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Tag: The Future of Work

  • 5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

    5 Ways Machine Learning Will Impact the Entrepreneurial Landscape In 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    Machine learning is much more than a buzzword — it has become a major player for many businesses. More and more companies are implementing machine learning and other AI tools to supplement or streamline their activities. This is especially true after the Covid-19 pandemic accelerated the adoption of machine learning.

    The way that your company implements machine learning can have a direct impact on its performance in the year ahead, especially as AI tools become utilized in a broader range of business activities. By understanding the areas where machine learning is poised to have the greatest impact, you can move proactively to adopt these tools for your own entrepreneurial efforts.

    Related: Learn How Machine Learning Can Help Your Business

    Decision-making automation:

    Machine learning’s ability to proficiently analyze and interpret large amounts of data in a rapid timeframe has made it an essential part of many businesses’ decision-making processes. In some cases, these tools can even be used to automate simpler, lower-level decisions that might otherwise be made by customer service reps or others.

    In this situation, machine learning draws data from previous actions and trends, and uses available data to recommend the most efficient solution to a problem or request. This allows employees at all levels to spend less time focused on more repetitive decision-making tasks so they can focus their efforts on more in-depth problems.

    This is undoubtedly part of why 81% of employees feel AI improves their work performance, with 49% specifically citing improved decision-making.

    1. Improved privacy compliance

    While many consumers have concerns about big data and machine learning negatively affecting their privacy, machine learning is often being used to enhance privacy compliance and protect data.

    In a recent article for the Turkish Journal of Computer and Mathematics Education, Pramod Misra details multiple ways machine learning can aid privacy compliance, namely through machine learning privacy meters, which assess potential privacy issues associated with other machine learning models; and privacy-preserving machine learning (PPML), which trains machine learning tools to protect confidential data.

    With these tools, Misra’s research team was able to use PPML to model threats and prevent data leaks from a variety of attack methods. In this case, machine learning is being used to ensure the security of other enterprise applications.

    Related: What Is Machine Learning, and How Can It Help With Content Marketing?

    2. Smarter customer recommendations

    One of the more popular uses for machine learning has been in customer recommendation engines. Examples of these tools include Amazon recommending additional items for a shopper to add to their cart based on past purchases, as well as Netflix’s personalized recommendations based on a customer’s viewing history and other factors.

    The end goal of machine learning, in this case, is to deliver a more streamlined and enjoyable experience for the customer, based on the data that they readily supply to the business. Notably, many of these machine learning tools also support direct feedback from customers to improve their recommendations.

    Though these data filtering tools are hardly new, they can still have a transformative impact on entrepreneurs in 2023. Businesses that can implement specific and relevant use cases for delivering personalized recommendations to their customers will be better positioned to deliver a positive experience that helps them stand out against the competition.

    3. Generative AI

    In the latter half of 2022, generative AI proved to be one of the hottest topics in the machine learning space, garnering both enthusiasm and harsh criticism. Generative AI has been used to create highly realistic photos and videos, as well as generate “art” or even produce basic written content.

    Many artists and celebrities have spoken out against AI art, in large part because of how it uses others’ creations as source material to generate its own content. Despite the outcry, many businesses will likely make their own tentative forays into generative AI to speed up the creation of their own content and to reduce costs.

    Though this trend is certainly worth paying attention to, this is an area where entrepreneurs should proceed with caution. Generative AI is still prone to imperfections, and the backlash of using it could easily outweigh the potential benefits. Time will tell how this trend shapes the business and artistic landscape (for good or ill) in the year ahead.

    4. More efficient financial management

    Few things can have a greater impact on a business’s sustainability than its cash flow and overall financial management. Machine learning algorithms are playing an increasingly vital role in a wide variety of financial tasks to help leaders make better money-related decisions.

    For example, machine learning can be used for tasks like performing a cost analysis or predicting expenses associated with certain business activities. This allows leaders to better determine how an action will affect the bottom line, and if the investment will truly be “worth it.”

    Machine learning tools can also be used to protect businesses and customers from fraud. Fraud detection tools can use information such as the time and location where a customer typically uses their credit card to flag fraudulent purchases. Protecting customers is a sure way to enhance trust and build a loyal customer base.

    Are you prepared for how machine learning will impact you?

    Machine learning has already had a significant influence on a wide range of business activities — and that is only going to accelerate even more in 2023. Whether your business has already adopted AI tools or is just looking into machine learning, focusing on these tech tools can go a long way in driving better efficiency, productivity and profitability.

