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Tag: Thought Leaders

  • Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

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    Entrepreneur asked Foursquare to dig into its data, to reveal which small businesses America loved the most. Together we created America’s Favorite Mom & Pop Shops™, a list of 150 local, independently owned and operated businesses across 10 categories — including, yes, lodging establishments.

    To see every category, as well as the methodology behind the list, click here. Below are the 15 companies included in the lodging category.

    1. Abakee Cottages

    Laconia, NH | Company website

    If you’re looking for a vacation away from the hustle and bustle of city life, Abakee Cottages is the perfect lakefront destination for you and your family. Situated on the sands of Lake Winnipesaukee, Abakee Cottages gives you views of the White Mountains, Mt. Chocorua, the Ossipee Range, and Mt. Washington. This destination inn is located at the end of a private road and gives you access to a protected beach area safe for children. With a 58-year history, this mom-and-pop business has been providing families with a memorable place to vacation for generations.

    The cottages themselves are private, well separated, beautifully furnished, and provide access to outside grills and picnic tables. If you need a laundromat or a supermarket, or want to visit the nearby church or the Weirs Beach recreation area, all are located a short drive away. You can also easily make a day trip to the nearby mountains, as well as local golf courses and restaurants. A gallery of the Abakee cottages can be found on its website if you want to check out the architecture and amenities before your stay.

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

    If you’re looking to land in one of Florida’s favorite vacation spots, Perry’s Ocean Edge Resort could be your perfect destination. With 214 rooms, this large resort offers everything from complimentary homemade donuts in the morning to putting greens and shuffleboard courts, heated pools and hot tubs both indoor and outdoor to outdoor BBQ grills. Vacationing with your furry friend? Perry’s Ocean Edge Resort is also pet friendly for dogs up to 40 pounds.

    Perry’s Ocean Edge Resort offers a variety of different room styles to fit whatever type of stay you’re looking for. Just you and your honey? Check out the King Garden rooms for a comforting, romantic stay. If you’re bringing the family along, this resort offers various suite options so that everyone has a place to sleep. Order colorful and whimsical beach-themed drinks at the outdoor tiki bar, which gives you a sublime view of the ocean. Perry’s Ocean Edge Resort also has larger banquet-style rooms if you’re looking for a place to host a birthday party, a corporate event, a reunion, or whatever you’re needing to celebrate.

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

    At Blue Mountain Bed & Breakfast, you will be hosted by Brady and Elaine Anderson-Wood, native Mountanans who have been working for years to preserve and educate people on the wildlife and history of the area. The lodge itself is three stories, offering gorgeous views of the Bitterroot River and Missoula Valley. This bed and breakfast is decorated to highlight the region, offering guests an inside look into Missoula’s history through a vast selection of books and family heirlooms.

    The second floor of the lodge houses two private guestrooms, named The Sagebrush Suite and The Bitterroot Room. Because this B&B is so small, it’s a great vacation spot for your family to have a private, remote, and comforting experience all to yourselves. Then you can walk down to Hawk Hill House, the main facility, where you’ll find a gift shop, the kitchen, and dining areas. If you want to see the space before you book, photos of the wooded, spacious, themed rooms can be found on the B&B’s website.

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

    Occupying 100 acres of lush hills and forests. this spot is perfect for a weekend break from city life, with several options of private cottage-style rooms. Paniolo Ranch has also become well known for hosting weddings and other types of events, offering all-inclusive packages to help take the planning stress off your shoulders. This inn also has an onsite spa, gym, and art studio to keep you active and creative during your stay.

    Paniolo Ranch gets its name from the Hawaiian word for cowboy, which perfectly captures the aesthetic of this inn — a marrying of “Hawaiiain aloha spirit with Lonestar traditions.” You can view the different rooms on their website in order to pick the best one for your stay. All are beautifully decorated with a rustic, vintage, homely style, each suite alive with its own character. The spa offers services like therapeutic massages, hot stone massages, and scalp passages. Local activities not far from the B&B include local vineyards, trails, caves, shops, and theme parks, so there is lots to do on the property and in the surrounding area.

    Related: How New, Small Business Owners Can (and Should) Be Protecting Their Brand

    5. GreenTree Inn

    Sedona, AZ | Company website

    GreenTree is a spacious inn with a variety of rooms, and a welcoming place for those visiting beautiful Sedona. Lounge by the pool that’s decorated with cabanas, a large fire-pit, a hot tub, and grand views of Thunder Mountain. The hotel is located near famous Arizona attractions like Red Rock State Park, where you can explore hiking trails, ride horseback, mountain bike, and more. If you’re looking for a water-based excursion, the hotel is also not far from Oak Creek Canyon, where you can swim and fish.

    GreenTree rooms include a deluxe king option (if you and your spouse are looking for a romantic getaway) and suites and rooms with double beds (if you’re bringing the family or a group of friends). The rooms are decorated in a clean, minimalist, modern style that highlights Arizona attractions and culture. Here you can enjoy in-room coffee, continental breakfast, flatscreen TVs, and crisp air conditioning (vital for those Arizona heatwaves). GreenTree is the perfect place to rest your head after a day of sightseeing around Sedona, taking in the natural wonders of Arizona.

    6. Mathis House

    Toms River, NJ | Company website

    Mathis House is a Victorian bed & breakfast with an elegant tearoom, where guests can enjoy a weekend retreat or simply dine in for afternoon tea. This inn provides five-star service to any travelers passing through Toms River, NJ, whether you’re looking for a solo stop on a work trip, a romantic getaway with your sweetie, or a fun place to stay with your family. It also rents their larger community spaces for club meetings and events.

    This historic, three-story mansion was built in 1898 and houses a grand porch, portico, parlor room, dining room, library, lawns and a carriage house. But the showstopper is definitely the tea room, where you can be transported back to Victorian times and enjoy a traditional afternoon tea of scones, sandwiches, soups, and aromatic pots of tea. Rooms are decorated with ornate wooden furniture, floral tapestries, beautiful arched windows, and chandeliers.

    7. The Pierpont Inn

    Ventura, CA | Company website

    This historic hotel has been operating in Ventura since 1910, with 79 guest rooms and grand suites. With beautiful views of the Pacific Ocean and sprawling rose gardens and bluffs, The Pierpont Inn is perfect for everything from a weekend getaway to a wedding venue. If your pup enjoys the beach as much as you do, The Pierpont Inn is also dog friendly, so you can enjoy this special hotel together.

    If you’re looking for a little more privacy, in addition to hotel rooms the Pierpont Inn also offers two separate cottages with beautiful exposed ceilings, brick fireplaces, and vintage furniture. If you’re looking to bring the whole family, this hotel also has several suite options so that everyone has a place to stay. Explore the nearby neighborhood of historic Ventura which is full of artisanal restaurants, mom-and-pop shops, bars, and breweries. Information regarding booking the 6,000 square feet of flexible space for events can be found on their website.

    8. Eagle Crest Resort

    Redmond, OR | Company website

    It’s always sunny in the high desert of Central Oregon. This full-service resort typically sees over 300 days of clear skies a year, making Eagle Crest the ideal destination to get your Vitamin D fix. And this destination has everything you could possibly want, including golf courses, a spa, restaurants, and spaces for events and meetings.

    When you stay at Eagle Crest, you can book specific tee times for you and your guests on one of their three distinct courses: the Challenge Course, the Resort Course, and the Ridge Course. The resort also offers golf lessons if you’re looking to improve your swing. The extensive spa menu offers massages, facials, and waxing services, including standout treatments like the “Age Maintenance Facial” and therapeutic massages. Dine in at one of this resort’s many eateries, including the casual Aerie Café, the spacious restaurant Niblick’s & Greene’s, or even dine poolside. Eagle Crest resort has something for everyone in the family and will keep you entertained your whole vacation.

    Related: The Most Common (and Preventable) Mistakes Small Businesses Make — and How to Avoid Them

    9. Capitol Reef Resort

    Torrey, UT | Company website

    Capitol Reef Resort in Torrey, Utah spans 58 acres of beautiful mountain views and close access to the entrance of the nearby national park. This resort is not like other resorts, offering incredibly unique types of stays from Conestoga Wagons to even TeePees! This resort is famous for their wagons, which are based on authentic 19th century designs with wooden bunk beds and traditional textiles, if you’re looking for an authentic Utah experience. If you’re looking for more of a traditional hotel stay, Capitol Reef also offers a variety of cabins, suites, and traditional rooms.

    Dine in at the Pioneer Kitchen which serves guests breakfast and dinner. The standout breakfast dish is the iconic pioneer breakfast which is served with a choice of bacon, sausage, pork chop, vegetarian patty, grilled Utah trout, or sirloin steak. The dinner menu offers an array of classic dishes like short rib, steak sandwich, burger, pork chop al pastor, and even has options for you herbivores, like the vegan stuffed poblano pepper and the spinach & mushroom manicotti. Lounge by the heated outdoor pool that gives you a sublime view of the Red Rock Cliffs. Capitol Reef Resort knows that many of its guests will be staying with them in order to access nearby outdoor adventures, so check out the list on their website of nearby trails and attractions.

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

    The Mother Earth is a hotel with history, offering guests a fun, retro experience. This lodge was originally built in 1963 as a motel to accommodate downtown shoppers and automobile travelers from the nearby highway. In the 60s, Kinston was a thriving town for food, fair, shopping, and music, with famous musicians like James Brown coming through the lodge. After closing for a few years, the lodge was transformed into the inn it is today in 2008, when it was renamed the Mother Earth Motor Lodge.

    This lodge has a total of 44 rooms including standard rooms, suites, and rooms that accommodate longer stays. Common areas include a kidney-shaped pool, built to replicate the original pool, grills, picnic tables, shuffle board, and a 9-hole mini golf course. Immerse yourself in the past at the Mother Earth Motor Lodge, which is decorated to take you back to the pop art and bright colors of the 1960s. Next to the lobby you will find the Ram Neuse Room, which is big enough to host events and meetings if you’re looking for a place to throw a party in the Kinston area.

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

    If you want a nostalgic experience at affordable prices, as well as the luxury of being right on the beach, the Gazebo Inn is for you. Enjoy access to the luxury experience of laying by the oceanfront pool and hot tub, easy access to the beachfront, and scenic private balconies. The Gazebo Inn is conveniently located near local attractions like Broadway at the Beach, Myrtle Beach State Park, the Market Common, the Boardwalk, and the Promenade. This hotel is the perfect spot for a romantic, beachside getaway, or a school vacation with the whole family.

    The Gazebo Inn offers a variety of accommodations including king rooms, queen studios, double studios, and allows guests to choose what their view will be. If you’re visiting Myrtle Beach with your little ones, some attractions close to the Gazebo Inn you should check out are Ripley’s Aquarium of Myrtle Beach, the Hollywood Wax Museum, Savannah’s Playground, and the Myrtle Beach SkyWheel. And of course, enjoy long days lounging on the sands of Myrtle Beach.

    12. The Equus

    Honolulu, HI | Company website

    Planning your next Hawaiian vacation? The Equus Hotel Honolulu is a charming family-owned and operated boutique hotel that immerses you in authentic Hawaiian hospitality. This hotel is unlike any in the area, carrying on paniolo history with its equestrian-inspired design and antique east-Asian décor. This hotel is located near one of the nation’s biggest shopping centers, Magic Island Beach Park, and the Ala Wai marina.

    Choose from room king rooms, doubles, and even rooms with beautifully crafted bamboo beds. All the rooms have warm yellow walls, comfortable wooden furniture, and equestrian details to highlight the history of the area. In the lobby you will find the Paniolo Bar & Café, where you can get scrumptious breakfast dishes in the morning and enjoy cocktails in the evening. They even host local live music acts throughout the week to immerse you in the island’s artistic culture. Nearby outdoor attractions include the Honolulu Zoo, Pearl Harbor National Memorial, Waikiki Beach, the aquarium, and much more.

