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Tag: Success Strategies

  • How to Stop Procrastinating and Get Things Done | Entrepreneur

    How to Stop Procrastinating and Get Things Done | Entrepreneur

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    How familiar is this scenario? You have a stressful work assignment that needs to be completed by EOD, but before you engage, you check your email for the fifth time in 15 minutes, scroll through Instagram, and maybe even listen to your favorite podcast.

    Welcome to the not-so-wonderful world of procrastination. We’ve all been there, and it’s nothing new. Humans have been procrastinating for thousands of years. The ancient Greek philosophers Socrates and Plato had a different word for it — Akrasia— but it still meant the same thing.

    Procrastinating is delaying or postponing a task you know needs to be done. The end result is often regret, depression, and self-loathing. So why do we do this to ourselves? And what can we do to reverse the bothersome trend?

    Related: Are You a Procrastinator? Here’s How to Beat it With Biohacking

    Why we procrastinate

    First, to understand the real reasons we procrastinate, let’s debunk the #1 myth about why we do it in the first place: Because we’re disorganized.

    Not true. “Procrastination is not a time management issue. It’s an emotional management issue,” says Petr Ludwig, author of The End of Procrastination: How to Stop Postponing and Lead a Fulfilled Life. In other words, we procrastinate because of how we feel about the task, not because we’re bad at making to-do lists.

    In an exclusive interview on the Write About Now Podcast, Ludwig shared his science-backed insights on why we procrastinate and the helpful tools we use to combat it.

    He argues that the real reasons we put things off are a lack of intrinsic motivation, willpower, and fear of failure.

    Lack of motivation

    Many of us feel a lack of purpose at work. In a post-pandemic world amidst a global economic crisis and political turmoil, feeling inspired about the world can be challenging — much less your job.

    “We are not motivated at work because we don’t believe in what we are doing,” explains Ludwig. “If you are working on a project and you lack purpose, it’s truly difficult to stay motivated.”

    The result is escaping from the stress and effort of a particular task by doing something you know you shouldn’t do. As the great American writer Mark Twain once joked, “Never put off till tomorrow what may be done the day after tomorrow just as well.”

    Fear of failure

    Another reason we procrastinate is because we’re anxious, often irrationally, that the result of our work might not be well received. “We are often so scared of failure that we are unable to start,” says Ludwig.

    Lack of willpower

    When faced with big demands or stressful situations, our willpower often diminishes, making it more challenging to resist the lure of social media, video games, and other procrastination tools.

    How to stop procrastination

    Rekindle your purpose

    As we noted earlier, procrastination points to a larger problem that you lack overall purpose in your life, so it may be time to get it back. Ludwig encourages you to think about the activities that you truly enjoy doing in your life and the tasks that make you feel the most fulfilled.

    “At work, ask yourself what your strengths are and how you can deploy those strengths on a daily basis,” he advises. “Those are small steps that can improve your daily life because the more intrinsic motivation you have, the more often you are in what is called a state of flow. You enjoy the process. Time stops for you.”

    This state of flow, he says, is the exact opposite of procrastination because when you’re doing something meaningful, you’re more likely to have positive emotions.

    Enjoy the path, not the destination

    Ludwig encourages people to focus more on the journey than the end goal.

    “The process is the best solution for fighting procrastination because when you enjoy the process, you love what you are doing and won’t postpone it.

    Break big tasks into smaller tasks

    Sometimes just the overwhelming nature of a task you dread doing can be paralyzing.

    Overcoming this paralysis often involves breaking down the task into smaller, more manageable steps, making it feel less overwhelming and more attainable.

    This is what Ludwig describes as emotional management. “Your very intense negative emotion towards the task goes down, and your willpower kicks in,” says Ludwig. “Stronger willpower also leads to greater satisfaction because when we manage to prioritize better, the centers of rewards in our brains are activated, dopamine is released, and we experience positive emotions.”

    Cut yourself some slack

    Next time you catch yourself procrastinating, practice a little compassion instead of beating yourself up about it. “Self-forgiveness” is a helpful strategy in fighting procrastination, says Ludwig.

    He points to a study done at Carlton University in 2009, in which 119 first-year students were asked to complete measures of procrastination and self-forgiveness immediately before two midterm exams. Results revealed that the students who forgave themselves for procrastinating in prepping for the first exam were less likely to procrastinate in studying for the second exam.

    “Sometimes it’s just about forgiving ourselves and starting again,” Ludwig says.

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    Jonathan Small

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  • How to Effectively Delegate at Work and at Home | Entrepreneur

    How to Effectively Delegate at Work and at Home | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’m about to let you in on a little secret that will revolutionize your life: the art of delegation. As a partner at a digital marketing start-up, I’ve learned a thing or two about juggling tasks at work and at home. Trust me, it’s more challenging than it sounds.

    But fear not, because I have some eye-opening statistics to back up the power of delegation. So, let’s dive in and discover how delegation can transform your life.

    Related: 5 Tips to Master the Delicate Art of Delegation

    Delegate at work: Less stress, more success

    Running a digital marketing agency is like herding cats, except the cats are actually clients, and your sanity is on the line. So, what’s the secret to keeping your cool while juggling a gazillion tasks? Delegation, my friend. Here are a few tips to master the art of delegation in the workplace:

    1. Recognize your superpower: Did you know that organizations with high employee engagement experience 17% higher productivity, 20% higher sales and 21% higher profitability compared to those that don’t prioritize engagement? (Gallup) That’s why it’s crucial to know your strengths and weaknesses. Delegate tasks that aren’t your cup of tea to team members who excel at them. After all, you can’t be a master of everything, unless you’re Batman, but he’s got Alfred.

    Delegate with confidence and empower your team members to shine. Trusting them to handle their responsibilities reduces your workload and fosters their engagement and growth within the organization. It’s a win-win situation.

    2. Communication is key, and so is laughter: Studies show that 79% of employees feel undervalued and unappreciated at work. When delegating tasks, be crystal clear about expectations, deadlines and deliverables. But remember, humor is the secret sauce. Inject some wit into your instructions to keep the team engaged and motivated. Memes, puns and funny GIFs can turn even the most mundane tasks into laugh-inducing adventures.

    Effective communication ensures that tasks are completed accurately and on time and creates a positive work environment. Laughter and humor can boost team morale and foster a sense of camaraderie, leading to increased job satisfaction and productivity.

    3. Trust the force, Luke: Employees who feel empowered to make decisions are 4.6 times more likely to be engaged in their work. Delegation is a two-way street. Trust your team members to handle their responsibilities. Micromanaging is so last decade. Give them the freedom to shine and watch the magic unfold. Plus, it frees up your time to binge-watch The Bachelor (I may or may not do this with my wife).

    Trusting your team not only empowers them but also allows you to focus on strategic decision-making and higher-level tasks. By delegating effectively, you create a culture of trust, accountability, and continuous growth within your organization.

    Related: 7 Rules for Entrepreneurs to Delegate Effectively

    Delegate at home: Unlock your inner couch potato

    Life outside work can be just as chaotic, if not more. So, how can you delegate tasks at home without starting a revolution? Here’s the scoop:

    1. Recruit the mini-bosses: Americans spend around 1 hour and 43 minutes per day on household activities. Got kids? Congratulations, you now have a team of mini-bosses ready to delegate tasks to! Teach them the art of responsibility early on. Delegate chores, such as feeding the pets or taking out the trash, and reward them with ice cream (or extra screen time, if you’re feeling generous).

    Getting your children involved in household tasks not only lightens your load but also teaches them valuable life skills and instills a sense of responsibility. It’s a great opportunity for them to contribute to the family and develop a strong work ethic.

    2. Embrace the lazy genius: Hate cleaning? Who doesn’t? Did you know that women spend more time on household activities than men, with an average of 2 hours and 17 minutes per day compared to men’s 1 hour and 7 minutes? Delegate those pesky chores to professionals. Hire a cleaning service or make your kids believe in fairy godmothers who transform into vacuum cleaners. It’s all about creating a magical experience.

    Investing in professional cleaning services saves you time and effort and ensures a clean and organized living space. It’s a small price to pay for the luxury of enjoying a spotless home without lifting a finger.

    3.. Share the kitchen love: Cooking can be a never-ending chore. Why not delegate it to your partner? Studies have shown that couples who share household responsibilities equally report higher relationship satisfaction and a lower risk of divorce. It’s like a culinary adventure where you get to play the judge (and enjoy delicious meals without lifting a finger).

    Sharing kitchen duties not only relieves the burden of cooking but also strengthens the bond between partners. It’s an opportunity to collaborate, try new recipes, and create memorable experiences together.

    Related: Why Most Entrepreneurs Aren’t Delegating Effectively

    Find balance in chaos

    Now that you’ve mastered the art of delegation at work and home, it’s time to bask in the glory of your newfound balance. Delegation isn’t just about getting others to do stuff for you; it’s about freeing up your time to focus on what truly matters. It’s about finding the delicate balance between work, family, and self-care.

    Remember, life is too short to be overwhelmed with tasks. Embrace delegation, inject humor into the process, and create an environment where everyone thrives. By delegating effectively, you can reduce stress, increase productivity, and create a harmonious work-life integration that brings joy and fulfillment.

    Related: 5 Reasons Why Delegation is a Must for Entrepreneurs

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    Ron Sheth

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  • How to Embrace the Unknown and Pivot Your Business | Entrepreneur

    How to Embrace the Unknown and Pivot Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For business leaders navigating the realities of our economy today, drafting a business playbook may seem more like a game of darts than an absolute science. In fact, against the backdrop of several recent bank failures, it’s becoming increasingly difficult for business owners and executives to tell which way is up when it comes to setting near-term priorities, leaving many to wonder how to adapt to a future that is itself continually fluctuating.

    Thankfully, amid all this uncertainty lies opportunity. As we set our sights forward, companies across industries are facing a unique opportunity to reimagine existing processes with an eye for value on the road ahead. By embracing the great unknown and remaining agile to the needs of stakeholders, executives can better identify new strategies that allow them to not only survive but thrive during this period of volatility.

    Related: What Makes a Business Agile? And How Can You Achieve It?

    Agility at work

    Truthfully, some of the world’s best innovations were born out of a need to pivot. The most challenging times can enable the kind of creative, critical thinking that can shift the trajectory of an entire company. When the pandemic hit, our response was guided by two principles: protect the safety and well-being of our people and continue to be there for and delight our customers.

    In that year of uncertainty, we doubled down on our efforts to help our talent thrive even when facing the unknown. Our “Be Great from Anywhere” campaign kicked off in early 2020 with intensive management training to facilitate that unprecedented paradigm shift in the workplace. Our technology teams sprang into action to implement a 100% virtual policy. Virtual support systems and communities quickly emerged.

