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6 Things Entrepreneurs Can Do With Internet-Enabled ChatGPT

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By Jodie Cook

Connecting your favourite large language model (LLM) to the internet gives it superpowers. Before, ChatGPT was stuck in 2021, now it can access the world wide web’s abundance of knowledge. But what to do with this newfound ability? Only your imagination can stop you.

First thing’s first, configure your settings. Log into your ChatGPT Plus, head to settings and enable web browsing. Select the GPT-4 web browsing template and you will see ChatGPT cite its sources with small numbers and links. Now you’re good to go, ready to see what’s possible.

Describing himself as a technology and AI educator, Paul Couvert of Paul.ai is personally building tools “better and faster using AI and no-code” and teaching others to do the same. Alongside building his company, he’s publishing free ChatGPT power courses, to help you go from beginner to expert, and guides to using no code and AI in your work. Paul has amassed 130,000 Twitter followers and his weekly newsletter has 5,000 subscribers, with each edition containing tips to master AI and no-code to level up your business.

I asked Couvert to share how entrepreneurs can maximize the internet-enabled version of ChatGPT and he gave his top six.

Ways to use the internet-enabled version of ChatGPT

1. Summarize news

Watching news programs or scrolling news sites is a waste of everyone’s day, especially when you have a business to run. Utilize ChatGPT to do the heavy lifting for you, as it summarizes any news story in a few seconds.

Ask it what you want to know in a concise summary. For example, suggested Couvert, “What were the main points from [the last United Nations climate change report released in 2023]? Summarize with a short paragraph and a list.” Replace the square brackets with the event of your choosing and gather the facts without spending the time.

2. Detect a trend

If you can stay abreast of trends, you can create the products and services that are about to be in high demand. While everyone else is waiting until it’s reported, by which time the moment has passed, with one simple prompt you can see the future and use it to your advantage. Don’t waste this power.

“Connected to the internet, ChatGPT can become your best business partner,” explained Couvert. Ask it to, “Provide a short analysis of the latest [e-commerce] trends and consumer behaviour patterns in [the first quarter of 2023].” Edit the prompt to apply to your industry and keep it nearby. You might find out something you didn’t know.

3. Apply academic research

You’re unlikely to trawl through lengthy academic papers during your normal business day, but their findings could make a difference to your work. Rather than wait for the insights to be reported, collaborate with ChatGPT to get the main points. It might spark new ideas for products and press.

Couvert suggested this prompt to understand the research ahead of the curve. “Summarize the key findings of the latest research [published in ‘Nature’ last week] on the topic of [exoplanet destruction]. Give an answer in markdown.” What comes out should tell you everything you need to know to plan accordingly.

4. Improve your keystone habits

Habits are being studied all the time. Researchers are testing new ways of doing things, and with internet-enabled ChatGPT you can learn what they are to become fitter, healthier and more productive.

Whether that’s being more productive working from home, optimizing your breakfast for sustained energy, or structuring your week around a sport, get the latest insights with one simple prompt. Couvert recommends you use, “From recent online studies, what are the [top 5 tips] to [work better from home?] Make a summary table.” Insert your area of improvement and implement the changes as applicable.

5. Predict the future

If investing is your thing, use internet-enabled ChatGPT as your research partner, to find things out and make predictions on the future. Are humans or robots more likely to beat the market? Nobody knows. But it makes sense to consider all the information before placing your bets.

Do this with ChatGPT’s internet version using this prompt, according to Couvert. “Based on the latest financial results of [the 50 biggest tech companies], how might their shares perform in the coming weeks?” See what it says, take it with a pinch of salt and proceed with your investments as cautiously as normal.

6. Understand a complex event

Sometimes you don’t need all the details, just the crux of the story. You require just enough to join in a conversation, not to write a report. One simple prompt, applied to any event in the news, might be enough to build a rapport with someone who really cares.

Couvert suggests this prompt for finding the story without wasting time trawling. “Tell me the current [price of gasoline in France] and explain to a 12 year old why [this price isn’t going down now while the price of oil is going down.]” Explaining something to a 12-year-old is key. You want simplicity and memorability, not unnecessary nuance.

Use the internet-enabled version of ChatGPT to google things faster and get results with more relevance. Summarize the news, detect a trend, and apply insights from academic research. Improve your habits, get stock market predictions and understand a complex event. See how much more you can learn and understand and appear to have superpowers to everyone in your presence.

Feature Image Credit: Paul Couvert

By Jodie Cook

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

Founder of Coachvox.ai – we make AI coaches. Forbes 30 under 30 class of 2017. Post-exit entrepreneur and author of Ten Year Career. Competitive powerlifter and digital nomad.

Sourced from Forbes

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Steve Jobs Said Half of What Separates Success From Failure Comes Down to 1 Simple Word

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By Jeff Haden

And it’s something everyone–regardless of their background, education, connections–can do.

I’m not particularly smart. I’m not particularly athletic. I don’t have any real talents (when talent is the ability to learn a subject or gain a skill more quickly than most). I’m the poster child for average.

Maybe that’s why, out of all the great things the Apple co-founder said, this is my favourite Steve Jobs quote:

I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance. It is so hard. You pour so much of your life into this thing.

There are such rough moments … that most people give up. I don’t blame them. It’s really tough.

While Jobs was referring to startup founders, the premise is broadly applicable. Whatever intelligence I possess is from reading at least two books a week. My fitness level is due to the fact I work out nearly every day. My writing ability, such as it is, is due to the fact I write every day.

In any pursuit, any success I’ve enjoyed is because I show up, even when I don’t want to.

While that might sound too simplistic — perseverance is just one factor in achieving any worthwhile pursuit — just showing up carries outsize importance. For example, a meta-analysis published in Review of Educational Research found that college students who consistently go to class get (surprise, surprise) better grades.

While that might sound more like correlation than causation — maybe the smartest people tend to go to class more regularly — there’s more to it.

As the researchers write:

Class attendance (better predicts) college grades than any other known predictor of academic performance, including scores on standardized admissions tests such as the SAT, high school GPA, study habits and study skills.

Results also show that class attendance explains large amounts of unique variance in college grades because of its … weak relationship with student characteristics such as conscientiousness and motivation.

Not particularly smart? Not particularly motivated? Not a great student? As long as you show up, and keep showing up, you’ll likely do well.

That’s true for most things. Say your goal is to make 10 sales cold calls a day, but today you just aren’t feeling it. Just make two calls. Something is always better than nothing, and sticking to your plan, at least in part, will help you maintain the routine. (Habits: really hard to establish, incredibly easy to break.)

Plus, those two calls could break you out of your unmotivated funk.

“If you don’t want to do something,” Instagram founder Kevin Systrom says, “make a deal with yourself to do at least five minutes of it. After five minutes, you’ll end up doing the whole thing.” Even if you don’t, that’s OK: Showing up every day allows you to put at least a partial X in your Jerry Seinfeld calendar chain.

And then there’s this. Do something regularly helps you, as odd as it might sound, become that thing.

Say you want to start a business. At first, you’re checking off to-do lists. You’re following advice from others. You’re finding your way. But in time, you no longer see yourself as a person who is starting and running a business.

You’re an entrepreneur; that’s who you are, and you act accordingly.

Or say you hire employees. At first, you manage them — but when you show up every day, in time you start to think of yourself as a manager. Leading is no longer something you do. You’re a leader; that’s who you are, and you act accordingly.

The same is true for any pursuit. When you show up consistently, over time you become the thing you do. If you’ve just started jogging, you would never call yourself a runner — but by showing up, time after time after time, one day you’ll wake up one day and see yourself not as someone who runs, but as a runner.

Sound too simple? Science says otherwise. A study published in Child Development found that students were 30 percent more likely to clean up when teachers said, “Can you be a helper in cleanup?” instead of “Can you help clean up?”

