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Tag: Success Strategies

  • 3 Ways To Overcome Rejection and Turn It Into Power | Entrepreneur

    3 Ways To Overcome Rejection and Turn It Into Power | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Throughout the journey of starting, launching and growing a business, you’ll feel like you’re on a never-ending rollercoaster of highs and lows. One day you’re jumping for joy because a big customer says yes to launching your new product in thousands of stores, and then the next day, you’ll be slammed in the face with yet another disappointment or stress-inducing challenge. And so goes life as an entrepreneur… but the good news is, you have the power to decide how to respond to every curveball life throws at you.

    So, to help you become a superhero in business, here are a few words of wisdom to live by.

    As an entrepreneur and an executive with over 20 years of experience in business, like many people, I’ve faced more rejection than I can count. From being ghosted by retail chain buyers to hearing no from customers I’ve worked hard to earn, rejection is an inevitable part of this experience. However, in moments like these, we truly find out what we’re made of.

    But, on the flip side of all these disappointments, I’ve been fortunate to experience great success and amazing opportunities in various facets of my businesses (including working with hundreds of the top brands and retailers on the globe). So I know both sides of the coin and am grateful for all the pivotal moments on my path to success.

    Related: 5 Ways to Turn Rejection Into Resilience

    I believe that we’re drawn to entrepreneurship because we have a vision of a better life — for ourselves, our families and the world around us. That said, my father was one of the men who inspired my entrepreneurship journey.

    My father was a self-made serial entrepreneur and a true example of the “American Dream.”

    As a high school dropout from New York who had to get a job shoveling snow to help his struggling family earn a living, he ultimately ran and launched multiple businesses. In his early years, he served in the military, bussed tables and became a door-to-door salesperson. Ultimately he became the Publisher of the first single-volume African-American history encyclopedia (during the Civil Rights movement) called “In Black America.” This encyclopedia helped thousands of men and women earn a living while empowering their communities and families. My father then went on to run a successful merchandising company. He most recently built Creative Balloons Manufacturing Inc., our family-operated global business celebrating its 50th Anniversary this year, helping millions of people and brands celebrate life’s special moments with fun-filled balloons.

    Over the years, he taught me many valuable lessons in entrepreneurship, especially regarding overcoming challenges and rejection.

    1. Drive, determination and mindset are paramount to what we know

    Since my father never had a formal education, he realized at an early age that he’d have to be more resourceful and hard-working than most, so he became street-smart and ultimately learned what it takes to start and run a global business, one that has proudly been a national supplier to major chains like McDonald’s for over 45 years.

    Don’t let your education or lack thereof prevent you from feeling worthy or deserving of pursuing your passions and becoming successful. Always remember — if all else fails, just Google it (or, for that matter, just read an article by Entrepreneur). Where there’s a will, there’s a way. And as Marie Forleo says, “Everything is figureoutable.”

    Related: 5 Steps Entrepreneurs Need to Take to Overcome the Fear of Rejection

    2. Persistence and resilience are absolutely imperative if we want to make anything happen in life

    As a kid, I vividly remember hearing my father on the phone calling one potential customer after the next, which ultimately helped him land many national accounts (including Burger King, Carl’s Jr., Mrs. Field’s Cookies and more). Whether we dream of developing a prototype for an innovative new product, landing a major client or changing the world with our revolutionary products or services, we have to believe in the purpose behind what we’re doing. Keep waking up each day to reach your goals and win. Even A-list athletes have bad days and losses, so keep striving, working hard and believing you’re a winner. You have to envision success first to achieve it.

    Related: Rejection Is Part of Entrepreneurship. Here’s How to Handle It.

    3. Boldly pursue your dreams, no matter how big or wild they may seem

    Want to land that big chain? Go pitch them! Looking to score a key investor? Send them a presentation deck. While you might not get a positive response from everyone you contact, all it takes is one “Yes” to open the door, leading you toward the next open door. And while you’re hearing no’s, do your best to find out why — was it the wrong timing, do you need to tweak something in your pitch, etc. Look at rejection as a form of redirection or recalibration.

    Just remember that Bill Gates pitched to 1200 investors, out of which 11 said yes. Because of the few who aligned with his vision, he’s now one of the world’s most influential and successful people. So, even if you’re rejected, you can still skyrocket to success.

    Bottom line: Never be afraid of rejection. Yes, you will hear a no, or worse, you’ll get ignored, but unless you try, you’ll always wonder, “What if?!”. And more importantly, you’ll never hear a yes unless you’re willing to ask for what you want.

    Christina-Lauren Pollack

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  • The 9 Power Moves You Need to Find Success | Entrepreneur

    The 9 Power Moves You Need to Find Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Embarking on a journey to start a business is both thrilling and challenging. As a budding entrepreneur, you have a world of opportunities waiting for you, but to succeed, you need more than just luck or passion.

    The secret lies in honing essential skills to help you navigate the dynamic business world. In this article, we will explore crucial strategies that can pave the way for your success, and we’ll call them “Power Moves.”

    Related: Don’t Sit Around and Wait to Be Noticed — Follow These 4 Ways to Be a Standout in Business

    1. Strategize your week ahead

    In business, planning is power. Instead of leaving things to chance, take control by crafting a well-thought-out weekly strategy. Embrace the habit of setting aside time each week to outline your objectives, tasks and priorities. Doing this avoids the chaos of last-minute decision-making and keeps you focused on what matters most.

    Read More: 8 Ways to Harness the Power of Fear for Personal Success

    2. Embrace calendar mastery

    An essential element of planning your week in advance is becoming a master of your calendar. Keep your schedule up-to-date, incorporating meetings, deadlines, and other commitments. This way, you’ll gain a holistic view of your week, enabling you to allocate time wisely and efficiently. Utilize digital tools or traditional planners, whichever suits you best, to stay organized and in control of your business journey.

    3. The early bird gets the worm

    Punctuality is the hallmark of a true professional. Being early to meetings showcases respect for others’ time and portrays you as a reliable and conscientious entrepreneur. Arriving ahead of schedule allows you to collect your thoughts, review your meeting agenda and approach discussions with clarity and composure.

    Related: Are Early Risers More Productive?

    4. Set alarms for success

    It’s easy to lose track of time in the fast-paced business world. To avoid the last-minute rush, leverage your smartphone’s alarm feature. Set reminders well in advance of meetings to prompt you to prepare. Take a moment to gather all necessary documents and mentally align yourself with the goals of the upcoming engagement. You’ll enter each meeting confidently and ready to make a lasting impression.

    5. The prepared mindset

    One of the cardinal rules of business is to be always prepared. Equip yourself with both physical and digital resources. Always carry printouts of essential documents to meetings, as a backup in case of technological hiccups. Simultaneously, ensure your files are accessible on a tablet or laptop. This readiness demonstrates professionalism and safeguards you from potential setbacks, positioning you as a reliable partner in any business interaction.

    Related: How to Create a Growth Mindset as an Entrepreneur

    6. Network with purpose

    Networking is a powerful tool for business success. Cultivate a solid professional network and attend relevant events to expand your connections. When networking, prioritize building meaningful relationships over exchanging business cards. Seek to understand others’ needs and offer genuine assistance. A robust network can open doors to opportunities, partnerships and valuable insights.

    The reasons for being prepared are multifold. Firstly, it gives you a competitive advantage, allowing you to respond promptly to questions or requests. Secondly, it demonstrates your commitment and dedication to the venture. Thirdly, preparedness fosters confidence, enabling you to confidently present your ideas and persuade potential clients or investors.

    Related: Effective Networking Requires Mastering These 5 Skills

    7. Embrace lifelong learning

    To thrive in the ever-evolving business landscape, adopt a growth mindset and commit to continuous learning. Stay updated on industry trends, best practices, and emerging technologies. Invest in workshops, webinars or online courses that align with your business objectives. Knowledge is a formidable asset that can propel you ahead in your entrepreneurial journey.

    8. Embody resilience

    Building a successful business requires persistence and resilience. Expect challenges along the way, but view them as opportunities to learn and grow instead of being discouraged. Develop the ability to adapt to changing circumstances and bounce back from setbacks. A resilient entrepreneur can turn obstacles into stepping stones toward more extraordinary achievements.

    9. Customer-centric approach

    A customer-centric approach is an indispensable ingredient for long-term business success. Place your customers at the heart of every decision and action you take. Listen to their feedback, understand their needs, and strive to exceed their expectations. Building strong relationships with your customers creates brand loyalty and advocacy, paving the way for repeat business and positive word-of-mouth referrals. Embrace a culture of empathy and responsiveness within your organization, ensuring every team member understands the value of exceptional customer service. Remember, satisfied customers are not just one-time buyers; they drive your new business’s sustainable growth and prosperity.

    In conclusion, embarking on your journey to start a business demands a multifaceted approach, and incorporating these power moves will bolster your chances of success. Plan your weeks in advance, prioritize punctuality, and always be prepared for meetings. Cultivate a network of valuable connections, commit to lifelong learning, and embrace resilience in the face of challenges. Above all, maintain a customer-centric approach where your clients’ needs and satisfaction take center stage. You’ll create brand loyalty, drive repeat business, and foster positive word-of-mouth referrals by prioritizing exceptional customer service and building strong relationships.

    Best of luck on your entrepreneurial journey!

    Roxanne Klein

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  • MLB All-Star Turned Entrepreneur Shares Success Tips | Entrepreneur

    MLB All-Star Turned Entrepreneur Shares Success Tips | Entrepreneur

    Recently on How Success Happens, I had the pleasure of interviewing two-time MLB All-Star Shawn Green, who is also the co-founder of Greenfly, a platform for gathering and distributing short-form content for the NBA, MLB, NHL, PGA and 500 other major sports organizations. Green co-founded Greenfly in 2014 and has since turned the company into a full-scale enterprise solution — which recently underwent a multimillion-dollar acquisition of Miro AI. I was curious to learn how Green took his career from professional athlete to tech entrepreneur and how the sports media landscape has developed over the decades. Here are three of the most valuable takeaways from our full conversation, which you can listen to below.

    1. Lean on others’ expertise to showcase your own

    Green’s focus on building a strong team of experts has fueled Greenfly’s growing success. In 2013, Green knew he needed a partner to make the idea of Greenfly come to life, and that’s when he turned to the now-CEO of Greenfly, Daniel Kirschner. They’ve since surrounded themselves with some of the best minds in the business, bringing together a vast array of experience from across the industry to support Greenfly’s vision. Building and expanding the team has allowed Green and Kirschner to position Greenfly as a leader in the space and create trusting relationships internally as well as with its customers.