    Based on feedback, we witnessed a material jump in employee satisfaction. Our annual satisfaction survey results nearly doubled from 2019 to 2020. Since then, we’ve also seen year-over-year improvement in manager effectiveness.

    This challenge encouraged us to change because we had to; we were solving a problem in the moment. It also affirmed the need to reinvent ourselves proactively — regardless of external circumstances — so we’re prepared to meet the changing needs of customers and employees. When we work within a continually evolving framework, it’s easier to shift gears quickly when it matters. When innovation is centered on delighting customers and employees, you can’t go wrong.

    In the world of business, the clock never moves backward, and you don’t want to be left behind as the world moves on without you. Accordingly, when drafting your business playbook, keep agility in mind as you consider these three dos and don’ts.

    Do: Keep innovating in the face of uncertainty

    Despite the many changes happening both at and outside of work, innovation should not get lost in the shuffle. On the contrary, it’s in times of great uncertainty that stakeholders need new and differentiated services the most.

    With this in mind, business leaders should expect emerging technologies to become an increasing priority now and in the future — with companies racing to meet the evolving needs of consumers in more efficient and effective ways. In the pandemic example above, not only did we leverage new technology to address the issue, but that exercise also helped us transform the way we thought about the relationship between technology and work for the future.

    Of course, from advancements in data mining to breakthroughs in artificial intelligence and machine learning, it can admittedly be difficult for business leaders to navigate the sheer number of disruptive technologies available at their disposal.

    Don’t be overwhelmed. By thoughtfully considering each new technological integration on a case-by-case basis — with a laser focus on which provides you and your customers with the most value — companies can ensure they’re staying ahead of the curve without compromising execution or resource efficiency in the process.

    Related: How to Embrace Uncertainty, and Create a Culture of Innovation

    Do: Prioritize the needs of your team

    When setting a big-picture strategy, don’t forget to consider how the decisions you make can impact the people around you — most notably your team. Having a bold vision for the future is essential, but if you’re not communicating it properly and taking them on the journey with you, you’re only going to create confusion that contributes to stress and frustration among your employees — reducing the likelihood of executing on your vision.

    Particularly as concerns over work-life balance and job security reach all-time highs around the world, leaders can no longer depend on their teams to follow them wherever they go. On the contrary, if companies hope to retain their employees and inspire them with a shared vision of the future, they must be willing to earn it first — which will increasingly require careful attention to transparency, delegation and empathy whenever decisions are made from the top down.

    Don’t: Let cybersecurity fall by the wayside

    One of the biggest myths in cybersecurity is that a business can be considered “too small” to need it. Let me be clear: This is not the case. As the rate of ransomware attacks and other cybercrimes increase around the country, companies must be willing to take precautionary — instead of reactionary — measures to cybersecurity protection or risk suffering the consequences for their indifference.

    Simply having an IT provider won’t be enough. Today more than ever, companies of all sizes must act swiftly in order to audit existing systems for potential vulnerabilities. With the global annual cost of cybercrime predicted to reach a staggering $20 trillion by 2026, time is of the essence — and any red flags you address today could potentially save millions in averted crises tomorrow.

    Related: Cybersecurity Is No Longer An Option. Your Money Is in Immediate Danger.

    Final thoughts

    At any time of year or point in the planning process, companies may feel compelled to reevaluate their annual strategies in the face of profound social and economic transformations in our society. While this may seem like a daunting prospect at first glance, it doesn’t necessarily have to be. Rather, by taking a glass-half-full approach to the road ahead and leaning into uncertainty, business leaders can remain agile and optimistic, consequently positioning them to find opportunities where others do not.

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    Matt Enyedi

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  • 3 Success Tips for a Career in Esports | Entrepreneur

    3 Success Tips for a Career in Esports | Entrepreneur

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    This week on How Success Happens, I spoke with Craig Levine, co-CEO of ESL FACEIT Group. He’s had a two-decade-long career in esports, and I was curious to find out about his path into competitive gaming, lessons learned from helping to build a nascent industry into a global phenomenon, the challenges of capturing the attention of young fans and where he thinks esports is headed. You can listen to the full conversation below, and I’ve pulled out three key takeaways. I hope you’re as inspired as I am by Levine and his career advice.

    1. Make your passions work for you

    Levine’s life is rooted in video games, from playing Nintendo as a kid in Long Island, New York, to playing games competitively and, today, running one of the world’s leading esports and video game entertainment companies. His interests set the stage for his career, even at a time when the esports business didn’t exist in the U.S.

    The lesson? Find ways to bring your passions into your business. This allows you to target like-minded employees and bring enthusiasm to the workplace — and will inspire you to always search for ways to improve your industry and your company.

    Timestamp — :30-4:55

    2. “Revenue follows relevancy”

    Levine wasn’t just starting a company; he was pioneering an industry. However, he and his team saw the beginnings of fandom around competitive gaming and a market opportunity as the audience grew.

    Levine and colleagues at ESL coined a phrase that would remain their North Star: “Revenue follows relevancy.” To turn the corner, both in esports and traditional industries, you need to establish your brand as a first-mover and a market leader. That brand awareness drives growth and, eventually, success.

    Timestamp — 14:55-16:00

    3. Play the long game

    Levine admittedly didn’t have much of a plan when he stepped into entrepreneurship as the owner of Team 3D in his freshman year of college. As time went on, though, his ambitions grew, and in 2013, ESL filled a sports arena for the first time during a tournament in Katowice, Poland.

    Vision and a commitment to what the industry could look like allowed him, about 11 years after founding Team 3D, to cement his place in the pantheon of game-changers in esports. Conceptualizing your business’ future is just as important as in-the-moment decision-making and reflection on success and mistakes.

    Timestamps — 16:12-25:12, 31:49-33:57

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    Robert Tuchman

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  • 3 Secrets to Streamlining Your Accounts Payable Process | Entrepreneur

    3 Secrets to Streamlining Your Accounts Payable Process | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s a common mistake made in adolescence: bleaching one’s hair to look unique. Those who achieve the envisioned look are few and far between, as the proper at-home technique evades most of us, leaving us to tell the tale of a period in life during which we sported preposterously orange hair.

    Thankfully life grants us wisdom (and a collection of funny stories) as we age. We learn that nailing a unique vision requires tremendous study, discipline and teamwork. It takes time to create something distinctive. And gaining wisdom doesn’t mean you have to lose your flair for the unique: it just means you’ve got a better eye for the solutions and processes that’ll get you to your goal.

    While hair couture is a fascinating topic — and apropos to leaving a distinctive mark on the world – today I’d like to take a look at one of the fundamental elements behind creating an exceptionally successful business: the Accounts Payable (AP) process. Leveraging the right AP solution that perfectly aligns with your business’s unique vision and resources will ensure your company grows without compromising its individuality.

    Related: How to Master Bookkeeping for Your Business Without an Accounting Degree

    Why choosing an AP solution that aligns with your vision is a must

    The urge to start or run a business stem from a creative place. Thankfully, the fundamental processes that run a business have come a long way, making it more possible than ever to make entrepreneurial visions a reality. The Accounts Payable process is one such fundamental element of a successful venture. Accounts Payable (AP) tracks and monitors the expenses owed by a company to its suppliers and vendors, which is crucial in managing the overall budget.

    Each business has unique needs — and the AP process should suit their individual situation. Top-rated automation solutions for AP allow organizations to do the tailoring they need. For example, multisite organizations — like in the construction business or the B2B service industry — would benefit from Cloud-based Accounts Payable automation, as this allows for the capturing, processing, approval, and payment of invoices from any approved device at any location, with multiple and complex validation rules and routes (if you’ve worked on a construction project before, you know there’s often a lot of movement amongst sites). Additionally, Cloud-based AP automation can track and reconcile orders, retention status, and lien waivers as they flow in from vendors, subcontractors and suppliers.

    Another example of industries that thrive with customizable AP software is the industries where maximizing customer-facing time is key for satisfaction and business growth. In a fast-moving restaurant, in a retail store, in a consulting business, there’s no time for manual mistakes. A fully-automated, no-touch AP process can significantly lessen the incidence of human error around the many business transactions flowing back and forth on a given day, streamlining and centralizing the purchase-to-pay (P2P) process and others pertaining to spending and suppliers. A customizable, seamless AP automation software can free these businesses up to focus on the distinctive elements that make their business special – like the food and customer experience for example.

    The majority of businesses, large and small, can benefit from implementing Accounts Payable automation and Purchase-to-Pay automation moving forward, suited to their budgetary goals and specific workflow configuration. The increased productivity, accelerated cycle and data accuracy heighten coordination and collaboration between departments, and easier compliance with regulations and standards granted by this intelligent software improves business operations. Beyond, it improves business leaders’ ability to predict cash flow and make better decisions as data automatically flow in real-time to their data analytics and data visualization tools.

    What to look for in Accounts Payable software

    Not all AP automation software is created equal. After determining your business needs and requirements around invoice processing, there are a few things to pay attention to when searching for the best Accounts Payable automation software for your business.

    • Seamless real-time automation: Ensure the Accounts Payable automation software syncs with your existing financial solutions and ERP system. You want your AP automation to act as a one-stop shop for invoicing and payment solutions. Some unique solutions leverage AI and machine and deep learning technologies to deliver an outstanding level of automation with extreme simplicity and traceability.
    • Simplicity: AP automation software should display user-friendliness, plug-and-play integration with existing IT systems, and unlimited flexibility in meeting evolving business operations needs. It should work for your business and not require a total restructuring of the systems you already have in place.
    • Scalability: A great AP automation software should be based on a pay-per-use model, and it should offer an all-in-one set of solutions, starting from invoice automation, then moving to automated invoice payment, then extending purchase automation. Rather than relying on a user-toll model, AP automation software should afford teams the flexibility and elegance of using only what they need to, when they need to. Elements such as customizable workflows, the ability to create codes to suit specific transaction needs, and Cloud-based integrations provide the end-to-end, structured dynamism necessary to meet the needs of your business as it evolves.

    Related: 5 Cash Management Tactics Small Businesses Use to Become Bigger Businesses

    Choose an AP automation solution that’s as unique as you are

    Running a business is labor-intensive. When it’s work you deeply care about, it’s a labor of love – and that means you’ll go above and beyond to find the processes and tools that bring your vision to life. Only a happy few automation software solutions will allow your team’s creative and innovative power to shine while preventing errors along the way. Market offering is wide, so it is crucial to make the right choice. Finding the right balance between automation, simplicity and functional scope is the only way to make your automated AP process suited to support the unique vision of your business. Just like finding the right hairstyle to suit your individuality, the right AP automation strategies will set the groundwork so your company can grow confidently without sacrificing what makes it unforgettable.

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    Francois Lacas

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  • Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

    Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s nothing I’m more tired of than 19-year-olds on TikTok selling entrepreneurial advice. Well, there might be one thing: the fact that people listen to it.

