Tag: businessadvice

How to Ensure Love Doesn’t End Your Business

Surely you have ever heard that mixing love and business is not a very good option, which is not necessarily true, since the success of a business will always depend on how its owners manage it and not on their kinship.

The simple fact of starting a business is a great challenge that generates fear, and if your idea is to start with your partner, this can become an even greater challenge, which few dare to try. According to figures from the 2016 Global Entrepreneurship Monitor (GEM) Annual Report, approximately 34% of entrepreneurs are afraid of failure.
So that this does not happen to you, it is necessary that you take into account the following tips, which will be very useful when starting a business together with your partner:

1. Define objectives: before starting your business, it is important that you define the objectives you want to achieve in the short, medium and long term, as this will help you to have a guide for decision making.

2. Make a budget: it is essential that from the beginning they consider what expenses they will have month after month and that they keep an updated record of their income and expenses. To do this, I recommend you download the Monthly Budget format for free, with which you can significantly improve your business finances.

3. Establish their functions: discuss and agree on what functions they will have, the position they will carry out and the specific and general objectives. This will help them to have a better organization and avoid conflicts.

4. Separate personal finances: when they have defined what functions they will perform, it is necessary that each one has a salary assigned, since one of the worst financial mistakes they can make is to take the money that is destined for the business to pay your personal expenses.

5. Emergency fund: they must take into account that if they decide to work in the same business, all income will depend on a single source of work, so if the business stops operating, the income of both can be seriously threatened. For this reason, they must have a cash emergency fund that allows them to cover at least three months of their monthly expenses and which they only use for a true emergency.

Remember that love should not be an impediment for a business to grow and be maintained, undertaking as a couple can also bring you great benefits that improve your relationship. The only thing that must be maintained is communication and organization.

By: Alejandro Saracho

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TEDx Talks

Community growth expert and business mentor Best-selling author and business strategist Jadah Sellner believes that all business is personal, and that love has a very important role in the workplace. Why You Should Listen: At no other time in our history have humans been so connected — and so lonely. And companies that can tap into our innate need to be part of a tribe will stand head and shoulders above the crowd.

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Black Businesses Receive Tech Industry Push Ahead Of Holiday Shopping Bonanza

The Covid-19 pandemic has dealt Black-owned businesses a tough hand. Stifled by stay-at-home orders, on-again off-again store closures and stricter limits occupancy limits, many businesses are struggling to outlast the seemingly unending virus outbreak.

Although they’ve rebounded slightly in recent months, Black-owned stores have experienced the greatest decline this year, plummeting from 1.1 million businesses in February to 640,000 in April—a 41% drop.

But spurred by a national movement to support Black businesses, which kicked off this summer, a new number of corporations are taking small steps to put the Black in Black Friday.

Black Friday online sales pulled in a record $7.4 billion in 2019— the second largest online shopping day ever and a 19.6% increase over the previous year—while the holiday season overall generated more than $72 billion in online sales, according to Adobe Analytics. Online sales for this Black Friday are projected to generate $10.3 billion.

The surge in digital spending over the holiday season and the heightened visibility that’s been awarded to small businesses through corporate sponsorships could have a considerable impact on Black businesses in particular, sustaining them through the a few more months of the pandemic.

Facebook, for one, launched its #BuyBlackFriday initiative and a corresponding toolkit and gift guide in October as part of a broader three-month campaign to buttress small businesses during the holiday season.

The gift guide features products from Black-owned businesses and was curated alongside the U.S. Black Chambers and several corporate partners. 

“Black-owned businesses have been hit especially hard by the pandemic, closing at twice the rate of other small businesses,” Facebook COO Sheryl Sandberg wrote in a blog post announcing the initiative. She added, “But we know that millions of people want to help.”

The campaign runs through Black Friday on November 27, a symbolic starting gun for the holiday shopping season.

More recently, Google partnered with Grammy-winning musician Wyclef Jean and the U.S. Black Chambers to promote its #BlackOwnedFriday campaign, an effort to make November 27 “Black-owned Friday” and galvanize shoppers to buy Black beyond the Thanksgiving weekend.