    Timestamp — 6:15, 30:30 and 39:00

    2. Don’t be afraid to take chances

    Greenfly’s ability to acquire Miro AI was derived from its willingness to take a leap of faith early on. By having a mindset that empowers them to expand, Green and Kirschner were able to bring this acquisition to life, allowing them to deliver even more revolutionary technology to the sports industry. Acquisitions can be complex, but they saw the opportunities Miro AI would bring to enhance Greenfly’s capabilities and market position. Taking this chance has allowed Green to showcase Greenfly’s commitment to long-term growth and sustainability in the short-form content industry.

    Timestamp — 19:15 and 33:00

    3. Listen to your customers’ needs

    When Green was in the early stages of starting Greenfly, he learned it was important to listen to his existing customers’ needs. While on the journey of excitement and uncertainty of starting a company, he realized taking a customer-centric approach would help him create relationships with other sports leagues that could also benefit from Greenfly’s technology. The feedback he received from existing customers gave him valuable insight into the preferences leagues had when gathering and distributing content and how to tailor and fine-tune Greenfly’s product.

    Timestamp — 18:30

    Robert Tuchman

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  • Unveiling the Power of Authenticity | Entrepreneur

    Unveiling the Power of Authenticity | Entrepreneur

    Key Takeaways from “The Jeff Fenster Show” with Jen Gottlieb.

    Jeff Fenster

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  • Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

    Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In Jon Taffer’s eyes, the restaurant industry isn’t just about serving food and beverage — it’s about creating REACTIONS.

    The Bar Rescue host and executive producer knows the importance of understanding the psychology behind customers’ reactions. It’s at the core of his business philosophy.

    Jon Taffer‘s journey to becoming host and executive producer of Bar Rescue on Paramount was not without challenges.

    Despite initial doubts from friends about his ability to be a TV star, the famed businessman has held onto two powerful lessons that continue to shape his success: the importance of believing in oneself and the value of long-term vision over short-term gains.

    As Jon Taffer tells Restaurant Influencers host Shawn Walchef of Cali BBQ Media, “The only person who can say no to you — is you — don’t ever forget that.”

    Before stepping into the limelight as star of Bar Rescue, Jon Taffer had already tasted lots of success in his career.

    This pre-existing experience gave him the leverage to keep authenticity as a non-negotiable going into his famous hospitality series. Refusing to “sell his soul,” he stood ground when some producers suggested adding fake elements for dramatic effect.

    Jon Taffer‘s commitment to real and authentic content not only saved the show and made it a big hit, but also strengthened his brand. His unwavering authenticity is a cornerstone of his identity, both on and off the screen.

    He stresses the significance of remaining true to oneself in the world of content creation.

    “I had an understanding with the network that if it wasn’t real, I would walk away because my brand still meant a lot to me before I was on TV.” says Jon Taffer. “I’m me. I’m no different talking to you now, than I am on TV. That’s really important. No matter what we do in a content world, authenticity is critical.”

    Restaurateurs who can consistently generate positive reactions from their patrons, whether through culinary excellence or impeccable service, are the ones who stand above the rest.

    As he puts it, the restaurant business is about creating reactions, not just making meals.

    Taffer believes that success lies in how effectively restaurateurs can evoke responses from their customers. To him, a dish on the table is not merely an entree, but a vehicle to elicit a reaction from the diner.

    Jon Taffer‘s approach to the restaurant industry is characterized by his dedication to creating meaningful experiences for customers. He emphasizes that it’s not about simply serving food or pouring drinks but rather orchestrating moments that evoke delight and satisfaction.

    “I don’t believe you’re in a restaurant business. I don’t believe you’re in the food and beverage business. You’re in a reaction business. Your cook and kitchen is not making an entree. That is not the product. He’s producing a reaction.”

    Jon Taffer’s journey from being told he would never be on television to becoming an Executive Producer of a hit series has been fueled by an unwavering belief in himself and a commitment to authenticity.

    Success is not about the products or services we offer but about the reactions we elicit from our audience.

    ***

    ABOUT RESTAURANT INFLUENCERS:

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

    Toast — Powering Successful Restaurants. Learn more about Toast.

    Shawn P. Walchef

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  • Boost Your Productivity and Creativity in 3 Steps | Entrepreneur

    Boost Your Productivity and Creativity in 3 Steps | Entrepreneur

    I met Matt Ragland while I was speaking at a ConvertKit conference. And, I was just struck by how present he was in the conversation. While we were chatting, he was focused on being interested as opposed to being interesting.

    And when he finally did share more about what he’s up to, I was impressed with how he took a disciplined but creative approach to his work. For some reason, those two seem at odds but he was able to find an integration that led to him being extremely productive and a world-class content creator.

    Matt is the Managing Director of Good People Digital. An agency that works with companies to create human-focused brands and web experiences that help them connect with their customers.

    Outside of that, his work focuses on the intersection of productivity and the creator economy. So if you’re struggling with either of those, Matt’s here to help you out.

    I’ll share a few of my key takeaways from our conversation below.

    How to start creating content that connects

    When it comes to creating newsletter content, just getting started is often the biggest hurdle. Matt said that there are a couple of ways you can jump-start your content creation – starting with analyzing what has already worked well on your social media. What is already getting engagement? What do you feel is important?

    “The other two things that you can ask are number one: What is the thing that people often ask me about in regards to my work or specific area of interest? … And then the follow up to that is (whether it’s on social or through replies on your newsletter), if you’re new at this, ask for a reply at the end of each newsletter.”

    This ensures that you’re creating content that serves the needs of your audience, because that was your starting place.

    If you’re really starting from scratch

    “That’s all well and good,” you might be saying, “But this assumes I’ve already created content. What do I do if I’ve never posted on social media?”

    Matt suggests searching Reddit for questions to answer.

    “I don’t often say that. But Reddit as research is great.” Matt said. “See what things people are asking that they’re not getting good answers to, and you can just answer that in your own content. You can also, on social media, find people that you follow that are in the same relative niche as you and see what topics they are talking about that you have a different opinion on. Talk about what they’re doing, not what that specific person is doing, but give that in your own opinion.”

    How to have the most productive week ever

    The most productive week ever is a big promise, I know. And Matt said that the key to the most productive week is actually counterintuitive: You should not overcommit.

    “Mental over commitment to goals or projects, that leads to a lot of overwhelm, that can lead to a lot of context and task switching.”

    Matt referenced The One Thing by Gary Keller and Jay Papasan, adding that he can’t pick one thing to focus on for the entire quarter — but he can do that for his days and weeks. Once he has that one big thing selected for the week, Matt moves forward with what he calls the GAP framework — Goals, Actions, and Protection.

    “If I know what that goal is, then I’m going to analyze it, and I’m going to look at it and say, ‘Okay, what are the actions that I need to take that if I were to check off all of these to do items, all these action items, it will naturally lead to the completion or achievement of the goal?

    And I’m going to look at this and say, like, okay, I have these four to five action items. How much time do I need to protect? Let’s just say two hours. Okay, I’m going to protect the time to do this for one hour on Monday morning and then one hour on Thursday morning.”

    Next steps:

    You can learn more about Matt by visiting mattragland.com and following him on social media at @mattragland. And don’t forget to grab his free email course, 5 Productivity Principles for a Great Week.

    Terry Rice

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  • 34 Years of Success: How Sandra’s Next Generation Continues to Impress | Entrepreneur

    34 Years of Success: How Sandra’s Next Generation Continues to Impress | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Sandra’s Next Generation, a soul food restaurant in New Haven, Connecticut, is #56 on Yelp’s 2023 Top 100 Places to Eat in the U.S. It’s been a local staple for 34 years, with owner Sandra Pittman cooking in the same kitchen since 1989.

    Sandra and her husband Miguel have perfected their working dynamic, playing to their own strengths and supporting one another to keep the restaurant running after all these years.

    “The reason why we are where we are today is because we really divide and conquer. He has his role. I have my role. And we respect each other’s role,” Sandra said.

    “When you speak about the restaurant business, the reason why it’s so challenging and it’s forever changing is because it has so many moving parts. And all the parts have to work together as a unit. And I guess that’s part of our success of being in business for 34 years,” Miguel added.

    While solidarity seems to be the secret sauce at Sandra’s, the owners are well aware that their customers expect exceptional food, atmosphere, and service when they visit.

    “You are only as good as your last meal because the people, they’re gonna remember the last meal. So as a business owner, you have to be on the top of your game,” Miguel said.

    According to Yelp reviewer and community manager Alex T., the Pittmans are hitting the nail on the head: “It’s pretty amazing. The second you walk in, you can just feel the vibe and the energy of Sandra’s Next Generation. You are gonna smell so many delicious scents and flavors.”

    Those welcoming aromas are all thanks to Sandra’s 84-year-old mother, who passed down her recipes. However, like many family recipes, there was a history and meaning behind them that Sandra had to discover before she could fully appreciate the legacy she was preserving.

    “As a little girl, I used to always hear my mom’s stories about how hard she worked on a farm growing up, working from sunup to sundown, and how she would raise her own sweet potatoes. She talked about all these stories, but they didn’t really connect to me because I never had an opportunity to really see it until I actually went to the South when I was 16 years old and saw the cotton fields and saw how they grew their vegetables. It connected with me then—just to be able to share her recipes and keep her inspiration going and just keep her fight going. Let her know that everything that she did wasn’t in vain.”

    That fight and inspiration from her mother’s history translates into everything Sandra wants to provide for her customers.

    “When people come, I want them to feel the vibes. I want them to be inspired. I want them to know that any dreams that you have, it doesn’t matter how big it is, you have to believe that you could do it. You have to fight. You have to get up every single day with a mindset. The mindset is everything, no matter what, because there’s gonna be many failures in your life. Where we are today is because of our failures. You can’t quit. You gotta get up. You just gotta keep on going.”