    These content creators sell the perception that business is easy; all you have to do is buy a template and plug and play. They promise to teach you how to become rich on the stock market if you’ll only pay them $199/month to do it. But many of the creators giving this advice are not successful CEOs. They’re misleading at best and blatantly dishonest at worst. Unfortunately, an alarming amount of people in our society believe that everything they hear on the Internet is true. But we need to remember that Google is not a replacement for mentorship.

    At the end of the day, you have to find somebody who’s been successful and somebody who has failed — and then learn from both of them. You can’t get that from a 30-second TikTok video.

    What is social media good for?

    Social media is content. Entrepreneurs can never absorb enough content, so long as it’s relevant and reputable. I don’t use TikTok for business advice; I use it to follow my favorite chefs and keep a pulse on what my kids are up to.

    It’s OK to be an entrepreneur or a coach and try to use social media to sell your product.

    But it becomes a problem when people sell a dream that’s not reality. It’s deceitful. And unfortunately, social media makes it pretty easy to be dishonest. In the same way, you can apply a filter to a photo, you can filter reality. And this leads to being catfished on the business side of things. A person having 1.4 million followers on social media doesn’t make them a good CEO — it makes them a good content creator. You have to vet and verify to establish the first part.

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

    If not TikTok, then who?

    The best advice I can give to someone looking for startup advice is to jump on LinkedIn, reach out to local business professionals who have been successful, and try to meet with them face-to-face. It’s much easier vetting someone’s credibility when they have to look you directly in the eye. But not everyone is who they say they are — LinkedIn doesn’t fact check resumès. Make sure you research by searching the individual’s online footprint and contacting people in their network to verify their reputation. If their online presence is hard to find, that’s a pretty big red flag.

    When seeking a mentor, look for gray hairs. It’s not just because we have more experience; it’s because we likely have more time on our hands. A 31-year-old executive running the same number of companies I do probably has a lot less time; I’m a bit further down the road, so I’ve been able to figure this puzzle out. People in my stage of life are also beginning to think about building a legacy and doing something meaningful with all the knowledge they’ve acquired. It’s wise to tap into that.

    But just as it’s important to seek advice from the right professionals, it’s also important to diversify your perspective. Opinions and recommendations from mentors both inside and outside your industry are critical in widening your lens and creating an all-inclusive view. When you go to these mentors for advice, make decisions that make sense — don’t take shots in the dark by asking generalized questions to people outside your industry. When you look for an outside opinion, choose someone with experience with a problem you immediately need to solve. Maybe they have the financial experience you don’t have or have found innovative solutions to an important tech problem.

    This practice also indirectly introduces you to people who may be able to support you down the road. The person you connect with may have connections to bankers, business insurance reps, etc. Receiving mentorship is more than learning how to run a business; it’s about forming those necessary connections your business will need to survive. Numerous unexpected fires will inevitably pop up that you probably haven’t thought about, and this is how you plan for the unplanned.

    Related: Elon Musk, Richard Branson & Jeff Bezos’ Best Advice for Ensuring Your Startup Doesn’t Fail

    What to expect and how to get there

    Experienced entrepreneurs will tell you the truth: being a CEO is not a comfortable 9-5. It’s an 8-8, and people will have problems at 3 am. Every successful CEO will probably tell you they have 30 sleepless nights a year. If you’re actually invested in your business, that is what it takes. If you don’t work hard, work doesn’t get done. And if you want your team to work hard, you must show up alongside them and lead by example.

    When you approach these potential mentors, there are a few things to keep in mind if you actually want to get their ear. The first is to do your damn research. As an investor, I shouldn’t receive a copy/paste email from you. I want to know why you think I’m the person you need to talk to. Why do you know who I am? What do you think I have to offer you? I’ve received several requests from hopeful entrepreneurs offering to meet me in person and buy me a cocktail, and because they’ve come across as pleasant human beings who have done their homework, I’ve taken them up on it.

    Related: 5 Types of People Who Can Help With Small Business Mentoring

    You can’t replace face-to-face.

    I’m not against online courses, in-person seminars, or other exercises in business education. But nothing can replace face-to-face. It gives you a chance to ask tough questions, be vulnerable and experience their vulnerability in return. The result is a much more valuable learning experience.

    I won’t say everything business-related you find on social media is garbage; it’s not. But the opportunity to look someone in the eye and see their hard-won successes (and failures) is priceless. Take the extra time to find “real” human beings to connect with. You won’t regret it.

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    Shannon Scott

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  • 5 Ways Automation Can Help You Achieve Balance and Piece of Mind | Entrepreneur

    5 Ways Automation Can Help You Achieve Balance and Piece of Mind | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    People love to discuss balance in life and business, but achieving it can feel completely out of reach. In fact, according to a recent Keap survey, most entrepreneurs struggle with having too much on their plates and not enough time, money or resources to get to it all.

    The result? They end up feeling wrong-footed and perpetually behind. The good news is it’s actually possible to find balance in your business. All you need is automation and intentionality.

    1. Peace of mind

    I’ve been an entrepreneur for more than 20 years and have experienced the full spectrum of the stresses and joys that come with it. So I can relate all too well when business owners tell me they’re constantly worried they’re dropping the ball. But even if many people feel this way, such ongoing internal tension is not only physically unhealthy but also unsustainable.

    To relieve the relentless pressure, you need a way to ensure your most important tasks are being handled. This is where automation comes in, allowing you to nurture relationships and consistently follow up with prospects and customers.

    Thanks to automation tools, you don’t have to feel that familiar knot in your stomach when you spend the day dealing with a vendor problem and don’t get around to giving your new customer a welcome they deserve. Automating most customer communications shrinks your daily to-do lists and increases peace of mind.

    Related: How to Use Automation (and Avoid the Pitfalls) as an Entrepreneur

    2. Predictable pipeline

    Ask any entrepreneur what the most stressful part of growing a company is, and they’ll usually respond with two words: cash flow. Especially when you’ve moved on from being a solopreneur to having a team, you’ll feel the squeeze of payroll and the responsibility of providing other people’s salaries. So, what’s the fix?

    A big piece of the puzzle is making sure your pipeline is predictable. Having reliable sales lined up for the foreseeable future assures you that you’ll have money in the bank to pay your bills. You can make this happen by using automation. By capturing leads automatically and tracking sales consistently, you won’t have to wonder whether you’ll be able to cover your monthly expenses or continue growing. You’ll feel confident you can do both.

    3. Automated payments

    Of course, a predictable pipeline is only half the battle. You might have the work and the sales, but what about actually getting paid? For many entrepreneurs with younger companies, this is a real sticking point. Disorganization and a lack of time leave gaps in invoicing and payment collection. There’s also often a real issue with the personal side of getting paid; no one wants their relationship to go from vendor or partner to bill collector. It can be awkward, so business owners often avoid it, delaying their payments even longer.

    Automation can be the intermediary for you. Instead of having to personally track payments and then follow up when they’re late, an automated system takes care of it all. You no longer have to chase your customers to get paid, and your cash flow is suddenly smoother, stronger and healthier.

    Related: Automation Is Becoming a Business Imperative: Don’t Wait Until It’s Too Late

    4. Stress-free scheduling

    Many business owners struggle with the inconvenient back-and-forth required to schedule appointments. This is another area where automated tools can save the day.

    Instead of emailing a customer to ask about their availability or playing phone tag, you can provide them with a link to automated appointment scheduling. If you have a flexible system in place, you should be able to configure this to offer a variety of appointment types, time frames and date options that you already know work well with your own schedule. No more checking calendars and waiting for responses; customers can book with you automatically without you having to lift a finger.

    Furthermore, using this feature works great with automated follow-up. Set your sequences up to automatically remind customers about your meeting, and they’ll be more likely to show up. Then, set up an automated email to check in with the customer a few days after the appointment, and you’ll be nurturing your relationship like a true professional.

    Related: The Benefits of Automation for Digital Marketing

    5. Reallocation of your time

    When you start using automation to take repetitive tasks off of your to-do list, you’ll free up your time. As your technology handles things like lead capture and follow-up, you get the hours back that you would’ve spent on those areas yourself. If you could have two extra hours per week, what could you do with them? What about four or five more free hours per week?

    Small businesses that automate repetitive tasks have been found to save as many as ten hours a week. With more than a full day of work now freed up, think of the big-picture, complex or creative tasks you can actually get to — and how far focusing on those tasks can take your company.

    Achieving balance in your business doesn’t have to be a pipe dream. By being intentional about using automation to handle customer follow-up, keep your sales pipeline predictable, manage payments, handle scheduling and more, you’ll do a lot to reduce your workload and stress.

    So, are you ready to make balance a priority? It’s within your reach.

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    Clate Mask

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  • How to Profit from Acquiring Distressed Businesses | Entrepreneur

    How to Profit from Acquiring Distressed Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Since the start of 2023, leading companies, including Vice Media, Virgin Orbit, David’s Bridal, Bed Bath and Beyond and Jenny Craig, have filed for bankruptcy. More broadly, underlying economic conditions have resulted in a flurry of business failures, with a 77% increase in commercial Chapter 11 bankruptcy filings for the first quarter of 2023. Business failures across all industries have created uncertainty for investors but great opportunities for competitors and buyers.

    Far from causing concern, entrepreneurs should look at this as an opportunity and follow self-made billionaire Warren Buffet’s advice to “buy when there’s blood in the streets.” Distressed companies can be acquired at a fraction of the multiples that healthy companies trade at and therefore offer entrepreneurs a unique and cost-efficient way to grow their businesses.

    As CEO of a Nasdaq company, I grew by acquiring great distressed companies. The valuations were phenomenal – and each came with its unique challenges and opportunities. With a backdrop of more than 20 acquisitions, here are some lessons I learned during the journey to grow my business.

    Before pursuing a distressed company, a few basic questions must be answered to ensure that the transaction makes sense.

    First, is the valuation low enough and the potential upside high enough to compensate you for the risk that comes with acquiring a distressed company? The most attractive element of buying distressed companies is their price, and without a low enough valuation, the business shouldn’t be considered for purchase.

    Related: How to Value a Business: 9 Ways to Calculate a Business’s Worth

    Second, does this business fall within your area of expertise? Buyers who don’t understand the business fundamentals of a market sector should be very cautious. Consider that the leadership of the distressed business presumably had more than a cursory understanding of their industry and opportunities but still failed to succeed.

    Finally, what do you bring to the table that will enable you to succeed in turning around the business? You will need resources the owner didn’t have or a plan they never created or couldn’t execute to turn the business around and increase profits. Generally, the ability to turn a business around will rest less upon identifying great ideas you could bring to a company and more upon addressing the problems that caused the company’s current state of distress. You must act like a doctor and identify the cause of your patient’s symptoms before administering the cure. Generally speaking, the quality of your post-transaction team will drive your success, your ability to use technology and automation, and your ability to stabilize your customer base and exceed their expectations going forward.

