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Tag: Success Strategies

  • How to Harness the Power of a Strong Personal Vision | Entrepreneur

    How to Harness the Power of a Strong Personal Vision | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners often possess some pretty lofty goals for running and growing their businesses. Maybe they want to reach $5 million in sales, or perhaps they hope to purchase a second company. It is important to have big ambitions when it comes to business ownership. Setting and attaining benchmarks is key to forward movement. But reaching company targets, even very substantial ones, is only part of the recipe for true business owner success. Often, entrepreneurs fail to recognize a crucial consideration when setting business goals or making important growth decisions: how do these objectives align with their own personal vision?

    When business owners approach me for insight into achieving something significant in their company, I first ask them, “What do you want from your life, and what is your personal vision of success?”

    This line of questioning often catches them off guard. They might respond, “Business is business. I can adjust my personal life to accommodate my business goals.” But that approach is not fair to the private business owner nor the company itself, as personal and business success are almost inextricably intertwined.

    You are much more likely to achieve the vision you want for your business if it is aligned with the vision you want for your life.

    Related: Business Owners, Put On Your Own Oxygen Mask First

    It’s like riding a bike

    Vision alignment means you get to your destination quicker and enjoy the journey much more.

    Think of entrepreneurial success as a bicycle. The front wheel of the bike represents your personal vision. The rear wheel is your company’s vision. When those vision wheels are aligned, they propel both you and your business forward in a mutually positive way. If you sacrifice your personal vision to achieve your business vision, the bike’s wheels no longer move in tandem, and something has to give. And that something is usually you, the business owner.

    Let’s use the purchase of that second company as an example. Your business vision might be to expand your company, bring in new revenue streams and perhaps open more locations. Which is fantastic, and that acquisition seems to make great sense to pursue. That is unless your personal vision is to cut back on those 80-hour work weeks and spend more time with the kids or grandchildren. In that case, you probably would want to pass on that opportunity to keep those vision wheels aligned and moving in synchronicity.

    Related: How to Create a Personal Vision That Lets You Lead Fearlessly and Drive Success

    Personal vision comes first

    So many business owners get this wrong. They set their company vision first and undoubtedly lay out some big goals in the process. Their eagerness for and commitment to business success is commendable, but at what cost to their personal vision and contentment?

    Remember, the front wheel of our success bicycle is personal vision. By leading with what you desire in your personal life — whether that be spending more time with your family, planning your exit strategy or anything else that you feel is important — you can better craft and steer a vision for your company that aligns with that personal vision.

    Now let’s reverse the order and lead with the business vision wheel instead. What happens, then? This isn’t even really hypothetical, because so many business owners are stuck in this unfortunate dynamic. They overlook or willingly sacrifice their personal vision to achieve whatever short- or long-term benchmarks they set for the business. Is it admirable? Maybe. Is it sustainable? Perhaps. Is it healthy? Almost certainly not.

    Leading with your business vision almost always comes with a substantial personal cost.

    Is this really about working less?

    Creating alignment between your own vision and your business vision certainly has its personal benefits. But vision alignment is not really about a business owner’s work-life balance, per se. It is about creating stability and orchestrating success in each arena without sacrificing the well-being of the other. It is about fostering synergy in the two most important aspects of a business owner’s life. And perhaps most notably, it is about understanding that even a successful business being led by a dramatically dissatisfied business owner is actually not as successful as it could be.

    Related: How to Lead With Resilience, Empathy and Vision Despite an Uncertain Future

    Creating your personal vision

    If you do not already have a meaningful personal vision statement, challenge yourself to create one. Identify your personal values, strengths and goals for your life. Consider both your short-term obligations and your long-term hopes and dreams. Craft and hone that personal vision until it is abundantly clear and concise.

    If you already have a well-crafted personal vision, kudos to you. If you have also built a strong business vision, even better. It is time to align those visions to support your success and longevity.

    And don’t forget to lead with that front bicycle wheel. It will steer you and your business where you want to go.

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    Jason Zickerman

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  • 4 Ways M&A Can Transform Your Company | Entrepreneur

    4 Ways M&A Can Transform Your Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Not all mergers and acquisitions (M&A) end well. In fact, 70-90% fail, primarily because of an inability to identify appropriate fits for acquisition or the best ways to integrate them.

    Maybe this is why we hear such horror stories: A corporate takeover where people from the acquired company wait for the other shoe to drop. I understand that perspective. One company takes over another and holds its employees’ livelihoods in its hands — their careers, culture and security— with a high risk of failure.

    But I also know how being acquired by another company can result in amazing outcomes for professional growth. I am a living example of that.

    Over the last couple of years, my company acquired a series of companies in different regions to accelerate our growth, each with its client portfolio, industry expertise and merger timelines. Integrations have many moving parts but are rich with learning opportunities for the next integration. My experience on both sides of M&A has taught me that each company must deeply understand the other company’s values, culture and decision hierarchy. Just as important are the people who are part of the integration team. Those “in the kitchen” need to be open to building trust as soon as possible to ensure the integration goes as smoothly as possible.

    Related: Why Prioritizing Company Culture Is the Key to a Successful Acquisition

    1. Align values

    I joined CI&T six years ago when they acquired my company. I was the HR Director for a small ad agency with many clients in financial services. We had been courted over the years by companies interested in acquiring us, but they were not the right fit as they were more interested in our client relationships than our people. Our CEO believed in putting our people first, and it was important to him that I be close to those conversations.

    When we met CI&T, they were intriguing — even though they were headquartered in a different country. They instantly blew us away with their realness, honesty and transparency. We felt their values in every interaction and could tell that joining them would improve us.

    Related: Are You a Leader Loyal to Your Values? Here’s How to Align Your Leadership Style With Your Values

    2. Transparent communication

    Communication is how we keep everyone aligned and involved. We have a meeting every Wednesday with each acquired company led by the integration leader from “their side” to provide updates on progress on various fronts — such as the integration timeline, brand, benefits, new swag, etc. On “our side,” we give shoutouts to people who have been instrumental “in the kitchen.”

    Even if the news is the same as the week before, we affirm things are on track, and if things are delayed, we explain the dependencies. If we are waiting on something, we simply say so. We aim to ensure people are in the know every step of the way. Total transparency is key.

    Related: This Unique Leadership Model Will Transform Your Business and Ensure Success

    3. Understand culture

    Understanding a company’s values takes more than a motto — we need to understand the lived behaviors that reinforce the values that make up the culture daily. How do they hire, reward and recognize people? How do they make decisions? What programs or rituals reinforce them? Where are they on a Friday afternoon? If they say they promote from within, what’s their average tenure? How do they celebrate people and milestones? What’s the banter on their internal chat channels? What are their D&I metrics? Who’s on their leadership team? What is their T&D budget?

    In most M&A due diligence, many processes overlook corporate culture. It’s understandable: Culture isn’t seen on paper, and CEOs of acquired companies may not describe it objectively. Let’s face it — they are not the ones to ask. But not understanding the other company’s culture makes it easy to get wrong. Like dating the wrong person — those little things we ignore early on turn into bigger deals in time. Before too long, we can’t get past what we used to overlook.

    Not to say both cultures need to be identical for M&A success, but we should understand the differences and how to address them intentionally. For example, At CI&T, our culture is a learning environment, which means we bring many people to our meetings on a day-to-day basis so they can listen and learn. It’s not unusual for a meeting to have over ten people, but only half actively contributing.

    At first, this confused one of our acquired companies. Their hiring philosophy was to hire only experts and bring the necessary people to meetings. When we explained our culture, we decided together which meetings would have more bandwidth for our approach. Yes, we discussed and agreed together on how to integrate their approach with ours. Flexibility to change is a good sign of a smooth transition.

    Related: 7 Deadly Sins of Merger and Acquisition Negotiations

    4. Bring in the right people

    Understanding a company’s values and cultural differences from the beginning makes it easier to put together the right communications plan and approach an integration. Including the right people must be more than an afterthought. They should be an integral part of the M&A process.

    HR often has a better touch on the pulse of an acquired company’s people and can provide a more realistic and objective picture of its values and culture. Ideally, the HR leaders from both sides are willing to “get real” real quick.

    Perhaps many M&A efforts fail because understanding deeper aspects of a company, like values and culture, requires the right people involved — not business people, not salespeople, but “people” people. Even on the acquiring end, HR has a role to play in upfront discussions — even more for me as an acquired employee who has found success in my new role. I can assure new acquisitions, “Hey, you can trust these people.” I’ll be honest that the process won’t be easy, but these are good people and working through those challenges together makes us all the better.

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    Victoria Maitland

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  • 5 Proven Habits to Create Success | Entrepreneur

    5 Proven Habits to Create Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    While habits are repeated behaviors, beliefs are repeated thoughts. Mastering both are critical to your success as an entrepreneur. By consistently engaging in beliefs and habits that support your goals and values, you can fulfill your potential and achieve your goals — whether that be in your finances and career, or in your personal development and relationships. Here are five proven habits to shape your mindset and create success:

    1. Know what your moral compass points toward

    In today’s world, it’s common to see people getting their beliefs and sense of self-worth from social media, the opinions of other people or the numbers in their bank account instead of how they show up in the world. They put too much value on what other people think of them. They don’t have a concrete sense of their morals. These people are indecisive, they don’t trust themselves, and they are easily swayed in their thoughts and beliefs.