That small shift isn’t just effective with kids. A study published in Proceedings of the National Academy of Sciences found that people who received a letter encouraging them to be a voter rather than simply to vote were 15 percent more likely to register to vote.

That’s why Jobs put so much emphasis on perseverance. Clearly staying the course matters: While showing up won’t guarantee success, giving up does guarantee you’ll fail.

Don’t have a talent for sales? If you show up, sales skills can be learned. Don’t have a talent for leading people? If you show up, most leadership skills — giving feedback, building teams, setting expectations, showing consideration for others, seeking input, focusing on meaningful priorities, etc. — can be learned.

Success in most pursuits doesn’t require talent. Success simply requires skill.

Skill you can gain — as long as you’re willing to show up.

Feature Image Credit: Steve Jobs. Photo: Getty Images

By Jeff Haden

Sourced from Inc.

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Top Entrepreneurs Share Their Best Business Advice For 2023

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By Alex Bodra 

As we head into the second half of 2023, it’s more important than ever to take a proactive approach to your business and seek guidance from those who have succeeded before you.

Entrepreneurship is a journey that requires hard work, dedication, and the right mindset. The business world is constantly evolving, and staying on top of the latest trends and strategies is essential for success. As we head into the second half of 2023, it’s more important than ever to take a proactive approach to your business and seek guidance from those who have succeeded before you. In this article, we’ve gathered insights from top entrepreneurs who share their business tips for 2023.

Beatriz Repiso

Beatriz Repiso is a passionate entrepreneur and the founder of a leading international digital marketing agency that specializes in catering to multilingual and multinational enterprises. With a strong focus on the financial niche, Beatriz and her team pride themselves on their ability to provide localization services, ensuring that language and culture are expertly woven into tailored marketing strategies. Beatriz’s agency is dedicated to helping businesses expand their global reach by adapting their marketing efforts to resonate with diverse audiences across various geographies.

Advice For Entrepreneurs:

As an entrepreneur, one of the most valuable lessons you can learn is the importance of adaptability and patience in the face of constant change. Success is rarely achieved overnight, and it takes time for your strategies to bear fruit. Don’t be afraid to explore multiple avenues and have a contingency plan in place for when things don’t go as expected. Remember that language and cultural nuances can significantly impact your business, so it’s essential to remain open to new perspectives and be willing to adjust your approach accordingly. Embrace the journey, and never lose sight of the ultimate goal – building a thriving, sustainable business that transcends borders and makes a meaningful impact on the world.

Nestor Vasquez

Nestor Vazquez is an experienced SEO consultant based in Mexico. He supports entrepreneurs trying to make their businesses more visible and profitable in a crowded online market, with his media experience amounts to thousands of pages, and his expertise in e-commerce is both local and international.

Advice For Entrepreneurs:

Nestor Vazquez is inspired by Reid Hoffman phrase: “If you are not embarrassed by the first version of your product you’ve launched too late.” Which means that an important lesson you can learn is if you wait until your product is perfect before you release it, you may be waiting too long. Instead, you should aim to get your product out to the public as soon as possible, even if it’s not perfect yet. This is because the first version of your product will almost never be perfect, and you will always find ways to improve it.

That’s suggests that it’s better to take action and get your product out there, even if you feel a little embarrassed by its imperfections. This way, you can start getting feedback from your customers and making improvements based on their suggestions. In the end, your product will be better for it, and you’ll be more likely to succeed.

Victor Mäki

Victor Mäki is a serial entrepreneur with a diverse portfolio, spanning across finance, real estate, SaaS, and mobile applications. As the owner of Coin Real Estate, he has established a pioneering position in the web3 and crypto space by accepting bitcoin and various other cryptocurrencies as payment methods. Victor’s innate ability to seize opportunities in a wide range of industries has set him apart as an innovative leader, consistently pushing the boundaries of traditional business practices.

Advice For Entrepreneurs:

Embrace every opportunity that comes your way, and never close doors to new possibilities. The key to success as an entrepreneur lies in expanding your network, treating people with respect, and investing in continuous education. Surround yourself with individuals who share your vision for growth and possess a strong work ethic, as these are qualities that cannot be taught. Remember that those who grow alongside you are more likely to remain loyal partners in your journey. Keep an open mind, cultivate meaningful relationships, and nurture a culture of learning and development – this will not only propel your business forward but also lay the foundation for a fulfilling entrepreneurial experience.

Gregor Gregersen

Greger Gregersen is the Founder of Silver Bullion Pte Ltd. The company provides segregated ownership of physical gold, silver, platinum, nickel, and other metals while minimizing storage, counterparty, and jurisdictional risks in a manner that traditional financial institutions cannot.

Silver Bullion eliminates counterparty default risk through legal title ownership (not credit) of authenticated property and has obtained one of the best insurance coverage to protect your property. Most importantly, their exclusive Singapore jurisdiction and full vertical integration of their precious metals dealership, vault, and vault landlord isolate them from Western gold nationalizations or confiscations.

Their full vertical integration, free of outsourcing, means that their clients have certainty with whom they deal and their upcoming vaulting facility, The Reserve, represents their commitment to being a trusted long-term custodian for investors’ generational wealth.

Silver Bullion is an extraordinarily solid counterparty against global systemic crises such as multiple bank defaults, hyperinflation, or gold nationalizations.

Rooted firmly in Singapore, they have procured 980 metric tons of bullion since 2009 and provide liquidity for their clients by buying back bullion at very competitive prices. They have stored over 680 metric tons of bullion for customers since 2011 and operate their own testing lab to authenticate all customers’ bullion, guaranteeing the bullion’s authenticity.

With the assurance that all stored bullion is genuine, they are able to facilitate secure low-interest lending and borrowing between clients on their Secured P2P Loan program which has matched over 535 million SGD across 13,900 loans since 2015.

Silver Bullion is a member of the Singapore Bullion Market Association (SBMA) and was ranked the 33rd most entrepreneurial privately owned company in Singapore by KPMG and The Business Times (E50).

Advice For Entrepreneurs:

Gold and silver are always considered attractive investments due to their unique properties. Both metals are limited in supply and have been regarded as a store of value for thousands of years. With inflation rising, investors are looking for alternative ways to preserve their wealth. Gold and silver have historically held their value during periods of high inflation and have provided a store of value during times of currency devaluation. It would be wise that entrepreneurs to allocate some investment funds into precious metals given the inflationary and uncertain global economic situation.

Rob Eyerly

Headshot photography trends have evolved over the years, with changes in technology, preferences, and the way people market themselves. In the past, headshots were characterized by department store poses and dated backgrounds, but nowadays, there is a shift towards a more authentic and timeless look. The emphasis is on capturing the individual’s personality and embracing their unique features and character traits. As a result, contemporary headshot photography often embraces a more relaxed technique, with less focus on traditional methods and more emphasis on results that convey a sense of approachability and warmth.

Another evolution in headshot photography is the newest trend of virtual professional headshots. This style embraces the remote culture of the modern workforce and leans into cost-effective and convenient solutions. While the definition of virtual headshots can vary, one option features a simple DIY selfie with limited editing benefits. Another more sophisticated option features a headshot session led by a professional photographer using remote photo capture and offering an extensive suite of retouching services with a post-production house. Blending the best of onsite photography with its digital counterpart, virtual headshots are one of the most accessible solutions to provide connection and brand alignment for teams divided by distance.

With the rise of social media and online networking, headshot photography has become more critical than ever. Keeping up with the latest trends can help individuals or teams make a lasting impression and stand out in a competitive job market.

Advice For Entrepreneurs:

When asked what has been the most significant accomplishment or milestone his company hit, Rob Eyler, CEO at Capturely, responded, “Building my team. COVID brought our onsite photography to a standstill, no revenue. Instead of giving in, our team pivoted and developed professional virtual headshots. This was only possible because we believed in the vision that everyone deserves professional visibility. Most importantly, we believed in each other.”

