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Tag: Success Strategies

  • How to Effectively Network as an Entrepreneur in 8 Easy Steps | Entrepreneur

    How to Effectively Network as an Entrepreneur in 8 Easy Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Networking is an essential part of building a successful business. It’s about establishing meaningful connections with people who can help you achieve your goals, whether finding new clients, collaborating on projects or gaining valuable advice and insights from other entrepreneurs.

    At its core, networking is about building relationships, which can provide a wealth of opportunities for entrepreneurs looking to grow their businesses. But how can you build these connections in an authentic and lasting way? Here are some tips to help you harness the power of networking as an entrepreneur.

    1. Be intentional about your networking efforts

    Networking can take many forms, from attending industry events to joining online communities. The key is to be intentional about how you approach these opportunities. Rather than simply showing up and hoping to make some connections, think about what you want to achieve from your networking efforts. Do you want to meet potential clients? Are you looking for mentors or advisors? Do you want to collaborate with other entrepreneurs on a project?

    Once you’ve identified your goals, you can focus your networking efforts on the people and events that are most likely to help you achieve them. This approach will not only save you time and energy but will also ensure that you’re building connections that are relevant and meaningful for your business.

    This means taking a genuine interest in others, listening actively to their stories and perspectives, and being open and honest about your own experiences and challenges. Authenticity builds trust, and trust is the foundation of strong, lasting relationships.

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

    2. Follow up and stay in touch

    Building relationships takes time and effort, and networking is just the first step. To make these connections last, you need to be proactive about following up and staying in touch with the people you meet.

    Related: 4 Free Ways to Grow Your Social Networks

    3. Be authentic and genuine

    Networking can sometimes feel like a transactional process, where people are only interested in what you can do for them. However, building lasting relationships requires a deeper level of authenticity and genuineness. Don’t approach networking with a “what’s in it for me” attitude; instead, focus on building real connections with the people you meet.

    This can take many forms, from sending a quick email to say thank you after a meeting to regularly checking in with your contacts to see how they’re doing. Social media can also be a valuable tool for staying connected, whether liking and commenting on their posts or sending them a direct message to catch up. The key is to be consistent and genuine in your efforts to stay in touch.

    4. Look for ways to add value

    Networking is not just about what you can get from others; it’s also about what you can give. Look for ways to add value to the people you meet, whether that’s by introducing them to someone in your network, sharing valuable resources or insights, or offering to help them with a specific challenge.

    By being generous and supportive, you’ll not only build stronger relationships with the people you meet, but you’ll also position yourself as a valuable resource and connector within your industry.

    Related: Effective Networking Requires Mastering These 5 Skills

    5. Be proactive about building your network

    Building relationships requires effort and intentionality. Don’t wait for opportunities to come to you; instead, be proactive about seeking out new connections and building your network. This might mean attending industry events, joining online communities, or reaching out to people you admire and respect.

    The more proactive you are about building your network, the more opportunities you’ll have to connect with the right people and build lasting relationships that can help you achieve your business goals.

    6. Focus on quality over quantity

    It’s easy to get caught up in the numbers game when it comes to networking – how many business cards can you collect, how many LinkedIn connections can you make, etc. However, it’s important to remember that quality is more important than quantity when it comes to building lasting relationships.

    Rather than trying to meet as many people as possible, focus on building deep, meaningful connections with a smaller group of people who are aligned with your goals and values. These connections will be more valuable and impactful over the long term than a large network of superficial relationships.

    7. Be patient

    Building strong, lasting relationships takes time and effort. Don’t expect to make meaningful connections overnight; instead, be patient and persistent in your networking efforts. Remember that relationships take time to develop, and it may take several interactions or meetings before you establish a meaningful connection with someone.

    Be patient and stay committed to building relationships, even if you don’t see immediate results. Over time, your efforts will pay off in the form of a strong network of connections that can provide valuable support and opportunities for your business.

    8. Embrace diversity and inclusivity

    Finally, it’s important to recognize that business relationships are not just about meeting people like you. In fact, some of the most valuable connections you can make are with people with different backgrounds, perspectives and experiences.

    Embracing diversity and inclusivity in your networking efforts can help you broaden your horizons, learn new things, and gain valuable insights into different markets and industries. It can also help you build a more inclusive and diverse network of connections, providing valuable support and opportunities for your business over the long term.

    With a positive attitude and a willingness to learn, you’re sure to make great connections and achieve your dreams.

    Entrepreneurship is an exciting journey, and networking can be your secret weapon to reach your business goals. It’s like having a magic wand that helps you make lasting connections, and we at SnapBlooms want to cheer you on. We wish you all the best in your networking endeavors!

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    Murali Nethi

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  • How Proving My Value Helped Me Reshape the Face of High-Value Asset Trading Globally | Entrepreneur

    How Proving My Value Helped Me Reshape the Face of High-Value Asset Trading Globally | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My dad left when I was 11 years old. I watched my mom struggle to pay bills and provide for my sister and me. I decided that I would find a way to help.

    It wasn’t my first time getting a job, and it definitely wouldn’t be my last. But with every new position I took, I had to prove my worth. I had to convince managers and people in charge why a child was a valuable hire.

    This education in promoting myself and conveying my value allowed me to understand how others perceive worth in the world.

    Related: 7 Ways to Know Your Worth and Shake the ‘Poverty Mindset’

    It started with weeds

    The first job I had to take was with the apartment manager of the complex I lived in. I did some landscaping, cleaning and other random handiwork for much-needed cash. I was too young to work officially; the funny part was that this was my second job.

    This job wasn’t being promoted; it didn’t exist. They weren’t looking for someone to fill in the gaps I found. Chances are, the apartment manager wasn’t aware of the need for the work I provided. I could see what needed to be done and communicated compellingly to the apartment manager.

    I was able to showcase my ability to see problems and offer solutions, as well as my willingness and desire to work. There is great value in someone willing to identify and complete the work that needs to be done. This was my first experience understanding my value.

    Then came pizza

    My next job was more official, but I had to fight for it. The pizza shop was not legally allowed to hire anyone under 15. I was 13 and needed a job. I was unwilling to take “no” for an answer, so I understood that I would have to convince the manager of my value.

    I came in day after day asking for a job. Eventually, the manager said he could not hire me because anyone under 15 could not work with the food. So, instead of selling him on the idea that I would join the kitchen crew, I sold him on the idea that I could man the phones. He couldn’t argue with that, so he gave me the job.

    By thinking outside of the box and refusing to give up when it got challenging and didn’t look like it was going to happen, I was able to own my worth and reach my goals. This early lesson gave me powerful confidence to move forward throughout the rest of my life.

    Related: Don’t Just Sell Yourself, Communicate Your Value: 6 Valuable Tips

    There’s power in creating opportunities

    When I needed to create income for my family so young, there weren’t opportunities being advertised that I could grab. I had to identify where I could offer value to others and create the opportunity I sought. In a study from MIT, researchers found that immigrants are actually “job creators,” creating more firms of every size, large and small, than people born in the U.S. While there are several reasons why this might happen, researchers cited the lack of opportunities available to immigrant workers as a core catalyst for why these businesses would be started.

    Another study explored the connection between adverse childhood experiences and creativity. According to the research, the group with the highest amount of adverse experiences also had the highest amount of creativity. By harnessing my creativity, despite facing adversity, and having the fortitude to create my own opportunities, I was able to move beyond the circumstances I was born into.

    High-value person, high-value assets

    When you continually have to showcase your value confidently, you stop questioning it. It’s much easier to own your value when you consistently make a case for why you are deserving, helpful and an asset to any team or situation.

    Working with high-net-worth individuals requires the utmost confidence. It is impossible to help people manage their valuable assets without first valuing yourself. You have to be able to walk into a room and advise some of the wealthiest, most brilliant and most insightful people on the planet without hesitation.

    By advocating for myself since I was a child and consistently showcasing my value to people who had more power, money and influence than I did back then, I have been able to own these rooms and situations with unflinching, unwavering confidence. You create significant change when you have the confidence to advise and provide solutions along with the experience and know-how to deliver results.

    Related: 10 Ways to Build and Boost Your Confidence

    I made a habit of looking for the things that needed to be done back when I was 11 — that skill is exactly what built my business. The market was crying out for something different, and it was clear that high-value Asset Management needed a mobility makeover.