    Related: How Small Business Owners Can Maximize Productivity Despite Limited Budgets and Resources

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

    This charming manor has been in operation since the 1950s, providing guests with a throwback experience in Sullivan County, NY. Decorated in the Pastiche style, it still features original paint colors and historic furniture to transport guests in time. And with over 23 acres of land, it’s the perfect getaway from NYC. Room options include deluxe king, deluxe queen, and mini queen, so that you can customize your experience to your party size.

    Sprawling green fields surround this manor, which makes this inn the perfect destination if you’re looking for a place to enjoy the nature of rural NY. The rooms are adorned with gold-framed mirrors, antique wooden furniture, marbled bathrooms, and ornate curtains. Kenoza Lake View Manor is located directly adjacent to Bethel Woods, Jeffersonville, Callicoon, Narrowsburg, Livingston Manor, and Kenoza Lake itself if you’re looking for a getaway that gives you access to outdoor adventures. In additional to the cozy hotel rooms, enjoy communal areas and fire pits with your friends and family.

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

    Established all the way back in 1923, Menemsha Inn & Cottages has made quite the name for itself in Martha’s Vineyard. Originally DeWolf Thompson’s sheep farm, this hotel has become a historic site, with many families returning year after year. Close by you will find attractions like Lucy Vincent Beach, Larsons Fish Market, kayaking in the Pond, and more. The Nixon family have run this inn for 28 years, constantly working to restore the buildings and surrounding farm in order to preserve the location’s history.

    Guests at Menemsha Inn & Cottages have many choices of room types which include one and two-story stand-alone cottages, a whole floor of the original farmhouse, and even larger rental homes if you’re looking to bring a larger group to the property. As a guest, you’re given exclusive access to Chilmark’s Atlantic beaches, reserved for residents of the area, with its clear waters and jaw-dropping sunsets. This inn also offers in-room massages, basketball, tennis, hiking trails, and much more to help you unwind and relax.

    15. Hotel Blue

    Lewes, DE | Company website

    If you’re looking for a getaway in Deleware, Hotel Blue is conveniently located right near Lewes Beach. This is the perfect place to stay if you’re desiring a classy, comfortable hotel with access to the Atlantic Ocean. Bringing the little ones along? Check out the nearby whale-watching opportunities! Once you’ve splashed in those ocean waves, lay by the pool back at Hotel Blue, which offers stunning beachfront views.

    Hotel Blue has excellent amenities like a sauna and pool, and a wide room selection, from queen-bed suites to studio suites, and even tower suites. Hotel Blue’s convenient location situates guests a two-minute drive from the closest ferry, and a twenty-minute drive to the closest airport. With tiled fireplaces, cozy linens, and incredible views, these hotel rooms provide the quintessential romantic weekend away. Prices are unbeatable for beach proximity, so make sure to check this spot out the next time you’re vacationing in Lewes!

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    Sofia Wolfson

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  • Hasbro CEO: Time to Give AI a Seat at the D&D Game Table | Entrepreneur

    Hasbro CEO: Time to Give AI a Seat at the D&D Game Table | Entrepreneur

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    AI is already being used in game development — but it could soon go even further when it comes to the roleplaying games that millions of people play, says Hasbro’s CEO.

    At a Thursday Goldman Sachs event, Hasbro CEO Chris Cocks said that the company is using AI internally to help develop games in “mostly machine-learning-based AI or proprietary AI as opposed to a ChatGPT approach.” Hasbro will use AI in the future as a knowledge and development assistant, giving the technology a seat at the game table.

    Development is just one part of the broader AI puzzle, though. Cocks says he’s more excited about how the technology could impact the day-to-day gameplay of Hasbro’s customers.

    Related: ‘Embrace the Change.’ How the CEO of a 101-Year-Old Toy Company Adapts to an Ever-Evolving Industry

    “If you look at a typical D&D player… I play with probably 30 or 40 people regularly,” Cocks said. “There’s not a single person who doesn’t use AI somehow for either campaign development or character development or story ideas. That’s a clear signal that we need to be embracing it.”

    Cocks gave examples of AI helping D&D players with storytelling and introductions and said that those use cases could apply to other brands within the company. Hasbro’s portfolio includes Transformers, Star Wars, and Marvel. Over 50 million people around the world play Dungeons & Dragons.

    In an interview with Entrepreneur in July, Cocks said that one of the most exciting projects he was working on was a refresh of Dungeons & Dragons fifth edition. He also spoke more broadly about how Hasbro balances tradition with innovation as a company in business for over 100 years.

    Related: She Turned Her Airy Side Hustle Into a $255 Million Business and ‘Captured Lightning in a Bottle’ — Here’s How

    “While history doesn’t repeat, it definitely rhymes — so major technology innovations and major changes in entertainment are something Hasbro has faced many, many times,” he said at the time. “Probably the biggest lesson I’ve learned from it is to embrace the change and not fight it. When we embrace [change], we win, and we come out on top.”

    Cocks also emphasized the importance of safe, responsible AI development at the event on Thursday, and stated that he wanted to pay creators for their work and make sure to label AI-generated content.

    Related: Using AI to Promote Your Business? New TikTok Labels Will Let Everyone Know

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    Sherin Shibu

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  • 3 Simple Tips to Unlearn Bad Self-Care Habits and Escape Burnout For Good | Entrepreneur

    3 Simple Tips to Unlearn Bad Self-Care Habits and Escape Burnout For Good | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We all love the idea of self-care, but seriously — who has the time? A younger, hungrier, success-at-any-cost version of me would be nodding my head reading that statement. The more established, experienced, post-pandemic version of me who sits here today knows that’s just an excuse.

    Stress and busyness

    We’re culturally indoctrinated to accept chronic stress as a part of our life cycle. During that pivotal phase of life from 20-50 years of age, we juggle college exams, the pressure to land a good-paying job, moving up the ladder, balancing career ambitions against the biological clock, starting a business, being a good leader, parent, partner and friend.

    All of these pressure triggers are a natural part of life, right? Well, I can agree that they are a natural part of life, but these events don’t have to feel so stressful. They only feel that way because the foundation holding it all up isn’t as solid as it could — and should — be. Constructing and reinforcing that foundation can happen at any time, but the best time is right now.

    Our business-first culture glorifies the external face of success while often disregarding the sacrifices it took to get there. The body that carries us, and the constantly revolving mind that fuels our great ideas, they require respite. The problem is that we don’t believe we can afford to pause with purpose and still be successful. That’s because we don’t know where to look for good examples.

    Related: How Learning to Take Care of Myself Helps Me Take Care of My Business

    The hunt for a self-care role model

    In my work, I’ve had the pleasure of interviewing several women who are doing self-care right. Recently I spoke with Erica Diamond, a practiced professional who has helped countless women, including Arianna Huffington, prioritize their own well-being, first. Diamond practices yoga and meditation to calm her central nervous system. I spoke to Karena Dawn, an entrepreneur who built a fitness empire by encouraging women to work through generational trauma through movement. These are just a few of the women who are showing us a better way to function in a world where overwhelm is normalized.

    Unlearning bad habits

    Before adopting the self-care practices we see others emulating around us, there’s a deeper job to do. We have to unlearn the bad habits we’ve collected over a lifetime. This can especially be true for women, having learned from our mothers that taking care of others comes first.

    If you could time travel and ask a housewife in the 1950s what her self-care routine was, she’d likely tell you, “It’s called Mother’s Day.” Incidentally, Anna Jarvis’ campaign to recognize Mother’s Day in the U.S. was funded by a department store owner. The business sector co-opted the holiday, and Jarvis spent the rest of her life railing against its commercialization.

    The moral of the story is that when a holiday that was created to show appreciation for the most selfless people in our lives gets exploited as a business opportunity, then our cultural priorities deserve a second look. It’s time to take back taking care of ourselves.

    Related: Self-Care Isn’t Selfish — It’s Essential for Sustaining High Performance. Here’s How to Avoid Burning Out.

    3 self-care tips to avoid overwhelm

    Overwhelm is typically the entry point into a self-care journey. It’s the chronic fatigue, the inability to shut down, snapping at people for no reason. If you run a business then you know what it feels like. The good news is that you can incorporate practices that will bolster your ability to move through potential stressors with more grace, and with practice, avoid overwhelm altogether.

    • Stop making excuses: If you’re experiencing overwhelm, don’t wait to address it. This can lead to more serious problems down the road. Face it now and take one small action to address it.
    • Practice mindfulness: This is a fancy way of saying “be present.” Meditation has been scientifically proven to reduce stress levels, and it’s a common practice among burnout recoverees. Journaling is another great way to center yourself, and it’s helped me tremendously over the years.
    • Move more: Yoga, stretching, swimming, jogging and walking in nature are all effective ways of releasing pent-up overwhelm healthily. Studies show that once you get into a routine with movement, you’ll be better able to manage stressful events without succumbing to overwhelm.

    From self-care shame to shameless self-care

    The voices promoting our need for self-care have never been louder, and that’s a good thing. However, it also means that self-care has become a double-edged sword. We’re almost being shamed into it.

    If you’re an entrepreneur and you’ve been interviewed, no doubt the “What’s your self-care routine?” question has been raised. Knowing what it takes to run a business, balance relationships and do and be all the things, it wouldn’t surprise me if half of us weren’t lying through our teeth about our self-care habits.

    We have to really step back and look at how we plan our day. Time is currency, and being busy doesn’t mean we’re important or even doing important things. When we see the signs of burnout, start a conversation. We need to do a better job of supporting balanced lifestyles among our professional peers.

    Related: 5 Self-Care Habits of Every Successful Entrepreneur

    Find what works for you

    There are a billion methods, books, podcasts and workshops designed to help you adopt a self-care practice. The problem is that we’re all individuals, so there’s no perfect formula for the masses. Finding what works for you starts with unlearning the behaviors that don’t consider your well-being and reversing the cycle. Then, you just have to try on different self-care hats and see what fits.

    If something works for a while, know that it might not work the same way in three years. Pivot, but don’t give up. Self-care isn’t a cookie-cutter thing. One size does not fit all. It’s personal, and it’s an ever-evolving, ever-integrative process. Start with what’s doable for you now. A solid self-care foundation that will help you live and work more sustainably starts with one achievable step at a time.

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    Ginni Saraswati

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  • Why Being a More Generous Leader Will Create a More Successful Business | Entrepreneur

    Why Being a More Generous Leader Will Create a More Successful Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s a common perception of company culture; images of trendy startups with perks like swag, free snacks and nap pods often come to mind — a scene reminiscent of Google’s early days. However, for us at Market Veep, the value of “give generously” wasn’t initially formally part of our core ethos. It wasn’t until several years into our growth journey that we recognized something crucial was missing.

    Here’s how we stumbled upon this realization: hiring experiences. We brought several individuals on board; it became swiftly apparent that their inclination towards generosity — be it with their time, knowledge or support for colleagues and clients — fell short of our expectations. It became a constant conversation, and we kept thinking, “shouldn’t this just be the standard of how people work with each other?” There was no denying that their values differed greatly from the company’s. It did not make them bad people, but they were not a company culture fit. That’s when it hit us: we needed to make “give generously” a core value formally. It’s now interwoven throughout our entire ecosystem..

    One of my favorite interview questions is, “What is the last nice thing someone has done for you — and on the flip side, what is the last nice thing you have done to brighten someone else’s day?” Some things people have said that made my heart grow three sizes:

    • Made homemade soup for their sick neighbor.
    • They brought their roommate a lunch they had forgotten at home.
    • Spent time with their elderly grandparents cleaning their house.
    • Donating time to the local shelter.