The tech giant has also showcased Black-owed businesses on its social platforms since mid-October and now allows users to find nearby stores that identify as Black-owned through its search engine.

“I’ve seen firsthand the strain and struggle that Black-owned businesses face,” Jean said in a statement. “For many of them, this holiday season will be critical to their survival.”

TikTok, the latest viral social media platform, threw its weight behind Black-owned businesses months after facing censorship allegations from Black creatives in June. Earlier this month, the video sharing platform, which has about 200 million monthly active users in the U.S., launched Support Black Businesses, a digital hub to amplify Black entrepreneurs. 

TikTok also announced #ShopBlack, an in-app campaign that allows users to create videos spotlighting their favorite Black-owned businesses or to share their experience as a Black entrepreneur.

As small businesses reel from the pandemic’s economic disruption, many big retailers have had breakaway growth. Amazon’s profits and sales exceeded analysts’ expectations, reporting a 37% sales growth and tripling its third-quarter profits as more shoppers turn to the e-commerce giant during the pandemic. 

But celebrities and influencers alike have started to leverage Amazon’s omnipresence to highlight Black sellers on the platform. Nearly 70% of the products on Oprah Winfrey’s highly anticipated annual list of her favorite things are created by Black-owned or Black-led businesses this year and all are available for purchase on Amazon.

This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

The billionaire media mogul has partnered with Amazon on the list since 2015 and her yearly picks have provided brands with considerable gains in sales since the list’s 1996 advent.

Black Americans have developed a growing presence among small businesses owners and could stand to gain considerable sales from dedicated shopping holidays like Small Business Saturday, which raked in an estimated $19.6 billion in 2019. And while physical distancing measures will significantly curb foot traffic this year, more than 112 million Americans visited a small business on that day last year, a record high.

As shoppers increasingly reject winding lines that snake around the store, a trend that’s long been in the making but was exacerbated by the pandemic, they’re also looking to support independent local businesses—a potential boon for niche Black businesses with an online presence this holiday season. Follow me on Twitter. Send me a secure tip.

Ruth Umoh

 Ruth Umoh

I’m a reporter covering the various aspects of diversity and inclusion in business and society at large. Previously, I was a reporter at CNBC, where I focused on leadership and strategic management. I’ve also dabbled in video journalism, working as a breaking news digital producer for New York Daily News, followed by a yearlong stint as a producer at Rolling Stone. My work has been featured on New York Daily News, Yahoo Finance and Time Out. I’m a proud alumna of Columbia University Graduate School of Journalism, receiving honors for my investigative thesis on the alarming number of physicians dying by suicide. Tweet me @ruthumohnews or send tips to rumoh@forbes.com.

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MarketWatch

Black business ownership fell more than any demographic group since the beginning of the COVID-19 pandemic. We spoke to some across the nation who are still fighting to survive. See this video on MarketWatch: https://www.marketwatch.com/video/sec… MarketWatch provides the latest stock market, financial and business news. Get stock market quotes, personal finance advice, company news and more: https://www.marketwatch.com/ Follow MarketWatch on Facebook: https://www.facebook.com/marketwatch Follow MarketWatch on Twitter: https://twitter.com/MarketWatch Follow MarketWatch on Instagram: https://www.instagram.com/marketwatch/ Follow MarketWatch on LinkedIn: https://www.linkedin.com/company/mark…

The No. 1 Reason You’re Not Experiencing Consistent Revenue in Your Business

Spend any amount of time in entrepreneurial social media groups and you’ll get a glimpse into the things that are happening in entrepreneurship.

You’ll see entrepreneurs posting screenshots of five- and six-figure months. You’ll see leaders talking about experiencing their highest-revenue months. You’ll see experts left and right offering advice. You’ll even see a few entrepreneurs posting about their struggles. 

While looking successful on social media can feel good for a while, it’s not the path to building a business that creates financial security and options for an entrepreneur. One-hit wonder months aren’t sustainable and will have an entrepreneur frustrated by the lack of return for the effort they’re putting into building their business. 

While entrepreneurship isn’t the same as having a traditional job, there are strategies an entrepreneur can use to create consistent revenue. 