    Having a clear understanding of your principles will make you stand out in a room of entrepreneurs for multiple reasons. Understanding your moral compass helps you increase your sense of self, including your strengths and weaknesses, and it helps you understand how to leverage those for the benefit of your business. Knowing your values will help you make strategic decisions about your company, and each of these decisions will help you stay on track with your vision.

    Whoever engages with you and your business will know your guiding morals and how that differentiates you from the competition. It’s going to help you attract like-minded individuals, whether that’s other business leaders, employees or even investors. Having clarity with your moral compass is one of the foundational ways to build a strong level of trust between you and your stakeholders.

    Related: 11 Simple Steps for Building Habits That Guarantee Success

    2. Show up with enthusiasm

    Successful people are enthusiastic about what they do. If you don’t feel enthusiasm in your life, start experimenting with things that will excite you. It doesn’t matter how you start — pick anything to incorporate into daily life that you feel enthusiasm for. That might be reading, going to the gym or investing time and money in hobbies or classes that spark that sense of eagerness in your life.

    No matter what you’re doing, challenge yourself to seek enthusiastic environments and build relationships with other enthusiastic individuals. Once you’re in that mindset, practice sitting in that feeling of enjoyment. That enthusiasm will gain momentum, which will seep into other parts of your life — including your entrepreneurship mindset and business growth.

    3. Walk with purpose

    It’s crucial for you to identify what you want in life and define your purpose. No matter how long it takes or the price, successful people will do whatever is needed to fulfill that purpose. Clarify your major goals, and then identify smaller goals that help you get there, like rungs on a ladder to reach the top.

    People without purpose take the path of least resistance. They shy away from doing difficult things, having difficult conversations or anything that takes true effort. The actions that take true effort are what actually scratch the surface of creating a better life for yourself. Finding your purpose and refining a plan to get there, especially when it includes doing those difficult things, is what will lead to exponential growth and success in any aspect of your life.

    Related: 8 Proven Habits for Ultimate Success

    4. Have faith in yourself and your abilities

    Those who are at the pinnacle of their success have one thing in common: They don’t depend on external validation. They trust themselves and don’t let fear into the equation of their decision-making. People who have faith in their abilities and principles don’t crucify others who disagree with them or those who don’t see their vision, because they don’t need their approval in the first place.

    On this journey to success, you will second-guess yourself. Prepare to be misunderstood, especially when everyone is going in a completely different direction. You will have to learn how to operate alone, and with critique, even if it means not being accepted by others. When that happens, remember to celebrate your wins, no matter how big or small. Every win serves as a mile marker on the path to your goal and reinforces your unwavering belief in yourself and your capabilities.

    5. Focus only on what matters to you

    Your attention always has to be directed somewhere. The question is, what will you focus your attention on? Will you focus your attention on ideas and mindsets that will make your environment better or worse? Don’t waste your attention on things that don’t matter. Don’t waste your attention on negative information that distracts you from overcoming hurdles or reaching goals that you know you have the potential for.

    This rule of being intentional with your attention applies to your personal and business relationships, too. Be direct in your interactions, and cut to the chase. This will not only save you time and money, but it will improve your communication and avoid potential conflicts down the road. Focusing the entirety of your attention on what really matters (your health, your self-improvement, your family, your employees and your business) will move the needle to become a better version of yourself.

    What are you doing to make today’s ceiling tomorrow’s floor? Practicing these habits and holding true to your beliefs will mold you to be a person who is productive, confident and self-disciplined. This will lay a solid foundation for you to reach financial stability and grow your company. You already have the potential and the gifts to reach your definition of success. It’s a matter of doing whatever you need to do — and paying the price you need to pay — to act upon that potential.

    Related: 9 Habits of Super Successful People and What You Can Learn From Them

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    Trevor Cowley

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  • How to Push Your Limits and Achieve Greatness | Entrepreneur

    How to Push Your Limits and Achieve Greatness | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In his installation pieces, artist Michael Murphy translates renderings of flat, 2D images into three-dimensional spaces. The viewer who sees the image of an eye, for example, would totally disagree with the person viewing the same piece of art from any other perspective. In fact, leave the single spot where Murphy’s eye is visible, and the image suddenly explodes into a galaxy of floating wooden balls. Depending on which perspective you see it from or which position in the room you’re standing in, you could have an infinite number of ways to describe what one viewer so clearly saw as an eye.

    This is what we do every day with the world around us. Think of how many descriptions we use to try and define people — height, weight, hair color, DNA coding — but we could never possibly identify every single dimension of their being. There could always be another way to describe them. The closest we could ever come would always be at least one dimension less. This demonstrates the limit of our perspectives but also offers unlimited possibilities for us to continue our exploration and imagination. In the same way, we could never imagine every possible approach to problem-solving, goal-setting and our own self-betterment. Everything in life is limitless — perspectives, solutions and room for improvement — but we define the quality of our lives by how much we push those limits.

    Related: 6 Ways to Push Your Limits and Accomplish Things You Never Thought Possible

    There are no limits

    When I attempt to solve a problem, I approach it with three principles in mind. The first is an understanding of the incompleteness of all perspectives. If viewers of Murphy’s eye were to reconstruct what they saw depending on where they stood, and we were to combine those limited perspectives into one, even if that limit included everyone on this planet, we would still be able to find another perspective and a different view. This is related to the diverging nature of brainstorming.

    The second principle allows each perspective to have any opportunity to be heard and reviewed. Each perspective is equally valid depending on the situation in which it was generated, meaning we can respect all opinions without bias. That is, however, until we confront a problem that needs to be solved, which presents the third principle — a break in that symmetry of perspectives. This is related to the converging nature of problem-solving. When facing the problem of naming his work, for example, Murphy could have brainstormed limitless solutions, but his goal was to narrow the viewer’s focus onto the same concern as his: government tracking and its watchful reach into people’s personal lives. Naming his work “Perceptual Shift” brings them closer to seeing his perspective — that many may not see the watchful eye unless they shift their perspective.

    Just like the infinite number of perspectives to view his art, there were an infinite number of solutions he could have devised to name his art. But he had to narrow down his own divergent perspectives to the best possible one at that time. Even still, there could be a better name to serve his purpose more effectively if he examined the problem from one more dimension; yet another limitless pool of opportunity.

    Related: 7 Essentials for Overcoming Mental Barriers to Exceptional Success

    Pushing our limits to reach new heights

    In the same way that solutions to problems are limitless, there is a limitless amount of data available to help us improve. It would be impossible to brainstorm an exhaustive list of all the room for improvement because there can always be one more idea. The two-dimensional ways we can approach our three-dimensional world are endless to the Nth degree: There is always an N+1 to be found.

    Of course, we all know there are physical limits to what the human body can do. Those who break those physical limits set world records until someone else comes along to push them even further. This is what separates elite athletes from average sports players — they push their limits to be the best in the world at what they do by practicing their skills every day.

    I try to encourage my son to take this same perspective as a hockey goalie every time he lets in a goal. I tell him to reflect on each one — the angle, direction, speed and player’s movements. Even though he could never possibly come up with an exhaustive list of all dimensions for improvement, by brainstorming as many as he can conceive, he can identify infinitely more ways to protect the goal better. With hindsight, we can always learn from our mistakes and identify what works and what doesn’t to find a better solution. Leaders can apply this to their own problem-solving and encourage the same mindset in the members of their team.

    Related: 4 Steps to Breaking Free from Time Constraints and Living the Life You Want

    It’s all part of the game

    Of course, I also remind my son not to dwell on those goals he lets in. It’s a natural part of the game. Sometimes, letting in goals could be a simple matter of bad luck, just as allowing no goals involves a certain amount of positive luck. Tapping into our limitless room for improvement is our small effort to control how we reduce that unlucky probability. The best goalies become the best and let in fewer goals because they use every allowed goal as a learning opportunity to prevent the next one.

    In the same way, failure is a vital part of achieving success when we use those experiences to better ourselves and fine-tune our skills. The best way of doing something today might not be the best way of doing it tomorrow. Stay open to the limitlessness of improvement. Let nothing be “too outrageous” or determine “it won’t work” before allowing it to exist as an option. Brainstorm as many ideas as possible and narrow them down to the best solution, knowing there could always be a better way and always aiming to find it.

    Each time we go back to square one and brainstorm another list of solutions to find this extra dimension, we come up with answers we haven’t tried before to accomplish our goals better. Understanding the limitlessness of problem-solving as an opportunity for improvement is how we grow. The framework of these principles is universal and applicable to any scenario, from becoming a better hockey player to leading a business for better performance and everything else in between.

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    Simin Cai, Ph.D.

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  • How to Build a Business That Lasts 100 Years | Entrepreneur

    How to Build a Business That Lasts 100 Years | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Limiting your company vision to 5 or 7 years will force you to chase short-term metrics to impress investors, credit organizations and clients. The focus, however, is quite different when you have a century-long mindset and realize your company will still exist in 2122. Businesses with a 100-year vision should focus on building a solid foundation. It’s like launching a long-term space exploration ship equipped with all the supplies instead of just sending it out into space with no thought to how it will survive.

