-party shopper behavior data. Walmart, for instance, created Walmart Connect, while Best Buy used Criteo. Both companies used The Trade Desk for programmatic display advertising. With these tools in hand, advertisers could “buy” online space and get some level of performance metrics.

    The catch? Sales still closed through the larger retailer. The brands could feature their products with badges or other verification from the retailer, but their own branding was about as visible as rocks in a bucket of mud. All the traffic went back to the retailers’ sites, not the brands’. In the same way, any physical ads sellers purchased within these retailers’ brick-and-mortar locations drove consumers right back to the big-box stores.

    Related: The Premium Inventory Opportunity Amid the Retail Media Surge

    Let’s finish taming the town

    Today, we’re entering yet another period of refinement for advertisers. As laws around tracking consumer data evolve to favor privacy, and as the ability to use third-party tracking is dying, “personalization” is an overused buzzword.

    The new approach — which is critical when you think about the volume of products, brands and sales channels we’re seeing today — is connection.

    Retailers understand they have to work with larger, more general audiences. (Superbowl, anyone?) Now, success means ad content that focuses on emotional attachment. It doesn’t matter who the audience is, only that they can relate to the message and that it stokes affinity to the brand.

    This focus on emotion makes a huge difference. A study found that customers who had both a positive emotional connection and overall satisfaction with an investment firm were six times more likely to consolidate their assets with that firm than those who were just satisfied.

    Advertisers who combine emotional connection with retailer first-party data will literally change the media landscape.

    Amazon, which possesses tons of data through publisher properties like Twitch and FreeVee (formerly IMDb), leads the pack in this new method. They’re opening their platform to serve ads off the Amazon website. Although you can still direct buyers to close a sale on Amazon, if you’re like most brands, selling directly to the consumer is probably more profitable than paying a fee. If you sell a product on Amazon and have a website, they can help drive traffic to your dot-com and close the sale there. If you can do that, guess what? You can now collect shoppers’ email, shipping and other data to connect with buyers.

    Related: How to Build on Your Digital Marketing Momentum in 2023

    Revolutionizing the digital skyline

    Now, imagine being able to hash your own first-party data from your ecommerce site against the retailers’ first-party data. Imagine leveraging it to identify audiences with high affinity for your brand who haven’t pulled the trigger and purchased. That’s what the future looks like as it evolves to embrace a model benefitting retail media companies, sellers, brands and consumers. The rise in commitment to consumer privacy means leaning on this information to offer buyers security in their transactions.

    As retailers prioritize connection over personalization, nothing stands in the way of leveraging first-party data to build stronger, more direct customer relationships — with actionable measurement. First-party data is transforming media and ecommerce, offering a fun, data-driven ride for those prepared to take advantage of it.

    Joshua Kreitzer

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  • The CEO of Literie Shares 3 Success Tips | Entrepreneur

    The CEO of Literie Shares 3 Success Tips | Entrepreneur

    Founded in 2021, the candle company Literie was, according to its founder, launched to help preserve life’s most memorable moments. Its product line began with scents that evoked iconic New York City sensations, from the Great Lawn of Central Park to Midtown’s ubiquitous roasted nut carts and the 28th Street flower markets, and has grown to include scents inspired by the U.S. Open, others in collaboration with iconic New Yorkers like Something Navy’s Arielle Charnas… even candles with a tip of the hat to Junior’s Cheesecake and unforgettable scenes from Bravo’s The Real Housewives franchise.

    We asked company founder Erica Werber for a few lessons derived from this journey of the past two years. The words below, her own, amount to a tight and personal recipe for achievement.

    1. Tap into a network of former colleagues and associates

    As a former publicist myself, I knew how important press would be for a new product launch. Literie had unique and buzz-worthy products, but early success was mostly due to the efforts of our PR team and their expertise in the local New York media world. The press and buzz that was generated locally and nationally — across online and broadcast — in these critical first few months allowed us to develop an audience both from a social and retail perspective, then tailor ad campaigns to fit that demographic of consumers.

    2. Have a hand in everything

    At the start, I was involved in pretty much all aspects: design, development, scent selection, packing, shipping, deliveries, invoicing, customer service and content creation for social media. I wanted an education in every category to make the business run smoothly and effectively, and as a result, was able to make quick changes and shortcuts along the way to save money and time. This wouldn’t have been possible without truly understanding the needs of the brand, and more importantly, our customers.

    Related: The Nitty-Gritty: Knowing The Details Of Your Business

    3. Grasp that good days will be followed by hard days and vice versa

    Eventually what goes up, must come down. Literie would have weeks of phenomenal sales, new business inquiries and amazing press, and then one day it would reverse and trend downward. Slow sales days can consume founders and make them second guess strategies, and failed deals can cause an identity crisis focused on what a brand might lack. To combat this, I would focus on long-term strategy and big-picture goals rather than day-to-day minutiae. Stepping back from a loss or setback allowed me to identify weak points that required a pivot, while also recognizing our growth since inception and the need to focus on that positivity.

    Related: Lewis Howes Has Built An Eight-Figure Personal Brand. He Did It By Constantly Reinventing Himself.

    Robert Tuchman

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  • The Benefits of Mixing Family and Business | Entrepreneur

    The Benefits of Mixing Family and Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    There’s a classic expression that one shouldn’t mix family with business; However, some of the most powerful entrepreneurial duos were related in some way, shape or form.

    So in 2014, when I decided to co-found a company with my brother, I wasn’t entirely sure what to expect. We’d shared a bedroom for almost 10 years, but could we share a cap table? The last time we had to split anything, it was a personal pizza, and I obviously deserved the bigger half because I was the older brother.

    In all seriousness, I knew that we had an incredible relationship and we trusted one another, but I was also worried that this venture might royally screw up that relationship. In the end, it all worked out and became one of the most rewarding experiences of my life.

    This article builds the case for starting a family business and suggestions on how to mix the two for the best possible outcome.

    Related: 5 Reasons Why ‘Family’ and ‘Business’ Do Mix

    You know each other’s moves

    Growing up, my brother and I would play one-on-one basketball in our front yard. We’d complain about the fact that each of us had a “move” that neither of us could stop. However, when we played two-on-two, we always seemed to figure out how to use these moves together to play better.

    As entrepreneurs, we entered the game knowing what our strengths were and could more easily defer to one another in different situations. This process wasn’t perfect in the beginning. It did take some time to drop some of our prior expectations, specifically, which roles we’d play based on things that really didn’t matter like our age, title and years of experience.

    However, we had spent decades establishing trust, whereas our competitors might only have ten or fewer years of working experience together. This allowed us to make better decisions on day one versus having to spend years laying the foundation of trust.

    The fights are intense, but the resolution is quicker

    My brother and I had some epic throwdowns over the years. We’re still not allowed back in my mom’s hairdresser after the “Connie’s Corner Cuts” melee.

    As related founders, our feedback tends to flow more freely, and our fights are more emotionally charged. This forced us to be more conscious of and sensitive to the impact that these fights had on our other co-founders and employees. Don’t have the blowout fights in front of your employees. While this interaction between siblings may feel normal, it might suggest that there’s dysfunction in an otherwise healthy and thriving organization.

    On the positive side, with 30 years of experience fighting with one another, we’re able to come to a resolution quicker and gain alignment on key issues because we know how to have direct conversations without taking things personally. That has also become a major strategic advantage to move our business forward more quickly.

    Related: 7 Best Practices to Running a Healthy Family Business

    The stakes are higher, and the wins mean more

    My brother and I founded our company the year that my daughter Laura was born. I wanted to create a better life for her and my family, and my brother shared that level of accountability to build something that could provide financial independence for our immediate families.

