ReportWire

Tag: Success Strategies

  • Top 5 Fastest Growing Industries for 2023

    Top 5 Fastest Growing Industries for 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The world is changing rapidly, and with it, the industries that drive the global economy. In recent years, some industries have seen explosive growth while others have slowed or disappeared entirely. In this article, we’ll take a look at the top five fastest-growing industries and discuss what makes them so successful. From technology to health care, these sectors are driving the economy forward and paving the way for a brighter future.

    Related: These Are the 10 Fastest-Growing Jobs in the U.S.

    1. Shipping and delivery services

    The rising popularity of online purchases has led to an increased demand for shippers and is fast securing its place as the growth industry front-runner.

    The American Shipper reports that as much as 8% of all retail sales are made online, or $394 billion. With an increasing number of people purchasing items from websites like Amazon and eBay, there will be an increased demand for individuals who can transport these items from one location to another since the pandemic. It is predicted by many economists to be the fastest-growing industry world-over within the next year.

    As a result, shipping companies are hiring more people than ever, and your skills may allow you to join them. If you’re looking for a career that allows you flexibility in scheduling while still maintaining a stable income while working remotely (or at least part-time), this industry might be right up your alley.

    There are many benefits associated with being an independent contractor: flexible hours, no commute time, no dress code and a choice over how much work or money you want out of it (or how much time). These perks make it easy enough to fit into any lifestyle and succeed.

    2. The healthcare industry

    The healthcare industry is projected to expand by 19%, making it the second-fastest growing sector.

    The reason for this growth is the increasing demand for healthcare insurance and the need for more people to fill jobs in the healthcare industry. As our population grows, so do its medical needs — companies have to hire more doctors and nurses to meet those demands. More people are getting sick, which means that more people need treatment. This increase in demand has led to a rise in healthcare professionals’ salaries and an influx of new patients into the field.

    The influx of new patients who require medical attention due to new laws will also cause the demand for insurance policies to rise. For example, in 2019, many states mandated that employers cover their employees’ contraception costs under their health plans. This development has significantly increased the demand for healthcare insurance among young people seeking birth control coverage.

    Related: Telemedicine is the New Normal in the Health Care Industry

    3. Travel and food industries

    With the growing population and interest in traveling after years lost to the pandemic, dream jobs that combine travel with food and culture are set to land in third place.

    If you love to travel, consider a career as an agent or guide who helps others plan their trips. Ensure you’re certified by your local government to become a tour guide (usually required for historical sites).

    You could also be certified through organizations like the Professional Tour Guide Institute of San Francisco or the International Institute of Travel & Tourism Studies (IITTS). If you don’t want to work directly with tourists but still want to help with travel, become an agent for a company specializing in international flights and accommodations.

    Related: The Travel Sector Is Getting Upgraded

    4. Online retail

    As more consumers turn to online platforms for shopping, businesses are quickly adapting to meet this demand. Companies like Amazon, Walmart and Target invest heavily in online efforts to serve their customers better. With more people using the internet to shop and take advantage of discounts, the online retail sector is expected to grow significantly this year.

    The convenience of shopping online through the pandemic has significantly expanded — albeit less for wants and more for needs. However, e-consumerism is already showing a strong return, with 1 out of every five retail purchases occurring online and an estimated end-of-year worth of $1.1 trillion.

    5. The AI revolution

    The future of the global economy lies in Artificial Intelligence (AI). AI is expected to be one of the fastest-growing industries of 2023, already valued at $328.34 billion. AI has begun to revolutionize many industries, such as healthcare, finance and transportation. Through automation, improved data analysis capabilities and predictive analytics, AI is helping businesses become faster and more efficient while cutting costs. With its potential for tremendous growth and its ability to revolutionize existing industries, AI is set to be one of the most important drivers of economic growth not just today but for coming years.

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    Christopher Massimine

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  • It’s Impossible to Succeed Without Encouragement. Here’s Why.

    It’s Impossible to Succeed Without Encouragement. Here’s Why.

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    There are several underlying factors that cause success, but encouragement from those around you is among the most important.

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    Jonny Caplan

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  • Successful Entrepreneurs Need to Hone This One Skill

    Successful Entrepreneurs Need to Hone This One Skill

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    Opinions expressed by Entrepreneur contributors are their own.

    “We have interest from new investors,” a new acquaintance, Tom, told me a few years back after a conference. He assured me that this new injection of funds would help his startup reach new heights. Needless to say: He was overly confident, overzealous and wanted to grow as fast as possible.

    It’s a tale as old as time: Inexperienced entrepreneurs believe the only way to succeed is by focusing solely on immediate profits.

    Unfortunately, Tom failed to take into account different variables such as a solid business plan and building a quality product with high market demand. His business became just another statistic in the 90% of startups that fail.

    I’ve been CEO of my company, Jotform, for more than 16 years now, and I’ve seen the above scenario play out more times than I’d like to count. And what I’ve discovered is the same as what Harvard Business Review contributor Helen Lee Bouygues points out when she writes that the root cause of these organizational failures comes down to a lack of critical thinking.

    “Too many business leaders are simply not reasoning through pressing issues, taking the time to evaluate a topic from all sides.” However, she does offer some good news: Critical thinking is a skill we can all learn.

    Related: Truly Independent Thinkers Have These 5 Traits

    Why entrepreneurs need to hone their critical thinking

    When I first launched my company in 2006, I did something that sounds unheard of today: I didn’t quit my job. I had people insist I take the “all or nothing” approach. They told me my business wouldn’t succeed unless I took things seriously and dedicated myself completely to my startup.

    I’m glad I didn’t listen.

    We’ve eventually grown to have more than 15 million users, and we’ve done so with $0 funding.

    And I can attribute a large part of this to prioritizing critical thinking.

    You see, I went against the norm and didn’t quit my day job cold turkey. I didn’t feel the need to take on a co-founder or bring in investors. My company has always been a bootstrapped business. And I’ve preferred to grow slowly and steadily for the past decade-and-a-half rather than reach the top of TechCrunch.

    So, let me tell you what did happen: By the time I left my job, the product I had worked on replaced my salary and gave me a runway to spend my time building Jotform.

    For this reason, I’d like to help you develop your critical thinking skills — based on my own experience and expert advice — to ensure your organization’s success.

    Related: An Entrepreneur’s Guide to Better Thinking

    1. Don’t be guided by assumptions

    As I mentioned above, many people told me I was making a big mistake by holding onto my job. “You’re taking on too much,” some colleagues warned. “You’re not fully committed,” others would add.

    I had to bypass their voices to hear my own.

    As important as it is to question other people’s assumptions, it’s equally important to question our own. As Bouygues writes, “a questioning approach is particularly helpful when the stakes are high.”

    She notes that if we’re thinking about long-term company goals that will take years of effort and expense, we need to ask the following ourselves the following questions:

    • Can we determine how business will increase?
    • Have we done our research about our expectations for the future market?
    • Have we questioned what possible alternatives there are?

    All of this analysis is necessary for thinking critically and taking the best course of action.

    Related: The Real Reason Why Most Businesses Fail (And What to Do About It)

    2. Improve your reasoning

    It’s tempting to want to dive right into a new project without fully weighing all the pros and cons. And this doesn’t just happen to newly minted entrepreneurs — it applies to even the most seasoned among us.

    Yes, we can indeed gain more critical thinking skills with time and experience. But rather than learn through costly missteps, we can also improve our reasoning through logic. One way to do this is by examining different arguments and considering if they are supported by evidence.

    “Do all the pieces of evidence build on each other to produce a sound conclusion?” Bouygues asks. “Being aware of common fallacies can also allow you to think more logically.”

    For example, before taking on a new project at Jotform, we make sure to do our homework by sending out customer surveys, analyzing feedback and taking the market and competition into account. Rather than let our excitement take the lead, we rely on a thorough process of solid reasoning.

    Related: Escape Your Head: How Overthinking Can Injure Entrepreneurs in 2023

    3. Step outside your bubble

    Here’s a trap many of us fall into — surrounding ourselves with only those in our industry.

    “This is a problem,” writes Bouygues. “If everyone in our social circles thinks as we do, we become more rigid in our thinking, and less likely to change our beliefs on the basis of new information.”

    To hone our critical thinking, it’s imperative then that we leave our bubble. And we can do so by taking small steps.

    One way I apply this is by taking up a practice of talking to people outside of tech or by having lunch with individuals who have different backgrounds than my own. Aside from these active measures, I also make it a point to switch up my daily reading — preferring books that are also outside my industry.

    Experts agree. “Training yourself this way will help you escape your usual thinking and gain richer insights,” Bouygues advises.

    My suggestion? Don’t just read or listen to podcasts about business or tech (if that’s what you’re normally into). Read novels and listen to talks given by thought leaders outside of your normal environment. And remember:

    “While luck plays a role — sometimes small, sometimes large — in a company’s successes,” Bouygues adds, “the most important business victories are achieved through thinking smart.”

    In other words: Go against the herd mentality. Use logic, question your assumptions and above all, don’t allow yourself to remain stagnant.

    Related: Critical Thinking Is the Skill Many Leaders Lack

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    Aytekin Tank

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  • 3 Reasons Now is the Best Time to Start Investing

    3 Reasons Now is the Best Time to Start Investing

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    Opinions expressed by Entrepreneur contributors are their own.

    Thanks to record-high inflation, geopolitical instability and the first interest rate increases in years, the current market is, simply put, incredibly volatile. Existing investors are making strategic changes to their portfolios, and new investors are unsure if they want in at all. But for those fortunate enough to have disposable funds, is now the right time to get started?