    For me, it’s not about the big gestures. It’s about the small details, the accumulation of many small “cares” that add to an embodiment of kindness and freely giving it. Similar to anniversaries, birthdays and holidays, they come around a couple of times a year — but wouldn’t you feel so special if every day felt like your birthday? Many companies we talk to say I’d love to do that, but I don’t have the budget for that. I’ll tell you a secret: it’s not about the money.

    When we had no budget, we did things such as :

    • Smiley balloons on employee appreciation day on everyone’s chair as a surprise when they come in.
    • Post it notes on their computers.
    • Take off your birthday paid time off.
    • Bike rides around the complex.
    • Pumpkin painting.
    • Halloween contest.
    • Valentine’s Day cards as a team to the people who lived at the senior center.

    Here’s the beauty of it: many times, it’s the free things or minimal expenses that people end up valuing more, finding more profound connections with and building memories off of. There is a huge misconception about saving up to do one to two big things to show your team you love them, but think about all the time in between, months on end, without telling them you care. Would you not tell your kids you love them every day?

    Now, things are different than before pandemic. We had a physical office, so the sky was the limit. Once the pandemic happened, it was a whole new evolution, and learning how to build a team, create happiness and give to them generously without physically being able to hand them something. It also introduced a new obstacle to measuring happiness through a computer screen. It’s a lot easier when you can read body language in person, notice if they are quieter throughout the day, etc., but when we started hiring all over the country, it made it a challenge. The pandemic taught us a lot about generosity and gratitude. As much as it was one of my most challenging times as a leader, it was also, by far, a period that taught me the most. I’ve seen the amazing character of people and their mental strength. Their ability to bind together to find solutions to difficult problems. Their kindness when there are difficult conversations. Their giving spirit when organizations barely had enough for themselves but still continued to support others.

    Even when unsure of what would happen, we promised to continue giving generously because kindness always wins. Someone is always worse off, has more struggles, and needs something you may take for granted daily. Giving generously helps us stay humble and focus on others’ needs above our own. It reminds us we are fortunate.

    • What it looks like now
      • Flexible hours.
      • 45 days off a year.
      • Sabbatical and a bonus for longevity.
      • Half-day Fridays.
      • Cookies in the mail for spotlight moments.
      • A 401k match.
      • Bereavement.
      • Personal time.
      • Happy hour Fridays.
      • Paid volunteer time off.
      • Medical, dental, eye.
      • Life insurance.
      • Health advocate services.
      • Work-from-home stipend.
      • Paid training and certifications.
      • Meditation as a team before the day starts.

    It’s not always about presents — it’s also about understanding where someone is in life. Your team shows up to help each other and the company, but it is not the driving factor of their life. When you see someone struggling, it’s more impactful to say, “Hey, how can I help? It seems like you have a lot going on. It’s just work. We’re not heart surgeons. Please get offline and take care of XYZ.” We’ve had people want to come in a day after a family member passed away, work from their family vacation or take meetings from a hospital. Respect and protect your team’s time, mental health, and boundaries. Give generously to them, and they give generously to your company, your team and your clients. Be their advocate even when they think work is more important.

    Have you considered what your team needs to live a generous life? What makes them feel appreciated? How can your company build deeper relationships and help them live their best lives? Think about the moments in your life where you felt the most cared for, supported and ultimately most appreciated. Because no one ever says, “I want to work someplace where I don’t feel appreciated.” Then, take it one step further and ask your team. Start a dialogue, and you’ll be amazed at how creative and thoughtful the ideas will be. Keep your focus on giving generously, and you can’t go wrong.

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    Jennelle McGrath

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  • Why Business Leaders Need to Learn About about Digital IDs | Entrepreneur

    Why Business Leaders Need to Learn About about Digital IDs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We’ve come a long way from the days when identity verification meant simply presenting a handwritten document or a personal endorsement. The Digital ID movement signals a new era where your identity is a digital entity, stored and accessed online.

    This shift promises many benefits, like positively transforming efficiency, security and fraud prevention. Yet, here is the challenge: the transition isn’t an overnight overhaul. It’s a gradual, evolutionary process.

    Physical documents aren’t going anywhere – yet

    Consider the reliability of a physical document – tangible, verifiable and trusted across various industries. Despite the charm of digital transformation, a 2024 Forrester Consulting study commissioned by Regula reveals that 46% of organizations still manually verify documents, including in remote setups. This reliance is even higher in sectors with stringent security demands, such as Aviation (63%) and Finance (44%).

    Why the attachment to paper? It’s simple. Physical documents are trusted and familiar, and they provide unmatched authenticity. They work. For business leaders, this means a gradual transition to digital identity systems is not just sensible – it’s essential. The current systems can coexist with emerging technologies, ensuring operations remain smooth while new methods are integrated.

    The barriers to a digital dream

    The dream of a global Digital ID system faces significant challenges. Chief among them is the lack of universal legislative frameworks. It’s like trying to conduct a global orchestra without a shared music sheet.

    According to the study, 74% of respondents highlight the need for unified global standards to ensure seamless integration and acceptance worldwide. This lack of alignment means businesses are navigating a fragmented landscape, where interoperability across borders is a complex challenge.

    Furthermore, technological disparities create uneven progress. While some regions, like the UAE, are racing ahead with advanced digital infrastructures, others, including the US and Europe, are taking a more cautious approach due to stringent regulations. This disparity underscores the importance of tailored strategies considering regional readiness and capabilities.

    Related: Your Face is Data — and Scammers Are Using it for Fraud. Here are 5 Tips When Using Identity Verification

    Concerns and realities

    As businesses examine the digital leap, several Digital ID concerns weigh heavily:

    • 50% worry about increased data breaches and cybersecurity threats.
    • 46% are concerned about the necessity of robust security frameworks to mitigate the risks of data breaches.
    • 44% fear the implications for privacy due to surveillance and data tracking.
    • 35% highlight dependence on technology potentially leading to system failures.
    • 35% see the risk of identity theft and fraud with digital credentials.

    These concerns are not trivial. They reflect the real and present challenges of a digital transition. But they also point to the need for robust, secure, and reliable systems that can build trust over time.

    Related: Deepfakes Are on the Rise — Will They Change How Businesses Verify Their Users?

    The hybrid solution

    In this complex landscape, a hybrid approach to Digital IDs emerges as the most pragmatic path forward. This strategy embraces both digital and physical verification methods, allowing businesses to transition at a manageable pace. By maintaining physical documents alongside Digital IDs, organizations can leverage the strengths of both systems, ensuring reliability while gradually adopting new technologies.

    For business managers, this hybrid model offers a reassuring compromise. It minimizes disruption to existing processes and provides the flexibility needed to explore and integrate digital solutions incrementally.

    At the same time, to adopt digital IDs into the current IDV (Identity Verification) process, a business must undertake several steps. First, it should assess the compatibility of its existing infrastructure with digital ID technologies, ensuring it can seamlessly integrate the new system. This involves upgrading or adapting current software and hardware to support digital ID functionalities. Next, the business must select a reliable digital ID provider, prioritizing those with strong security measures and compliance with regulatory standards. Implementing digital IDs requires employee training to effectively manage and operate the new system. Additionally, the business should develop a clear strategy for data privacy and protection, addressing potential cyber threats and ensuring compliance with data protection laws. Finally, a thorough testing phase is essential to identify and resolve any issues before fully deploying the digital ID system, ensuring a smooth transition and maintaining the integrity of the IDV process.

    Standard issue

    The development and adoption of Digital ID systems will require collaborative innovation from authorities, businesses and stakeholders in the IDV market. Key players like the International Civil Aviation Organization (ICAO) and the International Organization for Standardization (ISO) are working to establish frameworks for Digital ID adoption. Their efforts foster interoperability, security and privacy across different systems. However, creating comprehensive standards is a meticulous, time-consuming process.

    However, even if all standards are prepared and fully verified, the next stage involves implementing software according to these standards. This is not just a single module but a comprehensive suite of systems for each vendor, and there will be many vendors. Each vendor may interpret the standards differently, leading to inevitable compatibility issues.

    This brings us to the necessity of having process standards as well as testing and certification standards. However, even if vendors pass certification, questions about the completeness and reliability of the software will remain, especially when used by end-users. For example, an SDK might be fully functional, but during integration, developers might cut corners and not utilize all necessary components.

    Who will handle the certification? Laboratories will be needed to prepare testing software, and these labs will charge significant fees for conducting time-consuming tests. Not all vendors will be eager to invest in certification. Given that each country might have multiple vendors, the scale of the problem is immense.

    Currently, passports function without any online infrastructure, but digital IDs will need online services capable of handling massive volumes of requests, potentially from around the world. Imagine 300 million simultaneous requests in the USA alone. This feels like the scale of Facebook, Instagram or Google, with dedicated data centers and more. The cost could be astronomical. Poorer countries might decide they don’t need such systems or opt for minimal implementations.

    As a result, we will have many document variants: not only paper documents, paper documents with chips, and digital IDs but also many different types of digital IDs.

    Related: U.S. State Will Now Accept Digital Driver’s License on iPhone

    A marathon, not a sprint

    The journey to widespread Digital ID adoption is indeed a marathon. Even after the development of comprehensive standards, global adoption will take time. The initial issuance of Digital IDs will still require physical passports or ID cards, underscoring the ongoing relevance of traditional identification methods. Moreover, the implementation costs and the need for robust infrastructure further slow the transition.

    For business owners and managers, introducing Digital ID is best viewed as a gradual evolution. After all, in this long road to digital transformation, patience and pragmatism will be your greatest allies.

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    Ihar Kliashchou

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  • AI Marketing vs. Human Expertise: Who Wins the Battle and Who Wins the War? | Entrepreneur

    AI Marketing vs. Human Expertise: Who Wins the Battle and Who Wins the War? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Uncover the truth about AI in marketing and why it’s a ticking time bomb for unprepared businesses! As AI revolutionizes the marketing landscape, understanding its long-term impact is crucial.

    In this video, I dive deep into the reality of AI marketing, exposing the myths and revealing strategies to stay ahead of the curve. Learn why AI might play in your favor for the next 3 years, but could spell trouble if you’re not prepared for what’s coming. Discover how to leverage AI tools effectively while developing a future-sighted approach that will keep you competitive in an AI-driven world.

    Download the free ‘AI Success Kit‘ (limited time only). And you’ll also get a free chapter from Ben’s brand new book, ‘The Wolf is at The Door – How to Survive and Thrive in an AI-Driven World.’

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    Ben Angel

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  • Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

    Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2024, organizations faced an average of 1,308 cyber attacks per week in Q1, a 28% rise from the previous quarter and 5% year-over-year. And what’s even worrisome is that cybercrime losses reached $12.8 billion in 2023 and are expected to hit $23.84 trillion by 2027.

    Undoubtedly, securing your business in today’s digital business landscape isn’t just about protecting against cyber threats — it’s about resilience.

    You can always fall for the latest threats since cybercriminals are becoming increasingly sophisticated while sneaking into business networks. Hence, you need a more robust cybersecurity plan backed by cyber resilience that goes beyond conventional cybersecurity strategy.

    Cyber resilience isn’t a buzzword; it’s a necessity and a proactive approach that goes beyond conventional security. It ensures your organization withstands and recovers from potential threats without much impact on your business.

    In a nutshell, cyber resilience is about building walls of protection and having the resilience to bounce back stronger.

    Let’s discover why embracing resilience should be a top priority for businesses to ensure continuity and future success in the ever-expanding cybersecurity landscape.

    Related: There’s No Margin for Error in Cybersecurity — Here’s How to Build a Strong Online Defense through Everyday Habits

    Why your business needs cyber resilience

    Cyber resilience is your organization’s ability to prevent, withstand and smoothly recover from various cybersecurity incidents. Cyber resilience isn’t about preventing cyberattacks — it’s about ensuring your organization can swiftly recover and continue to operate after an incident.

