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Tag: Success Strategies

  • Find Success With This Unconventional Business Model

    Find Success With This Unconventional Business Model

    Opinions expressed by Entrepreneur contributors are their own.

    People coming into the workforce today want to do things differently, and it’s critical that, as employers of multiple generations, we figure out how to support each one quickly. The newer generations want more autonomy, and the reality is that entrepreneurial people exist at every level of every sized company. Still, traditional bureaucracies hold them back until they rise to a position of influence.

    When structuring an organization — either incorporating another company or entering into a startup and setting out to structure from square one — you have more options than the traditional top-down structure. In our experience, there are better ways of organization that bring out each individual’s full potential and drive company growth. But fair warning: This model is more than just shuffling seats — it’s a total redesign of the bus.

    Related: How an Adhocracy Stimulates Entrepreneurial Growth

    Adhocracy as we see it

    As opposed to a traditional, bureaucratic business model, adhocracy is a flexible and adaptable organizational structure where groups form when necessary for a particular purpose. The ad hoc, problem-solving work groups of adhocracy, create a business environment more conducive to innovation.

    In our “adhocracy,” non-hierarchical business units run independently with their portfolio of clients, but at the end of the day, they are still part of our organization. Within each business unit, there are specific leadership roles: Our “executive squads” — an operational person, a finance person, a technical person and a business development person. No different than a C-suite, each one brings their expertise to be part of a collaborative leadership team to support a business unit. And we mean support — this is not an old-school top-down structure.

    Our business units, named after constellations, are all supported by a platform: “Hubble” — the ecosystem’s brain. If I wanted to bring a technical squad to a business unit’s team, we could use Hubble to identify the right people, their location, time zone and rates. We can also use it to seek out particular expertise for a new project or to move someone to a team that needs it.

    Related: 5 Tips to Consider When Designing (or Redesigning) Your Organizational Structure

    Encourage agency and entrepreneurship

    The adhocracy model emphasizes leadership — encouraging it from more people at different levels throughout the company. The ability to break things down and reassemble provides organizational fluidity. Teams can identify problems to solve and take action quickly, accomplishing more and bigger efficiency.

    Each business unit has the autonomy to design what they’re leading and how they want to run it. They control their growth to fit the project needs, which benefits the greater company growth. They see how their efforts can positively impact the company, which creates a greater sense of ownership, camaraderie and ultimately, less turnover. It also drives healthy competition: Who will grow bigger or better in pursuing our goals? When more people feel empowered to try and make a difference, more will rise to the occasion and try.

    Related: Establishing The Structure For Organizational Growth

    Take our advice

    This model allows everyone to step up, be leaders and drive their unit and company growth. People can broaden their experience within one company, making them more likely to stay than look for other opportunities elsewhere. The products we build for our clients make them better and make us better. We hold no one back.

    But this is not a model for an organization looking to stand still; you must have the following recipe to make it work.

    1) Have an appetite for radical change

    To foster the company-wide shift in mindset required to drive this model to success, it takes a strong group of believers at the C-suite level to go all in on a radical shift from a typical organizational structure. It can’t be achieved by teams alone. At our company, we shifted from an organization passing down directives to allowing individual business units to operate in service to their clients. We even encourage our clients to make this shift when restructuring because we see how it could benefit them, but they realize it requires radical change.

    2) Find the right people and rethink their roles.

    From within the organization, find back office people capable of this mindset shift and position them to enable these teams. Our executive squads make things happen at our company, so the rest of us support what they need. My role in HR shifted to being more proactive and engaging with these leadership teams as strategic growth partners. Be on the lookout for people with the natural ability to think like a leader, solve complex problems and seek out opportunities to learn.

    3) Stay flexible.

    Changes often happen: merging, joining, shifting, expanding portfolios and exploring new industries. Teams can grow to scale to the size they need to take on any project. We’ve had business units split. We have had business units join. We have had business units give birth to baby business units. We embrace the fluidity — if it makes sense for the executive squad, we’re all in favor.

    4) Beware the threat of silos

    These business units can grow large at a certain point, making it harder to prevent silos. A siloed company cuts off fluid cross-communication needed to support a healthy adhocracy model, so we must be careful about not letting them form. If you follow the Dunbar Theory, then 300 is a critical number. If you go bigger, getting more siloed becomes inevitable. Consider these numbers to set a cap on the size for individual groups but leave them the flexibility to form alliances and grow.

    At my company, we devour new books on great business theory, absorb it and run with what seems most likely to work for us. It keeps us evolving all the time. If a better, more proven way of structuring exists, we would look at it critically and see if it might be worthwhile. In most cases, change will happen regardless, so we may as well anticipate it. For now, this model puts us in the best position to do just that.

    Related: To Break Down Silos, Build in Cross-Communication

    Victoria Maitland

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  • These Are the Questions That Help Determine Your Success

    These Are the Questions That Help Determine Your Success

    In this video, Ben Angel breaks down why 70,000 entrepreneurs have answered the questions that predict their chances of succeeding or failing.

    Ben Angel

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  • How to Stop Feeling Like An Imposter and Find Your True Self

    How to Stop Feeling Like An Imposter and Find Your True Self

    Opinions expressed by Entrepreneur contributors are their own.

    You’re reading this article because you feel like an imposter. You worry that you don’t belong or that people will find out that you’re really not as good at this thing as they think you are. It’s normal to feel this way — and there are things we can do about it.

    You’re only an imposter if you keep telling yourself you are.

    If you’ve ever passed off a group of people as your friends or told someone that they look great in those pants when they actually look like they’re wearing a clown suit, then it’s time to realize that everyone feels this way at some point. Even the most confident and skilled people have moments where doubt creeps in and makes them question their abilities.

    Unfortunately, many of us allow these feelings to become overwhelming. We start believing that there’s something wrong with us because we don’t always feel confident about ourselves or our abilities, and we suppress them by telling ourselves how amazing we are without recognizing what triggers these feelings in the first place. It leads us down a path where we constantly try to boost our confidence through positive affirmations but never really address the issue itself: that sometimes things don’t go the way we want them to because life isn’t perfect for anyone (not even for Beyonce).

    Related: Imposter Syndrome Will Kill Your Business

    Recognize that everyone feels this way at some point.

    Having doubts and insecurities is normal, and no one is perfect. Everyone has felt like an imposter at some point in their lives, even those who are successful and confident now. I was so concerned with imposter syndrome that through it — paired with deteriorating mental health — I actually became one. Recognizing that everyone experiences inadequacies will help you understand that feeling insecure about your work and skills is okay, especially when you’re new to something or taking on a new role or responsibility.

    Related: 3 Powerful Strategies for Discovering Your Life’s Work

    Accept that you don’t always have to feel confident.

    You don’t have to feel confident in every situation. There’s nothing wrong with feeling nervous, and there’s no point in trying to beat yourself up over it. Your feelings are valid no matter what to the contrary is said. However, if you’re constantly anxious about the possibility of failure and self-doubt is holding you back from doing things that could make your life better. It might be worth speaking with a therapist or coach who can help you sort through those fears so that they don’t take over everything else.

    But for now: accept your feelings even when they’re hard to swallow — and know that there are other people out there who feel just as insecure as you do (if not more). You’ll never find out how much more incredible life can be until you stop comparing yourself with others and focus on getting better at whatever makes you happy.

    Remind yourself of your achievements.

    Acknowledge your achievements. It’s important to celebrate the little things in life and remind yourself of the bigger ones. When you accomplish something significant, whether getting a new job or moving into a new apartment, take time to acknowledge your success by celebrating with friends and family or just by patting yourself on the back.

    If you don’t feel like you have any achievements under your belt yet, don’t worry. You don’t need to wait until one comes along before you start working towards some goals for yourself. And know that setting goals can help make those achievements happen sooner than later — once they do happen, remember to celebrate them.

    Even if the achievement doesn’t seem like much from an outside perspective (like when someone asks how much money was raised at a charity event), celebrating it is still important because doing so helps build confidence in yourself as well as other areas of life where imposter syndrome may be holding you back from reaching even greater heights down the road.