    Here are three reasons to wade in — slowly.

    1. Time in the market is better than timing the market

    Generally, when one starts investing isn’t as impactful as how long one invests. With a long enough time horizon, a well-diversified portfolio, and the power of compounding, portfolio volatility usually smooths out. This has been historically proven repeatedly as it pertains to the stock market.

    By contrast, “timing the market” or waiting for stocks to hit a new low or drop from recent highs so that an investor can snag a bargain is risky. Short-term market behavior tends to be unpredictable, with current trends reversing on a dime. Waiting for the “perfect” moment to invest may mean passing up potential gains.

    In other words, for many traders in waiting, now is as good a time as any to invest because markets are down. But exceptions may arise for those who need their money soon, as a short-term downturn can wipe out a portfolio overnight. If you are a new investor looking for a long-term “buy and hold” strategy, this is one of the best times to enter the markets and begin investing.

    Related: Create More Wealth by Playing the Stock Market

    2. Downturns leave more room for growth

    Many investors view short-term volatility as a risk that negatively impacts their portfolio. In the short term, this is true: volatility often drags down the total value of one’s investments.

    That said, one of the primary ways that the stock market generates returns is when investors buy low and sell high. And what better way to profit off large price differences than buying in when the market swings downward? Forget timing the market — a good strategy for long-term growth is to buy when the market is down.

    It may help to view market volatility as a form of bargain hunting. By buying high-quality investments when they go “on sale,” investors can increase their future profit margins when the market recovers. The trick is sorting the junk from the gems.

    Related: How To Start Investing

    3. The market will perform sooner or later

    There’s no guarantee that any individual security will turn a profit. But historically, given enough time and increased economic activity, the stock market always performs — eventually.

    That said, the time between a crash and recovery varies widely, and it certainly cannot be forecasted when that will happen. As such, pinpointing how long investors have to wait to realize gains is nearly impossible.

    For instance, most stocks took 12 years to recover following the Great Depression. But during the COVID-19 pandemic, many stocks recovered within just four months. This a sobering reminder that there is no way to time bull or bear market cycles and that a market recovery can even mount in some of the worst economic conditions.

    Related: Why You Should Invest in Mutual Funds vs. Individual Stocks

    Start slowly to establish good habits and “feel out” the market

    So, is now the right time to invest? For investors who aren’t on the cusp of retirement, the answer may be yes. Every investor should consider their risk tolerance and time horizon before deciding when and where to invest. Starting slowly can ease new investors into the market without introducing excessive risk.

    Novices may also start simply with a dollar-cost averaging method, which involves investing small sums at regular intervals to even out the market’s ups and downs. While it’s not as exciting as day trading, dollar-cost averaging reduces the temptation to time the market and can even lead to more significant gains for investors.

    As scary as the current market may seem, competent investing is less about day-to-day developments and more about the future. Be strategic, stay focused, and only risk what you can afford not to touch over the future.

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    Kyle Leighton

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  • Why You Should Apply Pressure on Yourself to Succeed

    Why You Should Apply Pressure on Yourself to Succeed

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    Opinions expressed by Entrepreneur contributors are their own.

    When we think about feeling “pressured,” the immediate connotation is usually a negative one. Understandably so — if given a choice, many would opt not to feel pressure in any situation; it’s not an exceptionally comfortable emotion. Nonetheless, it can be helpful in all facets of life, especially regarding your career journey.

    Historian Thomas Carlyle famously said, “no pressure, no diamonds,” indicating that coal cannot achieve its true potential of becoming a diamond without it. Similarly, the correct dose of pressure will help you achieve your goals when you know how to wield it and handle it in a healthy way that doesn’t detract from your overall well-being.

    Related: 5 Habits Every CEO Should Avoid to Be a Truly Remarkable Leader

    1. Character over comfort

    To an extent, it is a choice. You can go through life prioritizing short-term comfort and avoiding situations that bring a high level of pressure. Still, it probably won’t be a very fulfilling experience. It’s natural to prefer easy and comfortable situations — it’s only human. Unfortunately, you’ll have to endure and welcome the more challenging experiences to spur character development and growth.

    Without the moments that push us, we stay stagnant, and forcing yourself to work through the discomfort does your future self an excellent service. Think back on an outstanding achievement — a widely-known, historical example or something personal that has happened in your own life. To the best of your knowledge, would that goal have been attained or that milestone reached without a level of discomfort and pressure?

    When I think about the moments in my life where I’ve felt most proud of myself or come to the most rewarding outcome, not one of them was able to happen without hard work leading up to it. I’ve never regretted putting myself in a position under pressure, and I will continue to do so whenever the opportunity arises.

    Related: 5 Ways to Become a Top Performer at Any Company

    2. Training the muscle

    As with so many things, working through pressure gets easier with practice. It’s like a muscle or a skill — you have to train it to strengthen it. No one is walking into the weight room for the first time and squatting with 400 pounds, nor would it be recommended. Without training, you’re only going to hurt yourself.

    There’s a reason Lionel Messi is consistently chosen to take penalty kicks; he’s taken so many before and has found a way to be comfortable and successful through what’s arguably the most pressure-inducing moment of the game. He’s been put in the situation before and risen to the challenge repeatedly in a way other players haven’t mastered yet.

    If you can find a way to embrace the moments when it feels like the pressure is closing in, it will get easier the more often it happens. Continually putting yourself in an uncomfortable position will only serve you in the long run, particularly because as you progress and grow, so will the frequency of those moments. It’s a cliché, but a true one: with great reward comes great responsibility, and as you achieve more or attain success, you’ll need that strengthened muscle to deal with times of heightened pressure.

    Related: A 4-Step Guide to Facing Failure and Getting Back Up

    3. Managing pressure

    If you are someone who experiences a high level of pressure regularly, chances are that you’re also consistently trying to do better in most facets of life — the two tend to go hand-in-hand. Even when you lean into the positive side of it, you’ll still need to find a way of managing that pressure.

    Different people have different strategies, but something I’ve found crucial is recognizing the adrenaline that comes with the feeling of pressure. On a physical level, the fear you might feel during those moments is not all that different from the feeling you get when you’re excited, like climbing the highest point of a rollercoaster. The trick is channeling that adrenaline towards the latter and using it to fuel excitement rather than fear. Think about what could go right rather than what could go wrong, or if that proves too difficult, let yourself think about what could go wrong and walk yourself through it anyway to feel more prepared.

    One strategy could be tapping into a friend with complementary strengths. I could be asked to jump out of a plane tomorrow and not think twice about it, but if you asked me to strap on an oxygen tank and go scuba diving, the “yes” isn’t going to come to me as quickly. Having a friend who might be terrified of heights but feels at home in the water would be the perfect match because we can push each other and relieve some of the pressure the other might be feeling.

    Inevitably, the best way to manage pressure is to become comfortable with the physical feelings it invokes, but these strategies can be of tremendous help before you get there.

    If you’re having trouble reaching a true feeling of comfort, viewing pressure through the lens of privilege can be incredibly helpful. Billie Jean King wrote an entire book on the subject where she said, “Pressure is a privilege—it only comes to those who earn it.” The privilege and opportunity of feeling the pressure to compete and perform is not one that everybody experiences. That fact alone can, at times, make it easier to handle. When advancing feels difficult, know that it’s supposed to feel that way, but it doesn’t have to stop you from using every tool in your arsenal. If you can take command of the situations that cause that good pressure rather than shy away from it, you will ultimately find success in a way that feels even more rewarding.

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    Ryan McGrath

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  • Why You’ll Never Be Happy If You’re Always Searching for More

    Why You’ll Never Be Happy If You’re Always Searching for More

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    Opinions expressed by Entrepreneur contributors are their own.

    As someone who has focused on building businesses and wealth for the greater part of two decades, I’ve almost always been focused on more. More clients, more employees, more services, more investments, more franchises; I’ve always been focused on more.

    As entrepreneurs, we generally want more — and on the surface, there’s nothing wrong with that. Getting more clients allows you to hire more employees and provide more value to the world in general. More clients and employees, if done right, will create more money and more of an ability to provide for your family and invest in other opportunities. Those investment opportunities can provide other jobs, income, housing and money for everyone involved.

    At a glance, more is generally better. The pursuit of more isn’t immoral or wrong — but the pursuit of more can have other far-reaching effects, some of which can cause a negative impact on your life, or at least I’m finding that it’s causing negative impacts in mine.

    Related: 4 Things Science Says You Can Do to Be Happy

    Why don’t I feel like I’m enough?

    In a recent counseling session, I discovered that my pursuit of more was creating a feeling of “not enough” for both myself and my wife. I can only assume it’s also spilling into the feelings of my children as well as other people that I care deeply about.

    Coming from humble beginnings, I’ve always had a mindset of consistent excellence. If I’m not building, my legacy is slowly crumbling. So I’ve been focused on building businesses, our podcast, our mastermind, my investment portfolio and myself into more than I was yesterday.

    What I’m discovering is that my constant pursuit of more has created a restlessness for both myself and my family that’s not healthy — and I’m not practicing what I preach to those that I coach. To me, family should always be the most important thing in life and providing for your family should be the top priority. I believe I’ve done that well as a business owner and I believe that I’ve created a life for us that I wouldn’t have otherwise without a mindset of pursuit.