    Restaurants and businesses in any industry can learn more from Sandra’s story, including:

    • Being authentic while also mixing it up. Providing a traditional experience or genuine recipes doesn’t mean you can’t get creative. Explore the trends in your industry that you can incorporate to wow current customers and attract new ones.
    • Becoming a force for good in your community. “Be the change you want to see” can apply to a nation or a neighborhood. Your local business serves a community, so uplifting that community and being a positive influence can be a boon to revenue and everyone around you.
    • Intentionally hiring and supporting your staff. Motivating your team and leading with honesty and empathy highlights the humanity of your business. Everyone has bad days, but if they work in an understanding environment, they’ll be more likely to show up for you and give you their best.

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

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

    Emily Washcovick

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  • The Surprising Entrepreneurial Lesson I Learned After My 5 Year Old Cut My Hair Against My Will | Entrepreneur

    The Surprising Entrepreneurial Lesson I Learned After My 5 Year Old Cut My Hair Against My Will | Entrepreneur

    When my 5-year-old daughter and I got hit with a virus, I moved my clients and we kept her home from camp. With canceled appointments and a mini-me to entertain, I decided to turn our now-free afternoon into a “pretend” trip to the beach. I packed the essentials — towels, books, snacks and drinks for our excursion, which was really a trip to our backyard. My daughter packed books, markers, paper, detangler, brushes, hair clips, ponytail holders and whatever else she could fit into her backpack. Our “pretend” beach day quickly transitioned into a full-blown salon extravaganza.

    Now, before I go any further, I have to say this kiddo has an uncanny knack for hair styling. Her colorful and innovative creations with accessories would make any fashionista proud. One time, she managed to arrange her hair clips in such a way that it looked like she was wearing a headband. Only upon closer inspection, could you see her clever assortment of tiny clips. Over the past year, doing her hair, and my own, has become one of her most cherished creative outlets.

    Related: How Employers Can Help Working Parents Navigate Back-to-School Season

    So there we were, enjoying the fresh air, reading books and eating ice pops, when she wanted to play salon and style my hair. She used several hair ties to complete my look and took a picture of her masterpiece on my phone. I was in the middle of telling her how hard I could see she worked on my ponytail, and complimenting her photography skills, when out of nowhere, I heard snip.

    My heart skipped a beat, and I slowly turned around to face the aftermath.

    “Love, did you just cut mommy’s hair?

    I saw my hair in her hand and watched it fall off the scissors as she said, “yes.”

    I could have interrogated her, demanding an explanation for this unexpected haircut, but I thought about the prompts I’ve learned to use from the child psychologists I follow on Instagram. Instead of asking why she did what she did, I simply asked “What were you thinking when you cut mommy’s hair?” in a genuinely curious tone.

    Without missing a beat she said, “I was thinking your hair would look better one inch shorter!” Talk about a phenomenal answer.

    I had to hold back my laughter because while I appreciated her artistic flair and her opinions about my hair length, we needed to have a meaningful conversation about the incident and why we couldn’t repeat it. One day when she’s older, I’ll gladly share my own bang-cutting escapades from when I was her age, but I left out those details, so she doesn’t go after her baby sister’s curls anytime soon.

    We packed up our things and went back into the house. As I reflected on the incident, this unexpected curveball got me thinking about the way we handle mistakes in our professional lives.

    How often do we find ourselves exclaiming, “Why did you do that?” after someone has made a mistake? What if he swapped that with, “What were you thinking?”

    No, this isn’t an invitation to engage in a berating monologue. It’s an invitation to reflect. Just as I’ve learned from the child psychologists I follow on Instagram (I’m looking at you Dr. Becky), the reflective sense of the question, “What were you thinking?” can provide valuable insights into someone’s intentions and decision-making processes.

    In my role as a media trainer, I coach from this place often. When I review my clients’ media clips before our first session, I don’t focus on the “why” behind their choices and shame them when we meet. Instead, I urge them to share what they were thinking at the time of their interview, which allows me to understand what they were trying to achieve. This information helps me provide guidance and support, enabling them to make better choices in the future. It’s that simple shift from harsh interrogation to inquisitive that opens up a world of possibilities.

    So, the next time someone in your world makes a mistake, resist the temptation to blurt out a frustrated “Why did you do that?” Instead, approach the situation with genuine curiosity and see what revelations unfold.

    Every mishap holds the potential for growth and improvement. The “snips” and the unexpected turns are often invitations for us to grow. So the next time you’re in this situation, keep in mind that curiosity can pave the way to our next big breakthrough — and always remember, every “haircut” has a story to tell.

    Jessica Abo

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  • Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

    Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    For years, I’ve heard people say that “culture eats strategy for breakfast” — a phrase I have always found frustrating as a business leader. Not only are these words misleading, but they also perpetuate a dangerous misconception. Strategy and culture are completely dependent on one another, yet I would venture to say that more than 90% of C-suite executives fail to understand why and how the two must be integrated in the right way to drive sustainable results.

    Business strategy is essential for reaching a new, profitable growth level; it is the vision, the plan, the choices and the decisions made — the what, where, why and how much of any company.

    Company culture encompasses the values, behaviors, attitudes and standards that unite a workforce — the who and the how of any company. Culture is the sum of a workplace environment and stretches beyond the formalities of strategy. Yet to say that one is more important than the other negates the fact that strategy and culture must be thoroughly and properly integrated for a company to execute its vision in a sustainable way properly.

    Related: Why Being Profitable is a Business Strategy in Itself

    Strategy and culture are always intertwined

    Action without vision wastes time and resources. Vision (AKA strategy) without action (AKA culture) is just a dream. Of 300 executives, only 56% said they used an integrated approach to strategy and culture, while 30% said they put strategy first. Both elements of business should be developed in tandem, yet too often they remain siloed. While a strong strategy is a company’s north star, companies looking for comprehensive growth must be clear and strategic about what this growth will require of the organization’s culture.

    So, what does effective integration look like? The top three categoric enablers of change are tone from the top, communications and incentives or compensation (PWC). When properly understood and utilized correctly, an organization’s unwritten and informal cultural sentiments and norms will successfully drive change — and, therefore, enable the proper execution of the strategy — but only if both strategy and culture are interconnected.

    Businesses must understand and value the various skillsets, learning and working styles and perspectives of their workforce — then, resources must be allocated from the top down, investing in those key behaviors that are most crucial to overall company success. This is where the infamous 80/20 rule comes into play: 80% of resources should be allocated to 20% of activities, specifically, those founded on the efficacy of the overall strategy.

    However, when it is left to HR to foster culture, and the marketing and leadership teams alone handle strategy, there is little to no shared dialogue about the holistic vision for the company. In these instances, essential aspects of the business suffer — including buy-in, collaboration and cross-functional communication. It is the role of leadership to integrate strategy and culture and then enable and drive the change.

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

    Strategy must be developed based on the core strengths of its existing culture

    Every company’s unique culture lays the groundwork for an actionable strategy; culture is the raw material but is of little value if the strategy does not capitalize on its core strengths. Microsoft is known for optimizing its strategy this way following Steve Ballmer’s exit in 2014. Satya Nadella understood how to motivate and unite Microsoft’s workforce of engineers, developers and programmers to make Microsoft a better place to work. During his tenure as CEO, Nadella minimized the then-cutthroat, arrogant culture to heighten the workforce’s more explorative and empathetic growth mindset — laying the groundwork for a step change and sustainable profit growth.

    To best understand where the company’s core strengths lie (and how much upskilling may be required), leaders must run diagnostics on the culture. Then, the symptoms and limitations can be alleviated, and sources of productivity and innovation can be prioritized. A common language is essential for honing key mindsets and concepts. This language might include values, traits, value propositions, business models and capabilities — these can all be essential in nurturing cultural strengths into strategic advantages.

    In addition to identifying key strengths and building a common language, leaders must identify and engage the key drivers of change. These individuals may not be speaking from the C-suite but serve as change agents for the company. These passionate advocates should be present at all levels and represent the model behaviors for the evolution of the culture.

    Four types of change agents are essential to the process: pride builders are master motivators; exemplars act as respected role models; networkers are hubs of internal personal communication; and early adopters are earnest, curious enthusiasts for change. By modeling these attributes, change agents help spotlight and hone the strengths of the company-wide culture, making achieving company goals through strategy more possible.

    Related: If You Are Choosing Between Culture and Strategy, You’re Choosing Wrong.

    Culture must change and evolve to accommodate strategy

    Of course, both culture and strategy must be adaptable. While the two should grow together, there are times when the already established culture must adjust to better support the new strategy directing the company.

    Netflix, a company famous for its “radical reinvention,” faced this task when shifting its focus to streaming. CEO Reed Hastings took an interest in the behaviors of Netflix workers, cultivating an environment of “freedom with responsibility.” Regarding expenses (such as travel, etc.), time off and other benefits, Netflix has only one policy: “Act in Netflix’s best interest.” Hastings credits this policy for the shared trust that helped the company pivot successfully, as the freedom offered by Netflix has fostered a culture of loyalty, curiosity, and enthusiasm among its employees.

    Related: Why “Culture Eats Strategy For Breakfast” Misses the Point of a Truly Healthy Work Culture

    Microsoft, Netflix and Best Buy are prime examples of when leadership understood the critical, equal importance of strategy and culture when changing the company’s trajectory. The market capitalization of these companies had step-change increases from static baselines before the change.

    Business leaders must know which behaviors drive the best work and what fosters or hinders these actions or behaviors. Likewise, leaders should evaluate which behaviors should be eliminated and what changes are needed to do so. From there, leaders can assess the opportunities on the horizon and how best to reach them — but such a trajectory requires an interwoven approach to strategy and culture, understanding their unique importance and mutual exclusivity.

    Jack Truong

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  • How ChatGPT Can Help Marketers in Creating Effective Digital PR Strategies | Entrepreneur

    How ChatGPT Can Help Marketers in Creating Effective Digital PR Strategies | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    ChatGPT is a game-changer for marketers, particularly those working in digital PR. This innovative language model, created by OpenAI, has completely transformed the way I approach my work. As someone with years of experience in the industry, I can confidently say that ChatGPT is one of the most exciting developments I’ve seen. In this article, I’ll share my personal experience with the tool and explain how it has revolutionized my PR strategies.

    1. Identifying target media outlets

    We’ve all heard the phrase “know your audience.” However, in the domain of digital PR, it’s even more imperative to know where to interact with them. This is where the first boon of ChatGPT comes into play. It has a unique capability to identify the most apt media outlets for my campaigns. Let me explain how it does this:

    ChatGPT with certain plugins uses a multitude of data points such as:

    • Audience demographics
    • Industry focus
    • Geographic reach

    These factors inform its suggestions on the best publications, websites, influencers, and even bloggers to target. I’ve identified this approach to be remarkably efficient in making sure my messages are received by the intended audience at the ideal time.