    When things were rocky and our bank accounts were empty, we couldn’t quit on one another. Failure would not only make holidays awkward, but based on what we had both personally invested in the company, it would take years to recoup that loss.

    When we sold our company in 2021, it was a life-changing event for each of our families. Aside from the days my kids were born, I don’t think there has been a higher moment in my life when we closed on the sale of our company. Not because of the financial impact, although that helped, but more because I knew we had taken care of the people that we love most in the process and set an example for our kids on what it means to fight for something and the people that matter most.

    Would I do it again?

    Without question. Our time on earth is limited. On average, we spend 90,000 hours of our lives working. I want to spend that time with the people I love and trust, at least until one of us taps out and says “uncle.”

    Related: The Essential Qualities Every Family Business Needs To Survive

    A couple of takeaways

    • Working with family is awesome. You have established trust that can often take years for non-related founders to build, which becomes a major strategic advantage.

    • You’re already good at fighting, and you know each other’s moves. Bury your egos, and work in a way that aligns with your natural strengths and abilities.

    • The stakes become higher, so you’re accountable to one another to not screw it up.

    • Make space outside of your venture to focus on maintaining your personal relationship with your relative co-founder.

    Justin Vandehey

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  • Shaping The Narrative of Your (Personal) Brand is The Secret to Your Success. Here’s Why. | Entrepreneur

    Shaping The Narrative of Your (Personal) Brand is The Secret to Your Success. Here’s Why. | Entrepreneur

    Aliza Licht is the founder of Leave Your Mark and the author of On Brand: Shape Your Narrative. Share Your Vision. Shift Their Perception. She sat down with Jessica Abo to talk about her new book and the importance of shaping your own narrative.

    Jessica Abo: Aliza, walk us through the journey that you have been on to identify the brand that you have today.

    The idea of having a personal brand today is non-negotiable. I think it’s required, and when you think about it, everyone has some version of one. It starts with what makes you, you. As a corporate publicist for many years, 17 years working for Donna Karan, and becoming a social media personality, one of the first examples of a fashion influencer as DKNY PR GIRL, I had my whole identity wrapped up in my job. For people who have had the same career for a long time, sometimes we get confused, and we forget, oh, actually, our name is not on the door. We don’t own that company; even if we do, we know the founders can be replaced.

    When I left Donna Karan after 17 years, and I no longer had millions of followers as DKNY PR GIRL, I faced a little bit of an identity crisis and thought, “who am I now?” The idea that one, I didn’t want to do PR anymore, was a big revelation, and two, when you lose your executive title, you’re not with the credibility of a big retail brand that LVMH owns, for example, you start to wonder who you are again. Part of why I wrote On Brand is to help people understand that it’s their responsibility to answer the question of what they want to be known for and how to shape that narrative so other people see them that way.

    Why do you think people need to have a brand?

    Personal branding is not necessarily online. It’s not about becoming an influencer unless that’s something someone strives to be. Personal branding is marrying self-reflection and how you see yourself and ensuring it is married to public perception. Many people don’t think through how they’re showing up, and they don’t really know how they’re being perceived. By the way, perception can be over email. It can be how you present in a meeting. It can be how you pitch investors. It can be a million different ways of how you’re presenting. In the world we live in today, which is very much virtual, it’s everyone’s responsibility to understand how they’re showing up, no matter what the medium is.

    What do you think are some of the non-negotiables when it comes to building your brand?

    Even if you do not want to be on social media and say, “That’s not for me,” I think every single person needs to be on LinkedIn. Every person needs to have a very clear understanding of what their bio says, and they can’t just write it and forget about it. In On Brand, I say, “Set a quarterly reminder to read through your LinkedIn bio or your social media bios.” The other thing that is non-negotiable is understanding how you present. When you show up in a meeting, go on stage, or do television, how are you owning the room in a way where you’re showing the value that you add?

    It’s about building authentic relationships. It’s about earning social capital. It’s even understanding how your personal brand shows up at work because there is an opportunity for many people to think about rebranding themselves in their existing jobs. It can also be about visual identity. Having a signature look that makes people remember you because repetition is reputation. Really shaping your narrative and understanding what you want to be known for and how you are conveying that no matter what you do, is really non-negotiable.

    For those who’ve had the same bio on their website or LinkedIn profile for years and are going through a professional pivot, how can they navigate their rebrand?

    It’s paint-brushing your personal brand everywhere you are. First, your personal website is the only place where you have a hundred percent share of voice as to how you want to be messaging and showing up. It’s not controlled by an algorithm. You’re not renting that audience. Anyone coming to your website will get a full authentic view of whatever it is that you’re putting out there. For LinkedIn, it’s different. That is still a social platform, but LinkedIn is like Exhibit B right after your website. When we think about our bios on LinkedIn, or how we’re showing up across mediums, it’s really about making sure that when you’re doing an audit of all the ways that you show up:

    One is, is this serving your goal? Is how you’re presenting in all of these mediums actually going to support your goal? For example, sometimes you’ll see someone on social media that’s like, “Netflix junkie,” “Taylor Swift fan,” or something like that. But really, what they’re trying to do is become a journalist. The real estate of a bio is there to support how you want people to know about you. Utilizing those areas is really strategic and important, and that also goes for your email signature. It’s free real estate to be able to serve up who you are, what you’re proud of, and what kind of lead gen you want to send people to your site or wherever you want to send people. That’s a great opportunity right there in your email signature. How many people do you know have “Sent from my iPhone”? By the way, these people are not doing marketing for Apple.

    Whether you work for Apple or somewhere else if you are in an office, what are the dos and don’ts of establishing your own brand?

    Understanding, first and foremost, what you are allowed to do. Many people think, “Oh, I’ll speak at a conference. I won’t say where I work.” You’re always representing your company, whether it’s at a conference or on social media because you are connected somewhere. Whether it’s on LinkedIn, Instagram, or Twitter, it doesn’t matter. People can connect the dots back to a company. Often, individuals don’t realize they might be asked for a quote, or they might be asked to speak because of the credibility of where they work because that conference wants to be able to say, “So and so from Apple is speaking today.” So, your words matter, and understanding the rules of engagement within your company, both from a press perspective and a social media perspective, is essential.

    The second thing is 15 minutes of fame in any capacity is never worth it if it will jeopardize your job. Really understanding who your audience is, who are the stakeholders responsible for your growth and success at your company, and whether they are supportive of you having a bigger profile? Today, I would say a lot of people are because we’re not one note anymore. I spent 17 years at a company. People don’t do that anymore. We are more than our jobs. I think in On Brand, what I’m trying to get people to do is establish equity in their own names, not just where they work, because at the end of the day, the skills are yours, and you can take those skills anywhere.

    If people are uncomfortable talking about their skills or amplifying their wins, how can they do that?

    It needs to be like the sprinkles on the ice cream sundae, not the whole sundae. Nobody wants to hear someone all day long talking about how amazing they are and what they’ve accomplished. But you do need to make people understand where you are in your career and maybe some strategic wins. I like to tell people, “If you’re going to share something great about yourself or something wonderful that just happened, make it your business to amplify and pay forward other people’s successes.” Five people. So, for everyone you do, amplify and pay forward other people’s success stories or support them in whatever they’re trying to achieve. That’s a good ratio, so you’re not talking about yourself all day.

