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Tag: Success Strategies

  • Free Webinar | October 26: How to Be a Visionary Leader for Yourself and Those Counting on You | Entrepreneur

    Free Webinar | October 26: How to Be a Visionary Leader for Yourself and Those Counting on You | Entrepreneur

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    Vision is the cornerstone of achievement, and visionary leaders possess the unique ability to see opportunities where others see obstacles. Learn how to unlock the secrets of becoming a visionary leader and start your journey toward unprecedented success!

    Join us on October 26th at 2:00 PM ET for an inspiring webinar led by Logan Stout, author, keynote speaker, and entrepreneur, whose companies have generated billions in revenue. Discover how you can become a visionary leader not only for yourself but for everyone counting on you.

    During this insightful webinar, you will learn:

    • How to establish a clear Vision that guides your path to success.
    • Strategies to take action on your Vision and turn dreams into reality.
    • Techniques to embody your Vision, making it an integral part of your leadership style.
    • Methods to effectively transfer your Vision to inspire and empower your team.
    • The self-discipline needed to stay committed to your Vision, no matter the obstacles.

    Don’t miss this opportunity to learn from Logan Stout’s wealth of experience and wisdom. Register now to secure your spot for this transformative webinar on visionary leadership! Whether you’re an aspiring leader or an established one, this event will equip you with the skills and mindset needed to make your Vision a reality.

    Register now and set yourself on the path to becoming a visionary leader.

    About the Speaker:

    Logan Stout is an accomplished business owner having generated billions of dollars of revenue throughout his career. He is a philanthropist, entrepreneur, best-selling author, keynote speaker and leadership trainer who has made regular appearances on all forms of major media outlets: TV, Magazines, Radio, Podcasts and more.

    He has been endorsed by Hall of Fame athletes including Troy Aikman and Pudge Rodriguez, renowned entrepreneurs Barbara Corcoran and Daymond John from ABC’s Shark Tank, Success Magazine’s Darren Hardy, Zig Ziglar’s son and CEO of Ziglar, Inc. Tom Ziglar and many more spanning a wide range of professions.

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    Entrepreneur Staff

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  • This is What It Actually Means to Show Up — Both Personally and Professionally | Entrepreneur

    This is What It Actually Means to Show Up — Both Personally and Professionally | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A favorite subject for entrepreneurial articles and podcasts is that of habits. Hundreds (if not thousands) of books are touting the importance of creating good habits. Your own habits depend on your end goal, but a lot of them seem to place particular importance on mastering your morning routine. Maybe that looks like meditating or hitting the gym by 6 a.m., gulping grass-fed butter-infused coffee or a superfood smoothie, and jotting down something in your daily gratitude journal before heading to work.

    Good habits are a method of keeping ourselves on course. In James Clear’s book Atomic Habits, he shares an analogy about a flight from LA to NYC. If the pilot points the nose just a few degrees south, eventually, the plane will end up in DC rather than its intended destination. It’s a great example of how tiny changes can make a big difference.

    We know good habits are important, and, particularly as entrepreneurs, we must stay on our A-game. People are watching, right? We’re setting an example, and the pressure is on. So, why, o’ why, do good habits sometimes feel like they’re so hard to maintain?

    Related: 18 Destructive Habits Holding You Back From Success

    Why consistency can feel hard

    Reading Clear’s book, I thought, “Oh, that’s why staying on the path matters. Cool!” But as I sat with that concept for a few minutes, I started to feel some anxiety creeping in. As a leader, I can’t take a single step in the wrong direction because if I do, I miss my target. And people are counting on me.

    What if I make a bad decision? What if I’m not always the last one to leave the office? What if I totally spaced that meeting… twice? What if I hired someone who turned out to make everyone’s life more stressful? What if I didn’t pick the right snacks for the break room?

    Aaaahhhhhhhhhh. I’m gonna need that oxygen mask.

    We sure do put a lot of pressure on ourselves. Stay on the path. Don’t mess up. And when that performance pressure becomes too much, our brains or bodies (or both) just crash. That’s a message, not a failure.

    When it happens, it’s important to take a moment to ask if the path you’re pursuing is actually leading you to the destination you think it is. After all, you’re a person, not a plane. If your body feels tired or your mind feels overwhelmed, it’s totally okay to touch down. Recalibrate periodically. Reevaluate the path.

    Related: 3 Simple Methods To Achieve Work-Life Balance And Combat Decision Fatigue

    Showing up is personal

    Habits can be anything you want them to be, but to qualify as habits, they need to stay consistent. We have to show up when we say we will to reap the rewards. Yes, I know it sounds a lot like “discipline.” Trust me, the rebel in me thought, “Hell, no. I’m not a military operation!” But I’ve started to realize that good habits aren’t asking for perfection. They’re just asking you to show up when and how you can.

    The truth is, some days, we don’t feel 100%. Maybe there’s only 25% in our tank. Say you had a late night binging some Netflix series that you couldn’t bring yourself to stop. Or you went to a friend’s birthday dinner, and the late-night conversation was too good to miss. Or you have a loved one in the hospital, and you’re mind is elsewhere. That’s life. Those are normal, sometimes even healthy, interruptions. Showing up to maintain your good habits means you do what you can consistently. That doesn’t mean always. It means regularly.

    Related: A ‘Quiet Promotion’ Will Cost You a Lot — Use This Expert’s 4-Step Strategy to Avoid It

    Practicing and prioritizing consistency

    When it comes to habits, we tend to overestimate the importance of a single action while we underestimate the importance of small, repetitive movements. If you had a piggy bank as a kid, then you know what I’m talking about. Every day, you drop a penny into the slot. One day, you put a dime in there. That’s awesome!

    But that doesn’t mean you need to put a dime in every day now for it to keep adding up. (It also doesn’t mean you should change your route to avoid seeing the piggy bank and, thus, feeling guilty.) Okay, guilty as charged…this is a gym metaphor. The point is that you just need to consistently be putting something in that piggy bank or calorie tracker. That’s what showing up is all about.

    How to show up…for yourself

    In an episode of her podcast How To Take Action, Sarah Arnold Hall says, “Doing something every day is actually easier than doing it once in a while.” Speaking from experience, I can confirm. Going to the gym five days a week feels way easier than going only two days a week. Gratitude journaling daily is easier and better for my mental health than doing it only when I feel like it.

    But just like flying a plane, there are times when I’ve experienced unexpected turbulence along the way. Flying conditions may not always be perfect. In those moments, I have to give myself grace. Touch down for a break. Refuel. Prioritize my vessel.

    When we establish a habit, taking a break doesn’t make it go away. Habits occupy a permanent place in our brains. Interruptions will happen, but our habits will still be there when we’re ready to pick them back up again.

    When we feel like it’s time to get back on the runway, all we need to do is look out the window, and voilà! When you show up, blue skies will return. Meaningful accomplishment takes time because it’s accumulative. It’s a process of learning from our mistakes, adjusting the path when something isn’t working, and figuring out what really matters. Over time, you’ll start to recognize the fruits of your habitual labors, and only then will you see just how far you’ve come.

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    Ginni Saraswati

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  • The Biggest Challenges Women Entrepreneurs Face | Entrepreneur

    The Biggest Challenges Women Entrepreneurs Face | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The challenges faced by women-owned businesses are myriad, well-known and documented. Things
    like access to capital, lack of resources and a lack of mentors — just to name a few. But what no one talks about is the resistance women-owned businesses face when we simply ask to get paid for our products and services.

    As a women-owned business, an ecommerce accelerator program and an online sales channel developed to support other women-owned businesses, the first question I am asked in 95% of conversations with potential investors, customers and partners is: “Are you a non-profit?”

    When I answer with a definitive “NO,” the responses are predictable: First, “That’s a shame because we are always looking for non-profit organizations that support women with investing, technical support, etc.” The second most common response is: “Great! But we don’t have any budget. We love your work and would like to support you in other ways.”

    The final type of response may be the worst of all. It goes something like this: “Wonderful! We are excited about your service or product and would love to use it. But we will need you to provide the first order at no cost.”

    Related: 4 Strategies to Empower Women in the Workplace

    It is a mystery to me that savvy businesspeople continue to believe, or assume, that women-owned businesses are either charities or that we don’t incur costs in developing or delivering our products or services.

    There are basic costs built into any business, but there seems to be a lack of recognition that, like any other business, women-owned businesses must charge for their services and products to cover their costs, grow their businesses and even (gasp) make a profit.

    I have been an entrepreneur for several years and have had the opportunity to work with both men-owned and women-owned businesses. In my experience, the conversations I just described are a rare
    occurrence for those businesses owned and run by men.

    Related: What Do We Tell Young Women Considering Entrepreneurship? Here are 6 Key Messages to Share

    They are virtually never asked if their businesses are not for profit; they are most often paid for trial programs or products, and there is little expectation that they would lose business if they don’t add on products or services for free. This is not a new issue, and I’m sure this is often self-inflicted by women business owners.

    When challenged on price, it is not uncommon for us to apologize or change the terms of the offer. We are often plagued with self-doubt and assume our products or services must not be worth it. I also want to recognize that women doing business with one another can be the largest source of this inequity.

    Many times, women don’t want to pay other women and devalue their businesses. I attribute this to the sense of scarcity that women in business have come to expect and the competitive environment that mindset fosters. When you are fighting over a tiny slice of the pie, it’s hard to value the feast.

    Women-owned businesses need to be paid equally for the products and services they provide. Economic development happens when businesses sell products, invest in buying additional materials, hire employees and spend in their communities. Not paying these businesses the full value of their products or services is just as impactful as a lack of access to capital.

    Related: 3 Ways Women Founders Can Leverage Their Value on Women’s Equality Day — and Beyond

    How much growth could we unleash in our economy if women-owned businesses, who, despite these headwinds, still manage to outperform most of the market, weren’t met with this price resistance? How many women-owned businesses have closed down in response to pressures to underprice and over-deliver? How many employees were not hired? How many new businesses were never able to get off the ground?

    The next time you are negotiating with a woman-owned business, please be aware of your own potential bias and assumptions. The data has shown for years that women-owned businesses positively impact the overall economy and often outperform the market. Women, like men, are in business for many reasons, but they won’t remain in business if their products or services are undervalued. Pay her for her products and services. You will be contributing to positive economic growth, gender equity, and simply playing fair.

    It’s vital to recognize and address the subtle biases and assumptions that perpetuate the challenges faced by women-owned businesses. The resistance to paying women-owned businesses fairly for their products and services is a significant hurdle contributing to economic disparities.

    By acknowledging the value women entrepreneurs bring to the market and compensating them appropriately, we can foster economic growth, empower women in business and work towards achieving a more equitable business landscape. It’s time to challenge the status quo, break free from ingrained biases and build a business environment where women-owned businesses can thrive without being undervalued or underestimated.