    So, what’s the result? Higher engagement.

    How much? A cool 30% boost on average, based on my own findings. All thanks to ChatGPT. It’s a game-changer, really. Suddenly, it’s not just about spraying and praying. It’s about precision. It’s about putting your message on a silver platter, serving it right where your audience dines.

    Remember the days of manual audience targeting? I do. It was guesswork, mostly. With ChatGPT, it’s not a shot in the dark. It’s science. It’s data-driven.

    Now, here’s the part I find most delightful. It’s not merely about identifying the correct platforms. ChatGPT helps craft the message too. It’s like a seasoned copywriter, knowing what resonates with your audience. That’s gold for any marketer.

    Related: Here’s How CEOs and Millionaires Use ChatGPT for a Productivity Boost

    2. Competitive analysis and social media strategy

    In the world of marketing, it’s important to keep a close eye on your competitors. ChatGPT is a tool that can help with this by providing a detailed analysis of their PR strategies. By examining their press releases, media coverage, and social media presence, ChatGPT can extract valuable insights into their tactics, messaging and positioning. This information can be used to devise winning strategies and stay ahead of the competition.

    ChatGPT is a valuable tool for enhancing your social media strategy and complementing your PR campaigns. With ChatGPT, you can determine the most effective content for your audience and identify the platforms where they are most active. It also provides a playbook of engagement tactics that can help you win the social media game. By leveraging ChatGPT’s insights, you can supercharge your social media presence and see a healthy spike in engagement.

    3. Crisis communication guidance

    No matter how carefully we plan, crises happen. In such situations, swift and effective communication is key. ChatGPT provides much-needed assistance in navigating these tricky waters. When a crisis or negative PR event arises, it helps me craft suitable responses and strategies.

    ChatGPT helps shape the narrative in a way that is both honest and constructive. It aids in developing statements that address the issue head-on while conveying an organization’s commitment to resolving the problem.

    ChatGPT can analyze vast amounts of data, including customer feedback, to identify the most pressing concerns that need to be addressed. This ensures that the organization’s communication is relevant and resonates with its audience. Trust is critical for any organization, and it is often the most impacted during a crisis. ChatGPT helps restore this trust by crafting messages that communicate transparency, accountability, and a plan for moving forward.

    Related: 5 Ways ChatGPT Will Impact Digital Marketing

    4. Monitoring and analyzing PR campaigns

    Similar to any marketing endeavor, PR drives need to be tracked and assessed to determine their impact. Here, again, ChatGPT steps up to the plate.

    It provides insights into key performance indicators (KPIs), suggests tracking tools, and outlines methods to evaluate the impact of PR efforts. With its help, I’ve been able to hone my strategies based on data-driven insights, leading to a 20% improvement in overall campaign effectiveness.

    ChatGPT can provide insights into the sentiment, trends and public opinion surrounding a PR campaign by gathering and processing this data in real-time. It can identify positive or negative sentiments, detect emerging issues or crises and monitor campaign messaging’s reach and engagement. This data enables PR teams to evaluate the efficacy of their efforts and optimize future strategies based on empirical evidence.

    Yet, as magical as ChatGPT may seem, we must remember it’s still a tool, albeit a powerful one. It is essential that we, as marketers, review and validate the suggestions provided by ChatGPT and adapt them to our specific needs and industry context.

    ChatGPT can be a powerful tool in the world of digital PR, but it’s important to use it wisely. As the saying goes, the effectiveness of a tool depends on the skill of the person using it. With the right approach, ChatGPT can be a valuable asset for businesses looking to improve their online presence and engage with their audience.

    Pritom Das

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  • We Will Inevitably Lose Skills to AI, But Do The Benefits Outweigh The Risks? | Entrepreneur

    We Will Inevitably Lose Skills to AI, But Do The Benefits Outweigh The Risks? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    “Evolve or perish” has been the timeless principle guiding species through their journey of existence. Today, we, the Homo sapiens, are standing at a crossroads where our evolution will not be determined by nature, but by our own creation: artificial intelligence (AI). The discourse around AI has often been painted in a tone of gloom and doom, with critics suggesting that we are bound to lose essential skills to our AI counterparts, a phenomenon we can call the “ChatGPT effect.”

    Yet, as an expert in hybrid work models and AI integration, I challenge this perspective and tell my clients that having their employees lose certain skills to AI, much like the advent of calculators and the internet, is not only inevitable but also beneficial to human progress.

    Related: The Future Founder’s Guide to Artificial Intelligence

    The handwritten calculations, the lost art

    Consider this: When was the last time you performed a complex arithmetic calculation on paper? Can’t recall? That’s because calculators in the 1970s have all but replaced the need for us to manually crunch numbers.

    Sure, some people in the 1970s whined about the kids these days using these new-fangled calculators and losing their paper-based math skills. But this technological adoption wasn’t a loss, but a monumental gain. It liberated us from the shackles of tedious manual calculations, allowing us to focus on complex problem-solving, creative thinking and strategic planning — skills that truly distinguish us from machines.

    It’s as if we were once lumberjacks, hacking away at trees with axes. Then, chainsaws were invented. Did we mourn the loss of our ax-swinging prowess? No. We embraced the chainsaw because it freed us to cut down more trees, more quickly and with less effort. Similarly, the proliferation of calculators didn’t render us skill-less, but rather, skill-smart.

    The google effect: A forgetful blessing in disguise

    Moving on to the realm of knowledge, the “Google Effect” has had a similarly transformative impact. A study in 2008 revealed a trend among the younger generation to lean heavily on search engines for information, leading to a decline in memory retention. However, before we label this as a loss, let’s pause to consider the larger picture.

    Imagine you’re a chef trying to remember every recipe in the world. In the old days, without recipe books, you had to rely on your memory. With the invention of writing and cookbooks, you could outsource your memory to them. And now, with the internet, you could find any recipe in a few minutes.

    Would you rather spend your time memorizing recipes or honing your culinary skills, experimenting with flavors and creating culinary masterpieces? Just as the internet has become our external hard drive for information, it allows us to focus on creativity, critical thinking and contextual understanding.

    The ChatGPT effect: The fear of the uncharted

    The mounting anxiety surrounding the ChatGPT effect is not unfamiliar; it’s reminiscent of the initial trepidation surrounding calculators and the Google Effect. It’s the unease we feel when we teeter on the precipice of uncharted territory. The concern arises from the idea that as AI becomes proficient in tasks such as language translation, content generation and even coding, these skills might gradually become obsolete for humans.

    Imagine the revered art of translation. It’s a task that requires not just an understanding of words and grammar, but also culture, context and subtle nuances. Today, AI algorithms can translate languages with an accuracy that rivals, and in some cases surpasses human abilities. The fear is that we might lose this skill to AI. However, just as the ax-swinging prowess didn’t define the lumberjack, these skills don’t wholly define us.

    Now, let’s look at the domain of content creation. Algorithms like GPT-3 can generate articles, write poetry and even mimic human-like conversation. The fear here is two-fold: Are we about to lose our ability to write? And in the process, will we also lose the rich human touch, the emotion, the empathy that makes our stories resonate with others?

    Yet, it is crucial to remember that our value as humans lies not in rote tasks but in our unique human attributes — empathy, intuition, creativity, ethical judgment. These are the qualities that machines are far from replicating. The human touch in a piece of writing, the empathy in understanding another’s plight, the creativity in storytelling — these are irreplaceable. We need to nurture and enhance these abilities in the age of AI.

    Then there’s the world of coding, where AI is increasingly being used to write and review code. While it’s true that AI can automate some aspects of coding, it’s also opening up new possibilities. It allows us to tackle more complex problems, create more robust software and make technology accessible to a wider audience.

    Rather than viewing this as a threat, we can see it as an opportunity for enhancement and growth. Just as the calculator didn’t make us less intelligent, AI won’t make us less capable. Instead, AI can liberate us from mundane tasks, giving us more time and energy to focus on complex, creative and uniquely human tasks. We are not being replaced; we are being upgraded. We are not losing our skills; we are evolving them.

    Related: What’s the Invisible Impact of AI? The Winners Aren’t Who You Think

    The future: Composing a symphony of humans and AI amid real challenges

    The potential of AI to reshape our world is undeniable. However, it’s essential to acknowledge that along with the opportunities, AI also brings significant challenges. Misinformation, bias, even threats to human existence are concerns that need our immediate attention. Yet, the fear of losing skills to AI, while understandable, does not belong to this list of genuine threats.

    AI’s ability to disseminate information at unprecedented speeds and volumes has a darker side. Misinformation and “deepfakes” can now spread like wildfire, influencing public opinion, destabilizing societies, and eroding trust in institutions. These are real threats that require urgent action from policymakers, technologists and society at large.

    Similarly, the issue of bias in AI systems, born out of biased training data or unintentional algorithmic biases, is a profound challenge. It can perpetuate social inequalities and result in unfair outcomes in critical areas such as healthcare, law enforcement and employment.

    From a more long-term perspective, and most consequentially, there’s the existential question: Could AI, particularly superintelligent AI, pose a threat to human existence? Could we inadvertently create an AI so powerful that it might see us, its creators, as redundant or even as obstacles? This might seem like science fiction, but it’s a concern shared by hundreds of leaders in the field of AI.

    These are real, pressing issues that deserve our full attention. They require thoughtful regulation, ethical considerations and robust safeguards. However, the fear of losing skills to AI, while it may seem instinctively unsettling, is not a genuine threat.

    Losing some skills to AI should be seen not as a loss, but as an opportunity for growth and evolution. Much like the conductor doesn’t need to play every instrument in the orchestra, we don’t need to perform every task that AI can handle more efficiently. Instead, we should focus on refining the skills that AI cannot replicate — creativity, empathy, strategic thinking leadership.

    So, while we should absolutely be vigilant and proactive in addressing the real challenges AI presents, we should not let an unfounded fear of skill loss detract us from the incredible opportunities AI offers. In this grand symphony of humans and AI, we are not just performers, but composers and conductors of our future, shaping it with foresight, wisdom, and an understanding of both the risks and the rewards.