He added, “That’s the true definition of success, a team so supernaturally unified and striving towards a common goal that we feel like anything is possible.”

Tim David:

Tim David is co-founder of Breakthrough Productions with his wife, Corryn David. Over the past 16 years, their team has executed over 500 events and impacted the lives of over 8,640,000 consumers nationwide. Together they have worked with some of the top brands in the world, executing and producing impactful events. Think of what they do as creating Disney-World-like experiences for Fortune 500 brands.

They take their experience in theatrical storytelling and world creation and tie that with the message a brand wants to deliver to the marketplace and create something memorable and powered by impact. Whether it’s a tradeshow environment, music festival activation, multi-stadium tour, or a pop-up store, Tim and his team are experts at taking an ordinary event and making it an EXPERIENCE… That is why they are fore-runners in the experiential marketing company space. Transforming spaces and creating experiences that the consumers who are impacted will never forget.

If Tim had any advice for an entrepreneur, it would be this: “There are only two things that matter when it comes to business. The first; is the impact you have on people; people are your consumers and your team members… and the second is profit. That’s all that matters, and that’s all you should be focusing on.

Advice For Entrepreneurs:

I’d have you consider that the impact you and your team deliver to the marketplace has a DIRECT impact on the profit of your business. People today are tired of just price shopping. The most successful brands have a true connection with their people… And that can only be delivered with impact and connection. Experiential Marketing is no longer just for Fortune 500 companies, and it can impact your customers in either a healthcare waiting room, a music festival, or a tradeshow… Anywhere people engage with your brand and connect with your experience.”

Daniel Wilson

Advice On Growing A Successful Dental Practice:

Growing a successful dental practice takes a lot of hard work, dedication, and a solid understanding of what it takes to keep your patients happy and healthy. We will go over some of the key strategies and techniques that you can use to grow your dental practice and build a thriving business.

  1. Invest in your staff and provide excellent customer service.
  2. Your staff is the backbone of your practice. Investing in their education and training will help them stay up-to-date with the latest dental technology and techniques. Additionally, excellent customer service can lead to patient referrals and a positive reputation in your community.
  3. Create a welcoming atmosphere and focus on patient comfort.
  4. Patients are more likely to return to your practice if they feel comfortable and at ease during their appointments. This includes everything from the design of your waiting room to the dental chairs and equipment you use.
  5. Embrace technology and stay up-to-date with the latest trends.
  6. Technology is always evolving, and it is essential to be current with the latest dental technology and trends. This includes everything from digital X-rays to social media marketing.
  7. Build relationships with your patients and community.
  8. Building solid relationships with your patients can lead to patient loyalty and positive word-of-mouth referrals. Additionally, getting involved in your community through events or sponsorships can raise awareness about your practice.
  9. Offer a wide range of dental services, such as dental implants, same-day dental crowns, and more.
  10. Offering a wide range of dental services can attract a broader patient base and increase revenue. This includes everything from routine check-ups and cleanings to cosmetic dentistry and orthodontic treatments.
  11. Utilize effective marketing strategies.
  12. Marketing and getting your message out is an essential component of any successful business. Utilizing effective marketing strategies such as search engine optimization (SEO), social media marketing, and email marketing can help attract new patients and build your brand.
  13. Focus on patient education and preventive care.
  14. Educating your patients about proper oral hygiene and the importance of preventive care can help reduce the need for more extensive treatments down the line. Additionally, offering preventive services such as fluoride treatments and sealants can help keep your patients healthy and happy.
  15. Continuing education is essential for any dentist in Vancouver WA, or anywhere looking to provide the best possible care for their patients. Encouraging your staff to attend seminars, conferences, and workshops can help them stay up-to-date with the latest dental techniques and treatments.
  16. Monitor and analyse your practice’s performance.
  17. Monitoring and analysing your practice’s performance can help you figure out areas for improvement and make data-driven decisions. This includes tracking patient satisfaction, revenue, and expenses.
  18. Stay organized and maintain accurate records.
  19. Maintaining accurate records and staying organized is essential for any successful dental practice. This includes everything from scheduling appointments to keeping track of patient files and financial records.

In conclusion, growing a successful dental practice takes hard work, dedication, and a solid understanding of what it takes to keep your patients healthy and happy. By investing in your staff, embracing technology, building strong relationships with your patients and community, offering a wide range of services, utilizing effective marketing strategies, focusing on patient education and preventive care, emphasizing the importance of continuing education, monitoring and analysing your practice’s performance, and staying organized, you can build a thriving dental practice and provide the best possible care for your patients.

George Ligon

Advice For Entrepreneurs:

I started my own law firm for many of the same reasons that every business owner does: I was tired of working for someone else, I wanted to have more control over my schedule, and I thought I could provide better services for my clients if there were less organizational bureaucracy between the client and lawyer.

What I did not expect was how becoming a business owner would make me a better advisor and business lawyer for my clients. Suddenly their problems were problems I also had. Being an entrepreneur has made me a better estate planning attorney and introduced me to many other business owners as well.

To anyone thinking about starting their own business, as a lawyer, I would advise making sure the contracts and legal and tax structures are set up correctly on the front end, as fixing it later can cause lots of problems. As a business owner, I would advise you just to accept that there is going to be a whirlwind of the unexpected, and that’s a good thing. Starting your own business will be the greatest professional adventure you can have.

Chris Hamilton


Outdoor lighting and landscape lighting trends have been evolving in recent years, with an emphasis on creating a warm, welcoming ambiance and highlighting the beauty of the surrounding environment. One of the biggest trends in outdoor lighting is the use of LED lights, which offer a range of benefits, including energy efficiency, longer lifespan, and more options for colour and brightness. LED lights are versatile and can be used for various purposes, such as lighting walkways, highlighting architectural features, or creating a soft glow around outdoor seating areas.

Another trend in outdoor lighting is the use of smart technology, which allows homeowners to control their lighting remotely, either through an app or voice activation. This technology can be particularly useful for landscape lighting, as it allows for easy adjustments to the lighting scheme depending on the time of day or season. Additionally, landscape lighting is becoming more artistic, with designers using a variety of fixtures, colours, and angles to create visually stunning displays. This trend is particularly popular in high-end residential properties and commercial settings such as hotels and restaurants, where outdoor lighting plays a crucial role in creating a memorable and inviting atmosphere.

Advice For Entrepreneurs:

Some advice that I would give would be to other Entrepreneurs, especially nowadays, is to go all in on one thing. It is paramount to separate yourself apart from the competition and carve out your niche in the market. Every interaction with any person, whether it is a customer, friend, etc., is an opportunity to make your mark and leave a lasting impression, not just to create an opportunity for yourself through sales but also a connection. The world right now is disconnected, so it is a low barrier to entry to create a great connection.

Dr. Matthew Hubis, DMD

As an entrepreneur in the dental industry, it’s important to stay up-to-date with the latest trends in dentistry to remain competitive and provide the best possible service to your patients. Being a small city dentist in Rock Hill SC I am seeing some of the latest trends that are currently shaping the industry:

Digital Dentistry: Scanning has become the new norm in dentistry. Analog impressioning still works, but digital scanning offers increased speed, accuracy, and flexibility in workflows. Decreased appointment times and eliminating time spent with an impression tray in their mouth are perks for our patients.

3D Radiographs or CBCT: Cone-Beam Computed Tomography, or CBCT, is a must-have in today’s practice. This technology allows us to view the patient’s maxilla and mandible in 3 dimensions. Diagnosis has never been more clear-cut. Nothing can hide from us anymore. CBCT also aids in implant planning.