Related: 4 Expert Tips for Creating a More Repeatable Sales Process for Your Startup

We live in the Digital Information Age. With more than 4.5 billion daily Internet users, the opportunity for an entrepreneur to reach their target clients has never been better. Creating consistent revenue is possible with a plan and an understanding of modern business development principles. 

Lead generation and pipeline 

The number one reason entrepreneurs aren’t experiencing consistent revenue months is that they don’t have a plan for lead generation that fills their pipeline with potential customers who want what their business offers.

Randomly posting on social media is not lead generation. Even consistently posting on social media is only one part of a solid lead generation strategy.

The issue is that you don’t own social media platforms. If any social media platforms decide to make a change that affects the reach of your content, it will have an impact on sales. That’s why social media is just one piece of a bigger lead generation pie. 

Messaging people on messenger, sending prospects on social media to a funnel, or adding the names of people that didn’t give you consent to your email list is not lead generation. 

Ways to create a lead generation system 

Businesses thrive or close based on the systems they create for growth. Winging it only works in the movies and often leads to inconsistency. Clarity is one of the most under-utilized strategies to know what actions to take and how it all fits together.

Here are some ways to create a system that generates leads consistently and fills your pipeline with clients who help you grow your business and that you enjoy working with.

1. Use content to convince 

There’s a lot of noise online. There is no shortage of entrepreneurs who post consistently trying to convince consumers of their expertise. What separates the noise from the real is seeing an entrepreneur demonstrate expertise through content. 

Your content speaks before you ever do. If you’re publishing content on your topic on social media, your blog, newsletter or other mediums, your ideal target client can consume that content, get value and want to know more. 

Content that hits on the pain points of your target demographic tends to get shared and engages online consumers of content. It builds your email list and those who want to follow what else you do. 

It adds people to your pipeline because the consumer wants more. It’s a way to nurture prospects and turn followers into customers. It’s one of the strongest parts of any lead generation system.

Related: Why Sales Copywriting Is Crucial for Your Business

2. Leverage other audiences

In the digital age, the ability to be present has increased. While you can add value through content to your own audience, you can also be an expert on other outlets. 

Podcasts are one of the premier audio means to deliver content today. They’re so powerful, entrepreneur Joe Rogan signed a reported $100 million dollar deal with Spotify because of the podcast he’s built. Imagine what being on Rogan’s podcast would do for your business? While you may not have the opportunity to be a guest on his podcast, there are many others you could be a guest on. 

You can also host joint webinars, train in Facebook groups, get on TV and leverage other media opportunities. One of the best ways to generate leads is by showing cold consumers who you are, what you know and how what you offer can help solve their pain points. 

3. Demonstrate expertise

One under-utilized way to use social media platforms — and to those who causally follow you — is by offering the chance to win training with you, then doing that training live. 

It creates engagement because consumers want to win the session and more engagement because people want to see live training. It’s an incredible way to demonstrate the expertise of what you do and starts the “buying” process in your consumer’s mind. Consumers buy from someone they know, like and trust. They buy from entrepreneurs and businesses that have demonstrated an ability and a knowledge base of the topic your business is built around.

You can also upload the recording training session to your website. It creates an additional piece of content on your online real estate. Tell your social media audience they can get the reply on your website, which brings them to an opportunity to sign up for your email list. It increases website traffic dramatically because your consumer wants to see how your cookies are made, for example. 

Showcasing your expertise in a variety of ways helps you generate leads and fill your pipeline because you’re visually demonstrating you know what you’re talking about and can offer practical value for the consumer. 

Related: Online Content Monetization 101: How to Make Money From Content

A better way

Inconsistent months don’t have to be common in your business. Use content more strategically, leverage other audiences that are filled with your ideal prospects, and demonstrate your expertise by doing more than talk about it.

You can create the kind of lead generation that keeps your pipeline full and leads to increased sales. Don’t rely on old school tactics that don’t translate to a digital world. 