    Gleb Tsipursky

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  • The Question Every Business Owner Needs to (But Doesn’t) Ask Themselves | Entrepreneur

    The Question Every Business Owner Needs to (But Doesn’t) Ask Themselves | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    During the Great Recession, I went to an Entrepreneurs’ Organization Learning Event where the speaker changed my life. He said that all 50 of the business owners in the room were inevitably working on their biggest problems, trying to fix them. And in that treacherous economic time, we each had plenty of problems! He knew we thought about those problems all the time — at night, in the shower, while driving, on the weekends — and that we had our very best people working on them, too. All of our resources were focused on fixing problems. That’s human nature.

    The thing he said that stuck with me is simple yet brilliant: Rather than focusing on problems, we should find what is going right and put our resources toward doing more of it.

    My company followed his advice, found the thing that was going right and did more of it. It saved the company and inspired a full pivot to an even better business. That statement literally changed my life!

    Related: Want a Successful Business? Focus on These 5 Things

    Ask the right question

    If you search the internet for questions you should be asking about your business, most concern expense control, profitability and solving issues. I even queried AI, and while I got a list of 12 great questions, they didn’t include, “What is going right?”

    The company growth and execution systems used by business accelerator programs do not typically prompt entrepreneurs with this critical question. In fact, they often direct resources at identifying your largest issues — encouraging business owners to work on up to 10 issues all the time.

    Now, I am not saying that time should not be spent fixing problems. Problems that could kill the company must be addressed. What I’m asking is:

    What would happen if you spent an equal amount of time amplifying what is going right?

    Make peace with quitting

    Doing more of what is going right often gets backburnered in favor of Ms./Mr. “Fix It” and the notion of never giving up. But if quitting something in favor of doing something that produces better results grows the company, why not?

    In Annie Duke’s book, Quit, she outlines all kinds of situations where it makes more sense to quit than continue. The 336-page book has 11 chapters of examples. I am not saying you must immediately quit certain things to make space for amplifying others. But make peace with the idea that it’s okay to deemphasize some issues or put them on the back burner and turn your focus toward what is going right to see what you can do.

    Related: 7 Ways to Refocus on What’s Truly Important

    Identify what is going right

    So, what could be going right in your business? There are many possibilities:

    1. Is one product line more successful than the others?
    2. Is there a type of customer who is buying more and appreciating you more?
    3. Is there a way of delivering your product that is getting more traction than another?
    4. If you have multiple locations, is one doing better than another?
    5. Are there certain types of people who are more successful in your organization?
    6. Do some of your marketing and advertising methods perform much better than others?
    7. Is one distribution channel working better than another?
    8. Operationally, which methods of running your business are working well?

    Why not double down on these winning ways? Look for things that succeed with little effort or come naturally — things that are flywheel-ish. Intentionally apply less effort to the things that are hard to do, require a ton of effort, and feel like pushing rope in order to free up resources for doubling down on what is working.

    As you ponder this, an important tip is that the thing going right might be a small thing. So look high and low, and involve your team — because everyone sees your business from a different viewpoint. For example, let’s say you have 50 customers and three newer ones are nuts about your product. That could be one of the things you identify as going right. Ask yourself what those three customers have in common and how you can find more of them.

    Break free of the past

    Another common scenario is that something that worked well in the past just is not working well now because of increased competition or another factor. Is it time to deemphasize that in favor of something else? Just because you started that way does not mean you have to stick with it. For example, maybe retail was working well, but now your new online approach or wholesale shows more promise.

    A friend of mine runs a business in which they track what advertising source each sale comes from in a traffic log. One of the big questions that came up in my search to ask yourself was, “How do you increase sales?” This friend was always pursuing that. He continuously invested in new methods of advertising. In areas that were getting poor results, he would try to tweak the wording or ad placement. I suggested he double down on the top three sources rather than trying to improve the poorly performing ones marginally. In other words, “Why not just do more of what is working?”

    He followed that suggestion and — while that was not the sole reason for it — his company revenue has since tripled. He shared that focusing on what was going right freed up all kinds of team time because it takes less time to do more of what you know versus dreaming up new strategies and fighting the tide. It also boosted company confidence, as more customers supported the company by buying their product.

    Related: If You Focus on Problems, You’ll Only Find More Problems. Here’s How to Focus on Solutions.

    Fight your ‘fix it’ nature

    One of my favorite thought leaders, Dan Sullivan, once asked our strategic coach class, “What do you get if you work really hard on a weakness for 10 years?”

    The answer: At best, a really good weakness.

    It is hard to fight our deep-down entrepreneurial desire to identify problems and try to fix them, and it feels oddly unnatural to find the thing that is going right and do more of it. But it is worth the effort! This one question has the possibility of transforming your business and growing revenues to the next level.

    Barry Raber

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  • Why You Need a “To Don’t” List to Be a Great Leader | Entrepreneur

    Why You Need a “To Don’t” List to Be a Great Leader | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Are you one of those business owners who tend to create a never-ending stream of to-do lists? Maybe you even draw those little squares next to each task and feel a bit of a dopamine rush each time you check off another box.

    To-do lists are such simple but effective task tools for busy entrepreneurs. Of course, in today’s digital world, you might not be putting pen to yellow pad, opting instead for a scheduling or time management application. Whether high-tech or old-school, to-do lists serve a very important purpose in the life of an active business owner. They keep us on track, on task and on time.

    Many of the more organized folks among us carve out time each evening to plot the coming day and prepare their to-do lists accordingly. However, that level of systematic mapping is not for everyone. Many successful people I know maintain a remarkable to-do list in their heads and tackle these tasks as they have the time. The reality is, in one form or another, all business owners have a running to-do list. And those lists can be overwhelming at times.

    That is the dirty little secret about to-do lists. While they might feel comforting in that they allow us to gauge our progress related to our pending tasks, they mask the fact that many of those activities have no business being on that list in the first place. And when I say many, I really mean most.

    So perhaps it is time for a different kind of list.

    Related: 3 Traits Every Successful Entrepreneur Should Have

    You’re not supposed to do it all

    I had a wonderful associate at The Alternative Board, the late great Steve Davies. He was in the office one day and noticed that I was drowning in an endless sea of tasks; my exhausting to-do list was truly unrelenting. I will never forget how Steve looked me straight in the eye, pointed at my list and said, “As the CEO of a global organization, you shouldn’t be doing half of those things.” I knew he was right, but nobody had ever mentioned it before.

    Steve helped me to get things under control by insisting I put together what he called a To Don’t List. He made it really simple. And it was a pivotal moment in my leadership journey.

    Creating a To Don’t list

    Steve explained that I should keep a piece of paper or notepad in the top drawer of my desk. Then came the self-awareness part. He said that whenever I caught myself doing a task that I probably should not be doing, or that could be done more efficiently by someone else, I needed to pull out that sheet of paper and write the task down.

    I want to be clear here. The items added to my To Don’t List were not there because they were below my pay grade. They were not beneath me. They were simply tasks to which I didn’t add any particular value and prevented me from executing higher-level strategic objectives for the organization. So they were prime candidates for delegation.

    Then it was time for some reflection. Once a week or so, I was to review that list and pick one or two items just to stop doing. It was scarier and felt a little more daring than it sounds. I asked myself, who could do this better? Someone internally? Should it be outsourced? Or perhaps the task held such little value that it should be eliminated.

    This was a big step in the right direction. Slowly but surely, my To Don’t List allowed me to spend less time on the things that weren’t really important and more time on the things that required my attention. Throughout the years, it has helped me increase my productivity tremendously.

    Related: You Don’t Have to Go It Alone. It’s Time to Let Go and Let Others Help.

    Tasks for your To Don’t list

    Every business owner is different, as is what is required of them to run a thriving company. But here are some common items you might consider as prime candidates for your own To Don’t List.

    Administrative Tasks: Particularly if you have a secretary or executive assistant, consider delegating the preponderance of scheduling and routine paperwork to someone else.

    Daily Ops: Unless yours is a small business that lacks the staff to conduct day-to-day operations, like inventory or order processing, leave those tasks to your team – and refrain from micromanaging them while you are at it.

    Technology Troubleshooting & Maintenance: If you have an IT team, consider them your resident experts. They likely don’t need substantial input at a technical level, although you are likely still required strategically.

    Routine Decision-Making: Your organization needs your vision. They need your leadership. What they don’t need is for you to oversee every minor decision — delegate decision-making authority to trusted managers.

    Employee Supervision: It is not your responsibility to babysit your team. They are professionals who are capable of performing their jobs without you breathing down their necks, so let them.

    I sometimes wonder if my colleague Steve realized how positively and profoundly his simple advice on creating a To Don’t List affected me as a business leader.

    I hope it works for you too.

    Jason Zickerman

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  • Your Guide to Gaining a Competitive Edge and Succeeding as an Entrepreneur Over the Next 5 Years | Entrepreneur

    Your Guide to Gaining a Competitive Edge and Succeeding as an Entrepreneur Over the Next 5 Years | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, you must stay ahead and anticipate the future. To do this, you must refine your current skills and understand successful business practices while sharpening the most important skills you should master in the next five years.

    From recognizing potential opportunities to adapting quickly to change and maximizing resources for growth, you’ll be better equipped to take your business further than you ever imagined.

    Identifying opportunities

    Identifying potential business opportunities is critical for entrepreneurs looking to take their businesses to the next level in the coming years. Move ahead of the curve and capitalize on emerging opportunities by analyzing market trends, conducting market research to understand your customer base and leveraging data to uncover valuable insights into developing trends.

    Recognizing potential business opportunities is about realizing what’s happening in your industry and beyond. Identifying current trends can help you spot new markets or understand customer pain points that must be addressed with your product or service. Market research is a key factor, as it provides a deeper appreciation of customer needs and preferences, allowing you to create a better product or service that solves their problems.

    Develop an understanding of the competitive landscape. This is crucial to identifying potential business opportunities. Analyzing your competitors’ strategies helps you find ways to differentiate your product or service from theirs and gain an edge over them. Additionally, staying current on the latest technology trends provides insight into using technology for innovation and identifying new business opportunities.

    Utilizing data analytics tools is an entrepreneurial necessity for uncovering valuable information hidden in data sets. Data analytics give you a better grasp of customer behavior, allowing you to make more informed decisions about how best to serve them. With these combined strategies, you’re better equipped to identify potential business opportunities in the next five years and maximize your growth potential going forward.