Same-Day Crowns: With CEREC chairside software, I’m able to eliminate an entire appointment to complete a crown or multiple crowns. Patients really value this efficiency in our workflow.

Dental Implants: Dental Implants have become very predictable in replacing teeth and stabilizing dentures. This treatment is the standard of care and is very profitable. Digital workflows can be incorporated to reduce the overall treatment time and improve efficiency. Guided implant surgery incorporates scanning and 3D radiographs to pre-plan the implant position and produce a guide for highly accurate implant placement. General Dentists are

3D printing: Implant guides, Same-day restorations, Nightguards, and Dentures are just a few of the dental solutions that can be 3D printed in-office. Most laboratories have 3D printers for outsourcing the prints if not done in-office.

Advice For Entrepreneurs:

If you are looking to start your own dental practice, I would suggest the following steps.

  • Locate an area you want to practice and live in. It must be desirable and fit your life.
  • Do demographics research with Dentagraphics or something similar.
  • Cross-reference a good location with one that’s desirable to you. Your hometown is always a good choice if you want to live there.
  • Create a vision. What do you want your practice to be like? You will spend much time in your practice, so make it pleasant.
  • Find your niche. Your niche must be something you enjoy. It might be something lacking in your area or it might be something you can do better than everyone else.
  • Obtain all the knowledge you can and put it in play. Dental CE is everywhere. Invest in the best and implement what you learn immediately.
  • Try not to move locations. If you can stay in the exact location your entire career, you will build a more profitable practice. If you must move, it’s not the end of the world, but it will set you back some in the building process.

Feature Image Credit: Bram Naus on Unsplash

By Alex Bodra 

Sourced from Entrepreneur Asia Pacific

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What Every Founder Needs to Know About the Valuation Gap Between Entrepreneurs and Investors

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For founders to most effectively bridge the valuation gap between themselves and investors, they must establish trust through the following four approaches.

With nearly 25 years on the ground both building sales organizations and generating business growth at scale, I understand the factors influencing a company’s valuation. Nine times out of ten, these metrics are driven by a genuine confidence in a product and its market potential. However, as a founder, it is crucial to fully comprehend and play into the current investor landscape to secure funding in this turbulent market successfully.

In Q3 of this year, VC investment in the U.S. dropped to $43 billion — the lowest since Q2 of 2020 due to high inflation, rising interest rates and fears of a potential recession. Now, the state of the market reveals two competing perspectives.

Amid market corrections, an overall IPO slowdown and pressure on returns, investors are more frugal than they were even a year ago and are adjusting their vision-based valuations accordingly.

At the same time, entrepreneurs are hesitant to accept funding at a level below what they’ve seen in the market over the past few years. Growing companies at all stages are posed with the challenge of raising funds at a time when it’s difficult to get their preferred valuations, and investors are extra conscious of the time it will take to see a return on their spending.

Valuation has always been a major stumbling block when negotiating with investors. Here’s what you should look out for:

Identify changing venture capital criteria

The funding environment is changing, and pretending it’s not won’t get founders anywhere. Rather than relying on old tactics, founders and CEOs can stand out to investors by realistically valuing their company and allocating resources appropriately. Looking back at past deals to vie for a higher valuation is an uphill battle that those seeking funding will not win in this market. By accepting the now and understanding the paradigm shift that is taking place in the investor/business relationship today, company leaders will have more success aligning with investors on their valuation.

Entrepreneurs will also need to lean into investors’ new criteria to prove their company’s value, whether in the early start-up stage or in the midst of seeking a later round of funding. To ensure investors are confident in their decision and will see a return, company leaders should go back to the basics — no matter the size of the business.

For example, startup founders must do their research to ensure they have a solid product that fills a real market need while remaining objective. They will need to answer hard-hitting questions from investors, such as:

  • Have you found a problem worth solving, and will your product do that seamlessly?
  • How is your product genuinely different from that of your competitors?
  • How will you prove this to your potential customers?
  • Have you interviewed potential customers and conducted experiments?
  • Have you fine-tuned your prices?

By the same token, more mature enterprises will need to remain nimble by leaning into what investors are looking for at later stages, asking themselves questions like:

  • Do I understand the investor’s portfolio?
  • Their investment strategy?
  • Have they successfully invested in a company within the same vertical?
  • Do I have hard success metrics I can point to?

It’s time for companies to drop the “I have a unicorn” mentality, which means actively challenging their own assumptions about a product’s market potential. Unicorns are rare, and it’s time to acknowledge that — overvaluing a company will deter investor trust.

In this market, investors have the power and may opt for referential treatment from businesses in exchange for investment. This can include liquidation preferences, preferred shares, allocation of board seats and more. In conjunction with approaching investors with realistic expectations, leaders should be prepared and open-minded to these negotiations, as it could help secure a higher valuation.

Leverage leadership

When trying to secure funding, team credibility is huge in gaining attention and trust from investors, especially in a turbulent market. Companies must build a team of reliable leaders with dedicated roles in their business — those with a proven track record of creating efficiencies and executing go-to-market (GTM) plans.

A company or product backed by leaders who have built successful businesses and understand how to fine-tune a GTM plan goes a long way toward rallying enthusiasm and interest. Successful executives know how to get an idea off the ground and have the network to help it reach fruition — and investors take note. In addition, having a well-connected team also helps to rally general interest from the entrepreneurial community and potential customers.

It is easy for founders and CEOs to narrow their focus on current funding efforts. However, it is also paramount to look ahead by nourishing existing connections. Leaders should surround themselves with hard-working visionaries with similar business interests and values to open the door for a later-stage partnership or collaboration in a future venture.

Approach with hard data

Under the current market conditions, attracting funding requires more than simply having an intriguing product and a big idea. Today, companies must be prepared to show hard data and how that will translate into their GTM strategy– saying no to theoretical numbers and showcasing proof of concept and scalability through data is critical.

With strong data to help support their vision, founders and all business leaders can easily field questions like: How is your company truly performing? How will you continue to drive revenue six months down the line?

Identifying the ROI a company can offer an investor will be vital in securing a preferred valuation and investment.

Adjust in real-time

A solid GTM plan is crucial in securing a desired valuation and maintaining investor interest. To do this, companies must establish a “single source of truth.” When metrics are pulled from multiple sources with different processes and standards, investors will see holes in the plan, which will show a lack of consistency and be deemed non-credible to investors – an observation that is very difficult to bounce back from.

Traditionally, GTM and operating plans are siloed based on misaligned priorities, insufficient data and subjective perspectives. Not only does this cost businesses time and energy, but misaligned business functions and unorganized budget allocation is bad news for investors. Companies that can present metrics from a single source will see greater operational transparency, a more unified planning experience, and more calculated growth. A consistent reporting format like this will allow teams and investors to know where they stand concerning sales goals and how to adjust strategies to optimize success.

To achieve a more unified planning process, business leaders can leverage data-informed AI platforms, which use ML insights to identify patterns and discrepancies that can maximize success. In this context, AI can provide insights that empower organizations of any size to look to the future to see which decisions will have the biggest impact on the bottom line, which mitigates risk. Additionally, these models enable companies to gather data and continuously re-evaluate the allocation of funds.

It all comes down to trust

Understanding what investors want to know and providing transparent access to those metrics in the current market will make or break these partnerships. Researching current investor criteria is crucial in being prepared for what investors are looking for in a funding pitch while leveraging leadership will increase confidence in their projections. Investors will need to trust where entrepreneurs are getting their data and their ability to adjust GTM plans in real-time to cater to ever-changing priorities.

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The Solo List: The Spark

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By Maliah West and Sabrina Sanchez

How these superstar entrepreneurs arrived at their bright idea.