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    Kate Isler

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  • How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

    How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As business leaders, we’re often faced with the difficult and overwhelming task of deciphering exactly what leadership strategies and practices are most effective. Besides just being an expert in your respective field, you have to be responsible for overseeing the business and team.

    Creating bookends in life means establishing a routine that supports each side of your day, but what exactly does this look like in business settings? Bookending in business is a simple yet highly effective technique leaders can use to support productivity and create meaningful success in their roles.

    While some entrepreneurs may be familiar with the concept of bookending, the vast majority do not realize just how valuable it is. By implementing even a few strategies into their workday, entrepreneurs and startup founders can level up their leadership skills and stay on top of business priorities.

    Related: 5 Goal-Setting Frameworks to Help You Live Your Dream

    Make your mindset work for (not against) you

    It all starts with your mindset. Your ability to adopt the right mindset indicates how productive you will be and implore your team to be. For me, the ideal mindset encompasses a positive approach, accountability and transparency. Ideally, these tenets are a preface for working towards a desired outcome. This is especially important in situations where you are responsible for making difficult decisions, and there are circumstances beyond your control.

    For you, this could mean continuous self-improvement, learning from your mistakes, adapting your business or attempting to master new skills. For example, you may be unable to control the fact that you must have an uncomfortable conversation later that day or tomorrow. However, by controlling your mindset going into the meeting, you are contributing to the overall productivity of it. This practice allows you to hone in on your priorities and avoid getting sidetracked.

    Having the right mindset is part of the blueprint for productivity in business and can lead to exponential shifts in outcomes. In other words, consistency is key, allowing you to seize new opportunities. The next part is ensuring that you set clear goals.

    Related: 6 Tips for Goal-Setting That, Trust Me, They Don’t Teach You in College

    A roadmap to leading with intention and goal setting

    Now that you’ve prefaced your ‘routine’ with the right mindset, setting intentions and clear, measurable goals will help you stay on track. There are a few ways to put this into practice, but generally, this means outlining a roadmap for achieving desired outcomes to maximize productivity throughout each interaction, initiative or project.

    Take, for instance, networking as a goal. You can go into events or conversations by reframing the outlook of networking as solely transactional. Instead, consider what an engagement or experience may afford and align your expectations accordingly. In doing so, compartmentalizing short-term or immediate actions based on how they tie into long-term goals will ensure you make the best decisions.

    Related: Effective Networking: The Difference Between Access, Opportunity and Being a Part of the Noise

    It’s also important to note that goals should be realistic and achievable for where you are. As I mentioned, a mindset of accountability and transparency is at the start. Without it, you run the risk of making misaligned decisions. While some goals may be achieved faster than others, it does not mean they are less valuable to the overarching business picture. Remember, you already have a strong sense of judgment, so trust your instincts and consider the goals as a guide.

    Reflect on the results

    Reflecting on your results ensures productivity. Allowing time for daily reflection will create new insights that drive new behaviors, decisions and outcomes. Part of reflecting is assessing what worked and what didn’t, essentially establishing the ‘bookend’ of your day. This will allow you to create a clean slate for maximizing your time and efforts the next day.

    Ask important questions and consider how your goals compare to the outcomes. Reflect on each relevant action that day and ensure they return to an intention. Understanding that not everything will go as planned, be prepared to pivot directions and evolve your goals as necessary. When this happens, it is always valuable to bookend with reflection as a means of reverting back to the necessary mindset.

    Practicing self-reflection is an ongoing task. However, in doing so, you will hone in on your strategic thinking skills, improve your levels of self-awareness and improve the quality of your relationships with investors and your team, all of which are invaluable. This is all to say: lead by example and frequently check in with yourself.

    Establishing your mindset and reflecting on performance are the bookends of productivity. Your ability to create efficiencies and execute on goals will set yourself, your team and your business up for success. While it takes time and effort, the work that really matters is mastering the techniques you are using to ensure each day is as productive as the last. Focus on the bookends, and the right decisions will come in between.

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    Mike Carpenter

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  • Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

    Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Innovation is the source of critical differentiation in competitive markets. Unfortunately, innovation has become a buzzword for something that looks more like creativity in practice — or worse, incremental improvements. This conflation has had an undeniable detrimental effect on companies and consumers alike.

    Creativity is the generation of new ideas. While valuable, these concepts cannot always be marketed or commercialized. Instead of addressing true consumers’ met or unmet needs, they were generated based on technical know-how. Even when they can be commercialized, they don’t often drive revenue or profit growth as expected.

    On the other hand, innovation is driven by consumer needs and demands, especially unmet needs. Ultimately, innovation is the differentiator influencing consumer behavior, creating new revenue and increasing profit — all the makings of a market leader. Innovation is about transformation: achieving more with less, finding new ways of doing things and identifying ways to create new consumer demand. Especially in uncertain times, how do you significantly alter the playing field to your benefit?

    Two key types of innovation drive increased profits: new-to-the-world solutions and new-to-the-market solutions. For either method of innovation to be successful, executive leadership must build and foster a culture that relentlessly prioritizes listening to the targeted consumers it aims to serve. Innovation can happen only by harnessing the power of people — especially those with different ways of thinking.

    Related: 11 Innovation Strategies That Can Effectively Increase Your Businesses’ Growth

    1. New-to-the-world solutions

    New-to-the-world solutions are not existing products with incremental changes made; they are original in their approach to problem-solving and often create new categories that irrevocably change the market. New-to-the-world solutions require a deep understanding of consumers’ unmet needs and behaviors to accurately identify and address problems that consumers may not even realize they have. This means listening to what consumers don’t say and observing what they do. Based on this consumer understanding, technological know-how can make solutions.

    Consider the classic example of how Netflix reinvented itself during the Global Financial Crisis of 2008, surpassing Blockbuster to change the entire at-home entertainment landscape. The company saw consumer demand shrinking and found new ways to create more value for consumers via home delivery and streaming content directly to the consumers’ homes.

    Gone are the days of video cassettes, DVDs and Blu-ray disks — and better yet, consumers don’t need to drive to the stores to pick them up. While such a thing was unthinkable just 15 years ago, Netflix has since evolved into the streaming platform we all know and enjoy from our devices — a true innovative shift.

    Related: Want to Build a Faster Horse? Follow these 3 Innovation Strategies

    The rapid advancement of the internet also revolutionized traditional workplaces, including office supplies. As emails began to dominate modern professional communication, 3M’s Post-It notes were put in a somewhat sticky situation — and so 3M invented an innovative product that was even stickier. The Post-It Super Sticky notes could adhere to any vertical surface — including chairs, doors, computers, refrigerators, etc. This innovation addressed the needs of consumers who still preferred physical, visual reminders but found themselves using paper memos less frequently. The Post-it Super Sticky notes were made in vibrant colors, offering a convenient reminder that could be placed almost anywhere, ensuring that the product remained relevant and helpful even in the digital age.

    By contrast, Google failed to understand the true unmet needs of its consumers when the company first launched its “moonshot” Google Glass in 2014. Despite the “smart” glasses’ cutting-edge technology, the product was discontinued after just one year. Despite its live map imaging and hands-free web navigation, Google botched its assessment of the product’s marketability — opting for a “clunky” shape, overcomplicated features, and an overwrought price tag ($1,500).

    This is a classic example of a new-to-the-world product that myopically prioritized sleek, convenient bells and whistles over simplicity and accessibility. Google also failed to consider the desires and budgets of consumers properly. The product did not offer an authentic solution to make consumers’ lives easy and affordable.

    Related: Why Combining Company Culture with Strategy is Necessary for Lasting Business Success

    2. New-to-the-market solutions

    New-to-the-market solutions deliver an already-existing product to a region or market where it was not previously familiar or available. This does not require a fundamental change to the product itself but rather an integration into a new demographic of consumers — but not all products that succeed in one region are destined to succeed in another. Therefore, it’s crucial to take note of the ethnographic differences between markets and to develop a deep understanding of the cultures being marketed to.

    WD-40 is a prime example of a longtime staple of the American home that was popularized globally. Invented in San Diego in 1953, WD-40 was created for Convair to protect missiles from rust and corrosion and was later used more widely for its water-resistance and lubrication properties. The product was not introduced to Latin America until the 1960s, when it was presented as a valuable tool for people from all walks of life — including mechanics, cleaners, and individuals preparing for natural disasters.

    In addition to sponsorships of sporting events and festivals, the company was careful to market WD-40 to the Latin American audience through localized campaigns tailored to regional needs and interests. Lastly, the company established partnerships with local retailers and distributors to ensure the product’s accessibility. WD-40 was known for its versatility and reliability, but its affordability and universality propelled its successful sales in over 170 countries worldwide.

    Related: Great Minds Think Unalike — 3 Ways to Drive True Innovation Through Diversity

    Unlike WD-40, Bunnings — an Australian hardware and garden center chain — struck out in the UK market. While Bunnings was able to understand and cater to the needs of Australian homeowners, its leadership failed to consider the UK’s very different DIY habits, climate and competitive landscape.

    After overpaying for the UK-based home store chain Homebase, Bunnings made drastic changes to its logo, layout, and product mix without raising awareness around Bunnings’ brand in the UK. Bunnings also failed to invest in its UK presence properly, alienating potential consumers familiar with Homebase. Thus, Bunnings and its products failed to catch on with UK consumers, and in 2018, the brand was forced to sell Homebase at a loss of 1.7 billion Sterling pounds.

    The reality is that creativity alone will not create demand nor change consumer behavior. True innovation requires a combination of creativity, foresight and deep consumer understanding to deliver the right solutions for consumers’ unmet needs. Our current economy is actually primed for innovation — this troubled market is similar to what Netflix faced back in 2008, and company leaders would be wise to follow Netflix’s example.

    Now is the time when generational entrepreneurs launch their world-changing businesses, and real innovative ideas are born. For existing companies, large and small, it’s a time to double down on the core of who you are and what can be best offered to consumers to drive new demand.

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    Jack Truong

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  • Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

    Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

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    You’re trying to get somewhere. But you’re not there yet.

    That is frustrating. And worse, it’s embarrassing. You’ve worked hard. You’ve traveled far. And you think: I should be there by now — so why am I not?

    I feel this too, and I’ve concluded that it isn’t just about anxiety or impatience. It’s about something more fundamental: This is what happens when we are on a path, and what’s ahead is unseeable.

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    Jason Feifer

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  • Exec Who’s Launched Celebrity Brands Shares Success Tips | Entrepreneur

    Exec Who’s Launched Celebrity Brands Shares Success Tips | Entrepreneur

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    On a recent episode of How Success Happens, I spoke with Constance Schwartz-Morini, the co-founder and CEO of SMAC Entertainment, an incredible talent management firm, business incubator and production company.

    Schwartz-Morini has had an amazing career — she began at the NFL, evolved into the music business and then in 2012 combined those interests to form SMAC (sports, media and culture) with NFL legend and award-winning journalist Michael Strahan.