    Once I realized that high-net-worth individuals needed more mobility for their assets, I was able to build a platform that increased each asset’s deployability. That meant people no longer had to hold on to assets that weren’t working for them and could trade for something that would enrich their lives.

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    Jarrett Preston

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  • How to Heal Emotional Scars from Past Jobs | Entrepreneur

    How to Heal Emotional Scars from Past Jobs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “Jena, I think I have PTSD from my last role. It’s impacting how I show up at my new job, and I don’t know what to do about it.”

    While this person almost always certainly doesn’t qualify for a PTSD diagnosis, the pain in their statement is real. It’s incredibly common to experience a significant negative event at work such as bullying, harassment, discrimination or job loss. For example, a study by the Workplace Bullying Institute found that 19% of workers have experienced workplace bullying, while a study by Zippia found that 83% of U.S. workers suffer from work-related stress.

    Related: 5 Simple Ways to Reduce Stress and Enjoy Your Work

    How professional scar tissue shows up in new roles

    The psychological impact of these events can carry forward into a new role in substantial ways. Common ways professional scar tissue carries forward into a new professional chapter include the following:

    1. Hypervigilance: You are always on the lookout for the shoe to drop. You don’t expect things to go well for you. You are anxious, intense and on edge. This impacts your ability to effectively collaborate with others because you are always expecting the worst.

    2. People-pleasing: You go above and beyond, have few boundaries and are always saying “yes.” You are afraid of disappointing others because if someone is unhappy with you, you fear losing your job or not getting the recognition you deserve.

    3. Micromanaging: You are involved in details you don’t need to be involved in. If you know absolutely everything about everything, you have more control over your situation. This causes people to get annoyed at you. You are labeled as being too “in the weeds” and not giving people enough space to do their job.

    4. Being overly cautious: It’s important to learn from past mistakes. Sometimes we can take it too far and be overly rigid and inflexible because we are afraid the next mistake might be catastrophic (like it perhaps felt in the last job).

    5. Self-sabotage: If you expect the worst, you are likely to manifest your reality. I often see folks whose fears around failure become all-consuming, and they engage in self-sabotaging behaviors subconsciously. Unfortunately, in these situations, what they fear eventually happens.

    6. Anger: You fear being taken advantage of and struggle with trusting your colleagues. You carry anger from past experiences that have absolutely nothing to do with your current job and team. Your team feels your wrath and intensity and wonders what they did to deserve this.

    Related: Career Trauma Is a Real Thing. Here’s How to Recognize and Recover From It.

    How to manage your career baggage and control your healing journey

    While career baggage is common, it is your responsibility (not your employer’s) to manage it. I often see people expecting their new team and new manager to tiptoe around their triggers. As a business psychologist who has coached dozens of folks who have these sets of challenges, the best outcomes happen when the person with the baggage takes control over their own healing journey. Ways to do this include the following:

    1. Recognize your triggers, and plan for them: It is likely that some new teammates’ personalities remind you of people in your past. Get clear on who those new folks are, how they trigger you and how you can better plan to manage your interactions with them.

    2. Take more breaks: While people are healing from carer baggage, I recommend scheduling more breaks throughout the day. Breaks help to reset the brain. Shake off the energy. Get a healthy snack. Move your body.

    3. Say “no:” If you overextended yourself in your last job and burnt out, learn from the past. Know your limits, and communicate them.

    4. Focus on sleep, good nutrition, exercise and hydration: The basics never die. While you are healing, focus on getting your body healthy. This way, your nervous system is prepped and primed to take on the day.

    5. Focus on building strong relationships: Most career baggage is rooted in trust issues. Developing positive relationships with coworkers and managers can help you build trust and confidence in your new job. Push yourself outside your comfort zone and participate in networking and team-bonding activities.

    6. Gratitude practice: Your new job is not your old job. One way to train your brain into that new reality and avoid falling into old patterns or old behaviors is by having a consistent gratitude practice. Practice giving thanks for the positive aspects of your new role. This will create more psychological separation from past negative experiences.

    Remember that overcoming professional scar tissue is a process that takes time and effort. At the same time, you are responsible for your own healing journey, so take control. While you are on this journey, be patient with yourself and seek help when needed. With the right support and strategies, it is possible to move forward and thrive in your new role.

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    Jena Booher, Ph.D.

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  • How to Master the Floor Plan of Your Goals and Take Ownership of Your Freedom | Entrepreneur

    How to Master the Floor Plan of Your Goals and Take Ownership of Your Freedom | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We recently held an internal meeting in a conference room at an upscale hotel that was practically a maze. Around the room were several doors, so when one of our group members wanted to find the restroom, he checked behind every single door. He wanted the freedom to use the restroom when he needed it, but door after door, he found none.

    I knew of at least one restroom in the lobby — hardly a quick trip — but after watching my colleague’s fruitless search, I chose to take that long walk whenever I needed it. If I had known more about the hotel’s floor plan, I would have realized there was actually a much shorter route to get to that same restroom. The more I knew about the floor plan, the faster and more efficiently I could have accomplished the task of finding a restroom.

    This is why some people achieve what others cannot: They have a higher level of understanding of the “floor plan” behind achieving those tasks. The goals they have yet to achieve are “the floor plans” they still need to understand better. In fact, with enough knowledge of the floor plan behind it, anyone can achieve whatever they want.

    We all have this freedom at our fingertips — the ability to match what we desire with reality and get what we want. Rather than something we are entitled to have, this freedom is something we have to earn. Of course, there are boundaries — physical, legal and ethical — and one person’s freedom cannot come at the cost of another’s. But within that scope of limitations, the only thing preventing us from what we want is a lack of understanding of the correlation between our desires and what we need to obtain them.

    Related: 5 Steps to Freedom

    What is freedom?

    When I talk about freedom here, I mean each individual having the freedom to get what they want. The key to unlocking our freedom is thoroughly understanding “the floor plan” — the intrinsic laws behind achieving a task. A rocket scientist cannot ignore gravity to make the rocket work. Similarly, a business eager to successfully sell a product or service cannot simply market an item without understanding its intended customer base. They must first identify what products the customers would be interested in, which marketing platforms are most likely to receive customer engagement, the price point this customer group can afford and so on. Businesses have the freedom to achieve lofty business goals, but they must first understand the boundaries within which they operate. The more we know about everything involved in achieving our desires, as well as any limitations in our way, the greater our capacity to obtain them.

    The same idea is applicable to all walks of life. If you wanted to earn a promotion at your current workplace, you would need to first learn everything you could about the position, the criteria to fill it, your strengths and weaknesses as a candidate and background information about the superior doing the hiring. Once you’re more familiar with the path to a promotion, it becomes much easier to convince that supervisor to promote you.

    Understand limitations

    Freedom may be getting whatever I want, but I have to realize and accept the scope of the situation and operate within those limitations to make the most of my freedom. I may want to own the moon, but its physical size and the laws of nature would prevent me from taking possession of it. Similarly, legal or ethical limitations would keep me from legitimately claiming, “The moon is mine.”

    Obtaining the moon is beyond the scope, and attempting it anyway would ignore those limitations. The more I tried to own the moon, the more pain I would encounter in the process. If I disregard the fact that none of the doors in the conference room lead to a restroom, I endure the pain of slamming into dead ends instead of finding the relief of what I actually want.

    Just like we have a better chance of achieving our goals with a greater understanding of everything involved in that process, understanding the floor plan means knowing all about the limitations that might get in the way. We either find a route around those limitations, learn more and put in more effort to create a route around them, or accept that our freedom to obtain this goal is beyond the scope of our ability and invest those efforts more wisely.

    Related: 7 Steps to Achieving Any Goal in Life

    Freedom requires compromise

    Limitations to our freedom are many, but a major limitation to an individual is any other person we encounter in pursuing their freedom. If each individual has the freedom to obtain what they want, what one person wants cannot inhibit what another person wants. Everyone must have equal access to their freedom.

    Equality, in this sense, is not necessarily about everyone getting the same. We all want different things and, as such, freedom will look different to all of us. If we have one apple, equality may not be splitting that apple in half. I hate apples, so I would let someone who wants an apple have it. But if they have the freedom to have an apple because they want it, I should have the freedom to eat an orange because I want it. That’s equality.