    Related: 3 Ways Imposter Syndrome Can Affect Even Confident Entrepreneurs

    Asking for help is not a sign of weakness.

    Impostor syndrome stems from a fear that you’re going to be found out as “not as good” as everyone thinks, so you often feel like you can’t share your weaknesses with anyone because it’ll make them realize that you’re not good enough. But the truth is that we all have flaws, and it’s okay to accept our limitations and ask for help when needed. There’s nothing more empowering than admitting that there are things outside your control — and being honest about what those things are.

    By being open and honest about your weaknesses, others will respect and admire your honesty instead of finding fault with it. They’ll also see how much work has gone into becoming better at something (because, let’s face it — nobody was born an expert.) By sharing this information with others, they’ll be able to offer insight on how they overcame similar obstacles in their lives.

    One of the most important things to remember when you feel like an imposter is that most of the things we worry about don’t actually matter as much as we think they do. It’s easy to get caught up in our own thoughts and let them spiral into something bigger than they are, but taking a step back from what’s causing your anxiety can help it seem more manageable.

    The next time you find yourself worrying about something, try to take a moment and ask yourself: would this matter if I never spoke about it? Would it still be there if I didn’t talk about it? If the answer is no, try not to waste too much energy on it.

    Related: How Asking for Help Can Be the Difference Between Success and Shutting Down

    Christopher Massimine

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  • 3 Adaptive Strategies to Better Navigate Uncertain Times Ahead

    3 Adaptive Strategies to Better Navigate Uncertain Times Ahead

    Opinions expressed by Entrepreneur contributors are their own.

    Most business leaders can agree, the last few years have been anything but ordinary. From unprecedented circumstances like the global pandemic to record high inflation, the atypical has become typical in our everyday existence. The U.S. military coined acronym VUCA (volatile, uncertain, complex, and ambiguous) is more relevant today than ever before. It represents the challenges teams, business leaders and organizations face as we navigate uncertain times. These unpredictable forces require a new approach. Instead of looking to the past to rewrite our future, we would benefit from paving a new path towards resiliency — one that takes a holistic approach in today’s business environments.

    As we confront ongoing challenges without a manual, leaders are navigating conditions our predecessors have not yet laid the groundwork for. For many entrepreneurs, resiliency has not been an imperative leadership characteristic. However, those who exhibit this quality are adapting to the chaos — honing a renewed sense of optimism and seeking out resources to lead forward.

    Camille Nicita

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  • 4 Leadership Lessons I Learned From a Marine Corps General

    4 Leadership Lessons I Learned From a Marine Corps General

    Opinions expressed by Entrepreneur contributors are their own.

    Leadership is one of those skills that most people believe they have, but very few actually do, and that’s unfortunate because effective leadership is critical to being a successful entrepreneur.

    If you want to grow your company beyond a one-person operation, you need the ability to effectively lead a team. The larger your team grows, the more effective your leadership skills need to be because you’re further from the front lines.

    I’ve been fortunate enough to have experienced a wide range of leadership styles throughout my career. Some served as powerful examples to model, while others served as examples to avoid. But I learned something important from every single one of them. And without question, one of the most effective leaders I’ve had the opportunity to meet is Marine Corps General Anthony Henderson. I first met him while I was serving in the Marine Corps when he took command of Lima Company, 3rd Battalion, 2nd Marines.

    Related: Why Veterans Make Great Entrepreneurs

    So what does military leadership have to do with leadership in the civilian world? Everything. Leadership is the same, whether you’re leading troops into battle or employees in the workforce.

    Despite what you see in the movies, our troops don’t just jump into action because someone yelled at them to do a particular thing. In fact, due to the insanely dangerous nature of military service, more effective leadership is required compared to the civilian world.

    Think about it like this — how much would I have to scream at you to get you to rush across an open field being pummeled by artillery and machine gun fire? If you’re anything like most people, your answer is probably something along the lines of, “There is no amount of screaming that will get me to do that!” Nothing I could say would get you to run across that field.

    That’s because true leadership isn’t about forcing people to do something. It’s about inspiring them to make your mission their mission. An effective leader is a boss, but also a mentor, protector and cheerleader. Their job is to give orders, but first, they have to educate, train and nurture their team.

    And that’s exactly what Marine Corps General Anthony Henderson did — his leadership is why every Marine I’ve ever met who served with him would still follow him into battle armed with nothing more than a pair of silkies and an MRE spoon.

    I’m going to break down five lessons I learned from one of the best leaders I’ve ever met: Marine Corps General Anthony Henderson. If you apply the lessons learned from the stories I share here, I can promise that you’ll become a better leader and build a more effective, productive and cohesive team that will help propel you to your goals.

    1. Blame belongs to you — praise belongs to your team

    My last commanding officer, who I won’t name, was one of the worst examples of leadership I’ve ever encountered. He demonstrated a complete lack of leadership. He would rarely show up for our training operations, and when he did, he wouldn’t do anything, which is not common behavior in our world. Fortunately, the other leaders in our unit stepped up to ensure everyone performed as expected, which was kind of important considering that we are talking about literal life-and-death scenarios.

    I distinctly remember a particular battalion formation following a training operation, which was the culmination of several months of training in preparation for an upcoming deployment. Our unit had performed exceptionally well, and our battalion commander congratulated him for our performance. I was blown away by his response: “Thank you, sir! I put in a lot of work to make sure my Marines knew exactly what to do and how to do it. I personally supervised and trained them every step of the way.”

    Literally, none of that was true. He played no role in our performance. Henderson, on the other hand, was with us for nearly every training operation, alongside us enduring the physical and mental challenges that come with that. And while he was one of the best leaders I’ve ever met, he also often took a direct, hands-on approach with the junior Marines as well.

    When faced with a similar compliment from our battalion commander, Henderson responded very differently. “Thank you, sir! My Marines worked night and day to achieve this. They deserve all the credit.” There was a stark contrast between these two responses. For Henderson, it was never about himself — it was always about us and the mission.

    A true leader understands that leadership is not about themselves and it’s not about barking orders. It’s about accomplishing the mission while taking care of those under your leadership.

    Related: 5 Ways to Be a Leader Your Employees Will Respect

    2. You have to trust your team to do their jobs

    When Marine Corps General Anthony Henderson took over the command unit, he called me over in his calm but booming voice: “Lance Corporal Knauff, bring the MCI program documents and come see me in my office.”

    This is basically an educational program where Marines take self-study courses on their own time, and then take an exam on the topic in a controlled and supervised environment. Many of these courses are required for promotion.

    I immediately began gathering the documents and already knew exactly where this was going because the program was managed like a complete dumpster fire from the top at Headquarters Marine Corps in Washington D.C.

    This was hurting the careers of tens of thousands of Marines because the exams, once mailed back to Headquarters Marine Corps, would mysteriously disappear. While not a perfect solution, I began photocopying the exams before sending them off so that if they disappeared, I could resend them. There was another issue: The courses that Marines had already received a completion certificate for would suddenly and mysteriously disappear from the database. I anticipated this and began photocopying the certificates as well. As a result, I was able to compensate for the mismanagement at Headquarters Marine Corps and keep my Marines’ careers on track.

    As I entered his office with a massive stack of documents in hand, he said, “We’re going to make some changes to how we handle the MCI program here. We’re going to do XYZ from now on. Do you have any questions?”

    Before I even realized I had begun speaking, I heard myself respond with, “No, Sir. We’re not going to do that, and here’s why. Here’s how I do it, here’s why I do it this way, and here’s the outcome we have as a result.”

    He stared at me without saying a word long enough for me to reconsider the sanity of my response because this simply isn’t how you respond to your commanding officer — especially as a young Lance Corporal, and even more so within the first thirty seconds of meeting him.

    After what seemed like an eternity had passed, he simply nodded and said, “It sounds like you have this under control, Lance Corporal Knauff. Handle it your way.” That was the end of that conversation.

    An effective leader knows when their team is capable of handling a task and trusts them to do so without feeling the need to micromanage. Your team may do things differently than you would, and they will make mistakes. But that’s how they learn and improve. As a leader, you have to become comfortable with the uncertainty that comes from this.