    Related: Purchasing a Business Doesn’t Have to Be Difficult. Here’s Your Comprehensive Guide.

    Finding a business in financial distress that matches your area of expertise usually occurs through a broker specializing in distressed company transactions. However, finding failing companies through word of mouth, searching business information sites, or poring through online bankruptcy court filings in your area is also possible.

    After deciding to pursue the distressed business, it makes sense to ensure you have a team that can succeed. You should consider the benefit of hiring a lawyer specializing in distressed business transactions. If the business is pursuing bankruptcy protection, you can start with a clean slate once the company is purchased and the deal finalized, but to get there, you’ll need to navigate a complex transaction with many moving parts successfully. Creditors’ concerns will need to be addressed, bankruptcy and auction time frames must be followed, and the judge overseeing the case will need to hear and approve your proposal.

    Regardless of how you acquire a distressed business — through bankruptcy or a non-bankruptcy ‘firesale’ — performing thorough due diligence is critical. This will include talking with the company’s employees (so far as is legally allowed) to gain a better sense of the internal state of the company. It isn’t uncommon for employees within financially strained companies to begin looking for work elsewhere as they become anxious about the company’s future. However, you’ll need to find a way to retain the very best workers and align their interests with yours.

    Related: Four Survival Principles For Start-Up Entrepreneurs Amid Crisis

    If the business is service-based, then speaking with customers (as permitted) and understanding their perspectives and intentions will be especially important. Customers generally can’t terminate contracts with companies during a bankruptcy proceeding, and the problems this can create for your potential customers as they wait throughout the bankruptcy process can destroy the business’s credibility with them. Customers who lose their goodwill toward the business may decide against the continued use of your service once the company resumes business under your leadership.

    Acquiring distressed complementary companies can be a cost-efficient way to grow your customer base and revenues. However, buying distressed businesses comes with unique risks and rewards, so it’s important that you carefully assess the opportunities and assemble the right team to ensure success.

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    Stephen Snyder

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  • 21 Lessons I Swear By After 21 Years as an Entrepreneur | Entrepreneur

    21 Lessons I Swear By After 21 Years as an Entrepreneur | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting my business, five months after September 11, 2001, was no easy feat. There was a lot of uncertainty in the world and no one wanted to spend money. To top it off, I had no clients. I was just armed with a lot of self-belief and the Yellow Pages. I’d start each day cold calling 20 companies a day, as an enthusiastic 23-year-old. At night I’d work in a call center, selling charity raffle tickets for the first 18 months until I had regular work coming in.

    Celebrating 21 years since starting my own business, I share 21 lessons I have learned since diving in and launching over two decades ago. During this time, I have operated my publicity agency through the SARS outbreak, the global financial crisis in 2008, Covid-19 and lockdowns.

    Here are my 21 lessons that I swear by:

    1. You can have the best plan in place, but it doesn’t mean it will happen this way.

    Don’t spend time overthinking every single detail, rather spend that time on the implementation of your project. Often you can procrastinate, making sure to have all your ducks in a row before you start, and while it is great to be prepared, you can’t ever plan for everything. Progress is often better than perfection.

    2. Always get your payment upfront

    You are not a bank and shouldn’t have to provide customers with a 30-day due date for payments. As we know, 30 days often turn into 90 days and it often is just one default payment that can have a massive impact on your cash flow.

    3. Take time out for yourself every day

    Whether it’s one hour of exercise or just five minutes to breathe and focus on your thoughts. If you don’t put your oxygen mask on first then you can’t look after anyone else.

    4. Don’t let the person who doesn’t chase their dreams stop you from chasing your own

    The easiest thing you’ll find on Earth is someone who is happy to tell you a whole list of reasons why you can’t achieve your dreams. Often it’s best to go about what you want to accomplish without telling anyone and then once you have reached that goal you can shout it from the rooftops. By doing so you won’t be discouraged by naysayers.

    Related: How to Maintain Motivation When Surrounded by Naysayers

    5. Put aside your tax in a separate account each time someone pays you

    This will help with your cash flow when it comes to paying your annual tax bill. If you don’t it may be tempting to spend the money that you owe the tax office each quarter or year and you’ll find yourself in trouble. Too often I hear of people who are really successful in their businesses but haven’t accounted for the tax that they will need to pay each year and then have to scramble to find the funds.

    6. Scale your business internationally

    Don’t set your sights on just establishing yourself in your own country. The world is a small place. There are people abroad that will want your product or service. If easier, you could even think about franchising your business to help make it go global and allow you to grow more than you ever thought possible.

    Related: 5 Priceless Lessons For First-Time Entrepreneurs

    7. Whatever worked last year, last month or even yesterday doesn’t mean that it will work today

    You always have to stay on top of trends and try new strategies. For example, if you are running a digital marketing campaign using social media channels, you may find that the cost per click is higher now than ever before as people are selecting to opt out of being tracked. Instead, you could implement a PR program that will help you boost your awareness with earned media.

    8. Don’t build a business that is reliant on just one client

    That’s not a business and it will become too stressful when that client leaves. Instead of spending all of your time on one major client, ensure to take some time out of your day to start securing additional clients to diversify your client base and ultimately risk.

    9. When conflict arises, take the higher road

    Do this by listening and not being defensive. From dealing with suppliers to clients, it’s important that you treat others the way you want to be treated and be mindful of how you conduct yourself as ultimately it’s a reflection of your business that you are trying to build.

    10. Ensure that you share your story and make it part of your corporate communications

    Everyone has a great story and customers will resonate with your business more by you sharing your journey and why you decided to create your own company.

    11. Find a mentor

    There is always someone else who has paved the way for you that you can speak with and learn from their mistakes.

    12. Keep educating yourself

    There will always be new ways to do things more efficiently. From listening to podcasts that deep dive into a subject you need to know more of to investing in training programs that will help you sharpen your business skillset, it’s important to keep learning.

    13. Systemize your processes

    Make sure you have all your systems in place and documented for someone else to follow if you’re ever out of action.

    14. Put everything in writing

    From client agreements to negotiations with suppliers, it’s important that you always have your deals in writing for two reasons. The first is that you’ll often be really busy and may forget what you promised someone or what they promised you and the second is that you have a record that you can refer to should there be any issues in the future.

    15. Live by your school slogan

    Nil Sine Labore was my high school motto which is Latin for “nothing without hard work” and it’s something that I reflect on daily.

    16. Control how you react and it will change your business

    You can’t control what’s happening around you in the world, but you can control the way you react to external events. There are always ups and downs as a business owner and you have to learn how to ride these waves that come your way.

    17. Love what you do

    If you don’t enjoy it, then stop doing it and change your career. Life is too short.

    18. Give back

    Whether it’s through donating, doing pro bono work or volunteering at a charity. It’s rewarding and will add more meaning to your life.

    19. Business cards aren’t redundant

    It’s the best form of remarketing. Someone, when pulling out their jacket at the next wedding they go to, or Christmas party or meeting, will find your card, possibly several months later and will think of you.

    20. Be consistent

    Whatever your marketing, sales or growth strategy is, you have to be consistent with it. For example, if you are trying to attract more business by posting on Linkedin, you can’t post three times a week and then not post for a month. You need to be consistent in your approach.

    21. You don’t always need an investor to get your business idea off the ground

    Don’t worry about finding an investor to back you to get your idea off the ground. Back yourself and most importantly believe in yourself. If you don’t back yourself, then no one else will.

    Theese 21 lessons above have been instrumental in me launching my business, staying in business and ultimately growing my business internationally. Just because you have been in the game for many years doesn’t mean that it will get easier, but you can be sure that following these strategies will help you navigate the path that lies ahead. Enjoy the ride.

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    Adrian Falk

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  • How To Show Humility as a Leader Without Apologizing for Your Success | Entrepreneur

    How To Show Humility as a Leader Without Apologizing for Your Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Usually, when somebody sees a successful person, they want to spend time with them and be like them. But if the person who’s made it to the top behaves arrogantly, all bets are off. That leader can quickly lose respect.

    This sequence happens all the time in organizations. But if you can demonstrate humility even as you take your spot on the winner’s podium, success will keep on coming.

    Point out others who put in effort

    Name one leader who does everything in their organization completely on their own. I’ll wait.

    Even if you’re a solopreneur, other people have likely lent you a hand, whether investing in your idea or just bringing you lunch while you hustle. And in a typical company, there’s simply no logistical way for a leader to be everywhere, know everything, or have every skill. So if you’ve found success, it’s because a lot of great people around you have contributed just as much as you.

    I stay grounded about the contributions of others by not letting our marketing department use the word “I” in our content. If we announce an award I’m getting, I insist on celebrating it as a team win. We’ll share that I’m accepting the award on behalf of the company and highlight the larger business framework when announcing awards. When we sold the company and people acknowledged how I’d led the deal, I thanked the employees for their compliments but insisted that the result wouldn’t have been possible if they hadn’t been such a great team. And trust me, when you do this your team can smell whether it’s authentic or not, so be genuine!

    Of course, people genuinely want to see that you’ve accomplished something — so you shouldn’t mute yourself as a leader. But people also want you to acknowledge them and admit that the world doesn’t revolve around you. Plus, if you’re successful, it’s already assumed that you’ve done great. Learn how to absorb compliments without constantly shining your trophies.

    Related: Why Executives Must Remain Humble in the Face of Critical Feedback

    Be available and personable

    Recently, I texted somebody I’d gone to high school with. They texted back and told me not to worry about them because they knew I had enough going on and that I was “super busy.” I replied and told them there’s never so much going on that I don’t have time for them.

    It’s true that I’m busy. But if I neglected to reply, my friend would have had the impression that I’m not available anymore. That kind of perception can have big consequences for a career. Suppose my friend comes across someone who potentially could do business with my company. Do I want my friend to see and portray me to others as grounded enough to text back if they send over someone’s contact information? Or do I want to send the message that I’m out of reach?

    Balancing humility and success is ensuring you’re available and personable. If you don’t write the narrative that people can come to you, people will write an alternate narrative for you, and it won’t be nearly as pretty. And if you are responsible for your company’s business results, you always want people to feel you are available.

    Openly own your flubs

    Like other companies, our team has decided to think critically about recruiting, hiring and succession planning. Recently, we made a new hire and I was quick to note to their manager that I didn’t think they were a good fit based on a few poor showings in meetings. A few weeks later, I plopped down in that person’s office and admitted that I’d been wrong — the new hire had proven to be a great fit for the company. The manager told me how much he appreciated my honesty and how we could be open about the improvement we saw in the employee.

    Aside from hiring, you’ll make plenty of blunders, and owning them can be scary. But when you’re honest, then when you have to stand up and declare a decision, people trust you. They’ll have seen plenty of moments where you were open, so they won’t question your judgment or leadership overall.

