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Tag: successful entreprenuers

  • Why Successful People Engage in These 7 Types of Hobbies | Entrepreneur

    Why Successful People Engage in These 7 Types of Hobbies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Not all hobbies are created equal. Over the last decade, I’ve obsessively studied success (and what successful people do) by reading a book/month on the topic, researching it (so I could write my own books on it) and being mentored by both CEOs and executive coaches. I’ve found nearly all successful people are intentional and deliberate about how they spend their time. When it comes to their hobbies, watching television or reading tabloids doesn’t rank high. Here’s what does.

    Related: Every Entrepreneur Needs a Hobby Separate From the Company — Here’s Why

    1. Creation, not consumption

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    Amy M Chambers

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  • Why Successful Collaboration Comes Down to Proper Team Balance | Entrepreneur

    Why Successful Collaboration Comes Down to Proper Team Balance | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The wrong way to approach values is obvious: You’ve seen the movie Office Space when the boss calls everyone together to unveil a new banner on the wall asking, “Is This Good for the Company?” As far as that value exercise goes, everyone looks at the banner, but that’s about it.

    The “right” approach requires more nuance.

    Our company just welcomed five corporate cultures under its single umbrella. After nearly three decades of working alongside the company’s founders, most people could articulate our values very well. Only when our newly incorporated team members asked us to point to behaviors demonstrating how we live out those values in practice did we realize that we couldn’t point to anything concrete enough for them to “get it.” Employees want employers to represent their ethics and values to stay engaged. We knew we needed to fix this.

    Intentional values prevent misalignment around company non-negotiables and can guide employee action and collaboration in the right direction. Still, defining and aligning the various departments of a company around those core values is more complex than it sounds; the task is even more challenging when merging multiple companies.

    Related: How Collaboration Can Help Drive Growth and Propel Your Business to New Heights

    Over-communicate, then communicate again

    Part of my work in M&A is ensuring that our people’s experiences with the company are consistent. If I visited one of our offices in Australia or Japan, they would feel like part of the same world. Most of that came through working alongside the company’s founders and absorbing their approach to making decisions by osmosis. Sure, we articulated our values in onboarding materials. We offered some swag and other replicated forms of them in our recognition programs. Still, we mostly took that tacit learning from the company’s culture carriers for granted and developed little else to reference our values in action beyond that.

    This five-company merger was an “ah ha!” moment that made us reconsider how we communicated our values, and they still hold up after all this time. Without clear communication and explicit practical applications, it would be only natural that people bring their old ways of operating into a new company, even without realizing it. If we want to carry values forward as we merge companies or aim to break down silos, we need to embed them across the employee journey at every touch point in both words and action.

    Consider values in the hiring experience — how we describe the position in the job post and our interview questions for potential candidates. If one of our stated values is collaboration, we might ask them to describe when they successfully collaborated on a project and, more importantly, when it wasn’t. Seek to hire people who understand and appreciate those intrinsic values and spend time discussing them in all onboarding sessions globally. People can be talented but not always aligned, so figure out what’s non-negotiable and ask questions about what matters to them, and you’ll soon see if they “get it.”

    Related: 10 Simple Steps to Build an Exceptional and Efficient Team

    Live, not laminate

    It takes more than coffee mugs, posters and pieces of flair to align everyone around a company’s values: We need to be able to attribute behaviors to them. If a company says they’re “people-centric,” it should showcase this in an actionable way — performance evaluations that allow employees to tell their own stories rather than their performance review happening to them; benefits that provide coverage for the whole family; meetings that regularly represent that value as a theme or recognize someone who exemplifies them. At our company, we have a Kudos chat where, every week, people acknowledge when they have observed someone’s behavior that directly aligns with our values.

    Leaders must ensure people live, feel and see their company values repeatedly. In a 2022 survey of U.S. and U.K. employees, respondents were likelier to stay with an employer whose values align with theirs. Still, almost half would consider leaving a company if its leadership fails to act by them.

    When we give people examples of living our values, they have more reasons to discuss them. Over time, stories get retold and cement themselves into company lore. When a customer attempted to return two tires to the local Nordstrom retailer in Fairbanks, Alaska, the clerk called, researched tire prices and processed the refund despite Nordstrom never selling tires. Nordstrom’s legendary tire story demonstrates the brand’s dedication to living its value of customer service.

    Related: 3 Ways to Foster Trust and Communication During a Global M&A

    Evaluate and evolve

    After almost 30 years, our company has gone through many chapters, and what was right in the past needs to be constantly reexamined to ensure we are still true to our word.

    One of the companies we acquired had active and illustrative values, including “create success” and “be brave.” Their values were strong and actionable: Someone who needed to make a critical decision on a Friday afternoon with no one else around could recall the value “be brave” and go for it. So, we are taking this moment to evolve our values to match the company’s evolution. We’re reevaluating the original company values and if they still hold. The core ones, like respect and integrity, will remain, but in our 25+ years later, some values may not be quite right.

    Ultimately, most values aim toward the same ends — respect, integrity and a feeling of trust and belonging. Focus on four or five values that answer the question, “What do we believe in that will help us make better decisions?” Then, make leadership decisions that reflect them. Trust is built when people see their leadership standing by those values. Even when merging five companies into one, strong values enable a healthy culture that ensures that people are motivated, engaged and committed to work every day to deliver the results for the company.