    The other thing is personal branding, and sharing wins does not always need to come from you, especially in a corporation. You can partner behind the scenes with a colleague and say, “Hey, listen, I’m super uncomfortable sharing this, but I would like my manager to know that I did this thing. Would you be the person who could say it on my behalf, and is there something you want me to amplify?” Or maybe, it’s not verbal at all. You may be more comfortable putting your results in a deck that you share with your manager so that they will consume it. But if people are waiting for people to notice how good they are at something, that’s a mistake.

    Let’s say someone messes up. How can they manage their reputation?

    In the book, when I talk about content strategy, the first thing before we get to how we fix it is understanding your personal brand guardrails. What are topics that you should be speaking about? What are topics that you should stay away from? Not every topic needs to be spoken about. Not every leader speaks on every topic. Not every company speaks on every topic. So really understanding, what are you knowledgeable enough to speak on? Then, if you speak out and something goes wrong, or if you’re not knowledgeable enough and you speak out anyway, the first thing that you need to do is understand where this message was placed, let’s say it’s on Twitter, people on Twitter, it’s its own ecosystem.

    A lot of times, people make a mistake, and they’re like, “Oh my God, I need to apologize immediately, and I’m going to plaster this apology all over my social media.” Well, guess what? Your followers on Instagram didn’t know you did that thing. LinkedIn probably wasn’t aware that happened. So, really think about it contained for the moment. Now, listen, if you’re a celebrity or a major public figure, it’s probably going to spread fiercely across channels. But first, taking a deep breath, understanding what you did that was off-color or wrong, and then really bringing in some key stakeholders to help you craft an apology because we all know Jessica, analyzing if an apology is sincere is like an American pastime, especially at the executive level.

    People are waiting to pounce on those. Bringing in your legal team, bringing in your head of PR, bringing in your head of people, really bringing in people to make sure that you’re not making excuses, that you’re taking responsibility, but you’re crafting in a way that’s not going to dig you deeper into a hole. And then, really think through the actions that need to be taken because sometimes, especially if you’re super public, it’s not enough to just apologize. Sometimes, you need to also show that you are educating yourself, you’re giving back, and you’re making amends in a way that does not just talk but actually action.

    From bios to websites, you cover so much in this book. How do you break down all of the information?

    This book is a very down-to-earth story of how I did it. I am the initial case study, but then I bring in expert contributors, whether it’s how to present, gain executive presence, build authentic relationships, or create a visual identity. All these people coming together helps the reader understand that this sounds hard to do, but it’s not. Throughout the book, I have mental gymnastics exercises. As you go through the book, I’m holding your hand and helping you work through the thinking. How do you write a bio if you’ve never written a bio? Or how do you build a website if you’ve never built a website? So, all of these tactics are in there, and then if people are done reading On Brand, and they’re like, “This was great,” hopefully, “but I still can’t do it,” then on my website, alizalicht.com, people can work with me directly to help work through their personal brands.

    Aliza, who do you think this book is for?

    I don’t care if you’re someone just out of college. I don’t care if you’re a middle manager. I don’t care if you’re a CEO of a company. I don’t care if you are an entrepreneur. Everyone needs to understand how they’re being perceived and to answer the question, what’s on brand for you? Because when you think about the idea of being on brand, it means you clearly understand what you align with. That can be visually, aesthetically, in theory. It’s really in the spoken and unspoken and the energy we all give off. An example of a solid personal brand is where your name gets dropped in rooms you’re not in, and you’re being thought of for opportunities other people haven’t even heard of yet.

    Jessica Abo

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  • Start an E-Commerce Side Hustle on a Budget | Entrepreneur

    Start an E-Commerce Side Hustle on a Budget | Entrepreneur

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Many veteran entrepreneurs acknowledge Shopify as the king of e-commerce, but it might not be the best tool for newbies to sell products online. Shopify is expensive and may have a long learning curve. If you’re not ready to make your e-commerce business your full-time gig, you’re better off starting out with a more budget-friendly alternative like Gigrove.

    Gigrove is an all-in-one e-commerce solution that lets you start selling products and services online in as little as 15 minutes. The seamless tool lets you add an additional revenue layer for your business, quickly start a side hustle to sell that salsa your dad makes, or fully scale an e-commerce operation.

    With Gigrove, it’s easy to access e-commerce tools to set up online payments,, whether you’re selling downloadable files, professional and bookable services, or physical products that require shipping and delivery. In addition, Gigrove helps you manage schedules, inventory, and logistics all through a centralized dashboard. You can even set up subscription billing.

    Inside the dashboard, you can view advanced reports and analytics to better understand how customers engage with your site and leverage tools to enhance the customer experience. With coupon management, direct messaging, and live chat, you can improve your marketing and customer service, while integrations with tools like Stripe, PayPal, ShipStation, and Zapier greatly improve your ability to best serve your customers.

    Gigrove has earned 4.0/5 stars on G2, 4.5/5 stars on Software Advice, and is a Top Performer in Capterra’s e-commerce category, with a 4.5/5-star rating.

    Make this the year you get your e-commerce side hustle off the ground. Right now, you can get a lifetime premium subscription to Gigrove E-Commerce All-in-One Solution for the one-time price of just $49 (reg. $1,590).

    Prices subject to change.

    Entrepreneur Store

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  • Perfectionism Could Be Holding You Back: How to Change | Entrepreneur

    Perfectionism Could Be Holding You Back: How to Change | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    I’m embarrassed to admit this, but it took me five years to build my company website. What was really bad is that my company builds websites for our clients. The cobbler’s children have no shoes, so it’s said.

    For the longest time, all I had was a single landing page with a contact form. It served its purpose, but I knew it had to be better. Actually, I knew that it had to be perfect because it represented my line of business.

    My obsession with having the “perfect” website had me frozen and was holding me back from even making one step toward progress. I was stuck in a holding pattern, but looking back, I should have just started.

    How many entrepreneurs fall victim to this over and over again? And how do we overcome it — perfectionism — when it’s such a blocker to growth and creativity?

    Related: How to Overcome Perfectionism to Succeed in Business

    Nothing kills productivity more than perfectionism

    I don’t have the scientific study to support this, but my theory is that entrepreneurs are disproportionately Type A personalities. We have a fascination with doing things differently but doing things our way — the “right” way, in our minds.

    This leads us to want to perfect everything in our business. We need to research, plan, optimize and execute the perfect marketing funnel. We need to mind-map, strategize and articulate the perfect content marketing framework. We need the perfect offer for the right audience at the right price point… and on and on it goes.

    This obsession with perfection often prevents us from taking any action at all. That’s why it takes us years to get our website built, to launch that course we’ve been talking about, to record that first podcast episode, to test our first product launch or to create a company vision and core values.

    Fortunately, there’s a better way to be. A more productive, flexible mindset. But it means letting go of perfectionism and embracing progress.

    Related: 4 Ways to Send Your Perfectionism Packing

    “Good, better, great” are the steps of progress

    When I finally got around to creating my website, it was only good, not great. But over time, I made improvements. And then it became better. And finally, it became great. I tweaked it until it was what I envisioned from the beginning.

    The reality is that, right now, you don’t truly know what it will take to achieve perfection. Your offer might change, your audience might change or your mind might change. The “steps” are fluid. And if you are hyper-focused on how to do it “right” the very first time, you will never get there.

    The mindset shift is to envision what single step you can do now — and then take it. Strive for good, adjust until it’s better and tweak until it’s great. Roll with the changes of your offer, brand, audience and interests. This leads to a more adaptable and dynamic business rather than a rigid, “perfect” one. It’s the incremental steps that you take that lead you to your goal.

    Related: Figuring Out What Success Really Means to You

    Success is learning as you build, building as you grow

    “Perfect” is really just a moment or concept, frozen in time. It is not a creation that emerges out of change, learning and creativity. You learn more about yourself as you build your business, so let your business model reflect that growth later.