    Education-oriented organizations especially have a great deal of responsibility on their founders’ shoulders. You take nine months off from your students for the learning process and influence their career paths, which might shape their lives for the next 10, 20, 30 years, and beyond. Eventually, we are building something massive that can compete with universities on a similar level or even replace them.

    Here are several crucial strategies for building a long-term company.

    Related: Be an Innovative Leader or Risk Your Company’s Longevity

    Keep long-term goals in mind, not short-term revenue metrics

    It is crucial for companies that aim at long-term goals to focus on complex, costly processes that will pay off in the long run. Although it might take more time and money than you would otherwise spend, it is worth the effort.

    An excellent example of the short-term metrics investors monitor for an edtech company is the completion rate of the course. Although we focused on this metric since day one as an ed tech company, we are currently not meeting the benchmark. This metric would have been the priority of the company targeted to the short-term revenue, but as we aim to help people find a job, we’ve chosen not to fix it directly.

    Most adult students are employed and must pass the course at their own pace. If we were focused on metrics, we would have told our clients to finish the course in 9 months or be expelled. In contrast, we offered clients a solution tailored to their schedule instead of pushing them to complete the course faster. Rather than focusing on short-term investor metrics, we build products to suit the needs of our clients.

    Related: How Entrepreneurs Can Achieve Longevity

    Stay on top of long-term global trends

    Long-term-thinking entrepreneurs should always watch long-term global trends to prepare ahead of time or adjust their company’s direction accordingly. Here are several global trends to be aware of:

    • Automation and AI will dramatically reduce human labor: According to the new World Robotics report, an all-time high of 517,385 industrial robots were installed in factories worldwide in 2021, up 31% from the previous year, with 74% of all newly deployed industrial robots located in Asia, which has the world’s most significant industrial robot market. According to the World Economic Forum’s Future of Jobs report 2020, 85 million jobs might be replaced by machines by 2025.
    • Anti-globalization: In 2019, approximately 3 million migrant workers came from ASEAN countries, according to the International Labour Migration Statistics (ILMS) of the International Labour Organization. The data on ASEAN nationals going abroad for work indicates Vietnam (152,530) is the leading country among those providing data, followed by Cambodia (68,040) and Lao People’s Democratic Republic (54,091). One of the ways to address this issue can be partnering with local employers to provide students with employment opportunities within the businesses.

    For a company striving for 100-year history, it’s not wise to apply any trend right after it appears. For example, we currently don’t teach blockchain or metaverse developer professions at my company, even though the trend is emerging. There is no certainty as to what extent companies will migrate into virtual worlds nor how the adoption of the metaverse and cost reductions for wearable devices will proceed. As this will develop in the future, there’s no point in jumping on the bandwagon now if you’re not building the metaverse yourself.

    Don’t skimp on your service

    You must go the extra mile for your clients, no matter what type of business you run. It may mean spending more money and taking a greater risk, but the long-term benefits are worth it. If we talk about education, the feedback the students get is key — otherwise, they could’ve watched open-source videos.

    Another perk that costs you extra but makes the product better in the long term is helping students get employed. Refocus students are guaranteed a job or a refund at the end of the course. We do this to ensure that our graduates can find employment. For this, we assist students in their job searches, interview preparation, and application process.

    Related: 5 Tips for Improving Client Relationships

    Plan ahead for expansion

    If you have a global expansion plan, consider the development of countries, their education needs and when to begin targeting those markets. All processes are in place, and you should know the exact timing for expansion.

    Another part of long-term planning is integrating several partners and gathering information from modern tech companies on what skillsets are needed from potential employees. We have decided to invest in it from the beginning because it’s an essential step towards embracing more significant flows of students in the future.

    Related: 3 Tips for Global Business Expansion

    Antifragility

    According to Nassim Nicholas Taleb, an antifragile system becomes more resilient when exposed to stresses, shocks, volatility, noise, errors, faults, attacks or failures. It is vital to envision your company so that unfavorable events would strengthen it rather than weaken it. Antifragility is essential for a business to survive in volatile and uncertain conditions.

    One way to adhere to this philosophy is to conduct so-called debugging meetings to identify why we failed at some point and what needs to be changed. The results should be included in a “playbook,” outlining what to do and what not to do, whether it is launching a new marketing campaign or entering a new market.

    To survive storms, you need to be able to predict the bad moments and strategize accordingly. For example, as part of a strategy session, discuss the possibility of surviving a nuclear or third world war as a company. For us, the conclusion was that we would still exist but with a microservices-based architecture.

    Final words

    It’s hard to predict what the future will look like in 100 years. However, regardless of how education is delivered, it will be in demand forever. In any form, whether through the metaverse, VR, augmented reality, or any other cutting-edge technology, build the education spaceship that will explore the unknown depths of the future and improve people’s lives for decades.

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    Roman Kumar Vyas

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  • 3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are the backbone of our communities. They supply and care for our families, support economic growth and stability, and foster meaningful relationships with the people they serve. Nobody understands the value of small businesses more than those who live in communities that are most likely to experience disinvestment and neglect from corporate investors — which are disproportionately communities of color.

    These small businesses are also most often owned and operated by Black entrepreneurs and other entrepreneurs of color. Despite their value to their communities, racial inequities persist, and many Black-owned small businesses lack the financial resources necessary to grow and survive an economic crisis.

    Luckily, in today’s tech-driven economy, Black small business owners have new digital tools to help their businesses survive, thrive and stand out among corporate competitors. Here are three reasons Black small business leaders should meet this moment and embrace digital transformation.

    Related: 12 Steps That Could Help Your Small Business Start a Digital Transformation

    1. Improving agility

    Businesses that rely on foot traffic to reach clientele were hit hardest by pandemic-related shutdowns. The needs and interests of business leaders and their clients drastically changed, and those without the infrastructure to adapt to our new normal were at the greatest risk. As experts continue to signal that we’re nearing an economic recession, agility becomes increasingly necessary for the survival of small businesses.

    When small business leaders adopt digital tools and infrastructure, it allows them to shift quickly to ensure they can continue providing services to their customers. Whether through eCommerce websites or social media campaigns, digital adoption can help small businesses stay afloat amid global economic disruption. If business leaders start planning and implementing digital strategies now, they will be better prepared to meet whatever challenges they face next.

    Related: Digital Transformation Means Adopting a New Culture: Here’s How To Do It

    2. Expanding customer base

    One of the many reasons Black-owned businesses struggled to survive amid the pandemic was due to the direct economic impact it had on the people they serve. Many Black-owned businesses operate in predominantly Black communities, which are disproportionately affected by job loss and illness spurred by COVID-19 because of economic and healthcare disparities.

    Business leaders have to seek new ways to expand their customer base. Digitizing operations can open new markets for small businesses to explore, which generates more significant growth opportunities. Through online advertising, cloud computing and mobile commerce, small business leaders can extend their reach beyond local communities and into national or global markets. This will not only advance the success of small businesses but also ensure they are still around to serve their communities well after an economic crisis hits.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    3. Leveling the playing field

    Corporate competitors routinely receive more investment than small businesses, which means they have the resources to position themselves as better service providers. Small business leaders can stand out among corporate competition when investing in digital tools. These tools offer a more efficient means for handling inventory management, data analysis and marketing automation — resulting in faster turnaround times and better decision-making processes.

    Small businesses, especially Black-owned ones, often lack the financial capital and investments needed to innovate and keep up with their larger competitors. The good news is there is support for small business leaders, especially those who are shut out of financial opportunities due to pre-existing racial inequities.

    One of the groups I work with, the Small Business Digital Alliance (SBDA), connects small business owners with digital tools, training, and other opportunities to reach new customers by expanding their digital networks. Services and resources provided by the SBDA can help small businesses adopt digital strategies to grow and sustain their businesses – and they are free of charge to those within the network. This can help small businesses better understand the needs of their customers and quickly fulfill their expectations. By investing in digital solutions, small businesses can level the playing field and put themselves on equal footing with larger corporations.

    There is no way to predict an economic crisis’s impact on our businesses, but we can take steps to prepare and mitigate risks. Beyond business survival, going digital offers many advantages for Black small business leaders who want to stay competitive in an increasingly tech-driven landscape.

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    Jimmy Newson

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  • Entrepreneur | How to Keep Calm, Focused and Present During Hard Times

    Entrepreneur | How to Keep Calm, Focused and Present During Hard Times

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    Opinions expressed by Entrepreneur contributors are their own.

    There is no lack of stressors in today’s world. Take your pick: bleak economic forecasts, climate change, conspiracy theories; these days, even stray Chinese weather balloons can cause nationwide panic. However, most negative nonsense in the news is often just noise. In particular, the gloomy part is often the attention-grabbing spin predicting the worst possible outcomes, causing unnecessary worry about the future. So how do we combat this noise, stay calm, focused and present for others? Our mindset, self-care and intentional relaxation can get us through just about anything.

    Related: 9 Ways High-Performing Entrepreneurs Handle Stress

    Mindset

    If we set up our mind to focus on the present, including being present for others, we take the focus off the past and the future. Our actions mold the future we can control in the present. If we worry about potential futures, ironically, we are spending precious energy on what we can’t control instead of what we can gain through action. Keeping focused on the present means mindfully preparing for each day and paying attention to the tasks and people we’re interacting with without getting distracted by past outcomes and possible future ones.