By: Scot Chrisman / Entrepreneur Leadership Network Contributor

Revenue streams or sales refer to how you generate cash from your clients. Without sales a business can’t function, so this is the most important aspects of any business. 7 most used revenue types include: 1- Asset sales refers to cases where you sell a product to a client who then becomes the owner of that product. 2- Usage fee refers to when a client uses your product or service but its ownership remains with you. 3- Subscription fee refers to when your clients subscribe on a monthly or weekly basis and can use your infrastructure. Examples of this include software as a service, gym memberships, etc.. 4- Leasing or renting or lending refer to allowing clients to use your assets for a period of time as if it is theirs 5- Licensing revenue is earned when you give clients a permission to use your intellectual property. 6- Brokerage fees are earned when you take commission from facilitating a business transaction between two parties 7- Advertising results from fees for advertising a particular product or service or brand. Empower Yourself with more Practical Business Education to Reach your Potential by visiting our site: https://www.potential.com/ Subscribe to our YouTube channel: http://www.youtube.com/subscription_c… Follow us on our social media channels: Facebook: https://www.facebook.com/PotentialCom LinkedIn: https://www.linkedin.com/company/pote… Twitter: https://twitter.com/potentialcom Goolge+: https://plus.google.com/+PotentialCom… Video Sample: https://www.youtube.com/watch?v=bH0eT.

5 Honest Truths About Starting A Business

After graduating from college, I’d wake up at six in the morning with one question in mind: Should I go all-in and focus exclusively on entrepreneurship — consequences be damned? Or look for a full-time job that gave me a sense of stability (and allowed me to make rent).

Let me rewind a bit. Back in 1999, while still studying computer science, I came up with my very first software product idea, a free open source membership program for a student website. Needless to say, I was beyond thrilled when this turned out to be an unexpected success. 

After receiving positive feedback from users, I decided to release a paid version that soon became lucrative. Just like that, I was an entrepreneur in the making.

Related: 8 Things You Need to Know Before Starting a Business

Friends insisted I follow my dream after graduating and jump in with both feet (a tempting choice for a twenty-something-year-old). 

But after all of the back and forth, I ended up deciding against the most seductive choice and listened to my gut instead.

Overnight success stories are overrated

This is not the story you were probably expecting. In the tech industry, you’ve likely read about fearless dreamers who launched their startups against all odds: Those who opted for building businesses from scratch rather than pursue the security of a nine to five job.

I get the allure of these stories. Overnight success isn’t impossible. But this narrative can be misleading when it makes people believe they should start a business before they’re ready.

I’m a fairly risk-averse person. Meaning, I think moderation is king when it comes to most things. So, what did I end up doing all those years ago? (It’s not as exciting as all those founders who went straight to the top of TechCrunch after graduating). 

I found a full-time job as a programmer for a New York media company. 

Related: How to Conquer Your Fear of Starting a Business

But here’s the thing: I didn’t give up on my dream. Instead, I used my day job to fuel my passion and learned valuable lessons about business and managing teams in the process. Five years later, I felt more prepared and confident to quit my job and to start my own company, JotForm.

Of course, during that time, I had the privilege of finding a job in the first place. 

Because of the current crisis, many of us are re-examining different aspects of our lives. 

You may be questioning whether you should turn your skills into a business, or maybe you are one of the tens of millions of Americans who have lost their jobs due to the coronavirus recession and were forced to make this decision.

While new opportunities are always exciting, whatever your situation — more than anything, I’d like to advocate for following a grounded approach. 

Some real talk about entrepreneurship

In her fascinating article for Harvard Business Review, author Emily Heyward points out that there are a few things to consider before taking that blind leap with your business idea. 

“As a founder who works alongside many other founders, I’ve seen firsthand what leads to success, as well as what can go wrong,” Heyward writes. “It’s also never been more competitive. The barriers to entry for starting a new business keep getting lower, as technology becomes more accessible and user friendly.”

Related: Starting a Business Isn’t What You Think. Here’s What to Expect Instead.business

This is in no way to discourage you from trying. While Heyward describes the excitement of starting a new venture, she also offers a few guiding principles aspiring entrepreneurs should take to heart.

“However you come to your idea, you should feel like you have no choice but to start this particular business at this moment in time,” she says. In other words, a genuine connection to your idea is key to success.

I couldn’t agree more. As CEO of JotForm, I’d love to share the expert-backed tips and lessons I’ve learned over the years while bootstrapping my company to over seven million users.