    I am a very different person than I was five years ago. If I had tried to build the “perfect” website then, I’d likely have gone through six rebrands since. I am happy I gave myself a foundation of a “good” website that allowed me to change and adapt over time.

    Similarly, your approach to business may change. It takes a while to develop a strong and steadfast brand. Success is only achieved by learning about your business, market and audience as you grow — and allowing that degree of flexibility. Perfectionism will only keep you stagnant or worse, fearful, of growth.

    You don’t need to have everything perfect. Good, better, great is far better than striving for perfectionism and having that block you from taking any action at all. So, what are you holding off on doing until it’s perfect?

    Jason Hennessey

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  • Free Event | March 16: Solopreneur Office Hours with Terry Rice | Entrepreneur

    Free Event | March 16: Solopreneur Office Hours with Terry Rice | Entrepreneur

    Running a one person business is challenging, but we’re here to help you. Tune in as our expert, Terry Rice, answers your most pressing questions.

    Running a one person business is challenging, but it doesn’t have to be confusing.

    In our new series, Office Hours for Solopreneurs with Terry Rice, you’ll get your most pressing business questions answered live while also learning from the challengees of your peers. Be sure to tune in on March 16th at 3 PM EST as he removes all the guesswork around pricing, personal branding, selling your services and more.

    Don’t miss out—register now!

    About the Speaker:

    Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and host of the podcast Launch Your Business, which provides emerging entrepreneurs with the critical guidance needed to start a business. As the founder of Terry Rice Consulting he helps entrepreneurs make more money, save time and avoid burnout. He writes a newsletter about how to build your revenue and personal brand in just 5 minutes per week.

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

    Mirage (Sunday, Tuesday, Thursday, Saturday)

    This Week’s Featured Featured Film!

    In 1968, at the ripe age of 26, Peter Kalikow was confident he could build a better car than anyone else. So he took the money he made in the construction and put it all on the line to take on the automotive establishment.

    Tech Talk (Sunday, Tuesday, Thursday, Saturday)

    TECH TALK is the journey to discover innovators shaping our future.

    Episode 107: See Flying Cars, Taxis & Rescue Vehicles, we go to find out more. Discover 3D holographic food and drones that fly into burning buildings to warn the Fire Fighters.

    Celebrity Business Tips (Sunday, Tuesday, Thursday, Saturday)

    CELEBRITY BUSINESS TIPS showcases actors, athletes, and entrepreneurs as they share their best business tips to help you get started and find success with some humor and heart.

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

    Elevator Pitch (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    On ENTREPRENEUR ELEVATOR PITCH, entrepreneurs have 60 seconds to pitch a business idea to a boardroom of investors.

    Episode 704: Some are seasoned pros who have already built and sold businesses, while others have yet to complete their first product. But one trait they all share in common, however, is not being shy about having bold asks.

    Episode 802: Learn the finer points of pitching and deal-making in the new episode of Entrepreneur Elevator Pitch.

    Unfiltered (Sunday, Tuesday, Thursday, Saturday)

    UNFILTERED with Jessica Abo pulls back the curtain to have candid conversations with business owners and entrepreneurs.

    Episode 102: Founders of companies like HeyMama, Pretty Litter, an event marketing company, and a children’s book author sit down with Jessica Abo.

    Habits and Hustle (Sunday, Tuesday, Thursday, Saturday)

    HABITS AND HUSTLE host Jennifer Cohen brings thought leaders and notable game-changers into thought-provoking conversations identifying effective techniques and ideas to help listeners level up their physical and mental capabilities.

    Episode 102: Andy Petranek and Michael Stanwyck, the founders of Whole Life Challenge, talk about the difference between “being fit” and “being healthy” and how Andy and Michael went from the fitness-focused world to create a total wellness program.

    That Will Never Work (Monday, Wednesday, Friday)

    THAT WILL NEVER WORK’s lively conversations showcase Marc’s unique combination of analytical skills and tough love, with a healthy dose of humor to provide actionable advice that will benefit founders – and would-be founders – at every stage of their business journey.

    Episode 111: Cicero Learning, a business that helps families with the problem of global education access on a bespoke basis. It’s an educational method referred to as “World Schooling” which has become a hot topic thanks to the pandemic when laptop wielding parents realized that certain job types can now be done from literally anywhere in the world.

    Action and Ambition (Monday, Wednesday, Friday)

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

    Episode 111: Andrew Medal chats with Aubrey Marcus about the inception of Onnit on Joe Rogan’s podcast, where he derives his creativity and building a mega millions dollar business.

    Mindvalley Talks (Monday, Wednesday, Friday)

    MINDVALLEY TALKS brings you the best personal growth video content from the most brilliant minds on the planet.

    Episode 105: “The biggest lie that we’ve ever been told or sold in our lives and businesses is that we have to be serious to be successful.”

    Cooking with Cohen (Monday, Wednesday, Friday)

    COOKING WITH COHEN host Jennifer Cohen has been in the health and fitness world for some time, but she’s never had a cooking show quite like this before.

    Episode 103: Tom Sandoval from Vanderpump Rules is here this week to show us some recipes from his new book, Fancy AF Cocktails!

    Entrepreneur Staff

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  • Learn to Day Trade and Invest with This Helpful Bundle, Now Less Than $40 | Entrepreneur

    Learn to Day Trade and Invest with This Helpful Bundle, Now Less Than $40 | Entrepreneur

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    When you’re an entrepreneur, you don’t exactly have a ton of free time. You also may not have a lot of disposable income to play with, as most of your funds are likely going toward your enterprise. But if you’d like to figure out how to make some passive income, The Complete 2023 Stock Trading and Investing Bundle can help.

    Making money in the stock market doesn’t have to be complicated. In fact, you can reap the benefits of investing with the help of the twelve informative courses in this bundle. And currently, you can score them all for just $39 — that’s less than $4 a course.

    Learn the basics of stock trading and master day trading in a way that maximizes your profits and mitigates your risks with courses like Options Trading 101: A Beginner’s Guide to Trading Options. This course, like the others, is brought to you by Skill Success. This online learning hub allows you to learn directly from experts in different fields and has been featured on CNN, Mashable, CNET, TechRadar, and more.

    This particular course is taught by Travis Rose, a full-time day trader and investor who provides step-by-step guidance to new traders. He shows the trading strategies that have made him money personally and teaches the difference between options and stocks.

    Brett Romero, a software engineer and entrepreneur, teaches Fundamental Analysis Made Simple for Stock Investors, a must-have tool for those thinking about investing in stocks. This analysis helps you determine which companies to invest in, and he teaches it all in less than 45 minutes.

    Ten other helpful courses round out The Complete 2023 Stock Trading and Investing Bundle, and you can score them all for just $39 right here.

    Prices subject to change.

    Entrepreneur Store

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  • 5 Essential Tips for Starting a Successful Web 3.0 Business | Entrepreneur

    5 Essential Tips for Starting a Successful Web 3.0 Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The internet has undergone significant changes since its inception, and we are now on the verge of the next significant revolution in digital technology — Web 3.0. Web 3.0, also known as the decentralized web, is poised to revolutionize online interactions by providing a more secure, efficient and decentralized online experience. As entrepreneurs, it’s essential to keep up with the times and adapt to this new environment to stay ahead of the competition. This article will explore some tips to help you build a successful Web 3.0 business.