    Related: How to Cultivate Humility as an Entrepreneur (and Why You Should)

    Act like it’s not your first race

    Early in my career, when I was about 24 years old, I was working for a Fortune 100 company. I had the opportunity to ride the company helicopter to get on a private jet. The security guard could see my huge smile from a mile away. He turned to me and said, “Son, act like you’ve been here before.”

    I couldn’t help but remember that advice throughout my career — most recently when I was in a meeting with somebody who’d just had some success of their own, I saw them bragging about the new condo they were building and showing everyone dozens of pictures from their phone. Even though I understood that they were excited and proud of what they were able to do, they didn’t realize it made them look like a chump who’d never had a big win. The security guard’s words came to mind immediately.

    Related: How Adopting a Humble Mindset Can Make You a Better Leader

    It’s an ongoing wrestling match, but balance is attractive

    I’ve been fortunate to have people early in my career who reminded me that, for all of my success, I needed to get over myself and let people see my real journey. Even so, the balancing act between humility and success is still a daily wrestling match for me. It likely will be for you, too. But your choice won’t change — every day, you can invite people to see both your struggles and wins. My experience has shown that doing that makes you significantly more relatable and likable, so don’t be afraid to take pride in where you are while showing warts and all.

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    Brendan P. Keegan

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  • Why a Good Venture Capitalist Has a Personal Brand | Entrepreneur

    Why a Good Venture Capitalist Has a Personal Brand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The presence and significance of venture capitalists in businesses cannot be emphasized enough. This piece is an opportunity to delve into the relationship between venture capitalists (VCs) and personal or business branding services.

    As you may already know, VCs invest in companies with high potential for returns and sustainable growth prospects. They are investors who provide companies with capital and guidance. VCs typically look for companies that offer a high potential for returns and, as such, will invest in firms that can demonstrate a competitive advantage and sustainable growth prospects.

    However, they may have reservations about investing in personal brand leadership services, as they may not perceive their value. They worry that they won’t be able to see a clear return on their investment as it’s an ‘intangible” and emotional “soft” value versus the logical “hard” value of money and finance.

    Related: How Great Branding and a Stellar Pitch Deck Can Help You Gain a Venture Capital Edge

    But here’s the thing: personal and business brand leadership services can be incredibly beneficial for the companies that VCs invest in. Once they understand the potential of personal branding service as a leadership trust-building exercise (as most human decisions are first emotional before they’re backed by logic) and see the positive results for the firms they represent, they can become enthusiastic proponents. But first, the benefits, especially the financial possibilities, need to be presented to them. In fact, with the right approach, VCs can reap boundless benefits by supporting the investment in these services.

    This article aims to explore the tangible benefits of personal and business brand leadership services and examine how they fit into the venture capital operations and model. By doing so, we hope to shed light on why it’s not unusual for VCs to initially harbor aversion towards these services and later grow to love them for the benefit of the companies they invest in.

    Related: 6 Important Factors Venture Capitalists Consider Before Investing

    How venture capitalists benefit from personal and leadership business branding services

    Venture capitalists (VCs) are professional investors that are an integral part of the startup ecosystem and play a key role in helping companies get off the ground. VCs typically invest in companies with high growth potential, but are too early-stage or risky for traditional lenders. What this means is that venture capitalists are typically interested in companies that have the potential to become market leaders.

    Let’s explore some ways venture capitalists benefit from personal and business brand leadership services.

    1. Create a memorable brand identity

    VCs can benefit from personal and professional brand leadership services to develop a distinctive brand identity that distinguishes them from the competition. These services can assist VCs in developing a unique storyline that accurately represents their values, purpose, and objectives. They can also assist VCs in developing smart messaging and content that appeals to potential investors.

    2. Differentiate from the crowd

    With so many VCs competing for the same investments, standing out from the crowd is important. It’s critical to differentiate yourself from the pack, given the fierce competition for similar investments. Personal and business leadership branding services can assist VCs in developing a special value proposition, establishing connections with investors, and forging a distinctive brand identity.

    3. Build trust

    It’s crucial for VCs to establish trust with other potential investors. By developing a strong brand identity that communicates integrity and dependability, personal and corporate brand leadership services can aid VCs in gaining the trust of potential investors. They can assist in producing premium content that informs potential investors of the benefits of investing in such businesses. Strong relationships are developed by interacting with potential investors with timely, pertinent content.

    4. Increased visibility

    VCs can benefit from personal and professional brand leadership services to improve their marketability. They can assist VCs in producing material that is sharable and accessible through a variety of digital media, including mainstream. VCs are able to build a powerful social media presence and use influencers to connect with potential investors.

    5. Establish thought leadership

    Services for elevating one’s brand and becoming a thought leader is ever-growing. They assist in producing premium content that showcases know-how and other benefits beyond past tactics and campaigns.

    Related: 4 Ways Market Leaders Use Innovation to Foster Business Growth

    How CEO personal brand leadership adds value to the company.

    The potential value a CEO’s company may create is significantly influenced by their personal brand. Enhancing employee and customer trust, enhancing the company’s reputation, and luring top talent are all benefits of having a strong CEO personal brand. Additionally, it can boost customer retention, revenue growth and the value of the company’s stock. In a nutshell, a CEO’s personal brand leadership may become a priceless asset for any company.

    A CEO shows their dedication to the company’s mission and values by using their personal brand to lead. This dedication may contribute to developing a cooperative, respectful and trustworthy workplace environment. Additionally, it demonstrates to current and potential customers that the business is dedicated to providing a high-quality good or service. Talented employees may also be drawn to the company with a strong CEO personal brand.

    When a CEO is seen as an authentic leader in their field, their business will be viewed as a dependable and trustworthy supplier of goods and services. Increased client loyalty and increased customer attraction may result from this trust and dependability. Additionally, by giving investors more faith in the company’s success, a strong personal brand leadership positioning can help to raise the value and share price of the business. This could spur an increase in income through several strategies, such as speaking engagements, networking occasions and collaborations with other organizations.

    In conclusion, my lived experience demonstrates that CEOs and venture capitalists have a special chance to gain from services for both personal and business leadership branding. It can improve consumer and employee trust, boost the company’s brand, and draw in top-performing employees. Additionally, a strong personal brand sets up superior long and short-term organizational performance due to the boost in the company’s revenue and customer loyalty.

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    Jon Michail

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  • 7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

    7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is an exciting but daunting prospect. You need to consider many factors when taking the plunge and deciding whether or not you can make it a success. One crucial factor that shouldn’t be overlooked is trusting your gut.

    Trusting your gut means more than just relying on instinct or being impulsive. It’s about trusting your intuition and decisions when starting a business. It’s about learning how to recognize the signs that something isn’t right and taking action accordingly rather than having an emotional reaction to every situation. Knowing how to trust your gut can help you make decisions confidently, even in uncertain times.

    Related: Should You Actually Trust Your Gut Feelings?

    Why should you trust your gut?

    1. You know what’s right for you. Every decision you make needs to be right for you and your business. While opinions from family and friends are valuable, ultimately, you should make the final call based on what you believe is best for you and your business. Only by listening to what feels right internally can you make the right decision for yourself and your venture.
    2. Recognize patterns. Experienced entrepreneurs know how to identify patterns in their businesses that signal opportunities or challenges ahead. Learning to read between the lines will help inform decisions that lead to growth and success for your business. Recognizing patterns also enables you to spot potential problems before they become too big of an issue so that issues can be addressed quickly as they arise.
    3. Make quick decisions. Trusted entrepreneurs take decisive action when faced with difficult situations rather than dwelling on them for too long or overthinking their options. This helps them move quickly from one challenge or opportunity to another without getting bogged down in analysis paralysis or second-guessing themselves due to fear of failure or change. By identifying patterns in their businesses, trusted entrepreneurs can make quick decisions with confidence that align with their core values and goals for their company without hesitation or indecision, delaying progress or putting them at risk of missing out on potential opportunities down the line due to lack of action now.
    4. Stay true to yourself. One crucial thing successful entrepreneurs understand is staying true to who they are as individuals while running their businesses regardless of external pressures from peers, industry trends, etc. Staying true allows them to remain focused on achieving their goals rather than being distracted by temporary fads or industry hype since trust relies heavily on consistency over time.
    5. Don’t get caught up in the details. Many entrepreneurs get caught up in details when starting a business instead of focusing on what matters most: the people involved in making things happen! That’s why trusted entrepreneurs prioritize relationships over tasks; they understand that building strong relationships between key stakeholders is essential for long-term success, even if it requires extra effort during tough times like start-up phases which may require everyone to work together diligently until stability sets in!
    6. Listen to advice but ignore the noise. A successful entrepreneur understands where the advice comes from before accepting it; advice from experienced professionals should be taken seriously, but input from random strangers should be ignored since chances are it might not have a basis in reality nor provide any tangible benefits, either short term or long term! That’s why trusted entrepreneurs listen carefully before acting upon feedback received because sometimes “no” is just as important as “yes”! Additionally, if the advice does come from someone reputable, then there’s no harm double checking facts provided out of precaution because mistakes can happen, so always verify information correctly before proceeding!
    7. Embrace failure. Ultimately failure happens, but it doesn’t mean destruction; failure provides valuable lessons which can help shape future decisions made by trusting entrepreneurs who embrace adversity instead of running away from it because when done correctly, failure leads us closer to our desired outcomes, not away from them due diligence coupled dedication paying off eventually if persistent enough!

    Related: Know When to Trust Your Gut and When to Seek Outside Advice

    Conclusion

    Starting a business requires courage and conviction. Trusting your gut is just one way successful entrepreneurs learn how to manage risks while navigating uncharted territory successfully!

    It’s all about learning how to recognize patterns within our environment, spotting opportunities, taking decisive actions while staying true to ourselves, never allowing outside noise to distract us and focusing solely on what matters.

    Energy is spent unnecessarily, so always trust your gut and never settle for anything less than the best. Strive higher — only then will you reap the rewards.

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    Kartik Jobanputra

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  • How to Achieve Business Longevity | Entrepreneur

    How to Achieve Business Longevity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Successful entrepreneurs understand the value of being prepared. As technology and customer expectations rapidly evolve, it’s crucial to be proactive in anticipating what lies ahead. By leveraging forecasts from experts about trends that are poised to emerge over the next decade, business owners can stay on top of their competition – positioning themselves for success long into 2030 and beyond!

    As technology evolves rapidly, entrepreneurs need to keep ahead of the curve when it comes to staying competitive. This means taking advantage of new tools, technologies, and opportunities as they arise. For example, businesses should consider adopting cloud-based solutions that enable remote collaboration and use artificial intelligence (AI) technologies such as natural language processing (NLP). These technologies can help businesses streamline processes and increase efficiency. Additionally, entrepreneurs should pay attention to emerging industry trends such as ecommerce and digital marketing, which have become increasingly important sources of revenue in recent years.