    A can-do mindset realized through constant planning, and consistent execution is critical. Building a daily plan encapsulating your key goals is more straightforward than you imagine. Such an approach will help you ignore the harmful noise and focus on the things that move you forward. You’ll need a perspective that anything that doesn’t go according to your plan is good too, and will serve as a learning experience and input for an altered or improved approach. Being grateful for everything that happens as a learning and growth experience is a way to avoid disappointment and becoming discouraged.

    Focusing on gratitude daily is fundamental to a feeling of well-being. Looking at adverse events that directly affect you as pathways to learning and growth – you will revise your plan — instead of life’s way of hurting you means you see everything as positive. Couldn’t avoid it? A lesson for the future. Having this perspective puts the focus back on the journey you’ve defined already; you control the goals and action plans and have simplified and componentized them into a daily checklist. This methodology will keep you on track despite unexpected circumstances that will naturally arise.

    Related: 20 Wise Insights on Gratitude to Spark a Positive Mindset

    Health

    A holistic approach to well-being includes regular exercise as a priority, eating and drinking the right things and getting enough sleep. We may tire of hearing about these fundamental things. However, people often underestimate their importance across all other areas of personal performance and health, including spiritual, mental and emotional health. For example, a good walk or workout in the morning will help your mind get clear and help you get ready for your daily routine. In addition, exercise sends positive chemicals to your brain, making you healthier and happier. However, regular exercise is not enough. You also need to watch what you eat.

    Without getting into specifics – because each person’s dietary needs are different — the healthier you can eat, the better you will think, function, sleep, work and interact with others because how you feel affects those things. General suggestions that apply to us all are avoiding sugar and alcohol, having too much salt, consuming processed foods, fast foods and anything that has a long list of ingredients. Also, going organic when possible and minimizing unnecessary pharmaceuticals will clear your mind and body of toxins. Lastly, getting detailed bloodwork and talking to a doctor or other professional can help you tweak your diet for optimized health.

    Without enough sleep, you won’t be able to focus, your body won’t recover, your mood and emotions can be affected, and your productivity to reach your goals and run your plans will be compromised. So, in addition to regular exercise and diet, getting enough sleep is the third major component of good health. They are all interconnected; exercising and eating clean will make sleeping easier, as your digestion will be easier and better, and being naturally tired will help you get deeper sleep to recharge for the next day.

    Related: 12 Ways to Smoothly Start Waking Up Earlier

    Relax

    Busy people tend not to have the time to get sucked into a lot of the negativity that goes on constantly in the world. Instead, they are focused on what they can control. However, it would be best if you took regular breaks for mental, physical, emotional, and spiritual health. Schedule your breaks and also take them ad-hoc when needed. The pandemic has freed many of us from the 9-5 fixed schedule, and thus knowing when and how to take a break and taking it is critical to keep performing at your best.

    Many people have also found it very healing to connect with nature, whether in the morning, at noon, during breaks or at night. Simply going outside, leaving your tech behind, breathing in the fresh air, and feeling the sunshine are often more than worth the time; you will naturally feel better and more connected with life. There is a lot of evidence that this sort of thing does make a difference, so if you are inside all day and all night, consider it a red flag and something you can change for your benefit.

    Lastly, don’t forget to have fun and laugh alone or with your family, friends and colleagues. Laughter and human connection with those we love, regularly and often, will improve our sense of well-being, help us focus better and be happier. Just a little time with someone you love can be priceless. So don’t forget to prioritize that as part of your day; with health and mindset, you can do it! Never give up trying; revise your plans and keep moving forward.

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    Armand Peri

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  • Entrepreneur | Free Webinar | March 8: Pivoting to Success: When and How to Pivot Your Business

    Entrepreneur | Free Webinar | March 8: Pivoting to Success: When and How to Pivot Your Business

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    Are you struggling to make sales?

    • Is your competition increasing?
    • Are you having cash flow issues?
    • Are you feeling defeated and not sure what to do next?

    These may be signs you may need to pivot your business. Don’t know where to start? In this informative webinar, award winning entrepreneur and prominent investor Kim Perell, will reveal why pivot is an essential part of building a successful business. As market conditions change and technology evolves, so must a company’s ability to adapt. Through her own riveting real-life examples, Kim will break down the reasons why pivoting is crucial for companies of any size and how you identify if it’s time to make a change.

    Register today to learn about topics including:

    • Why pivoting is crucial for companies of any size
    • Recognizing 3 signs of when it is time to pivot
    • The 5 pivots every leader faces
    • The one thing never to change in any company
    • Developing the winning mindset to adapt to change

    Join us for this free webinar on March 8th at 3:00 PM ET.

    About the Speaker:

    Kim Perell is an award-winning digital marketing technology CEO, top US female angel investor, and bestselling author with twenty years of experience taking companies from $0 to annual sales to $1 billion. She sold her last company for $235 million after going broke ten years earlier. She has been named one of AdAge’s Marketing Technology Trailblazers, Business Insider’s Most Powerful Women in Mobile Advertising, and Entrepreneur of the Year by the National Association of Female Executives. Perell has been profiled by The New York Times, Forbes, and more. She lives with her husband and two sets of twins in Miami. Connect with her at https://kimperell.com.

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    Entrepreneur Staff

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  • Entrepreneur | 7 Ways to Integrate PR Into Your Daily Marketing Activity

    Entrepreneur | 7 Ways to Integrate PR Into Your Daily Marketing Activity

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    Opinions expressed by Entrepreneur contributors are their own.

    Want to help your company stand out from the crowd? There’s one strategy that goes beyond the reach of ads or traditional digital marketing tactics and can create an even bigger impact: an effective public relations strategy.

    An excellent public relations strategy can mean distinguishing between struggling to get noticed and receiving the attention you’ve worked so hard for. It pushes your brand message beyond likes, clicks and new followers, creating a memorable brand presence and telling your company’s story how you want it to be perceived.

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    Renée Warren

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  • 3 Books to Help Business Leaders Discover Innovation and Growth

    3 Books to Help Business Leaders Discover Innovation and Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to leadership development and business growth, more leaders and entrepreneurs are looking to achieve their growth goals by looking for “outside-the-box” opportunities.

    According to McKinsey & Company, “About a quarter of companies don’t grow at all, and between 2010 and 2019, only one in eight achieved more than 10% revenue growth annually.” Thus, profitable growth arises when leaders can swiftly adapt, shift, move and adjust to new ideas and ways of thinking when building a business from the ground up.

    Check out these new publications that offer a new way of thinking regarding leadership, innovation and growth.

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

    1. Mastering Microdosing: How to Use Sub-Perceptual Psychedelics to Heal Trauma, Improve Performance and Transform Your Life by Paul Austin

    In his newest book, Paul Austin provides a comprehensive look at using sub-perceptual psychedelics to address mental health and wellness needs, discover innovative business ideas and find out-of-the-box solutions to team performance issues.

    To ensure the safety of the practice, Austin provides an all-inclusive guide to the practice, protocols, benefits and potential drawbacks of microdosing.

    While this may seem like a wild idea to some, Austin’s approach incorporates a wealth of research and anecdotes to demonstrate the effectiveness and positive impact that sub-perceptual psychedelics can have on the general well-being of today’s entrepreneurs, leaders, creative minds and healers — and he is not the only one.

    In 2022, the MIT Sloan Management Review offered a study on the progressively mainstream practice of business leaders using psychedelic medicines and therapies to address mental health and illness. This includes the practice of taking small amounts (a “micro dose”) of psychedelic drugs that may consist of lysergic acid diethylamide (LSD), psilocybin mushrooms and other common psychoactive substances that impact your perceptions, thoughts and emotions of the world and ideas around you.

    Such studies have continued to modernize the idea of how we address mental health and wellness, including when it comes to encouraging the growth of safe and inclusive work cultures. In 2022, the American Psychological Association (APA) conducted a Work and Well-being Survey that found 71% of employees “believe their employer is more concerned about the mental health of employees now than in the past.” This belief, in itself, has the capacity to improve individual and team performance for a company.

    Related: Embrace the Unknown to Transform Your Life

    2. DEO’s Financial Secrets to Grow Dental Organizations by Ken and Ashley Kaufman

    In this book, Ken and Ashley Kaufman give their insight into the top financial tools and best practices that dental entrepreneurs can use to succeed as business leaders.

    The authors recognize that many of the common challenges entrepreneurs face during the startup process are related to common financial pitfalls. This includes everything from the location of your business to local tax regulations and operational expenses to financing strategies.

    To help entrepreneurs identify these common mistakes, errors, traps and pitfalls — the authors seek to empower business leaders to take charge of their businesses and find financial success. As a result of this financial leadership growth, entrepreneurs can find greater clarity in their work to focus more on the people they serve rather than worrying about financial business woes.

    Related: Best Financial Tools and Business Ideas to Make More Money in 2023

    3. Innovating Innovation!: Why Corporate Innovation Struggles in the Age of the Entrepreneur by Mike Stemple

    The first year of any business startup is crucial to its long-term success. Last year, HubSpot found that at least 90% of startups fail within their initial year, while another 10% fail before the following year. Yet, according to Mike Stemple in his new book, more startups are successful in driving innovation compared to their large corporate counterparts.

    Entrepreneurs can learn a lot from corporate leaders. And the main question corporate executives are asking is, “What can large companies do to innovate as easily as their disruptive startup competitors?”