    Nobody can predict the next threat to your organization and customers, especially in an era where machine learning and artificial intelligence have broadened the horizons and increased threat vectors.

    Hence, a robust incident response plan is undeniably the need of the hour for businesses that are about to reinvent their cybersecurity posture.

    Remember, a cybersecurity strategy lacking a robust incident response plan is good for nothing since cybercriminals are already exploring new ways to target end users and customers to exploit their personal information and gain access to sensitive business details.

    On the other hand, cyber resilience not only ensures stringent cybersecurity against immediate threats but eventually mitigates long-term costs. Hence, investing in cyber resilience would surely safeguard your business from financial devastation and ensure smooth continuity.

    Now that we’ve learned about cyber resilience and its importance, let’s emphasize how you can incorporate it into your business.

    Related: 3 Reasons to Increase Your Cybersecurity Protocols in 2024

    Is your organization truly protected?

    Most businesses mistake cyber resilience for cybersecurity. However, they are pretty different and hold their own importance at different levels.

    Securing your organization against modern threats is crucial, but it’s also important to prepare for the worst. For example, you must have a plan to deal with a data or privacy breach.

    If you wish to protect your organization from the latest threats, your cybersecurity must include a comprehensive cyber resilience checklist.

    Whether it is regular audits, employee training, or advanced threat detection through technology, you must always be geared up to handle any cyber incident.

    Your cybersecurity checklist to supercharge your cyber resilience

    1. Regular security audits

    Scheduled audits are crucial to uncover potential threats and vulnerabilities before cybercriminals can exploit them. Addressing the issues well in advance can help you prepare a solid plan for the worst-case scenario and bounce back stronger.

    Here’s what you can do:

    • Look for outdated software: It’s crucial to check and update your defense software and firewalls since outdated software is more susceptible to ransomware attacks and other threats.
    • Incidence response drill: Organizing an incident response drill will help identify gaps in your communication protocol and eventually help you overcome the delayed response time during a cyberattack. Hence, scheduling quarterly incident response drills is crucial once you’ve completed the security audit.
    • Engage third-party experts: Involving third-party cybersecurity experts can provide an unbiased evaluation of your security measures and help create a robust cyber resilience program. Experts can uncover vulnerabilities your internal teams might overlook and help prepare an action response plan accordingly.

    2. Strengthening your human firewall through employee training and awareness programs

    Human error leads to cybersecurity breaches. Ensuring your employees are well-trained to handle any vulnerability is critical to building cyber resilience.

    • Regular training sessions: Regular training and updating your employees on the latest threat vectors and best practices are essential. Using real-world scenarios to illustrate various threats and their corresponding responses would shield your organization from potential threats and minimize losses during an unforeseen event.
    • Phishing simulations: Implementing phishing simulations to test your employees’ ability to recognize and respond to phishing attacks is crucial for safeguarding sensitive information. Using the results to identify improvement areas will help tailor training to minimize human error.
    • Clear policies and procedures: Establishing clear cybersecurity procedures and policies within your organization is crucial to building resilience. Ensure the policies are easily accessible and understood by everyone in the organization.

    3. Building a robust incident response team is your frontline defense

    A dedicated incident response team is all you need for swift and effective action during a cybersecurity incident. This will help minimize the impact, leading to fewer financial and reputational losses.

    • Define roles and responsibilities: You must clearly define roles and responsibilities for every team member regardless of their job title and experience. It’s crucial to ensure that everyone knows their duties and responsibilities promptly during an incident and the situation.
    • Invoke the potential of modern tools and technologies: Using threat intelligence tools, data encryption, multi-factor authentication (MFA), and Zero Trust architecture can reinforce your overall cybersecurity resilience program.
    • Continuous improvement: Conducting a thorough review to identify areas for improvement after every drill and incident. This will help you continuously update your incident response plan based on the recent findings.

    Final thoughts

    In this modern digital business landscape, the increasing cyber threats and sophistication of cybercriminals demand next-level security — cyber resilience.

    Cyber resilience is a vital strategy for businesses to ensure they stay up and running even in the event of a cyber incident and can quickly contain a breach without financial and reputational losses.

    Hence, embracing cyber resilience shouldn’t be a luxury; it must be an essential pillar of your cybersecurity foundation.

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    Rakesh Soni

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  • 5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Money can often be the barrier between being stuck where you are or breaking through to the next level. This includes having or not having a budget, using it properly, hidden revenue or even misaligned goals — all of which influence your growth trajectory. These four common secrets have helped my company elevate our clients to the next level.

    1. Financial transparency for ROI

    The first blindspot we often notice with new clients is not having a clear reporting connection between your tools, like ads and a CRM like HubSpot, to see which channels drive the most significant return on investment (ROI). Do you know your best-performing channels? Or your best-performing piece of sales copy? What is the most opened document that leads to a closed deal?

    And we’re not just talking about marketing and sales; this applies to many connected platforms — for example, the closed-loop revenue or your ERP systems. When things are not connected, they are disjointed and siloed. You end up flying blind. Without connecting your marketing tools with your revenue tools, and with that being CRMs, finance platforms, or ERPs, to name a few, there is a disconnect, and the arms and legs end up moving in different directions.

    Here’s a simple example we see all the time: If you knew that one channel drove more deals by a 75% faster conversion rate, wouldn’t you invest more time and energy in that channel than one that only had a conversion rate of 10%? Many people don’t want to share the revenue numbers within the company, but all of that information informs the other departments; without sharing these revenue numbers, your money secret is keeping it in hidden silos.

    Related: I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

    2. Strategic investment for avoiding blind spots

    Another financial blindspot is not investing in marketing. We have had prospects come in with no budget and no internal marketing team, but we want to grow by 150% and spend a total of $1,000. I wish achieving growth like this was possible, but unfortunately, it’s not. The old adage that you get what you pay for, or it takes money to make money, speaks the truth. Your investment goals should match your growth goals. The amount of money invested should be measured not just by short-term, quick wins but also by looking at long-term investment to growth.

    You would never measure an HR department strictly on the number of hires. However, looking at the whole picture of longevity amongst many other important KPIs, You would not use an HR department for a few months. It is something that is constant and needs care and attention. Marketing is no different — if you strictly only measure marketing by the number of leads, you are missing out on the full picture. Marketing helps push leads through nurture campaigns, creates automation, leads scoring, builds new campaigns and tests, supports sales enablement activities and many other components. A buying cycle is rarely a straight line to click and buy unless we’re discussing Amazon.

    That said, everyone has budgets, margins and bumper lanes they need to stay in. I am by no means saying throw your budget to the wind, but your goal should match your budget. If you have modest growth goals, be realistic about the budget needed to get there. Set incremental micro goals but stay the course for long-term growth.

    Related: You Won’t Have a Strong Budget Until You Follow These 5 Tips

    3. Data-driven decisions to save money

    Another money secret that costs companies is spending without the data to back it. We had a company inquire about a new website, a full blow-up, new navigation, new content, new page layouts, migration onto a new CMS, a new theme and the works. They said they had a $75,000 budget for the whole project. In theory, it sounds great, right? Willing to invest? Check. Has a budget? Check. Know what they want the end result to be? Check. But when we asked them the next question, they looked at us like we were crazy, “Do you have data that backs the changes you are looking to make?” Are you running a tool like Hotjar to see real user data behind how these proposed changes will impact your existing inquiries and the only source the sales team was currently using for leads?

    The answer was no. When the heat map was overlaid, do you know what happened? Well, they were looking to build that new navigation out and replace the old one — nearly 90% of the traffic was going to two pages of their site directly from the navigation, both of which they had originally wanted to remove. In this case, it wasn’t just about having the money but also about making sure the decisions you make with the budget are informed by real data: user data, sales data, marketing data and more. The more informed you can be by closing the loop on your data, the better your end result will be.

    Related: Want to Be Better at Decision Making? Here are 5 Steps to Better Data-Driven Business Decisions

    4. Modern marketing channels to drive growth

    What is likely costing you the most is using old-school channels without the ability to measure. Companies have spent the last decade on traditional marketing channels and are switching to digital. The company’s historical growth has relied on things like trade shows, print, postcards and online magazines. We ask what the ROI you have seen by each channel is, and rarely can they share a specific revenue number and say it is for brand awareness. Some of the budgets can be over 50 to 100 thousand dollars spent on these traditional methods, but there is no ROI attached, yet they continue them.

    When the pandemic happened, we saw a massive influx in businesses shifting from once only boots on the ground to digital. The lockdown changed everything; there were no more trade shows, no more door knocking and no one picking up their mail or faxes daily. It made traditional selling channels challenging and obsolete and forced a new level of openness to try new ways to get the job done. In the example of running online magazine ads there are lots of ways to capture them, we can use UTM tracking, referral analysis or create a custom landing page for the offer and capture the leads directly. Without running them to a landing page or form, you rely only on the online publication for leads and analytics. We’ve had people show a list of just names, no emails to follow up with, or only show a random number of visitors to the page, not a single name. It’s important to know what they will provide for reporting and tracking when you publish or use traditional channels. The rule of thumb is to use connections and tools that leverage old-school methods into technology and not blindly spend on channels that cannot be measured.

    Stop wasting time, energy and revenue on these blind spots. They have easy solutions, so you can avoid them and focus on growing your business!

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    Jennelle McGrath

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  • How Nvidia Pivoted From Graphics Card Maker to AI Chip Giant | Entrepreneur

    How Nvidia Pivoted From Graphics Card Maker to AI Chip Giant | Entrepreneur

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    A decade ago, Nvidia was a major graphics card maker, vying with competitors like AMD and Intel for dominance. Now it’s an AI giant with 70% to 95% of the market share for AI chips, and the brains of OpenAI’s ChatGPT. It’s also the best-performing stock with the highest return in the past 25 years.

    Why did Nvidia invest in AI chips over 10 years ago, ahead of the competition? CEO Jensen Huang and board member Mark Stevens, Nvidia’s two largest individual shareholders, talked to Sequoia Capital partner Roelof Botha to explain what Botha called “one of the most remarkable business pivots in history.”

    Nvidia’s original product was 3D graphics cards for PC games, but company leaders noticed by the mid-2000s that the PC market was hitting a growth limit.

    Related: Nvidia CEO Jensen Huang Turned Down a Merger Offer in the Company’s Early Days, According to Insiders. Here’s Why.

    “We felt we were always gonna be boxed into the PC gaming market and always knocking heads with Intel if we didn’t develop a brand new market that nobody else was in,” Stevens explained.

    Jensen Huang, co-founder and chief executive officer of Nvidia. Photographer: Lionel Ng/Bloomberg via Getty Images

    That need for a new market intersected with a product Nvidia already had on hand: its graphics processor unit, or GPU, which could be used to power tasks outside of gaming. Researchers at universities across the world began exploring the graphics cards, eventually building advanced computers with them.

    Related: Is It Too Late to Buy Nvidia? Former Morgan Stanley Strategist Says ‘Buy High, Sell Higher.’

    Huang recalled meeting a quantum chemist in Taiwan who showed him a closet with a “giant array” of Nvidia’s GPUs on its shelves; house fans were rotating to keep the system cool.

    “He said, ‘I built my own personal supercomputer.’ And he said to me that because of our work… he’s able to do his work in his lifetime,” Huang said.

    Other researchers, like Meta AI chief Yann LeCun in New York, began reaching out to Nvidia about the computing power of its chips. Nvidia began considering the AI market when AI had yet to enter the mainstream and was a “zero billion dollar market” or a market that had yet to materialize.