    What I’m also discovering is that what got me here won’t necessarily be what gets me where I want to be in the future. The pressure I’ve been putting myself under to perform and become better has leaked into other relationships. While that pressure of more has been great for my business partner and me to build Easier Accounting into an eight-figure business and create a successful podcast and mastermind group, it’s not facilitating the relationship I want or need with my wife. She feels my constant want for more and feels as though she’s not enough for me.

    Related: Want to Be Happy? Stop Doing These 10 Things.

    What am I doing about it?

    While I still want to pursue new endeavors, I’m putting a pause on them for the next three months. I’m taking the time to reevaluate what it looks like to believe that I have enough. I’m taking the time to be grateful for what I do have and the life I have built for myself, my employees and my family.

    I truly believe that it’s not a bad thing to want more, to focus on building and to create value for society. It’s a noble endeavor that takes sacrifice and its effects are far-reaching — bigger than we might ever know as business owners. But there comes a point when your pursuit of more becomes more than just a virtue or an action. When it becomes a part of your personality, it can create deep-seated feelings of inadequacy for yourself and for those around you.

    As you build in business, you generally level up your network, or at least I have as I’ve invested in masterminds and built my network and relationships with high-level business owners. Comparison crept in and what once felt like a lot, no longer felt like it was enough when I compared what I had built with what others had built or were building.

    Putting yourself around business owners that are doing more is highly beneficial when you’re looking to build your own business, especially when you’re starting out. You often hit glass ceilings and seeing what others are doing allows you to push past and break those glass ceilings. It’s the often-cited Roger Bannister effect. The brain sees that it’s possible when others demonstrate that it is.

    That demonstration is super powerful for many aspects of business, but when you allow it to creep in and comparison becomes rampant, it can become detrimental.

    It brings to mind a Kurt Vonnegut poem written in 2005 that recounts the story of him and another author at a party of billionaires on shelter island. Kurt asserts to Joe Heller, “How does it feel that the host made more yesterday than your book ever did?” Joe responds, “I’ve got something that he’ll never have.” Kurt questions, “What’s that?” Joe sums it up perfectly… “The knowledge that I’ve got enough.”

    I’m learning that what I have can be enough. I’m learning to be grateful for all the hard work I’ve put in to get where I am. I’m learning that taking the time to smell the roses now might even allow me to create bigger things in the future because I will be more present and aware of opportunities that come my way.

    Related: Yes, You Can Be Happy While Pushing Yourself to Success

    What I’m learning and what you can do if you don’t feel you’re enough

    The biggest takeaways I’m learning about myself through this process of self-exploration are two-fold…

    1. Money will never fill the hole inside you. Money can make life a lot better — and it’s not wrong to pursue money — but there was a time when I thought money might fix all my problems. I’m learning that money sometimes amplifies the problems that we think it will solve. Jocko Willink talks about creating the reflex of labeling any challenge as good, so I’m viewing the awareness of still not feeling like I’m enough as a good thing. If you’re not feeling like you’re enough despite seeing successes and creating forward progress in your life, the first thing you can do is view it as a good thing. You can view it as an opportunity to find out what it’s going to take to be enough for yourself and why you’re feeling this way. Take time to get to the root, it’s a good thing that you’re aware of it.
    2. Comparison is either your friend or your enemy, and it’s all about who you compare yourself to. If you find yourself comparing yourself to others, it’s a slippery slope that can end up with you never feeling like you’re enough. The grass is always greener on social media than it really is in real life. Compare yourself to the prior versions of yourself, look at how far you’ve come and be grateful for the opportunities to become better. Reflect on how you once wanted to be where you’re at today and be proud of the accomplishments you’ve made along the way.

    At the end of the day, I’m still learning how to be okay with what I have, even though I know I have built a life I should be proud of. Most importantly, I’m relearning to only compare myself to who I was in the past and focus on being grateful for the changes that I’ve made to become the person I am today — and hopefully, this insight helps you do the same.

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    Kale Goodman

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  • 5 Crucial Predictions For Retail in 2023

    5 Crucial Predictions For Retail in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    With 2023 here, retailers geared up to make the most of the festive season with discount deals, slashed prices, free deliveries, bonus packages and more. That said, there’s an elephant in the room this season — and that’s the uncertainty about the consumer market. Recent headlines about inflation have changed most shoppers’ buying habits this year. Compared to 2021, one in four Americans (22%) is spending less on gifts this year. Conversations on social media around inflation relating to holiday shopping have increased by 35%.

    Further complicating the issue was the disruption of global supply chains caused by the pandemic. Increased demand for items led to skyrocketing prices. With customers now less willing to pay higher prices for goods, retailers face a potential decline in revenue, sales and profit margins. Retailers looking to minimize the impact of inflation, changing customer behaviors and an unstable market on their business must employ strategies to create an engaging and immersive shopping experience.

    Here are five predictions to help you meet your customers’ needs — and keep your business competitive.

    Related: How Compliance is Exposing the Fragility of the Global Supply Chain

    1. Increased adoption of an omnichannel approach

    A seamless shopping experience is quickly becoming the order of the day as customers want the flexibility of combining shopping on their phones with shopping at brick-and-mortar locations. The recent Shopify report proves this, with 54% of consumers saying they’re likely to look at a product online and buy it in-store — and vice-versa.

    Sephora is an excellent example of a company already adopting this approach. Customers can visit the brand’s website to add products to their carts and visit the store to try on their items before buying.

    To take advantage of the omnichannel experience, retailers should create a social presence that retains the brand identity across multiple channels. This includes messaging, services, pricing and overall customer service.

    Doing this well can make it easier to understand and predict customer behavior. You can tailor your consumers’ experiences to match your marketing and sales needs.

    Related: Future Of Retail Is Omnichannel

    2. Hyperpersonalization will skyrocket

    With shoppers now spending cautiously, typical personalization tactics are becoming ineffective in driving sales. Gone are the days of generic marketing emails with automated first-name snippets.

    Now, customers want purchases to fit their needs which requires brands to make customers feel more connected to the brand — which can increase loyalty and retention. According to a McKinsey survey, 71% of customers expect companies to personalize their experience, and 76% are frustrated when they don’t find it. Creating hyper-specific recommendations based on customers’ browsing history, past purchases, location, gender and age — increases the likelihood of making more sales and generating 40% more revenue.

    3. AI redefines the shopping experience

    The introduction of DALLE-2, LensAI and, most recently — ChatGPT — has sparked discussions around their use in retail. ChatGPT is an AI with nearly accurate responses to user queries—which can be used for conversational commerce. For example, in terms of personalized recommendations, AI can accurately recommend products using customer data. This helps the customer make an informed decision, driving sales.

    Regarding customer service across different channels, AI can easily give users the same experience by providing support and assistance at a far larger scale. While artificial intelligence is already in play in most parts of the retail industry, its adoption in 2023 will redefine the entire shopping experience.

    Related: Princeton Student Builds ChatGPT Detection App to Fight AI Plagiarism

    4. Data privacy laws will become stricter

    The debate on data privacy will likely become more heated in the next year, with the European Union proposing stricter regulations via GDPR. Under GDPR, user consent plays a big role in collecting sensitive and non-sensitive data. This means retailers and advertisers need to be transparent in using user’s personal data and offer consumers the option to delete or erase their data.

    The problem with the GDPR: Advertisers need user data to serve targeted ads. Retailers need advertisers to market their goods. Now, with laws becoming stricter in collecting this data, advertising prices are expected to increase.

    5. A switch to organic marketing

    The recent rise in advertising costs has pushed most retailers over the edge. Why? The current ad space price is double (with some triple) what it used to be. This means retailers are paying more to reach the same audience—with no estimated profitability, sales or even revenue guarantee.

    As a result, many brands are now moving toward organic marketing and capitalizing on its benefits. SEO, social media, content marketing and influencer partnerships are all tactics to ramp up in 2023. Using organic marketing in retail is a strategic approach that can help you build trust and maintain long-term customer relationships.

    Looking ahead, retailers are facing ups and downs in the market. Finding ways to appeal to customers’ needs is vital to staying afloat — and profitable. The strategies we’ve highlighted here will help you along the way while preparing you for what’s to come.

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    Jacob Loveless

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  • Why Business Executives with Disabilities Must Take Back Their HealthCare Now

    Why Business Executives with Disabilities Must Take Back Their HealthCare Now

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    Opinions expressed by Entrepreneur contributors are their own.

    Anything less than full throttle is not an option for any business leader, but when you’re running the company with a disability, it takes something more than overcoming a lack of confidence or changing perceptions in the boardroom.

    It’s already tough to get to the top, let alone run your own business. When you get there, taking a day off is not an option; neither is calling in sick. If you require special accommodations, your biggest fear is that corporate heads will put someone else in your role — someone without the need for doctor’s visits, work accommodations, or even surgeries.

    Leaders with limitations often push themselves to prove to stockholders and CEOs that they can thrive in a stressful environment, outperform others gunning for the top role, and do everything themselves. But this is an unrealistic and dangerous way of thinking; this mindset is often responsible for deteriorating health and well-being as leaders put off important medical visits, forego physical therapy or miss medications.

    There is a way to take control of your health and wellness, but it takes a proactive, intentional approach. You can run your personal healthcare strategy the way you run your company — using the skills that brought you your current success. Here are three ways to take back the reins and manage your health.

    Related: How Hiring People With Disabilities Will Make Your Business Stronger

    1. Seize your day

    You may feel you don’t have time for your condition, but if you intentionally plan your medical visits, you can take control of every facet of your personal health care by choosing when you see health care providers. You can decide the time of day and, most often, the frequency of visits to physicians and therapists.