    The objective of Innovating Innovation! is to help prevent businesses from going under and to continue to see growth throughout their maturity. Mike gives support to leaders looking to transform their company’s sense of innovation by understanding the contemporary building blocks necessary and how to effectively execute a modern innovation program.

    As a result, readers finish the book understanding how they can catch up in their industry and find the same quick-to-market innovations that new business startups use to disrupt entire industries.

    If you are looking to recapture an innovative culture, become more financially savvy in your new business venture, or focus more on mental health and well-being, these new books can help guide you.

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    Peter Daisyme

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  • How to Sell Your Business for 10x or More

    How to Sell Your Business for 10x or More

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    Opinions expressed by Entrepreneur contributors are their own.

    Every entrepreneur dreams of funding their freedom by one day selling their business for 10 to 20x multiples or more. Unfortunately, selling for multiple valuations is not as common as we all wish it was. We know it’s possible because we’ve seen it happen, but it’s the exception, not the rule.

    So what’s the secret? What makes a business achieve that level of success?

    As an entrepreneur and a coach to my fellow entrepreneurs, I have had countless conversations on this subject. After an intriguing meeting with my friend Tom Lambotte, founder of OneDayWorkWeek.com, I now know the secret is to establish processes and systems that allow the business to run smoothly without the founder in place.

    When it comes time to sell, the multiples will be dismal if the business is highly dependent on you to run it. If the business is self-running, the payoff has the potential to be exponential.

    There’s a bonus to this strategy: You get more freedom before selling the business. You get to work in your zone of genius and enjoy downtime and family time away from the business without guilt.

    Related: How to 10X Your Business, Income, and Life

    You may be laughing out loud now at the concept of a self-running business and a one-day workweek. But Lambotte has actually done it and believes every business can operate this way.

    Here are six steps with implementable tools for creating a self-running business.

    1. Vision design

    Begin with the end in mind. The essential first step is establishing a clear vision of your long-term personal and business goals and your company’s core values. Then you can break down your goals into annual goals and monthly goals.

    Taking the time to establish your goals and reflect on your values is especially important for founders who have more business coming in than they can handle and spend most of their time putting out fires.

    Related: Your Vision Doesn’t Matter Unless You Act on It

    2. Diagnose and track

    Get crystal clear on your biggest challenges and problems and the most important success factors of your business. Make changes where necessary. This step most often requires the objective perspective of a skilled outsider.

    Related: Asking For Help Is Good For You and Your Business

    3. The right team

    You must build a team of A-plus players united around your well-defined goals and values. You can do this by hiring for skill and aligning with company culture. Build systems so that you are always recruiting and easily attracting quality hires and so that you can train and onboard with ease. Additionally, if you’re a founder or CEO working in the nitty-gritty, day-to-day aspects of your business, you either need a COO, implementor and executive assistant, or you need to get effective people in those positions.

    4. Process hub

    A lack of well-defined processes pulls the leader into every aspect of the business. Identify your core processes, keeping in mind that in most businesses, around 20% of the processes create 80% of the results.

    After identifying them, document them well and ensure they are implemented. This is how you create self-replicating team members.

    5. Tech return-on-investment multiplier

    Leveraging your technology is the secret sauce that can free up time for you and your employees. Are there features or automations in your current software that could save you 10 minutes daily? That’s 40 hours a year.

    When everyone on your team seeks out efficient processes, you can accomplish more without hiring more people. A motivator for efficiency is profits, which equals raises. If you don’t know how to leverage your technology, get the help you need.

    6. Velocity engine

    When you have the right systems in place, it’s time to get your meeting structure and learn how to run effective meetings. It’s also time to teach your team members how to plan their weeks. With all these components in place, your velocity engine will run smoothly, and you’ll be free to work on your business, not in it, one day a week.

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    Mike Koenigs

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  • 8 Secrets to Business Success

    8 Secrets to Business Success

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    Opinions expressed by Entrepreneur contributors are their own.

    Yearly small business growth takes a vision and a plan. You need to envision where you’re going and develop a step-by-step guide to get there. Most of the time, growing your business requires doing things a bit differently.

    Many entrepreneurs get so bogged down in day-to-day operations that their growth goals become a distant memory. You may look back in Q3 and realize that what would have been possible if you started in Q1 may not be feasible this year at all. Avoid this scenario by understanding your goals and setting a path toward growth.

    Here’s what you should do differently to catalyze small business growth.

    1. Set 3-5 goals for the year

    Always start with goals. Set three to five overarching goals for the year with detailed steps on how you will achieve each one. Break down the plan by quarter. Assign due dates and add them to your calendar. Make room in your schedule to prioritize each step.

    Building a digestible structure helps you achieve your goals systematically instead of having them all on your plate at once, which might end up overwhelming and demotivating. Allow your team to assist with bringing your goals to completion. Share due dates on when each step will be finalized each quarter.

    Related: 7 Steps to Achieving Any Goal in Life

    2. Be transparent with your team

    Bring your team into the process. Be transparent about what you aim to achieve this year and how you plan to get there. By sharing your vision, your team gains visibility into their roles in accomplishing each goal. This enables collaboration and helps your team feel involved in what the business achieves.

    Further involve them by asking for input and ideas. You might be surprised by how helpful their perspectives can be. Stay open to recommendations as long as they point to more efficient strategies or better solutions.

    Related: 5 Things Preventing You From Being Transparent

    3. Get to know your customers or clients

    Be creative in getting to know your customers or clients. Send surveys and check in personally. Share in their wins as often as you can. Go beyond merely following them on social media and reposting content. Surprise and delight them by sharing their goals, growth and other exciting news they may share.

    Offering special attention to your clients enables them to envision a strong, long-term partnership with you. That mindset leads to raving fans who sing your praises and help grow your brand.

    4. Challenge yourself

    Challenge yourself each week to be 1% better. Reaching for that small 1%, even broken down over the year, will enormously impact your success. Think about continuous, mindful and meaningful improvements. Address your weaknesses and fortify your strengths. Make your impact through small wins over time.

    Related: 12 Actions You Can Take to Become a Better Person and a Better Leader

    5. Do what you love

    Determine what you love and do more of it — in business and life. This keeps you motivated and combats burnout. For example, traveling will be at the top of my list this year. With careful planning, a workcation — or an extended stay vacation with a mix of fun and work — is one of my main priorities and a practice worth following.

    Find what you enjoy (i.e., a big city, ocean, etc.) and take a workcation as part of your upcoming plans for the year. You will return re-energized and ready to tackle the road ahead. Plus, you more than likely have new business ideas that you discovered while away from your business’s day-to-day activities and stresses.

    6. Practice listening

    You gain so much more from conversations if you simply learn how to listen. So often, leaders listen to respond as opposed to genuinely listening to what is being said. In doing so, they miss out on subtext and depth in the conversation, especially since much communication is nonverbal.

    When you focus on listening, you gain a more accurate sense of what is being said and why it matters. And truly, doesn’t it feel great when you know you are being heard?

    Related: How to Listen to Your Employees

    7. Find a mentor or coach

    Find a mentor or coach. More specifically, find someone in your industry that you admire because they perform better than you in your space. They will help you develop better strategies and overcome challenges.

    A mentor or coach will provide a learning experience, offer a bird’s eye view of your company and help you reach the next level. Working with someone who understands your challenges and has risen above them can be priceless.

    8. Set your goals high

    Knowing what is truly possible, set your goals high. As an accidental entrepreneur, if you had told me 11 years ago that my business would grow to a more than two million dollar business, it would have been hard to imagine — it would have felt crazy.

    With hard work, delegation, a dedicated co-founder and a team that supports us, it is now our reality. We continue to put goals and systems into place to sustain and multiply this growth.

    Follow these secrets to success to make 2023 a standout year for your business. Remember, success is achieved in your personal life as well as your professional life. Be sure to enjoy the entrepreneurial journey along the way.

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    Lauren Gall

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  • 10 Things Every Working Woman Should Do This Year

    10 Things Every Working Woman Should Do This Year

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    Opinions expressed by Entrepreneur contributors are their own.

    Self-care has become an all-encompassing term that has strayed from the importance of everyday commodities that keep us in good health and spirits. Though pampering and “treat yourself” moments still have value, here are ten ways to invest in yourself to produce long-lasting, positive results.

    Related: 8 Self-Care Tips From Wildly Successful Entrepreneurs

    1. Put money into a 401(k)

    It’s never too early (or too late!) to start saving for the future. Depending on your employment status, there are different retirement savings accounts. 401(k)s are the most common since these are employer-sponsored and often come with an employer match. However, freelancers also have options, such as a SEP-IRA or a high-yield savings account, to put away extra, tax-free dollars for retirement.

    2. Schedule a health checkup

    Self-care first includes taking care of your physical health. It’s easy to discredit regular checkups when you’re feeling healthy, but make this the year to get your blood work done. It creates a baseline for your health to identify areas needing improvement or extra attention.

    Also, choose areas in your life where you can make small changes. Improving your health doesn’t always mean a drastic overhaul; it may be as simple as drinking more water or adding an extra 30 minutes of exercise to your day.