    3. Never let emotions dictate your actions

    Henderson shared a story about how he almost gave up the opportunity to become a Marine over misplaced emotions. More importantly, he shared how, after following the advice of his grandfather, he ended up overcoming those emotions, earning the title Marine, and in my opinion, becoming one of the most effective leaders I’ve met.

    The short version is that after going through the selection process and being given the opportunity to attend Officer Candidate School, which is the officers’ version of boot camp, he learned that he was being given that opportunity both because of his performance and because the Marine Corps needed to fill a quota for minority officers. That angered Henderson because he wanted to be accepted solely on his merits and nothing else.

    While discussing the situation with his grandfather, he shared that he didn’t want to be given the role simply because he was Black. He said it didn’t feel right and that he felt that he would be viewed as “less than” because of the circumstances.

    With the calm wisdom that can only come from older generations, his grandfather told him, “Tony, the Marine Corps isn’t going to give you anything. They’re giving you a chance to earn the title. Nothing more. You still have to do all the work. And if you succeed, you’ll then have the opportunity to then inspire other young men and women to follow in your path.”

    This lesson was especially important because it highlights how easily we can be led astray by our emotions, but it also highlights the importance of having the right mentors in our lives to help us navigate through our blind spots. As someone who has made the mistake of trying to do far too much myself, the latter profoundly impacted my life.

    Our emotions can be a powerful tool or a dangerous boobytrap, depending on how we choose to react to them. An effective leader will still have the same emotions as anyone else — they just react more intentionally to them than others do.

    Related: 4 Emotional Struggles You Must Confront as an Entrepreneur

    4. Integrity is everything

    When we would complete training for the evening during a field op, and the rest of the company was climbing into their sleeping bags, he and I would return to the company office in the humvee.

    We would then proceed to complete whatever administrative work we had there before returning to the field with the rest of the company several hours later.

    And while we were well within easy driving range of the commissary and multiple fast food restaurants, not to mention the vending machines located in the battalion headquarters, he would always eat an MRE, U.S. military operational ration.

    Most people wouldn’t do this, and on more than one occasion, I’ve seen Marines at all levels of leadership grab a more enjoyable meal or snack because let’s be honest — MREs suck. And they were even worse back then.

    One night, I was going to make a quick run to my room at the barrack to grab a snack because I kept my room stocked like a grocery store, and I asked him if he wanted something. His response was simple, “No. I’ve got this MRE.”

    I asked if he was sure and rattled off a few things I had that I could bring back. His response this time was equally simple. “My Marines are eating MREs, so I’ll eat MREs.” Needless to say, I didn’t end up bringing any snacks back for him or for myself.

    It’s worth noting that while leadership does come with some privileges, it also requires sacrifice. In the Marine Corps, leaders eat last. In fact, when it comes time to eat, we start by serving the most junior Marines, working our way up to the most senior Marines. That’s because while leaders are in charge of their troops, they are also responsible for them and their wellbeing.

    This is a unique nuance to the relationship that most people never really understand. A true leader will always put the men and women under their command ahead of themselves.

    Jeremy Knauff

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  • 5 Ways to Prepare for A Successful Holiday Email Marketing Campaign

    5 Ways to Prepare for A Successful Holiday Email Marketing Campaign

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re betting on email to boost sales this holiday season, you have the right mindset. Last year, online retail sales grew 11.3% over 2020 to more than $218 billion, according to the National Retail Federation. Although the ease of pandemic restrictions will bring more people to stores, email remains an effective way to drive online revenue.

    How will you use email to boost holiday sales for your business this year? With inflation hitting the highest rate in 41 years, you must make sure your campaigns have the best chance of landing in the inbox — and convert.

    Here are five ways to prepare your email program for the busy shopping season ahead.

    1. Increase your sending rhythm

    Not all businesses send emails all year round. Some show up in their customers’ inboxes only when they run a promotional campaign. If that’s your case, you want to consider ramping up your sending frequency ahead of the holidays. The number of emails you send, and how often you send them, can influence your ability to reach the inbox.

    Mailbox providers consider sudden spikes in email traffic suspicious, as they can indicate spam. So, before launching your holiday email campaigns, begin nurturing your list with relevant, educational content. Keep a steady rhythm, and intensify it gradually before Black Friday to avoid landing in spam.

    2. Check the validity of your contacts

    The quality of your email list is vital to your email deliverability. Several studies show that email databases deteriorate by more than 22% every year. At ZeroBounce, we found that, due to the pandemic, 30% of our email data had gone bad in the past year.

    Removing obsolete email addresses, especially before an important campaign, is a must if you care to arrive in the inbox. Ignoring it can cause significant damage, as bounces and spam complaints can send your emails to spam. One of our customers was even blocked by his email service provider because of a high bounce rate. Only when our customer validated the company email list did the email provider agree to reinstate the account.

    You wouldn’t want to be blocked from sending emails during the holiday season, so check that your list is fresh and valid. Your bounce rate should never exceed 2%.

    Related: Email Validation: A Critical Success Factor in Email Marketing

    3. Use data to decide the best times to send

    A compelling offer that goes out to a healthy email list already puts you ahead of the pack. But to help your campaigns shine, keep past subscriber behavior in mind when scheduling your emails. Thus, you’ll know when your audience is most likely to open your emails.

    So, what are the best days to send emails during the holidays? The top performers are Black Friday, Cyber Monday, Small Business Saturday, Cyber Sunday and Thanksgiving, recent data from Oracle shows.

    The Oracle marketing research team also suggests sending campaigns on Thursdays to influence weekend spending. The study demonstrates that click-to-open rates are 54% higher than Fridays.

    Related: The Best Days and Times to Send Your Email (Infographic)

    4. Test your emails on mobile

    In 2021, more than 42% of Black Friday ecommerce revenue came through mobile, an Adobe study shows. Checking how your email renders on smartphones is always important. But during the holidays, it can make a dramatic difference in your revenue.

    Email testing tools allow you to test various aspects of your campaign and identify potential errors. For instance, an email can render correctly in Gmail, but not in Outlook, so pay attention to how your campaigns display with different providers.

    Also, consider running all your emails through a spell checker and make sure all your links are functional and relevant to your audience.

    5. Gather valuable social proof

    If you’re like most businesses, you’re probably going to send many emails in the last two months of the year. One way to avoid repeating your content is to use lots of customer testimonials.

    Ahead of your holiday email campaign, prepare by gathering social proof like stellar reviews, case studies, quotes, and awards worth mentioning. Third-party validation contributes dramatically to how people perceive your product. Oftentimes, it can seal the deal for an indecisive prospect.

    Final tips to make your holiday email campaign a success

    Running an email campaign during the holidays can be nerve-racking. It’s not as simple as scheduling a few emails, so anxiety is high for many business owners and marketers.

    To ease some of the tension, consider starting early. Have a clear plan and strategy in place weeks before you send your first email. Creating a checklist also helps. Include everything you and your team must do, from defining your offers to ensuring you have all the right tools.

    Proper planning will bring you calm and confidence so this holiday season will be successful for your business.

    Liviu Tanase

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  • Stand Out With Confidence and Achieve Your True Potential With This Mindset

    Stand Out With Confidence and Achieve Your True Potential With This Mindset

    Opinions expressed by Entrepreneur contributors are their own.

    Let’s face it. It’s not always easy to stand out, go against the grain or make a bold statement. It can feel easier to go with the flow than to swim against the current. When you step out, you can be seen and can feel uncomfortable. People might label you, point fingers and even judge you. You might even fear failing, and rightfully so because having anyone see you fail is terrifying. The horror of being in the spotlight keeps many people from ever stepping out and being true to their beliefs, opinions, and themselves. Fear keeps transformative thoughts and ideas buried, often resurfacing later in life when people ask themselves, “what if?”

    What if I had stood up for what I wanted? What if I had taken that risk? What if I had raised my hand and spoken my truth…. would my life have been different? Could I have made a difference? Would I have been happier?

    Jen Sugermeyer

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  • Build Multi-Generational Wealth With This Mindset

    Build Multi-Generational Wealth With This Mindset

    Opinions expressed by Entrepreneur contributors are their own.