    Related: The Entrepreneur’s Guide to Crafting a Successful Future

    Developing clear strategies

    Planning and strategizing enable you to identify opportunities, make informed decisions and maximize your growth potential. Here are some key points for developing effective strategies:

    • Analyze the current market and trends: By monitoring the market trends and competitor strategies, you can spot any potential opportunities to capitalize on. You should also consider up-and-coming technologies that could disrupt your industry to stay on top of the latest trends.
    • Set goals and objectives: Goal setting is a natural process of business. But here’s some advice: set realistic goals that are reachable within a specific timeline. Stay focused on achieving goals, and don’t get distracted by other tasks or projects. Be SMART (specific, measurable, actionable, relevant, time-phased) when setting goals. This process will ensure you have a plan of action that can be easily tracked and monitored.
    • Create a timeline: Planning out each task into specific steps with deadlines helps you focus on completing each step efficiently to reach your goal in time. This also keeps you accountable as you work toward achieving goals over time instead of getting overwhelmed by tackling everything at once.
    • Develop an implementation plan: Once the timeline is set, create an implementation plan detailing each step in the process and any resources or risks involved. This detailed plan will help minimize surprises along the way, which can lead to delays or unnecessary costs.
    • Monitor progress: Regularly monitoring progress allows you to make necessary course corrections quickly to stay on track toward completing your goal within the desired timeframe. It also helps detect areas where additional resources may be needed, such as hiring new staff or investing in technology solutions.

    Creating connections and building relationships

    The secret sauce to successful entrepreneurialism is connections and relationships. Establishing meaningful connections not only enables you to gain access to resources but also allows you to learn from others. Furthermore, creating solid relationships can open potential opportunities for growth and success.

    To create meaningful connections, do your homework. Research potential contacts through networking websites like LinkedIn or attend local events and conferences related to your industry. You must also use these opportunities to build relationships — engage in conversation and remain genuine and authentic.

    When building relationships, find ways of adding value to the connection. For example, providing helpful advice or referring someone else who may benefit from the connection is an excellent way of strengthening a relationship and fostering mutual trust. Additionally, it’s important to stay in touch even after the initial meeting — follow-up emails or friendly conversations over coffee can keep relationships alive and demonstrate initiative.

    Now that you’ve established a network, you must nurture it. Stay in touch with contacts regularly and help each other out where possible. For these relationships to be beneficial in the long run, both parties must be mutually invested in each other’s success — this will ensure that both sides get something out of the relationship and foster a sense of trust.

    Related: 5 Ways to Organize a New Business to Take Advantage of the Future of Work

    Adapting to change quickly and effectively

    Entrepreneurs must adjust quickly and effectively to market changes in the ever-evolving business world. First, recognize the catalysts for transformation in your industry and evaluate how these modifications will influence their operations. Designing flexible tactics and processes to handle such shifts is vital for success.

    You must keep a positive attitude and be willing to explore novel approaches. Keep up with industry news and trends. This will provide useful insight into the movements of the business landscape and customer buying patterns.

    Successful entrepreneurs understand that adapting rapidly doesn’t mean taking every chance without restraint; rather, it requires pivoting quickly without sacrificing quality or efficiency. They develop practices that enable them to make rapid choices based on real-time data points and customer feedback while staying within budgetary and timeline restrictions. You must do the same!

    Ultimately, remaining agile is imperative to succeed in a dynamic business world. By mastering essential skills — detecting drivers of change, formulating flexible strategies, maintaining an open mindset, tracking sector trends and news updates and gathering customer responses, you’ll have all the necessary tools to take your company up a notch over the next five years.

    Adam Povlitz

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  • 6 Ways to Harness the Power of Psychology for Wealth Creation | Entrepreneur

    6 Ways to Harness the Power of Psychology for Wealth Creation | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In entrepreneurship, success and wealth are often seen as the ultimate markers of achievement. However, it is essential to recognize that true success is not merely measured by monetary gains but by a profound sense of fulfillment and well-being.

    Positive psychology, a transformative approach to personal and professional growth, holds the key to unlocking your full potential and creating a life of abundance. In this article, we will explore how positive psychology can guide you on your journey to wealth and success, empowering you to build a prosperous business and a life of happiness and meaning.

    Related: Unlocking Financial Abundance: How Positive Psychology Can Make You a Multimillionaire

    1. The power of a positive mindset

    Positive psychology emphasizes the importance of cultivating a positive mindset as the foundation for success. Your thoughts shape your reality, and by embracing a positive outlook, you can overcome challenges, maintain resilience and attract abundance into your life. Research has shown that individuals with a positive mindset are more likely to take risks, persevere in adversity and ultimately achieve their goals.

    Cultivate optimism by focusing on positive affirmations, practicing mindfulness and reframing negative thoughts into opportunities for growth. Practice gratitude daily, as it enhances your well-being and helps you recognize the abundance that already exists in your life. Remember, wealth and success begin in the mind.

    Related: What Every Entrepreneur Can Gain From Mindfulness

    2. Embrace growth and embody resilience

    Entrepreneurship is a journey filled with ups and downs. To thrive in this ever-changing landscape, embracing growth and cultivating resilience is crucial. Successful entrepreneurs understand that setbacks and failures are not permanent roadblocks but valuable stepping stones on the path to success.

    Embrace a growth mindset, which is the belief that your abilities and intelligence can be developed through dedication and hard work. See setbacks as opportunities for learning and growth, and approach them with curiosity and a willingness to adapt. Foster a resilient spirit by building a support network, seeking mentorship and practicing self-care. Resilience is the key to navigating challenges, bouncing back stronger and ultimately achieving lasting success.

    3. Harnessing the power of emotional intelligence

    Emotional intelligence is a critical factor in building successful businesses and meaningful relationships. It involves understanding and managing your own emotions effectively, as well as empathizing with others. By cultivating emotional intelligence, you can foster strong connections, inspire trust and lead with compassion.

    Successful entrepreneurs recognize the importance of self-awareness, which involves understanding your strengths, weaknesses and triggers. By understanding yourself better, you can make more informed decisions, handle stress effectively and build authentic relationships with employees, customers and partners.

    Additionally, empathy allows you to understand the needs and perspectives of others, fostering better communication, collaboration and teamwork. Emotional intelligence not only enhances your personal well-being but also contributes to building a positive and supportive work environment.

    4. Building a purpose-driven business

    Aligning your entrepreneurial journey with a larger purpose catalyzes extraordinary success. When you are driven by a mission that goes beyond mere profit, you tap into a wellspring of motivation and fulfillment. Start by defining your values and understanding the impact you want to make in the world. What problem are you passionate about solving? How can your skills and expertise contribute to positive change?

    You can create a business that serves the greater good and provides a sense of purpose by answering these questions. When your work is aligned with your values and drive, you are more likely to stay committed, persevere through challenges and attract like-minded individuals who share your vision. Your purpose-driven business becomes a vehicle for making a positive impact on society, and as a result, financial success becomes a natural byproduct.

    Related: 9 Tips for Finding Your Life Purpose

    5. The power of collaboration and networking

    Building a successful business requires collaboration and networking. Surround yourself with a supportive network of mentors, peers and industry experts who can guide and inspire you on your path. Collaborating with others not only expands your knowledge and resources but also opens doors to new opportunities.

    Actively seek out networking events, conferences and communities where you can connect with like-minded individuals and potential business partners. Be open to sharing your knowledge and experiences and learning from others. Collaboration breeds innovation and accelerates your path to success. Remember that true success is not achieved alone but through the collective efforts of a supportive network.

    Related: Effective Networking Requires Mastering These 5 Skills

    6. Gratitude and abundance

    Gratitude is the ultimate magnet for abundance. In the pursuit of wealth and success, it is easy to get caught up in the cycle of always striving for more. However, practicing gratitude allows you to recognize and appreciate the progress you have made, the lessons learned and the people who have supported you along the way. By focusing on gratitude, you shift your mindset from scarcity to abundance, opening yourself up to limitless possibilities. Gratitude helps you maintain a positive outlook, enhances your overall well-being and attracts more positive experiences into your life. Embrace an abundance mentality, recognizing that there is enough success and wealth for everyone. When you cultivate gratitude and abundance, you attract wealth and success effortlessly.

    Positive psychology is a transformative approach that empowers entrepreneurs to create extraordinary lives of wealth, success and fulfillment. With the power of positive psychology, you can unleash your entrepreneurial potential and build a life of abundance and success.

    Brian H. Robb

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  • How Success Happened for TuneIn’s Rich Stern | Entrepreneur

    How Success Happened for TuneIn’s Rich Stern | Entrepreneur

    This week on How Success Happens, I spoke with Rich Stern, who is the CEO of the audio streaming service TuneIn. Stern has an amazing career working with some of the most disruptive media companies. I was curious to learn how he got where he is today, so we dove into his upbringing, early startups and what drives him to success. You can listen to our full conversation below, and I’ve pulled out three key takeaways.

    Personal passion over pay

    Media played a role in Stern’s life from an early age. Growing up in the Midwest, everything he knew about the world came from media. His weekends were spent all day at the movies or watching television. It pushed him to think more expansively about the world outside of Illinois and sparked a passion for entertainment that has led him to some of the top media companies including Amazon Studios, Audible and now TuneIn, which is leading the charge on the digital transformation of radio.

    Timestamp — 17:25

    Related: The Founder of a Now-Famous Candle Brand Shares Her 3 Top Success Tips

    Challenge the status quo

    Stern worked at Amazon Studios when it was first attempting to break into the film and television business, which was a pivotal moment for both Stern and the company. He was coming from a tech and product background and knew breaking into a traditional Hollywood studio would be nearly impossible. It forced Stern to ask himself who the status quo was not serving and led him to Amazon Studios, which was willing to take a chance on him.

    At that time, Hollywood’s door was also closed to Amazon, but its approach to disrupting the status quo has since completely transformed Hollywood. Now it—along with Apple and Disney—is among the largest media companies in the world.

    Timestamp — 22:44

    Related: The CEO of Gympass Shares How It’s Solving the Crisis of Well-Being in the Workplace

    With the right people, you’ll always succeed

    When Stern joined TuneIn in 2020 during the pandemic, there were a lot of unknowns. However, as people were forced to stay home, audio experienced a huge burst. People were looking for ways to stay connected. Since then, TuneIn has undergone a massive expansion on its mission to bring radio programming to nearly every device in every corner of the globe. Stern’s job has been to foster an environment where people can come together to innovate. As it continues to reinvent radio for the digital world, TuneIn’s people have taken the role of the true architects of the company’s future.