    “There was no guarantee that AI would ever really emerge because, keep in mind, AI had had many stops and starts over the last 40 years,” Stevens said. “I mean, AI has been around as a computer science concept for decades. But it had never really taken off as a huge market opportunity.”

    Related: Nvidia Is ‘Slowly Becoming the IBM of the AI Era,’ According to the Leader of a $2 Billion AI Startup

    Huang and other company leaders still believed in AI and decided to invest billions in the tech in the 2010s.

    “This was a giant pivot for our company,” Huang said. “The company’s focus was steered away from its core business.”

    Huang highlighted the extra cost, talent, and skills Nvidia had to account for with the pivot, as it affected the entire company. It took 10 to 15 years of effort, but that business decision led to Nvidia powering the AI revolution with an early ChatGPT partnership.

    “Every CEO’s job is supposed to look around corners,” Huang said. “You want to be the person who believes the company can achieve more than the company believes it can.”

    Related: How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

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    Sherin Shibu

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  • Hasbro CEO Chris Cocks on the Toy Company’s Future | Entrepreneur

    Hasbro CEO Chris Cocks on the Toy Company’s Future | Entrepreneur

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    Entrepreneur caught up with Chris Cocks, CEO of 101-year-old toy company Hasbro at Collision conference in Toronto. The conference brings together business and tech leaders to discuss industry trends and innovation. It was a wide-ranging conversation addressing everything from the company’s nimble approach to change to some of Cocks’ most cherished toys. Below is a Q&A with the business leader, which has been edited and condensed for clarity.

    Entrepreneur: Hasbro has a long and storied history. How does the company stay innovative in an evolving toy industry?
    Cocks: Fundamentally, it’s about understanding the consumer and then putting super creative people who are passionate about the consumer in charge. That’s what we did at Wizards of the Coast when I was there for six years, and that’s what we’re doing at Hasbro.

    In that vein, how do you balance tradition and innovation at Hasbro?
    It’s not so much balancing tradition and innovation; it’s understanding where you’ve been so you can understand where you’re going. One of the most surprising things about becoming CEO of an [over] 100-year-old company is that I’ve really become a student of our history. While history doesn’t repeat, it definitely rhymes — so major technology innovations and major changes in entertainment are something Hasbro has faced many, many times. Probably the biggest lesson I’ve learned from it is to embrace the change and not fight it. When we embrace [change], we win, and we come out on top.

    Related: How One Mom’s Mission To Rebuild Her Daughter’s Confidence Sparked a Revolution for The Doll Industry

    What’s the most exciting project you’re currently working on?
    The challenge with that question is the first seven I can’t tell you about because they’re still secret, but two are launching this year that I think are really cool: Beyblade X, which is the fourth generation of that product — it’s the best version ever and is already flying off the shelves. The second one is the refresh of Dungeons & Dragons fifth edition this year. DnD fifth edition has been out for 10 years, and this is probably the most comprehensive rules update ever. We’re pairing it with a really cool virtual tabletop to accelerate what digital play looks like as well.

    What’s your favorite toy that Hasbro has ever produced?
    Oh, that’s an easy one. It’s from my childhood — the USS Flagg. It was a six-foot-long G.I. Joe aircraft carrier that was my sole aspiration as a 10-year-old. I never got it, but I have one in my office now.

    What is the most rewarding part of being CEO of Hasbro?
    At the end of the day, knowing that the core of what you do is about making kids smile — that’s just amazing. Ever since I became CEO of Hasbro, I can’t walk through an airport, restaurant or especially a toy aisle and not notice little faces that just light up with the wonder of a toy and the wonder of childhood. That’s really cool to be a part of.

    What do your own kids think about your role as CEO of a leading toy company?
    Of course, my kids are very proud. My son’s a nerd, just like I am, so he and I play games together all the time. My daughter isn’t really a nerd — she’s kind of rebelled against nerd-dom. But of course, she loves it when her dad lights up, and that’s true of my whole family. I was at Xbox back when it was founded and left a couple of years after it launched. At the time, my nephews were like, “Why the hell would you leave the best job in history?” They might have had a point, but things have worked out well.

    Related: This Mom Started a Side Hustle After a ‘Shocking’ Realization in the Toy Aisle. Her Product Was in Macy’s Within the Year — Seeing Nearly $350,000 in Sales.

    What advice would you give to someone looking to enter the toy industry?
    Follow your passion. When you go into the toy and games industry, you can make a great living; you can do a lot of good in the world. You’re basically working in an industry that generates smiles, laughter and companionship for people. But it’s not the industry where you’ll make the most money — if you want to do that, I know a couple of investment banks I can throw your way.

    This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

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    Brittany Robins

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  • Nvidia Is Becoming the IBM of AI, Says Former Apple Engineer | Entrepreneur

    Nvidia Is Becoming the IBM of AI, Says Former Apple Engineer | Entrepreneur

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    Jim Keller, an engineer who has worked at AMD, Apple, and Tesla and is now CEO of an AI chip startup taking on Nvidia, says that Nvidia is “becoming the IBM of the AI era.”

    On a Sunday podcast episode of DemystifySci, Keller brought up Nvidia’s AI chips and called attention to companies like Microsoft and Google that are using Nvidia’s technology to power their own innovations.

    “All the big tech companies are in an arms race and they’re all calling Nvidia,” Keller said.

    Related: Nvidia CEO Jensen Huang Turned Down a Merger Offer in the Company’s Early Days, According to Insiders. Here’s Why.

    Keller, who now leads the $2 billion AI chip startup Tenstorrent, which has funding from Samsung and Hyundai, stated that Nvidia currently has “the best processors by functionality.”

    He then said that Nvidia is “slowly becoming the IBM of the AI era,” adding, “We’ll see how that goes. I run an AI tech company so I have opinions about that too.”

    Jim Keller, chief executive officer of Tenstorrent. Photographer: SeongJoon Cho/Bloomberg via Getty Images

    Nvidia is now the industry leader for AI chips, with over 80% of the market share. It benefits from a first-mover advantage in AI computing; Nvidia claims to have started investing in AI and machine learning development starting in 2006.

    Related: Employees Who Worked at This Company for the Past 5 Years Are Now Multi-Millionaires in ‘Semi-Retirement’

    IBM, too, could be considered a first mover in the PC market. Though IBM did not invent the PC, the company’s 1981 personal desktop opened computers up to a broader audience and generated $1 billion in revenue in its first year.

    IBM “set a technology standard” with its first PC, according to IEEE Spectrum.

    Keller has previously weighed in on the cost of AI chips, both from Nvidia and from ChatGPT-maker OpenAI, which currently uses Nvidia’s chips. He claimed in April that Nvidia could have cut research and development costs and in February that he could build AI processors for all workloads and AI companies at one-eighth of the cost suggested by OpenAI CEO Sam Altman.

    Nvidia CEO Jensen Huang said in March that its next-generation AI chip would cost more than $30,000.

    Related: Here’s How Much Investing $10,000 in Nvidia When It Went Public Would Be Worth Now

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    Sherin Shibu

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  • Lauren Sánchez: 1 Thing People Don’t Know About Jeff Bezos | Entrepreneur

    Lauren Sánchez: 1 Thing People Don’t Know About Jeff Bezos | Entrepreneur

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    Lauren Sánchez shared how she and fiancé Jeff Bezos approach philanthropy in a new interview — and she said that one thing “people don’t really know” about Bezos is that he put an 8-floor, 63,000-square-foot homeless shelter inside an Amazon office building in Seattle.

    The Hollywood Reporter released a conversation between Sánchez and Eva Longoria on Tuesday. Longoria asked Sánchez about her and Bezos’s approach to philanthropy, and Sánchez stated that “Jeff is extremely focused, as you can imagine.”

    Related: Lauren Sánchez Is Heading to Space on a Girls Trip

    “We really look for organizations that are not only addressing urgent issues but also have a clear, impactful plan for making a difference,” Sánchez said.

    Longoria and Sánchez have been friends for 20 years, with Longoria winning $50 million through the Bezos Courage and Civility Award in March.

    Sánchez emphasized the $10 billion Bezos Earth Fund, which focuses on climate-related innovation, nature restoration, and climate justice. She also noted Amazon’s collaboration with Mary’s Place, an organization that helps support homeless families.

    “One thing that Jeff did with Mary’s Place is he put the homeless shelter inside Amazon’s offices in Seattle which is incredible,” Sánchez said. “I know. It’s crazy that people don’t really know about this that much.”

    Related: Bezos Earth Fund Is Donating $100 Million to Groups Using AI to Help Combat Climate Change

    Amazon employees just have to go downstairs to volunteer their time at the shelter, Sánchez added.

    Jeff Bezos and Lauren Sanchez. (Photo by Yui Mok/PA Images via Getty Images)

    Amazon opened the shelter in May 2020, with space for up to 200 people every night. The facility has a health clinic, kitchen and dining areas, playrooms for children, and office space so Amazon’s legal team can offer legal help.

    Related: At 16, She Was a Homeless Single Mom With Serious Talent. Now, Her Business Brings in Millions.

    The shelter is kept private from Amazon offices through separate entrances.

    Amazon reported that in 2020, the center provided more than 85 families with emergency housing.

    Bezos has posted about the shelter on social media. In April 2021, for example, he posted a video of him and Sánchez taking Washington State Governor Jay Inslee through a tour of the facility.

    According to the Bloomberg Billionaires Index at the time of writing, Bezos is the second richest person in the world with a net worth of $221 billion. Sánchez has a net worth of $30 million, per Prestige.

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    Sherin Shibu

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  • Every Great Business Partnership Have These 7 Elements in Common | Entrepreneur

    Every Great Business Partnership Have These 7 Elements in Common | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Partnerships in business are a dynamic and powerful way to propel a venture forward. They combine the strengths and resources of individuals to achieve shared goals. However, the success of a partnership hinges on careful planning and establishing a strong foundation.

    Drawing from my experiences in both successful and challenging partnerships, I’ve come to appreciate the importance of making informed decisions from the outset to avoid potential pitfalls. In this review, we’ll examine key considerations that can shape a partnership’s trajectory, ensuring its longevity and success.

    1. Sign a comprehensive partnership agreement

    One cannot overstate the critical importance of a well-crafted partnership agreement. This document serves as the backbone of the partnership, delineating the terms, conditions and expectations that guide the relationship between partners. Prepared by a competent attorney, a solid partnership agreement is not just a formality but a strategic tool to preemptively address potential areas of contention. Without such an agreement, businesses may be entangled in legal disputes when critical decisions, such as selling the business or operational control. The cost of rectifying such issues far exceeds the investment in a robust partnership agreement.

    Related: Most Business Partnerships Fail — 5 Hacks to Make Sure Yours Stays Intact

    2. Distribute ownership

    In the realm of partnerships, the distribution of ownership often dictates decision-making authority. In a 50/50 partnership, achieving equilibrium is crucial, but challenges can arise. It becomes imperative to establish mechanisms for resolving disputes in daily operations. If one partner holds the majority, safeguards must be in place to protect the interests of the minority owner. This protection extends to critical aspects such as owner compensation, business sale decisions, the inclusion of new partners and the exercise of daily operational control.

    3. Establish financial contributions and equity distribution

    Clarity in financial matters is paramount to a partnership’s success. Outlining how capital is contributed on day one sets the tone for a transparent and fair collaboration. In cases where one partner injects capital, and the other contributes expertise, a clear understanding of each party’s role is necessary. The controversial concept of “sweat equity” is challenged here, suggesting that equity should be commensurate with the financial risks undertaken rather than the sheer effort put into the business. It is crucial to establish not only the initial financial commitment but also a shared responsibility for future financial needs.