    Related: 3 Tips to Take Advantage of the Future Web 3.0 Decentralized Infrastructure

    Learn about Web 3.0

    To start a Web 3.0 business, it’s essential to understand the underlying technologies that make it possible. Web 3.0 is built on blockchain technology, a decentralized, distributed ledger that enables secure and transparent transactions. Additionally, Web 3.0 includes other emerging technologies, such as decentralized finance (DeFi), non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

    To begin your Web 3.0 journey, it’s essential to immerse yourself in the community. By participating in online forums and social media platforms, you can engage with like-minded individuals, learn about the latest trends and stay up-to-date with developments in the Web 3.0 space. Reading industry publications such as CoinDesk, The Block and Decrypt can also be incredibly valuable. These resources can help you understand the challenges and opportunities of Web 3.0 and provide insights into the emerging use cases that are gaining traction.

    As you learn more about Web 3.0, you’ll discover that it’s not just a technological revolution but a cultural and social movement as well. Web 3.0 is about putting control back into the hands of individuals, creating a more equitable and decentralized internet. By understanding the values and principles that underpin Web 3.0, you can build a business that aligns with these ideals and make a meaningful impact.

    Here are a few essential tips for starting a successful Web 3.0 venture:

    1. Choose a niche

    Like any business, choosing a niche for your Web 3.0 business is essential. The decentralized web is still in its infancy, with numerous opportunities for innovation and disruption. You can focus on a specific industry, such as gaming, finance or social media, or a particular use case, such as identity verification or supply chain management.
    When selecting a niche, it’s essential to consider several factors. For instance, you should examine the potential market size, the competitive landscape and the regulatory framework. You should also consider the technical requirements of your chosen niche and ensure that you have the necessary skills and resources to build a successful Web 3 solution.

    2. Build a strong team

    To thrive in Web 3.0, you’ll need a talented team with diverse skills. Building a Web 3.0 business requires technical expertise in blockchain development, smart contract programming and decentralized application (dApp) design. However, having team members with expertise in business development, marketing and user experience design is also critical. When assembling your team, it’s essential to seek out individuals passionate about Web 3.0 and share your vision for the future. It would be best if you also looked for team members open to learning and adapting to new technologies and comfortable working in a fast-paced, rapidly evolving environment.

    Related: Entrepreneurs Should Embrace Web 3.0

    3. Focus on user experience

    Web 3.0 technologies are still in their early stages, and many users need to become familiar with them. To succeed in Web 3.0, focusing on user experience and making your product as user-friendly as possible is crucial. One way to improve the user experience is to create intuitive user interfaces that are easy to navigate. You can also use gamification and other engagement strategies to incentivize users to engage with your product. Additionally, providing clear and concise instructions and tutorials is vital to help users understand how to use your product.

    4. Embrace decentralization

    One of the defining features of Web 3.0 is decentralization, which allows for more secure and transparent interactions online. To succeed in Web 3.0, embracing decentralization and building your product with a decentralized architecture is essential.

    5. Stay up-to-date with regulations

    As with any emerging industry, regulations for Web 3.0 are still in their early stages. It’s crucial to stay up-to-date with the latest regulatory developments to ensure your Web 3.0 business complies with applicable laws and regulations. In some cases, regulatory requirements may differ significantly from traditional industries. For instance, the regulatory framework for cryptocurrencies and token sales is still evolving and can vary widely by jurisdiction. As such, it’s essential to consult with legal experts specializing in Web 3.0 and blockchain to ensure your business is on the right side of the law.

    In conclusion, starting a successful Web 3.0 business requires a deep understanding of the underlying technologies, a strong team with diverse skills, a user-friendly product and an embrace of decentralization. By choosing a niche, staying up-to-date with regulations and focusing on user experience, you can set your Web 3.0 business up for success in this exciting new era of digital technology.

    Related: Web 3.0, the Metaverse and the New Digital Economy — Are You Prepared?

    Winfred K. Mandela

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  • 4 Ways to Address and Avoid This Startup Killer | Entrepreneur

    4 Ways to Address and Avoid This Startup Killer | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Technical debt occurs when development teams take shortcuts to expedite delivery and build code that later needs to be refactored, i.e., prioritizing speed over perfect code. It is also a tool to get ahead, and if you choose to have technical debt, it must have strategy, intent, reasoning and a payoff plan. Technical debt can occur across many dimensions like in architecture, test automation, infrastructure, organization, process, design and defects.

    In an agile development world, a company always carries a certain amount of technical debt that is considered healthy; only when the threshold is broken does it quickly spirals out. Waterfall teams operate in a zero-tolerance mode for technical debt, a rare and inflexible practice today. Business stakeholders have slightly more tolerance for minor debt and can understand the trade-offs, while technical leaders are tougher on it. However, if you see the situation reversed in your organization, you have bigger problems at play.

    Startups feel the pressure to ship and show momentum forcing some early debt to tradeoff against a delayed launch. If these debt items may grow beyond a point, the traction alone will not yield funding at an ideal valuation. Venture capitalists want their money to scale, and the thought of using it to pay back debt is scary.

    For early-stage companies, taking on too much technical debt causes product destabilization. I have seen teams working for 12 months on customization and then losing another 12 months to merge and stabilize while delaying their fundraising after failing technical due diligence.

    Related: How Should Entrepreneurs Manage Their Debt?

    Valuation implications of technical debt

    Technical debt is real as interest payments — and the installments of these payments — come out of your valuation, manifesting itself on your P/L in multiple ways. Here are several of these ways:

    • Heavy technical debt-laden companies require more headcount to run existing operations and more developer time to build new capabilities.
    • Overheads from the delayed realization of synergies from any acquisition made carrying costs for a longer time.
    • Possible remediation fines in compliance and security breaches
    • Loss of customers and pipeline due to poor customer experience, system outages, degraded performance, timeline delays and inefficient marketing spending.
    • Increased working capital requirements for companies with higher inventory balances.
    • Spikes in cloud spending costs, small CapEx turning into monumental OpEx.
    • Inability to adapt quickly to market changes, causing predatory moves from competitors.
    • Multiple versions of the truth create an inability to convert data into information, slowing and lowering the quality of decision-making.
    • Lower staff productivity and morale; the opportunity cost of management distractions
    • Multiple rejections from venture capitalists create questions on company viability.

    As a startup’s go-to-market becomes feature-rich, the technical debt multiplies and the underlying architecture gets exposed for its limitations. Many startups discover that the short-term technical convenience may have killed the company’s long-term success. The technical foundation of any software product is fundamental to future scaling and maintainability. Startups usually work with an 18–24-month runway between funding rounds, and heavier debt built up in its early days could shorten this runway by a quarter or two.

    Related: A New Economy is Coming. Here Are 5 Ways to Prepare Your Mindset for Personal Success

    Managing technical debt

    Technical debt is always hard to see and easy to feel. One must be conscious about tackling the root causes rather than the visible symptoms.

    1. Admit the problem

    Many technical and business executives do not admit this problem and get defensive during technical due diligence; most savvy VCs can see through this and will not throw money to fix the broken.

    2. Estimate, prioritize and commit

    Remediation must be ongoing and prioritized against growth features, and resources must be committed to resolving it early. It is a tricky situation to manage technical debt while balancing customer needs and new product enhancements. Many startups are guilty of chasing cash flow and traction in the short term but killing their valuations when they come up for funding.

    3. Decompose the problems

    People criticize agile methodologies for being unstructured and lacking adequate planning. However, agile is the new norm aligning with the business velocity needs of the new era. Managing technical debt in agile requires decomposing the product features into shippable pieces aligned with long-term and valuation-driving goals. All technical debt items must be cataloged in the product backlog. I used to scrutinize the backlog for technical debt items when I conducted diligences for funding or M&A; it is a practice professionals follow to the core.