    “You can’t take it with you” — how often have you heard that?

    It’s an oft-abused phrase employed, usually within the context of a person amassing wealth or assets beyond their needs. What it speaks to is intent, and that’s what building multi-generational wealth is all about: growing your assets to pass them on to future generations.

    We’re not just talking about money and other valuable items, though. There’s far more to it than that.

    Right now, in the West and throughout the world, we’re experiencing deep financial uncertainty. Especially since the crash of 2008, we’ve been on an increasingly fast treadmill of debt.

    Most Millennials and Generation Z in America identified home ownership as the prime marker for success. Increasingly, though, they are being priced out of the housing market altogether. Two-thirds of non-homeowners cited affordability as why they didn’t own their own home.

    There are, of course, several factors that have gone into this situation. It boils down to a total lack of focus on building generational wealth. Now we could lay that at the feet of consumerism; far too much emphasis on instant gratification, not enough on the journey of life and deferred gratification for greater future reward.

    Related: Experts Share Tips on Overcoming Generational Wealth Disparity

    Certainly, that’s true to an extent. We buy on credit now more than ever (I’ll get to why that’s bad…but not why you think, shortly). We seek shortcuts and outcomes rather than journeys and experiences. But as with everything in life: the answer lies in more than one factor.

    Right now, we’re experiencing the perfect storm of destabilizing geopolitics, recessions, war and cultural norms that don’t favor multi-generational wealth.

    We’ve cultivated this sense of wealth being about what you can demonstrate to others. It’s all about “flex” culture (as the kids say). But this belies the true nature of what it means to be wealthy.

    What is wealth?

    I’m not going to say something as predictable or demonstrably untrue as: “wealth has nothing to do with money.” That kind of platitudinal soundbite is also part of the problem. We’re not holding ourselves accountable for what we say publicly. Money is absolutely a component of wealth, there’s no doubt. But it also doesn’t paint the complete picture.

    A “wealth” of something simply means that you have an abundant supply of it. For example, you can have a wealth of knowledge. It comes down to how resourced you are as a person and how valuable you can be as an individual to the broader community.

    We’ve done ourselves a cultural disservice in emphasizing money. Not that this is some kind of anti-capitalist rant! I’m a serial entrepreneur, after all. We do, however, need to steer the conversation towards other forms of wealth to heal the current pain we find ourselves in.

    Related: Health Is Wealth: How to Move Away From Hustle Culture

    For multi-generational wealth, we must take a more holistic approach to life

    Millions of dollars in the bank won’t serve you if you have to sacrifice your mental well-being and time with your family (or a family, for that matter) to achieve it. My vision of multi-generational wealth is not about one generation falling on their proverbial sword to bring it about.

    My approach is about breaking these “molds” into which we constantly try to force ourselves. I want us to ditch the ‘cookie-cutter’ approach altogether and really examine what we have to offer future generations beyond just accrued capital.

    Related: Successful Entrepreneurs Don’t Follow Mainstream Money Advice, And You Shouldn’t Either

    Let’s start with money

    Thanks to inflation, the money that you leave behind for your kids will be eroded by the sands of time anyway.

    Our education systems throughout the west offer pitifully little education when it comes to money management. We need to start teaching our kids how to handle money properly if we want to build generational wealth.

    That starts with understanding how to use debt properly!

    We’re used to buying things on credit, usually having been fed the ridiculous line about how it frees up your capital to earn money. Given the rates that most retailers and third-party lenders charge, that’s total garbage.

    You find me a savings account or investment portfolio that will give you the level of return that will match or exceed what they’re charging!

    That said: we also need to avoid the trap of thinking that debt is inherently evil. It’s not. It just depends on how you use it.

    Consumer debt (i.e., buying consumables with debt) is a terrible idea because you’re servicing debt on something that is losing value. Hence why you can leverage your capacity to service debt, for example, to become a lender yourself essentially. That’s how a lot of other successful entrepreneurs and I make a lot of money.

    From an entrepreneurial perspective, educating your kids about how debt works is a massive leap toward building generational wealth.

    This means educating yourself — no bad thing. I would encourage you to break the old habits and stigmas around debt for your own sake. Learn to identify the difference between consumer debt and the debt you can leverage.

    The most important advice I can offer to you as an entrepreneur that will help you build multi-generational wealth is to…

    Find your ‘why’!

    “He who has a why to live for can bear almost any how” — Friedrich Nietzsche

    This is always the first port of call for anyone I coach in business. It’s the single most important thing to teach your kids if you want them to build on your legacy.

    You must understand what’s driving you and why. That takes serious introspection and hard work. You will need to weed out all the programmings you’ve been fed since you were a kid that is keeping you motivated by the desires of others.

    We think that so much of what drives us comes from us. More often than not, however, we’re being driven by what someone else expects of us. When we don’t confront this proactively, it leads to mid-life crises.

    The stark realization that we have less time left than we’ve had throws into sharp relief all of the things we’ve valued and how little we actually did for ourselves!

    Don’t let that be the legacy you leave.

    Get your head around the life that you want to lead. Be an example to future generations and build your resources (money, knowledge, health, energy, etc…) to be of maximal service.

    Being of service to others ultimately builds true wealth, after all.

    Daniel Mangena

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  • How Your Enneagram Type Determines Your Wealth and Success

    How Your Enneagram Type Determines Your Wealth and Success

    Opinions expressed by Entrepreneur contributors are their own.

    Life is short, and our professional lives are even shorter. We don’t have time to waste. It’s essential to understand how your Enneagram type determines your wealth because it will enable you to identify better who and what to avoid.

    Not only that, but it will offer you a blueprint to follow regarding how to create the levels of wealth you desire.

    Related: 10 Ways to Grow Leaders in Your Business

    What is an “Enneagram”?

    The Enneagram is a personality typing system that takes the form of a nine-pointed diagram or “map.” It represents the patterns in personality types that describe how we as individuals experience the world.

    Each of the nine personality types stems from a core belief about how the world works. The Enneagram aims to identify which of those personality types best describes you, how much of each personality you have within you and how that unique combination dictates how you operate.

    If you’ve never done one, I recommend taking ten minutes to try it.

    What your Enneagram type says about your capacity for wealth is less of a direct determination and more of an indication of your current situation. If you’re finding yourself in a state of frustration or like you constantly have to force things, your Enneagram type could well be incompatible with your strategies.

    To be clear, we’re talking about “wealth,” not “worth.”

    What we’re talking about is how resourced your life is. Are you able to do the things that you want to do? Are your needs taken care of?

    You can probably see how your resources (time, money, energy, health, etc.) can be limited by trying to force yourself down a path at odds with who you are.

    I am sure that there are probably money-making practices and strategies that feel entirely alien to you. Futures trading, perhaps. FOREX. Real estate. Crypto.

    A lot of people find the jargon alone completely impenetrable!

    Now imagine the lengths you’d have to go to force yourself to become not merely competent at any of those, but world-class!

    And when I say: “world-class,” I mean that you are so competent at strategizing and have demonstrated this competence so prevalently that people will pay for your knowledge to enrich themselves.

    Yeah…tall order, isn’t it?

    Let’s look at an example of an Enneagram test result, and explore how it would determine that person’s wealth.

    Here are the results of a friend of mine. He took the test, and his results were: 8-4-3-1-5-6-7-9.

    Let’s look at his top three personality types and what they say about how he creates wealth.

    8 – The Challenger

    This personality type is fiercely independent and fears being controlled by others. It is preoccupied with gaining influence and seeking truth. Their vice is lust, and their trap is justice.

    4 – The Individualist

    The individualist is sensitive and withdrawn but also expressive and dramatic. They can be self-absorbed and temperamental.

    3 – The Achiever

    This type is very success-oriented. They are pragmatic and adaptive. As you might imagine, they are driven to succeed. They can also be very image conscious.

    Now, these are only the first three of my friend’s Enneagram personality types. They only form a partial picture; if we were to actually use this to build a plan of action for him, we’d need to examine it.