    If I wanted the apple, too, then we might need a discussion about how to approach that with equality. This still might not involve a 50/50 split. Maybe I agree to let you have the apple as long as you buy me one from the store later on. To get what we want in this situation, freedom means coming to a compromise where each of us can accept the limitations on our freedoms as being sufficiently equal.

    Master the floor plan

    Mastering a floor plan takes effort. People get what they want through their dedicated efforts to understand more about the layout and routes involved in getting it — the more they know, the better equipped they are for success. If I had known more about the floor plan of the hotel where we had our meeting, I might have also seen the club right next to the conference room with not only a restroom but also a kitchen in case I wanted a snack.

    More effort to learn and understand can potentially earn me more than I set out to obtain. Master the floor plan, take the best route, and get what you want quickly, effectively and efficiently. The framework of these principles is universal and applicable to any scenario, from successfully marketing a product or service to earning a sought-after job promotion and everything else in between.

    Related: How to Create a Mindset That Fuels Your Growth and Gets You What You Want

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    Simin Cai, Ph.D.

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  • Free Webinar | April 18: 5 Tips to Develop a Take-Action Mindset & Healthier Life | Entrepreneur

    Free Webinar | April 18: 5 Tips to Develop a Take-Action Mindset & Healthier Life | Entrepreneur

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    Transformation coach and nutrition expert Charles D’Angelo will fire you up, and help you develop an empowered mindset that leads to a healthier life. Pulling tips from decades of his inspirational talks and books, Think and Grow Thin and Inner Guru, this high-energy and informative webinar will help you learn how to get the best out of yourself in.

    Key Takeaways:

    • Moving on from the past
    • Setting goals
    • Making daily healthy choices to improve your future self
    • Finding a mentor to help your health journey
    • Empower yourself to take control of your life’s trajectory

    Discover the habits you need for a healthy life. Register now and join us on April 18th at 3:00 PM ET.

    About the Speaker:

    Charles is a sought-after personal coach and public speaker. He frequently provides keynotes for events and appears as a guest on TV, radio and Internet programs. He is the author of two bestselling books: Think and Grow Thin (2011) and Inner Guru (2017). He’s been endorsed by many notable individuals including President Bill Clinton, Tony Robbins, Larry King, Richard Simmons, Angela Bassett and Dr. Mark Hyman as well as notable Missouri locals including Senator Claire McCaskill, David Steward, Chairman and Founder of World Wide Technology, and Maxine Clark, founder of Build-A-Bear Workshop. He resides in St. Louis, Missouri with his greatest inspiration – his wife, Crystal – and their two cats, Leo and Theo.

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    Entrepreneur Staff

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  • Free Webinar | April 20: Success Secrets of an Eight-Figure Real Estate Agent and Broker | Entrepreneur

    Free Webinar | April 20: Success Secrets of an Eight-Figure Real Estate Agent and Broker | Entrepreneur

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    Join our upcoming webinar with real estate entrepreneur, Aaron Kirman, as he shares his 20+ years of expertise and insights on how to master the art of selling properties.

    Aaron will cover the essential daily strategies and success habits you need to thrive.

    You will learn how to:

    • Find great listings
    • Gain client trust and respect
    • Manage your time effectively
    • Maximize your profits
    • Control operating expenses
    • Calculate startup costs

    Register now and join us on April 12th at 2:00 PM ET to discover the strategies and tactics you need to master for success in real estate.

    About the Speaker:

    Aaron Kirman, Founder and CEO of AKG | Christie’s International Real Estate, is one of the leading real estate agents in the U.S. He has repeatedly been named as a top agent in Los Angeles, and most recently, AKG was ranked as the #1 Luxury Team in L.A. As an expert in the luxury real estate industry, Aaron has received international acclaim from the architectural and estate communities, and represented some of the most exclusive properties in the world.

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    Entrepreneur Staff

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  • 5 Steps to Expand Your Vision and Start Living Your Dreams | Entrepreneur

    5 Steps to Expand Your Vision and Start Living Your Dreams | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you ever settled for less than what you wanted, avoided risks and played it safe? Maybe you had big dreams and ambitions but later convinced yourself that they were too unrealistic or you couldn’t achieve them.

    It’s normal to feel this way, but settling for less than what you genuinely want can lead to a life of regret and unfulfillment. Pursuing something you’re passionate about can be gratifying and fulfilling, even if you don’t ultimately achieve your goal.

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    Stacey Stratton

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  • 4 Key Questions to Ask When Analyzing Competition | Entrepreneur

    4 Key Questions to Ask When Analyzing Competition | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Whether pitching your company for funding from startup investors or putting together a business plan to present to the bank, building a competitive analysis is a typical exercise when you launch a business. On that plan, you’ll always see competitors’ names, customers’ demographics and pricing strategies, and you may even plot them nicely on a graph to show where your brand sits within the competitive landscape.

    But, far too often, the competitive analysis is just that — an exercise — and it should be much, much more because understanding the competition and having valuable insights to adjust your own business strategy has never been more important.

    We talk a lot about how many businesses fail in their first years, but the truth is that entrepreneurs are still keeping at it. According to the Small Business Administration, approximately 25% more new businesses opened than closed from March 2020 to March 2021.

    While this is exciting news, it means that there are even more competitors out in the world trying to scoop up market share, which means that doing a competitive analysis is only the first step. Getting the right information and putting it to work in your business strategy is essential.

    Here are the four things you need to learn from your competitive analysis and why:

    1. What are the actual products and services being offered by my competitors?

    One of the common mistakes that a founder will make is simply identifying their competitors by which businesses out in the world are serving the same target customer as they are.

    Why is this a problem?

    Not every business that serves your customer in the same niche is a competitor. In fact, they might actually be a great strategic partner.

    Start by taking a hard look at what your competitor is doing. Does their product or service have the same features? Does it have the same benefits as yours? Ask yourself if a customer can use both products or if using one cancels out the need for the other.

    If you’re unclear about whether or not a company is a competitor to yours, dig deeper. Sign up for a demo, purchase a sample, or reach out and talk to their customers.

    This is how you determine if a company is actually a competitor; if your customer can reasonably shop with both brands, you may not be in direct competition like you previously thought.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    2. How are your competitors positioning themselves, and who are the customers they appeal to most?

    Years ago, I worked with a client in the activewear space. It’s easy to see that the space was very saturated with competition. Some initial customer research got us responses from people saying, “That’s so expensive; why would I pay that much for a pair of running pants when I can get them for $20 at X?”

    And every time, the founder would say, “Well, that’s not our customer.” She knew that her ideal customer wasn’t just any woman who liked to workout. Her niche was the customer who was a serious athlete and cared more about the quality of the running pants than their price.

    And she was right.

    According to a study conducted by HubSpot, companies that prioritize their niche marketing strategies experience a 75% higher conversion rate than those that do not. The study also found that businesses focusing on their niche are more likely to generate qualified leads and achieve higher ROI.

    Once you determine your true competitors, it’s time to learn more about their position in the market — and yours. Every brand has a niche where they are the perfect solution for the pain points of a particular type of customer — the key is figuring out who that customer is by taking a deeper look at what language your competition is using and who exactly they are trying to speak to.

    3. What is the competition doing for marketing?

    Marketing is an essential part of building a business today. There is so much competition out in the world; it would be folly to expect our customers to be able to find us on their own.

    According to a report by Marketo, companies that prioritize marketing efforts are 13 times more likely to see positive ROI than those that don’t. The report also found that businesses that prioritize marketing can achieve higher brand recognition and increase customer loyalty, ultimately leading to increased revenue and brand growth.

    By analyzing what your competitors are doing on the marketing front, you can gain valuable insights into what works and what doesn’t in your market. You’ll gain critical insight into where you should be spending your energy and budget for maximum returns.

    Keeping an eye on your competitors also allows you to stay ahead of industry trends and respond quickly to changes in the market.

    Have they stopped doing Facebook messenger and started engaging customers via SMS?

    Are they moving their social efforts from Instagram to Tik Tok?

    Are they spending more time engaging influencers to create video content instead of posting blogs?

    By learning from your competitors, you can continually improve your marketing strategy and maintain a competitive edge, improve your marketing efforts and avoid costly mistakes when it comes to how you spend your time and budget.

    Related: You Need to Spy On Your Competition to Succeed: Business Spying 101

    4. Discover areas of opportunity

    As businesses, we can always do better, and that’s very true of your competition. Competitive analysis can help you not only identify where your competitors are crushing it but it will also allow you to discover any gaps in the market that you may be able to fill.