    I was excited to speak with Schwartz-Morini about her journey, what motivates her and how she propels her small but mighty team to “hustle like you’re broke.”

    Schwartz-Morini and her team manage some of the biggest names in the business. Deion Sanders. Erin Andrews. Tony Gonzalez. Wiz Khalifa. She has also launched several businesses under the SMAC umbrella. She and Strahan launched his eponymous lifestyle brand, which sells tailored and casual clothing for men and boys, plus a new skin and shave line. The dynamic Erin Andrews has a clothing brand, WEAR by Erin Andrews. Snoop Dogg‘s new pet line, Snoop Doggie Doggs, launched this year with Schwartz-Morini’s team leading the charge. As if that weren’t enough work, Schwartz-Morini is an incredible film and television producer, with Coach Prime (Prime Video), $100,000 Pyramid (ABC) and the new BS High (HBO) among her credits.

    Schwartz-Morini and I grew up one town apart from one another, and we bonded over our experience growing up in what some call “upstate” New York (we both know better). I hope you enjoy our conversation and get inspired by her road to success. You can listen to the whole conversation below, and here are some takeaways from our wide-ranging discussion.

    Finding her way as an entrepreneur

    Schwartz-Morini’s mom owned a flower shop in Yonkers, N.Y., and although she never thought of her mom as an entrepreneur, “those flowers got me through college,” she says. Entrepreneurship was in her blood — she just didn’t know it originally.

    After 10 years at the NFL and nearly a decade in the music business (including a career-changing stint managing Snoop Dogg), Schwartz-Morini took the entrepreneurial leap with a friend. It took encouragement from those around her who told her, “You’re such an entrepreneur,” along with a bit of a kick — she was fired from the agency at which she worked.

    “When I was looking for what my next home was, I couldn’t find the right place,” she says. “People were trying to define me and put me in a box and say, ‘You should just be in sports,’ ‘You should just be in reality TV’…or sponsorships, or brand partnerships. I was like, ‘Absolutely not.’ I can combine all this, which is what I learned over the 20 years, and create [SMAC].”

    Timestamp — 19:50

    Related: How This MLB All-Star Turned a Baseball Career Into an Entrepreneurial Journey

    “Let leaders lead”

    It’s easy for CEOs to be too hands-on. Schwartz-Morini has an eye for talent and understands the importance of simply letting leaders lead.

    She recently hired a COO to add structure and forecasting, especially to the company’s myriad of celebrity-led businesses.

    But what brings her joy is seeing former interns now running departments, including Jose Diaz, who oversees the talent management team, and Koral Chen, who manages several consumer lines.

    This new structure lends itself to rapid expansion in the next 12-18 months. Letting up-and-coming stars lead is the key to that success.

    “We’re 20 people, [but] people think we’re 200,” she says.

    Timestamp — 33:23

    Related: The Founder of CAA-Backed Celebrity Brands Discusses What Makes Companies Successful

    “Earn your way”

    It’s no secret that the sports and entertainment field is male-dominated. To Schwartz-Morini, there’s still a long way to go towards equality.

    “There’s a saying that a lot of us use. ‘If there’s no seat for you at the table, build your own damn table.’ I started building my own table,” she says. “There’s still misogyny I face all the time. If I can’t be the agent of change for the generations coming behind me, then I’ve failed…this up-and-coming generation should not have to face the obstacles that get placed still to this day.

    She also reminded our listeners that the sports and entertainment industry is filled with hard work early on. “There’s nothing wrong with starting at the bottom. You’ve got to earn your way.”

    No matter your background, “As long as you can earn your spot you should have a chance at taking it.”

    Timestamp — 39:04

    Related: How Success Happened for Nick Molnar, Co-Founder of Afterpay

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    Robert Tuchman

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  • Why ‘Quiet Fridays’ Are the First Step Towards a 4-Day Workweek | Entrepreneur

    Why ‘Quiet Fridays’ Are the First Step Towards a 4-Day Workweek | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When I first read Tim Ferriss’ 4-Hour Workweek a decade ago, it planted a bug in my brain to always look for ways to balance productivity with sustainable life rhythms. I didn’t know if living like that was even possible, but I was intrigued. As a former pastor turned entrepreneur who values both healthy work culture and optimal performance, I was fascinated by the notion of shorter workweeks from the get-go. The statistics around 4-day workweeks were compelling.

    Related: The Case for a 4-Day Work Week

    But as the founder of a brand consultancy with limited cash reserves, I knew I couldn’t immediately offer everyone a 4-day workweek and expect cash flow to stay healthy in the short term. I quickly classified the 4-day workweek as something only big corporations could afford to do. With their exorbitant bottom lines, surely they could take the risk, “But not a sub-$1m revenue company like ours!” I’d mutter to myself, alone in my shed-office. Fortunately, I stayed haunted by the idea for long enough to press through my cynicism and find something intriguing to try.

    I want to share a concept we implemented at our brand consultancy a few years ago that continues to reap rewards for everyone involved — we call it “Quiet Fridays.”

    Imagine this: a bustling office (or burbling Slack channels) from Monday through Thursday, with teams collaborating, innovating and driving the company forward. You’re proud of the pace and productivity. They’re meeting with clients, pitching new ideas, selling future work… And then comes Friday — and all of a sudden — crickets. Slack is a ghost town. You check your calendar, and it’s wide open. Everything has slowed down by design. Fridays are set aside for uninterrupted deep work, reflection and rejuvenation. This is the essence of our Quiet Fridays.

    We simply decided to stop scheduling client-facing meetings on Fridays to create a margin for ourselves. What a novel idea!

    And the remarkable thing was — clients didn’t mind. They’re typically inspired by it. They respect the intentionality we have around creating (and protecting) margins. If they’ve trusted us to rework their brand strategies or articulate some new expression of their company, they want us to have uninterrupted time to dedicate to it. It’s for everyone’s benefit.

    Related: Why Combining Company Culture with Strategy is Necessary for Lasting Business Success

    What does “quiet” mean for you?

    You might be saying to yourself, “Cool. Glad that worked for you, but there’s no way I could implement this at my ______ company.” Which is precisely why I’m writing this article. This concept is implementable across the board. All you have to do is define what “quiet” means for you.

    With our brand consultancy, one of the most important things we do is meet with our clients. It’s essential to our success. Clients hire us to spend time with them. Apart from that, we’re out of business. But meeting with clients can be draining, especially if you’re giving them your best attention. It’s exhausting to sell ideas and inspire other leaders to dream of their brands in fresh ways. That is why I knew “quiet” meant no client-facing meetings. When I first shared the idea with my team on a Zoom call, I could see little pixelated tears of joy forming in the corners of their eyes.

    One of the companies I’ve invested in is a cannabis farm in Maine. We breed, cultivate, and package products to distribute around the state. Those employees don’t meet with clients or sit around all day at desks talking on Slack. So, what does “quiet” mean for them? How can we implement Quiet Fridays for them? Ask them!

    Maybe we plan Friday’s goals earlier in the week, and people can enjoy a self-guided day — productive yet paced a bit slower. Maybe Fridays become a time to focus on genetic hunting or rainy day projects that always seem to be pushed off to another day.

    Our employees at the brand consultancy will sometimes use the time to work on internal marketing ideas — either content or updating our website. (Guess when I’m writing this article? A Friday morning.) And if people find themselves with very little to do, they quietly take the rest of the day off. They’ve clearly earned it if they’ve tackled everything on their lists.

    Related: 100 UK Businesses Go All In On 4-Day Workweek

    If you’re in the startup world, there’s a good chance you have other stakeholders watching what you’re doing (or breathing down your neck), and if you proposed a 4-day workweek, your investors would lose their marbles. Quiet Fridays are a great way to invest in your internal culture without being too disruptive of others’ expectations of you. It’s a subtle enough tweak that hopefully doesn’t require anyone’s approval other than yours.

    So, if you find yourself in a leadership position or leading a team within a larger company, I dare you to exercise that bit of autonomy and consider Quiet Fridays for your team. If you’re already scheduled for the next month or so, pick a Friday next month and ask everyone to begin guarding that day. Put a recurring event on the calendar called Quiet Friday and invite your whole team to it. Try it. Test it. Tweak it. And see what Quiet Fridays might add to the efficacy and joy of those around you.

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    John Emery

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  • 3 Peloton Instructors Share Their Success Strategies | Entrepreneur

    3 Peloton Instructors Share Their Success Strategies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    At the onset of 2020, a few months before the COVID-19 pandemic, I purchased a Peloton bike. Little did I know that the company would spike in sales later that year, Peloton bikes and treads would be out of stock, and Peloton instructor names would become “household names.” My “lockdown” MVPs were my Peloton bike, my Airpods (for talking walks and calls outside) and Amazon.com (for just about everything else!)

    Three and a half years later, I still use my Peloton bike regularly and take advantage of their entire digital platform, including strength classes, pilates, yoga and a consistent sleep meditation. I have gotten to know some of their instructors personally, given that they have brought me so much joy, motivation and inspiration. Emma Lovewell, Cody Rigsby and Tunde Oyenenin are three of the many instructors I workout with, and I admire their authenticity and transparency.

    I had the pleasure of connecting with these instructors to learn more about their career beginnings, struggles, motivations and journeys towards becoming successful fitness entrepreneurs and brand ambassadors. In sharing my conversations with them, I aim to inspire with learnings that can help motivate and encourage us as fellow entrepreneurs.

    Related: How Fitness Can Ensure a Smooth Entrepreneurial Journey

    Emma Lovewell

    Q. You are a loved and well-known Peloton instructor, ambassador for many brands, and author, and you have your own business; what “tools” or daily habits do you use to juggle it all?

    I religiously use my Google calendar to make sure I’m on top of everything, and I will schedule “me-time” to make time for myself. On top of the fitness classes I teach, I schedule my workouts and bodywork appointments to take care of my mind and body and not burn out. I make time for my friends and family or date nights with my partner, Dave.

    Related: How Spending Time Alone Has Transformed My Life

    Q. Tell us about one of the most difficult moments during your life. What were your struggles? Fears? And how did you overcome this?

    I was living in California at the time and very lost in my career. I had left a fitness career in NYC to try something new and was personal training at a tech startup in Silicon Valley and at a PT studio making $20 an hour. Feeling tired and uninspired, I asked myself — What would I rather be doing? What would bring excitement and more challenge into my career?

    After months of feeling stuck, I finally decided to email the Peloton CEO, whom I had met the year prior when I took a $50 Craigslist ad to be a fitness model for the Peloton Kickstarter ad. That email was the catalyst for my move back to NYC and my job as a Peloton Instructor. I was instructor hire number 11.