    Think about which appointments are taxing and which help you and your mindset; in other words, which visits work with your day rather than against it. Some physical therapy sessions, for example, might look like a gym routine; for others, therapy might be more relaxing, such as massage or meditation. Think about where in the day your medical visit would best help your productivity — and plan accordingly.

    If therapy relieves you, schedule it early in the day, perhaps at the beginning. You can choose your medical professional based on availability in the morning. But if you’re going through something that puts you in a negative mental or emotional state, save it for the end of the day or even the weekend.

    Business leaders with limitations often complain that they don’t like leaving work, where they feel most confident and take pride in what they do, to walk into a doctor’s office feeling helpless and out of control. If you’re in corporate leadership, you may feel that the negativity you experience going to the doctor goes against the positive mindset you need to motivate others and run your company effectively. But the skills you employ daily running your business can take you far in planning and managing your healthcare needs.

    Related: Why Leaders with Disabilities Bring a Secret Weapon to the Negotiating Table

    2. Be your own advocate

    As a leader, you’ve been hired to solve the tough problems for your company. You can apply this same know-how to your healthcare by assembling a team of positive, upbeat and effective healthcare providers to help you achieve your wellness goals. So often, we accept assigned healthcare workers or doctors on referral. We don’t look past the general requirements of insurance policies to ask questions that could help us find the right individuals to form a healthcare team to support our needs.

    Find like-minded people to care for you. If you need a physical therapist with a “coach” mindset, do the research, read the reviews and find one. If you need a counselor for talk therapy to help you cope with your condition, keep digging and asking questions until you find the right person.

    Since you’re giving up a large portion of your day to attend to your health needs, use the same mindset you have for hiring people at the workplace. Does each person on your team have a positive mindset? Do you feel uplifted when you leave the clinic, even if all the news isn’t good? Does each member of your healthcare team listen to your needs and help you find solutions? Why would you sacrifice your health by accepting unvetted practitioners if you don’t accept inferior performance at work?

    Don’t accept “No,” for an answer, and don’t listen when someone says that a much-needed treatment is not covered by insurance. Often, a little self-advocating can go a long way. You will eventually find a person willing to help you get answers. Using your leadership skills to advocate for yourself and how you stand in the gap for your company is important.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    3. Delegate to create a work-life balance

    If you’re in a leadership role, you may not hire employees directly, but knowing who to trust in your workforce is central to managing your company if you have a disability. You’ll need a “go-to” person to step in for you. Find the person who can keep the home fires burning, take that person under your wing, and bring them up to speed on the specific needs of your role in the company. Share with them how you do things, especially the daily schedule, the “musts” of your job, and where to find important information.

    You can simplify this for others if you learn to embrace technology. Invest in researching tech that keeps you in the loop, even if you’re in physical therapy or recovering from surgery. Look for training on iPhone or Android technology that can help you see spreadsheets, scan reports, analyze productivity or go over profit and loss figures, all from your phone.

    Thriving at work is essential; however, managing your time is key to taking control of your wholeness. Your well-being is as vital to the company as it is to you and your loved ones. There’s always time to invest in a healthier and more productive future. You can turn the tide on your health needs using the know-how that brought you to lead in the first place.

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    Nancy Solari

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  • 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you struggling to keep up with the demands of digital marketing? You’re not alone. Small businesses and entrepreneurs are often so busy that they don’t have time to focus on their marketing efforts.

    Don’t worry, though! There are ways to automate your digital marketing so that it doesn’t take up all your time.

    As a digital entrepreneur and marketing coach, over the past ten years growing online businesses, I’ve learned precisely how to save 20 hours a week with automatic digital marketing processes, which I’m here to teach you. By implementing the three following automation strategies, you can free up valuable time to focus on other aspects of your business. Let’s get started!

    Related: How to Build on Your Digital Marketing Momentum in 2023

    1. Social media marketing automation

    Automating your social media marketing is one of the fastest and easiest ways to save time in digital marketing. There are many tools available that allow you to schedule posts, monitor engagement, and more.

    At the beginning of each month, create a calendar by planning 30 days worth of social media content ideas. For example, each day of the week, you should vary your content by type (i.e., educational, entertaining, inspiring, tips and tricks, behind-the-scenes, etc.). This will help keep your social media audiences engaged and interested in your posts while making it easier for you and your team to create the content.

    Similar to how manufacturing facilities streamline production processes by batching work, the same technique should be applied to your marketing efforts. Instead of creating marketing content from scratch and posting to social networks daily, batch your workload by producing content in one sitting and then schedule your posts for the rest of the week. This will make it easier for you and save you a lot of time so that you can move on to other areas of your business.

    When filming videos or shooting photos for social media, aim to capture a variety of content that can be reused and repurposed for various posts. This will cut down on the content creation time, as you’re utilizing one shoot for multiple pieces of content.

    You can also share UGC (user-generated content) featuring your company’s products or services (either by hired content creators or real customers), which shows social proof while giving you easy-to-post original content that doesn’t require extra work or effort on your part.

    In addition to these social media marketing tips to save time and energy, you can also reshare posts from several months ago. For example, if you had a popular post on Instagram from at least 3-months ago that got a lot of engagement, repost that with a slightly different caption now. This drastically cuts down on your content creation time, helping to attract a wider audience of potential new followers interested in your business.

    Related: Top 12 Questions About Facebook Ads That Every Entrepreneur Needs To Know

    2. Automating email marketing

    Automating your email marketing is a great way to save time and increase efficiency while staying in touch with your customers and prospects. You can use an email automation platform like Flodesk, Mailchimp or Constant Contact to create automated campaigns that send personalized emails to your subscribers based on their preferences and interests.

    For example, creating an email sequence workflow that automatically is scheduled to send to people who opt-in to your email list is the absolute best way to streamline your email marketing process. It’s also important to segment your audience lists so that you optimize your email workflows — this way, you know where each person is in the customer journey experience.

    For example, if someone opts into your email list by signing up for a lead magnet (such as a free ebook), then you’ll want to add them to a cold lead list (since they’re just learning about your business). That way, you start to warm them up through emails before selling them on your products or services.

    By comparison, if you set up an audience list of past customers, you can remarket to them by offering reward-based promotions (such as exclusive Thank You coupon codes) to encourage them to purchase again.

    As you can see, setting up audience lists makes it easier to create different types of automated emails that drive brand awareness, boost sales conversions and incentivize repeat purchases.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    3. Implementing content curation tools

    Content curation is another excellent way for entrepreneurs and small business owners to save time on digital marketing. Using a content curation tool, such as Buzzsumo or Curata, you can quickly find and share relevant content in your industry without spending hours researching articles and sources. Content curation tools allow you to easily search for the best content related to your target audience, save it for later use, and share it on social media.

    In addition to sharing industry-focused content, you can also share inspirational quotes that relate to your target audience’s mindset. For example, suppose you’re selling beauty products geared toward women. In that case, you might consider quickly creating a beauty image (even a stock photo will suffice) with a caption by an empowering female icon (such as Coco Chanel or Marilyn Monroe). Women are inspired by motivational messages from these figures and will often engage with this type of content on social media (by liking, commenting, and sharing it). This is an easy, effective way to create content that gets results quickly.

    These are just a few simple ways that automation will help you save time in digital marketing. Implementing these strategies will allow you to focus more energy on other important business areas while growing brand awareness for your company and acquiring new sales leads.

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    Christina-Lauren Pollack

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  • 3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

    3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    New year’s resolutions are a bit of a joke these days. Let’s be honest. To the point that breaking them seems par for the course. Only 9-12% of the 41% of Americans who make resolutions in the first place follow through with them.

    As business owners, we face this every year too. We set goals for our team, or we have growth forecasts to hit. Right from the jump, we commit ourselves to deliver a long list of lofty promises.

    And do we come through?

    It would be very glib of me to accuse you of writing checks your…um…”bottom” can’t cash. But statistically, that’s precisely what you’re doing. In the warm, cozy confines of the Christmas holidays and new year celebrations, you concoct all of these wonderful new milestones for you and your business.

    Then reality hits. The day-to-day operational issues, supplier delays and client requests. They all conspire to slow your progress to a crawl. Before you know it, you’re preparing for Christmas again, having hardly achieved any of it!

    Related: 10 New Year’s Resolutions Entrepreneurs Should Make Every Year

    The problem is that you tried to change too much!

    We all look for magic bullet solutions, but your mind is just not set up to cope with massive and sudden changes. As much as 97% of your decision-making is done subconsciously. That means that no matter how strong your intellectual resolve is — unless you can internalize your intentions and communicate them favorably to your subconscious — you’re unlikely to see them to fruition.

    You might think that working on your subconscious is a personal indulgence you don’t have time for, but trust me: you have to. Like it or not, your business is an extension of you. It exists because you created it and gave it purpose.

    If you are locked in a personal battle between your consciously held desires and your subconscious emotional programming, your business will rapidly lose direction and focus.

    So with that said, here are three easy new years resolutions that every business owner should make in 2023.

    1. Make ‘check-ins’ a part of your everyday routine

    What do I mean by this?

    I’m talking about taking five or ten minutes twice daily to take yourself off to a quiet space and check in with yourself.

    We can often become derailed as we go through our day. We unknowingly carry the baggage of the various issues we encounter into our subsequent decisions on unrelated matters.

    By checking in regularly, you’ll be able to hear and let go of your frustrations. Your ‘stuck states’ will be freed, enabling you to address your needs with a level head. Thus improving your ability to lead and your team’s ability to deliver.