    Once you’ve analyzed your true competition, you may find that they are ignoring a specific customer segment, lack in customer service or experience, or are failing to innovate.

    These are all opportunities of untapped potential that will allow you to differentiate yourself from your competitors and create a blue ocean for your brand.

    According to a study by McKinsey & Company, companies that create blue oceans outperform their competitors by an average of 14 times over ten years, allowing them to escape the fierce competition in existing market spaces (red oceans) and develop new pathways to profitability.

    I agree with Simon Sinek’s perspective that our biggest competition is within ourselves, but we start separating our brand from the pack through competitive analysis. Despite the challenges in gaining a competitive edge, it is a worthy pursuit that can be achieved by selecting the right questions and using the insights gained to guide strategic decisions. Through this process, brand leaders can successfully differentiate their companies and achieve serious growth.

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    Shauna Armitage

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  • Why Failure is a Choice You Can Control | Entrepreneur

    Why Failure is a Choice You Can Control | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Let’s face it. When something doesn’t go how you thought it would, it can sting. Maybe you lost money, lost a relationship, lost a business venture or some direction you were headed. Then, you had to face the people you cared most about to say it was all over — tough conversations, lots of emotions, and no doubt some level of disappointment.

    What if I told you that you were the problem and were responsible for the failure? What if I also told you that because you’re responsible, you could also eliminate failure?

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    Jen Sugermeyer

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  • Why Networking Is a Must for Successful Entrepreneurs | Entrepreneur

    Why Networking Is a Must for Successful Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Despite its widespread recognition as a valuable tool for entrepreneurs, many individuals still struggle to use networking effectively. Starting and running a business can be both exhilarating and intimidating, and it’s easy for founders to get consumed by the day-to-day tasks of running their company. Personally, it wasn’t until I started dedicating time and effort to building my network that I realized the full potential of what my business could achieve.

    After devoting time to connecting with other entrepreneurs, I established valuable relationships with potential investors who believed in my business and provided the necessary support and funding to take it to the next level. I’m sure building a network of connections is not just an optional activity for entrepreneurs but a vital tool that can lead to new opportunities, partnerships, and growth. Here are some tips on organizing your network effectively and with minimal time consumption.

    Related: Want to Earn Trust? Don’t Break Any of These 4 Links in the Chain of Credibility.

    So, what can one get from networking?

    There is a specificity of networking among entrepreneurs – it appears to be much more effective. People in our community are often aware of the benefits that connection can bring and are more readily open to building mutually beneficial relationships, which is done by:

    1. Establishing valuable connections with potential investors. I list this opportunity as the most important because finding investments is indeed one of the most challenging tasks for an entrepreneur. The personal connection allows you to build relationships with individuals who can provide support much more effectively than reaching out to them as a “cold” audience.
    2. Expanding your knowledge and learning from other founders and professionals. Exchanging best practices with people who are not your direct competitors but are present in the same region as you are or have a similar type of business in another market provides you with precious insights. You can learn from their experiences, pick up new ideas, and stay up-to-date on industry trends.
    3. Gaining access to partnerships and collaborations. In the case of B2B, people are four times more likely to purchase a solution from someone they know themselves or their friends recommended. So being open to new connections may significantly broaden your business opportunities.
    4. Building your personal brand and increasing business exposure. Apart from helping you at the moment, establishing a connection with someone can be extremely beneficial for you later on. The chance of that is higher the more you show your expertise and interact. You never know what will happen with the person you once met at a conference — maybe they will launch a successful business or become famous someday.

    Without establishing connections, each of these actions might take much longer and be more challenging. But when you get to know the person who can help you, you will reach your goals almost naturally.

    Related: 3 Powerful Networking Strategies that Never Fail

    How to make networking most effective

    The main thing to understand about networking is that it’s a two-way street. To be truly effective, it must be mutually beneficial for both parties involved. It’s not enough to be confident when approaching others, which is probably the most common advice for those looking to master this skill. To make the most of your networking efforts, it’s important to focus on building strong relationships, which requires dedicated time and effort.

    So, when choosing who to network with, it’s important to consider what you can offer in return. Think about the skills and expertise you can share, and seek out individuals who you can help and who can help you. Building relationships based on mutual respect and a give-and-take mentality will result in stronger, more meaningful connections. For example, it’s a bad idea to start the connection by asking for help. Rather, I prefer to explain how I can help the person and why the relationship would be mutually beneficial.

    One way to build strong relationships is to dedicate time each week to focus specifically on helping others. For me, it’s two hours weekly, during which I interact with people exclusively to help them. For example, have lunch with an entrepreneur who contacts you on LinkedIn or participate in an event organized by someone you know.

    Of course, it’s impossible to contact everyone, so one should focus on the potential value they will get. If a person contacts you first, I suggest you create a set of rules to follow when thinking of them or not. Personally, I pay attention to the following:

    • The size of the business: Founders of early-stage startups will find business books more useful for themselves and are unlikely to help me in return.
    • The industry: As an EdTech entrepreneur, I usually agree to meet people within the industry. However, this approach may vary depending on your goals and amount of free time.

    Make it easier for you

    Networking can be challenging for entrepreneurs for a variety of reasons. Some may feel intimidated approaching new people, or some may find it ineffective. However, the most common challenge is that one may have limited time and resources to dedicate to networking activities, making it difficult to balance with other responsibilities. By following these tips, you can reap the benefits of investing in networking:

    1. Start by participating in industry events and conferences, even if you won’t be attending with the intention of networking. Taking part in them allows you to showcase your expertise and thought leadership in your respective industry. This can increase your exposure and help build your personal brand, which, in turn, affects your network pretty directly. When starting my business and drawing attention to it through public speeches, I underestimated its impact on networking. But then I found that many people who later helped me a lot came to me on their own.
    2. Practice with friends. If you’re feeling nervous about meeting new people, start by modeling networking with friends and family. We usually give the same advice to salespeople who are afraid to call their clients at first: this helps build their confidence and gives them a solid foundation to reach out to new contacts. I’m sure there is no book or simple rule that will help one overcome fear without practicing, even in an artificial environment.
    3. Utilize LinkedIn and other social media platforms. If you’re unable or prefer not to network in person, LinkedIn is a valuable resource for connecting with others in your field. First of all, it has the same effect on the industry: it’s a great platform to share your expertise. Many underestimate how powerful a connection on the platform can be: for example, it once allowed me to reach out and negotiate calls with all the largest EdTechs in India within just one week!
    4. Don’t underestimate other people’s connections. If you fail to reach a person, ask the people you know to recommend you or get to know them to connect you with your target person. For example, when I fail to reach a venture organization, I try to connect to representatives of their portfolio companies, provide suggestions, and then ask them to connect me with the organization. Guess what? This works extremely effectively, even if it’s just via LinkedIn.

    These easy techniques will help you utilize your time most effectively without investing too much effort.

    Related: 3 Steps to Make Networking Easier

    Never stop expanding your network.

    Networking is a critical tool for entrepreneurs looking to grow and succeed in their businesses. Only by investing time and effort into building strong relationships can you unlock the full potential of your business. The broader your network is, the more opportunities you gain, and the more time you have to find them. Starting may be challenging, but it will become natural eventually.

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    Roman Kumar Vyas

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  • The CEO of Literie Shares 3 Success Tips | Entrepreneur

    The CEO of Literie Shares 3 Success Tips | Entrepreneur

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

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

    1. Tap into a network of former colleagues and associates

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

    2. Have a hand in everything

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

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

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

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

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

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    Robert Tuchman

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  • Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    Do You Know Why Your Customers Really Buy From You? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The following is a simple question for business owners. Why do your customers buy from you?

    I told you the question was simple, but an accurate answer, on the other hand, can be far more complex and perhaps even elusive. To achieve long-term, sustainable success, your understanding of why your customers choose to do business with your company needs to be both correct and substantial.

    Many business owners develop a customer value proposition (CVP) alongside their company mission and vision statements. The brief declaration is supposed to document why a customer would opt to buy your product or service over the competition.

    While developing a CVP is commendable in its customer-centric approach, it often falls short of its intended purpose due to ambiguity, a lack of self-reflection and sometimes even outright insincerity. Dollars to doughnuts, there is not a single CVP out there that reads, “Our customers turn to us because we deliver lackluster service and a marginally good product.”