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    Lucas Miller

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  • 2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

    2023 Is The Year and a Fear of Uncertainty. Here’s How to Navigate It.

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach 2023, there is a ringing sound of uncertainty, amplified by foreboding headlines that warn us of a looming recession, or, as it’s described in one article, “a big reset,” — a term used to describe widespread layoffs across the technology sector. The latest report by the U.S. Bureau of Labor Statistics just adds to the collective discourse that we’re, well, doomed, stating that 263,000 new jobs have been added to the workforce — more than what was expected — yet the hiring economy remains extremely tight.

    The reality is that uncertainty hasn’t actually risen — it’s always been there. What is rising, in fact, is our fear of uncertainty. And we, as company leaders, try to do everything in our power to mitigate it, analyze it and wish it away. But the truth is, uncertainty will always be there. We may shore up our supply chain, reduce inflation and vaccinate ourselves against Covid-19, but a new health scare may hit, a war might break out or a natural disaster strike.

    As we kick off 2023, entrepreneurs have the opportunity to develop a relationship with uncertainty and get more comfortable with its existence. In fact, according to the Kauffman Foundation, a staggering 57% of Fortune 500 companies were started during a recession, so despite the fear of what’s to come, there can be a path to success. Here are seven ways to harness the unknown and find opportunity within that uncertainty:

    1. Identify what is in and out of your control

    No matter how much we plan, research and analyze, there will always be forces that are out of our control. Instead of obsessing about ridding ourselves of these circumstances, we must analyze our challenges and categorize them according to what we can and cannot control. For those we cannot control, we should be aware of them but also not dwell on trying to predict their outcomes. No one could foresee the effect a pandemic would have on their individual business. However, we can now think about the lessons learned, appreciate the innovation that occurred and reflect on how we can operate more nimbly in the future.

    2. Reframe your uncertainty

    Our tendency, as entrepreneurs, is to correlate uncertainty with a negative outcome. We don’t know whether we’ll raise the amount of capital we need, we don’t know whether our product will find market fit once launched, we don’t know whether our company will survive. The truth is, we also don’t know whether we’ll scale beyond our wildest dreams, an out-of-scope event will come our way that opens a new door, or an unidentified need for our product or service will emerge. As Steve Jobs once said, “You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” Uncertainty can be your biggest advantage.

    Related: How to Protect and Retain Control Over Your Business

    3. Listen to what your sense of uncertainty is telling you

    Many times, we as entrepreneurs feel a strong sense of uncertainty or fear about areas that affect us personally — meaning we are particularly sensitive to those topics that elicit a sense of fear-based bias resulting from our own life experiences. If you once had a poor experience living in a different city, state or country, for example, and are years later offered an opportunity to expand there, chances are your uncertainty bias will impact you. Perhaps you had raised money from a venture capital firm at one point in your career and that situation didn’t turn out well. You may be skeptical the second time around, potentially hindering an opportunity for a constructive investment relationship.

    4. Detach from your desired outcome

    There’s an old Yiddish proverb: “We plan. God laughs.” Many entrepreneurs kick off their ventures with their own definition of success in mind, and they become married to it. Any deviation is a failure. However, to properly navigate the reality of our futures being uncertain, we must detach from our own definitions of success — removing the ego from the outcome — and be open to what may unveil itself along the way. The uncertainty of such is also the joy.

    5. Understand the bigger life picture

    There is a bigger world out there, and it is important that we have perspective. Take a walk in nature and realize those things we obsess about are things in our own small universe. Uncertainty is inevitable, and it is foolish for us to believe that we have the power to control so much that goes on. Your life will not depend on the success of your venture. Today is a moment in time and we are but specks in a massive universe. Perspective is imperative.

    7. Recognize your survival instinct

    The human brain was formed over millions of years. We have an innate survival instinct that comes from the early days of being cavemen/women. For example, scientists have postulated that our need to be accepted by others stems from the previous reality that if the group were to kick us out, we’d be away from the fire and prone to attack by predators. This level of uncertainty held an entirely different scope at that time. Yet today our brains are still wired with the same survival-based fight-or-flight framework.

    Related: Many People Are Burdened by Fear. Here’s How I Embrace It.

    8. Approach with a beginner’s mind

    Our lives are all made of unique experiences that are individual to us. These experiences make up the lens through which we view the world. A toddler will not be afraid of the stock market crashing. However, s/he may be fearful of being alone or not having food. As entrepreneurs, we need to remove our biases and retrain our minds to approach our ventures with the wisdom of past experiences but also a sense of youthful naivety.

    As we kick off 2023, we, as entrepreneurs, have an opportunity to redefine our relationship with uncertainty. There is an opportunity to partner with the feeling of uncertainty by acknowledging its existence, asking what it is trying to tell us and being comfortable setting our own boundaries with its partner: fear. Uncertainty can serve as the pavement for our future path to success. We just have to become friends first.