    Related: 4 Tips Every Entrepreneur Can Use To Get Unstuck

    Q. What inspired you to write a book, and what are you most proud of regarding your book?

    A publisher who had been taking my Peloton classes reached out to me and asked me if I had ever considered writing a book. The idea scared me, and I am an advocate for doing things that frighten you, so I went for it. I’m proud to have taken that leap of faith. In the book, I share many of my personal stories, from past relationships and family illnesses to career wins, failures and insecurities. I’m proud that I followed through and put myself out there.

    Q. What are your “non-negotiables” in your day-to-day life?

    I start my day with a big glass of water. I take breaks from social media, and I don’t read most of my DMS. It’s hard to keep up, and there will inevitably be a mix of good and bad messages, so in order to protect myself, I stay out of the DMs.

    Related: Is Social Media Making You Less Social?

    Q. When you talk about progress and not perfection, what elements of “progress” are you most focused on in your career as an entrepreneur? What advice do you have for aspiring entrepreneurs?

    I think about my goals and ask myself, “What’s next?” When an opportunity presents itself, whether it’s designing jeans with custom clothing company, Sene, or collaborating with a brand on social media, I think, “Does this excite me? Does this challenge me in some way, and does it inspire me or other people?”

    Progress means brainstorming and having those dream-big conversations with advisors and friends. If the idea or dream makes me laugh a little or terrifies me, I take a deeper look as to why. Nothing is off of the table!

    Related: Pursue Those Scary Dreams and Crazy Ideas to Make Every Day Your Best Day Ever

    Cody Rigsby

    Q. How did you get your foot in the door at Peloton and land the job as an instructor? What fears or insecurities did you have at the time?

    I found my way to Peloton serendipitously – I was at the right place at the right time. I was a dancer at a nightclub, and a director at the club had a connection to someone at Peloton who was looking to hire performers who could teach fitness. I felt insecure in that I had never taught a fitness class, but I didn’t know too much about the company so it was very low stakes at the time.

    Related: 3 Lessons Sales Leaders Can Learn From Peloton

    Q. You speak a lot about Self-Love in your book and encourage readers to adopt this. How do you succeed with Self-Love when focusing on yourself?

    Self-love takes a lot of giving yourself grace, knowing that you are not going to be perfect and haven’t figured it all out, and accepting that it is okay. Self-love also means spending a lot of time with yourself and your wild thoughts and recognizing that most of these thoughts are not real, nor are they you. I meditate to observe my thoughts and journal to understand what thoughts I need to give attention to.

    Q. Is there a specific moment where you knew you had made a turning point in your career? A day something happened when you realized you had succeeded as an entrepreneur?

    Unfortunately, something I struggle with is my own inner saboteur. I constantly doubt if I have reached success and judge myself for not being enough, but in those moments, I’ve learned how to be present and reflect on the richness of my own life. A big acknowledgment of my success was when I purchased my own home, which fed my own inner child that dealt with poverty and evictions growing up.

    Related: 5 Ways We Can All Silence Our Inner Crow

    Q. What are your “non-negotiables” in your day-to-day life?

    A non-negotiable for me, in the words of Nicki Minaj: I ain’t skipping no meals. I love food; it brings me joy. I try to stick to a morning routine that allows me to give myself a little bit of self-love, such as a quiet breakfast, coffee and meditation before turning to my phone and emails. I also prioritize spending time with the important people in my life and enjoy dancing, whether in the kitchen or with my friends on the dance floor!

    Related: How Practicing Self-Love Can Help Your Business Reach New Heights

    Tunde Oyeneyin

    Q. I heard that Cody recruited you into Peloton, and despite not making it after your first audition, you went back to do it again. Undoubtedly, not making the cut after that first audition must have been a tough pill to swallow. How did you feel after the first audition, and what actions did you take to prepare for your second one? I’d like to learn about how you embraced the failure to become stronger and go after the audition again.

    Not getting the job the first time around felt extremely heavy because I had gone into the audition with such certainty. I had visualized myself there and fully trusted what I believed to be true. I was certain and saw it so clearly that when it was time to audition, I didn’t see it culminating in any other way other than landing the role.

    A mentor of mine, Iris Navarrette, once told me, “While you are in the role that you’re in, always perform as though you are in the one that you want. So that when the opportunity presents itself, you will be ready.”

    When I didn’t get the job the first time, I didn’t go home and act less. I used every opportunity as an audition. I still acted and performed and instructed like each class was the one that would lead me to my next chapter. I took the time between the two auditions to build up my 3 C’s: Courage to believe that I still could, my Competency in the art of being an instructor and lastly, Confidence in my skill and ability.

    It was a matter of staying ready for the opportunity to come around again. Sometimes, it’s not that you aren’t ready for the opportunity, but rather, sometimes the opportunity just isn’t ready for you. It wasn’t that I wasn’t ready for Peloton. Peloton wasn’t ready for me.

    Related: Why Demonstrating Courage Changes Everything

    Q. Was there a specific moment in your life when you said, “I have to write a book!” If so, tell me about that moment and the inspiration for WHY.

    I’d been saying since the third grade that I wanted to write a book. We’re all more alike than we are different. When we’re vulnerable enough to speak to our experiences, we’re allowed to see ourselves in one another.

    Early in the pandemic, when I felt like we were all longing for connection, I sat down and began to write my story. While writing, I realized that in sharing the life-altering experiences I faced, I could reach people and speak to people in a new way. I could connect with those who experienced similar grief as I did. They could see themselves in me and in my words if I chose to let them, and perhaps that might have provided healing for them.

    Related: 5 Reasons Why Writing a Book Is a Smart Move for Entrepreneurs

    Q. You highlight five elements for living a life of purpose: Surrender, Power, Empathy, Authenticity and Knowledge. Which of these elements has been the most difficult one for you to embrace?

    The most difficult one would be Surrender — Surrendering is not only letting go but also letting go of the outcome of how we think things are supposed to go. As humans, it’s natural for us to want to be in control. Surrendering is relinquishing that control and trusting the unknown. It’s something that I continue to work on, but when I look back at different moments in my life, I realize that every time I surrendered, it led to change that led to growth.

    Q. You were a former makeup artist, and in my opinion, you teach some of the most inspirational and toughest classes. You show up to WORK and inspire others to do the same. Are there any lessons you learned as a makeup artist or in the beauty industry that carried over into your fitness career?

    My desire to gift people with confidence has been a through line between my career as a makeup artist and my career as a Peloton Instructor. Naturally, makeup can lift one’s perception of themselves. People put on makeup and like the way they look and, therefore, like the way they feel. Makeup is also the ultimate form of expression giving everyone an outlet to transform themself into whoever they want to be. Fitness cultivates confidence in similar ways. Not only does it lift one’s perception, but it gives everyone an outlet to transform themselves into WHOever they want to be.

    Related: How to Be Successful Even When You Don’t Know What You’re Doing

    Q. What advice would you give to aspiring entrepreneurs?

    The beauty of uncertainty is infinite possibility. When you don’t know what’s next, then anything can be next.

    _______________________________________________________________________________________

    I admire how Peloton as a company has allowed these instructors to show up and express themselves as their most authentic beings possible. Given the thousands of Peloton subscribers, social media mentions, and word-of-mouth conversations about my friends’ and colleagues’ favorite instructors, it’s undebatable that Emma, Cody and Tunde have used their life and career challenges and insecurities to help motivate their fans to accomplish their goals.

    I certainly look forward to my workouts with these three, and having learned their stories, I’m driven to hit my life and fitness milestones more so than before my pre-Peloton life. Together with other Peloton instructors, I work out with my friends, feel a strong sense of community and truly believe in their motto, “Together We Go Far.”

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    Elisette Carlson

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  • Olympian Lindsey Vonn Shares Her Secrets to Business Success | Entrepreneur

    Olympian Lindsey Vonn Shares Her Secrets to Business Success | Entrepreneur

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    “To be successful, I had to be a lot more than a ski racer,” Lindsey Vonn, winner of four World Cup overall championships and the gold medal in downhill at the 2010 Winter Olympics, tells Entrepreneur.

    It was a tenet Vonn’s father stressed throughout her ski racing career, during which time she worked on herself “as a business,” ultimately preparing for when she’d have to retire as a professional athlete and chart a new course.

    That day came in February 2019 when Vonn was 34. She’d just won the bronze medal in women’s downhill at the 2019 World Championships held in Sweden and became the first woman racer to receive medals at six different world championships.

    Image Credit: HEAD Sportswear

    “The transition from skiing to business wasn’t that hard.”

    Like most professional athletes, Vonn’s retirement and career pivot came earlier than it does for people in other fields. But thanks to the strong relationships and brand Vonn built over the years, “the transition from skiing to business wasn’t that hard,” she says.

    Related: Dwyane Wade on Retirement, Business and the NBA Hall of Fame

    Armed with the contacts she needed to “get through this next chapter of life,” she landed a venture-capital-focused internship through her “dear friend” Paul Kwan, who acted as a mentor, and started making her mark on the business world.

    Vonn’s since been an advisor to several companies and funds; created a skiwear collection with American-Austrian manufacturing company HEAD; launched a ski goggle line with Swedish brand YNIQ; founded full-service production house Après Productions and The Lindsey Vonn Foundation, which is committed to empowering underserved girls; and continues to be an active investor.

    “There are so many things that directly correlate from ski racing to business,” Vonn says.

    “I don’t know everything, so I’m just always hungry to learn.”

    Constantly striving to “grow and be better” is one principle that readily translates over. “The challenge is always knowledge,” Vonn explains. “I don’t know everything, so I’m just always hungry to learn. Whoever I meet, I’m trying to pick their brain, ask questions and find new ways to not just learn, but also new avenues of entrepreneurship or business or investments.”

    “Business is not for the faint-hearted.”

    A rock-solid work ethic goes hand in hand with that ongoing knowledge building. “It’s a combination of learning and being very diligent, determined, hardworking,” Vonn says. “Business is not for the faint-hearted.”

    “I always try to be confident when I’m entering any room.”

    Confidence is another must-have. “You have to be confident in what you’re doing,” Vonn says. “And I think my preparation, knowing who I’m talking to, knowing what I’m doing to the extent that I can know what I’m doing, [is important]. I always try to be confident when I’m entering any room, no matter what room that is, if it’s a boardroom or a business.”

    Vonn’s various ventures keep her busy these days, but she still manages to strike a happy work-life balance. One of the biggest shifts making it possible? Her prioritization of sleep health. The entrepreneur has been outspoken about her past struggles with insomnia, which began after she had surgery in 2013.

    “I was always a good sleeper before that,” Vonn says, “and just with the pain and the anxiety of knowing that to recover I needed to sleep, all of those things got in my head. And I’ve struggled with sleep ever since.”

    Related: The Founder of This Sleep Device Unpacks the Science of Rest

    For Vonn, taking doctor-prescribed sleep medication helped solve the issue. She also finds that journaling before bed and keeping an “unplugged” routine help get her “into the mindset that it’s bedtime.”