    Related: This is Why Entrepreneurs Seriously Need to Take a Break

    2. Take regular ‘VIP Days’

    I do this at least once or twice a month, but it’s crucial in getting that 97% of your brain onboard.

    A VIP day involves you indulging in your favorite things to do. This could be shopping, a spa treatment, going to your favorite restaurant for lunch…anything.

    A big part of why you face so much internal resistance to change is because you are hardwired (thanks to millions of years of inherited, genetic wisdom) to resist it. The change represents the unknown, and the unknown is unsafe!

    Bearing in mind that this simple reasoning pre-dates language, reasoning and certainly globalization. It simply doesn’t have the awareness that your conscious mind does. What taking a VIP day will do for you is show your subconscious that you are a person who has taken chances and they have given your more security. Not less.

    A significant point of resistance to growth for so many of us is that we simply do not see ourselves as successful. By enforcing the taking of regular VIP days, you’re actively stepping into becoming that new person holistically. And your subconscious will notice.

    Related: Would You Rather Change or Let Your Business Die?

    3. Set micro-goals for your business

    It’s easy to drag everyone into a meeting on their first day at work of the new year and proclaim that “this year we’re going to aim to double growth in sales!” before dusting your hands off and returning to your office.

    Setting top-level goals is your responsibility, sure. But you won’t get there in one leap!

    Going back to what I just said about your subconscious programming. Looking at a high-level goal like that, with no conceivable way to break it down, is simply going to result in overwhelm for you and your team. You need to think about the lower-level steps along the way to achieving that end result and then walk those through with your team.

    Related: Do You Have a Love/Hate Relationship With Goals?

    Of course: delegate operational responsibility for them, but recognize your responsibility to understand what they are in the first place! When everyone can see the path clearly, understand precisely how to execute their part in it and feel confident in their ability to do so: you’ll be unstoppable.

    Limiting these to three and keeping them simple is to avoid overcommitting yourself and risking a shutdown. The reason for giving your three personal resolutions (rather than ones for your business directly) is to better resource you in terms of your mental resilience so that you can handle whatever comes your way.

    Make no mistake: the challenges of 2022 are likely to continue well into 2023. The best way to hedge against them is by better equipping yourself with the internal resources to guide your team decisively.

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    Daniel Mangena

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  • 10 Crucial Tips and Benefits for In-House Marketing

    10 Crucial Tips and Benefits for In-House Marketing

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you considered an in-house marketing strategy for your brand? If so, you’re not alone. Marketing is one of the biggest challenges for many businesses, and outsourcing often leads to disappointment and headaches.

    Finding the right marketing firm to work with can be a time-consuming, expensive process. Not to mention the time and effort it takes to bring a new marketing firm up to speed regarding your company.

    Other challenges may be pushing you toward the in-house direction too. After all, bringing your marketing in-house gives you complete control over your message and the process of getting that message out to the world.

    Related: The 6 Online Marketing Strategies Every Entrepreneur Needs

    Benefits of using in-house marketing for your brand

    One of the best benefits of in-housing is that it gives you complete corporate control of the marketing process from A to Z, but that’s not the only reason you might want to consider taking this approach. Some of the other advantages associated with internally managing your marketing efforts include the following:

    • Brand compliance. When outsourcing marketing, you trust other teams with your brand’s message. Typically, these teams work with several brands and must manage brand compliance in marketing campaigns for each. Members of these teams may periodically mix up your message, which could lead to client trust issues. In-housing gives you complete control over your brand’s voice, message and marketing.
    • Effectiveness. As mentioned above, marketing firms typically work with several companies. So, you don’t have the full-time attention of the team working on your marketing campaigns. Bringing your brands in-house gives your marketing efforts the full-time attention they need to thrive and become more effective.
    • Easier onboarding and better expectation management. If your marketing efforts are accurate, new clients know what to expect. That means your onboarding process is smoother and your client’s expectations manageable.

    All of the above ultimately leads to improved brand, product or franchisee adoption, resulting in better revenue for your company.

    Related: 5 Reasons Your Business May Not Be Ready for a Marketing Agency

    Tips to make in-house marketing successful

    Bringing your marketing efforts in-house and ensuring effective results may be two completely different topics, but they don’t have to be. Here are a few tips to make sure your in-house marketing efforts succeed:

    • Hire the right team. It’s crucial to put together the best in-house marketing team you can. Conduct several interviews and consider each candidate before adding them to your team.
    • Focus on opt-in strategies. There are several ways to go about marketing, but opt-in strategies tend to be the most effective. These strategies focus on having users opt-in to your sales funnel, typically via email subscription. Once the customer opts in, you send regular messages to bring them deeper into your brand.
    • Make it personal. Don’t you hate emails that start with, “Dear valued customer…?” Well, your customers do too. Use names, send out happy birthday wishes and make an extra effort to let your customers know you put them first. Personalization goes a long way.
    • Analyze your effectiveness. Check on the effectiveness of your marketing campaigns regularly. The more you do, the more you’ll learn what works, what doesn’t and what strategies you can employ to improve your marketing outcomes.
    • Take advantage of technology. This topic wouldn’t even be a topic if it weren’t for technological innovation. Technology has made several aspects of life more accessible, and marketing is no exception. Take advantage of the various technologies available to you to improve your marketing effectiveness.
    • Ask for referrals. Word-of-mouth is still as effective today as it has always been. There’s no shame in asking for referrals to tap into this reliable stream of leads.
    • Ask for reviews. Customers look at reviews online before making purchases more today than ever before. Ask for reviews to ensure that when someone searches for hints about client experiences with you, they find positive results.

    Related: Thinking of Taking Your Marketing In-House? Think Again.

    Take advantage of technology

    The right technology can expand the effectiveness of your online advertising campaigns, especially if marketing has become part of your company-handled operations. You can even automate much of the marketing process to lighten the load on your team.

    You’re not alone if you’re tired of working through the headaches of outsourced marketing. More and more companies are shifting to in-house marketing strategies because of all the advantages the concept brings to the table.

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    Adam Chandler

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  • The Smartest People Often Overlook This Key to Success

    The Smartest People Often Overlook This Key to Success

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    Opinions expressed by Entrepreneur contributors are their own.

    The following excerpt is from Jennifer Cohen’s book, Bigger, Better, Bolder: Live the Life You Want, Not the Life You Get. Buy it now from Amazon, | Barnes & Noble | Books-A-Million | Indiebound | Target | Walmart.

    “You’ve been told a lie your entire life. You’ve been told that being brilliant will make you successful. I’m telling you that the world doesn’t favor the brilliant; it favors the bold.”

    Those are bold words, considering I had the audacity to say them to a room full of some of the smartest people on the planet — a group of MIT students, faculty and administrators. It was November 2021, and I had been invited by the organizers of MIT’s annual FAIL! Inspiring Resilience conference to speak about how I’ve overcome failure, and how they can too.

    Why did MIT invite me? It turns out, some of their smartest students are “failing at failure” — with serious emotional and mental health consequences — and, as luck would have it, failing is one my greatest skills. Or I should say, building the resilience to overcome failure is one of my greatest strengths. As I told the audience that day, “I may have a master’s degree in failure, but I have a PhD in getting right back up again.”

    Image credit: Edmund Prieto

    When you’ve always been at the top of your class, always praised for your straight As, no one is surprised to hear that you got accepted into a prestigious school. In fact, it’s expected. Your parents are proud, your teachers are gratified, and your friends are so blasé because of course you got accepted into a top-tier college. You should have won a Nobel Prize for your eleventh-grade science project, for God’s sake! they all think. At some point, being the smartest kid in the class becomes your identity.

    There was a kid just like that in my high school (I’ll call him Pete). He sailed through to graduation, probably smarter than many of our teachers. While Pete crushed it without trying, I had to work my ass off just to get a solid C in some classes. Nothing came easy to me, as I’ve said, so I learned how to be resourceful in other ways. I developed grit and resilience when I didn’t get the grades I worked so hard for, and I learned to shake off the shame I felt for being sent off to the resource teacher for tutoring. And all along, I was honing my tenacity and drive to succeed, if only to prove to everyone, including myself, that failing did not mean I was a failure. But quitting would have made me a quitter. Pete never had to learn how to get by on being scrappy or learn how to fail without falling apart. His ability to seemingly glide through school and take success for granted likely dulled his resiliency. Where I was constantly looking for
    ways to compensate for my weaknesses in order to succeed, Pete and brilliant kids like him never learned how to persevere after failing.

    Straight As aren’t the answer

    When it comes to getting what you want in life, it’s better to be bold than brilliant. That’s not to say that smart people don’t succeed. Or that there aren’t smart people who are also very bold. But most of us aren’t Pete-level intelligent. All of us, however, can learn how to be Jennifer-level bold.

    When brilliant kids like Pete get accepted to a school like MIT, it means that for the first time, their classmates, roommates, and friends are all brilliant too. Some are even more brilliant. Suddenly, the Petes are not the smartest kids in the room anymore. The same Petes who used to take pride in solving a challenging puzzle or math problem that “average” classmates struggled with are now presented with problems that aren’t so simple. They become the struggling Jennifers, only without the resiliency and well-honed skills to help them overcome their newly revealed weaknesses. They begin to overanalyze their professors’ questions, overthink the possible solutions in a bid to avoid being wrong (because they are smart and know that many things can go wrong), and can become overwhelmed with self-doubt.