    Timestamp — 31:58

    Related: Esports Pioneer Craig Levine Shares His 3 Best Pieces of Career Advice

    Robert Tuchman

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  • How to Grow Your Business When You Have No Idea What You’re Doing | Entrepreneur

    How to Grow Your Business When You Have No Idea What You’re Doing | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business, let alone growing one, is not for the faint of heart. It takes time, patience and a lot of humility. In 10 years of owning my own business, our growing pains have had their own growing pains, but at this point, I can safely say they have transformed into gains.

    I’ve learned the hard way that expansion is a necessary step in growth, but doing so in a manner that doesn’t feel like two steps back for every one step forward has been the most challenging part for me. Growth should be an exciting process that couples a thoughtful approach with some creative bootstrapping and an unwavering “go get ’em” attitude.

    Sometimes growth proceeds only one slow step at a time, but that one step may be critical to the future of your business, so dedicate yourself to making each advancement as “right” as it can be, followed by another and then another. This will likely take some fine-tuning and adjusting. You couldn’t learn the ropes of first grade until you’d mastered kindergarten (yes, as a mom of five, parenting analogies consistently make their way into my writing!), and the same philosophy applies to business.

    Here’s how to identify focused steps to take to grow your business.

    1. Careful planning and strategic decision-making

    The importance of careful planning and strategic decision-making cannot be overestimated but is often overlooked when you’re running full steam ahead toward business growth. The last thing business owners need is wasted time on unnecessary work that could’ve easily been avoided with a little thoughtful preparation. Speaking from my own experience at the helm of R Public Relations, I decided to embrace one instrumental but utterly simple expansion strategy: finding my firm’s service niche area and sticking with it.

    The truth is, my firm and my team can do more than we actually do, but we had to start saying no to services we didn’t really want to focus on so that business growth would be in the right direction. Mine is a PR company, and yet at one point, I had more content writers and editors on staff than publicists. So I had to shift that imbalance, stay hyperfocused on our service niche and then use that very service to promote ourselves, brag about ourselves and show our potential clients how good we are at shouting the good news from the rooftops.

    Related: Why You Should Never Treat Your Business As A Side Hustle

    2. Finding your client base

    Just like I had to narrow my circle of employees and contractors to those who would most directly contribute to business growth goals, I had to zero in on the client base I wanted to feed my business by offering products and services that would most appeal to them. This step involves understanding your customers’ needs and wants — both current and future — and conducting market research to determine them. You don’t have to have a degree in data analysis; you just need to be a good listener when speaking to your clients. If you ask and show genuine interest, they’ll tell you exactly what they want from you that will keep them on your roster and, in turn, keep your business growing.

    Related: The 7-Step Guide To Finding the Right Clients and Avoiding the Ones Who Waste Your Time

    3. Setting pricing and service offerings

    I’m frequently asked, “How much should I charge for so-and-so?” You can’t stay in business if you don’t get paid appropriately for what you deliver, but just expanding your menu of offerings to bring in more revenue isn’t always (or even usually) the best route to growth. Diversification and specialization can make all the difference, so when you’re reassessing your service line, make tweaks where needed and, in some cases, eliminate some services altogether.

    In my firm’s case, we took inventory of all the feedback we received from our clients, and guess what we found out? We were providing not only more than they were asking for but much more than they were paying for! Not good.

    When we raised our prices to keep in line with costs, client demands rose in kind. I ended up with a burnt-out staff and clients with unclear expectations until I eventually realized that the trick was to scale back on extraneous services without disrupting client satisfaction. In other words, we stopped overdelivering and instead set definite and finite targets that could track both client growth and our own. We defined and set a value for our services so that we could price them properly and better manage client expectations.

    4. Understanding your market landscape

    This step could just as easily be labeled “stalking your competitors,” and there’s no shame in that. In fact, you can learn a lot from scoping out what the competition is doing and then figuring out ways to do it better or differently or with more personalization. When I was just starting out in the hospitality market, there was a “cool kid” on campus, and we wanted to be cooler. So we’d pitch to the same clients and often win — maybe based on price or our extreme commitment or a combination of both; but the point is, we learned how and what to pitch precisely by following the lead of our competition and then putting our spin on their moves.

    Continually assessing where you can stand out in your market and how you can actualize your exceptionality keeps your current clients from jumping ship and attracts new clients to the buzz you’ve created around yourself. And you can achieve this with a small team and a small budget. When I had limited amounts of both, I prioritized deepening my relationships with my clients through active listening and customization. In the process, I gained valuable insights into market preferences that allowed my firm to tailor strategies to current market trends, strengthen existing client bonds and foster new ones.

    Related: Starting a Business: How to Start a Business in 12 Steps

    5. Being passionate about what you do

    Clichéd as it sounds, truly loving your business — thriving off what you do — is the single most valuable key to business success. Clients want to work with you when you’re enthusiastic, energized and fun. When your passion for what you do is visible, it becomes a viable path to growth because people want to join you on that path, follow you on that path and share in the rewards that come from an enjoyable journey to a set destination.

    I’ll keep walking that path, recruiting fellow travelers wherever and whenever I can, because we’re all aiming for the same thing: successful, blossoming businesses that stand the test of time and evolve with an ever-evolving marketplace.

    Emily Reynolds Bergh

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  • 5 Intangible Metrics That Drive Business Success | Entrepreneur

    5 Intangible Metrics That Drive Business Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In the world of business, success is often measured by concrete metrics such as revenue, profit margins and market share. While these indicators certainly hold importance, there exists another dimension that can greatly influence the trajectory of an enterprise. It is the realm of intangibles, those elusive qualities that can make or break a company. Consider five such intangibles — enthusiasm, inspiration, creativity, connectivity and value — and how they hold the key to unlocking unparalleled business success.

    Enthusiasm: Fueling the fire within

    Enthusiasm is the driving force that propels entrepreneurs and their teams forward. It is the spark that ignites passion, fuels perseverance and cultivates an unwavering belief in one’s vision. When leaders exude enthusiasm, it becomes contagious, permeating throughout the organization. An enthusiastic workforce is one that goes above and beyond, consistently delivering exceptional results and surpassing expectations. It creates a positive work culture, attracts top talent and fosters customer loyalty.

    The energy and excitement that stem from genuine enthusiasm are invaluable assets that can steer a business toward unprecedented heights. Moreover, people who are enthusiastic about what they do and who they work with and for are likely to stay with their job, decreasing turnover and greatly helping the continuity and bottom line of a company.

    Related: The Basics of Business Success

    Inspiration: Fostering vision and purpose

    Inspiration lies at the heart of every successful venture. It is the driving force behind groundbreaking innovations, transformative ideas and visionary leadership. Inspired individuals possess a deep-rooted sense of purpose, which guides their decision-making and propels them to overcome obstacles. By fostering an environment that nurtures inspiration, businesses can tap into the boundless potential of their teams.

    Inspirational leaders cultivate a shared vision, instill confidence and encourage creativity, empowering their employees to think outside the box and embrace bold ideas. A workforce inspired by a compelling purpose becomes a formidable force, capable of achieving greatness. Great businesses can and should encourage their employees to reach beyond their daily responsibilities and share ideas and suggestions. If you limit the roles and contributions of employees, you are stifling one of your greatest assets.

    Creativity: Forging new frontiers

    Creativity is the wellspring from which innovation flows. It is the ability to think differently, to break free from established norms and to pioneer new paths. In today’s rapidly evolving business landscape, creativity is no longer a luxury; it is a necessity. Organizations that encourage and celebrate creativity create a culture of continuous improvement and adaptability. By harnessing the power of diverse perspectives and fostering an atmosphere that encourages risk-taking, businesses can unlock the untapped potential within their teams.

    Creative problem-solving, product innovation and disruptive thinking become the norm, setting a company apart from its competitors and opening doors to uncharted possibilities. Business can and should encourage creative thinking at every level. They should create opportunities and pathways for anyone to share ideas and become more vested in the success of a company.

    Related: 5 Ways to Inspire Creativity and Innovation in Your Employees

    Connectivity: The borderless advantage

    In an increasingly interconnected world, connectivity is a strategic advantage that cannot be underestimated. Building strong relationships and fostering meaningful connections is the cornerstone of business success. Networking with industry peers, engaging with customers and collaborating with partners creates a web of support and opportunity. By cultivating a robust network, businesses gain access to invaluable resources, knowledge and expertise. In the digital age, connectivity extends beyond traditional boundaries, with social media and online platforms providing avenues to connect with a global audience.

    The power of connectivity lies in its ability to amplify reach, accelerate growth and forge strategic alliances that fuel progress. Connectivity can and should start with the interworking of your business. Every employee should know and appreciate the roles and responsibilities of the people with whom they work. They should have the opportunity to engage with one another. This type of connectivity fosters appreciation, trust and support — all critical intangibles.

    Value: The currency of success

    Value creation lies at the core of every successful business endeavor. It certainly includes the ability to provide products, services or solutions that meet the needs and desires of customers. Beyond mere transactions, value is about building long-term relationships, delivering exceptional experiences and exceeding expectations. When businesses consistently deliver value, they cultivate customer loyalty, generate positive word-of-mouth and foster a sustainable competitive advantage.

    Value can manifest in various forms, whether it be quality, convenience, affordability or exceptional service. By focusing on creating value, businesses build a solid foundation for enduring success. However, value begins internally. When employees feel valued, they work harder and are more productive. When employees feel like what they do contributes value to the company and others, they feel more vested, a sense of pride and a sense of purpose. Though value is a bit intangible, it is quantifiable.

    The intangibles of enthusiasm, inspiration, creativity, connectivity and value will not show up on a balance sheet. They will not be reported on at a shareholders’ meeting. And they are, at best, glossed over in business school. But nearly every area of a company’s business success (or failures) can be traced back to one or more of these vital components.

    Related: 4 Ways to Make Value Creation Core to Your Business

    John Peitzman

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  • Why Lifelong Learning Is the Key to Entrepreneurial Success | Entrepreneur

    Why Lifelong Learning Is the Key to Entrepreneurial Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Hey there, ambitious souls! Get ready as we are about to plunge into the captivating realm of lifelong learning. I truly understand your skepticism when it comes to learning. However, embracing lifelong learning is not merely an abstract idea reserved for intellectuals; it is the powerful catalyst that drives the engines of triumph.