    4. Delegate control and ensure transparency

    The control of finances is often a sensitive matter in partnerships. Deciding who has authority over financial matters and ensuring transparency to all parties involved are critical steps in fostering trust. As the company begins to generate profits, disagreements may arise on the timing and distribution of these earnings. The potential for contention is especially pronounced during tax seasons. To avert such conflicts, partners should agree on the optimal amount of capital the company should retain and establish clear spending limits that require explicit permission.

    5. Establish responsibilities and compensation

    Defining roles and responsibilities from the outset is essential for harmonious collaboration. Each partner’s duties and the corresponding compensation should be clearly outlined, with a preference for role-based remuneration rather than ownership-based rewards. This approach reinforces the principle that work merits compensation, irrespective of the ownership stake. If the financial health of the company allows, compensating partners based on their roles fosters a sense of fairness and equality.

    Related: Want to Grow Your Business? Here’s Why You Need Strategic Partnerships to Succeed.

    6. Ensure your visions align

    The partners’ vision for the company’s growth trajectory is pivotal. Unanimous agreement on the pace and nature of expansion prevents future conflicts. The strategy for growth, whether rapid expansion with potential financial strains or slow, steady growth with sustained profitability, requires alignment. In cases where expansion involves acquisitions, discussions on bringing in additional partners or securing external funding become paramount.

    7. Planning for inevitability

    While partnerships are born with optimism and shared aspirations, it is crucial to acknowledge that they will eventually end. Planning for the exit is as crucial as planning for the partnership’s inception. Agreements on a potential sale or partial sale should require unanimous consent from all partners to avoid impeding the process. In instances of unforeseen events, such as a partner’s death or disability, a well-defined buyout mechanism should be in place. This mechanism should safeguard the company’s financial stability, ensuring a smooth transition and a fair valuation process.

    In conclusion, partnerships in business offer a potent means of scaling operations, sharing responsibilities and mitigating risks. However, the success of such collaborations hinges on meticulous planning and establishing clear agreements. A robust partnership agreement, addressing critical considerations ranging from financial contributions to responsibilities and exit strategies, lays the groundwork for a resilient and prosperous partnership. By prioritizing transparency, effective communication and fairness, partners can navigate challenges with confidence, transforming their collaborative efforts into a mutually beneficial opportunity that stands the test of time.

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    Andrew Cagnetta

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  • Why Your Company Needs to Rethink Its Purpose to Acquire Loyal Customers — And Drive More Sales. | Entrepreneur

    Why Your Company Needs to Rethink Its Purpose to Acquire Loyal Customers — And Drive More Sales. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Becoming an entrepreneur and creating a company that creates positive change is a dream that has driven ambitious people since the beginning of the modern economy.

    But where do you start? How will you create a meaningful product or service that stands out amid the noise of today’s highly competitive and saturated marketplace? The traditional path of finding a niche and competing on quality or price is no longer enough.

    Today, if you want truly enduring and evangelical customer loyalty, you must deliver an authentic product or service that resonates with customers on an emotional level. It is important to connect them to other people, making them sincerely feel like they are part of something bigger than themselves. In short, you need to start a movement.

    For hundreds of years, social movements have been catalysts for transformative, impactful and historic change.

    Throughout history, they have served as catalysts for profound and transformative change. Dr. Martin Luther King marched on Washington with tens of thousands of supporters as part of the Civil Rights movement. Nelson Mandela’s raised fist upon being released from prison after 27 years became a powerful symbol in the movement that crushed apartheid in South Africa. The women’s suffrage movement fought for a century to get voting rights for women in America. Each one of those historic, world-changing movements was anchored in one unifying and all-encompassing force: purpose.

    Related: Looking For A Business Idea? Start With Your Purpose

    You may be thinking that those historic movements were important, but what does that have to do with business success? What does purpose have to do with business? Study after study shows that you can’t even think about starting a business in today’s economy unless it is driven by a clearly defined, tangible and unique purpose. In doing so, you and your team members will be much happier in the process, as supported by Harvard Business Review and other reporting.

    Purpose is the equivalent of “why”? The “why” encompasses a company’s contributions and impact on the world. It is the company’s reason for existing and the reason they are in business in the first place. Purpose is an enabler, a conduit and a vehicle, fueling the innovation of the world’s economy. Blackrock’s CEO, Larry Fink, says, “Without a sense of purpose, no company, either public or private, can achieve its full potential.”

    Some of the most successful companies have embraced this ethos and are fully rooted in purpose. When we look at Tesla, we may think its purpose is to sell cars, which is part of it. But its stated true purpose “is to accelerate the world’s transition to sustainable energy.” That purpose is what drove the EV car revolution — a global movement that powered EV car sales from 0.4% of the light-duty vehicle marketplace in 2004 to 15.8% in 2023. And while it sparked the EV movement, Tesla continues to be its leader. In 2023, it held 19.9% of the global EV market and is the most valuable car company in the world.

    The highly profitable clothing company Patagonia is another example of a company that started a movement based on its purpose. In 2022, the company, long known for its environmental activism, doubled down on its purpose, which is updated to “In business to save the planet.”

    But it was more than just a statement. With its purpose well defined, Patagonia founder Yvon Chouinard announced the transfer of company ownership ($3 billion in global assets and $100 million in annual profits) to a trust fund, with its dividends going to environmental advocacy organizations. With this bold support of her own movement, Chouinard declared, “Earth is our only shareholder.”

    In today’s purpose-driven economy, identifying that unifying purpose for your company — your north star — is the most critical aspect of starting any business or social enterprise. Purpose-driven companies make more money, have more engaged employees and more loyal customers and are even better at innovation and transformational change.

    Consumers are increasingly supporting businesses that stand on principle. According to Accenture, 62% of consumers want companies to take a stand on important societal issues such as sustainability, transparency and fair employment practices. The demand for authentic and purpose-driven companies is strongest among the younger generations. According to Deloitte, “millennials are driving this societal trend, with 40% of those polled believing the goal of businesses should be to ‘improve society.’” Those who ignore the intersection of business and purpose do so at their own peril, as millennials (those aged 28-43) account for $15 trillion in global purchasing power.

    Related: This CEO Says Prioritizing Purpose Over Profit Is Key to Consistent Growth and Sustainable Profit — Here’s Why.

    As a powerhouse financial company, Deloitte is probably not the first company that comes to mind in thinking of a firm driven by purpose. Yet, it is a strong proponent of the belief that exceptional organizations are led by a purpose. To amplify and advance Deloitte’s purpose, it named its first-ever chief purpose officer and established a Purpose Office. Its goals are to consistently embed purpose in the organization’s strategy and deepen the impact and positive change they are making for clients, people, and communities.

    Trust in a company has long-term benefits by creating brand loyalty and turning customers into advocates for your product. According to Edelman, “trust drives growth. When consumers trust a brand, they are more likely to purchase its products (59%) and stay loyal to and advocate for the brand (67%).”

    A company’s purpose must start at the top. Whether it’s a small business run by a sole proprietor or a major corporation led by a CEO, the leader sets the tone and must lead by example. Employees need to see the commitment to purpose reflected in the actions of leadership; otherwise, the stated purpose becomes nothing more than a catchy slogan that fails to resonate with consumers.

    Infusing purpose into your new venture is not merely a trend but a necessity to compete and thrive in the modern economy. To stand out, foster trust and create lasting connections with consumers — in other words, to build a movement — today’s companies and organizations need to find their purpose and adopt it fully until it permeates every part of their operation.

    By defining and articulating your purpose, you are laying the groundwork to start a business and, perhaps, even a movement. If you do it right, both can build value and help change the world.

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    Marc Kielburger

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  • 5 Steps to Preparing an Engaging Industry Presentation | Entrepreneur

    5 Steps to Preparing an Engaging Industry Presentation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Industry events are a chance to network with your colleagues and impress distributors — but to really make the most of your time at a conference, you need to learn how to prepare a presentation that engages, informs and leaves an impact.

    I’ve presented at some of the most important real estate and property technology events in the country as the founder of ButterflyMX. Here are a few tricks I’ve picked up along the way to wow any audience.

    Related: 6 Tips for Making a Winning Business Presentation

    1. Getting comfortable with the stage

    I recommend taking a walk around the stage before your presentation. By familiarizing yourself with your environment, you can prepare yourself better.

    And while you’re on stage, a relaxed, comfortable presence goes a long way in keeping your audience engaged. Whether you want to play your presentation casually or more formally, audiences can sense discomfort, which prevents them from fully connecting with your message.

    To project your sense of comfortability, focus on your body language. You can project confidence by speaking slowly and clearly and by walking across the stage to keep the audience’s attention — even if there’s already a podium or lectern set up on stage.

    Unfortunately, if a speaker spends too long standing behind the podium, an audience might interpret that as a sign of indecision and inaction from the speaker. Instead, you can remove any barriers between yourself and the audience by using the whole length of the stage.

    2. Familiarity with industry statistics

    An audience that doesn’t know me might be wondering why they should be taking my advice. I certainly don’t blame them. When I’m watching a new presenter, I ask the same question.

    If you can back up your claims with hard data, your presentation will ring true with listeners. You can cite industry-wide statistics or establish your own bona fides by citing stats that buttress your own credibility by establishing your company’s success.

    In my case, I’m happy to use a couple of statistics that prove how successful my company, ButterflyMX, is in the proptech industry. For instance, we serve more than one million apartment units, and if you’re interested in how consumers feel about us, look no further than the internet — we have over 20,000 five-star reviews!

    Related: 7 Ways to Captivate Any Audience

    3. Knowing your audience

    Depending on who your audience is, you’ll have to adjust your game plan and prepare for different things.

    I’ve spoken at conferences where the audiences couldn’t be more different — a presentation that wows one crowd might have no information that’s applicable to another. As the founder of a property technology company, I have the pleasure of speaking at a variety of different conferences that serve different markets.

    For example, integrators and installers might value a talk on product features and hardware more than others. And if I’m presenting to an audience of property managers, I’ll know to dial down the technical talk and focus on the benefits a robust video intercom offers, such as simplifying their day-to-day workloads.

    Depending on your audience, you need to strike the right balance between talking about hardware specs and features.

    4. Designing your slides carefully

    Slides are a good opportunity to share the aesthetics, tone and values of your company — but you’ve got to make sure you use them effectively.

    A slide with too much text looks busy, and it’ll distract your audience and draw focus away from you. Instead, consider putting that information into your notes and speaking it aloud. Slides should focus on one or two visual elements, like bullet points, charts and graphs.

    As for the actual design of your slides, you should ensure that you adhere to your company’s brand guidelines. If you’re unfamiliar with the concept, brand guidelines are a single, governing document that goes over important design concepts like the colors and logos that your company has.

    Related: 6 Ways to Take Your Next Presentation to the Next Level

    5. Asking for audience participation

    Asking for audience participation is the ultimate way to ensure everybody is locked in and paying attention — but it’s also a double-edged sword. You also need to be prepared in case asking the audience to participate doesn’t necessarily go your way.

    For example, you might generally ask if an audience has any questions at the end of your presentation. But you run the risk of running into a hostile, bad-faith question — or you might even be met with silence.

    That’s why I’d recommend you give the audience questions and tasks that have a little more structure. You could do things like asking for a show of hands, asking for specific anecdotes or taking a poll.

    Polls have gotten an especially high-tech upgrade recently — see if you can set up an electronic voting system that allows audience members to vote with their smartphones. Then, you’d be able to throw the results on screen and watch them update in real time!

    You should pepper these interactive sections throughout your presentation to ensure that audiences are engaged throughout your entire talk.

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    Cyrus Claffey

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  • How to Turn Your Hobby Into a Business | Entrepreneur

    How to Turn Your Hobby Into a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly grew to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.

    We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.

    Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.