    Vonn’s dogs also play an important role in helping her relax and unwind. “Whenever I can just get a moment to sit on the couch and watch some Law and Order with my dogs and maybe have some Ben and Jerry’s, that’s always a good way for me to de-stress,” Vonn says.

    “Going back on the mountain reminds me of why I started skiing.”

    Skiing still has a place in Vonn’s heart too. “Since I retired, going back on the mountain reminds me of why I started skiing. I love just being out there with friends and family and being with nature. My phone’s away. I am very present. Hopefully it’s not too cold because I hate the cold.”

    Image Credit: Claire Abbe

    Vonn knows better than most what it looks like to turn the page on one successful chapter and open to the next, and her best piece of advice for anyone who’s struggling to figure out their next steps? “Find your passion and what challenges you.”

    “A lot of people make changes because they think this new thing is going to make them happy, but they don’t truly understand what makes them happy,” Vonn explains. “If you can figure that out, no matter what job you choose and no matter what path you choose, you’ll be in a good place. But finding what makes yourself tick is the most important thing.”

    Related: 6 Steps to Turn Your Passion Into a Career | Entrepreneur

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    Amanda Breen

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  • How to Fall Back in Love with Your Business | Entrepreneur

    How to Fall Back in Love with Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Early in my entrepreneurial journey, I found myself stretched very thin and losing my enthusiasm. I was trying to figure out, “Who will I be when I grow up?” I was a coach, coaching a variety of clients with a variety of needs. A couple of clients were executives struggling with work-life balance. A few clients were small business owners needing help with team member issues. Some were coaches trying to grow their own coaching business. They saw how busy I was with client work and figured I knew something about marketing. Money was coming in. I had plenty of work, and I was exhausted.

    To survive the critical first five years of business, we entrepreneurs typically try all kinds of things to see what works, to create a demand for our products or services to find clients. Once we find clients, we try to serve different needs. We say “yes” to every opportunity that comes our way because we are determined to make a go of the business.

    We pile on the products and offerings, always looking for ways to get the cash flowing. While this helps your business survive the first few critical years, it is not a long-term strategy for thriving. If we continue to operate this way, our businesses will become overweight, and the demands will be crushing.

    We end up with products and offerings that may or may not be profitable. But we’re so busy with all the demand we created. Who has time to stop and pay attention to which customers, clients, products and offerings are the most profitable? AY!

    Related: 4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More.

    Our capacity gets stretched thin, and we decide it’s time to hire. Now we are increasing one of the biggest expenses in our businesses: payroll. We are growing our payroll to serve customers who are not profitable.

    Even though revenue is growing, our business is becoming less and less efficient. This inefficiency is why an entrepreneur bringing in millions in revenue can still struggle to meet payroll, laying awake night after night worrying about cash flow.

    If you’re recognizing yourself and your business in this description, it’s time for your business to go on a diet! Shed the extra, unnecessary weight in your business.

    The 80/20 Principle provides a path forward. If your business generates $1,000,000 in revenue annually, 20% of your clients likely are responsible for $800,000 of that $1,000,000. Suppose you set a modest goal to increase revenue by 25% from the top 20% of your clients by delivering additional value. In that case, your business will generate $200,000 in additional revenue annually, for $1,000,000, from your top 20% of clients.

    Related: What You Really Need to Know About Marketing’s 80/20 Principle to Succeed

    The implications of this are significant if it’s important to you to have more time for what matters most and more money in your bank account. It allows you the choice to drop 80% of your clients. Do you know those PITA (Pain in the Assets) clients? The ones who complain, are never satisfied, pay late and take too much of your team’s time and energy? Imagine being at choice to let them go without any negative impact on your revenue!

    Would you be okay with that? I’m betting you would be. Letting them go increases your profit. You get to work less, serving fewer clients. Moreover, the clients you are serving are a joy to work with. They appreciate you and the value you deliver. The freed-up time also allows you to replace those you drop with better clients who are similar to the clients in your top 20%.

    Because you are serving fewer clients, you only need a few team members. Remember, payroll is typically the biggest expense in a business. Furthermore, suppose you put A-Players in the remaining roles and align the A-Players with roles that allow them the opportunity to work from their strengths. In that case, you will see 900–1200% more productivity from those A-Players than from “warm body” employees.

    Meanwhile, you have far fewer headaches and more time for what matters most, and you are running a much more profitable business.

    This was painful for me at first. I created a robust, evergreen program to help coaches with their marketing. We had almost 50 coaches in the program. My virtual assistant ran the program, and her hours increased almost weekly. These coaches were not tech-savvy and needed a lot of hand-holding to utilize the online platform. I loved that I had created a “hands-off” offering that brought in passive revenue. I quickly realized that this offering was not hands-off and was losing profitability weekly as we added participants. I cut this program. The business was more profitable within two months, even though revenue dropped! It’s not about how much you make, it’s about how much you keep.

    My next step was to claim my top clients. These are the twenty percent of clients contributing eighty percent of the revenue to the business, the ones I love working with the most, whose values align with mine, and who value my services. Gremlins screamed in my head: “But what if you lose business?” “What will your executive clients think when you focus on small business owners?” “Don’t let anyone down!”

    Saying goodbye to clients who were not my top clients was hard. The following week, I had open spaces in my calendar. This was fun! I had room to be creative again. I got to work on improving services for my small business owners. I showed up on-site. I asked questions. I saw simple ways I could help. They ate it up! They paid me to do more for them. They smiled when they saw me on-site, working with their teams. Their team members looked forward to our meetings. Suddenly, my days were energizing. I looked at my calendar each day and thought, “Wow! How cool is that to get to work with these people today?” Work became fun and life-giving. I had fallen back in love with my business.

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    Dr. Sabrina Starling

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  • Do You Know How to Lose? 4 Principles for Cutting Your Losses | Entrepreneur

    Do You Know How to Lose? 4 Principles for Cutting Your Losses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’m a great loser. Before I explain just how good I am at it — and why you should work at it, too — you need to know two things about me:

    First, I’m a day trader. Much of the investing world values the long-term “buy and hold” strategy. Warren Buffett is the most famous example, and he’s done well. In contrast, the very definition of day trading is that you cannot hold any positions overnight. In my case, I rarely hold trades for even hours. My average hold time over my last 20,000 trades has been about five minutes.

    The second thing to know is I’ve built both my day trading account and my information business by self-funding them. Much of the business world values leverage. It’s the notion that if you really believe in your business, you should take on debt or get equity partners. “You’re either growing or you’re dying!”

    Being a day trader and a self-funded business owner have combined to make me really good at cutting my losses. Here are four principles for cutting losses that may be useful to you, even if you have no intention of day trading.

    Related: I Turned $583 into $10 Million. Here’s How I Did It and 5 Lessons I Learned Along the Way

    1. Don’t waste your latitude just because you have it

    Currently, I could afford to lose six figures in a trade, but instead, I still trade the same way I did when my back was against the wall.

    For a little backstory, I lost a lot of money day trading until I was close to broke: I was divorced, living with my dog in Vermont, selling my furniture on Craigslist and chopping wood instead of paying for heat. In that crucible, I identified what my previous winning trades looked like and one other thing: that I was holding my losers too long. I had to cut my losses faster if I would survive.

    This is painful to do! Walking away not only removes the hope that the situation may turn around, but it goes against what we’ve all been told: “Stick with it! Don’t be a quitter! Finish the job!”

    Let’s say your situation is different: you have enough money that you can stick with a difficult situation for a while. Should you?

    I don’t know your situation, but I do know this: making the decision to quit is doubly hard when you’re in the thick of it. The best way to decide is to identify your quitting criteria upfront. In day-trading lingo, it’s your “max loss.” You are insane to take a position in a stock without knowing the point at which you absolutely must sell. That way, you don’t need to think or evaluate if that number is reached — you simply must react. If you know those criteria with the business venture you’re involved in, it will be far easier to minimize the pain if things suddenly go south for you.

    Related: Stepping Aside: When To Walk Away As A Leader

    2. Don’t let sunk costs hijack your larger perspective.

    A “sunk cost” is what you’ve already spent on a project at the point when you start to think about abandoning it. Examples might be a half-built nuclear reactor, a Pentagon project wallowing in budget over-runs — or the project that’s become a boat anchor to your business.

    You might already have spent a lot on that project, and writing it off may be painful and embarrassing, especially if only recently you were on record as optimistic. The only thing worse would be to throw even more good money after bad. You need to be willing to cut your losses.

    Here’s how it happened to me. Day traders can — and should — use a trading simulator to develop and test their trading skills without risking real money. It’s a crucial piece of software, so we decided to buy some source code to form the basis of our proprietary simulator. We customized it, and it worked quite well.

    Only it didn’t scale. The first 50 to 100 users liked it, but the system began to show signs of choking with hundreds of users. I had invested six figures in buying and modifying the code. Could we have rebuilt it from the ground up? Yes. But the prospect of turning it around was too far distant. I threw it away and entered a partnership with a company that specialized in simulation software. That hurt, but it was the right move.

    Related: The Sunk Cost Fallacy is Ruining Your Decisions. Here are 3 Life-Changing Lessons I’ve Learned From Pivoting

    3. Encourage feedback, but don’t let it have outsize influence on hard decisions

    Business owners want engaged employees who feel their opinions are being listened to. Sometimes, that means doing the opposite when it’s in the company’s best interest.

    There have been times when I had gut intuitions about what we needed to do, and my team was like: “This is way too much! How are we even going to explain this when people write in?” In these cases, I tell them: “I have confidence that you’re going to figure it out.” My job is to solve what will work long term, and other team members must solve the challenges in their areas.

    Related: How Business Leaders Can Keep Employees Engaged

    4. Protracted losses have compound effects

    When you don’t cut your losses quickly, that’s an opportunity cost: you’ve spent time managing the loser when you could have redirected that time and money to other opportunities. But an extended loss has another downside: it shakes your confidence for weeks or even longer. In contrast, a quick decision to cut a loss can be a confidence builder.

    Making decisions is like exercising a muscle. Some decisions are easy, like where to eat. But when faced with a tough one involving losses, consider using that muscle, feeling the pain, and doing it anyway. You’ll be that much stronger.

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    Ross Cameron

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  • How to Master the Art of Saying ‘No’ | Entrepreneur

    How to Master the Art of Saying ‘No’ | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, you are predisposed to say “yes,” which can open you up to new possibilities and opportunities to help grow your business. That magic word can bring in new contacts, thoughts, opportunities and finances to support you. It makes you a risk-taker — and after all, taking calculated risks is what made you an entrepreneur in the first place.

    But let’s be realistic. Saying “yes” often means saying “no” to something else. Agreeing to launch a new product offering might mean you won’t have the capacity to address customer satisfaction across the company. Greenlighting too many projects may spread your attention too thin, eventually leading to exhaustion as you try to juggle everything simultaneously.