Surround yourself with trusted mentors and colleagues

Unlike other entrepreneurs, I ended up deciding against having a co-founder to build my business with. However, this doesn’t mean I didn’t rely on incredibly smart people to help me along the way. 

Before you dive headfirst into your idea, make sure you’re surrounding yourself with the right people like mentors and colleagues who are a few steps ahead of where you want to be. 

Writing for Entrepreneur, Sheila Eugenio argues that in hard times, having a mentor can help us keep our head high: “The valuable connections, timely advice, occasional checks — together with the spiritual and moral guidance you will gain from having a mentor — will literally leapfrog you to success.”

Focus on value over competition

JotForm is bootstrapped, and we’ve never taken a dime from outside investments. Which is to say, we’re not necessarily the “cool kids” of the startup world. 

Here’s my point: There are always going to be competitors more popular than you. Hitting the front page of TechCrunch or playing the comparison game will get you nowhere. 

So, what does move the needle forward?

Focus on building value for your customers instead of chasing trends. As Heyward puts it: “It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer.”

Keep asking yourself: How can I make the best product possible? How can I keep improving my services?

The bottom line: We reached over seven million users because we chose to listen instead of compare. 

Do it with passion or not at all

While there’s no way to know how long this recession will last, considering your role as a founder from the very beginning will go a long way in ensuring where your business ends up. 

“People care deeply about who’s behind the companies they’re purchasing from,” Heyward notes. “It’s hard to feel a personal connection to a nameless, faceless corporation, and far more rewarding to support brands that are built by individuals with a compelling story.”

Whatever you do, don’t be generic. Be willing to communicate with your consumers, share your purpose with them, and what’s driving your efforts. Developing an authentic voice and relationship with the people buying your products doesn’t just help you gain traction, it gives your work more meaning.

Perhaps Heyward put it best: “Recognize that the very long, exhilarating, terrifying, exhausting, but oh-so-rewarding journey ahead of you only begins when you fully commit to your vision and take control of your outcome.”

By: Aytekin Tank Entrepreneur Leadership Network VIP / Entrepreneur / Founder and CEO, JotForm

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Stop Asking, ‘Can I Pick Your Brain?’ Harvard Researchers Say This Is How Successful People Ask For Advice

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“Can I pick your brain?”

Five words that make up the most thoughtless, irritating and generic way to ask for advice — and any person who is a rock star in their industry has heard it more than a dozen times.

The phrase, while well-intentioned, is overused, vague and way too open-ended. When conversations start this way, there’s no telling where it’ll go or how long it’ll take.

Don’t get me wrong: I’m all for giving — and receiving — advice. Offering advice is a sign of good leadership, and asking for advice is a sign of intelligence. If the exchange goes well, both parties benefit.

“The whole interaction is a subtle and intricate art. It requires emotional intelligence, self-awareness, restraint, diplomacy and patience,” Harvard Business School professors Joshua D. Margolis and David A. Garvin wrote in a 2015 Harvard Business Review article.

But the process can derail in many ways. It can quickly lead to “frustration, decision gridlock, subpar solutions, frayed relationships and thwarted personal development,” according to Margolis and Garvin.

To avoid those consequences, here’s some guidance on how to ask for advice without annoying the other person:

Start with a positive tone

The way you initiate the conversation is everything. Instead of starting with, “Can I pick your brain,” shift the language to a more positive tone.

When in doubt, I recommend: “I’d love your advice.” No-frills, friendly and simple.

Identify the type of advice you’re seeking

Immediately after your opening line, address the topic of your problem in the form a question.

In order to craft a question with great precision, ask yourself: What type of advice am I seeking? What does my problem involve? What are my desired outcomes?