    According to experts, artificial intelligence is set to revolutionize how businesses operate shortly. AI technology can be used by businesses to automate mundane tasks, like data entry or customer service inquiries. This frees up resources and allows companies to focus on more strategic decision-making. Additionally, AI can help businesses save time and money by streamlining processes and identifying areas where efficiency can be improved.

    AI is also being used to detect anomalies in financial records, identify patterns in customer behavior and provide predictions about potential outcomes of marketing campaigns. In addition, AI-based chatbots are becoming increasingly popular for providing personalized customer service experiences at scale.

    Related: How Relationships can Build Business Longevity

    Entrepreneurs should start and continue to get familiar with AI-powered tools to understand their customers better and develop better products and services that meet their needs. By leveraging powerful tools such as machine learning algorithms and natural language processing, businesses can gain insights into customer preferences and trends — providing valuable information that can be used for making decisions about product development, marketing strategies, and more.

    The use of AI is rapidly transforming various sectors of the industry — from finance to retail to healthcare — allowing business owners to drive innovation and remain competitive in an ever-evolving environment. With its ability to automate routine tasks and make sense of large data sets quickly, it’s no wonder experts view AI as a critical enabler for the success of today’s businesses.

    Beyond just the technological side of things, there are several other ways entrepreneurs can prepare their businesses for 2030. As the world becomes more connected through digital platforms like social media and mobile apps, businesses will need to ensure that they have a strong online presence — from providing accurate information about their services or products to engaging with customers regularly. Additionally, entrepreneurs should strive for sustainable growth by developing systematic processes that foster efficiency and savings over time.

    Businesses can use social media in several ways in 2030 — from connecting with potential customers and building brand recognition to increasing awareness of products or services and providing customer support. By leveraging the latest trends and making it a priority to understand the customer, businesses can create meaningful engagement with their fans, followers, and loyal customers — driving sales in the process.

    Related: Why Embracing Chaos is Crucial to Your Success and Longevity

    Another way social media can help businesses in 2030 is through targeted advertising. Platforms such as Facebook, Instagram and Twitter allow advertisers to identify their target audiences more precisely than ever before — allowing them to tailor advertising campaigns for maximum effectiveness. Additionally, by tracking user interactions with ads over time, businesses can gain valuable insight into consumer behavior which can then be used to improve future campaigns. This process will only become easier with time.

    Finally, entrepreneurs should stay connected with other industry leaders and experts who will remain up-to-date on the latest developments in the field. By keeping track of what’s happening both inside and outside their own industry sector, entrepreneurs can better anticipate disruptions before they happen and plan accordingly — whether that means stocking up on supplies in advance or diversifying investments into new markets or sectors.

    Related: How Networking Is Necessary for Effective Entrepreneurship

    Staying connected with other industry leaders can be a key factor in helping businesses succeed. Not only can it help executives get access to valuable information and insight from their peers, but it can also open up opportunities for collaboration and growth. This allows entrepreneurs to stay ahead of the competition and identify areas where they may have an advantage — giving them a chance to capitalize on those areas before others do.

    By preparing adequately now for potential changes over the next decade or so, entrepreneurs can position themselves well for long-term success. Taking proactive steps such as harnessing emerging technologies, using automation tools where appropriate, working remotely if needed, maintaining an online presence and staying connected with customers, the team and industry leaders are all essential components of this preparation process. Entrepreneurs who take these steps now will be well-positioned to tackle any unexpected challenges that may arise in 2030 and beyond — ensuring their success far into the future.

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    Brandon Pena

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  • 3 Pieces of Wise Business Advice From Eventbrite’s Julia Hartz | Entrepreneur

    3 Pieces of Wise Business Advice From Eventbrite’s Julia Hartz | Entrepreneur

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    This week on How Success Happens, I had the pleasure of speaking with Julia Hartz, the co-founder and CEO of Eventbrite, a global online self-service ticketing platform listed on the New York Stock Exchange. Hartz has had an amazing career, and I was curious to find out how her background influenced her business strategy, what inspired Eventbrite and how she stays motivated despite ongoing external challenges. Here are three of the most helpful takeaways from our full conversation, which you can listen to below.

    1. The importance of a solid work ethic

    Hartz started working at a very early age. The second she got her permit to work she got a job at a local coffee shop and learned the significance of customer service and the value of the hard-earned dollar. Years later, while she was attending a small liberal arts school in California, she realized that to stand out she was going to need to work twice as hard. Working and going to school at night, she later landed jobs on the set of Friends and at MTV and FX before founding Eventbrite in 2006.

    Timestamps — 1:07 and 10:16

    Related: 3 Keys to Entrepreneurial Success

    2. Embrace your roots

    Hartz grew up dancing about 20 hours a week, which gave her the structure and framework to take feedback, make adjustments on the fly and improvise and showed her the meaning of human connection. It also taught her about integrity and how you always have to step up for your team and give it your all, despite any obstacles that might come your way.

    Timestamps — 1:07, 5:00 and 6:17

    Related: 5 Proven Habits to Create Success in Business and in Life

    3. The power of entrepreneurship

    Since Eventbrite’s inception, Hartz has been dedicated to helping entrepreneurs. Amidst the pandemic, some of the creators on the platform experienced the absolute most stressful environments for their businesses but have come back in a way that helps the entire world heal. Today, Hartz is focused on helping creators build a bigger audience, engage more customers and scale at a more rapid rate than ever before.

    Timestamp — 34:00

    Related: Exploring the Ten Habits of Being a Successful Entrepreneur

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    Robert Tuchman

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  • The Entrepreneur’s Guide to Effective Time Management | Entrepreneur

    The Entrepreneur’s Guide to Effective Time Management | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From the moment I embarked on my multi-venture entrepreneurial journey, I learned that managing multiple businesses simultaneously presented a unique set of challenges. I found that organizing my time and working efficiently became increasingly harder as my businesses evolved and the overall potential of my time became a challenging aspect of daily life.

    Each day, I found myself confronted with overwhelming to-do lists, desperately trying to divide while still dedicating my attention to my various ventures. The burden was heavy, and the lines between work, relaxation, and rest were blurring, leaving me feeling perpetually drained and disoriented.

    I struggled with prioritizing and delegating tasks, unable to move forward with purpose. As the hours of the day vanished into the ether, there was a persistent sense of inadequacy, and I was keenly aware that there was more I could do to propel my businesses forward.

    Juggling multiple businesses successfully requires entrepreneurs to maintain effective management. It’s taken me many years to forge more positive habits, and the process is an ongoing endeavor, but it does get easier. One vital aspect that often goes unnoticed is the importance of understanding the value of your time. Awareness of your time’s worth can lead to better decision-making, enhanced task prioritization and efficient resource allocation.

    Related: Here’s How to Calculate the True Value of Your Time

    Below are some effective methods to calculate the value of your time and the subsequent advantages of possessing this knowledge.

    Keep track of time spent

    The first step is to track how much time you spend on each of your ventures and different tasks within those businesses. This can be done manually using a spreadsheet or a calendar or by utilizing any of the time-tracking apps on the software market. This will help you identify where your time is currently being spent and how much time you have available for work.

    Related: Track Your Time to Get More Done

    Establish your hourly rate

    Next, divide the annual income of each of your businesses by the number of work hours you’ve dedicated to working in each. This calculation will provide you with a rough hourly rate.

    For example, if your income from one of the businesses is $1,000,000 and you work 800 hours a year, your hourly rate with that venture would be $1250 per hour.

    Assess the opportunity cost

    Opportunity cost refers to the potential gains from selecting a different course of action. As an entrepreneur with multiple businesses, consider the prospective income you could generate by dedicating your time to the highest-earning venture. Calculate the opportunity cost for each business by comparing the hourly rates and selecting the most profitable alternative.

    Consider personal satisfaction and preferences

    While earnings are crucial, personal preferences and satisfaction should also be considered. You might enjoy working on a less profitable venture more, or it could offer a sense of fulfillment or personal growth. Achieving a balance between financial value and personal satisfaction is vital when evaluating the worth of your time.

    Consistently review your time’s value

    As your businesses evolve, the value of your time will also change. Regularly review your earnings, hours worked, and personal preferences to ensure informed decision-making regarding effective time allocation.

    Related: 3 Ways to Figure out the Value of Your Time as an Entrepreneur

    Why is it important to know the value of your time?

    Enhanced decision-making: Being aware of your time’s worth helps you prioritize tasks and delegate efficiently, allowing you to focus on what is truly important.

    Greater efficiency: Recognizing the value of your time enables the identification of areas that can be optimized or outsourced, leading to increased efficiency and profitability for your businesses.

    Improved work-life balance: Calculating the value of your time assists in managing your workload and achieving a healthy balance between work and personal life.

    Stronger negotiation skills: Knowing what your time is worth equips you with the confidence to negotiate service rates or contracts, ensuring you receive fair compensation for your work and time.

    For entrepreneurs managing multiple businesses, determining the value of your time can be a game-changer as you utilise that knowledge to enhance your businesses’ performance and personal satisfaction. Before long, you will find yourself being more efficient and making smarter decisions about where and how you allocate your valuable time in every aspect of your life.

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    Ryan Godinho

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  • 5 Must-Follow Tips for Achieving Success Before Turning 30 | Entrepreneur

    5 Must-Follow Tips for Achieving Success Before Turning 30 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Success doesn’t happen overnight. If you want to become successful by 30, take responsibility to start planning the blueprint for your life now. The foundation that you build today sets the tone for your future.

    Becoming successful by 30 requires perseverance, consistency, and resilience. While success might fall into your lap, it’s often achieved through discipline, learning from mistakes, facing obstacles, and sheer hard work.

    Today, we’ve spoken with Mark and Dylan, two successful business owners under 30. They run a brand called Huge Supplements, which is one of the fastest online supplement stores.

    Related: 7 Mindsets That Guarantee Enduring Success

    We asked them which tips they applied to achieve the position they’re currently in — here’s what they had to say:

    1. Get out of your comfort zone

    Success doesn’t grow in comfort zones. Life goals aren’t achieved when we follow the same patterns, spend our time focusing on the same things that haven’t brought us success, or hold onto old behaviors that don’t get us ahead.

    One of the biggest things that hold people back from becoming successful is getting stuck in their comfort zone.

    For example, if you prefer to spend all your time with your friends and family in the same place where you grew up, you might miss out on life-changing opportunities available in other places. Consider changing jobs, and towns, or seizing a lucrative chance when the opportunity presents itself.

    Even if it doesn’t, if you know you would have a better chance to achieve your dreams somewhere else, you may need to take the initiative and create your own opportunity. It’s important to take a risk now to become successful before you turn 30. Take opportunities that can boost your financial or career success.