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    Kalon Gutierrez

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  • How the Potential Rail Strike Points to an Era of Employee Power

    How the Potential Rail Strike Points to an Era of Employee Power

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    Opinions expressed by Entrepreneur contributors are their own.

    Economically catastrophic railroad shutdowns that we narrowly avoided last September have returned with a vengeance. Unions and freight rail companies are once again at odds over poor working conditions. One of the workers’ key points is simply wanting to attend pre-scheduled medical appointments without incurring penalties for missing work.

    In a different industry, Apple employees are petitioning the company to rethink its return-to-office policies. The petition argues that requiring in-office attendance ignores Apple’s stated diversity goals and doesn’t take the circumstances of each individual into consideration. In other words, Apple employees believe the policies suit the needs of the company more than they do the needs of the workers.

    These important labor developments — together with the Gen Z phenomena of “quiet quitting” — make it clear we are in an era where employees now have extraordinary leverage when it comes to how businesses are run.

    In this environment, it is very difficult to run a successful business of any kind without prioritizing the employee experience (EX). This new paradigm is a significant shift from the business management of the recent past, which stressed that the customer experience (CX) was king.

    As companies look to the future, navigating the employee experience era may mean overhauling everything from basic benefits to the board of directors. But the businesses that thrive will honor the leverage employees have and focus first on their needs.

    Here’s how business leaders need to address these challenges.

    Related: What the Great Reimagination Means for the Future of Work

    Consider how your company is structured

    Every company should have someone with decision-making authority managing human resources and empowering EX as a priority. In an increasing number of organizations, this might even be someone on the board of directors.

    The number of new board members with HR backgrounds has risen from 6% to 11% over the past three years, according to the National Association of Corporate Directors. At the same time, a significant number of HR leaders (61%) now report directly to the CEO or president, with 23% reporting to the CFO or COO.

    These numbers point to the growing importance of securing HR expertise at a high level, a trend that should continue to explode in the coming years as we settle deeper into the EX era. Forward-looking companies must have experienced leaders to help build programs and address needs.

    The financial impact of these developments can hardly be overstated. A 2020 report from PwC pointed to talent as the largest investment for major companies, estimating that as much as 85% of expenses are dedicated to the company’s own people.

    The influence of employees on virtually every aspect of a company and its decision-making is growing. Raising the level of importance leaders grant HR and empowering them to implement EX programs will help companies sustain growth and remain competitive.

    Related: Unionizing Isn’t the Only Way to Restore Workers’ Bargaining Power

    Build the necessary feedback channels to understand and respond to what your employees need

    The examples of railroad workers and Apple employees pushing back against company policies are noteworthy, in part, because solving each problem is an EX need, but requires a vastly different approach. There is no one-size-fits-all solution for either challenge.

    It’s not a surprise that workers react when they feel like they are not being listened to, not paid enough or are harmed by bad policies. For years, people have left jobs, gone on strike or slacked off at work in response. The difference now is the power of their voices — amplified by social media, in many cases.

    As is the case with the railroad workers, it’s clear that benefits must evolve and change. Freight rail companies are operating with decades-old policies in many cases. Taking the time to gather employee feedback and addressing those needs almost certainly would have helped avoid the potential for shutdown altogether.

    Acting on employee feedback is best approached with a sense of humanity on both sides. All employees — whether white or blue-collar workers — need to be cared for, enabled and supported.

    Related: The Great Resignation is Not Over. Employers Should Make Employee Experience a Top Priority Right Now, And Here Are 5 Ways To Do It.

    Continue to lead with a vision

    At the same time, creating a company culture dedicated to EX does not mean simply bending over backward to give employees everything they want. Although some leaders may worry about rank-and-file workers seizing power within their companies, EX is not simply giving in to every whim.

    The relationship between leaders and employees works best as a two-way street, especially as employee voices are being amplified in the EX era. Employers certainly need to listen to employees, but employees also must understand and be driven by the company’s mission.

    Customers and CX — which drove the previous era of business operations — are still critically important. Fortunately, the evidence for synergy between these programs is clear: When companies listen to their employees and create best-for-all programs based on feedback, those employees take care of customers. EX and CX measurements both rise.

    Ultimately, the EX era comes down to empowering people. Part of our corporate mission is to set people free to do great work. By listening to our employees, trusting them and providing a good experience, people are motivated by our mission.

    Creating good company cultures is no longer about ping-pong tables and nap pods. People want real improvements to their quality of life and to feel like their work matters to the company’s success.