Below are the four general types of advice, according to Garvin and Margolis’ research:

  1. Type of advice: Discrete
    What it involves: Exploring options for a single decision
    Desired outcomes: Recommendations in favor of or against specific options
    Example question: “Where should we build the new factory — in China, Brazil or Eastern Europe?”
  2. Type of advice: Counsel
    What it involves: Providing guidance on how to approach a complex or unfamiliar situation
    Desired outcomes: A framework or process for navigating the situation
    Example question: “How should I handle my domineering supervisor?”
  3. Type of advice: Coaching
    What it involves: Enhancing skills, self-awareness and self-management
    Desired outcomes: Task proficiency; personal and professional development
    Example question: “How can I work more collaboratively with my peers?”
  4. Type of advice: Mentoring
    What it involves: Providing opportunities, guidance and protection to aid career success
    Desire outcomes: A relationship dedicated to building and sustaining professional and personal effectiveness and to career advancement
    Example question: “How can I get more exposure for my project?”

Just the other day, someone approached me for guidance, and her execution was perfect: “I’d love your advice. My company is asking me to relocate. There are several factors to consider and I’m not sure if I should do it. Do you have 45 minutes to chat?”

Forty-five minutes is a lot, I know, but I appreciated the fact that she acknowledged it would be a longer conversation. I happily blocked off some time on my calendar and we ended up talking for an hour.

Come prepared with specific details

As you move further into the conversation, it’s important to clearly define the problem. Otherwise, you’re doing what I like to call a “bait-and-switch.”

(This is another reason why you should never ask to pick someone’s brain; it makes the other person assume that the exchange will only take a few minutes. But more often than not, it ends up being a deep dive.)

According to Margolis and Garvin, when you don’t come prepared with specific details about your problem, you’re more likely to end up “telling a lengthy, blow-by-blow story” that might cause the advice giver to tune out, lose focus or misidentify the core problem that needs solving.

Simply put, don’t come into the conversation empty-handed. Put realistic guardrails on the conversation and include any essential background information that your advisor might not be familiar with. Providing specific details also keeps the conversation pleasant and interesting.

Ask the right person

Several field studies have discovered that advice seekers are more likely to ask for guidance from people they feel comfortable with, like a close friend or family member.

“Though friendship, accessibility and non-threatening personalities all impart high levels of comfort and trust, they might have no relation to the quality or thoughtfulness of the advice,” Margolis and Garvin wrote. This is especially true if you’re seeking career-related advice.

Think creatively about the expertise you need. Who will bring in the most valuable insight? Who has the most knowledge that’s relevant to your problem?

For example, if you’re asking a seasoned CEO for advice involving your personal life, don’t expect to have lunch with Yoda. Your advisor is offering up valuable time to listen and provide professional feedback, not to hear you vent for an hour.

 

Don’t ask everyone

Things can backfire quickly if you run around asking a bunch of people for advice. Clearly, you won’t be able to follow everyone’s advice.

“Research shows that those whose advice you don’t take may have a worse view of you afterward. They may even see you as less competent or avoid you,” according to Hayley Blunden, a PhD student at Harvard Business School and co-author of the 2018 study, “The Interpersonal Costs of Ignoring Advice.”

For example, a marketing executive who is widely respected is pleased when you ask her what to do about a particular situation, but is then less pleased when she finds out you didn’t do it.

Remember, you’re not running a Gallup poll (but if you really are, then just say so).

Don’t assume you already know the answers

Garvin and Margolis pointed out that people often have a hard time “assessing their own competence and place too much faith in their intuition.”

As a result, they end up asking for advice simply to gain validation or praise. Those who have a tendency to do this often believe they’ve already solved the problem, but just want confirmation or recognition from their bosses or peers.

“It’s a dangerous game to play because they risk alienating their advisers when it becomes evident — and it will — that they’re requesting guidance just for show or to avoid additional work,” the professors noted.

Be grateful

It should go without saying, but based on my experience, I still feel the need to emphasize it: Be grateful.

Thank your advisor for their time at the conclusion of your meeting. It doesn’t hurt to thank them again the next day via email. Follow up later to let them know how their feedback helped you. If they sent you an article or book, let them know how it you benefited from it.

Showing that you’re humble and appreciative will go a long way in maintaining good relationships with those in your professional network.

By: Gary Burnison

Gary Burnison is the CEO of Korn Ferry, a global consulting firm that helps companies select and hire the best talent. His latest book, a New York Times best-seller, “Lose the Resume, Land the Job,” shares the kind of straight talk that no one — not even your partner or close friends — will tell you. Follow him on LinkedIn here.

Source:https://www.cnbc.com

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