    With his three strongest personality types, you can probably already get a sense of what would (and would not) work for him.

    Related: 10 Powerful Attributes of Insanely Successful People

    What wouldn’t work for him?

    Being fiercely independent, fearful of being controlled, and success-oriented, climbing the corporate ladder just isn’t going to work for him. He would spend far too much time railing against the corporate structures to get anywhere.

    The individualist personality type adds a layer to this; he probably won’t be very good at simply selling his time. He would be no good at bookkeeping or PA work, for example.

    Such jobs wouldn’t value his creativity. Quite the opposite; he’d be required to conform to stringent rules, which would be seriously unfulfilling.

    The Achiever type wants to rise above and be recognized as unusually competent or talented. So combined with being a challenger and individualist, my friend already has a clear path ahead.

    What would work?

    My friend would need to find ways to make money that value him and his uniqueness.

    Because of his temperamental, dramatic and withdrawn nature, he would need something that allowed him to be flexible with his time. He would work in bursts of energy and inspiration, so he’d need flexibility in his personal life to afford him the space to create.

    Whatever he did, however, he’d need to ensure that he was highly skilled and competent at it! He and his knowledge would have to become invaluable to his clients. It may seem like my friend is limited in how he could grow his wealth, but if he orients his talents and drives in a scaleable way, he could make infinite amounts of money.

    His unique offering would need to be ‘downloaded’ from him and into something that others could possess (for a price).

    With that out there, making him scaleable profits that don’t require him to work, he could turn his hand to being of value without the need to turn a profit.

    That’s where a real life of wealth and abundance lies.

    So…I hope this makes sense and gives you an idea of your Enneagram type’s value in determining your wealth. It’s not something that renders you powerless or that you must submit to.

    Not at all!

    It is the blueprint to reveal more aligned ways of creating wealth. A path of “least resistance,” if you will, that will free you from feelings of being trapped, frustrated and like you don’t belong.

    Daniel Mangena

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  • Top 5 Mistakes Entrepreneurs Make When Scaling Their Business To 7 Figures

    Top 5 Mistakes Entrepreneurs Make When Scaling Their Business To 7 Figures

    Opinions expressed by Entrepreneur contributors are their own.

    Scaling your business to seven figures is not that hard. But it also isn’t easy. At least, it’s not easy to maintain a seven-figure business and continue to scale it.

    I’ve learned this the hard way after building and growing several businesses to seven figures and beyond — as well as mentoring and investing in dozens more. It’s strange how easy it can feel once you build some momentum. Growth leads to growth and everything seems to be okay. Until all of a sudden, it isn’t.

    Having gone through this cycle myself, I’ve discovered a few common mistakes most of us make when in a period of growth. I share these in the hope they not only inspire you to scale your own business to new heights but maintain these levels so you can continue to smash through one glass ceiling after another.

    Related: 4 Ways to Build a Seven-Figure Brand and Sellable Business

    1. You hire too fast

    No matter what industry you’re in, it’s important to expand your team when growing your business. You can only do so much. You must delegate and work on the business instead of trying to do everything on your own. However, the timing around all this has to be right. If you push too hard too soon, you can overwhelm and halt all momentum.

    So although you need to grow your team — and constantly think about the different types of roles you need — it’s essential that you get clear on your priorities. By honing in on the roles that offer the most return, you ensure you maintain your momentum without putting too main strain on yourself, your existing team members, and, most important of all, your cash flow.

    2. You create too many offers

    I see this mistake all the time, often because an entrepreneur gets caught up comparing themselves to other business owners. You’ve heard the advice before, to diversify your portfolio and add multiple income streams. It’s good advice, in part. Yet you have to tread carefully because launching too many offers too soon places far too much pressure on your shoulders. Worse than that, it creates a disconnect between you and your audience because they don’t know what they should do next.

    Should they buy your course? Maybe hire you to coach them? How about that membership they can subscribe to? Or that other course, program or product?

    The last thing you want to do is overwhelm and confuse. Adding new income streams is important, but you don’t have to do it all now. Make sure you become a “go-to” authority in one or two areas and provide huge value to those you serve.

    Related: Meet the Mother Of Three Making 7-figure Income Working Part-time From the Beach

    3. You increase your expenses

    This mistake is a byproduct of the previous two because as you grow your team and add new income streams, your expenses rise exponentially. It can seem manageable at first, but before long it can spiral out of control. I’ve experienced this firsthand as my monthly expenses practically doubled month-on-month. It’s a disaster waiting to happen unless you get crystal clear on your finances.

    This is a continuous habit you need to nurture, ensuring you check in on your revenue and expenditure each month. It’s not that you shouldn’t spend more as you make more, but you have to give everything you invest in purpose. Whether that’s a new team member, improving your lifestyle or placing new resources into the business, you always have to have a reason for spending your money. If not, you can quickly run out of it.

    4. You don’t reinvest in your business

    This is a huge mistake and once again it’s one I used to make. There’s so much advice out there about how to invest your money. The problem is, most of it isn’t relevant to an entrepreneur because most of it encourages you to take money out of your business and place it somewhere else (stocks, shares, bonds, pensions, etc.). That makes sense for someone with a predictable income. But for an entrepreneur? No way! The best thing you can invest in is your business because this is what you have the most control over. So before you give your money to someone else to invest, make sure you fully support your business with the time, money and resources it needs.

    Related: 4 Ways to Invest More Deeply in Your Business

    5. You don’t take money out of your business

    It’s important to constantly invest in your business, but you have to continue to invest in your own life, lifestyle and personal growth. In the early days, I also recommend entrepreneurs take as little as they can and reinvest as much of it into their business. Yet this can only last so long. Once you build momentum and step into a period of growth, you have to embrace this yourself — not just as a business owner, but as a human being.

    I see this mistake play out too often as successful entrepreneurs struggle to step back and enjoy life. It’s a fine balance, yet it’s an important one if you want to find harmony. The alternative soon turns toxic as you begin to resent your business. It’s an easy fix because all you have to do is to commit to growing as a person as you grow your business. This means you too require (and deserve) investment: money, time, energy and attention.

    The rollercoaster ride you’re on is full of ups and downs. Just because you’re scaling and on the fast track to seven figures and beyond doesn’t mean there aren’t obstacles in your way. Avoid and overcoming these five mistakes will help you navigate your way to success.

    Scott Oldford

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  • How to Start a Company with Only $1,000

    How to Start a Company with Only $1,000

    Opinions expressed by Entrepreneur contributors are their own.

    When you think about starting a company, the first two questions that come to mind are: “How much is this going to cost, and how am I going to get that kind of capital?”

    The dynamics of funding a business have dramatically changed over time. Where once you were resigned to bank loans and savings, there are now many options to choose from to help get your business off the ground.

    However, let’s take a step back. You should ask: “What is the minimal amount of capital I need to get this off the ground?” For those first few steps, $1,000 can get you moving quickly and far along. It is all about what I call “resource capital,” a mixture of your time, money and effort.

    Related: How to Start a Business Online

    The price does not always equal the value

    As a disclaimer: I am guilty of falling victim to thinking that I had to have the best of the best when starting our company. We always went for the most expensive external partners for operational needs. A hefty price tag could at least give us confidence that we’d be getting exactly what we paid for, right? We found that just because a company spends a lot of time and money on its reputation, it does not mean that it will deliver. We had to learn that going the less expensive route was not always bad.

    Related: 10 Ways to Fund Your Small Business

    Building your business

    Building a business is like building a house. You have to dream it up, create a blueprint and get all the necessary permits from the city. From there comes all the fun stuff, like designing, building and scaling.

    Starting off the same way, we have to think about our business and our $1,000 in very similar steps:

    The Permits

    – Business Filings: ($50 – $150 depending on location)

    Every state has a site or process for starting a business which can typically be found on the Secretary of State’s website. California, for example, allows you to choose your name, pay your fee, obtain your EIN, and then your business is official. Depending on the corporate structure, this can be more complex. Still, many people make the mistake of using online services to file businesses when, in reality, it is simpler than many are led to believe.