    A comfortable job that doesn’t challenge you, advance your career, and push you to success can prevent you from becoming who you want to be before you’re thirty. Do what it takes, be bold, and take a step that scares you but puts you on the right path to hitting your goals.

    2. Manage your money

    Saving, budgeting, and learning how to use your money wisely are some of the best ways to achieve and maintain lasting success. Even if you don’t make a lot of money, it’s important to learn how to manage your finances properly if you don’t do so already.

    The good news is that there are a ton of helpful resources, from apps to podcasts, to help you save, track, and invest your money.

    Related: 6 Simple Strategies for Better Money Management

    If you are deep in debt, you should prioritize paying down high-interest debt. Get smart with money by setting financial goals for spending, saving, and retirement. If you want to be successful and financially free, it all starts with managing the money that you do have.

    Educate yourself about investments and consider putting some of the money that you save through wise spending into something such as a business, course, or another kind of education that will improve your goals for a stable and successful future.

    3. Pursue your passion

    If you’re under 30, this is the best time to figure out what you excel at and what you enjoy doing. Thanks to a wide variety of opportunities today, you don’t have to get stuck in a mediocre job doing something you don’t love for the next thirty years.

    Take the time to ask yourself questions that can help you figure out your passion. Write them down. Break big goals into smaller, actionable steps with estimated deadlines. What do you dream about doing or becoming? What drives you to invest your time or money? Answering these questions can help you uncover your life purpose.

    4. Develop marketable life skills

    Once you’ve nailed down your central passion or passions, it’s time to start building the skills that will help you start a business, launch a brand, or land that dream job in your chosen field.

    Achieving success by age thirty in any career requires certain life skills that will help you break through to that next level of success. Marketable life skills aren’t just the functional skills or training that you need to do the best job possible.

    These include mental strength, coping skills, and a drive to succeed even when you face setbacks or roadblocks in life. It takes imagination and thinking outside the box. It also means tuning out distractions such as social media, television, gaming, partying, or anything that holds you back from giving your passion the time and focus that it needs to develop and thrive.

    At the same time, character traits alone won’t land you a job at a top firm, become an influencer in your field, or make it into the echelons of power. You’ll need to hone your problem-solving skills and get the education, training, or practical abilities needed to make it big.

    5. Build your network

    The road to success can be a lonely road as you put in long hours to achieve your dream. But, it doesn’t have to be. It’s important to let the people who are important to you know that you care about them. It’s also vital to create a professional network to help advance your career.

    Related: Boost Your Solopreneur Business with These 3 Proven Tips

    Rome wasn’t built in a day, and most people don’t achieve success early on in life without honing strong working relationships with individuals who can boost their careers to the next level.

    Some of the best ways to network are to make professional social media connections, attend career conferences, hand out your business card to professionals with whom you connect, and have your elevator pitch ready to go if a golden opportunity comes up.

    Networking isn’t all about self-promotion and getting your pitch across, either. Seek mentors who will help you grow, learn, and infuse you with their experience and positive potential.

    Final Thoughts

    While everyone defines success differently, it’s important to decide what that looks like for you. Maybe it looks like a fulfilling personal and professional life. It may mean becoming an entrepreneur, raising a family, starting a company, going back to school, or achieving a satisfying work-life balance.

    The key is to write down or create a visual plan for what you want to achieve by age thirty.

    First, figure out where your passions and talents lie. Next, get your finances in order, whether it’s paying off debt, controlling your spending, setting aside savings for retirement and the future, stepping outside your comfort zone, developing mental toughness and putting in the work, and making connections with the right people who will help lift you towards the life you want rather than pull you down.

    Whatever success by age 30 looks like for you, the best way to achieve it is to create a holistic roadmap. Once that takes you step by step through the journey to get you where you want to go.

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    Under30CEO

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  • 2 Steps to Predict the Future of Your Business | Entrepreneur

    2 Steps to Predict the Future of Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you ever thought about the future success of your business? Have you ever wished you could predict what will happen next year based on the decisions you are making today?

    What if you could look at your business 12 months from now based on those decisions? What if I told you that you could see the future and have the ability to predict what is going to happen? Well, I have good news for you. As a part of a franchise system, you have a unique ability to time travel in your own business!

    Two things can make this happen.

    Step #1

    The first is what we call historical pattern recognition. This is the analysis of historical data from your Profit and Loss Statement (P&L). This analysis is done on a line-item basis of every variable and fixed cost in your P&L, as well as the revenue stream and net profits over a 12-24 month time frame.

    By analyzing this data, we can identify the 8-10 critical metrics driving your business. This data is then used to create a pattern of numbers based on your history.

    A simple explanation of pattern recognition works like this. I used this example in a keynote speech to a franchise organization at their annual convention in Nashville last year. I told the audience that I had two examples of tracking a set of numbers in the previous nine days and wanted to see if they could predict the following number in the pattern.

    Related: 3 Ways Your Past Wins Are Blocking Your Future Successes

    In the first example, I gave them the number 44. I then asked the audience, “Given that number, can you predict, with any level of accuracy, what the next number in the data set will be tomorrow?” The obvious answer was no. There just isn’t enough data.

    In the second example, I told them that over the last nine days, I had tracked the numbers 1-2-3-4-5-6-7-8-9. Now I asked them to predict the next number that would come up tomorrow. In this example, they all got it right. The obvious answer is 10.

    Not only did they get it right, but there is a high probability of that number being accurate. The entire audience just traveled to the next day and predicted what would happen. This is what we call basic pattern recognition. With enough data, we can figuratively time travel to the future and predict with a fair level of accuracy what will happen.

    Related: Why an Entrepreneur’s Ability to Innovate Will Make (or Break) Future Success

    Step #2

    The second step in time travel is unique to a franchise system. This is what we call the “collective knowledge” of the franchisor. This is a potent tool for predicting the future results of the decisions you make today.

    Let me break this down. Before the speech I just spoke about, I had requested and been given six P&Ls from different operators within the system.

    I got two from their top operators. I got one from a middle-of-the-pack operator, one sample data set the franchisors use in training, and two from lower-performing units. I then lined these up and did a line-item analysis of the past 24 months.

    What we found out was that most of the metrics were very similar. (With a few one-off exceptions). Two units were profitable and growing. One was profitable but with no growth, and two were stagnant and not increasing sales. Of the two units without growth, one was breaking even, and the other was losing money.

    The one glaring difference between the units that were growing and profitable, those that were stagnant and finally, the ones that were losing money was the amount and percentage of money spent on marketing. There was a stark contrast between the units.

    I then took the marketing dollars spent by each unit and showed both the short-term and the long-term return on investment from their marketing spend. The top operators were earning up to $15 in revenue for every dollar spent. This was enough to cover the natural attrition of current clients and acquire enough new clients for growth. The middle-of-the-road operators were getting around $10 in revenue for every dollar spent but only covering enough new sales to make up for the natural attrition of clients. That meant they were stagnant in revenue and profits. The bottom units were generating around $5 in revenue per dollar spent but were not spending enough marketing dollars to cover their client attrition rates. This resulted in declining revenue and profit losses.

    Related: How to Reduce What You’re Spending on Marketing (Without Losing Results)

    What we learned in this exercise was interesting. The top units were spending around 8% on marketing. The bottom units were around 4%. The only real difference in revenue and profits between these units boiled down to about 4% additional spending on marketing. A 4% difference in spending was the difference between profitable growth and stagnation to losses.

    This exercise allowed us to look at each unit from a historical pattern recognition perspective and then combine it with their decision-making around marketing spend and determine what the future revenue and profits of the units would look like.

    At this same event, I asked the crowd if they would like the opportunity to have a one-on-one with the top operators in the system to ask questions about sales, expenses, growth and profit. Almost every hand went up. At this point, I told them that they had that opportunity through the use of their FBCs (franchise business consultants) assigned to their territory.

    These FBC have all the information available on every unit within the system. They have all the data from the top units down to the ones that are not making money. They have the data to do the comparative analysis. In essence, they have the keys to the kingdom. They know the answers to all the questions. They know what works and what has been tried and failed. This is not a guess. This is something they have experienced and learned. This is the power of the collective. The historical decision-making of hundreds or thousands of franchisees is the power of franchising. Every good decision and every bad decision is available to be learned from.

    As a rule, business success is not about having all the answers. Success is about asking the right questions. The power of the franchise system is that they have the answers to the questions. They already know what decisions will work and what decisions will fail. Your job as a franchisee is to ask questions. But here is the key: when you ask a question and get an answer, you need to follow the answers you get.

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    Brian Will

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  • How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

    How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Traditional industries often change slowly, but they have a considerable market share and continue to succeed despite this because they are what customers are used to. They may hope for a more innovative product, but they have been content to settle for what the industry giants offer.

    However, in a post-Covid world, consumers are interested in something other than the same old tired products and services they’ve always dealt with. Instead, they’re demanding newer, better solutions. To stay alive, companies must rethink the customer experience and offer the public something fresh.

    Well-established industries can be slow to adopt new solutions, but there are a few ways to build a disruptive tech product and shake things up.

    Related: The Post-Covid Leader — How the CEO’s Role Has Changed in the Past 3 Years

    1. Build detailed customer profiles from scratch

    It’s time to toss out everything you think you know about your customers and start with a clean slate. A recent report from WeTravel found that travelers are increasingly looking for more personalized experiences, but how and why they travel has shifted in a post-Covid world.

    So, the best way to get to know your customers again is to throw away your notes, roll up your sleeves and figure out who they are and what they want. McKinsey recently found that there are more nuanced customer segments post-pandemic, so you might discover new categories of travelers with unique pain points and preferences.

    For instance, premium travelers are now more interested than ever in feeling like they’re part of an exclusive community. Meanwhile, boomers are looking for more hands-on human assistance when booking trips.

    The things that are most popular with your audience outside of your industry are the same things that will draw them to your product.

    As an example, millennials are a “subscription lifestyle” generation. They like products and services that allow access with a simple subscription fee. That’s why brands like Dollar Shave Club and Hello Fresh remain popular with that age bracket. Travel brands like Inspirato and Bidroom use this subscription-style model to provide better, customer-focused service.

    Gen Z, on the other hand, is more interested in the YOLO (you only live once) lifestyle and gamification. They’re spontaneous, experience-driven and attracted to things with fun game mechanics like the ability to unlock achievements or “level up.”

    Travel booking app Hopper has leaned into this, creating daily login streak bonuses, dropping surprise destination deals and offering “loot crate”-style rewards to use in-app.

    Related: 3 Books to Help Business Leaders Discover Innovation and Growth

    2. Look to other industries to find ways to disrupt your own

    Remember that you’re not the first to try to win against big players. Thousands of startups in dozens of industries are playing the same underdog game. Many are succeeding, so it’s worth considering what they’re doing right.