    Often, we are presented with a false dilemma: yes or no. Is this a great business idea? Is this employee a good fit for the company? Should I raise capital for this venture? Does taking this opportunity prevent others? You need a clearly defined strategy for your company to break this cycle. You need a north star to keep you on course. But you also need to take time to think. One of my mentors taught me this, and it has been one of the most valuable pieces of advice that has stuck with me ever since.

    Here are three situations where you should consider pausing, thinking long and hard and sometimes coming up with an answer that doesn’t always feel right in the moment — but will benefit you in the long run.

    1. Saying no to external stakeholders

    Almost every entrepreneur labors to build a business that matches their vision, not someone else’s. When the vision of external stakeholders (like investors) doesn’t align with where you want to take the company, it might be a good idea to step back. They may not be right for your business despite deep pockets and an eagerness to invest. And these initial differences may lead to conflicts down the road. This might be the time to decline their offer, although I suggest framing your conversations that would still leave the door open for future partnerships.

    You will also need to learn to say no to customers. Don’t get me wrong: It is critical to listen to customer feedback, especially when improving your products or services. However, stay true to your north star and stay the course with the products or services offered by your company. If a customer is asking for something that doesn’t fit with your business model or doesn’t align with what you think will drive growth and success, saying no would be a good idea.

    Related: Why Saying ‘No’ Can Actually Help Your Business or Startup

    2. Saying no to internal stakeholders

    As an entrepreneur, I am responsible for leading a team to success. I am looking for the best and the brightest in the business, driven by the same mission as me. At my company, there is no shortage of passion for our mission and plenty of ideas and great enthusiasm around how we can continue to improve and drive towards our mission, which is thrilling and energizing. But sometimes great ideas aren’t right for the moment, and even with the best intentions, they may veer from our strategy.

    As leaders, we are responsible for understanding the bigger picture, staying true to our strategic focus and making decisions accordingly. I am continuously learning to balance suggestions, decipher ones to act on and ones to table and say no to ones that may not fit the moment – while encouraging creativity and enthusiasm.

    Related: How to Say ‘No’ to Anyone Without Feeling Guilty

    3. Saying no to yourself

    Running and growing a business is a lot of work. However, we must prioritize work-life balance. I suggest setting a schedule, doing your best to stick to it and learning to control yourself from responding when a professional issue arises during your personal time.

    Of course, there is no perfect recipe for work-life balance. I know there will always be a lot of work that needs to be done, but I also recognize the importance of family time. I’ve learned to draw boundaries when needed. I suggest that you don’t lose sight of your family. Take time with them, sign off from work, pick your kids up and have dinner with them. Be present in their lives.

    Related: Here’s Why Your Team Needs to Say ‘No’ More Than ‘Yes’

    The art of saying no

    It is an art to master and say no to projects, opportunities, and people not aligned with your entrepreneurial goals. By learning to say no, you protect your time and energy, encourage your employees to pitch in with tasks they are best suited for, avoid burnout by taking on too much work and responsibilities and maintain healthy relationships with co-workers and clients. Remember to make decisions based on the company’s vision, mission and strategy you set initially. Sometimes, saying no can be just as effective as saying yes.

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    Jurgi Camblong

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  • 7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

    7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Going out on your own as an entrepreneur can feel both intimidating and exhilarating at the same time. Though you may have the skills and experience to get started, knowing the responsibility relies solely upon you may not feel like the same security as working a regular 9-5 job. However, a sense of freedom and accomplishment makes the risk feel worth it.

    Every person who’s decided to take the leap and forge their path has felt a bit of uncertainty at some point along the way. After all, several unknown variables exist, but learning to forge ahead builds resilience.

    When embarking on an entrepreneurial endeavor, it’s important to go at the pace and in the direction that feels right for you, but here are a few pieces of general advice as you start your journey.

    Related: 9 Lessons to Learn From Being in the Entrepreneurial Trenches

    1. Commit to the process

    As an entrepreneur, you wear all the hats. You are the boss, the operations, the accountant, the cheerleader, and so on. Therefore, it’s up to you to champion your brand and adapt as needed.

    Even when times get rocky (and they will), you must dig in and believe in your business.

    No one will care as much about it as you are, so be discerning when deciding who you work with and bring on board to help reach your goals. Remember, it’s a marathon, not a sprint, so not everything may happen as quickly as you’d like. Have patience in the process.

    2. Get organized

    Having big ideas is the exciting part, but the reality is you have to get things organized to execute well. Take advantage of project management tools and programs for invoicing, scheduling and online branding and promotions.

    Ensure your focus on business growth isn’t taking away from delivering a quality product or service. There must be an excellent balance to maintain your clients and entice new ones to come aboard. Getting organized takes more time initially but will save you invaluable time and money once your business is up and running.

    3. Be confident in your rates

    Setting rates is one of the most challenging things for entrepreneurs, mainly because they’re unsure what they should be. Research your industry averages and factor in your expertise, experience and skills to come up with a rate you’re comfortable with.

    However, don’t sell yourself short. Not everyone may be a good business fit for you, and vice-versa. Focus on building quality client relationships rather than worrying too much about quantity.

    Related: Confidence Will Make All the Difference to Your Hustle

    4. Seek the support of others

    Every business has competition, but every industry has plenty of room for anyone wanting to succeed. Reach out to the support of other entrepreneurs through networking and social events or even online. Sharing stories of struggles and tips for taking your business to the next level can motivate you during the lulls.

    It allows you to be part of a community even as you’re running a business solo. Plus, camaraderie can help you feel less alone when you’re unsure of the next step.

    Related: 6 Principles From the Navy SEAL Code That Will Make Your Team Stronger

    5. Channel gratitude

    The frustrations of being an entrepreneur can lead down a slippery slope of feeling sorry for yourself. Some days, it’s going to feel like nothing is going right. Other days, you may compare yourself to others in your field and wonder why their success is coming more quickly. In these moments, wanting to quit can feel all too easy. Don’t.

    Allow yourself time to feel and reflect, but switch those feelings to gratitude for everything you have and the promise of where you are heading. There will be bad days, but when you change your perspective, you can turn things around for the better.

    6. Stay true to yourself

    Being an entrepreneur is a test of your integrity. With so many different challenges and new situations coming your way simultaneously, it can be easy to lose sight of your goals. While stepping out on your own is an emergence from your comfort zone, you want to do so as your authentic self.

    There will be shortcuts you find along the way; just make sure they align with how you want to do business. It’s essential to pause and check in with your strategies, your partnerships, and your path to ensure it is still true to you. Otherwise, you may reach a place of burnout or breakdown because you’re misaligned.

    Related: Understanding Entrepreneurial Burnout (And How To Deal With It)

    7. Celebrate the wins

    Life as an entrepreneur is busy. There are weeks when it’s hard to track what day it is. However, as chaotic as your schedule gets, take time to celebrate the big and small wins and plan rewards.

    A reward can be as small as treating yourself to lunch or as big as acquiring new office space to help grow your brand. Whatever marks the effort feels valuable to you, do it. Acknowledging your accomplishments along the way will motivate you to keep going, improving, and growing. And more than that, you deserve it.

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    Kelly Hyman

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  • The Number One Thing That Holds Entrepreneurs Back | Entrepreneur

    The Number One Thing That Holds Entrepreneurs Back | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    On this episode of The Jeff Fenster Show, host Jeff Fenster speaks with entrepreneur, salesperson, and motivational speaker David Meltzer. With a remarkable journey that began with humble beginnings, Meltzer shares his insights and experiences, offering valuable lessons for aspiring entrepreneurs.

    From Rags to Riches: A Desire for Success

    David Meltzer’s journey began with a burning desire for wealth, despite his challenging upbringing. His determination and entrepreneurial spirit propelled him forward, leading to various successful ventures. Meltzer’s credibility lies in his extensive experience as a successful entrepreneur and his role as the CEO of Sports 1 Marketing. Meltzer states, “I always had this desire to be rich, and I knew that money would buy me the freedom and the things that I wanted in my life.”

    Related: Discover more great Entrepreneur Podcast Network shows

    Understanding the Business Aspect Is Key to Success

    Throughout his career, Meltzer emphasized the importance of understanding the business aspect of any venture. His credibility stems from his diverse experiences, including selling legal research online and running Samsung’s phone division. Meltzer explains, “I learned that the key to success in any business is understanding the business of that business.”

    The Power of Core Values: Creating Desired Outcomes

    Meltzer firmly believes in the power of core values and how they can shape one’s journey to success. His credibility lies in his role as a motivational speaker and his work with Lee Steinberg’s sports agency. Meltzer shares, “Core values are the foundation of creating the outcomes that we desire in our lives.”

    The Importance of Gratitude: A Path to Success

    Meltzer highlights the significance of gratitude in achieving success. His credibility is established through his own experiences and his role as a motivational speaker. Meltzer states, “Gratitude is the most powerful emotion that we have. It allows us to find the light, the love, and the lessons in everything.”

    Trusting the Universe and Helping Others

    Meltzer emphasizes the importance of trusting the universe and helping others along the way. His credibility stems from his successful career and his dedication to philanthropy. Meltzer explains, “When you trust the universe and you help as many people as you can, you’ll be amazed at what comes back to you.”

    Prioritizing Health and Wellbeing for Success

    Meltzer recognizes the significance of prioritizing one’s health and well-being in order to achieve success. His credibility lies in his own journey and his commitment to personal growth. Meltzer shares, “If you don’t take care of your health, you won’t have the energy, the focus, or the clarity to achieve the success that you desire.”

    Grabbing Inspiration

    David Meltzer’s journey from a desire for wealth to achieving great success is an inspiration to aspiring entrepreneurs. His insights on understanding the business aspect, the power of core values, gratitude, trusting the universe, and prioritizing health and well-being provide valuable lessons for anyone on the path to success. With his credibility as a successful entrepreneur and motivational speaker, Meltzer’s wisdom serves as a guiding light for those seeking to create their own success stories.

    Subscribe to The Jeff Fenster Show: Entrepreneur | Apple | Spotify | Google | Stitcher

    About The Jeff Fenster Show

    Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.

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    Jeff Fenster

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  • How to Turn Every Adversity You Face into an Advantage | Entrepreneur

    How to Turn Every Adversity You Face into an Advantage | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurship is a wild ride, right? I would know. I’ve ridden that rollercoaster through storms and smooth stretches. But every time life threw a curveball, I stepped up to bat.

    I still remember when one of our key developers had to leave our company for personal reasons right before we launched a massive update — it was scary. I learned to rely on multiple people to do a given task.

    Life can flip from incredible to terrifying before you can say “entrepreneur.” I still remember when COVID-19 started. My company went from getting high-fives from industry titans to realizing our users couldn’t even step outside, let alone upload content.