    Related: Who Is More Important — Your Customers or Your Employees?

    I would also assume that there are many businesses whose CVPs portray an exaggerated sense of the company’s true customer value. CVPs should never be created based on hype or manufactured mantras; instead built from sincere, astute insight.

    Bravado and disingenuousness are not the only ways business owners are misguided in their understanding of customer engagement and loyalty. The following are common misconceptions related to the question of why customers buy from you.

    “We are the cheapest”

    Sure, this value statement might be dressed up as “We deliver the best value,” “We are the low-price leaders,” or some other cost-based differentiator. But when I hear any form of “My customers buy from us because we are the cheapest,” I cringe. Competing on price alone is simply not a good model and is often unsustainable. There is always some other business owner who is willing to run out of cash faster than you are.

    Most customers – both B2B and B2C – understand the balance between cost and value. They walk that tightrope in every purchase they make. Contending that cheapest is the key attribute that keeps them coming back shortchanges both your business and your customers.

    “We have the best employees”

    Forgive me for being a bit skeptical about this assertion as well. Sure, your business may have good employees; but are they really the best? You may provide excellent service, but your competitors probably do as well. Is it truly your employees that keep your customers coming back? With the rare exception of that ultra-charismatic salesperson who charms the socks of buyers, the answer in all likeliness is a resounding no.

    That is not to say that hiring for personality and alignment with company values is unimportant. It most definitely is. But to put the onus of success and customer loyalty squarely on the shoulders of your employees is shortsighted.

    Related: 3 Reasons Why I Gladly Welcome Competition

    “We’ve got the best product on the market”

    While possessing a corner on the market is a great position to be in, it does not account for innovations in the marketplace and often fickle changes in consumer preferences. Evolving customer motivations and expectations, coupled with aging business models, have been the downfall of even some of the most successful industry titans.

    Consider Blockbuster, that for more than 20 years, was the largest and most successful video rental company in the U.S. Then industry innovators like Netflix and Redbox entered the arena with new and improved ways to provide the same service and completely changed the playing field. While the business’s products and services may have been “the best” in their heyday, innovators with more modern and sustainable business models came along and essentially put the video rental titan out of business.

    Suffice it to say even the best products and services on the market have competitors nipping at their heels.

    So why do your customers really keep coming back?

    What you are selling vs. what they are buying

    In considering why your customers continue to purchase from you, it is important to understand the difference between what you are selling and what they are buying. This is such a crucial distinction. As Harvard Business School professor and economist Theodore Levitt famously said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”

    An accounting firm may see itself as selling tax preparation services, but its customers are seeking peace of mind. Apple offers not just its technology but a modern retail experience. A mechanic sells an engine tune-up, but the customer is purchasing a quieter and safer ride.

    As a customer-conscious business, it is essential to sell the hole, not the drill.

    Related: Do You Actually Understand Why Your Customers Are Buying?

    Understanding customer loyalty

    How do you identify the true reasons why customers buy from you? Get ready for a shocker. You ask them.

    While this may sound flippant, you might be amazed by how many business owners never ask the right questions or truly listen to what their customers have to say. HubSpot recently reported that 42% of businesses do not survey their customers or collect any sort of customer feedback. Those that do elicit feedback often do not ask the right questions. And even fewer business owners take any action based on the responses they receive.

    Performing a customer survey can be a real competitive advantage for you. You can communicate by phone, on your website, in an email campaign or in person. The platform matters less than posing smart questions that evoke insightful answers. How important do they consider price? How would they rate your customer service? Why do they prefer you over the competition? Create a system for recording the answers you receive, which might be as basic as a spreadsheet or as comprehensive as entering responses into your CRM or other sales and marketing tools. Feedback should not be a one-and-done; make it a habit to speak to your customers regularly.

    Then the next time somebody like me enquires about why your customers buy from you, your answer will accurately reflect the true value your business brings to the marketplace.

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    Jason Zickerman

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  • Use This Powerful Theory to Be a Better Leader | Entrepreneur

    Use This Powerful Theory to Be a Better Leader | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Adept and nimble leadership is essential in today’s fast-paced and ever-changing business world. Those in such positions are responsible for setting the tone, driving innovation and inspiring others to achieve. This is a heady mix of tasks, but how to perfect them? One powerful way is by leveraging Rene Girard’s mimetic theory.

    Girard, a French historian, literary critic and philosopher, developed a theory of human behavior that emphasizes the role of imitation and desire in social interactions. His concepts were based on the idea that, from a very young age, human beings are fundamentally imitative creatures, and that our desires and behaviors are largely shaped by the desires and behaviors of those around us. The resulting theory has gained a significant amount of attention in recent years, particularly among business leaders and entrepreneurs, not least because it provides a powerful framework for understanding both employee and consumer behavior.

    The process plays out simply: When we see someone else achieve or acquire something we desire, we are more likely to imitate their behavior in the hopes of doing the same. And leaders might be well advised to apply this incite in the process of motivating and inspiring teams.

    Related: To Be Heard and To be Admired

    In a sense, we are always in competition with others, trying to outdo them in our pursuit of shared desires. However, this competition can often lead to conflict and rivalry, especially in a business setting where individuals may have different goals and aspirations. Mimetic theory helps leaders understand this, and ideally to find ways of channeling it positively, such as promoting healthy competition and collaboration in which team members work together to achieve shared goals. In such a culture of camaraderie and innovation, employees can feel valued, engaged and motivated to achieve their full potential.

    To leverage Girard’s theory, leaders can choose from several strategies (or apply them all):

    • Lead by example and demonstrate the behaviors and attitudes that they want others to emulate in an organization.

    • Identify shared desires and goals, and align those with the goals of the organization as a whole.

    • Create a culture of collaboration that values teamwork, open communication and shared ownership.

    • Encourage innovation and creativity by creating an environment that values pioneering ideas.

    Related: 9 Ways Your Company Can Encourage Innovation

    To put these strategies into action, follow these steps:

    1: Evaluate the current company culture and identify areas for improvement.

    2: Set goals and objectives that align with the company’s vision and mission.

    3: Communicate this new approach to employees and provide training and resources to support their success.

    4: Monitor progress and make adjustments as needed.

    To illustrate a few key aspects of mimetic theory, consider the example of Microsoft. In 2014, the company’s new CEO, Satya Nadella, adopted a “growth mindset” that emphasized collaboration, creativity and innovation. He encouraged employees to work together to achieve shared goals and provided platforms for them to exchange ideas. Under Nadella’s leadership, Microsoft’s stock price nearly tripled, and the company’s market capitalization grew to more than $2 trillion.

    An example of a different kind can be found in F. Scott Fitzgerald’s classic novel, The Great Gatsby. The character of Jay Gatsby, who supposedly embodies the American Dream, becomes the object of desire for many other characters in the novel, including narrator Nick Carraway and Gatsby’s former lover, Daisy Buchanan. They imitate his behaviors and embrace similar desires, hoping to achieve the same success and happiness. Ultimately, however, the desire for imitation and competition leads to conflict and tragedy, which helps highlight the dangerous potential of unchecked mimetic desire. Business leaders can learn from this, too, by finding ways to channel desire positively — fostering healthy competition and collaboration.

    Related: Entrepreneurship and Eudaimonia: The Pursuit Of Lasting Happiness

    Giraud’s theory offers a roadmap for understanding the power of imitation, and so achieving success. With the right strategies, leaders can leverage it to their teams to achieve greatness and take companies to the next level.

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    Christopher Myers

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  • The Real Threat of ChatGPT Isn’t The Tool Itself — This Is. | Entrepreneur

    The Real Threat of ChatGPT Isn’t The Tool Itself — This Is. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    ChatGPT can pass law school exams, write articles and possibly aid in classroom cheating. The power of AI is evolving so rapidly that more headlines will arise on what it can do next (and the problems that could be created as a result).

    What does the controversy surrounding ChatGPT tell us, and what’s next as tech giants like Microsoft bring billions in new investment?

    Where AI stands now

    ChatGPT’s ability to pass law school exams demonstrates AI’s power. It is an exciting development for researchers and tech companies as it shows that AI can interpret concepts, understand language nuances, and provide detailed answers. This could open up several possibilities for AI-based applications in various industries, from healthcare and finance to startups.