    The Blueprints

    – Your Website or Landing Page: (Free – $150/month)

    There are a variety of platforms you can choose for this. I recommend not spending a lot of time building out an entire site. Instead, build a simple landing page that provides an exciting outline of your business. Think of this as the digital billboard you can use when explaining what you are building to others.

    Don’t hire some expensive web designer to build it your first go around. There is a 100% chance it is going to change.

    – Website domain & Email: ($12 – $60)

    Always buy the domain if you can, or an offshoot of it (e.g., “.co” or “.io.” No one will take a business seriously if it does not have a proper domain name. This is simple to do at places like GoDaddy and Google Domains.

    Next, create your new email address with your new domain name — your first name and company name will do. If you want a more general support email, use “hello@” or “info@” instead. In many cases, website platforms have packages where the domain and the email are included. Take advantage of these cost savings out of the gate.

    The designs

    Your early branding is crucial in getting people to take you seriously. To successfully build a brand, your business has to look the part.

    Creative (Logo, Branding): ($100 – $350)

    If you are not creative and need help with things like logos and branding, there are resources such as 99Designs, Fiverr and even Etsy, where you can hire brand specialists to help you. Being consistent with how you present your brand out of the gate is incredibly important and helps align yourself with the brand and its mission, and it is an exciting and fun win you can celebrate right off the bat.

    Laying the foundation

    – SAAS Tools: (Free – $100)

    Now that you are ready to build your “house,” it is time to pick your tools. There are thousands of options for SAAS products, depending on what you are doing. The key thing to remember here is only to utilize what you need and always choose the free trial first. These companies are built to hook you for free and prepare you to pay as you scale. If you need to pay for their service, I recommend spending a maximum of $100 on these.

    Finding your contractor

    – Virtual Assistant: ($300-$500)

    If you are starting alone or even with a partner, you will be shocked to find out what $10 per day can get you. When it comes to virtual assistants, this cash can get you just about anything you need. The goal is to ensure you get someone of quality who understands your work style and brand. This will not only result in you learning to delegate and build a team but will offload a minimum of four hours each day of work.

    When starting a company, one of the most significant issues is the number of menial tasks that need to be done. Having someone to handle those is critical. If you need someone more project-based rather than part-time or full-time, I recommend looking to places like Fiverr instead of Upwork, which is typically meant for more seasoned, US-based contractors.

    Back to that key figure, $1,000 is more than enough cash to lay the basic foundations. It’s also enough money for your startup to at least appear like a legitimate company, which is half the battle.

    Related: 3 Alternatives to Venture Capital Funding for Startup

    Patrick Frank

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  • Go Beyond Number Crunching and Use Intuition Instead

    Go Beyond Number Crunching and Use Intuition Instead

    Opinions expressed by Entrepreneur contributors are their own.

    We all have intuition, but few know how to use it effectively. Intuition is your ability to understand something without thinking about it logically. It’s a knowing that comes from the heart rather than the head.

    Unfortunately, many ignore their intuition in favor of more rational thinking. You may not even be aware that you have this inner guidance system. But when you learn to trust your intuition, you can tap into a powerful source of wisdom and insight.

    Intuition can be a valuable tool in your decision-making process. By learning to trust and follow it, you can access a deeper level of wisdom and insight. It’s essential to listen to your intuition, but not necessarily all of the time. Intuition should be used as a supplement to logic and reason, not as a replacement. There will be times when intuition conflicts with rational thought; in these cases, it’s essential to use your discernment to determine which is more accurate.

    Related: Is There Room for Intuition in Business?

    How can intuition help you with decision-making?

    When you trust your intuition, you’re more likely to take risks and follow your dreams. Intuition can help you:

    • See beyond the facts and figures to make choices based on our deepest values and desires.
    • Make better decisions by providing information that logic and reasoning may not be able to access.
    • Trust your gut feelings even when it goes against what you think you should do.
    • Connect with your higher self and receive guidance from the beyond
    • Tap into your creative side and develop new ideas.
    • Sense things that have not yet materialized. Things might make sense today, but intuition gives you the window to see if an opportunity is right for you in the long run.

    Related: The Scientific Reason You Should Trust Your Gut

    How to sharpen your intuition

    Although we all have access to intuition, not all of us can access it readily. Therefore, you must regularly sharpen your intuition to know how to access it when you need it. Here are some of the things you can start practicing to sharpen your intuition:

    • Spend time in nature: Connecting with nature can help you to clear your mind and connect with your intuition.
    • Spend time in silence and allow yourself to be.
    • Listen to your body: Our bodies can be powerful guides. If you feel called to do something but are unsure why… trust your gut and go for it.
    • Follow your heart: When you’re in touch with your heart, you’re more likely to have intuition. So follow your heart and let it lead you to your truth.
    • Pay attention to your dreams: Dreams can be a powerful source of intuition. So keep a dream journal and pay attention to any messages that come through.
    • Trust your intuition: This is the most crucial step. Once you’ve connected with your intuition, it’s important to trust what it’s telling you. Go with your gut, and don’t second-guess yourself.
    • Tapping into intuition requires stilling the mind — spending time in nature, meditating, praying, or journaling can create space for intuition to flow.

    When you’re tuned to your intuition, you may notice synchronicities and “gut feelings.” Many people express their encounter with intuition as “I just got lucky” or “I was at the right place at the right time.” These are all signs that your intuition is trying to communicate with you.

    How to use intuition in decision-making

    When making a decision, using intuition as a guide can be helpful. Here are some tips for using intuition in decision-making:

    1. Get clear on what you want. The first step is to get clear on what you want. What is your goal? What are your values? When you know what you want, it’s easier to trust your intuition.
    2. Listen to your heart. Follow your heart, and intuition will lead you to your truth.
    3. Go with your gut. Our gut feelings are often based on intuition. So if you have a strong sense about something, it’s worth listening to.
    4. Take Risks. Intuition lives in the unknown, not the known. This is why it can be a potent tool in addition to your logic and analytical brain. Intuition nudges you towards growth so you can reach your highest potential. And that means you will have to do things you are not usually accustomed to.
    5. Follow your dreams. Dreams can be a powerful source of intuition. If you’re struggling to make a decision, pay attention to your dreams and see if they offer any guidance.
    6. Be open to guidance. Intuition often comes in the form of guidance from others. So if you’re seeking advice, be open to what people tell you.
    7. Trust yourself. The most crucial step is to trust yourself. You are intimately connected to your intuition. Your intuition is not outside of you. It is a part of you. It would help if you learned to trust yourself, which means you can’t engage in negative self-talk, constantly criticize yourself, or have self-doubt. You must learn to love yourself to start accessing this powerful tool in decision-making that can make or break your life or business.

    Intuition is a powerful tool that can help us to make better decisions. By getting clear on what we want and listening to our intuition, we can tap into a deeper level of wisdom and guidance. Follow these tips to start using intuition in your decision-making process.

    Related: 7 Tips for Making Quality Business Decisions

    Gurpreet Kaur

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  • With a Recession Looming and Interest Rates Rising, What’s Next for the Economy?

    With a Recession Looming and Interest Rates Rising, What’s Next for the Economy?

    Opinions expressed by Entrepreneur contributors are their own.

    The S&P 500 is down nearly 20% year-to-date, the dollar has lost lots of buying power, and the fed has made it increasingly difficult for young buyers to purchase their first home.

    With all these factors at play, it is essential to listen to economic experts like Jerome Powell. Powell spoke on interest rates again in early September. The Fed is expected to continue raising interest rates until the inflation numbers are under control. “Restoring price stability will take some time and requires using our tools forcefully to bring supply and demand into better balance,” Mr. Powell said in those remarks. “While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”

    Dominic Blanco

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  • Transforming Failure Into Success: 5 Lessons Learned From Rock Bottom

    Transforming Failure Into Success: 5 Lessons Learned From Rock Bottom

    Opinions expressed by Entrepreneur contributors are their own.

    A decade ago, I ran a business that spiraled out of control. The company’s investors were people close to me, and they got badly burned. Even though many people contributed to the company’s demise, as the company’s leader, I was found responsible (something I accepted). It was the lowest point in my professional life.