    So, join me on the journey where I turn setbacks into my secret weapons.

    Related: 10 Growth Strategies Every Business Owner Should Know

    Embracing the crazy swings of life

    Here’s the thing about entrepreneurship: It’s like diving into an ocean of challenges. When I jumped into this sea of business, obstacles seemed like roadblocks. But guess what? They were stepping stones, leading me to growth and wisdom. It’s like when you learned to ride a bike without the training wheels — scary but exhilarating.

    Big-company solutions often don’t apply to us entrepreneurs. “Never rely on just one person to do a given task” would seem like an obvious lesson an industry titan might give you. Well, guess what? We small business owners often don’t have the luxury of having multiple employees with the same skill sets.

    So what do we do? We get creative. Seek solutions in places you might have never considered. Websites like Fiverr, Upwork and Flexjobs often offer temporary freelance solutions to get you through the day.

    Get comfortable with being uncomfortable because that is what being an entrepreneur is about.

    Related: Creativity, Innovation, And Leadership: The Elements of Transformation

    Why cultural roots are a different kind of power tool

    In Mexico, we’ve got this saying: some of the best engineers don’t need fancy degrees. They just rocked their resourcefulness like pros, using whatever tools they had. As a Mexican entrepreneur, that gritty mindset is my secret sauce. It’s like taking lemons and making the best orange juice you’ve ever tasted. Like, how’d that happen? We got creative.

    When adversity knocks, I knock back. Drawing from my heritage, I tap into the spirit of innovation that’s the heart of the Mexican entrepreneurial scene. It’s like when your grandma used her secret recipe to turn a regular meal into a feast. Our cultural foundation is like rocket fuel, powering us through the roughest storms.

    Related: 6 Obstacles to Creative Thinking and How to Overcome Them

    Turning challenges into allies: My game changer

    Every entrepreneur’s journey is filled with “uh-oh” moments that, with a little twist, become “Aha!” sparks. When my company, Replay Listings, got the side-eye, I flipped it into an invite for collaboration. I turned feedback into business gold, forging partnerships that set the stage for victory.

    For example, given that my business is focused on real estate video tours, I started calling real estate agents who have leveraged our technology and invited them for a cup of coffee or even lunch. During that time, getting to know my user base, their needs and their experiences while using our mobile app was really nice. In fact, many of Replay Listings’ in-app features were built because they asked us to! Who would have known? Listening to your users is helpful and essential when learning your businesses’ areas of opportunity.

    Pay close attention to your users’ needs, and you’ll see more clearly your path ahead.

    Innovation through tough times

    Picture this: a partnership I’d banked on suddenly vanished into thin air. One minute, we were chatting, and the next? Poof! They pulled a vanishing act. Now, instead of moping, I spun it around. I diversified my partnerships to ensure my venture’s future wasn’t hanging by a thread.

    Life’s got a funny way of switching things up. Hard times can be your secret ingredient to success.

    As I’ve mentioned before, It is obvious that not relying on a single employee to do a specific task is advised, but diversifying talent does not need to come at an extra expense. It often needs to take the shape of more partnerships, collaborations, or allies within the industry.

    Allocate some of your time to making allies — it’ll help you in the long run.

    Finding gold in the rough

    As we sail through this entrepreneur sea, remember that every crash can be turned into a smooth wave. Just like I’ve learned from my Mexican roots and my own ups and downs, the trick is to tackle challenges like they’re stepping stones.

    As I navigate the tumultuous waters of entrepreneurship, I realize that the wild ride is not just about braving storms and smooth stretches. It’s about harnessing every twist, turn and curveball to my advantage. Entrepreneurship isn’t just about building a business; it’s about building character and resilience.

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    Rodolfo Delgado

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  • How to Harness the Power of Positive Psychology | Entrepreneur

    How to Harness the Power of Positive Psychology | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The call for change has never been more resounding in a world of challenges and uncertainties. From technological advancements to environmental concerns, the trajectory of our planet and its people hinges upon our actions today. As an entrepreneur with a vision for change, you have the unique opportunity to uplift society and become the beacon of motivation that guides us all towards a brighter tomorrow.

    The ripple effect of positive psychology

    Positive psychology is more than just a buzzword; it’s a guiding philosophy that enables individuals to harness their inner strength and create meaningful change. Rooted in the belief that focusing on strengths and cultivating positive emotions can lead to greater well-being and success, positive psychology lays the foundation for personal and societal transformation.

    Imagine a world where everyone starts their day with gratitude, embraces challenges as opportunities for growth and extends kindness without hesitation. Adopting these principles can ignite a ripple effect that spreads far beyond your immediate circle. Your actions can inspire others to shift their perspectives, sparking a chain reaction of positivity that transcends borders and cultures.

    Related: Why Embracing a Positive Psychology Will Ignite Success in Your Business

    A journey of self-discovery and impact

    Mahatma Gandhi once said, “You must be the change you wish to see in the world.” These words hold an eternal truth that underscores the transformative power of personal example. To become a motivational force that shapes a better world, you must first embark on a journey of self-discovery and growth.

    Start by identifying your core values and passions. What issues ignite a fire within you? Whether it’s education, promoting environmental sustainability or advocating for societal well-being, discovering your purpose will provide your endeavors with clear direction and profound resonance. Embrace continuous learning and development, as honing your skills and knowledge will empower you to drive meaningful change.

    Related: Why You Must Really Know Yourself Before Starting a Business

    Catalyzing change on a global scale

    Entrepreneurs possess a unique combination of vision, innovation and determination. This potent blend of qualities equips you to thrive in the business world and catalyze societal change on a global scale. Your entrepreneurial ventures can drive positive impact, channeling resources and creativity toward solutions that address pressing issues.

    As you build your brand as a motivational author, remember that your journey is intrinsically tied to the stories you tell. Share your successes and setbacks, your moments of inspiration and moments of doubt. Authenticity breeds connection, and by baring your soul, you invite others to resonate with your experiences and join you on your journey toward transformation.

    Harnessing the power of collaboration

    The path to worldwide transformation cannot be tread alone. Collaboration with like-minded individuals and organizations is pivotal to amplifying your impact. You tap into a wellspring of shared knowledge, resources, and inspiration by forming alliances with fellow change-makers.

    Reach out to other entrepreneurs, thought leaders, and community organizers who align with your vision. Collaborative efforts exponentially magnify your influence and allow you to tackle complex challenges that may be insurmountable on your own. Together, you can create initiatives that transcend borders and boundaries, leaving an indelible mark on the world.

    The legacy of a motivational pioneer

    Your journey as a motivational author and entrepreneur isn’t just about the immediate impact you make; it’s about the legacy you leave behind. The seeds of positive change you plant today will blossom into a world where inspiration is the norm, where individuals are empowered to dream big and pursue their passions fearlessly.

    As your influence grows, your platform will become a vessel for nurturing and uplifting the next generation of change-makers. By mentoring and providing guidance to emerging entrepreneurs, you can ensure that the flame of positive transformation continues to burn brightly long after your time in the spotlight.

    Related: 8 Tiny Changes to Make Your Life 10 Times More Enjoyable

    Your call to action

    The world yearns for leaders who embody the change they wish to see. By embracing the principles of positive psychology, becoming an entrepreneurial force, and forging powerful collaborations, you are poised to be that leader. Your journey toward becoming a famous author specializing in motivation is not just about personal success; it’s about shaping a world where positivity, innovation and empathy reign supreme.

    Now, more than ever, the world needs individuals willing to step up, inspire and drive change. Your potential is limitless, and the impact you can make transcends boundaries. As you take each step on this transformative path, remember that you are not just shaping your destiny but the destiny of a world that eagerly awaits the light you bring.

    The time for change is now. Embrace it. Live it. Be the catalyst of a brighter future.

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    Brian H. Robb

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  • 4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More. | Entrepreneur

    4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My 20 years in the Entrepreneurs’ Organization have provided me with a front-row seat to significant business creation and operational strategy. Of the hundreds of entrepreneurs I know, four Portland, Oregon-based leaders hit home runs and exited at company valuations of $50 million or more: the founders of Ruby Receptionists, Survey Monkey, Jive Software and DW Fritz Automation.

    Because I knew those companies very well, I wondered whether they all took similar actions to create that level of success. What did they have in common? Is there a formula other founders could follow to hit similar financial home runs?

    The answer is a resounding “yes.” The four founders who sold their companies for more than $50 million each did these four things:

    1. Created significant value for customers in a distinct way within their niche.
    2. Developed super-clear branding around their unique product.
    3. Created extremely robust company cultures.
    4. Timed their exits precisely to maximize company value.

    Each company created significant “enterprise value” — value inherent in the way it did business and its future earning potential. Aside from hard assets like cash or real estate, millions of dollars of value existed in their business models and operational expertise. As a result, serious buyers recognized that fact and paid generously for it. That is a rare distinction among small businesses.

    So how do you create a business with such obvious enterprise value that big buyers will pay millions for it?

    Replicate the following four “million-dollar ideas.” If you are able to implement even one successfully, by itself, it will create over $1 million in sales value for your company.

    Related: Are You Sitting on Top of a Million-Dollar Idea?

    1. Deliver a ton of value customers can’t readily get elsewhere

    I saw billionaire, James Williamson, interviewed on his private jet on YouTube. When asked how he became that rich, he didn’t hesitate: “Find a niche. Crush it. Deliver more value than anyone else.”

    All four companies identified a unique product or service that customers both needed and valued. Or, they delivered a more standard product with a tweak or in a way not readily available elsewhere.

    Here’s the key: Whatever your differentiators, your offering must be unique in three ways or more. Not just one or two — at least three.

    If your primary product is not totally distinct and unattainable elsewhere — like a restaurant or electrical contractor — you can develop your three uniques. Maybe it’s a better product, lower price, different delivery method, more intuitive interface, unusual spin, friendlier service or a more personalized, memorable brand. It must be essentially better than everything else and also distinct in (at least) three ways.

    Each of the four company product offerings was truly differentiated, and the company knew in what way — and pushed harder for further differentiation all day, every day.

    2. Develop crystal clear branding around your specific differentiation

    These companies knew what they were offering. They saw customers piling up and recognized why. Their marketing was clear about what they offered that others did not.

    Maybe more importantly, they knew what they were not — and each was most definitely not everything to everyone. Only certain customers were right for them, so they focused on those and forgot the rest, even if the rest was a considerable number. That is to say, they served a specific market segment and did it better than anyone else but left the rest of the market to others.

    Related: Beyond Logos and Colors — How to Create a Compelling Brand Identity

    3. Create a super strong culture focused on customer success

    These companies created cultures you could feel when you walked into their offices, like a personality unto itself. You knew it was something special and different. The people were happy, motivated and focused on driving the company forward.