    Related: 3 Key Tips for Optimizing Your Physical Health as an Entrepreneur

    3. Review health insurance benefits

    Many people with health insurance aren’t sure exactly what it does and doesn’t cover. If you’re unsure, talk with your HR representative or your health insurance provider to get an overview of deductibles, co-payments and other supplemental benefits you may not be aware of. Then, decide if the health care plan makes sense for your current lifestyle.

    Are you paying for benefits you don’t use, or do you need additional benefits that aren’t covered? Selecting the right plan will help ensure you have what you need without paying the extra expense for anything you don’t.

    4. Ignite your curiosity

    Maintaining healthy cognitive functions through new pursuits gives a boost to the brain. Get curious and find what speaks to you. This can be anything from exploring local museums, embarking on different hiking trails, learning a new language or reading more books.

    There’s no limit to what you can do, and these activities can ignite more creativity and motivation in your work. While it may be helpful to look to others for inspiration, make them enjoyable so you’ll want to make them a regular occurrence.

    5. Prioritize mental health

    Mental health has been at the forefront of people’s lives over the past few years, as many have experienced burnout. We often equate productivity with a value that drives us to go beyond our means and leads to anxiety, stress and depression. Take note of your everyday stressors and see how to reduce or eliminate them. Then, replace them with relaxing outlets that allow you to recharge.

    There are various ways to prioritize mental health, from practicing positive self-talk to meditation to scheduling an electronics-free day. You may have to try different solutions before you find one that fits.

    Related: 5 Ways to Protect Your Mental Health as an Entrepreneur

    6. Implement good sleep habits

    Consistent sleep is one of the essential factors of good health but one that is often overlooked. For many, it can be challenging to wind down from the workday. Therefore, you must “train” your body to prepare for sleep by getting into a nighttime routine.

    Create a sanctuary for yourself to improve your sleep habits. Enjoy a soothing cup of herbal tea, perform a skincare routine, and snuggle in with a good book rather than scrolling through your phone. Additionally, ensure your bedroom is dark and cool for ideal sleep comfort and turn on soothing sounds if it helps lull you to sleep.

    7. Try something new

    What have you wanted to try but have always held back? Maybe it’s public speaking or contributing to a blog. Whatever “new” has been on your to-do, make a plan, schedule it on your calendar and go for it. It’s common to hold back from these activities due to fear of the unknown or failure, but trying new things helps create confidence and can be the catalyst you need to push you to the next level.

    8. Learn to set boundaries

    Boundary setting is crucial to relationships yet can be difficult to master. It doesn’t always involve simply saying no to people’s requests. Instead, it requires protecting your own values when people violate them. Setting boundaries may mean spending less time with certain people, removing yourself from toxic situations, or declining invites to events that don’t improve your life. Explore areas where boundaries will help you grow, and keep in mind growth itself is a work in progress.

    Related: How to Set Boundaries to Build Thriving Relationships

    9. Spend quality time alone

    Learning how to enjoy time spent alone is a valuable gift. We are inundated by a false sense of connection through the internet, which often makes us feel lonelier than ever. Then, we overschedule our calendars to make up for human connections, only to feel drained afterward. Slow it down and plan a few solo dates a month to see how it feels to be truly present with yourself.

    For those who aren’t used to spending quality time alone, it can feel awkward and uncomfortable initially, but these stem from your own perceptions. Take in a matinee, sit in a coffee shop and read, or enjoy a concert or event you’ve wanted to attend. Alone time has been linked to improved stress management and greater life satisfaction, so it’s worth trying to give yourself more time.

    Related: Turns Out, Those Who Like Being Alone Can Be More Creative

    10. Get active

    Getting active can take on several directions. It can be physical, emotional or spiritual. The point is to engage with people and pursuits that feed your soul. Whether volunteering within your community, setting yourself an exercise goal, or learning more about personal development, there are endless ways to get active and invest in yourself this year.

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    Kelly Hyman

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  • Are You a Winner? How to Truly Define Winning in Your Business

    Are You a Winner? How to Truly Define Winning in Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Businesses gauge their performance typically with dozens of goals and metrics. But you can’t do everything at once. The challenge is to get people focused on the one thing that’s most important right now. If it moved in the right direction, it would eliminate a weakness (or capitalize on an opportunity) and improve financial outcomes. You improve that, and you win.

    However, not every company clearly defines winning. A catalog of goals can pull the organization in multiple directions and stretch finite resources. Numerous goals can inherently be at odds, working against each other and for conflicting purposes. For example, a cost reduction goal might undermine an innovation goal requiring a significant investment.

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    Andrea Olson

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  • Harness These 4 Effective Strategies to Succeed in Untapped Rising Economies

    Harness These 4 Effective Strategies to Succeed in Untapped Rising Economies

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    Opinions expressed by Entrepreneur contributors are their own.

    Before the global economy can recover and stabilize market patterns, the focus must be placed on dynamic markets where costs are lower and production is higher, over industrialized countries.

    In emerging markets, there are generally fewer rules and regulations than in developed countries. Governments are more willing to trade with other nations and conduct business as long as their people and companies see economic prosperity.

    Emerging markets are integral to any company’s growth strategy, but what factors make it so? This article answers that question and discusses strategies for entering one.

    What do rising economies look like in 2023?

    Emerging markets are the growing economies of developing nations that have become dynamic enough to increase participation in global trade. These markets have many characteristics similar to already developed markets but with a much lower cost and a higher enthusiasm for new products.

    • Integration — Welcomes investment, focuses on barter and supply rather than manufacturing, and engages more with global markets.
    • Liquid equity — Increased local debt and equity in both domestic and foreign markets, with easy cash flow.
    • Increased trade — Lower transportation, storage and labor costs result in higher profit margins that help increase trade for both domestic and international investment.
    • Enhanced legislative support — Foreign investment taxes and regulations are less stringent in emerging nations, allowing for an easy flow of goods and investment.

    Related: Is Now the Right Time to Take Your Company Global?

    Best strategies for winning in rising economies in 2023

    Opportunities in vibrant markets need to be pursued aggressively. The right plan can aid in generating higher revenue owing to population size alone. Investors can increase their chances of success and return on investment by utilizing one of four strategies when entering these markets:

    1. Understand the political and commercial environment

    It’s crucial to be aware of the political situation in any country you want to invest in. The political forces that govern emerging markets can have a significant impact on your ability to generate profits.

    Foreign policies that are conducive to investment and a vibrant economy can be strengthened by stable governments that are receptive to such efforts. Having an understanding of shifting political environments and having the assistance of local political forces can make investments safer.

    Stability is a prerequisite for prosperity, and prosperity requires an open economy where money and goods can move freely across national boundaries. Emerging markets embrace good business practices and investment to boost their economies and bring them up to speed with those of developed nations. In some circumstances, emerging markets may even offer significantly larger returns due to the environment.

    2. Hire local teams

    The major purpose of investing in developing markets is to expand your business and capitalize on local opportunities. Hiring local people and resources is more logically efficient because they are more familiar with indigenous scenarios, which in turn can boost investment opportunities.

    Local hiring also increases the economy of the community and strengthens emotional attachment among locals, motivating them to work harder and support long-term objectives in these markets. Additionally, the lower wages result in cost savings that don’t just boost earnings but also support local economic development.

    For example, emerging economies like Saudi Arabia allow massive investment but make it compulsory that the board have local members. They also fix a percentage of local employees to be hired against the foreign workforce. In the long run, this also sends the political message that foreign companies bring business and prosperity.

    Related: The Benefits and Risks of Launching New Products in New Markets

    3. Let go of assumptions

    CEOs and businesses believe they can conduct business in emerging economies and marketplaces in the same way they do in developed countries; yet, infrastructural quality varies by country. For instance, political officials or pragmatic leaders often enforce contracts in developing economies instead of the legal system.

    4. Utilizing extensive distribution to reach customers

    Utilizing extensive distribution helps raise product awareness and ensures that the company reaches the maximum number of people. It enables businesses to expand their reach and gain the best possible market coverage and when done right, this strategy has the potential to generate millions of loyal customers.

    There is a lot of untapped potential in emerging markets. If investors can combine local practices with their expertise and technical innovation, the opportunities are virtually limitless.

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    Pritom Das

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  • How to Create a Successful Product Portfolio

    How to Create a Successful Product Portfolio

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    Opinions expressed by Entrepreneur contributors are their own.

    Crafting a successful product portfolio might sound daunting, and it certainly can be if you’re not well-prepared. But in reality, it doesn’t have to be an overwhelming process. With the right strategies and knowledge, you can create and maintain a strong product portfolio that meets your customers’ needs and stands out from the competition.

    In this article, we’ll walk through the steps necessary to craft a successful product portfolio.

    Related: How to Nail a Successful Product Launch

    Do your research

    Before you start creating your product portfolio, you must do some research and understand the market landscape. Gather as much information as possible about your potential customers, competitors, and industry trends. This will help you develop a compelling product roadmap and ensure your products stay on top of the latest technological advances.

    Consider using various research methods such as surveys, interviews, focus groups or observation studies to gain insights into customer needs and preferences. Other data sources include industry reports, competitive analysis, analytics from existing products or customer feedback from existing users. Take the time to analyze all available data points to get a complete picture of the current market environment and identify growth opportunities.