The entrepreneurial path is not always linear. That spark—the first inklings of what will become a business—can be accidental, serendipitous, intentional, or years in the making. Whether it’s pulling diamonds out of thin air or shining a light on hidden history, the spark that the 20 founders on Sidekick’s list felt led them to create a meaningful business. And it looked a little different for each one.

For Amaurys Grullon, the idea for Bronx Native came out of his pride he felt for his neighborhood, and what he saw as the negative stereotypes associated with it. The Bronx needed the kind of positive representation he saw other New York City boroughs receiving.

“We were looking for merch online, and we couldn’t find no merch that really represented the Bronx, our culture, our history,” he said. “We were like, ‘How is this even possible?…You got everything for Brooklyn: Brooklyn jeans, Brooklyn tees, everything…and then the Bronx, even though this is the mecca and birthplace of hip-hop, salsa, doo-wop, diversity, and culture, we still get the short end of the stick.”

In response, Grullon tapped the abundance of creative talent in the Bronx, along with his own art and design background, and created Bronx merchandise, designed by Bronx artists, that empowered, inspired, and created equity for Bronx people (and everyone who wanted to rep the Bronx). Eventually, he opened a pop-up shop—but five years later the pop-up has become permanent. Grullon says that Bronx Native is “not only a brand that creates merchandise.” They have recording spaces and use the storefront as a homebase to host and promote financial literacy classes, and artist events. They even bring awareness to local politicians (ahem, AOC).

“What we’re doing is bridging the gap between all these genres and creating social impact in an amplified way,” said Grullon, whose passion for the business and the culture it represents come through loud and clear.

For other founders, their idea was also deeply personal, but the business-building was more improvisational.

Helen Mayer, for instance, didn’t intend to start a business when she created Otter. She was just a mom trying to support other moms seeking child care during the pandemic.

“I became a stay-at-home mom basically by default,” she told Sidekick, and she also noticed other moms in her predicament who were “feeling really isolated.…and [also] that there were a lot of working moms who were just drowning, like they just couldn’t figure out what child care would look like.” This led Mayer to think about building a tool that would “help people find a neighbour who’s a stay-at-home parent and swap child care back and forth.”

What began as an idea to help other career givers around her then took a commercial turn when she noticed that working moms weren’t able to contribute an equal amount of child care because of outside obligations. “I started wondering if I could get the stay-at-home parents paid for the work that they were doing,” she said. It was an exciting possibility for Mayer, whose own mother had been a full-time parent who often struggled financially.

After she began to build out the platform and incorporate background and safety checks, Otter attracted investor attention, and her idea became a full-time business.

Some entrepreneurs, like Fawn Weaver, stumble upon business ideas wherever they happen to be in the world. The serial entrepreneur and best-selling author was in Singapore when she came across a New York Times profile on master distiller Nearest Green, the Black master distiller who had actually shown Jack Daniel the process of making whiskey. Weaver knew she had an important opportunity on her hands right away.

“This wasn’t about whiskey—it still isn’t. For me, it was about the story of who we now know to be the first known African American master distiller.” As Weaver dug in and learned more about the significance of Nearest Green’s life, she realized that she needed to play a part in cementing his legacy. What better way to do that than with whiskey? “We would have to do that with a whiskey, but not just any whiskey. It would have to be a whiskey that won every award around the world,” Weaver said.

With years of experience successfully investing and running businesses across the hospitality industry, Weaver was no stranger to the effort it takes to build a sustainable business. So it isn’t a surprise that Uncle Nearest’s Premium Whiskey has become an award-winning brand that she vows to make last through generations.

Ryan Shearman, founder of Aether Diamonds, was also an established entrepreneur when he landed on a new—and unusual—idea.

In 2018 he was reading about the latest efforts to solve the climate crisis in a book called Drawdown when he came across a section on direct air capture technology, which uses chemistry to remove carbon dioxide from the atmosphere.

At the time he and his now co-founder were already brainstorming startup ideas and actively looking for a new venture to develop. Stumbling upon the direct air method of carbon capture was the spark he needed to set the wheels in motion.

The co-founders knew “that the jewelry industry was ripe for disruption” and that “there’s plenty of room to improve the way that the jewelry industry does a lot of things,” Shearman told Sidekick. Lab-grown diamonds were gaining traction in the industry, and by using direct air capture, he could create sparkling jewels with very little carbon offset—it was a perfect marriage of ideas.

Shearer realized that there wouldn’t be a preexisting technology stack that could help him bring the type of diamonds he wanted to market.  “So we had to really go out and do it ourselves,” he said.

Not all visionaries earn bonafides in the boardroom. Sometimes the best way to develop your next big idea is getting your hands dirty—literally.

After working across the food industry in positions ranging from delivery truck driver to farm worker, 22-year-old Sana Javeri Kadri noticed that most of the seasonings sourced from her home country, India, were both low quality and of murky origin. So she journeyed back home to Mumbai with the idea to visit as many farms as possible across the country—and then tell the stories of the farmers who ran them.

“The more I visited these farms, the more I [realized] that there’s this whole generation of South Asian farmers, very similar to the regenerative [agriculture] movement here in the US, who are young, they’re ambitious, they want to do things differently. But they don’t have access to a market,” said Kadri.

So, she decided to be the connection between the farmers and the tight US spice market. After returning from her travels, Kadri launched Diaspora Co. with just one product (Pragati Turmeric) and a dream.

In the case of food brand Omsom, its founders knew the impact they wanted their brand to have on those within and outside of the Asian community—but they weren’t sure what products to sell.

Vanessa Pham’s and Kim Pham’s journey to entrepreneurship was always backed by the intention to create a loud and proud, unapologetically Asian food brand. As the US experienced what the sisters refer to as an Asian culture “renaissance,” they decided that they wanted to bring their family’s story to the grocery store.

To get a better understanding of what exactly it was that people were looking for when cooking Asian food at t home, Kim and Vanessa conducted interviews, Twitter polls, and even entered the kitchens of over 50 people. They quickly came to a realization: Regardless of whether or not you’re Asian, you likely love Asian food. But, Kim said, “When it comes to actually cooking these flavors in your own home, everybody faces barriers, intimidation, and lack of competence…we realized that folks don’t struggle with getting the protein or the veggies, they struggle with getting the foundational flavors right.”

And thus Omsom was born.

For each of these businesses, an observation, a pain point, or a desire for change became the catalyst for what has ultimately become a solution. But after the initial idea, the real work begins. How an entrepreneur transforms an idea into a profitable company is unique to each individual. In our next edition of the Solo List, we explore how these businesses were built.

Feature Image Credit: CSA Images/Getty Images

By Maliah West and Sabrina Sanchez

Sourced from Sidekick

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The Business of Harnessing the Power of Social Media

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As business owners and entrepreneurs look to harness the power of social media in a shifting digital landscape, they will need to have an excellent grasp of social media fundamentals and keep up with evolving social media trends.

Social media platforms and channels continue to evolve, challenging businesses to adjust social strategies to capture the attention of target audiences, build brand visibility and generate leads. As business owners and entrepreneurs look to harness the power of social media in a shifting digital landscape, they will need to have an excellent grasp of social media fundamentals and keep up with evolving social media trends.

The sheer number of social media users makes a compelling case for businesses to increase their social media acumen. As of April 2021, social media platform users reached a global total of 4.33 billion – that equates to more than half the world’s population which stood at 7.85 billion at the start of April 2021.

On average, users spend nearly 2.5 hours on social media. Much of this time is spent on the larger social networks such as Facebook, Instagram, Twitter and TikTok. This captive audience provides business owners and entrepreneurs a powerful opportunity to reach and connect with key stakeholders. The most effective way for business owners and entrepreneurs to do this is by adhering to best practices when it comes to social media fundamentals and making it a priority to keep up with evolving social media trends. The following are a few of the social media fundamentals and trends every business owner should either master or be aware of.