    4. Be disciplined

    The easiest way to avoid and combat technical debt. Good executives understand the cost of short-term velocity and the risk of delivering customer-specific builds. Like financial debt, the longer any debt is ignored, the harder it is to stabilize and scale. Pick the right technologies and make hard decisions to retire them as soon as they are not fit for purpose, and don’t undertake nasty workarounds.

    Related: Five Easy Ways Startups Can Manage Debts From Day One

    Concluding thoughts

    Technical debt and its implications are widespread, and the interest on this is repaid by the hour, even if it is not apparent to the executives. Like financial debt, the technical debt must be paid off as it has suffocated many companies’ growth and pushed some to the verge of bankruptcy.

    Unlike financial debt, growing technical debt has no formal controls like credit committees, treasury staff or asset liability teams to enforce ongoing tracking. Technical debt must be paid off and costs capital — this will eventually come from the company’s future value (like the value robbed out of shareholders and investors.) The technical debt issue is an area of savvy investors’ diligence with much more rigor lately. Many companies don’t get funded or pay the price with a lower valuation when the diligence uncovers material technical debt.

    A level of technical debt is unavoidable and considered the cost of doing business, but it must be handled correctly to ensure a startup’s long-term viability.

    Nitin Kumar

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  • CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

    CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In a recent research report by Bank of America, analysts concluded that “CBDCs (central bank digital currencies) appear inevitable.” According to their research, CBDCs have “the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.”

    While the contents of this report have been making waves in traditional media circles, those of us that have been researching and working with CBDCs over the past few years have been saying similar things for quite some time now. In this article, I will tackle some of the more prominent misconceptions about CBDCs, especially the ones concerning anonymity and the technology’s potential use as a means of totalitarian control.

    Related: How This Digital Currency Will Transform The World and Benefit Cashless Societies

    Anonymity is not part of the agenda

    Some of the most full-throated criticism of CBDC technology tends to come from the cryptocurrency community, where many consider the rollout of state-backed digital currencies to be an existential threat to anonymity. But if you think bitcoin and stablecoins are about privacy, they’re not. Somewhere around 90% of addresses and transfers, if not more, have long since been traced and identified, and even in DeFi, cybercrime gets investigated, and the culprits get caught fairly quickly.

    Those who are active in the cryptocurrency industry and those who are knowledgeable about it know this. What is much more likely to be behind this vein of criticism of CBDCs is the perception of the technology not as an existential threat to privacy but as an existential threat to existing cryptocurrencies. However, this too is unfounded.

    From working with regulators and countries in the process of launching CBDCs, it has to be said that privacy simply is not on the agenda in most cases. The central issues that are being dealt with currently revolve around what the legal framework should be, how the linkage to banks should work, how to move from stablecoin currencies to CBDCs, how to integrate the technology into international trade, how to incorporate CBDCs into “superapps” and so on.

    Related: Crypto vs. Banking: Which Is a Better Choice?

    Using CBDCs on the state level

    When we move beyond the idea that CBDCs are a power grab by institutions looking to eliminate financial privacy, the actual value of the technology comes into view. There are two levels on which CBDCs offer vast improvements to the current status quo, that of the state and that of the individual.

    On the state level, it is important to understand that every foreign trade transaction now goes through the dollar. For example, take Pakistan and the Arab Emirates. When these countries trade, there is constant pressure on the national currencies because they must constantly sell their currencies and buy dollars. However, the dirham is quite trusted in Pakistan. So, direct payments in dirhams and rupees could be possible, but currently, there is no infrastructure to support this kind of transaction. This is where CBDCs come into play.

    Regardless of how it’s done, cross-border transfers must be straightened out. This could be achieved via currency baskets, AMM pools or mutual correspondent banks. One way or another, this will make economic processes easier and cheaper for almost all countries because cross-border rates and long chains of intermediaries will disappear.

    Related: Cross-Border Business Is Becoming a Non-Negotiable. Are You Ready?

    CBDCs for the individual

    The main task facing CBDC development right now is building a basis for cross-border payments, which individuals do worldwide. The need for this to happen can be seen in how cross-border payments currently work in the Philippines and the Emirates.

    There are generally two ways of sending money from the UAE. The first is the old-fashioned “hawala” system. Here, the sender goes to their local community leader, gives him dollars, and then the leader’s counterpart in the recipient’s country gives the recipient the same amount in pesos.

    The second method involves transferring money through services like Western Union. Depending on cross-border rates, the round-trip commission is between 6% and 12%. You inevitably have to have a double conversion. As a result, the cost of the transfer is extremely high.

    This is the process we are trying to build: the sender comes with digital dirhams either to a transfer point or a special machine. He needs to convert the dirhams into pesos. Both currencies are digitally deposited as stablecoins in an AMM pool, where the exchange rate changes very little. Conversely, the pesos are received through a transfer operator, which charges only 0.1% for the exchange of digital currencies. Thus, the total fees do not exceed 3% of the transfer amount.

    This is one way you can use CBDCs. And it is convenient and cheap for those who do not have cards or bank accounts, which in Southeast Asia alone amounts to several hundred million people. The fees these people have to pay to add up to a significant burden on a demographic that should be better served by governmental and financial institutions. And this is just a small picture of how revolutionary this technology can be. As development continues, the bigger picture will come into focus, but it is important now to recognize the potential CBDCs have to improve the lives of billions of people worldwide and focus on bringing that potential to fruition.

    Sergey Shashev

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  • 5 Critical Questions You Must Answer to Master an Entrepreneurial Mindset | Entrepreneur

    5 Critical Questions You Must Answer to Master an Entrepreneurial Mindset | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Successful entrepreneurs are a special breed. They are maestros. They are innovators. And they are tenacious. The best of these business leaders understand how to drive sales, lead their teams and orchestrate growth. Perhaps not surprisingly, many entrepreneurs share common traits that position them well for both business and personal success. These qualities relate to having the right mindset, skillset and activity — topics often discussed in TAB board meetings. Out of the three, mindset is square one for business acceleration but ironically is also what usually keeps us from achieving our goals.

    An entrepreneur’s strong and positive mindset really is one of the biggest drivers of business success. But what does a strong mindset really mean? The obvious answer includes drive, attitude and maybe even a good dose of stubbornness. But a truly winning mindset requires something more.

    It demands self-reflection.

    To assess your own mindset — both as a business owner and in your personal life — ask yourself these five key questions:

    1. How committed am I?

    Commitment is the act of binding yourself in mind and spirit to a goal or course of action. But let’s be clear, having a goal is not the same as being committed to accomplishing it. A goal is something that you want to achieve, while commitment is the inner drive that will get you there.

    Commitment is also notoriously difficult to gauge. Setting goals and working toward them are standard visions for most entrepreneurs, but what is your threshold for overcoming hiccups, roadblocks and dealbreakers along the way?

    A key component of commitment is smart planning. Don’t just envision success, strategize how you are going to overcome all those inevitable obstacles along the way.

    Related: The Power of Your Own Personal Vision

    2. Do I believe in what I am doing?

    Many entrepreneurs launch their businesses based on some combination of personal expertise and market viability. But more and more, business leaders are being driven by their passion. Perhaps that passion is related to adding important products or services to the marketplace. It might manifest itself as contributing to the public good. Or maybe a business owner is energized by innovation and futurism.

    The specific catalyst for launching your business is far less relevant than your innate belief in the importance of what you are doing. By infusing meaning and purpose beyond financial objectives into your business and mission, you substantially enhance your entrepreneurial mindset.