    Many of the high-achieving high school students who experience the shock of academic challenge and competition when they get to college are so petrified of failing that their confidence wanes while the pressure increases. This can deeply affect their emotional and mental well-being, especially if they haven’t naturally developed tools to cope. To put it another way: they don’t know how to fail, and you must know how to fail if you want to succeed.

    When I didn’t get a good grade in college, it was a little disappointing but not a catastrophe. But when a college freshman who made straight As in high school is worried about getting their first C, D, or F, they have a longer distance to fall than an average student does, and that fall can have serious consequences, even tragic ones. Some of the schools that attract the highest academic talent also have a greater-than-average campus suicide rate. In 2015, MIT took this seriously; the administration lowered class load and increased mental-health awareness and services, including programs like the FAIL! Inspiring Resilience conference, which is how I found myself at MIT speaking to a room full of brilliant kids like Pete. My job was to help students accept that it’s OK to fail. And I want you to know that too.

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    Jennifer Cohen

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  • 5 Ways to Prepare and Thrive In the New Economy

    5 Ways to Prepare and Thrive In the New Economy

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    Opinions expressed by Entrepreneur contributors are their own.

    Experts have been predicting a new economy for a few years now, and astute observers and analysts can already see that it is here. While several catalysts drive the acceleration, exponential technologies, the global debt bubble, changing demographics and the recent pandemic are a select few.

    Even those that are most change-resistant amongst us agree that the world will look very different by the time this decade ends. However, many folks are still in denial, succumbing to denial-led obsolescence. Several paradoxical changes in the new economy conflict with old-school thinking and need diametrically opposite approaches. The foundations for the new economy are built on the paradox, which makes it hard for old economy folks to transition out — unfortunately, many will not make it.

    Related: Shift Your Mindset and Actions to Embrace Change

    The shifting landscape

    The term “new economy mindset” refers to a way of thinking and approach to business focused on innovation, adaptability and modern technology to drive growth and success. This mindset often involves a willingness to take risks, embrace change, think outside the box to stay ahead of the competition and remain relevant in today’s rapidly changing economic landscape.

    “The pace of change has never been this fast, yet it will never be this slow again.” – Justin Trudeau

    Related: Why You Need to Think Outside the Box

    Old economy: baggage patterns

    I have seen a few different patterns of baggage which hamper progress and block the transition or success in the new economy.

    1. Resisting truth

    Understand yourself, watch your reactions and analyze if you resist every new technological change like artificial intelligence, metaverse, cryptocurrencies, autonomous driving, etc. Missing out on the first wave of success in the new world makes people upset, and you either play victim or adversary — neither is helpful in your transition into the new world. But if you take positive action, understand the opportunity and dimension the risks, you set the foundation for growth.

    It is also important to remind yourself that these shifts are fundamental whether you like them or not. If these changes cannot be bent to your thought process, you change your thinking and adapt or get left behind. People who have built nothing and have opinions about sticking to the old economy are already obsolete and often subject to ridicule.

    2. Living in the past

    Many of us have had very successful careers in the past decade or two; this success hinged on skills, background and ability to do things in a certain way. However, as the turf changes around us and the new realities of the new economy unfold, many people hold on to security from the past to masquerade their insecurity. While nostalgia is a great feeling, it blinds people to the progress around them.

    “Progress is impossible without change; and those who cannot change their minds cannot change anything.” — George Bernard Shaw

    3. Sense of entitlement

    Holding some title in an old economy enterprise neither makes you current, relevant or sought after. There is a high probability that your skills have not developed outside the realms of your responsibility. Spending many years in large archaic companies disconnects people from ground realities and turns them into administrators.

    To succeed in the new economy, one must get hands-on, play with the dirt, make mistakes, look stupid and even be mocked. The definitions of scale have changed; complexity is now defined as doing more with less headcount and more innovative technologies. If your company’s T-shirt gives you a sense of handling a complex job or a sense of entitlement, it might be time for some introspection.

    Related: Is That Your Title or Your Entitlement?

    New economy: skills and attributes

    There are multiple skills required to succeed and thrive in a new economy. When playbooks from the past don’t apply, one needs to upgrade their mindset. A mosaic of skills and attributes must be imbibed and cultivated.

    1. Navigate uncertainty and ambiguity

    We are no longer in a linear era and do not have a well-charted course to follow as a professional or a business. Unpredictability, lack of clarity and disruption are rampant, creating the need to navigate uncharted territory.

    The new economy, by definition, is volatile, disruptive and fast-changing. People used to predictability and practices which worked in the last decade must adapt to survive.

    2. Be a connector

    Mastering relationships and building networks are the currency of the new economy. Social capital must be built, acquired, and grown to drive effectiveness. True connectors understand this well and have ingrained this into their operating model inside and outside their company, i.e., they are a mini ecosystem in themselves. Being a connector creates opportunities and a sense of community and provides a platform to thrive in today’s fast-paced, breakneck-speed world where it’s easy to lose the human touch.

    3. Develop a personal brand

    Many people network or even get visible when they want something. In the new economy, your brand must be managed daily as the volume and velocity of opportunities not even on your radar move fast without you. If your brand is strong, visible and recognizable, then it attracts opportunities, and you drive your goals. If this is not something you do, it might be time for a mindset change and attitude upgrade.

    Many old economy companies cripple the personal brand narrative by throwing obsolete reasons like self-promotion or lacking humility. These cultures cripple ecosystem enrichment and limit innovation, and it eventually reflects on their financials.

    Related: 8 Reasons a Powerful Personal Brand Will Make You Successful

    4. Abandon comfort zones

    The days of lifelong employment or even milking your skillset for a decade are long gone. Jobs, companies and industries all get disrupted and replaced. Sometimes your skills, as relevant as they may seem, become obsolete within a company or industry without even coming to your notice. One should constantly be learning (and unlearning) and adapting to market shifts.

    A personal brand and your network help stay on the cutting edge. Be firm on principles but flexible on methods — it can help individuals and organizations avoid becoming rigid and inflexible, making it difficult for them to adapt to changing circumstances and stay competitive.

    “If you change the way you look at things, the things you look at change.” — Wayne Dyer

    5. Let go of your experience

    There is never a guarantee that experience gained in one organization will make you successful in another — there are too many variables like structure, culture and incentives which influence behaviors.

    Many playbooks, practices, mindsets and beliefs from the past have taken a toll on companies and industries themselves. Expertise is valuable, and experience is baggage in the new economy. People with mindsets rooted in past success and proven and established strategies must look at things afresh and analyze where they stand.

    Often, old economy beliefs may be characterized by a lack of innovation, a reluctance to embrace new technologies, and a focus on short-term gains rather than long-term success. Unlearning is as important as learning to make the transition.

    Concluding thoughts

    Overall, the key to overcoming these barriers is recognizing the need for change, investing in resources, and embracing new ways of thinking and working. Individuals and organizations can adopt a new economy mindset and thrive in today’s rapidly changing economic landscape.

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    Nitin Kumar

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  • Why High-Performance Culture Is Critical to Business Success in 2023

    Why High-Performance Culture Is Critical to Business Success in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    With 2023 business planning underway, business leaders are setting priorities for the next year and beyond. For some, the focus may emphasize productivity or roll back certain benefits like flexible working schedules.

    A high-performance culture improves productivity, bringing higher profits and happier employees, improving talent retention and continuing a growth cycle. A cornerstone of 2023 growth should be building or maintaining a high-performance culture for all businesses. Refraining or forgetting about culture in 2023 is a mistake, as it plays a critical role in company performance.

    Related: How to Create a Work Culture That Can Survive Anything

    Understanding the importance of high-performance culture

    A high-performance culture allows an organization to succeed and grow. This type of structure is good for business and for each employee. Not every high-performance culture will look the same, yet every organization with a high-performance culture values workers and holds their trust in return.

    Employees may come to work partly for a paycheck, yet evidence suggests they crave meaning from work and are more productive when they get it. Like everyone, workers want to feel a sense of purpose and mission in their daily lives and enjoying the same at work is only natural.

    The best cultures embed their mission throughout the employee experience, honoring and furthering these values daily. These cultures also offer their employees interesting and engaging projects which drive their sense of belonging to the organization. A recent survey by McKinsey showed workers across all levels of income believed having an interesting job was as important as earning a solid income.

    Related: How to Develop a Company Vision and Values That Employees Buy Into

    Workers feel fulfilled by purpose-driven work. Unfortunately, many employers ignore culture in favor of focusing on profits. Workers need clarification and connection in these types of work environments. In a survey from Gallup, only four in 10 employees strongly agreed they knew what their company stands for and what differentiates their company from competitors. Even for organizations that articulate their values often, management could be viewed poorly if employees do not see the connection between the values and the organization’s actions.

    When leaders grow nervous about their businesses’ future, it can feel tempting to ignore culture at the expense of profit. In fact, culture becomes even more important in times of economic uncertainties. In these moments, employees will look to management to set the tone. Without a culture fostering engagement and collaboration, workers could lose productivity to stress and conflict.

    Related: Why Purpose-Driven Entrepreneurs Focus on the Bigger Picture

    How to build a high-performance culture

    To build a high-performance culture, first, understand how your culture functions. Employees usually understand culture best simply by judging their own level of satisfaction. Their daily experiences are typically defined by coworkers and frontline managers more than company management. Leaders who do not work with frontline managers daily will likely need to speak with employees to understand their experiences.

    Signs of an underperforming culture could include low employee retention, low productivity and frequent workplace conflicts. Not every employee will be satisfied, even in the highest-performing cultures, but consistently unhappy employees reflect serious problems. Direct, private conversations between employees and HR can offer insight. If employees seem reluctant to speak candidly, much-needed feedback via surveys can provide ways to track improvement.