Know your audience

Today, competition for capturing the attention of target audiences on social media platforms is fierce. And, considering that according to one oft cited study, the average human attention span is eight seconds which is less than the reported 9-second attention span of a goldfish, brands don’t have much time to attract notice.

Competition for mind share and dwindling attention spans make it critically important for brands to understand who their audience is to most effectively connect and engage with them.

The process of knowing the audience includes determining what social media platforms they most use and researching what their ‘pain points’ are, what their needs and wants are and what content will most appeal to them. Surveys, customer data and social media analytics can help companies refine social media strategies to ensure the right audience is targeted with content that is relevant and personalized to them.

Find brand voice

Brand voice is defined as the distinct personality a brand takes on in its communications. A strong social media strategy starts with companies knowing who they are and what they represent. According to a Sprout Social Index survey, brands that stood out more to consumers on social media had more memorable content (40%), had a distinct personality (33%) and told compelling stories (32%). Sprout Social noted that “in all three of these aspects, brand voice plays a significant role. You can’t have a distinct personality without a distinct brand voice.”

Developing an authentic voice aligned with company branding develops trust and recognition with audiences, allows key stakeholders to get a clear sense of company values and connects audiences more deeply to brand messaging.

Consistently post content

An intentional social media strategy that focuses on posting content consistently keeps audiences engaged, develops loyal followers and boosts brand awareness. In the social media realm, lack of consistency is a sure way to lose audience interest.

Research from Hootsuite revealed the ideal number of times a day (or week) to post for each platform:

  • On Instagram, post between 3-7 times per week.
  • On Facebook, post between 1 and 2 times a day.
  • On Twitter, post between 1 and 5 Tweets a day.
  • On LinkedIn, post between 1 and 5 times a day.

To stay on top of posting regularly, business owners can develop a social media content calendar as a tool for scheduling out social posts each month. This strategy can help businesses plan for and tie social posts to holidays, recognitions and upcoming events. Using a content calendar to develop a consistent cadence of posting also allows companies to analyse what content is working and what is not so that the content strategy can be fine-tuned across platforms to ensure that posts most effectively resonate with and engage target audiences.

Engage in social listening

Social listening allows companies to monitor and analyse digital interactions and conversations related to company, product, competitor and industry mentions across social media channels. Talkwalker notes that social media listening gives companies the view from 30,000 feet by “pulling conversations from social media and analysing the conversations in aggregate for insights.”

Social listening can help companies understand whether mentions are increasing or decreasing in a given month, whether people are engaging with content, what is trending related to a specific industry or topic and whether sentiment/feedback is positive or negative.

Now let’s take a look at some evolving social media trends.

Video

The popularity of video content on social media will continue to grow. Consider that on average, more than 100 million video hours are watched per day on Facebook and according to data from Limelight Networks, user generated content such as videos on social media significantly increased in popularity, doubling over the past year to four hours per week.

Video content is also going short form. The fact is, most social media users don’t have time to watch videos that are longer than a few minutes, making the optimum length for these shorter videos about 90 seconds or less. Audience preference for short form video content is a major reason for the surge in popularity of video-sharing app TikTok which reached 1 billion active global users in September 2021.

Stories

Immersive and interactive, stories remain one of the most popular features on social media. The personal and ephemeral nature of these 10-15 second photo or video posts make them more compelling to audiences than newsfeeds. They are typically a vehicle for brands to more casually share the inside scoop on company updates and showcase products and services.

Instagram is one of the most popular platforms for this feature, reporting 500 million daily active Stories users worldwide in 2019. Currently, 9 other social media platforms have their own version of stories available including business networking platform LinkedIn.

Live stream

Live streaming is trending on social media now. Companies are using this approach to stream behind-the-scenes content, announce new products, demonstrate products, give facility tours and host live Q&A sessions. Live streams also allow businesses to inject more personality into their social media with challenges and giveaways as well as surveys and polls.

As a tool for real-time engagement, live streaming is a great way to increase brand awareness, improve and enhance communication with target audiences and gain a deeper understanding of audience interests.

By

Entrepreneur Leadership Network Contributor

Juda Honickman loves growth, strategy and being creative with disruptive brands. Currently serving as CMO for Slinger Bag Inc., an innovative sports brand focused on game improvement, Honickman previously held senior marketing positions in global consumer and tech companies.

Sourced from Entrepreneur Europe

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If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

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Entrepreneurs are more effective when they have the right coach at the right time. Coaching is an intense process where someone helps you find, grow and reach your highest potential.

So you’ve made the shift from employee to business owner. Congratulations, you’ve just joined the ranks of individuals who will become successful entrepreneurs — or failed ones.

Naturally, once you’ve established your start-up company, the question becomes, “How can you maintain an amazing functioning organization as a new entrepreneur?” Being an experienced professional in one’s field is one thing; being a professional and successful business owner is another.

Business owners believe they know everything and no longer need anyone to look after them. At the same time, as their businesses get larger and more prosperous, successful entrepreneurs seek new instructors and more accountability. That’s fantastic if your start-up is performing well. Be mindful, however, that new accomplishments will bring new challenges.

In any event, a decline always sets in beyond a certain point. It is impossible to reach the top without help from others. The situation occurs all the time. You can think of it as a phase in a start-up’s life.

Entrepreneurs face a range of issues that require a variety of answers. If you lack a clear goal and plan, you will be distracted and stunted at every turn. The most important thing you can do for yourself as an entrepreneur is to connect with a coaching program. A coach can help you expand quickly and oversee your business’s growth.

Why do you need a coach?

The only way to discover what you’re capable of is to be pushed out of your comfort zone. Here’s why you should consider hiring a business coach to do just that.

He or she will help you come up with brilliant ideas.

“No one is smarter than all of us,” the adage goes. A coach adds vitality to the brainstorming process by emphasizing the strength of the combined power of many over the sole strength of one. However, doing so is both an art and a science.

The scientific part is that anyone can develop amazing ideas by using free online brainstorming software. Taking previously unknown personal values and ideas, on the other hand, and connecting them to your aspirations and intentions is the part we call “art.” Sometimes you need to approach the problem from a different angle in order to see an existing connection.

You can bounce ideas off each other. 

You won’t find anyone else who is totally dedicated to providing you with guidance. Coaches put all other thoughts out of their heads, which allows them to pose questions that reveal deeply ingrained principles that might otherwise be overlooked.

The good news is that the coach will not pass judgment on you. Unlike the gossipers in your neighbourhood or business, a coach’s job is to lead you toward your own goals by suspending judgment.

A coach can hold you accountable. 

Isn’t it strange how easily we break our own promises? The difficulty increases when other people are involved. A coach encourages you to set goals and strategize and coordinate your efforts to achieve them.

He or she can give you advice. 

A business coach challenges your assumptions, aspirations and willingness to learn. A coach acts as a role model. He or she has “been there, done that” because of his or her experience. You will also gain new insights from a coach that can help you broaden your business awareness.

How to identify the best coach

You have now recognized the value of hiring the right coach to help you with your business. Now let’s see how to pick the right coach.

Employ coaches who have been where you want to go.

You might consider finding someone who has experience in your sector as a mentor or coach. As an entrepreneur, you need mentorship from someone with an established track record. All you have to do now is learn from your coach’s success and apply it.

You can bet there are hundreds of so-called business professionals operating “scam” geniuses. With some copywriting magic, anyone can plan a con and convince you that he or she knows what he or she is talking about. But that doesn’t mean that person actually does.

How can you determine whether a coach is real or a scammer? You should first do your research and make sure the person has a track record of success. If there are no case studies or testimonials on the website, it’s possible the individual isn’t as knowledgeable as he or she claims.

Meet other entrepreneurs who are dealing with similar issues.

Entrepreneurship can make you feel as if you’re stranded on an island, cut off from the rest of the world and with no one to turn to for support.