    Related: Ten Tips To Turn Your Passion Project Into A Business

    Hobbies that make great side hustles

    So you have a niche hobby, and you’re wondering: How can I make some money from this? It’s important to remember that not all hobbies are created equal, financially speaking. And a niche interest that might have driven profits 20 years ago (collecting Beanie Babies, say) could be a financial sinkhole today.

    By keeping a pulse on the zeitgeist, you can anticipate trends and hobbies gaining public interest — and capitalize on those trends. Some, like the following, are side hustle ideas you could start at any time.

    Photography

    Senior portraits, weddings, special events, professional headshots — quality and affordable photography never lacks in demand. With a website highlighting your work, you can book clients and start earning money from your passion.

    Coding

    From bug bounty programs to website design, freelance coding offers major earning opportunities. A background in HTML, Python, Java, C++ or a myriad of other coding languages can be a financial boon.

    Home design

    If you designed your home to belong in an issue of Architectural Digest, others will take notice. Consult on color palettes, furniture selections, room layouts and lighting — and bring your curated aesthetic to the masses with a home design business.

    Video and audio production

    Whether promoting a brand on social media or starting a podcast, freelance producers can bring a marketing campaign to life. Sell yourself with past work, and mention your experience with programs in the Adobe Creative Suite or Pro Tools.

    Gardening

    Your green thumb could put some green in your pocket. The landscaping and gardening industry was valued at more than $250 billion in 2024, according to Mordor Intelligence, and if your own garden is thriving, you can fill a niche in your own (proverbial) backyard.

    Writing

    Can you construct clear and concise copy for a variety of clients? If so, the opportunities are as vast as your vocabulary. Wordsmiths can serve as speechwriters, copywriters, technical writers and ghostwriters, as well as assist with any editing needs.

    Baking

    Your beautiful cakes, cookies and baked goods could be more than delicious treats; they could be a source of income. Many entrepreneurs found success with home baking during the pandemic, and with proper planning and consistent clients, you can join them.

    Vetting if your hobby could be a business

    Before you make any hard commitments or major financial decisions, consider if your niche hobby can earn consistent money. Who is the target client? How much are current practitioners charging? How much money do you have saved? How much do you expect to make?

    It’s crucial to be clear-eyed about expectations before investing your own money into your venture. The following steps can help you assess whether or not to turn your passion project into a side hustle — or even a career.

    Run it by friends

    When we have that eureka moment, it sometimes blinds us to flaws in our logic. To get a quick check, run your idea by a few trusted friends. They might be able to point out roadblocks you didn’t think of or know a way to bring your idea to life. For Sabah, that meant asking other chefs for input. Avoid relying solely on one or two peoples’ opinions, but do gauge your friends’ enthusiasm. After all, close confidantes have your best interests in mind.

    Analyze the market

    Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.

    To truly excel, you must conduct a thorough analysis of your rivals. Although they might offer a comparable product, your goal is to surpass them. Analyze their customer feedback to identify gaps. When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.

    Network

    Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps. If you’re lucky, you might find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock. Keep the lines of communication with your network and your mentor open. They know the twists and turns and can save you headaches and expenses.

    Devise a business plan

    Don’t invest significant money into a project before creating a detailed business plan. Prior steps, such as analyzing the market, will help you write this document, and you’ll want to come away with clear financial expectations. Do the math — calculate your startup and overhead costs, insurance, marketing budget, earnings expectations and taxes. This will give you some base-level expectations and a roadmap to funding, if necessary.

    Getting your side business off the ground

    You’ve done your research. You’ve talked to friends and other entrepreneurs. You’ve analyzed the market and built a business plan. Now it’s time to take the first big step: getting your side business off the ground.

    Turning passion into profit takes work. Don’t be discouraged. There may be moments of doubt and anxiety as your business slowly ramps up. Lean on mentors, and consult your business plan. Like Sabah, if you’ve done the proper pre-launch work, you can keep your head down and follow the roadmap. The following steps can position you for success when turning your niche hobby into a business.

    Build an MVP

    In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features. For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers. Early and genuine feedback is the goal of an MVP. After all, it’s easier and less expensive to make changes at the beginning of the development cycle than in the middle of it.

    Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup

    Set achievable goals

    Be realistic about your first-year financial expectations. In fact, it’s common for new businesses to lose money in their first year of business as they pay back initial investments and build consistent customer bases. Sabah set goals — both financial and personal — that she could reasonably achieve. But don’t mistake this for easy goals. You should be ambitious but practical when planning to achieve your goals.

    Get help

    Sabah didn’t build her business alone. She knew she needed help building the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market and could mean competitors beat you to the finish line. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.

    Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or maybe you need help with building a brand identity and marketing the product. Outsourcing some of the work frees you up to focus on what you’re good at and can take stress off your shoulders.

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

    Keep your finger on the pulse

    Markets and trends can shift rapidly, so it’s essential to keep tabs on competitors and monitor your customers’ needs. The last thing you want is a product that’s outdated by the time it launches or a business plan built around last year’s “it” thing. By staying up-to-date on market and cultural trends, you can be ready to shift priorities when the time is right.

    It’s been a joy to watch my friend’s business grow. She’s met challenges with grace and never lets setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.

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    Bidhan Baruah

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  • 4 Common Blunders Companies Make When Creating Culture | Entrepreneur

    4 Common Blunders Companies Make When Creating Culture | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that every successful company needs a solid, identifiable corporate culture. Statistics show that 88% of job seekers believe a healthy work culture is essential for success, and the younger generations now prioritize “culture fit” above all else when job hunting. Unsurprisingly, a strong corporate culture that keeps employees engaged directly translates to as much as a 202% performance increase.

    With such compelling data, it’s shocking how often startups fail in this regard. As a successful CEO and cofounder, here are four common mistakes I’ve seen and how to avoid them in your startup journey.

    Related: Lack of Trust — What Does It Do to Your Company?

    1. Not knowing when to transition from the “tribe” stage and into more structured processes

    My company, Flowwow, is currently in that awkward “preteen” phase where we’re no longer a startup “tribe” but not yet a large corporation. This creates tension because those who have been around since the beginning often romanticize “the good old days” and resist implementing more structured processes.

    Because this is often a challenging phase for brands, many cling to the “startup family” model of everyone doing everything for too long. This can hurt morale, motivation and long-term growth and heighten the risk of a brand stalling out at a critical stage. We tried to avoid this mistake by ensuring our overall mission was tightly aligned with the values shared by every person we hire.

    We ensure everyone feels supported and heard, confirming that everyone understands our flexible and adaptable processes. We also help place each person into a team that best suits their skills and personality so they feel useful, fulfilled and engaged. Remember that the data shows 85% of employees feel disengaged, yet 69% say all they need to feel happier and engaged is acknowledgment and recognition.

    2. Not allowing your culture to evolve with the brand

    Some camps believe brands should stay consistent over time, but we think that evolution according to the market and trends is far better for overall longevity.

    Remember: as your brand grows and matures, so should your corporate culture. As a founder, it’s your job to shift internal and external perceptions about your brand during these transitional times. Your core values should remain the same, but how you act on them makes the difference.

    For instance, when Flowwow shifted from a flower service to a gifting marketplace model, the founder’s job was to not only reframe public messaging but ensure we were highlighting the things most important to us as a brand: openness, transparency and quality.

    By making this our focus, we didn’t need to do anything specific to steer our culture; it naturally evolved from authentically shared values. These principles have remained steady over time, but our “value-driven” actions are more tangible: We provide resources like language learning, mental health assistance and medical insurance to show the team that our values are more than words.

    Related: How to Lead With Transparency In Times of Uncertainty

    3. Neglecting to establish top-down communication

    I’ve heard of many startups that have failed or floundered because the founding team felt they needed to hide hardships or only tell employees what they felt was “necessary.” Often, this is done with good intentions. They mistakenly think it will demotivate or alarm employees to hear about a crisis or difficult road ahead. Don’t fall into this trap! You hired these people because you trust and believe in them, so prove it by being transparent and allowing them to support you and each other.

    When management offers open communication lines, employees feel empowered to take responsibility, bring fresh ideas and make decisions in the brand’s best interests. HBR notes that good communication from senior leadership is a top driver for employee engagement.

    4. Forgetting that the founder is the heart and soul of the brand

    Founders often fall into the trap of playing Superman (or woman): They feel like they need to be involved in everything all the time, usually at the expense of their well-being. Initially, this might be necessary, but a founder’s top goal should be to find and cultivate a core team that can be trusted to take over most of the daily tasks.

    A strong, compelling corporate culture needs an axis on which to turn, and that axis should be the founder. Instill your values into every person you hire, and then let all the things that made you want to hire them shine through. Use your influence and passion to improve, amplify and direct the company. By acting as your team’s safe, trusted harbor, you allow your corporate culture to blossom organically, resonating with both employees and customers.

    It’s vital to avoid letting yourself burn out. You are an example for everyone, so it’s your job to pay attention to your mental well-being and continually work on understanding and managing your emotional impulses. Acknowledge your limits, act within them and let your team see that you’re human. This sets the foundation for a healthy, honest atmosphere.

    Related: How Being Transparent Helps Scale Your Company

    The future of work is now, so don’t let your culture lag behind

    Corporate culture is essential to present and future organizational health and longevity. Watch factors like absenteeism, participation and even body language to get a complete picture of whether your brand’s atmosphere needs work. Remember, a healthy organization balances stability and growth, and lasting improvements must always be top-down.

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    Slava Bogdan

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  • 7 Ways to Empower Mothers in the Workplace | Entrepreneur

    7 Ways to Empower Mothers in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Empowering mothers in the workplace takes a thoughtful and multifaceted approach. Today, women in most households still bear the brunt of the majority of familial and household responsibilities while also working full-time. It’s unfair — and saying that it’s a lot to juggle and have on your plate is an understatement. The reality is that moms are expected to be everything both at home and at work, and that can be incredibly difficult and daunting physically, mentally and emotionally.

    As a mother and entrepreneur myself, finding ways to elevate the mothers at my own company and create a culture that truly fosters work-life balance has been paramount from day one. Since starting ZenToes in 2015, I’ve grown my own family, hired an incredible team of women who have done the same and managed, with the help of my team, to grow Zentoes into a multimillion-dollar business.

    While seeing your business’ success demonstrated through metrics and revenue growth is amazing, what’s been most rewarding is witnessing how dedicated our incredible team of employees is to grow with us. Below, I’ve outlined seven tips for other entrepreneurs looking to empower their employees.

    1. Have flexible hours and work arrangements

    Remote work options are critical in helping to ensure flexibility in schedules for moms to balance family responsibilities, including everything from pickups and drop-offs to sick days at home with the kids. They’ll also create happier attitudes towards work overall.

    Related: Want to Be More Productive as a Working Mom? Try These Steps

    2. Put women in leadership positions

    Having women in leadership positions is crucial to creating mentorship opportunities and fostering the next wave of leaders. Creating opportunities for other women in the workplace helps elevate all women.

    Related: Why I Hire and Invest in Working Moms

    3. Support professional development

    We believe strongly in not doubting the gaps in some women’s resumes from staying home with young children. Parenting can be a huge learning curve for people management. It’s also important to offer professional development opportunities specifically to help mothers feel confident in the time they are out of the workforce.

    4. Encourage work-life balance

    Prioritize having open and honest conversations with employees around ‘mom guilt’ and the need to ‘do it all.’ Employees will both feel happier and perform better when they feel at ease and balanced in their personal and professional lives. To us, it’s essential to create space for women who have families or are planning to have families to be able to take the time they need to feel successful in both work and family life.

    5. Ensure redundancies to cover leave

    This applies to both sides of the parental relationship! At my company, our small, scrappy team has had to identify and build redundancies to ensure the work still moves forward, and we’re not without coverage while a parent is out on leave. Documenting SOPs and having collaborative decision-making processes have been instrumental in ensuring our success.