    Related: Assume Potential Customers Don’t Know Anything About Anything

    Identify your goals

    Once you’ve done your research, it’s time to set goals for your product portfolio. Think about what success looks like for each product and establish clear objectives with measurable metrics such as customer satisfaction scores or user engagement numbers. To ensure accuracy, break down objectives into smaller tasks and milestones that can be tracked more easily over time. This will enable teams to assess progress regularly while also allowing flexibility should plans need to change due to unexpected circumstances or new requirements arising mid-way through development cycles.

    Consider long-term implications such as future expansion plans or scalability issues when setting goals. This will ensure that products remain relevant in the years ahead, even if certain technologies become obsolete or new solutions enter the market.

    Design with intent

    When designing product features, take the time to think through their purpose and how they can benefit users. Consider who is using the product and why they may want or need certain features or functionality. This could range from simple usability enhancements for novice users to advanced capabilities for more experienced ones. Keep an eye out for any gaps between user intent and existing features that a new offering in your portfolio could fill. This could open up opportunities for growth while also providing value to users at the same time.

    Try to incorporate design elements that resonate with different types of customers — whether visual design styles that match branding guidelines or interactive components that are easily accessible regardless of experience level with a certain type of device or technology platform.

    Related: 5 Strategies To Build an Online Portfolio Boosting Any Business Website Performance

    Execute effectively

    No matter how well-planned a project may be, ultimately, its success hinges on execution. Develop an agile workflow that allows fast iterations while preserving quality standards, making progress visible throughout development cycles. This will enable teams to make quick decisions based on feedback from stakeholders and changing market conditions without compromising overall results.

    Utilize feedback from customers and other stakeholders along the way. This can help identify problems before too many resources have already been invested in a particular direction. It also ensures that all points of view are considered when making decisions about feature development or improvement. This will help create products that truly meet customer needs rather than just incorporating features because they sound good on paper but don’t necessarily deliver real value in practice.

    Strive for transparency throughout every stage of development. This will build trust amongst stakeholders involved in the project and make it easier for everyone involved to keep track of the progress being made against established milestones & objectives.

    A successful product portfolio requires careful planning, research, intentional design and effective execution. By investing the time to do these tasks correctly, you can create products that meet customer expectations and deliver significant value in return. Whether you’re looking to launch a new product or revamp your existing one, following these steps will ensure that your portfolio is strong and positioned for success.

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    Christopher Massimine

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  • The Success of Your PR Campaign Depends on These 3 Essential Elements

    The Success of Your PR Campaign Depends on These 3 Essential Elements

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    Opinions expressed by Entrepreneur contributors are their own.

    A successful public relations (PR) campaign should be a consistent, audience-building machine that helps you reach your target audience while sharing a positive message about your brand. Getting media coverage is a great way to raise awareness for your company and can help you attract new investors or customers. Before you start sending out news releases and pitching story ideas to reporters, it’s essential to take a step back and define what success looks like for your campaign.

    Many entrepreneurs believe their business idea is so good that it should be in every media outlet. However, this is not a feasible or realistic goal. To have a successful PR campaign, you need to start with strategy and be realistic about what can be accomplished. You need to have messaging that goes beyond describing what problems your business solves. You need to explain why it matters. Additionally, you need to determine how you will measure success.

    The best way to ensure a successful PR campaign is to bring on a trusted PR firm or PR expert to advise your company on the best steps. Beginning with a sound strategy, a PR advisor can map out realistic benchmarks and expectations, and they will have solid media connections to ensure a successful campaign.

    Related: 4 Guiding Principles for Building and Deploying a Great PR Strategy

    Strategy

    When starting a new PR campaign, your company needs to reach the right audience and determine what action that audience takes upon hearing your message. Do you want to increase brand awareness? Drive traffic to your website? Boost sales of a specific product or service? Once you’ve determined your goal, you can start thinking about how best to measure success.

    Identifying your target audience is another critical step. After all, there’s no sense in reaching people who are not interested in what you do. When you know who you’re trying to reach, you can create messaging that resonates with them and pitch story ideas that will capture their attention. You should also have a good idea of which media outlets will reach the most significant number of people in your target audience. A solid PR firm can help determine which publications will be best and likely has ties with them that ensure the timing of your message reaching readers lines up with your goals and overall strategy.

    Your public relations strategy should focus on which journalists and media outlets are most likely to be interested in your story and will reach your target audience. Remember that PR is a long game — it’s not just about getting one story placed in a top-tier publication. A well-executed PR campaign will secure multiple placements in targeted media outlets over time. This will increase your chances of reaching your target audience and achieving your desired business objectives.

    Messaging

    Secondly, what is the best approach for the story? Beyond describing what problems your business solves, do you have messaging explaining why it matters? Your message should be clear, concise and engaging enough that someone who knows nothing about your company will want to read more.

    Your messaging should also address the following questions:

    • Who are you trying to reach?
    • How are you going to help them?
    • Why should they care?

    Answering these questions will help focus your PR efforts and ensure your message resonates with your target audience. Creating targeted messages for different audiences will make it easier for reporters and editors to understand how your company can fit into their stories.

    Related: Why a Good Digital PR Strategy Is So Important

    Evaluation

    How do you determine success? Review your goals from the start of planning your PR campaign. Did you and your PR team or firm set goals or benchmarks for the number of media outlets that run your story? Or the quality of articles written about your business? While coverage in high-profile publications is always nice, it’s not necessarily indicative of a successful PR campaign. Keep your overall strategy in mind and look to it to determine success.

    You can use several different metrics, but the most important thing is to choose ones that align with your overall goal. For example, suppose you’re trying to increase brand awareness. In that case, you might track social media mentions or the number of people who visit your website after seeing an article about your company. Or if boosting sales is your primary objective, then tracking conversion rates would be more appropriate. Once you’ve selected the metrics you’ll use, make sure to establish baseline numbers so you can track progress over time.

    A more effective way to measure success is by looking at whether or not your PR efforts are helping you achieve specific business objectives —such as generating leads, increasing web traffic, or boosting sales. Keep track of metrics such as web traffic referrals from media placements and conversion rates from press mentions to understand better how your PR campaigns are performing. This data can then be used to adjust future campaigns accordingly. If you don’t have specific objectives before launching a PR campaign, it will be difficult to measure its success.

    A successful PR campaign requires strategy, targeted messaging, and evaluation against specific objectives to be truly effective. A successful PR campaign depends on having clear goals, knowing your target audience, and choosing success measures that align with those goals. By planning your campaign strategy and defining what a successful campaign looks like upfront, you’ll be in a much better position to achieve your desired results.

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    Adam Horlock

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  • This Surprising Benefit of Being Materialistic

    This Surprising Benefit of Being Materialistic

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    Opinions expressed by Entrepreneur contributors are their own.

    As entrepreneurs, we are constantly striving for success and are driven by a desire to achieve our goals. But what if that drive for success extended to our desire for material possessions? Many people view materialism as a negative trait, but the truth is that having a strong desire for material possessions can actually be a powerful tool for fueling entrepreneurial success. Here’s why:

    Materialism is a powerful way to motivate you to accomplish your goals

    Materialism can be a powerful motivator. A strong desire for material possessions is not only an important factor in whether or not you get rich, but it’s also a critical element of your entrepreneurial success.

    When you have a strong desire for material possessions, you’re more likely to set goals and then achieve them. You are also more likely to stay motivated after you start working towards something specific.

    Related: How to Find Inspiration Everywhere

    Materialism helps you envision your future

    In order to achieve your goals, you need to have a clear vision of what they are and how they will look when they’re achieved. Materialism can help with both of these things by allowing you to imagine a future where you have more possessions than now. This imaginative exercise helps give substance to the concept of success and sets a goal for where you want your life to go in its current state.

    If we don’t envision what our lives could be like in five years, 10 years or 30 years from now — if we don’t see the possibilities available — we fail ourselves right out of the gate when it comes time to make decisions that affect our futures (like choosing an education path).

    Materialism encourages you to come up with unusual ideas

    If you have a strong desire for material possessions, it may encourage you to think outside of the box and come up with new ways of doing things that are unconventional.

    One way materialism can help entrepreneurs think outside the box is by encouraging them to take risks. Many entrepreneurs are driven by the desire for material possessions and are willing to take risks in order to achieve them. When an entrepreneur is focused on a material goal, they may be more willing to take a chance on an unconventional idea, even if it carries a high degree of uncertainty. This can help to foster a more entrepreneurial mindset and can lead to more innovative solutions.

    Related: 5 Brain Hacks To Boost Your Motivation

    Materialism keeps you motivated once you start working toward something specific

    Entrepreneurs can benefit from being materialistic by having a tangible goal to strive for. For example, if your goal is to be able to afford a luxury car, you can use that as a motivator to work harder and smarter.

    You might make a plan to increase your sales or find ways to cut costs in order to reach your goal. The specific nature of the goal will help you stay focused and make it easier to measure your progress.

    When people get caught up in day-to-day tasks without having any sort of vision for their future careers or lives, they often lose sight of what truly motivates them and why they’re doing these certain things in the first place. Materialism provides a strong foundation on top of which other motivational forces (like financial security) can be added for greater effect over time as well as helping individuals develop new ideas about how to best accomplish their dreams

    Having a strong desire for material possessions can help you keep going for longer once you’re pursuing your goal

    The power of materialism can be helpful in many ways. If you have a strong desire for material possessions, this may help you visualize your future and further develop the ideas that will bring about your entrepreneurial success. Materialism also encourages people to work hard towards their goals and keep on going when they feel like giving up. In addition, once you start working towards something specific, having the motivation of wanting more possessions can keep you going when times get tough.