    Like many entrepreneurs, I now realize that failure is often a necessary predecessor to success. Of course, I wish things had gone differently, but I now see the mistakes I made and have embraced the gift of learning from my errors.

    At the time, I looked past the company’s visible shortcomings, believing I could fix them. But, there are certain truisms about running an organization that hold firm. Things that — no matter how talented or hard-working you are — cannot be fixed. These truisms seem simple, but they are difficult to adhere to, especially if you believe that most people are well-intentioned.

    I lost relationships, suffered bankruptcy and weathered a nasty lawsuit along my journey. I also gained humility, self-understanding and a reclamation of my values. Painfully discovered, here are five learnings that can help you avoid failure and achieve entrepreneurial success.

    Related: 5 Survival Tips for Entrepreneurs Hitting Rock Bottom

    Deal in reality

    Are your decisions guided by reality? Do you act on red flags (or ignore them)? How thick are your rose-colored glasses?

    Embracing reality is one of the most determinative skills of a business leader. The facts may not be ideal. Hope can be comforting. Dreaming can be exciting. However, reality exists in the present. And that’s where you are, like it or not.

    Reality is transformative. It enables the formulation of solutions. The ability to admit something or someone is not working out and deal with it decisively is true leadership.

    Dealing in reality also requires an honest assessment of one’s talents. Choosing the appropriate lane is not just about what one likes to do. Superior leaders know themselves and focus on what they do well. They choose a lane and stay in it. Similarly, they empower and guide others to stay focused on what they do well.

    Organizations suffer when the CFO wants to do branding, or the general counsel wants to do PR. Particularly in startups where people are praised for “wearing many hats,” this lack of awareness promotes mediocrity and often fails.

    Moreover, not everything broken can be fixed; it doesn’t matter how much effort is exerted. The same can be said for people; sometimes, individuals are uncoachable and must be let go.

    Being a fixer can be noble and impactful, but the best fixers recognize that some problems don’t have a happy ending. They know when they have reached a point of diminishing returns.

    Trust, like anything else of value, requires careful maintenance

    What makes someone trustworthy? Would you personally vouch for them? If not, why not?

    Because trust is earned, it can be lost in an instant. Once lost, it can be difficult (if not impossible) to recover. Trust is the basis for lasting relationships, and its ephemeral nature takes work to maintain.

    Trust does not flow from a great pitch, investment check or impressive pedigree. Trust arises from honest human discourse. It builds or erodes over time. No matter how you slice it, business is about people. If you want people to believe in your business, they need to trust you as an individual.

    Because people’s trust in you needs to transcend your professional abilities, you must stay true to yourself no matter the context. Your integrity depends on it.

    Related: How I Know Who to Trust in Business

    Listen to your inner voice

    Is something or someone rubbing you the wrong way? Does something you’re being told feel wrong?

    Not every decision can be made based on data or game theory. Some require intuition. Listen to your inner voice. What is it telling you about a particular decision? Don’t cram down those feelings; explore them. Build a trusting relationship with yourself. If an action concerns you, trust that your apprehension has some validity and examine it.

    Questioning your internal reactions and attuning to your internal warning system will make you a better leader.

    Transparency is key to effective leadership, so make a habit of over-communicating

    Do you share good and bad news? Is everyone being kept in the loop?

    It’s counterintuitive, but bad news can create good outcomes. Communicating with others about bumps and pitfalls, aspirations and accomplishments, opportunities and successes builds trust and rallies the team around a common purpose. Great leaders share bad news — the product failed, we missed our target, we hired poorly, or I made a mistake. They appreciate that knowledge is a power that’s best shared.

    Alignment requires transparency. To be on the same page, direction and purpose need to be shared with all. Moreover, quality leaders appreciate that some people are personally dedicated to an organization’s vision. In contrast, others may be narrowly focused on how a job benefits them, and that’s okay. But, assuming someone’s alignment can be a disaster. Instead, ask questions and communicate openly.

    Own your actions

    Did you do something wrong? Did you forget to do something important? Did you delegate something to the inappropriate person?

    If you’ve done any of these things (we all have) — take corrective steps immediately.

    Gravity, in the metaphorical sense, does not exist in companies. Responsibility actually rolls uphill. Consequently, strong leaders are accountable for their actions and the actions of those around them. Effective leaders are accountable when their team members fail to perform.

    That being said, only you can control you. No one else gets to tell you how to live your life. No one else gets to decide what has meaning to you. Investors and stakeholders may inform your decisions, but their opinions shouldn’t be a substitute for your own knowledge or values.

    Strong leaders know what and whom they value. They bring this knowledge to every decision they make.

    Related: 4 Steps to Reinventing Yourself After Hitting Rock Bottom

    Next steps

    I’m now on a journey without a final destination. What’s clear is that continuous learning is imperative for growth, healing and improvement. I am better today because of the difficult road I’ve traveled. I am now only focusing on what I’m especially good at–business development, strategy and relationship-building guided by empathy, humility and the personal values I’ve promised myself never again to betray.

    Walking your talk is important. That’s why I’ve chosen to start publicly speaking about my mistakes and owning them. On the journey to becoming a better leader, I’ve realized the importance of knowing your purpose and living it daily.

    Don’t repeat my mistakes. Know that you are your own north star; trust your instincts, live your values and stay firmly grounded in the present moment.

    Seth Weiss

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  • How to Position Your Brand to Win in an Fast-Changing Market

    How to Position Your Brand to Win in an Fast-Changing Market

    Opinions expressed by Entrepreneur contributors are their own.

    The market we work in today is rapidly changing across all industries. We’re working against ultra-high inflation rates, an ongoing labor shortage and a nationwide supply chain crisis that backlogged operations for many companies. During turbulent times, strong and strategic leadership is a must to keep an organization afloat. To move in a forward-thinking direction during these moments of change, leaders must analyze their competitors, identify market disruptors and research industry trends to stay ahead of the curve.

    Over the last 20 years as the Founder and CEO of a national multi-million-dollar franchise in the healthcare industry, I have witnessed periods of extensive change in the market landscape. More notably, because of Covid, we’re currently seeing a new wave of market shifts that companies must actively react and respond to. In this article, I will provide examples and a path forward to ensure your organization is set up for success amid a rapidly changing market.

    Related: How to Adapt in a Rapidly Changing Economy

    How to position your brand to win

    As markets evolve, determining the trends influencing your specific industry is the first step you should take to ensure your company is positioned to win. Based on these trends, analyze where the industry is heading and what this will mean for your organization’s future. We’re seeing businesses embrace technology like never before, digitize their processes and align with strategic partners to expand reach. These shifts often issue a new season of growth for companies that comply with consumer demands and align with the direction of where their specific industry is heading. Whatever the reason, to get ahead, be aware of these trends and create an action plan.

    Another factor to consider is the danger of the status quo. No matter how large and successful your organization may be, it’s not immune to a changing environment. Adapting and adjusting to industry changes is a key indicator of a company’s future success. A cautionary tale of a business that failed to keep up with a changing market is Netflix‘s displacement of the Blockbuster franchise. Entertainment moved away from in-store disc rentals to at-home streaming, yet Blockbuster did not promptly read and respond to those changes until it was too late.

    Watch the competition and recognize disruptors

    While monitoring industry changes, keep a keen eye on the competition. Analyze how your competitors respond to real-time market shifts and how your response differs. Another essential key is recognizing disruptors. Disruptors are new companies or technologies that innovate outside your industry and significantly impact the market.

    An organization that is notorious for disrupting the market is Amazon. We may think of Amazon as the big disruptor of ecommerce. However, when you take a closer look, Amazon is a highly sophisticated technology platform that adapts across industries — including healthcare, which is my specific industry. CVS is another excellent example. While it may be a retail giant, CVS also offers an array of integrated healthcare services via acquisitions and major corporate partnerships. After key trends have been determined, and you have your pulse on the competition and the industry’s many disruptors, your organization will need to develop a road map to prepare for what’s next.