    While ChatGPT’s achievement is impressive, it does highlight one significant limitation with current AI technology: it still requires humans to provide input and review the output before it can be used in the real world.

    For example, while ChatGPT was able to pass a law school exam on its own, it was not able to answer all of the questions correctly on its own. To use and achieve a higher score, humans need to review and edit answers before they can be submitted.

    Related: The 3 Biggest Artificial Intelligence (AI) Trends in 2023

    What ChatGPT’s controversy tells us now

    The controversy around ChatGPT is an example of misplaced faith in the power of artificial intelligence. This technology will continuously disrupt tech and many industries for years to come. It will improve, simplify tasks, get content written faster, and forever change our work. What it will not do is replace human experience and connection. It cannot use human knowledge and understanding to think through decisions and strategies (not yet, anyway).

    ChatGPT leverages AI to decipher complex topics but falls short regarding strategy. It simply cannot deliver the same thoughtfulness and care as a well-crafted strategy. This is not to say that AI technology does not have powerful applications, but its applications are limited and should not be relied upon for telling us how best to approach future scenarios in any given situation.

    OpenAI brilliantly developed ChatGPT to pull data from existing, readily available content, primarily from Google. But just as a Google search will first produce content with the best SEO, ChatGPT will pull data that it thinks is the most relevant match but not necessarily the best match. Moving forward, we must remember that even though AI technology can help us get faster answers, sound strategies will always be necessary for better decision-making and action.

    By relying solely on machine learning, ChatGPT has reminded us that artificial intelligence cannot solve all problems entrepreneurs face. Flexibility is needed to anticipate and respond to changing market conditions and address questions that do not lend themselves to formulaic responses.

    Related: How Businesses Use AI to Boost Revenue

    Moreover, AI must be used with experienced decision-makers who understand the nuance of each situation and can take relevant action. We must carefully consider problems where AI can come up short and instead place decisions in the hands of human expertise.

    This controversy underlines the importance of human knowledge for making informed decisions, demonstrating that no matter how advanced technology may become, it will never replace good judgment.

    Related: How to Leverage Artificial Intelligence in Public Relations

    What’s next?

    As tech giants like Microsoft make massive investments in AI research and development, we will see more AI breakthroughs. However, as we move forward with these developments, we must consider both the potential benefits and drawbacks of using this technology — especially regarding ethical considerations such as privacy concerns or automated decision-making processes.

    The controversy surrounding ChatGPT tells aspiring entrepreneurs that having a sound strategy is paramount if they want growth and scale. It is easy to get enamored with the promise of automated content, but without a plan to effectively reach and engage ideal audiences, it will not make much of an impact.

    What does sound strategy look like when implementing ChatGPT or the others that will follow from Microsoft and Meta?

    1. First, strategy begins with asking questions of yourself and your team. What can we produce that is unique to our brand, offerings and audience? What content do we have that is a me-only differentiator that no one else owns? If unable to answer, it is time to define your brand’s story.
    2. With your brand’s original content, how does it connect with the intended audience? Are there better or more direct ways of simplifying that content to get your audience more engaged? Again, think about how this can be completed and implemented without AI.
    3. ChatGPT comes last, not first. Use the technology to improve what your brand already owns and represents in the market. Develop a brand strategy based on what is owned, push that message to the right audience, and only then utilize AI to build on that foundation.

    Successful entrepreneurship requires much more than focusing on ChatGPT, AI, or other technology. Planning, researching, and consistently staying the course are core fundamentals that must be established first. ChatGPT can be a vital tool to enhance these fundamentals when established. ChatGPT can handle mundane tasks quickly and easily, freeing entrepreneurs to focus on other areas of their business while ChatGPT completes tedious yet necessary assignments on its own. ChatGPT should not replace core fundamentals but complement them by providing entrepreneurs with the time needed to fully commit to building a successful venture.

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    Adam Horlock

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  • 6 Tips to Create and Implement a Strategic Plan | Entrepreneur

    6 Tips to Create and Implement a Strategic Plan | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a fast-paced business world, it’s easy to fall into the trap of trying to do everything as quickly as possible. However, this can lead to a lack of clarity, direction and even burnout. The most successful entrepreneurs know the power of slowing down, taking a step back and implementing a strategic plan for their businesses.

    Strategic planning is the process of defining your company’s direction and making decisions on allocating your resources to pursue that direction. It’s about setting goals, identifying your strengths and weaknesses and creating a roadmap to achieve your objectives. Here are six tips to help you slow down, create a strategic plan and achieve long-term success.

    Related: How Strategic Planning Transforms Chaos Into Confidence

    1. Identify your purpose

    Identifying your company’s purpose is the first step in creating a strategic plan. This involves answering questions such as “Why does your business exist?” and “What problem does it solve?” Understanding your company’s purpose helps you create a clear direction and focus for your business. It also helps you create a mission statement that articulates your company’s values and purpose.

    One example of a company that has a clear purpose is TOMS Shoes. The company’s purpose is to “improve lives through business.” TOMS Shoes accomplishes this by selling shoes and using the proceeds to donate shoes to children in need. By having a clear purpose, TOMS Shoes has been able to create a loyal customer base that supports its mission.

    Related:

    2. Analyze your market

    Analyzing your market is the second step in creating a strategic plan. This involves identifying your competitors, understanding their strengths and weaknesses and analyzing current trends in your industry. By doing so, you can identify opportunities and threats and create a plan that takes advantage of those opportunities while mitigating those threats.

    For example, when Netflix started streaming movies and TV shows online, it disrupted the traditional video rental market. Netflix identified an opportunity to offer a more convenient and affordable way to watch movies and TV shows, and it successfully capitalized on that opportunity. By analyzing the market and identifying a need, Netflix was able to create a new business model that has revolutionized the entertainment industry.

    3. Identify your strengths and weaknesses

    Identifying your company’s strengths and weaknesses is the third step in creating a strategic plan. This involves analyzing your company’s internal operations and identifying areas where you excel and areas where you need to improve. By doing so, you can create a plan that leverages your strengths and addresses your weaknesses.

    For example, Apple’s strength is its design and innovation capabilities. The company has consistently created products that are both aesthetically pleasing and technologically advanced. However, one of Apple’s weaknesses is its dependence on a single product, the iPhone. By identifying this weakness, Apple has been able to diversify its product portfolio and reduce its dependence on the iPhone.

    Related: The Case Against Haste: Why Slowing Down Is Good for Business

    4. Set goals and objectives

    Setting goals and objectives is the fourth step in creating a strategic plan. This involves defining what you want to achieve and when you want to achieve it. By setting specific, measurable, achievable, realistic and time-bound (SMART) goals, you can create a plan that is focused and effective.

    For example, Google’s objective is to “organize the world’s information and make it universally accessible and useful.” To achieve this objective, Google has set specific goals, such as improving search results and expanding its product offerings. By setting clear goals and objectives, Google has been able to stay focused on its mission and achieve its objectives.

    5. Create a roadmap

    Creating a roadmap is the fifth step in creating a strategic plan. This involves outlining the steps you need to take to achieve your goals and objectives. A roadmap includes timelines, resources and responsibilities — and it ensures that everyone on your team is aligned and working towards the same goals.

    For example, Amazon’s roadmap includes a focus on customer obsession, continuous innovation and operational excellence. To achieve these goals, Amazon has invested heavily in technology, logistics and customer service. By creating a roadmap that is aligned with its goals and objectives, Amazon has been able to grow into one of the world’s largest and most successful companies.

    6. Review and adapt

    Reviewing and adapting your plan is the final step in creating a strategic plan. A strategic plan is not set in stone, and it needs to be reviewed and adapted regularly to ensure that it remains relevant and effective. As your business evolves, your plan may need to change, and it’s important to be flexible.

    Related: How To Create A High-Performing Strategic Plan

    In today’s fast-paced business environment, it’s easy to get caught up in the urgency of the moment and overlook the importance of strategic planning. However, taking the time to slow down, analyze your business and create a well-defined roadmap can set you up for long-term success. By following the six tips outlined in this article, you can identify your company’s purpose, analyze your market, identify your strengths and weaknesses, set goals and objectives, create a roadmap and review and adapt your plan regularly. Remember, strategic planning is not a one-time event, but an ongoing process that can help your business stay on track and adapt to changing circumstances. With a solid strategic plan in place, you’ll be well-equipped to tackle challenges and opportunities with confidence and clarity.