    These desires mean there are no shortcuts to success when building good employee experiences. Leaders have to enshrine the importance of HR and EX within the top levels of the organization, they have to listen carefully to employee needs, build programs and share a vision that inspires the best work.

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    Brad Rencher

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  • 4 Ways to Use the Past to Capture Success

    4 Ways to Use the Past to Capture Success

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    Opinions expressed by Entrepreneur contributors are their own.

    I always tell my students that “your history is not your destiny.” While that’s true, I’ve come to realize that your history can be valuable. You can gain so much from the past if you use it properly so that it trains your brain for success.

    Rewire your brain with the past

    I’m guessing you’ve heard of neuroplasticity, the brain’s capacity to change and be trained. They call it “synaptic pruning, ” meaning that seldom-used neuropathways lose their power and frequently-used neuropathways get stronger.

    To be successful, you want to strengthen neuropathways that lead to success.

    This is where the past comes in and why often you’re told to “forget the past.” Our natural tendency is to remember the negatives of the past, what we didn’t accomplish or what didn’t work out for us. Doing this strengthens pathways that make us doubt ourselves or feel afraid. But we can use the past differently to support more positive neuropathways.

    Related: 8 Steps to Move Away From the Past You Need to Leave Behind

    Use the past to grade your progress

    “The way to measure your progress is backward against where you started, not against your ideal.” — Dan Sullivan.

    In The Gap And The Gain, authors Dan Sullivan and Dr. Benjamin Hardy write that when you’re going after a goal, the gap is everything between where you are now and where you want to be.

    The gain is how far you’ve come, from where you started to where you are now. Most of us focus on the gap; how far we still need to go. We hardly ever acknowledge the gains we’ve made, the distance we’ve come, or how much we’ve accomplished.

    But by dismissing the gain, you’re wasting a great opportunity. “Success breeds success,” and success builds confidence, right? When you notice and applaud all the challenges you’ve successfully overcome, you strengthen the “overcomer” neuropathway.

    When you consistently acknowledge all those good ideas you implemented, or times you stepped out of your comfort zone, your brain starts seeing accomplishment as the norm for you. If you dismiss your progress and focus on what you haven’t yet accomplished, you’re strengthening that stressful “not there yet” feeling, which does not add to your confidence.

    Try it for yourself. If you’re having a tough day, look back at where you started on this journey to build your business. Think about how far you’ve come, the obstacles you handled, and the big and small wins. Give yourself a big high five for all the gains. How do you feel?

    Related: How Studying History Brings Success

    Use the past for learning

    “An experience only becomes valuable and useful once you’ve transformed it into a gain.” Benjamin P. Hardy

    A friend of mine has a client who is a highly successful business owner. Whenever this man makes a big mistake, he says, “well, that lesson was cheaper than my college education — and probably more valuable!” He’s decided that every experience, especially the rough ones, gives him something he needs to learn. So, he’s very conscientious in figuring out what that lesson is.

    It’s not always easy to figure out the lesson right after a significant setback. But if you don’t find that gold nugget, your brain might jump to false conclusions, like thinking you are not good enough for success. Instead, turn it into a gain by finding the lesson.

    You can also do this with experiences in the past because the person you are today has a different perspective than the person back then. Try taking an incident in your past that still feels like a thorn in your side. What lesson could you gain from it? Did that experience make you stronger, wiser and more compassionate? Now, whenever you think of it, be sure also to remember what you gained from it.

    Use the past to be more effective

    “Positive thinking will let you do everything better than negative thinking will.” — Zig Ziglar

    Dr. James Gross, a Stanford psychology professor, ran a study to see how our emotions or state of mind affect what we do. His team studied 60,000 people for an average of 27 days. They found that when people were in a bad mood, they avoided challenges and even slacked off. They tackled the challenging but necessary work when they were in a good mood. In other words, to get good work done, it helps to be in a good mood. And you can use the past to get there, even if today is getting you down.

    Start by remembering when you felt proud, happy or especially confident. Maybe it was when you aced your third-grade spelling test or got your first job. Maybe it was going to your high school prom or stumbling across a fantastic waterfall on a hike.

    The key is to really get into that experience and feel what you felt back then. Give that memory a keyword like “waterfall.” Then find another great memory and re-experience that one. Pull out these great memories and re-experience them whenever you need a boost. After a while, you’ll find that even just saying the keyword can bring in that great feeling.

    So, rather than just “moving on” from your past, use it as a tool to build your business. Focus on the gains from your journey and celebrate them. Find the gems of learning from past experiences, especially the “bad,” and learn from them. Use your wonderful memories to enhance your mood so you can tackle those challenges. It’s true. Your history is not your destiny. But when you use your past properly to condition your brain for success, it can be a valuable ally.

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    Krista Mashore

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