    Related: Business Owners, Put On Your Own Oxygen Mask First

    3. Do I believe in myself?

    Self-confidence is such a central part of the winning mindset of an entrepreneur. Believing in one’s own ability to create, run and grow a business takes a lot of chutzpah. But it is important not to confuse boldness with fearlessness – and a good dose of fear is actually good. An entrepreneur’s ability to transform personal fear into positive action empowers them to be better business leaders. Self-trust enables you to take calculated risks, allows you to learn from your failures, and allows you to leverage your talents to achieve your goals. If you struggle with self-doubt and have ambitions for entrepreneurship, now is probably a good time to work on improving your confidence. It starts with recognizing your strengths, valuing your talents and trusting your capabilities to make smart decisions.

    4. Do I see setbacks as failures or opportunities to learn?

    While never an easy pill to swallow, entrepreneurs do actually learn more from their failures than from their successes. Henry Ford’s first automobile manufacturing business went bankrupt prior to his launching of the Ford Motor Company. Walt Disney’s first cartoon was a flop. And perhaps most infamously, Steve Jobs was fired from Apple. Of course, he was subsequently rehired and went on to mastermind Apple’s meteoric rise to become the largest public company in the history of the world.

    The point is that setbacks, even at the grandest scale, are often the sparks that set innovation and self-resolve into motion. Failure coupled with inquisitiveness can serve as a masterclass for entrepreneurs on what worked, what didn’t work and what is the best path forward.

    Related: Dealing Well With Setbacks Is Just as Important as Taking Advantage of Opportunities

    5. Do I have a fixed mindset or a growth mindset?

    Having the right mindset is essential to becoming the business leader you want to be. A fixed mindset is a limiting belief system that presumes talent, intelligence and the right path forward are rigid and unforgiving. This mentality can be debilitating for entrepreneurs and the success of their organizations. Think of all those times you have heard a business owner say, “It is just how we have always done it here.” Where are they now?

    Related: Why a Growth Mindset is Essential to Success and How to Shift Your Mindset

    On the other hand, business owners with a growth mindset are open to innovation, change and overcoming challenges. They believe talent can be developed through experience and training. Entrepreneurs with a growth mindset tend to be lifelong learners. They are innovators in their own sectors and throughout their industry at large. A growth mindset is indeed almost a prerequisite for success.

    Take some time to reflect on these important mindset-related questions and how they apply to you. By the very nature of delving into the topic and doing a little self-discovery, you almost certainly qualify as having a growth mindset and are that much closer to becoming the business owner you want to be.

    Jason Zickerman

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  • Guide to Making Extra Money as a Virtual Assistant | Entrepreneur

    Guide to Making Extra Money as a Virtual Assistant | Entrepreneur

    The virtual assistant industry is booming. More and more busy entrepreneurs and executives are turning to remote assistants to help them with time-consuming tasks ranging from research to booking travel to project management.

    In a recent survey conducted by the Association of Virtual Assistants, 93 percent of respondents said they “enjoyed the freedom and flexibility” working as VAs and in terms of monthly income, 33 percent reported making between $2,001 and $5,000 per month and 11 percent made more than $5,000.

    Related: Best-Selling Books for Entrepreneurs

    If you have specialized skills and/or experience in an area (think writing, accounting, social media marketing, web design — anything) you could put those sought-after abilities to work and earn extra money with a virtual assistant side hustle or full-time business.

    To help get you on your way, business expert Jason R. Rich and the staff of Entrepreneur Media have written the new book, Start Your Own Virtual Assistant Business, which outlines every step you need to launch and grow your business.

    • Providing insider advice, tips, and tricks, this book will teach you how to:
    • Target the niche that matches your skill set
    • Equip yourself with powerful digital tools
    • Set competitive fees for your services
    • Efficiently manage multiple clients and projects
    • Use effective marketing and advertising tools to get the word out about your services
    • Build positive customer and vendor relationships

    Click cover to order

    Being a virtual assistant offers independence. You can be your own boss, control your own schedule, and work from home. Once you’re in demand, you’ll likely be able to pick and choose your clients. Plus, it’s easy to get started: The startup costs are very low, and for the most part, no special licenses or degrees are required.

    If you are ready to put your skills to work, Start Your Own Virtual Assistant Business, is the all-in-one guide to getting up and running.

    Entrepreneur Staff

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  • How to Build a Femtech Product That Stands Out | Entrepreneur

    How to Build a Femtech Product That Stands Out | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As of 2022, 1400+ femtech companies are operating globally, and a dozen growth tanks have been found specifically for femtech startups. Of these companies, 51% are in North America, 27% in Europe, and 9% in Asia. The market is growing fast, presenting a lucrative opportunity for entrepreneurs and investors.

    The term “femtech” has been around since 2016. It applies to software, products and services that use technology solutions to improve diagnostics and healthcare for particular female-specific conditions or general health problems, like osteoporosis or cardiovascular disease, that affect women differently.

    Along with the software products, inventors are developing women-centric wearables, products and biotech solutions.

    Related: 5 Tips to Make Your Femtech Startup Stand Out

    How is femtech product creation different from other startups?

    Are ideas for your new startup brewing in your brain? Let us tell you what you will need to make them happen, development-wise.

    Planning and development differences:

    Include all representative testers in extensive customer research.

    Women come in all shapes from all backgrounds. Some people qualified for the femtech products do not identify as women – or may not be women at all. For example, with fertility applications targeted at hetero couples, males may want to share the experience.

    It is essential to count in race, sexuality, disability, gender identity and economics into qualitative research to get a full range of customer journeys. Interviews, dedicated groups, deep empathy exploration and consumer diaries will help to create a complete picture.

    Acknowledge the gender data gap:

    Over history, medical studies have assumed the male body as the default. Meanwhile, female bodies differ in physiologies and responses to disease. A resulting scarcity of data representing women’s health is something that femtech founders have to overcome.

    At the same time, it creates an opportunity to produce valuable knowledge through data collection and user-generated feedback and design better and more inclusive products.

    Make user privacy a top priority:

    While solving crucial problems for women’s health, femtech creators may accidentally disclose sensitive and controversial information.

    Some trackers gather data about a person’s mood swings, sexual behavior and intimate bodily functions. A company has to ensure the air-tight, HIPAA and GDPR-compliant processing of the information and be transparent with the user about what data they gather and how they use it.

    Related: Bringing ‘Femtech’ into the Mainstream: VC Interest Grows as New Frontier for Women’s Health Beckons

    Roll-out and marketing differences

    Find out if your product may classify as a medical device:

    Check what FDA classifies as a medical device — for example, laser hair removal systems and toothbrushes fall under that category. Note that apps can, too, classify as SaMD (Software as a Medical Device).

    An app that tracks a woman’s health is only classed as a medical device in some jurisdictions if it’s simply displaying information. But if it starts to diagnose a condition based on the gathered data, it may become a medical device.

    Get compliance clearance for the features you are marketing:

    Consult about regulatory frameworks for your product’s features (fertility tracking, contraception, dietary advice) to go through all the essential clearances on time. This way, you’ll avoid repeating any work steps and save time and money.

    Overcome social media bans:

    Meta is prudent in everything concerning women’s body parts. While having good intentions, it becomes a massive obstacle for femtech startups. For example, one contraception startup has to use the @ symbol every time they speak about the vaginal ring.

    Look for creative solutions, and shift your focus to driving organic traffic directly to the page or engaging with other platforms that are less prudent.

    What are the practical differences in software development for femtech?

    In femtech startups, women are the decision-makers. The professionals who face the clients of future products are also women. To follow this pattern and ensure more accurate data collection, we provide relevant professionals balance in the teams working from our side.