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    Yan Katcharovski

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

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

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

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    Liz Brody, Jason Feifer, and Britta Lokting

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  • 6 Powerful Brand Storytelling Tips For Marketers | Entrepreneur

    6 Powerful Brand Storytelling Tips For Marketers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Storytelling is a powerful tool that marketers use to engage their target audience and create a connection between the brand and the customer. In today’s fast-paced world, it’s becoming increasingly important for brands to stand out from the crowd and capture the attention of potential customers.

    Research has shown that stories impact the brain more than dry, straightforward information. A good brand story captures customers’ attention and creates an emotional connection that stays with them long after the initial interaction. In this article, we will dive deeper into the world of brand storytelling and share six powerful tips for marketers to create compelling stories that will impact your bottom line.

    1. Know your target audience

    Before you start telling your brand story, it’s important to know who your target audience is. Understanding demographics such as age, gender, location and income will help you tailor your brand story to your target audience’s interests and needs. It’s also essential to identify the customers’ needs and desires and what they seek in a brand. This information can be gathered through market research and surveys.

    Once you clearly understand your target audience, it’s time to create a hook that will grab their attention. A hook is a sentence or two that will make people want to know more about your story. For example, if you’re a fitness brand, your hook might be, “Are you tired of feeling sluggish and unmotivated? Discover how our workout program can transform your life”.

    Related: 6 Ways to Get Customers Hooked and Raving About Your Brand

    2. Create a compelling story

    A compelling story is essential for engaging your target audience and creating an emotional connection. Your brand story should be unique and stand out from your competitors. A good story has a structure with a beginning, middle and end. It should also have a clear and concise message that is easy to understand.

    Some key elements of a compelling brand story include its origin story, mission and values and what sets it apart from its competitors. You should also include real-life examples and customer testimonials to give your story credibility and make it more relatable. People are more likely to connect with a story they can relate to.

    Consider using characters in your brand story that your target audience can identify with. For example, if you’re a travel brand, your story might revolve around a young couple seeking adventure and seeking an escape from their busy lives.

    3. Use emotional storytelling

    Emotions play a powerful role in brand storytelling. They create an emotional connection between the customer and the brand that is much more powerful than just a simple transaction. By tapping into the emotions of your target audience, you can create a story that resonates with them and stays with them long after the initial interaction.

    Examples of emotional storytelling include telling a personal story about the brand founder, highlighting how the brand has helped customers in the past and showcasing the brand’s impact on the community.

    Related: 5 Ways to Get to the Heart of Emotional Marketing

    4. Utilize visual storytelling

    Images and visuals are an important part of telling your brand story. They can help bring your story to life and make it more memorable. Use images that are powerful, emotional and relevant to your story. For instance, if you’re a food brand, you might use images of fresh, healthy ingredients and happy families eating together.

    There are several types of visual storytelling that you can use, including infographics, videos, images and illustrations. When using visual storytelling, it’s important to ensure that the visuals are high-quality and relevant to your brand story. You should also ensure the visuals complement the story and not overpower it.

    5. Inspire action with your story

    Stories are not just about capturing your audience’s attention; they’re also about inspiring them to take action. Whether you want to drive sales, encourage sign-ups or promote a particular cause, the key is to make your story actionable.

    • Communicate your call to action: Your story should have a clear and compelling call to action that inspires your audience to take action.
    • Show the benefits of taking action: Highlight the benefits of taking action, whether improving their life, solving a problem or experiencing something new.
    • Make it easy to take action: Make it easy for your audience to take action by providing clear instructions, links and other resources.

    6. Incorporate storytelling into your marketing strategy

    Once you have created your brand story, it’s essential to incorporate it into your marketing strategy. This can be done by integrating storytelling into your campaigns, such as email marketing, social media and advertising. It’s also important to measure the success of your storytelling efforts to ensure that they resonate with your target audience. This can be done by tracking engagement, shares and conversions.

    Continuously refining your storytelling strategy is also important to ensure it stays relevant and engaging for your target audience. This can be done by regularly conducting market research, tracking metrics and making tweaks to your story as needed. People are more likely to share stories that they can connect with and that impact them. Ensure your brand story is shareable by making it easy for people to share on social media and other channels. Encourage your audience to share your story by including a call-to-action in your story.

    Related: How to Use Storytelling to Sell Your Brand and Vision

    Remember, the most important aspect of brand storytelling is to be authentic to your brand’s values and mission. This will ensure your story resonates with your target audience and creates a lasting impression.

    These tips will help you create a powerful brand story that connects with your target audience and differentiates you from your competitors. Remember to reflect your brand values and not be afraid to take a stand on what is important to your brand. Good luck with your brand storytelling journey!

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    Murali Nethi

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  • How a Business Coach Can Make You Successful | Entrepreneur

    How a Business Coach Can Make You Successful | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the best pieces of advice I can give to fellow entrepreneurs is to get a business coach. I should know; I’ve had the same one for 12 years. He’s helped me through some of the stickiest challenges I’ve ever faced in my business, and I credit much of my success to his support. Beyond helping me through the tough times, he’s also helped me to identify and lean into my strengths. Here’s how a good business coach should help you do the same.

    They speak the truth

    When you’re an entrepreneur, especially one who gains a lot of traction quickly, you’ll find yourself surrounded by many “yes people.” They’re usually well-intentioned, eager to please you and say the right thing so you’ll view them positively. Often, they’re also your employees, and the power of a paycheck means they won’t want to risk offending or irritating you. This makes sense, and these people shouldn’t be blamed for their staunchly supportive behavior.

    Even so, you’ll sink if these folks are the only ones in your circle. You also need someone who will give their honest opinion, no matter how you’ll receive it. This is a big reason why I strongly recommend your business coach has no agenda or financial ties to your business. They should have a similar level of expertise as you, but their only motivation is to help you become the best version of yourself, so you and your company succeed.

    This honesty means your coach will also tell you the truth about your strengths. Maybe you think you excel at sales, but they’ve seen that you’re far better suited to lead strategically. If you want your skills to be in a particular area, it might be uncomfortable to have your coach tell you they lie elsewhere. But hear them out. Sometimes it takes someone with expertise and an outsider’s perspective to make sure you’re in the role where you’ll contribute the most.

    Related: 10 Reasons Why You Need a Business Coach

    They challenge you to more

    Good business coaches advise you on leadership and strategy, but great coaches also tackle the relational and psychological aspects of being a business owner. They help you discover your fears, insecurities, character flaws, relationship mistakes and more. All of these aspects will affect the business, whether you face them head-on or not.

    As you work through these vulnerabilities, you’ll also encounter your strengths. For example, maybe your coach helps you discover that you tend to get defensive when someone comes to you with a concern. Instead of listening and considering the person’s point of view, you start defending your own, often vehemently.

    While this habit is something to work on to create healthier internal relationships, it also shines a light on one of your strengths: your passion and whole-hearted belief in yourself and your decisions. Your business coach can work with this.

    They can help you smooth over your communication challenges while helping you harness your decisiveness and assertiveness in more positive, productive ways. Since coaches should challenge you to be your best version of yourself, they need to understand your assets and liabilities.

    Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

    They hold you accountable

    Finally, business coaches worth their salt will not just dispense advice and go on their merry way. They’ll also share their insights, discuss them with you, collaborate on the next steps and be there to see them through. If you fail, they’re standing by to analyze why and how to avoid doing the same the next time. If you succeed, they’re waiting in the wings to evaluate why and how to achieve such an outcome again. A coach is with you through thick and thin, championing you while exploring how you can optimize your own growth and your companies.

    This also means they’ll call you out when you don’t hold up your end of the bargain. Maybe your coach helped you discover that you excel in creating financial projections and setting corresponding budgets. But you haven’t followed through on these things because you got busy, and they’re among your more tedious tasks. You can trust that your coach will hold you to your word, making sure you double down on your strengths to make the biggest impact you can.

    Getting a business coach with the right experience and intentions can be one of the best decisions you ever make as an entrepreneur. They’ll not only help guide you through the challenges of owning a business but also ensure you find your strengths and make the most of them.

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    Clate Mask

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  • 5 Lessons to Learn From the Social Media Tactics of Museums | Entrepreneur

    5 Lessons to Learn From the Social Media Tactics of Museums | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the 21st century, social media is an essential tool that can be used to promote a brand or business and create and foster a community. This is especially true for the art world, which is often accused of being too elitist and out of reach. What if social media — specifically, hashtags and TikTok videos — were the key to making art institutions more widely accessible? And how can entrepreneurs and startups use these tactics to their advantage?