    Related: Why Amazon and Jeff Bezos Are So Successful at Disruption

    Embrace a shared vision

    Another crucial piece of the puzzle is ensuring all your key stakeholders are on board with your strategic plan for the company’s future. The goal should be to adapt to market changes while staying true to your brand values and mission. This means having tough but necessary conversations with your network to establish alignment.

    My organization is currently implementing our strategic plan to adapt to advancements in the healthcare industry. Our brand’s purpose is to enrich the lives of our clients and families, and our brand vision is to expand our reach and the accessibility of home care. As a national franchise brand, we must work with our network of franchisees to ensure we share the same vision for the future. When we initially presented the plan, it was met with hesitation from some franchisees. We continue to hold one-on-one meetings and host network-wide town hall meetings to ensure our franchisees’ voices and ideas are heard.

    Despite the adversity and opposition from some players, I have remained steadfast in our vision to uphold the best interests of our network with whatever means necessary to ensure consistency in delivery and quality, expand the addressable market so more seniors can access quality care and deliver on the opportunities ahead. I have received feedback from franchisees that change takes time to process and operationalize. Ultimately, many recognized the value in refocusing efforts to align with the external forces impacting our industry. Many also recognized the opportunity this change presents. Our strategic plan will inevitably drive revenue growth and profitability for the entire network.

    A natural reaction to change is opposition. However, the saying goes, “there is strength in numbers,” which stands true as you think about your company’s future. There is the strength behind a network coming together to create change. But a clear path must be put in place so all partners and all parties involved can launch that shared vision to fruition.

    Related: How to Maintain Profitability in a Changing Market

    The state of the market and knowing exactly where your industry is heading will often be volatile. However, keeping a close eye on market trends, disruptors and competitors and positioning your brand to remain in front of these changes will set your brand apart. Adhere to your organization’s brand mission during moments of change, and focus on areas of improvement to meet current and future industry demands. Be willing to be the leader who will take your organization where it needs to go, even if it may not be where stakeholders desire to go in the short term.

    Shelly Sun

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  • 5 Key Tips to Successfully Ride the Rollercoaster of Being an Entrepreneur

    5 Key Tips to Successfully Ride the Rollercoaster of Being an Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The life of an entrepreneur can be a rollercoaster. After closing my first 7-figure business during the 2007–2008 Global Financial Crisis, I made sure that my future businesses were resilient. As much as this “crash” was a crisis, it was also the opportunity to create the life I really wanted. I had let my business take over for my needs. I am thankful for the lessons learned, and I use that experience not only in my own businesses but also as a business mentor when I am helping clients create resilient businesses that support their needs and desires.

    To be successful, you need grit, passion and faith in the value of what you are doing. People think that going into business will give them the freedom to do whatever they want, but if you’re not careful, the business can take over your life. There is always a lot of testing and measuring, and not everything turns to gold straight away. Consistent and persistent action to keep going, even when things haven’t gone to plan, is needed.

    Being persistent is different from just working hard. Take time to get clear, get in alignment and follow the path from a place of clarity. When things don’t go to plan, you need to be agile and open to change to suit the current operating environment. Celebrate the highs, and enjoy the journey — that is the sweet spot, even more than the end goal. In all my businesses, I align to follow the joy. When you enjoy what you do every day and are bringing value to others, that is when you are living the dream! Here are five key tips to successfully ride the rollercoaster of being an entrepreneur:

    Related: What I’ve Learned in 20 Years of Being an Entrepreneur

    1. Good foundations

    This is systems and structures, but more importantly, this includes knowing how to support yourself, building a good support team around you and utilizing them by asking for help when you need it.

    This was a big lesson for me in my first business. The African proverb, “If you want to go fast, go alone. If you want to go far, go together” comes to mind. You might be able to do all of the things in your business, but if you want to scale, you need to bring in team members. In order to bring in a team, you need systems and procedures. I remember returning from a business trip when I was about 6 months pregnant, and I was chatting with the person sitting next to me on the flight. We were talking about my travel business and how I would manage once I had the baby. She encouraged me to read The E-Myth by Michael E. Gerber, which emphasizes that if you want a successful business, rather than just creating a job, you need the business to work without you. If you want to grow and scale, just like any building, you need strong foundations.

    2. Emotional intelligence

    Emotional intelligence is being able to be an observer of your emotions and understand why you might be experiencing them, and use them to guide you to what you need to do next. Knowing how to support your own emotional needs is one of the keys to a happy life.

    People think that “business” and “personal’ are separate aspects of our career paths, and yes, sometimes they are — but a “light-bulb” moment for me was realizing that this is never entirely true. Everything is personal because we are human beings. It was a big shake-up during my business closure (I was also going through a divorce at the time). I realized that there is strength within vulnerability. It’s okay to admit that you are not okay, and it’s okay to ask for help. It’s also okay to say “I need time away” or to say “no” to things that drain your energy. The realization was that I needed to trust myself and let go of fears around emotions, make decisions with an open heart, be guided by my intuition and prioritize my own needs.

    Related: Entrepreneurship Is All About Overcoming Obstacles

    3. Empathy

    Empathy is being able to consider someone else’s perspective, how they are feeling and why they may be acting a certain way. Understanding this will be a great tool for you in resolving issues and in any negotiations.

    Developing a greater understanding of the role empathy plays in your working life will help with managing teams and growing your business. As a negotiating tool, I always look for what’s in it for the other side as well as how and why they may have formed their point of view. It will help you determine what their expectations are and help you curate an offer that will be acceptable. It helps to establish long-term mutually beneficial relationships. It’s not always about an immediate win or two opposing sides. It can be how you work through challenges and support each other in a common goal.

    Here’s an example from one of my own businesses, The Bubbles Review, which publishes articles and creates events and tours on champagne and sparkling wine. When we went into lockdown for the pandemic, the events and sparkling wine industries were severely affected. Restaurants were closed, and wineries needed to close their cellar doors. I had to postpone our series of The Bubbles Festivals indefinitely. Understanding how difficult this was, I wanted to do something to help.

    We host a section on our website where we feature reviews on Sparkling Cellar Doors, so I decided to create a Virtual Sparkling Cellar Doors listing to feature wineries and wine importers who had suddenly lost their usual distribution channels. I made it free for them to participate because it was more about giving back and helping. We promoted it to our database and social media, and I showcased virtual tastings, interviewed some of the winemakers and shared them on our Facebook page. The relationships that were formed during this time have been long-lasting. When it was time to invite wineries and wine importers to be exhibitors for our events in 2021, it was an easy “yes” for them to sign up, as we had already negotiated to a point of trust in our shared goal of promoting these lovely sparkling wines to our audience.

    4. Manage your energy

    One of the most important resources is your own energy. Knowing how to read your own energy, and that of others is crucial. Failure to do so will lead to burnout. If you are experiencing resistance, reset and restore your energy until you can move forward from a place of inspiration.

    I didn’t always get this right, and once I had reached burnout, it was very hard to restore my energy from there. In some cases, it can take years. I now protect my energy daily. I listen to my body. I schedule regular wellness activities and take time out when I need to. I choose what and who I spend time with based on what brings me joy. I don’t take on projects or clients that do not align with who I am or what I want to do.

    Related: Welcome to the Entrepreneur Roller Coaster. Here’s How to Ride It Forever

    5. Know your value

    This can be achieved by aligning to your value set and operating from there. When you operate from a place of value, you eliminate self-doubt and align with your sense of purpose — and you’re less likely to be affected by any negativity.

    Aligning with your values is also a useful way to restore energy. In my first business, it was a big transition from simply managing myself to needing to motivate my entire team. This topic is now one of the most popular workshops that I deliver for small and large organizations, as it allows you to create a company culture that all of your staff will engage with. You will find all of your team on the same page instead of top-down instructing, and you will have all of your staff working as a team to achieve your shared goals.

    Customers will align with businesses that have similar values to them. For you, personally, when you are working on things and working with people who align with your values, this is when it feels like you are following your joy. Our businesses should work for us, not the other way around. My biggest takeaway is to not put off living your dream life and wait for something to happen in the future. It really is about enjoying each of the steps along the way. When the business becomes stressful, remind yourself that business and life are supposed to be fun.

    Natalie Pickett

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