    Always monitor new emerging products and business models in related industries. The most popular models with different demographics in other areas, such as dating, dining or entertainment, can give you insights about what to incorporate into your disruptive product.

    This strategy is already working for companies like Turo, which utilizes an Airbnb-style model of peer-to-peer car sharing for short-term and long-term rentals. This was a truly disruptive idea. It opened up the car rental industry, allowing owners to earn money and renters to access vehicles at lower prices.

    Dating apps like Tinder and Bumble have long been popular with Gen Z, so travel app OfftheGrid decided to capitalize on that trend to create a brand-new travel experience for the younger generation of travelers.

    The brand allows users to “swipe on” and chat with travelers who share their interests while discovering new destinations. The result is a unique travel product that breaks away from the traditional model of sites like Expedia.

    Related: #Digital Nomads: Unraveling the Millennials’ Way of Working and Living

    3. Follow the tech trends

    It’s important to follow where technology leads you to maintain a competitive advantage. If your company can get ahead of the curve, it sets you up to control a huge market share once the tech you’ve already adopted starts trickling down to your competitors.

    For instance, once the internet became widespread, online travel agencies suddenly became popular. The logical progression that followed was moving from web browsers to phones as mobile internet overtook the telecom industry.

    We’re now in the early days of the era of big data and generative AI, so it’s natural for innovations like ChatGPT to start changing everything we know about travel. Big names like Expedia and Kayak have already begun leveraging ChatGPT to allow customers to build trips through natural conversations with their chatbots.

    By keeping abreast of technology trends, you can ensure the product you build is cutting-edge and can catch travelers’ attention.

    4. Think beyond your product

    Disruption won’t happen overnight. It usually has to be incremental because customers and competitors have to get used to the idea of being outside of what they already know.

    Because of this, you need to think about more than just the disruptive product you’re creating. Remember, if you succeed, you’re essentially turning your sector upside-down. Other brands will want to follow in your footsteps.

    So, ask the big-picture questions while you create: How will this change the market in the long term? What will the ripple effects be?

    For example, AI and ChatGPT are taking over nearly every industry (including travel!), even though they started as tech industry ideas. Now, we’re seeing companies that aren’t willing to jump on board with AI get left behind while the ones that dive in are finding success in unprecedented ways.

    We’ve figured out that a total overhaul of the customer journey is the key to successfully disrupting a traditional sector. If you’re looking to start a revolution in a well-established industry, you have to be willing to admit what you don’t know, get down in the trenches and figure out ways to make every customer segment feel like they can’t live without your product.

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    Ivan Saprov

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  • How to Overcome Failure and Build a Thriving Business | Entrepreneur

    How to Overcome Failure and Build a Thriving Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Being an entrepreneur in the real estate industry is not for the faint-hearted. It requires a high level of dedication, creativity and a willingness to take risks. Throughout my journey, I have learned that challenges and failures are inevitable but should not deter you from achieving your goals. It is crucial to remain optimistic, persistent and adaptable in facing challenges.

    One of the significant lessons I have learned is the importance of building and maintaining solid relationships with clients and other industry professionals. Providing excellent customer service, being transparent, and treating clients with respect and integrity can go a long way in building trust and long-term partnerships. Additionally, staying up to date with market trends and changes in the industry can help you stay ahead of the competition and provide value to your clients.

    Related: 10 Steps to Achieve a Growth Mindset in Business

    Entrepreneurial mindset as a broker

    I have also learned the importance of having an entrepreneurial mindset. This means being willing to take risks, thinking outside the box, and constantly looking for new and innovative ways to grow your business. In the real estate industry, there will always be market conditions that could be more favorable. Still, if you have an entrepreneurial mindset, you can find ways to succeed even in the toughest of times.

    Another critical lesson that I have learned is the importance of networking. As a real estate professional, your ability to connect with others in the industry is vital to your success. This means joining networking groups, attending expos and events, and actively building relationships with other professionals in the field. By expanding your network, you will gain access to new business opportunities, learn from others in the industry and build a reputation for yourself as a well-connected and respected professional.

    Setting goals you can measure and improve

    One of the most common challenges that real estate professionals face is the issue of generating leads. This is an ongoing process that requires constant effort and attention. I’ve always leveraged social media to communicate with potential clients, acquire new clients and get more deals. Setting goals and creating a plan to achieve them is critical to success. By setting specific, measurable, and attainable goals, you will be able to stay focused and motivated, and you will be more likely to achieve the results that you are looking for.

    Another critical aspect of building a successful real estate business is having the ability to negotiate and close deals effectively. This means being able to understand the client’s needs and preferences and being able to present them with options that will meet those needs. It also means negotiating purchase/sales prices and terms for purchase/sales agreements and advising clients on ways to structure their offers to win the bid. By being an effective negotiator, you can secure more deals and build a professional reputation for getting the job done.

    Building your reputation as a professional who delivers high-quality products and services is essential. This means exceeding client expectations and providing them with the support and resources they need to make informed decisions about their real estate transactions. By building a solid reputation, you will be able to generate more leads through referrals, and you will be able to command higher fees for your services.

    Related: How to Build Reputation in an Industry From Scratch

    Investing in yourself as a real estate professional

    In addition to the fundamental principles mentioned above, investing in yourself as a real estate professional is essential for success. This means continuously learning and staying up-to-date with industry trends, regulations, and best practices. It also means investing in tools and technology to help you work efficiently and provide better client services. Some of these tools include customer relationship management (CRM) software, marketing automation tools, and virtual tour software for showcasing properties online. By investing in yourself and your business, you will be better equipped to handle challenges and provide top-notch services to your clients, ultimately leading to long-term success and growth.

    Wrap up

    Who’s ready to build a real estate empire! It seems like you’ve learned a thing or two about what it takes to succeed in this cutthroat industry. But let’s be honest here, it’s not just about having a nice suit and a flashy car (although those things certainly help).

    Building a successful real estate business takes grit, determination, and a whole lot of caffeine. You’ve got to be willing to put in the work, network like your life depends on it, and close deals like your commission check depends on it (because it does). But don’t worry, with a little bit of elbow grease and good luck; you too can be the next Donald Trump. Or, you know, maybe just a successful real estate agent who doesn’t get impeached. Either way, you got this.

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    Chris D. Bentley

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  • How to Jump the Curve and Get Ahead of the Game During a Recession | Entrepreneur

    How to Jump the Curve and Get Ahead of the Game During a Recession | Entrepreneur

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    Why should you think differently about a recession? When everybody is being cautious and using the down market cycle to consolidate their business, why should you be the person being bold and investing in new products and services? The answer is surprisingly simple. Consider that some of the most significant companies were born amid a depression or a recession.

    Ford was founded during the 1902-1904 recession, while GM started in the aftermath of the panic of 1907, the first global financial crisis of the 20th century. American Airlines was formed during the Great Depression. The 1973-75 recession saw the birth of HBO and Microsoft. Mailchimp sprung into life during this time and is still thriving today. The second Great Recession (2007-2009) saw Airbnb flourish in the market.

    What does “jump the curve” mean?

    Think of a sine wave — starting at the top of the curve, moving down to the lowest point, and then rising back to the highest point. Imagine if you could jump from peak to peak and skip the low point. To do this means having a completely different mindset.

    In general, when the market is bold and optimistic, this is usually the time to be cautious and use it as an opportunity to consolidate your business. When the market is fearful and cautious, this is the time for you to be bold with your new initiatives. This concept is jumping the curve. It is this concept of trying to move your business to the next level and to expand the operations at a time everybody else is downsizing and shrinking to a smaller operation.

    Preserving cash is critical at a time like this; no question of the wisdom of that strategy. But a smart team can find ways to preserve cash and expand the business simultaneously. This means being exceptionally innovative.

    Related: How to Unlock Your Team’s True Potential by Creating a Team of Leaders

    Abundance vs. Scarcity Mindset

    Often in a down market, a company can find its very best opportunities. When other companies are shrinking operations, laying off key people, and even canceling certain products and services, this creates opportunities to gain new customers that are no longer served. New customers become available during down markets.

    There may even be opportunities to acquire other businesses where evaluations of companies are at a lower level, often providing good value. During market upswings, most company valuations are inflated.

    Down markets also offer opportunities to find great talent and expand the business by employing new people.

    Related: This Is How Thinking About Abundance Has Helped Me Build a Success Mindset

    Developing a powerful culture to help jump the curve

    We mentioned earlier the exceptional innovation that a team has to display when trying to jump the curve during a down cycle. This means being innovative with capital and developing new products and services that require very little cash.

    Here, the Pareto principle can be beneficial. Perhaps you can get 90% of the benefit with 10% of the cost? What if there is a way for your team to expand your services and offerings while at the same time preserving most of your capital? This is a different mindset.

    When we flip the switch and become bold and innovative to expand our operations, we can access new customers, markets and increase market share. When the world is shrinking operations and scaling down, you can take the opportunity to jump your business to a whole new level.

    This requires a unique culture. That is why Peter Drucker said, “Culture will eat strategy for breakfast.” For this to work, key elements need to be built into your culture. When the business is on an upcycle, you consolidate your culture and empower every team member to act as a leader.

    This is how you create a team of leaders, not just a team with a leader. Allowing team members to experiment and innovate and even take calculated risks during good times teaches them how to think like owners and to act and function at a different level.

    The challenge is to move people from a “worker” mindset into a “leader” mindset. A worker is someone who manages their outputs. They do what they are told and try to do a good job by following procedures and meeting the required standards. The leadership approach is to teach people to manage their inputs and outputs.

    Related: The Mindset That Sets Apart Great Leaders

    This means people never use excuses like “nobody sent me the email” or “I’ve called twice, and they didn’t answer me.” You are teaching your team to function as a group of leaders in which they lead their own contribution to the organization by managing their inputs (what they need to do their job) and their outputs. You teach people to act like owners in their areas of responsibility.

    When you create a culture in which people are celebrated as heroes when they do something unique, you are investing in a powerful culture that will empower those same heroes to come up with extraordinary innovation and ideas during a down cycle.

    You take on a new mindset in which it is not your job to be the hero for the team but rather to create heroes in your team. This means taking a risk with people. It means giving people an opportunity to innovate and take risks. It also means that you give people a profile who normally would be overlooked or remain unseen in your organization.

    When everyone on the team knows they have an opportunity to have their moment in the spotlight and be celebrated, a new era of innovation and experimentation beings. It is really about you, as the leader, permitting to act like owners and bring innovation to every level of the organization.

    When we create a culture in which ideas have no rank, then every idea stands on its own merit regardless of who proposed it. Once a team learns how to innovate and believes that a certain amount of risk-taking is not just permitted but encouraged, heroes, are born. When heroes are created during the peaks of the market, the same heroes will be the ones who will deliver Innovation and great ideas during a down cycle and help the organization jump from peak to peak.

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    Dionne Van Zyl

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