    1. Create your own unique thematic hashtag and invite your audience to contribute

    Some institutions are ahead of the game regarding social media tactics and generating engagement online. You’ve probably seen the #mygirlwithapearl hashtag floating around. This campaign was created by the Mauritshuis in The Hague when its most famous artwork, Vermeer’s Girl with a Pearl Earring, left for an eight-week exhibit in Amsterdam. The concept is pretty simple: the museum is soliciting new versions of the painting from the public, which will be exhibited as a stand-in for the famed painting. It’s open to everyone, and all materials are permitted. This creative opportunity has attracted over 4900 entries skyrocketing in terms of reach.

    The museum cleverly took advantage of a less-than-ideal situation (its most famous painting being absent for two months) and used it to generate engagement and publicity. If they can, so can you.

    Related: Learn How to Expand Your Social Media Following with Hashtags

    2. Make those videos and make them short, sweet, and fun

    Another museum generating tons of engagement on social media is the Victoria & Albert Museum in London. Despite being one of the most respected art institutions in the United Kingdom, the museum doesn’t take itself seriously on social media, especially on TikTok. The V&A’s social media team has adopted a daring, hilarious and irreverent approach to its collections, sharing short, informal videos perfectly packaged for the Gen Z sense of humor.

    One video is notoriously entitled “Bums of the V&A” and takes viewers through the museum, showcasing the best bums of the institution’s numerous statues. This specific video has almost 40k likes. The museum’s TikTok account has a staggering 81k followers and over 2.3 million likes in total.

    3. Maximize your content opportunities: Show behind the scenes!

    Similarly, the Prado in Madrid has over 400k followers on TikTok. The museum mostly posts behind-the-scenes videos, as well as short educational clips. It has amassed over 3.8 million likes. Museum staff, such as curators and conservators, appear in videos, answering questions or simply showcasing their skills. The fact that the museum has managed to create such a huge community and generate so much engagement is incredible, especially since its videos are mainly in Spanish. This proves the power of social media when it comes to connecting a museum with its public, and the same for any business.

    Related: 9 Tips To Grow Your Small Business With Social Media Marketing

    4. Create memes and post more pets (Yes, it works on business accounts too!)

    There aren’t that many museums taking advantage of the power of social media. When they do, however, the numbers are incredible. Take the Los Angeles County Museum of Art (LACMA), for example. The museum launched a #DogsOfLACMA campaign, which features pictures of visitors and their dogs in the museum’s outdoor areas. This has prompted visitors to submit their own pictures by adding the hashtag, generating great engagement for the museum.

    LACMA currently has 873k followers on Instagram, and the #DogsOfLACMA hashtag has been used over 1,400 times. The LACMA social media accounts are also notable for using memes featuring artworks housed in the museum. One Instagram post, which reads “me risking my whole career and future for 5 more minutes of sleep” over Mallet’s Venus and a Sleeping Cupid (1810), has amassed over 12k likes. Their “meme” posts are more liked than the more regular photographs featuring works from their collection – by far.

    Related: It’s Time to Take Memes Seriously. 5 Strategies To Incorporating Memes in Your Marketing Strategy.

    5. Make those reels!

    A final example is New York City’s MOMA, the world’s most-followed museum on social media, with over 5 million followers on Instagram alone. This number is rather staggering. However, the MOMA’s engagement rate is actually pretty low. Likes stagnate in the low thousands, which is not much for an account with over 5 million followers. The posts that generate the most engagement tend to be reels. This shows that the more personal your posts are, the more engagement you will have. This goes for any industry or business. Posting sterile color-coded pictures might look great on your feed but will not drive engagement and build a community. To actually start connecting with people on social media, letting your personality, originality, and sense of humor shine through is the way to go.

    Perhaps it is controversial for official art institutions like the V&A and LACMA to post art memes, but these tactics work. Memes are relatable, funny and more likely to be reshared than other posts. The best way for museums to create engagement on social media platforms is to adopt an informal tone to become relevant while remaining educational. Similar to those historical institutions, new companies in the cultural field need to try out being more creative and less traditional on social to stay authentic and connected to their audiences.

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    Christina Chara Ioannou

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  • Women Entrepreneurs Need More Than Capital to Succeed. Here’s What They Need | Entrepreneur

    Women Entrepreneurs Need More Than Capital to Succeed. Here’s What They Need | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is no question that capital is queen, and it is number one on the list of what women need to support their businesses. But with investment in women-owned businesses declining, it is more important than ever to look beyond the capital and dive into other needs.

    We are all very aware that there has been explosive growth in online shopping that was accelerated by the pandemic. The world has learned to be very comfortable purchasing everything from household goods to high fashion from various online stores. The flip side is that businesses of all sizes have been driven to set up their own online shop to reach their customers. This is coupled with many women leaving the traditional workforce during the last two years and having started their own businesses with a digital footprint.

    Given this environment and my mission to support women entrepreneurs, I wanted to understand what women-owned businesses needed beyond capital. So, I asked over 6500 of these businesses two questions: what impact does selling online have on their revenue, and what did they need most to succeed? This is what they told me:

    • Within the next 12-24 months, 60% of their sales will be through online channels. This is not surprising, as the pandemic showed us all how to perfect the art of online shopping. But they also have learned that all shopping sites are not created equally. Creating a trusted online brand takes time and money. The experience of starting your own website and immediately seeing sales is the exception, not the rule. And joining one of the major online retail channels is costly and time-consuming. A comprehensive plan with a budget and resources dedicated to online sales or ecommerce is critical to building an online business.

    Related: 3 Ways to Raise Capital and Take Your Business to the Next Level

    • 86% of respondents said they would prefer live, instructor-led sessions over the thousands of hours of “how to” videos available on the web. These business leaders want to ask questions. They want real-time answers that address their specific businesses and that they can act on immediately, rather than generalities that could be helpful if the conditions were exactly right. Plenty of basic information about online selling is available for free — some of it is very good. But the information she finds may or may not be relevant to a specific instance, and it likely will take hours of searching and watching videos to find applicable, detailed information. Having an expert ask specific questions and get immediate answers streamlines the process and enables her to more quickly and efficiently grow her online sales.
    • 80% are interested in joining a cohort of women business owners to learn. There is strength in numbers. Women enjoy and learn from one another. And our research shows that they prefer to learn with a community of women who are having a similar experience.

    Related: Women’s Voices Make Businesses Better

    • 78% of these women business owners are looking for information on digital marketing and determining the best online sales channel(s). We heard the message that online marketing, cutting through the noise and understanding where and how to promote your brand and find your target customers are of utmost concern. The landscape of advertising on social media is changing quickly, and there are so many places to spend precious marketing dollars. They need a way to create a plan that will deliver results.
    • 85% of women surveyed reported not leveraging strategic tools to support their business. Think CRM (Hubspot, Monday Sales, Pipedrive), accounting (Quickbooks, Freshbooks, Oracle NetSuite) and marketing (Hootsuite, Planoly, Klaviyo). There are free or low-cost versions of these products available, but these business leaders have little or no time to search them out and determine which is right for them. Having a resource and a community of other women business owners in a similar situation who could share their experiences and provide feedback would enable these business owners to short-cut the decision-making process and move forward with the right tools to help them grow.

    An equal number of women business owners told us they needed insight and information on selecting the right online sales channel. Over 90% surveyed reported that they have their own website. Many have launched their standalone online store, believing subscribing to website services for just $20 per month would enable a seamless and quick revenue stream. Or that joining one of the large online channels (think Amazon, Etsy, Poshmark) with millions of customers and brand recognition would lead to instant branch reach and immediate sales.

    As a female business owner, all of this resonates with me. I, too, am hungry for capital to run my business. But like the women who answered my survey, the resources I need to grow to go beyond money. As we are pivoting and scaling our business to meet customer demands in the complex, online, direct-to-consumer business environment, we too are looking for community, practical advice on marketing and channel sales and an experienced expert to ask those specific questions about our particular business. We have been fortunate enough to find them.

    Related: Reflections from a Woman Founder: Why Women Must Be Better Represented in Both AI Technologies and Data Sets

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    Kate Isler

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