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    Victoria Maitland

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  • I Was a Dishwasher — Now I’m a CEO. Here are 6 Ways the Roles Are More Alike Than You Would Think | Entrepreneur

    I Was a Dishwasher — Now I’m a CEO. Here are 6 Ways the Roles Are More Alike Than You Would Think | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The day I turned 14 — the very first day I was eligible for employment in New York, where I grew up — I bounded out of bed to get my working papers. I was a go-getter even then, and I couldn’t wait to start my first job as a dishwasher at a pizza joint that afternoon after school.

    Young as I was, I thought wiping down tables and serving up slices constituted a “dream job” because I got to work with my best friend, Devon, and we ended up pretty much running the place with whichever cook was on duty. To this day, I credit Mr. Mike’s Pizza in Lake Placid and owner David Nicola for planting my entrepreneurial roots, and I remain inspired by the story of Noma’s head chef and co-founder Rene Redzepi for naming dishwasher Ali Sonko a partner of Copenhagen’s internationally acclaimed Michelin-star restaurant in 2017. Perhaps if I had stayed on the track of dishwasher meets hostess and waitress at Mr. Mikes, this story may have had a different turn, as it did for Ali.

    The story does twist and turn a bit, and Mr. Mikes is still a big part of our family, but now for me, I’m the CEO of my own PR firm — you’d think my days as a dishwasher were long over. But you’d think wrong. Day after day, I realize that I’m using the skills I learned there, applying the lessons I gleaned there, and performing many of the same functions I undertook there.

    Just how are the roles similar? Here’s how:

    1. Listen to the stories all around you

    People share their stories, histories, struggles, wins and random thoughts in a dish pit or the innards of a kitchen. And when you’re in public relations, shared stories are the name of the game. So listen to them. Listen closely. Your staff and clients will tell you exactly who they are and what they need if you give them the platform to do so. Never get so big for your britches that you think people from all strata of society and walks of life don’t have invaluable information to impart.

    Related: The Power of Empathic Storytelling: How to Make Your Customer the Hero of Your Story

    2. Take on the grunt work when needed

    While it’s true that C-suiters are not routinely called upon to get their hands dirty, they should nevertheless know how to and be willing to do the grunt work as the need arises. It shows your staff that you understand even the most menial parts of their jobs and that you don’t think you’re above them.

    At 14, I scraped caked-on gunk off other people’s plates. Close to 30 years later, I volunteer to take on some of the lowliest tasks in my company’s workload when it frees my people to wholly focus on their assignments and empowers them to lead in their own areas of expertise.

    3. Be the first to show up and the last to leave

    My brother also came up in the restaurant industry, and he and I often talk about how “there’s no locking up” until the counters are gleaming and the floors are spotless. You can’t wave good night to your team while they’re still hunkering in their cubicles without building resentment. You can’t expect to win the race with a late start and an early finish. And you can’t put in the part-time effort and expect full-time payouts.

    I learned long ago not to overstep my team’s 9-to-5 boundaries to avoid burnout, but I myself pick up calls round the clock and put no time clock on solving my client’s problems. I’m at my desk at the crack of dawn and return there long after dusk, after tucking in the kids, so my business can remain my priority even while I’m raising a family, managing a household and cutting oranges for the soccer games. Have the most skin in the game of anyone around you, and you’ll end up making that game your bitch!

    Related: 4 Principles to Develop Next-Level Leadership at Your Company

    4. If work is a survival tool, make it worthwhile

    Most dishwashers and burger flippers aren’t doing it for pocket money or career fulfillment — they’re working those jobs to pay the rent. To put gas in the car. To feed their families. When your employees are working for you to live, to cover the mortgage, to pay the bills — not necessarily to get ahead or get promoted or get rich — you’ve got to do everything in your power to make them feel valued in your organization, an integral part of your mission and a prized presence on your team. Make the time they devote to your dreams and your goals worth it to them. Nurture them to thrive, not just survive.

    Related: Everyone Wants Meaningful Work. But What Does That Look Like, Really?

    5. Be impeccable with your output

    Whether you’re laundering tablecloths or formulating a $3 million marketing plan, demand excellence of yourself. Care deeply about what you create. Take immense pride in what you serve up. Labor with precision and dignity. Why? Because it’s your joint, it’s your name over the door, stamped on each plate. If your place of business doesn’t meet the highest standards, you can’t expect anyone to frequent it.

    6. Leave no dish behind

    If you have ever worked in an eatery — from a greasy spoon to a fine-dining establishment — you know you can’t walk by a used plate on a table and not bring it back to the kitchen with you. If your boss saw your negligence and indifference, you’d be fired. Or at least you should be.

    It’s the same with business leadership. If you notice something needs to be done, do it. Go for that extra step; add another dose of exertion. Be proactive. Start the project even when you’re still questioning how to complete it. Show up even when you’re feeling unmotivated or insecure. Slow down when rushing jeopardizes the quality of your work. If you’re going to wash the dishes, be the best dishwasher there is. Don’t just get the job done; get it done superbly.

    When you model these behaviors, you will gain self-respect. Your staff will admire you. Your clientele will appreciate you. And life will give you big tips!

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    Emily Reynolds Bergh

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

    Leadership Qualities the Most Successful Small Business Owners Share | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: The 5 Qualities of Superior Entrepreneurs

    1. Vision and strategic thinking

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

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

    2. Resilience and perseverance

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

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

    3. Strong leadership and communication

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

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

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

    4. Continuous learning and adaptability

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

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

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    Mark Kravietz

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