    6. Allowing for social outlets at work

    It’s beneficial to have casual, weekly team-building meetings that cover social topics that allow for group sharing amongst our employees. It’s a moment for everyone not to be focused on just work or just their families and be able to share about themselves as individuals.

    Related: What Working Moms at Your Company Really Need This Mother’s Day

    7. Don’t forget about the partners on the other side of these working mothers

    Offer the same benefits to both partners in a family unit – flexible hours, work redundancies, etc – to normalize and allow partners to be more equal at home. If they have the same flexibility, there should be a correlation in the undertaking of responsibilities – lending well to supporting a more equal future. In my household, my husband taking a fair share of the household load has been instrumental in making ZenToes a success.

    Entrepreneurs should approach creating work policies, arrangements, benefits and team-building initiatives holistically, paying particular attention to the diverse needs of all employees, especially moms. Ultimately, moms are an incredibly valuable part of any business team, bringing vision and a uniquely thoughtful perspective to their work each day. Allowing for balance, honesty and communication is critical. Your company and all your employees will be better off with it.

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    Sarah Parks

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  • Building an Agile Remote Team Is No Easy Feat — But It’s About to Get a Whole Lot Easier Thanks to This Transformative Tool. | Entrepreneur

    Building an Agile Remote Team Is No Easy Feat — But It’s About to Get a Whole Lot Easier Thanks to This Transformative Tool. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a post-Zoom world, the question, “Are the right people in the room?” persists, even if only metaphorically. However, having all the relevant cross-functional team members present remotely may not eliminate the danger of silos as effectively as everyone being physically present. Yet, there is a solution beyond the old debate about returning to the office. The tools of virtual reality (VR) and augmented reality (AR) have the potential to create fully immersive environments that give business leaders the best of both worlds.

    In my experience helping mid-level and senior managers in the tech industry become better leaders of their teams, I have found that applying agile methodology is the best way to align teams, but it has proven challenging in remote environments. “Agile” is a project-management methodology that grew out of the software development industry in the early 2000s as a means of delivering work incrementally and collaboratively to allow for frequent course corrections. Its lessons are especially applicable to industries where there is a need for adaptability and responsiveness to change, such as e-commerce and marketing.

    However, remote team members with different expertise tend to communicate blindly without fully understanding each other’s capabilities. This is where the metaverse comes into the picture. Those issues could be solved in a digital universe where employee avatars collaborate in a simulated office and interact directly with products and services in this virtual space. By adopting core best practices developed for the agile methodology now, such as more frequent feedback and cross-functional collaboration, business leaders are setting the stage to take advantage of this evolution.

    Related: Exploring How Virtual Reality is Changing Startups

    Unlock efficiency and collaboration

    The metaverse is not the stuff of science fiction. Advocates of the next internet say it is poised to shift our working lives in the same way that social media and mobile devices did in the web’s first iteration. With 61% of managers citing communication as the biggest challenge of remote work, the metaverse promises to re-introduce some of the elements of in-person collaboration.

    In a video environment, extra effort is required to engage directly and transparently about the expectations and capabilities of each person. However, the metaverse could enhance the ability of everyone to continuously move toward a shared goal. Last year, the Ministry of Internal Affairs in Lower Saxony, Germany, piloted workshops in a virtual environment designed and constructed by PwC. In the resulting study, participants wearing VR headsets found the metaverse process far more agile and efficient than videoconferencing, and their sense of closeness with colleagues rose by 58%.

    Customized virtual offices may have a unique role in meeting the agile ideal, where every person on the team, including the product manager, has an equal opinion. But you don’t have to wait for this tech to go mainstream to experience the benefits of agile. The key is to give teams clear visibility into project roadmaps and identify where and why teams are not escalating issues promptly.

    Drive value from being fully present

    The daily “stand-up” is the most important aspect of the popular agile scrum framework. Teams get 15 minutes of daily face time, and it must be quick and easy: Here’s what a person did yesterday, this is what they’re doing today, and these are their “blockers” (obstacles). The team operates as equals, while the single point of contact — the scrum master — can assist in making priority decisions.

    But when teams lose face-to-face time in digital collaborative spaces, they lose the stand-up. Before, if someone stated a blocker, the entire team would be present to discuss a way around it. This system was designed to allow agile teams to solve problems on the spot. The challenge for remote teams is retaining the same speed of agile in an environment where people often aren’t as engaged.

    When the metaverse comes around, “standing up” will again become possible through avatars and a virtual scrum board. Until then, managers need to encourage open communication and ensure the right individuals are empowered to make decisions. I also suggest demonstrating to people, not just telling them, that mistakes are learning opportunities in a blameless culture.

    Break down silos virtually

    If a virtual workspace is well-designed with optimized visibility, teams may find themselves naturally drawn towards breaking down silos through open, transparent communication. That means evaluating whether the team can keep track of what the problems really are as the market shifts, as well as looking at the team’s execution style.

    Begin to experiment with this approach by ensuring that people are not left to tackle problems alone. That is when they tend not to escalate, and everything slows down. If you are not already using daily stand-ups, use these sprint sessions to allow the entire team to know the tasks, the problems, and how the problems might be blocking individuals from completing the tasks.

    People need to feel confident owning their decisions because businesses don’t have the luxury of time anymore. As we head into our brave new future, having all components of a virtual workplace reflect change in real-time will bring everyone up to speed and leverage the values of simulated face-to-face interactions.

    Related: The Metaverse Has Definitely Lost Steam — But Is It Dead?

    Paving the way for confident decision-making

    In an enterprise metaverse environment, asking if everyone is in the room can once again be asked more literally — enhanced by audio-spatial technology that means the person to your right really sounds like they are to your right. Comfort with conflict and confident decision-making may prove easier with everyone more present. To leaders considering experimenting with metaverse platforms, McKinsey suggests adopting a test-and-learn mindset. Start small by integrating select elements, such as virtual whiteboards or project rooms, into your existing workflows to not only see how your team responds — but to gauge the potential of this technology. Where digital collaboration tools pose challenges, an enterprise metaverse promises to help companies build highly engaged remote teams that are quick on their feet and able to swiftly work toward a profitable MVP.

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    Mary Hubbard

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  • 6 Guiding Principles Behind Every Successful Company | Entrepreneur

    6 Guiding Principles Behind Every Successful Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A search for “formula for company success” on Amazon yields almost a thousand results, primarily consisting of self-help books. While I don’t claim that I have discovered the elusive formula, I believe certain characteristics can aid in achieving success, which I identified after analyzing the top companies currently active in the market.

    I’m the founder of a deep tech company that is trying to push the limits of what is possible in the field of computers. For me, following these principles is crucial to achieving this ambitious goal. Yet, I’m sure these principles are not exclusive to any one field or industry and can be applied to any business willing to prioritize and use them as tools for development.

    Related: 5 Key Leadership Principles for Driving Growth

    Elegance

    Elegance goes beyond mere aesthetics; it is the embodiment of beauty in every facet of a company. What does beauty consist of? Honestly, everything. If the founder wants to ensure the elegance of their product, they should pay attention to the structure that should be observed in every process of interaction with their company. Those may range from the way your employees present themselves at networking events or in-store to the speed with which your support team assists customers. Not only will this provide your brand with consistency, but it will also become more appealing because, after all, humans are aesthetic creatures.

    When you think of elegant products or packaging, I’m sure one of the brand names that comes to mind is Apple. From the logo to the in-store decor, elegance is evident in every aspect of the brand’s efforts. In your business, the aspects of elegance are definitely different from theirs, but their role is the same.

    Focus on goals and values

    Focusing on the result is especially important for tech companies, particularly those developing new tech, as it allows them to deliver on their promises to both themselves and their customers. Most importantly, it allows them to focus on only those aspects that are truly important and relevant to their ultimate goal. To achieve this, detailed planning is required, where the most optimal path is selected from thousands of possible options. Moreover, prior to any action taken, it should involve thousands of hours of research, hypothesis testing, and more, but it all must contribute to the company’s goals.

    According to Gartner’s 2019 Product Manager Survey, only 55% of new products are launched on time, and the other 45% are delayed by at least a month. This underscores the importance of the founders not only setting realistic goals but also communicating them clearly both to your customers and employees. Additionally, the company should not stray from its original purpose and should always keep its eye on the end goal. In order to stay on track, some things should be prioritized, such as good time management, both in your life and in your business, or for example, preparing contingency plans in advance. You can use these tools to ensure proactive and adaptive responses to unforeseen obstacles to ensure a smooth, or at least stable, ride to success.

    Initiating and igniting

    While it is important to keep up with the market and its latest developments, it is crucial to use this information to create new trends instead of simply following the existing ones. To follow this approach, business owners should create and keep in mind a clear picture of how their businesses differentiate themselves from their competitors, allowing them to have a shot at becoming industry leaders. The problem with utilizing trends as a foundation for a company is that the trend cycle inevitably leads to obsolescence.

    Netflix is a prime example of this. It originated as a DVD-by-mail service in 1998, just one year after DVD players were introduced in the U.S. before they became an essential part of every household. The company not only competed against Blockbuster, the largest rental chain at the time, but also revolutionized the rental process by introducing a new way for consumers to interact with their services, introducing a subscription model in 1999. Netflix entered the year 2000 with only 300,000 subscribers, now this number is up to 247.2 million. Why? Because they were able to come up with an idea for a truly unique service.

    Pursuit of excellence

    One of the greatest enemies of any entrepreneur’s long-term success is these three words: “That will do.” This phrase not only affects you as an entrepreneur, undermining your abilities and limiting your potential success, but it also affects every single facet of your business. The pursuit of excellence doesn’t entail that you shouldn’t attempt to release anything until everything is perfect, but it does suggest that whatever you can do should be done to the best quality possible.

    The strive for perfection, or rather the lack of it, is the reason the above-mentioned DVD rental chain now has only one store left in the U.S. When the market began expanding and Netflix entered the game, Blockbuster had the opportunity to acquire it, but passed on it arguing that Netflix was a too-niche business. Blockbuster’s opposition to online streaming and the fact that it was stagnant and content with the unchanged while an entirely new industry was evolving prevented it from innovating.

    Related: 5 Key Leadership Principles for Driving Growth

    Embracing challenges

    Given that technology has advanced more in the past two centuries than at any other time in human history, the possibilities for further development and creation are endless. It is not uncommon to encounter a myriad of problems when creating something new, especially in the beginning. However, a business owner shouldn’t avoid working on a unique product or service simply because of the issues it may present and to search for innovative solutions.

    As obvious as it may seem, the easiest way to approach a challenge is through hypothesis testing. Whenever you are faced with seemingly impossible problems, it is of utmost importance not to be intimidated by them, as this can lead to stagnation or the inability to deliver the promised product or service. By using hypothesis testing, one can generate and test dozens of possible solutions to avoid stagnation and initiate progress. Not only does this expand the range of feasible solutions, but it also allows the company to create a truly great product or service because you will be able to accomplish something no one has ever done.

    Positive impact

    In the 21st century, it is essential to prioritize more than just profit, especially at a time when we are experiencing such a rapid escalation of climate change and other worrying events. We are at the pinnacle of technological development, and it would be irresponsible not to use it to improve the world around us or at least try to preserve it for future generations.

    As a founder of a tech company, I often pay attention to this detail and believe that a positive impact is essential when it comes to running such a company and that those who have a genuine urge to make the world a better and safer place have a real chance of creating a thriving business. Of course, this principle is not exclusive to one industry only; for example, food delivery and ride-hailing services have a better chance of succeeding if they are inclusive and convenient to all. Remember, if you have an opportunity to impact the world with your business, there are hundreds if not thousands of options available, especially today.

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    Roman Axelrod

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