    After gathering information about employee experiences, HR may wish to prepare a report assessing culture as it stands. Strong cultures should clearly understand which policies contribute to the culture and how to continue them. Doing so will help preserve civilization in the face of future business difficulties or leadership changes.

    On the other hand, struggling cultures need to identify the most negative factors of their culture to begin changing. High-performance cultures feature strong leaders, actively engaged employees, ongoing workforce development, strong communication and adaptability. If employees are disengaged, find out whether imbalanced workloads, micromanaging, lack of flexibility or absence of trust could contribute.

    During this process, employees also feel their input is genuinely welcomed, which it should be. Psychologically, employees accustomed to a toxic culture may fear expressing their true thoughts, mainly if their frontline managers previously engaged in verbal abuse or insults. Build this trust by taking accountability to admit that culture has not met the mark and protect employees who voice their concerns from retaliation.

    Each leadership level, from the C-suite to frontline managers, plays an integral role in rebuilding a company’s culture. The positive vision set forth at the top needs to be actionable. Once the vision has more tangible attributes, through structure and processes, each level of leadership can provide the necessary training and easily communicate these goals on how they translate into the fabric of the company.

    A high-performance culture is often viewed as optional. That cannot be further from the truth. A high-performance culture is the backbone of an organization, providing a strong framework for business growth. Moving into 2023, culture should be central to every successful business strategy.

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    Steve Arizpe

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  • How to Make Sure Your New Year’s Resolution Becomes a Reality

    How to Make Sure Your New Year’s Resolution Becomes a Reality

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s that time again! It’s a new year, and even though we’ve faced some challenges in years past, some of us still have high hopes for the future.

    So for those of you that have shouted your New Year’s resolution from the rooftops (and those of you that are keeping it to yourself), here’s how you can ensure you actually make your goals a reality this time around.

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    Desiree' Stapleton

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  • Watch Out For These 3 Entrepreneur Death Traps

    Watch Out For These 3 Entrepreneur Death Traps

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    Opinions expressed by Entrepreneur contributors are their own.

    Inexperienced founders and first-time entrepreneurs who are excited about entering the realm of entrepreneurship often find themselves focused on “not important right now” items.

    You can generally tell when an entrepreneur is falling for the non-important. Their focus gets drawn out over a longer than necessary period of time for things like branded clothing, business cards and the proper titles. There is a flow of priorities in business that are always at play, and when you’re building a business, it is crucial not to waste resources on non-important right now priorities.

    To clarify the point, let’s look at a general overview of priorities broken down between experienced and inexperienced entrepreneurs:

    Inexperienced order of objectives:

    1. Figure out a name
    2. See if it’s available
    3. File to incorporate
    4. Wait for incorporation to go through, then get a business bank account
    5. Get a logo
    6. Get branded apparel
    7. Get the business cards
    8. Start to build a prospect list
    9. Get a customer

    The experienced flow of objectives

    1. Get a customer
    2. Continue to build a prospect list
    3. Figure out a name
    4. Maybe get a contact card
    5. Etc.

    Here is a list of three common flaws first-time entrepreneurs and founders face when starting a business.

    Related: The True Failure Rate of Small Businesses

    1. Understand the difference between an order of objectives and a flow of objectives

    Inexperienced entrepreneurs tend to think that things must be done in a set order to accomplish a goal. For example, I have seen multiple people start their entrepreneurial journey and turn away customers because they feel it’s necessary to follow the order of objectives above.

    That thinking — especially in the early stages — slows down execution rates because they bottleneck the next thing to be done. This causes friction, leading to burnout in a new entrepreneur.
    Meanwhile, an experienced entrepreneur knows that multiple objectives will be in play, working to accomplish simultaneously — especially at the beginning.

    The challenge is that the brain wants a perfect order, but that’s not how it always works; sometimes we have to focus on multiple things to see them through to accomplishment.

    A flow of objectives will vary on a case-by-case basis. However, the critical point, in the beginning, is to make sure the focus is on the right objective and, most importantly, the business shows some premise of viability. The objectives listed above can be completed in about a day — that’s not the issue. The issue is that the inexperienced tend to get caught up on the non-important and it pushes a one-day list into a one-week or one-month list or a not completed “I got distracted” list.

    Sometimes even setting up a legal business entity is not important right now. When it comes to small businesses, most can and should be started as a sole proprietorship — at least briefly before filing to incorporate. That said, there are specific industries where incorporating should be heavily considered.

    For example, a low-risk graphic design business might want to forge ahead and start conducting business. However, if it’s an industry with a risk of personal injury, it might make sense to incorporate it. (Always consult with a legal expert on what could be the best fit for you).

    Related: How Successful Entrepreneurs Stay Focused and Block Out the Noise

    2. Understand the risk and rewards of priorities

    Every action or inaction has a risk or opportunity cost, especially at the beginning, where the compounding effect is more significant. That being the case, looking at objectives in a risk vs. reward manner gives us guidance on tackling the objective list.

    An experienced founder will start by bringing on a new customer. It is rarely risky, and the reward is great — there is business growth, especially compounded over time. But following the inexperienced route risks all the resources used in steps 1-8 (time, money, mental capacity, etc.) in hopes of generating the reward of 9, bringing on a new customer. Furthermore, the risk is more significant because a founder might find that the actions in steps 1-8 might change with the compounding of time. Example: The logo might not be the best fit, or a C-Corp or LLC would have made more sense.

    This means we need to write down the steps and label them in priority of what needs to be done. You can always incorporate it later, change the logo, or get branded apparel later. While you can always get customers later, the focus of getting a new customer offers the greatest return on investment, especially at the beginning.

    An inexperienced founder who focuses on the wrong things from the beginning tends to focus on the wrong things until one of two things happens:

    1. They continue to waste resources sweating the “not important right now” until they run out of resources and the business dies.
    2. They continue to waste resources until they learn the appropriate type of execution for them. (Sometimes necessary, but why waste the resources when it’s preventable.)

    Option number two brings us to the third tip for starting entrepreneurship:

    Related: The Biggest Trap Of Entrepreneurship: Happiness ≠ Achievement

    3. Understand the type of entrepreneur you are. It’s not a one size fits all role

    Entrepreneurship mirrors life in that you cannot know who you are and how you operate entirely until you live through it. You might think that you can tackle one step by one step, only to discover that you are the type that needs to make progress on all fronts intermittently.

    Like life, there is no one-size-fits-all when it comes to Entrepreneurship.

    Certain key requirements are needed in the starting phase, but how those requirements are met is completely up to the individual. Experienced entrepreneurs who know who they are and how they operate best can create their chosen route to build an optimal company. Meanwhile, the inexperienced can use the tips listed above to build from scratch better.

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    Anthony D. Anselmo

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  • 4 Ways to Harness a Growth Mindset to Set Yourself Up for Success in 2023

    4 Ways to Harness a Growth Mindset to Set Yourself Up for Success in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    We all have experienced that inner critic holding us back. That voice telling us that we aren’t good enough, that we will fail and that we should give up.

    This is a normal part of being human. But as you enter into a new year, you don’t need to let those fears stop you. You can become your own biggest advocate. You can reframe your internal voice to one that supports you and a bigger vision for your career and your life.

    Here are four ways to begin to harness a growth mindset to support you in getting to where you really want to be while embracing the journey and the inevitable ups and downs along the way.

    1. Get clear on what matters to you

    Life can get busy, and at times you may find yourself just going through the motions, being disconnected from the bigger picture and your personal mission. When was the last time that you reflected on where you are at in your life and whether you are on a path that is fulfilling to you? Give yourself permission to check in with yourself and make it a priority to do this on a regular basis. Ask yourself: What are the most important things to you? Look at how you are spending your time. Are you making the moments in your life high-quality moments? Once you get clear on these things, you will know where to focus your time and energy for maximum happiness and fulfillment.

    Related: If You Want to Succeed, Fix Your Mindset

    2. Create habits that fuel your happiness and success

    Sometimes your everyday patterns and habits can be fueling a disempowering mindset and stress. Something as simple as grabbing your phone right after you wake up to check your messages and notifications can be setting you up for being in a reactive and stressed state throughout the day. Powering through your workday without taking breaks. Lack of exposure to sunlight and the outdoors. Poor eating habits and minimal movement. These are all things that can be setting your mind and body up for success. The good news is that once you have an awareness of your personal habits and patterns you can then choose to take a new approach. You aren’t stuck with behaviors that don’t serve you. By building awareness and then making small changes you can set yourself up for feeling your best at home and at work. What is a new healthy behavior that you are excited about that you can start today?

    Related: Understanding The Growth Mindset

    3. Try reframing

    Your mind is a very powerful tool that can support or hinder your success and happiness. There are always multiple ways to perceive and interpret events and experiences in your life and multiple ways to respond to what life presents to you. When you embrace a growth mindset, you are choosing to view challenges as opportunities for growth. You are looking at things with a sense of curiosity and newness. I like to ask myself the question, how can I view this in a way that is empowering for me? So instead of fueling a limiting belief like, I’m not good enough, you could reframe this to I’m still learning and I am proud of the progress I have made so far. Embracing a growth mindset also takes self-compassion so remember to be kind to yourself along the way and show yourself the love and grace that you deserve and need.