    Related: 3 Keys to Entrepreneurial Success

    It’s important to remember that true success and happiness are not just about accumulating material wealth. Balancing material desires with other important aspects of life, such as relationships, personal growth and community involvement, is key to a fulfilling life. However, when channeled in the right way, the power of materialism can be a powerful force for driving entrepreneurial success.

    So, consider embracing your love for material possessions, and let it fuel your drive to achieve success in your business!

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    Roy Dekel

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  • 3 Recession-Proof Strategies for Small Business Owners

    3 Recession-Proof Strategies for Small Business Owners

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    Opinions expressed by Entrepreneur contributors are their own.

    Unless you’ve been hiding under a rock, you’ve probably read the dreary forecasts from JPMorgan, Citi and Goldman Sachs, which all agree that 2023 will be a rough year for the economy, perhaps even kicking off a “mild recession.”

    But try as they might with their recession talk on the heels of a global pandemic, supply chain chaos and market upheaval, we resilient entrepreneurs aren’t ready to throw in the towel quite yet.

    Small business owners’ most significant advantage is our ability to stay nimble and pivot toward opportunity. I say this as someone who built and exited a company after the last recession — when many founders rode a wave of “creative destruction” where smaller competitors thrived as big firms faltered. The little people, not the corporate behemoths, were best positioned to pick up the pieces and innovate.

    To see how others feel about this moment, Hello Alice surveyed 2,635 small business owners to gauge their sentiment heading into the new year. The findings, published in partnership with Mastercard, show that while nearly two-thirds of entrepreneurs are worried about a potential recession, an astounding 73% predict their businesses will grow this year.

    If that sounds counterintuitive, I agree. But a closer look at the results illustrates how scrappy entrepreneurs can be in the face of adversity. Rather than wait and see what happens, owners are already crafting action plans and seeking solutions to prepare them for the challenges ahead.

    Based on our survey results, here are three strategies for small business owners hoping to beat the 2023 trendlines.

    Related: 7 Recession-Proof Industries to Protect Your Money

    1) Make sure you have access to working capital now

    In uncertain times, small business owners need additional funding, particularly those mainly relying on bootstrapping.

    Why? Here are a few findings to set the scene:

    • 66% of owners said their expenses increased in 2022
    • 70% said their revenue stalled or decreased in 2022
    • 70% plan to apply for funding in 2023

    So far, entrepreneurs have successfully combatted inflation with price increases and adjustments to product offerings. Nearly two-thirds of owners said their business ended 2022 in a financial position as good or better than the year before. But the convergence of expenses and revenue tells a story of shrinking margins squeezed by inflated costs. You can’t raise prices forever, and events like a recession are certain to upend sales forecasts.

    Consider the following options to ensure you have ample working capital to overcome any financial surprises:

    • Develop a relationship with your bank. Lay the groundwork now, and you’ll have a friendly face to help you navigate available resources and facilitate potential financing applications.
    • Seek out a business credit card. Credit cards help you cover unexpected expenses and pursue new opportunities, often while earning valuable rewards that you can reinvest in your business.
    • Visit the Small Business Funding Center. This free resource matches you with relevant grants, loans, and credit opportunities.

    Related: How to Know If You Need Funding (and How to Get It)

    2) Get scrappy with tech solutions

    In our outlook survey, businesses ranked marketing among their top concerns. Owners are worried that price increases will reduce their overall customers, and the end of budget-friendly digital marketing makes customer acquisition more difficult (and expensive) than ever.

    Thankfully, a growing range of tech solutions can help owners optimize their marketing efforts while fitting into any budget. Here are a few ideas to get started:

    • Adopt software tools. Platforms like Constant Contact, Hubspot Marketing Hub and Sprout Social help you target your audience and amplify your reach.
    • Explore freelance help. Resources like Fiverr, Upwork, and MarketerHire can match you with affordable digital marketing support to take the work off your plate.
    • Look for discounts. Take advantage of introductory offers and seasonal discounts to test-drive tools before making a long-term commitment. Not sure where to look? The Hello Alice Business Solutions Center is one free resource that curates deals on popular software solutions to help owners shop and save.

    3) Be ready to fail fast and fail often

    Finally, in a reassuring sign that owners feel confident, a majority of small businesses plan to hire this year. According to our survey, twice as many business owners plan to hire in 2023 (52%) as were actively hiring in 2022 (26%). Growing headcounts are a proxy for growing businesses, but there’s still an inherent danger to making big changes, especially during uncertain times.

    Instead, operate with a startup mentality that sets up low-stakes experiments to explore an idea’s potential. Rather than dump your marketing budget into TikTok, test the waters with different types of content. Before bringing someone on full-time, trial them on a part-time or project basis. Set goals, measure outcomes, and assess where to go from there.

    Some of your 2023 experiments are sure to fail, but this innovative mindset helps you conserve valuable resources to invest in long-term growth in the years to come. And remember, the economy may flounder for a bit, but as entrepreneurs, times of uncertainty are when we thrive.

    Related: By Failing to Prepare, You Are Indeed Preparing to Fail

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    Carolyn Rodz

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  • 4 Lessons for Entrepreneurs Facing a Crisis

    4 Lessons for Entrepreneurs Facing a Crisis

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    Opinions expressed by Entrepreneur contributors are their own.

    Those that have heard me speak, know that I am fully invested in creating opportunities for minority business enterprises (MBEs) to grow and scale their businesses. It is why I accepted the role of CEO and president of the National Minority Supplier Development Council (NMSDC). However, perhaps less well-known, is that I am also a business owner myself and understand the plight of entrepreneurs, especially entrepreneurs of color.

    After spending over two decades in the tech industry, I ventured into real estate and tech startup investment. I invested in a boutique hotel in downtown Austin, Texas that opened for business in the early months of 2020. Unfortunately, two weeks after it opened, the Covid-19 pandemic came to the United States, shutting everything down. Given the circumstances, I could have gotten discouraged and given up on this venture due to the extremely unfavorable situation I found myself in.

    Instead, after a somewhat unconventional start to my journey, I pivoted to a new concept for the space, the Founders House, a co-living pop-up that provides flexible accommodations for entrepreneurs and startups. While a lot can be said about that choice and the resulting transition, I want to share four key takeaways from the experience that I think can benefit any entrepreneur faced with a crisis:

    Related: 5 Ways to Help Your Business Win in Times of Crisis

    1. If you want to succeed, you will not have time to feel sorry for yourself

    The timing of my hotel opening was not ideal. While the Covid-19 pandemic was completely out of my control, it did not make it any less devastating to the plans for the business. However, rather than let the circumstances overwhelm me, I decided to put my focus on helping others affected by the pandemic. How could I use this space to help my community?

    We used the hotel as a base of operations for working with members of the local AAPI community to fundraise for and source much-needed PPE like N95 masks for local community clinics, which we then stored at the hotel. Obviously, this was not what I had planned when we opened, but pivoting to a community-focused solution was the key to the business’s future success — something that would not have been possible had I not made it a point to stay focused and keep moving forward.

    2. When faced with a crisis, get creative and focus on opportunities

    I am not going to lie, there were times during the early days of the pandemic when I didn’t think our business was going to make it. However, rather than focus on those negative thoughts, I instead focused on what opportunities existed for my business. It was at this time that a friend and mentee approached me, as her startup needed space to get ATX KIT off the ground during the pandemic. This opportunity led to an even greater opportunity and creative solution to the problem my hotel was facing. Not only was this a chance to help entrepreneurs of color during the pandemic by providing affordable co-living solutions, but it also brought in the necessary cash flow needed to save the hotel. When faced with a crisis, it is important to look at things from new and fresh perspectives … even if they don’t present themselves at first glance.

    Related: How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback

    3. Do not forget about your physical and mental well-being

    While I worked very hard, first to help the Austin community source scarce PPE, and second to get the Founders House concept off the ground while leading the global business for Technology Integration Group, I also made sure to take the time to take care of myself. For example, I love going to the gym. Obviously, I couldn’t do that during the Covid-19 pandemic, especially during its earlier stages. However, as with my business, this was an opportunity to get creative. I self-taught cross-training classes, did daily yoga video exercises and jogged around the town lake of Austin. I also embarked on several culinary adventures at home to ensure I was maintaining my nutritional and mental health. While it’s important to focus on your business, don’t lose sight of the self-care needed to thrive.

    4. Remember your community in times of crisis

    An overarching theme of the experience that eventually led to the Founders House is a focus on one’s community. Whether that was helping Austin’s AAPI community or finding a way to support entrepreneurs of color like myself, everything I did during the pandemic was grounded in my community. When your business faces challenges, remember the community you came from and the one you are trying to serve. Like with most things in life, a strong community is key to resilience.

    As these lessons illustrate and as so many entrepreneurs, especially entrepreneurs of color, know, starting a business is not easy in the best of times. Throw in an unexpected crisis, and it might seem all but impossible. However, the above lessons provide a path forward to not only survive in the face of those crises but thrive.

    Related: 4 Ways to Make Sure Your Business Survives the Unexpected

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    Ying McGuire

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