    Each company’s core values were extremely focused. In all cases, half of the values concerned the customer and what the company was doing to benefit that customer. Things like “practice wowism” or “find a better way,” not just generic values like “trust.”

    Each team member was hired because they matched those values. All were clear on what the company was, where it was going and how they could help it get there. They personified the strategy of rowing in the same direction. In a fundamental sense, they were a “cult” focused on creating unique value for customers and success for each other and the company. Their energy level approached frenetic.

    4. Time your exit precisely to maximize sale value

    My observation on business exits: Timing makes all the difference. A company that can barely sell on contract for $1 million at one point in the cycle could garner $10 million all cash at another. At times, specific business types are hot and highly sought after; at other times, they’re not. There can also be a long time between peaks in the cycle. Because of that, timing the cycle — and, therefore, demand — is probably more important than your personal timing and plan. The two seldom line up perfectly. These four owners struck while the iron was hot.

    In all four cases, the companies sold to an entity that wanted to take the business to a higher level. One interesting note: Because of that, both historic actual profitability and cash flow were basically irrelevant. What the buyer thought they could do with the company in the future mattered most. They sold on what is known as “pro forma” value.

    Angel investors, private equity or venture capital groups bought three of the four companies. In all cases, when one group showed interest in buying them, the company solicited other groups (often through a broker). That generally increased the first buyer’s interest and ultimately enabled the entrepreneur to exit at a 30% to 100% higher price than if they had worked solely with the first buyer. The buyers then took the companies to new heights, either by going public or selling to a larger strategic buyer. One of the four companies sold directly to a larger strategic buyer.

    Even in their exits, the four shared significant commonalities.

    Related: When Should Business Owners Start Developing an Exit Plan? Here’s What You Need to Know.

    Devise the perfect setup to catch lightning in a bottle

    When I connected the dots between these four companies, it almost felt like being struck by lightning. I could not believe how common their trajectory was and, more importantly, how they got there. These four caught lightning in a bottle — and while some luck is always necessary, you can’t deny that their playbooks were quite similar and well-executed.

    If your company can implement any (or all) of these ideas to their fullest potential, you will create millions of dollars in enterprise value.

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    Barry Raber

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  • How to Prioritize Mental Health in the Workplace | Entrepreneur

    How to Prioritize Mental Health in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How much do you consider mental health in your overall well-being? Many business owners sacrifice their own emotional stability and personal satisfaction for what they believe to be the greater good of the organizations they run. Or they are too lost in all the noise of operating and growing a company even to consider self-care. But there is no rulebook out there that states business owners can’t have a thriving business and a healthy mind. It is all about positive psychology.

    Positive psychology is the scientific study of human flourishing. It focuses on factors like hope, happiness and optimism. Positive psychology is a proactive approach to mental health, not unlike wellness, which is to physical health. We often see a doctor when we feel sick or experience the onset of a disease, which is a reactive approach to physical health.

    A more proactive approach is to adopt the kind of healthy lifestyle choices that reduce our chances of getting sick in the first place. The same thing applies to mental health. We might see a therapist if we are in the throes of a mental health crisis, but it would surely be preferable to take a proactive approach to avoid a psychological emergency in the first place.

    Dr. Martin Seligman is an American psychologist and leading researcher widely considered the “father of positive psychology.” Seligman coined the term PERMA, an acronym that represents what he asserts are the five essential elements of mental health: Positive Emotions, Engagement, Relationships, Meaning and Accomplishment. The concept of PERMA is intriguing, specifically as it relates to the business owner’s emotional journey and mental health.

    Applying the concepts of PERMA to ourselves as business leaders is a great step in the right direction. Then, fostering opportunities to advance the PERMA ideology throughout your organization can dramatically enhance your company culture. I mean, who doesn’t want a team of emotionally healthy, mentally prosperous and happy people working for them?

    Let’s consider the facets of PERMA and how business owners can apply them to foster positive psychology throughout their organizations.

    Related: 5 Reasons We Should Make Our Health a Priority Over Our Business

    P — Positive emotions

    Not to be confused with happiness, positive emotions include personal feelings of love, joy and hope, among others. Seligman posits that our thoughts and actions improve when we cultivate and integrate positive emotions into our lives.

    First, focus on creating a culture of gratitude to help infuse positive emotions in your business. Recognize and celebrate achievements. Encourage your team to find joy in the work they do and in their interactions with others.

    Related: How Positivity Makes You Healthy and Successful

    E — Engagement

    Engagement is our ability to achieve a desirable state of flow in which we ditch our self-consciousness and allow ourselves to be absorbed in something we enjoy. It is about being substantively present in the moment rather than focusing on the mental baggage of the past or anxiety for the future.

    In your leadership role, provide employees growth and career development opportunities that encourage mastery, such as mentorship programs or advanced skills workshops. Implement ways to instill active involvement, autonomy and personal decision-making in the roles of every employee.

    R – Relationships

    We all know that deep, meaningful relationships with others are vital to our well-being. Seligman says that humans are inherently social creatures who thrive on feeling valued and supported by others. These social interactions may also stave off cognitive decline and physical health issues.

    As a business owner, be an active listener, reinforcing the importance of strong interpersonal relationships throughout your organization. Create opportunities for team bonding and collaboration.

    Related: How to Build a Positive Relationship With Your Boss and Colleagues

    M – Meaning

    Having meaning in our lives adds purpose and value to our actions. It is that connection with something bigger than ourselves. A sense of meaning might come from the business one runs, the causes one supports or one’s spiritual beliefs. Meaning increases personal satisfaction in our daily lives.

    Ensure your company mission and vision are meaningful to your team. Create in-house opportunities for employees to contribute to the causes they care about. Let your people know how important they are to the success of your business.

    Related: 3 Ways to Help Employees Combat Burnout and Create More Balance

    A – Accomplishment

    Being successful at the things we do can dramatically enhance our mental well-being. Accomplishment refers to the final product and the orchestration, mastery and self-motivation that propels a person to achieve great things.

    To support a culture of accomplishment in your business, set clear and attainable SMART goals for employees, departments and the organization. Celebrate big achievements, as well as little wins along the way. Understand that setbacks are often catalysts for growth, so provide constructive feedback when employees fall short of expectations.

    Proactively incorporating positive psychology and infusing the tenets of PERMA throughout your business can lead to a healthier, happier and more meaningful existence for you and your entire team.

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    Jason Zickerman

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  • Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

    Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

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    Accountability is a remarkably dynamic word and so much more than a simple promise to perform. While the concept is rooted in responsibilities, the term also implies continuous action and a healthy system of checks and balances. At its core, accountability is about showing up, claiming ownership of a task, and then accomplishing the things you have committed. And everyone in your organization should do the same – because accountability is not a solo act. Accountability is the kinetic energy that fuels every successful organization.

    Your own accountability as a business owner is a gimmie; as the leader of your company, your word is your bond. And there are also huge benefits in creating a culture of accountability throughout your organization.

    You want employees to be answerable for their responsibilities. You want your team to work toward company goals, maintain certain metrics and meet their deadlines. While these accountabilities might seem rudimentary, you might be surprised how many businesses struggle with them.

    I believe most employees want to do a good job and try hard to be accountable. If they fall short, a glitch in communication is usually at the heart of the problem. Maybe the employee was never clear on expectations. A lack of transparency possibly hobbled achievement. Or, as is often the case, perhaps the employee’s definition of success differed from that of their manager.

    Fostering a culture of employee accountability is key to the success of any business, and the formula almost certainly starts with respect for your team, their strengths and their goals. Best-selling author and TED Talker Daniel Pink says that fostering a spirit of autonomy, mastery and purpose in your employees allows them the freedom and inner drive to develop creative solutions. He is right; by affording them these opportunities for self-direction and responsibility, you create better alignment in an environment where your people feel valued and their talents nurtured. This is to say that you set the stage in your business for a culture of accountability.

    Related: How to Create a Culture of Gentle Accountability in 3 Steps

    Employees crave autonomy

    Autonomous employees are empowered to leverage their own judgment and take ownership of their decisions. Embracing a culture of self-responsibility throughout your business fosters a stronger sense of employee commitment, supports innovation and demonstrates your trust in your team’s capabilities and professionalism. By giving employees more flexibility and responsibility in their own approaches and outcomes, they become more thoughtful in their actions and decision-making processes.

    Accountability and autonomy might feel like conflicting concepts at times. Getting the balance right can be challenging, but it is well worth the effort. It starts with communication and clarity. When you or your management team assign a task to an employee, ensure that the person is clear about what you want them to do and the expected results. Ask the employee to confirm what you are asking them to do. Let them know you are available if they have questions about the task. Then allow them to do their job. You can check in periodically to track their progress along the way.

    Related: Want Elite Performance? Adopt These 5 Practices Of Top Tactical Units

    Employees want mastery

    Mastery is the process of honing one’s skills to a refined level. When you provide employees with development opportunities, they become quantifiably more engaged, productive and fulfilled in their jobs. Mastery boosts employees’ sense of accomplishment, positions them for a more rewarding career trajectory, and seeds the business with increasingly capable people. I talk a lot about win-win in business. Creating opportunities for your employees to master their skills while increasing your company’s competitive edge is certainly one of them.

    Consider investing in your business’s employee development, mentorship and leadership training programs. The ROI for learning initiatives tends to be high from a financial and cultural perspective. And while an increase in accountability is challenging to track with real numbers, it is most definitely positively impacted by employee mastery.

    Related: What is the Caliber of your Company Culture and How Can You Develop It?

    Employees desire purpose

    Now more than ever, employees yearn for a sense of purpose that serves as something larger than themselves in their professional and personal lives. Millennials and Gen Zs are particularly motivated to make a difference in the world around them at both a micro and macro level. By instilling a profound sense of purpose within the vision and mission of your company, you better attract and retain those people who are aligned with similar concerns and causes.

    When employees feel empowered and impactful in their ability to support what they care about, they are more committed, intentional and accountable. Greater purpose inspires ownership in achieving above-and-beyond outcomes.

    Purpose-driven employees also tend to be more adept at tackling challenges. They have faith in their own ability to overcome adversity to achieve a desired goal, so they willingly take on more responsibility and accountability to make things happen. Purpose is a powerful motivator on so many levels.

    When employees fall short on accountability

    What if you have put in the effort to create a culture of employee autonomy, mastery and purpose in your business, but your people are still lagging in the accountability department or are regularly just not meeting expectations?

    Rather than resorting to criticism, I suggest you take a coaching approach. Ask the employee how they felt a glitchy project went. What worked well and what panned out poorly. Ask them to analyze the processes and procedures, then have them share those opinions with you. This will provide you with enormous insight, at least from this employee’s perspective, that you may not have considered.

    While leveraging the coaching approach, you will often find that the employee admits their own culpability or poor performance in the project and makes suggestions for self-correction. Which, when you think about it, really is the definition of employee accountability, isn’t it?

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    Jason Zickerman

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