For that reason, enrolling in a coaching program can offer significant advantages; these programs bring together entrepreneurs from closely related companies dealing with similar challenges and can help you figure out which mentors or programs are worth your money and time.

Make connections with successful business owners.

When you join a coaching program or hire a coach, you also want to network with other entrepreneurs. Not only will these connections potentially help you identify the best coach to take your business to the next level, but your network is an invaluable tool in its own right.

Your network determines your net worth. Whether you like it or not, the people you spend the most time with affect you the most. By spending time with successful small-business owners, your earnings are likely to increase. And how can you search for successful entrepreneurs? By participating in a coaching or mentoring program.

Today’s top entrepreneurs spend thousands of dollars on coaching, even when their businesses are doing well, because coaching helps people find effective mentors who are able to assist them with their most challenging challenges.

Your company will grow faster if you find the right coach for it. The best athletes and performers hire coaches to help them succeed.

Why don’t you give it a shot?

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Entrepreneur Leadership Network Contributor

An Bui is the founder of Online Career Accelerator. Online Career Accelerator is a remote job training program that helps people land remote jobs without any previous experience, skills or education.

Sourced from Entrepreneur

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Here’s Why Entrepreneurs Make The Best Marketers

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By Shama Hyder

The best marketers are those who know how to build a brand, scale it for rapid growth, and cultivate long-term success. They understand the essentials of marketing because they have lived it first hand. I’ve learned countless strategies in the process of becoming an entrepreneur and evolving as a business leader.

Whether or not you are a founder yourself, you need an entrepreneurial mindset to be a successful marketer. Here’s what I mean: entrepreneurs are compelled to take their message and mission further because they are wholly devoted to its success. An entrepreneurial mindset means being totally sold on your company’s mission and having the ability to communicate it clearly.

But, if you’re a marketer reading this, you may not have the rounded experience of an entrepreneur. That’s okay – you just need to adopt the mindset. Here is what an entrepreneur-driven marketing strategy looks like, and how you can implement it for yourself.

Be Single-Minded And Focus Your Core Message 

Kris Lindahl, a real estate expert and founder of Marketing Team, has created a singularly focused mindset in his strategy. He takes the core message of his company and makes sure it touches every aspect of the brand. Any time they have a new idea, they make sure it matches their mission. After they achieved over $1B in sales in 2020, it appears that his strategy is working.

One of his catch phrases is, “confuse, you lose.” If you can’t keep your messaging clear and simple, you will lose customers. Single-mindedness about your core message is essential here because it keeps the marketing plan focused. When starting their companies, entrepreneurs spend an innumerable amount of hours honing the product, business model or service of the company. Because of this, their focus is clear on the core of who they are and what they do.

Even if you aren’t an entrepreneur, you should start with a single focus when it comes to marketing. Make sure that your company’s core message is clearly defined. Whether you are working for a client or for your own company, put in the time on the front end to make sure that you (and every other stakeholder involved) understand the core principles and motivations driving the business.

Make Your Marketing Strategy Personable

Entrepreneurs early in the journey of owning their businesses tend to wear many hats and fulfil many roles within their companies. While the goal is always to grow and build a well-rounded team, there’s a deeper lesson here. Make sure your marketing strategy is all encompassing. Think of it this way: an entrepreneur is so consumed with the mission of their company that it is infused in everything they do. The brand or company is brought into networking conversations, personal exchanges, and more.

An entrepreneur’s company is usually an extension of their value system. This in mind, interactions with the company are infused with the entrepreneur’s personality. Your marketing strategy should be the same. Make sure that your interactions with potential and existing customers are infused with the personality of your brand.

Lindahl does this by maintaining a distinctive presence online, in public, and even through larger media. He is the face of his brand, and its message centres around his voice. Even if your company is not driven by a leader’s notoriety or brand image, you can craft a personality that informs how you communicate in marketing messages.

Overall, entrepreneurs know the best marketing strategies because they know their brand message and motivation inside and out. Successful marketing is driven by a clear mission, and a set of core values that customers can understand. Whether you are building a business, or working for a large company, you need an entrepreneur’s mindset to drive a successful marketing strategy.

Feature Image Credit: Kris Lindahl, a real estate expert and founder of The Marketing Team. Kris Lindahl

By Shama Hyder

Shama Hyder is the founder & CEO of Zen Media. She has been named the “Zen Master of Marketing” by Entrepreneur Magazine and the “Millennial Master of the Universe” by FastCompany.com. Forbes, Businessweek, and Inc have all recognized her as one of the Top 30 under 30 entrepreneurs in the field of marketing. Shama has built a global audience and is known for helping brands succeed in the digital age. She is a bestselling author, an international keynote speaker, and has been named one of LinkedIn’s Top 10 Voices in Marketing for four years in a row.

Sourced from Forbes

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4 Real-Life Tips For Risk-Averse Entrepreneurs In Search Of Proven Business Ideas

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By Pia Silva

At first glance, the words “risk-averse” and “entrepreneur” don’t seem like they’d go together. After all, entrepreneurship is an inherently risky business — insert your mental image of an 80s- era Tom Cruise here.

But in reality, entrepreneurship does still have room for more risk-averse individuals.

There’s a lot more to reducing risk than finding a proven business idea in a seemingly stable industry. Sure, a “proven” business idea is a good start, but the way you choose to run your business will go a long way in reducing immediate and long-term risk so you can have a successful entrepreneurial career.

Embrace Adaptability (And Be Willing To Adapt, Too)

Survival as a freelancer or solopreneur often comes down to being flexible — or being able to quickly pivot, learn and thrive in new ways.

This isn’t just true during times of crisis. Market conditions change all the time. New tech or world events can completely disrupt your way of doing business, or give you an opportunity to streamline your workflow and become more efficient. To embrace adaptability, you have to be willing to make needed changes based on the ever- changing world we live in. You have to be proactive in understanding the trends that could affect both your industry and your target audience.

Don’t let yourself get so bogged down in your routine that it will be hard to transition to a new way of doing things. Be open to new ideas, and constantly work to improve your knowledge and skills so that you will be better positioned to make needed transitions quickly.

Diversify, Diversify, Diversify

If you only remember one point in your efforts to reduce risk, it’s this: you have to diversify.

For solopreneurs, this primarily involves diversifying your income stream and the markets you serve. This doesn’t mean you have to try to become all things to all people. But you should explore how you can avoid tying all of your revenue to a single source. If that income source were to disappear overnight, what would you do?

This became abundantly clear during a recent phone call with Mariah Carrion, franchise coordinator at Frannexus. During our conversation, she explained, “Diversification can be a key defence against risk. When you have more varied offerings or target a broader range of consumers, you will be able to hold your own against competitors. Proper diversification means that no two parts of your business will react the same to the same event. If something happens that negatively affects one part of your business, you can shift your focus to the other revenue streams to keep yourself financially stable.”

For solopreneurs, diversification can be as simple as expanding your client base so your revenue isn’t all tied to two or three clients. Or you might consider introducing new, complementary services that build off your skills. Depending on your niche, you could even use options like a subscription service to create a source of recurring sales.

Make Cash Flow Management A Top Entrepreneurial Priority

This year, a lot of brick and mortar businesses discovered the importance of cash flow management when they had to shut their doors and go without making any sales for weeks, or even months due to the COVID-19 pandemic.

Since then, many businesses have permanently closed locations, furloughed employees, or gone out of business entirely — in large part because they didn’t have enough cash on hand to deal with such a massive disruption to their business.

While freelancers and solopreneurs generally have less overhead to worry about, you should still make cash flow management a top priority. Innovative entrepreneurs are always looking for ways to increase their profits, whether by making more sales or bringing in higher-paying clients.