    Picture this: You’re an entrepreneur carving your path through the dense wilderness of the business world. Every step is crucial, and every decision is a potential game-changer. But how do you ensure you’re actually making the right moves, staying ahead of the competition and seizing each and every opportunity that comes your way?

    The answer is simple: Become a relentless knowledge seeker. Lifelong learning is your secret sauce, the ultimate key to entrepreneurial success. You’ll develop an insatiable hunger for growth that sets you apart from the pack by continuously expanding your horizons, embracing new ideas and refining your skills.

    Now, let’s get down to the nitty-gritty and explore some key habits you need to cultivate to embrace the lifelong learner within yourself:

    Related: How Becoming a Lifelong Learner Is a Must If You Want to Achieve and Maintain Success

    1. Curiosity: The catalyst for innovation

    “Fueling the fire of curiosity”

    Curiosity killed the cat? More like curiosity launched a thousand startups! Curiosity drives innovation, propelling entrepreneurs to explore uncharted territories, question conventional wisdom and identify hidden opportunities. Embrace your inner inquisitor, and let curiosity fuel your journey to success.

    2. Embrace failure: The sweet taste of experience

    “The roller coaster of failure”

    Failure. That dreaded word strikes fear into the hearts of many. But guess what? It’s time to reframe your mindset. Failure is not the end; it’s merely a stepping stone toward greatness. Embrace failure as a valuable teacher, extracting every ounce of wisdom it offers. Learn from your mistakes, adapt, and come back stronger. Remember, every successful entrepreneur has stumbled, but they’ve used those setbacks as springboards to greatness.

    3. Networking: Your golden ticket to success

    “Building bridges, not walls”

    Perhaps you are already familiar with this idea, but it is crucial to emphasize: Achieving success as an entrepreneur is not only subject to your expertise but also to the connections you foster. Cultivating a robust network of like-minded people is fundamental to realizing entrepreneurial goals. Essential steps in this journey include attending conferences, joining industry groups and actively participating in a community that shares your enthusiasm. Engaging in collaborations, mentorships and partnerships will uncover unexplored prospects that will propel you toward remarkable accomplishments.

    Related: Why Lifelong Learning is the Key to Entrepreneurial Success

    4. Embrace technology: The future beckons

    “Harnessing the digital revolution”

    Entrepreneurial success is not a destination; it’s a lifelong journey. Invest in yourself through continuous self-development. Explore mentors, immerse yourself in books, engage with podcasts, and participate in seminars to expand your knowledge and enhance your abilities. Remember that personal development is a hidden advantage, enabling you to adjust to dynamic situations, conquer challenges and transform into your optimal self.

    5. Adaptability: The shape-shifting superpower

    “Embracing change with open arms”

    In the ever-changing landscape of entrepreneurship, adaptability is your superpower. The ability to pivot, embrace new ideas and navigate uncharted waters sets successful entrepreneurs apart. Stay flexible, constantly monitor industry trends, and be willing to adjust your strategies accordingly. Adaptability is the real key to survival in the wild business world.

    6. Time management: Mastering the art of productivity

    “Taming the time beast”

    Time is that elusive beast that can either be your greatest ally or your worst enemy. Developing expertise in time management is essential for achieving entrepreneurial success. Give priority to your tasks, remove distractions, and concentrate on impactful activities. Keep in mind that productivity is not determined by the amount of time you particularly dedicate to work but rather by the efficiency with which you employ your time.

    7. Emotional intelligence: The X-factor of leadership

    “Leading with heart and mind”

    As an entrepreneur, your success not only depends on your core technical skills but also on your ability to connect with others. Exceptional leaders are set apart by their possession of emotional intelligence, which involves comprehending and controlling one’s emotions while demonstrating empathy towards others. To develop this crucial attribute, it is important to cultivate self-awareness, engage in active listening and foster meaningful relationships. Your team, customers and stakeholders will respond positively to a leader who leads with heart and mind.

    Related: Why Continuous Learning Is Critical for Entrepreneurs and Their Teams

    Congratulations, my fellow entrepreneurs! By embracing the power of lifelong learning and practicing these essential habits daily, you’ve unlocked the door to unimaginable success. Always bear in mind that the expedition has no end. Maintain your appetite for knowledge, nurture your curiosity, and relentlessly challenge the limits of your potential. Thus, venture forth and triumph, equipped with wisdom, perseverance and an unwavering resolve to make your presence felt in entrepreneurship. Embrace the hard work, seize each opportunity that comes your way, and recall that being a lifelong student is not merely an option; it is the sole path to flourish in the thrilling roller-coaster journey of entrepreneurship.

    Now, get out there and let the world witness the unstoppable force of a lifelong learner turned entrepreneurial powerhouse. The future is yours for the taking!

    In an ever-evolving world, embracing the role of a lifelong learner acts as a stabilizing force, anchoring you while propelling you forward. It unlocks your complete potential, ignites your creativity and empowers you to overcome any obstacles you encounter. So, wholeheartedly embrace the pursuit of growth, nurture your curiosity, and make lifelong learning an unwavering commitment. Always remember success is never guaranteed, but by adopting the mindset of a lifelong learner, you position yourself as an unstoppable force.

    As you embark on this transformative journey, bear in mind the timeless words of the visionary entrepreneur Henry Ford: “One who ceases to learn becomes old, whether at twenty or eighty. Anyone who keeps learning stays young.”

    Stay young, stay hungry, and let the power of lifelong learning guide you to entrepreneurial greatness! Now, it’s your turn to share. What habits do you practice daily to fuel your entrepreneurial success? How has lifelong learning transformed your journey?

    Chris Kille

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  • Leadership Qualities the Most Successful Small Business Owners Share | Entrepreneur

    Leadership Qualities the Most Successful Small Business Owners Share | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Small business owners are the backbone of the global economy, driving innovation, creating jobs and contributing to the overall growth of communities. In fact, more than 90% of the business population in the United States represents small and medium-sized businesses.

    While every entrepreneur has a unique journey, there are certain qualities that the most successful small business owners share. These qualities play a crucial role in their ability to overcome challenges, adapt to market changes and, ultimately, thrive in their ventures. Let’s explore a few key qualities that differentiate the most successful small business owners from the rest.

    Related: The 5 Qualities of Superior Entrepreneurs

    1. Vision and strategic thinking

    Successful small business owners possess a clear vision of what they want to achieve. They have a long-term perspective and can see beyond immediate challenges. They understand their industry, the market and their target customers, enabling them to make strategic decisions that align with their goals. These entrepreneurs are adept at identifying trends, recognizing opportunities and capitalizing on them. They have a keen sense of innovation and are not afraid to think outside the box. They constantly seek ways to differentiate themselves from competitors and create unique value propositions that resonate with their customers. Furthermore, successful small business owners understand the importance of setting achievable goals and creating a roadmap to reach them. They break down their vision into actionable steps, set milestones, and regularly evaluate their progress. This strategic thinking allows them to stay focused, make informed decisions and adapt their plans as needed.

    When strategizing your long-term goals, bring in outside perspectives to inspire new ideas. Whether you have a board or other leaders in your network, informal brainstorming or quarterly meetings can ensure you’re on the right track with your vision. Guidance from a business coach or mentor may also be helpful. The bottom line is to lay a clear foundation for your projected growth.

    2. Resilience and perseverance

    Resilience and perseverance are two fundamental qualities that are essential for small business owners to have in order to navigate the ups and downs of entrepreneurship. Building a business from scratch is rarely a smooth path. It involves overcoming numerous obstacles, setbacks and failures along the way. The most successful small business owners possess a relentless determination to persevere through these challenges. They understand that setbacks are learning opportunities, and failure is not the end, but a stepping stone to success. They embrace adversity, learn from it, and adjust their strategies accordingly. These entrepreneurs possess a strong belief in their vision and are willing to put in the hard work and dedication required to turn it into a reality. Their resilience allows them to bounce back from failures, adapt to changing circumstances, and ultimately thrive in the face of adversity.

    A startling 50% of small businesses will fail in the first five years, but that doesn’t necessarily mean it’s smooth sailing after that. The pandemic shuttered more than 200,000 businesses permanently, so it’s imperative that you’re able to quickly pivot, regardless of what’s thrown your way.

    3. Strong leadership and communication

    Effective leadership is a crucial quality for small business owners. They must inspire and motivate their teams to work towards a common goal. Successful small business owners lead by example, demonstrating integrity, dedication and a strong work ethic. These entrepreneurs understand the importance of effective communication. They are skilled at conveying their vision, values and expectations to their employees, customers and stakeholders. They foster a culture of open communication where ideas are encouraged, feedback is valued and collaboration is promoted. Furthermore, successful small business owners understand the significance of building and maintaining relationships. They know how to connect with customers, build trust and deliver exceptional customer service. They also recognize the value of networking and establishing partnerships with other businesses in their industry. Their ability to build strong relationships contributes to their overall success.

    To continue to deepen your leadership skills, regularly educate yourself and seek outside leadership experts. Read books like Dare to Lead, listen to podcasts like Coaching For Leaders and sign up for development training and tool programs like T.H.R.I.V.E.

    Related: 22 Successful Entrepreneurs Share What Inspires Them to Keep Going

    4. Continuous learning and adaptability

    The business landscape is constantly evolving, and successful small business owners recognize the need for continuous learning and adaptability. They stay informed about industry trends, emerging technologies and changes in consumer behavior. They invest in their own personal and professional development, seeking out knowledge and skills that will benefit their business. Moreover, these entrepreneurs are not afraid to adapt their strategies when necessary. They are open to change, embrace innovation and are quick to recognize when something is not working. They are constantly looking for ways to improve their products, services and operations to stay competitive in the market.

    The National Federation of Independent Business Research shared a study that shows small business owners’ biggest issues of 2023 to be inflation, supply chain issues and difficulty filling jobs. The challenges small business owners face are multifaced and dynamic; successful leaders must be ready to tackle these challenges head-on. Regardless of what the year is, the journey of a small business owner is filled with challenges, but the most successful owners possess certain qualities that set them apart — and the ones I outlined here are the foundation upon which successful businesses are built. By embodying these qualities, aspiring small business owners can increase their chances of success and navigate any challenge that comes their way.

    Mark Kravietz

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