    The specific in the femtech products is that the accuracy of data usage in the application has to be the utmost focus, and you have to consider all possible variations.

    When we worked with a prominent fertility care provider from the U.S., we found out that physically active females have different body data than physically inactive, which impacts the tracking and the results. The fluctuations of the fertility-related data have the ultimate meaning, so we had to do separate developments for different user groups. The same applies to variations in other lifestyles, races and demographics. You have to consider a lot more parameters.

    Related: Poised For Growth: The Potential For High Return On Investment In The Emerging Femtech Sector

    So, what do you need to develop a femtech product that will stand out on the market?

    • Compliant development with extra attention to sensitive data

    • Meticulous product design with qualitative research

    • Developers experienced in health tech, mTech and wearables

    • A clear vision of your ideal customer profile and product-market fit

    • Legal-proofed, creative approach to the product marketing

    Femtech is an exciting new industry with a vast field for innovations. Though demanding, developing your product in this sphere can improve the quality of life for billions of people and bring you success.

    Andrei Kasyanau

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  • ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

    ‘No One Wants to Hear You Toot Your Own Horn’ and 9 Other Rules From People With Blockbuster Personal Brands | Entrepreneur

    From Pinky Cole to Gabby Bernstein, we asked ten people with devoted, lucrative followings to share the most unexpected takeaways from their wild and winding journeys of building personal brands.

    Liz Brody, Jason Feifer, and Britta Lokting

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

    ***

    ABOUT RESTAURANT INFLUENCERS:

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

    Toast — Powering Successful Restaurants. Learn more about Toast.

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

    Shawn P. Walchef

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  • What’s on Entrepreneur TV This Week | Entrepreneur

    What’s on Entrepreneur TV This Week | Entrepreneur

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

    This week be sure to watch episodes of:

    Chicago CEOs (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

    This Week’s Featured Show!

    CHICAGO CEOs, have you sat down with Chicago’s top CEOs as they discuss what brought them success?

    Episode 101: Sit down with the CEOs of the Chicago Bulls, White Sox, Cubs, personalized video app Cameo, healthy food producer Simple Mills, and the Wintrust Financial Corporation.

    My Stories (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

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

    Episode 101: This moment of my life was an eye-opener and put me on my current path. Your current situation is different from your destination. Always keep striving for more!

    Celebrity Business Tips (Sunday, Tuesday, Thursday, Saturday)

    CELEBRITY BUSINESS TIPS showcases actors, athletes, and entrepreneurs as they share their best business tips to help you get started and find success with some humor and heart.

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

    Habits and Hustle (Sunday, Tuesday, Thursday, Saturday)

    HABITS AND HUSTLE host Jennifer Cohen brings thought leaders and notable game-changers into thought-provoking conversations identifying effective techniques and ideas to help listeners level up their physical and mental capabilities.

    Episode 151: Amanda Knox is an exoneree, writer, and NYT bestselling author. We discussed topics like stoic meditation, negative visualizations, and the creative mental exercises she used to get through this hellish period. It’s imposing hearing Amanda’s ability to try to empathize with the people who had wronged her and the professional way she carries herself, especially after having every reason to be resentful.

    That Will Never Work (Sunday, Tuesday, Thursday, Saturday)

    THAT WILL NEVER WORK’s lively conversations showcase Marc’s unique combination of analytical skills and tough love, with a healthy dose of humor to provide actionable advice that will benefit founders – and would-be founders – at every stage of their business journey.

    Episode 304: Have you ever wondered what people do with the advice that Marc gives them on the show? David Silberman, the co-founder of PingPod, is here to tell you just that.

    Burt’s Buzz (Monday, Wednesday, Friday)

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

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

    Action and Ambition (Monday, Wednesday, Friday)

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

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

    Elevator Pitch (Monday, Wednesday, Friday)

    On ENTREPRENEUR ELEVATOR PITCH, entrepreneurs have 60 seconds to pitch a business idea to a boardroom of investors.

    Episode 803: They say to dress for the job you want. So why did one contestant show up without a shirt? Watch to see if going a little risque was worth the risk, and take in the lessons of other pitches on an episode that scored the most deals in show history.

    Entrepreneur Staff

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  • Good (and Bad) Advice on Branding | Entrepreneur

    Good (and Bad) Advice on Branding | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    There’s a plethora of branding advice out there, and if you’re lucky, some of it will come from actual experts — people who have been there, done that and learned things the hard way.

    But not all branding advice is good advice. In fact, some of it is quite the opposite. It is sometimes challenging to sift through the clutter to find valuable tips and tricks, so let’s start by debunking some branding myths while validating some branding virtues.

    First choices vs. changing things later

    Someone’s gut instinct can be a big factor in branding and design, but should it be?

    It’s easy to get attached to the very first iteration of your brand’s new logo design, especially if you had a hand in designing it yourself. But the first iteration isn’t always the best iteration or even the most accurate for your brand. Blindly devoting yourself to the very first choice without allowing room for variation and exploration in the design is definitely not sound advice.

    On the other hand, neither is the tendency to rush into making the decision with the idea that you can always change the design later. Visuals make an impact, and they last in the public consciousness. If you launch with a hastily-chosen logo, that’s likely what your audience is going to remember — no matter how quickly you change it afterward.

    Related: 3 Branding Tips to Bring Your Startup’s Story to Life

    Good feedback vs. harsh criticism

    “Be true to yourself, no matter what anyone else says” is common advice. Usually accompanied by the line “follow your heart.” Well, the sad fact is that our hearts are easily misled, and our judgment isn’t always the best — especially if emotions are involved. Feedback is a valuable part of ensuring the best branding possible.

    On the other hand, neither the customer nor the critic is always right. If you listen to every single nitpick, no matter how minuscule or personally motivated, you’ll never get anywhere. Get a variety of outside opinions on your brand so that you can garner high-quality insight.

    Change vs. consistency

    Some advice, especially from a marketing standpoint, suggests that branding and creative elements should be changed with every new initiative. Keep it fresh! Keep it light! Look at Google’s logo changes!

    That’s all fine, but Google still has a cohesive branding strategy and has built in the daily changes in its logo to further the aim of the overall brand identity. That’s different than just changing everything for the sake of change. Consistency is important in establishing a brand.

    On the other hand, stubbornly clinging to a branding strategy that may not be doing its best work isn’t a great idea either. Be consistent and willing to adapt. Focus on your promises and values as a brand and let them influence the individual branding decisions.

    Related: Branding Is Indispensable. Are You Using It to Your Advantage?

    The importance of social media

    It can be difficult to keep up with the next big social media application (or how we’re supposed to use it to spread the word about our brand). If a new social network can be here today and gone tomorrow, is it really all that important?

    In short, yes. One of the most valuable outlets for establishing and marketing a brand, social media allows for close communication between a brand and the target demographic. It allows you to spread the word, tell your story and build communication and loyalty. Social media is never a bad idea for a brand.

    On the other hand, social media isn’t the be-all and end-all for branding, especially if you stick to a platform that is falling out of favor or which doesn’t help you to connect with your target audience. Research the demographic for your social media platform, be choosy about which platforms you use, practice cohesive and consistent branding across the board, and social media will reward you with more opportunities.

    Related: Branding Is More Than an Accessory: It’s the Foundation

    The key to good advice

    It’s a good idea to take advice with a grain of salt. There’s always going to be someone out there with a completely different experience than your own. That being said, the odds are that you’ll find someone whose circumstances mirror your own and whose advice you can really trust.

    Ultimately, what makes advice good advice is whether it works for you or not.

    Zaheer Dodhia

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