    4. Set approachable goals and celebrate the everyday wins

    Setting large goals is great but they do require time, persistence and patience. Without daily motivation and encouragement, it can be challenging to stick with them for the long haul. This is one reason why setting smaller and more approachable goals on a daily basis can help set you up for success. With these bite-sized goals, you will move step by step closer to your bigger vision for your life. And, enjoying the journey and giving yourself the positive reinforcement you need to feel your best and stay motivated.

    Imagine someone who never runs saying they want to run a marathon. If all they focused on was that marathon, they would probably feel overwhelmed and not actually take the necessary steps to get to that end goal. Instead, if they broke that bigger goal into smaller goals like, for week one I am going to run one mile on Monday and Friday. Then build from there. They would have more approachable steps giving them positive reinforcement that would move them in the right direction. What are some meaningful large goals that you have that can be broken down into bite-sized pieces that you can start today?

    Related: 6 Ways to Develop a Growth Mindset

    Embracing a growth mindset is not as easy as just flipping a switch. But with awareness, intention and action you can support your mind and your body in feeling your best while moving towards your version of success in 2023 and beyond.

    Disclaimer: This content purely represents the opinion of the author and is not medical advice or treatment recommendations. Always talk to your healthcare provider about recommendations specific to you.

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    Kristel Bauer

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  • How Small Businesses Are Teaming Up to Boost Local Economies

    How Small Businesses Are Teaming Up to Boost Local Economies

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that small businesses face challenges on a daily basis. Current supply chain woes need all levels of attention as problems arrive in every shape and size. Small businesses are seeking many – often any – opportunities to help keep their lights on and doors open.


    mavo | Shutterstock

    The gap between businesses thriving, surviving, and boarding-up windows is a fine line.

    The incredible challenges over the last few years brought rapid innovation and adoption of new technologies to supply chains, which has helped small businesses purchase essential supplies to keep operations up and running.

    Small businesses make up the fabric of local communities and keep main streets populated and vibrant. Big business also plays a role in developing technology and solutions on a scale that reflects the scale of the challenge – in this case, global supply issues creating challenges at every level of business.

    When it comes to the challenges that small businesses continue to face with remote work and ongoing supply chain disruption, there is an opportunity for small businesses to partner with other small and local businesses to help survive the economic climate, while also supporting their local community.

    Strength in numbers

    One of the first steps is to help small and local businesses connect with one another. This is where new technology and innovation help the local business community get in touch, with a mutually beneficial purpose: to buy from each other.

    Innovation from digital purchasing solutions helps small businesses make a greater impact on the local community. Current technology can help direct the purchase of products and supplies to (other) small businesses in the local community

    All businesses have a unique story to tell. Ask any business owner and they’re sure to award your curiosity with their tales of success and hardship.

    Survival of the smartest

    Many people are familiar with the words “Smart TV” or “Smart Phone”, while less people know “SMART” stands for Self-Monitoring Analysis and Reporting Technology. SMART objects and processes have gained awareness where they were once considered inanimate.

    Not only have advances in technology brought new efficiencies to the purchasing process for small businesses, but the benefits of innovation and digital procurement solutions have introduced a variety of fresh ideas and approaches from this resulting innovation.

    Using digital procurement solutions not only enables small businesses to more easily pinpoint cost savings, reveal opportunities, and turn insights into action, but business leaders get time back to invest in organizational strategy and business growth.

    Small businesses can leverage the power of machine learning technology and use these solutions to find and purchase business products from other small and local businesses. In turn, this helps their small business community and local economy.

    Exclusive pricing and products

    Digital procurement solutions simplify the buying process, helping small businesses easily purchase business-relevant products while shifting spend to support other small and local businesses.

    Businesses can shop from hundreds of thousands of sellers, buy products in bulk, and access quantity discounts on supplies, which starts with the purchases of two or more of the same products.

    The purchasing platform does the work of finding, retaining, and nurturing suppliers. Businesses can then create buying policies to prefer sellers based on criteria that match the company’s values and goals, choosing suppliers with certifications for diversity, local businesses, and more sustainable products.

    Simplify and organize purchases

    Organizational purchasing goals can be proactively measured by tracking purchases of products from certified local businesses and can also be filtered by certification, zip code, city, and state.

    Once small businesses can locate and purchase products from other small and local businesses, the process becomes simple and repeatable. This allows small business owners to introduce more organization to their purchasing, while also benefiting from a more simplified purchasing process, overall.

    Small businesses can now easily separate work from personal purchases, automate buying and shipping preferences, create out-of-the-box reports, and streamline the entire procurement process.

    From building to booming:

    Current innovations in purchasing can help identify purchasing behavior, discover new products and sellers, and measure progress toward purchasing goals. Small businesses can continue to focus on building and growing, along with pinpointing opportunities for savings, while also helping support other businesses in their communities.

    Whether your small business is a recent startup or a quickly-growing organization, digital procurement solutions help make running your small business easier while connecting you with other small businesses. As a collective, you can keep lights on throughout both your digital and physical “Main Street” which, in turn, benefits your own small business.

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  • Here’s Why You Should Drink Coffee Before You Nap

    Here’s Why You Should Drink Coffee Before You Nap

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    Caffeine is known to stave off sleep, but some experts say drinking a cup of Joe right before taking a 25-minute nap will make you feel more rested.


    Louise Beaumont | Getty Images

    “I call it a Nap A Latte,” says Michael Breus, Ph.D. (aka The Sleep Doctor), a clinical psychologist and fellow of The American Academy of Sleep Medicine. “Get a cup of black drip coffee, throw three cubes in it merely to cool it down, slug it as fast as you can, and take a nap immediately.”

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    Jonathan Small

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  • How Retailers Can Win In a Post-Pandemic World

    How Retailers Can Win In a Post-Pandemic World

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    Opinions expressed by Entrepreneur contributors are their own.

    It has been an unprecedented few years for brick-and-mortar retailers, but in 2022, physical stores have started to bounce back. In October, nationwide foot traffic to shopping centers was up more than 18% from two years ago. Meanwhile, 54% of consumers prefer brick-and-mortar retail to any other channel, suggesting that people still love going to physical stores.

    There are bright spots for retailers, but it is important to note that while in-store shopping has surged, the industry has evolved since the pre-pandemic era. Recent consumer habits and preferences that emerged during the pandemic appear to be here to stay.

    Let’s explore these in more detail.

    Related: As Inflation Soars, Consumers Want More Rewards and Shopping Incentives. Here’s How to Give Them What They Want

    A lot of retail journeys start online but end in store

    According to Google, searches for “open now near me” have increased 400% Year-over-Year, which suggests that even those who love shopping offline rely on digital tools to point them in the right direction.

    That’s why it is essential to have a solid online presence in search engines and to improve your business’ discoverability by optimizing your listings in business directories and review platforms. To fully leverage this opportunity, you should ensure your business details are complete, add photos of your location and update your details when needed.

    Social platforms help drive offline traffic

    Social platforms like TikTok and Reels for Instagram and Facebook boomed during the pandemic and continue to be popular today. This is good news for retailers because you can leverage these platforms to drive brand awareness and foot traffic.

    Social apps and platforms are excellent product discovery tools — even for physical retailers, as 81% of shoppers have made an in-store purchase after seeing a product on social media. To stay relevant, you need to meet shoppers where they are, and for many of them, that means being on TikTok, Instagram and YouTube.

    Related: Why Social Media Platforms Are Adopting Ecommerce as a Saving Grace

    Product and order fulfillment expectations are higher than ever

    The rise of ecommerce, “Buy Online, Pay in Store” (BOPIS), and same-day delivery has increased shopper expectations regarding when and how they get their orders. Research and Markets forecast the BOPIS market will reach $703.18 billion by 2027 — representing a 19.3% compounded annual growth rate over six years.

    In-store (and curbside) pickup is here to stay; if you haven’t done so, it’s high time to implement these initiatives.

    That said, it is essential to remember that the success of your order fulfillment efforts will also depend on how well you forecast and manage inventory. Customers have little patience for “out-of-stocks,” as 50% of consumers report that they will switch products, brands or retailers when faced with shortages.

    This is why it is critical to stay on top of stock management. Invest in robust inventory and reporting tools that enable you to identify trends and make smarter ordering decisions.

    Related: The Future of Online Shopping Is ‘Buy Now, Pay Later’

    It’s more challenging to gain true customer loyalty

    The pandemic shook brand loyalty, and shoppers switched brands at an unprecedented rate. On average, US shoppers belong to 17 loyalty programs; but engagement is low, and less than 50% are active loyalty memberships.

    Winning the loyalty game is a challenge, but not an impossible one. The key to improving shopper loyalty is ensuring your brand aligns with your customer’s needs and values.

    Accomplishing that starts with obtaining the right customer insights. Knowing where your customers are from, why they buy from you and what their shopping preferences will enable you to make moves that are relevant to them.

    Omnichannel is now table stakes

    It is no longer enough to have a presence on different channels (e.g., online, in-store, social). You must seamlessly connect these channels to win over and fulfill today’s shopper’s needs, wherever they are.

    To do that, you need a solid commerce platform with omnichannel capabilities. Investing in a point-of-sale solution with built-in ecommerce functionality enables you to sell and manage multiple channels from one system.

    Another option is to choose a retail management platform that can integrate with other solutions. If you already have an existing POS system, set your sights on ecommerce platforms that can integrate with your current tools. Whichever route you take, see that sales, orders and inventory data flow smoothly from one channel to the next.

    The current retail landscape presents numerous challenges; the good news is there are plenty of opportunities for savvy retailers to thrive. Equipping yourself with the correct data and tools will put you in the best position to compete — now and in the future.

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    Ana Wight

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