Perhaps even more importantly, they look for ways to cut unnecessary spending. Sure, renting a private office may be a nice perk, but if you can manage all your work from home, you’ll save a lot of money just by working in a home office — noisy kids notwithstanding.

Continually Invest In Your Business

During tough times, it can be tempting to completely pull back on your efforts to grow your business.

After all, when profits are down, you’ll want to cut costs so that you can keep yourself in the black. For many entrepreneurs, this means cutting out advertising. While this may be necessary for some, try to avoid this “all or nothing” mindset. Within reason, you should actually keep marketing and advertising during tough times. For starters, this will ensure that your target audience doesn’t forget that you exist.

If your competitors are also going through tough times and pulling back on their marketing, your continued advertising efforts could actually expand your reach like never before!

By maintaining a presence, you’ll be able to bounce back faster (and stronger) once customers are in a better position to do business with you again.

Reducing Your Risk For The Future

If there’s one lesson 2020 has taught entrepreneurs, it’s that there’s no way to completely “risk- proof” your business. At the same time, though, it’s also proven how the right business practices can leave some better prepared for challenging times than others.

Don’t be afraid to take the plunge into entrepreneurship. Few things can be more rewarding — and it doesn’t have to be as risky as you might think.

Feature Image Credit: STEVE WASTERVAL

By Pia Silva

Sourced from Forbes

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Top 20 Entrepreneurs Give 20 Tips To Get To 7 Figures

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By Stephanie Burns.

“Genius is making complex ideas simple…” – Albert Einstein.

Simplicity is something I love – even creating a podcast called The Top 3 For Entrepreneurs, wherein I asked some of my favorite entrepreneurs for the top three tips they would give if pressed for time. Since February is the shortest month of the year, I decided it would be great to get a short tip from 20 entrepreneurs I admire, on how they reach seven figures a year.

1. Elena Cardone, co-owner of Cardone Capital

Build relationships. Business influencer Elena Cardone emphasizes the power of relationships in reaching seven figures. “Being independent is a middle class mindset, which I’m helping people break from,” she shared. “You can only go so far on your own – building an empire begins with relationships.”

2. Aimee Tariq, CEO of A Life With Health

Take care of your health. Aimee Tariq, health optimization expert, believes the ability to scale your business comes down to health. “Health is key to the sustainability of your business and everything starts with it,” she shared. Without health, Tariq says you won’t have the mental clarity and energy to focus appropriately and to make the best decisions.

3. Jen Gottileb, CEO of Superconnector Media

Don’t compare yourself to others. Gottileb believes in the power of letting other entrepreneurs fuel you. “As entrepreneurs in this age of social media, it’s very easy to find ourselves scrolling our feeds and comparing ourselves to other people’s successes,” she points out. “If we let it, this “comparisitis” phenomenon can cause major self doubt and diminish our confidence. It can even cause massive inaction. Instead of allowing that feeling of jealousy to bring you down, use it as a tool to see what’s possible for you!” she encourages.

4. Desislava Dobreva, CEO of Des Dobreva, LLC

Craft your identity. Desislava Dobreva, more commonly known as the branding queen, states that branding is simply a combination of identity and perception. Dobreva utilized this basic principle to build the highest retention membership site that generates monthly recurring revenue. To forge a brand that does the same, emphasize identity and perception.

5. Guna Meldere, CEO of Guna Meldere, LLC

Visuals matter. Guna emphasizes brand strategy. She says it’s vital to create a brand visual across the entire board that aligns with this strategy, but to also make color choices that help you build trust with your customers.

6. Melonie Dodaro, CEO of Top Dog Social Media

Know thy customer. Melonie Dodaro specializes in using social media to attract and retain clients. She says that the most powerful way to become a client attraction machine is by “crafting an ideal client avatar.” In other words, understand everything about your ideal client, then create a profile to fit that avatar.

7. Matt Young, CEO of Matt Young Media

Listen to your customer. “In sales calls, closing is 95% listening.” Young reminds us that people remember how they feel rather than what you say.  “It’s such an unusual feeling to feel heard – and that’s how relationships are built.”

8. Lauren Tickner, CEO of Impact School

Get your customer to realize they need your help. “According to behavioral science, it’s 5x more persuasive for your prospect to convince themselves that they need your help,” Tickner shares. “To do this, it’s up to you to speak to your potential customer and ask them a specific series of questions to help them open up to their needs and recognize they need your help.”

9. Kerri Kasem, CEO of Breakthrough Naturally

Always follow up. Following sales, it’s also all about the customer experience. “Whether you have an ecomm store or a physical store or service, call as soon as they ordered and keep following up with them to ensure they are happy and to make recommendations,” Kasem recommends.

10. Christine Weeks, Founder of Eleanor Creative

Your team matters. “You can’t do everything yourself. Take the time to find the best team members, then love on them and provide them with the best work environment possible. You’ll see an improvement in every aspect of your business,” says Weeks.

11. Immy Tariq, Chairman of Webmetrix Group

Multi-channel marketing. Immy Tariq is a business expert who says scaling companies needs to be done with multi-channel marketing, which is the blending of different promotional and distributional channels. “I apply this to deliver on every platform starting with SEO by focusing on the 4 core algorithms: user intent, user experience, authority and localized traffic (engagement),” he specified.

12. Kraig Bond, Founder of Elite Results Marketing

Don’t forget SEO. Your website can do a lot of sales heavy lifting, so optimize accordingly. Bond says that proper brand entity and website setup is necessary to promote better SEO exposure in Google.

13. Melyssa Griffin, CEO of Melyssa Griffin, LLC

Engage your website visitor. As an online marketing expert, Griffin preaches the power of utilizing chatbots & email lists to capture people’s information. “Before you begin to generate this traffic, make sure to build powerful website assets so that the value of every website visitor is maximized,” she advises.

14. Gretta Van Riel, CEO of Hey Influencers

Engage influencers. Van Riel believes that influencer marketing is key to raising brand awareness and reaching large audiences of potential customers. With this exposure comes trust: engage influencers this year.

15. Rachel Bell, founder of the Online Coach Academy

Use Instagram stories. For Rachel Bell, it comes down to Instagram stories. “Instagram growth has slowed down, so the key is to utilize instagram stories in a way that engages people.” She does this by providing both entertainment and CTA’s.

16. Sunny Lenarduzzi, CEO of Sunny Lenarduzzi

Leverage video. In the interest of presence on every platform, Lenarduzzi advises to capture viewers on YouTube by creating pithy educational videos. The more educational they are, the higher they’ll rank in the YouTube search engine.

17. Shay Rowbottom, CEO of Rowbottom Marketing

Be present on LinkedIn. LinkedIn must be utilized, too. Rowbottom shares, “LinkedIn is a newsfeed network like Facebook where people are discovering content.” If you give your followers a positive user experience, it can pay off in sales.

18. Cody Neer, CEO of Ecommerce Brand Academy

Paid ads can move the needle. Media buying can take your ads over the top. “Scale with paid ads once the organic channels are set up using media buying,” recommends Neer.

19. Joseph Lazukin, CEO of Pixel Smarter

Data is your friend. Along the way, make sure you’re optimizing data to re-strategize. “Data helps us make better decisions for scaling and retargeting.” Lazukin advises.

20. David Finkel, CEO of Maui Mastermind

Automate to free up your time. Finally, to truly scale to seven figures, automate your business. “You must become owner independent with proper systems in place,” Finkel notes.

By Stephanie Burns

My company, Chic-CEO.com, is an online resource for over 100,000 female entrepreneurs. As a startup, we had to get scrappy in order to hit our goals and make an impact. When we started asking for the impossible and getting the green light, I knew we had stumbled on something magical – something I call ‘Unreasonable Requests.’ I write about female entrepreneurship and how to brand yourself. I live in beautiful Ozark country with my husband and two brilliant children.

Sourced from Forbes

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