Category: Entrepreneurs

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The Sooner You Adopt These 6 Entrepreneurial Mindsets the Likelier You Are to Succeed in Business

Entrepreneurial Mindsets

Everyone wants to be a winner in business and in life. But success isn’t just something that will come your way without a little work. If you really want to get ahead, there are certain practices you need to put into place.

To truly succeed in business, you need to cultivate good habits, develop a strong work ethic and adjust your overall mindset. Here, are six ways to really succeed in a business that you can put into practice right now:

1. Know what you want.

The first step to succeeding in business is defining what success means to you. After all, everybody has a different definition of what success looks like. What could you hope to achieve in your career that would make you feel as if you’ve “made it”? To do this, you’ll have to take a long, hard look at what it is you hope to achieve and why. This exercise will allow you to set specific goals which will give you direction in your career. This direction and focus are necessary to keep you motivated to improve, achieve and perform.

2. Be willing to do whatever it takes.

Once you know what you want to achieve, it’s time to get to work. If you want to really succeed in business, you must be willing to do whatever it takes to make your dreams come true.

No, I don’t mean that you should be ruthless or unethical in your efforts to get ahead. But I do mean that you have to be willing to work longer and harder than anyone else you know. You need to do the tasks that nobody else wants to do. You need to make personal or social sacrifices so that you can work toward your dreams. You must make sure you’re working the right/efficient way. Are you willing to do these things?

3. Get a mentor.

Steve Jobs was a mentor to Mark Zuckerberg, and just look at what he went on to accomplish. If you need proof of the power of a mentor, consider that.

A mentor is someone who is walking a similar career path to you, but who is further along in their journey. They have been through many of the same trials and errors that you will face. Learning from their experience is like hitting fast forward on progressing your career. Having a mentor can motivate you, give you direction in your career and help you from making mistakes. It’s a not-so-secret key to success.

4. Forge your own path.

Yes, it is important to look for guidance from a mentor and to look at what other successful people are doing to gain direction and inspiration. However, it’s important to discern that you should never try to follow someone else’s path exactly. After all, there will always factors in another person’s success you can’t duplicate, so why try? It’s a far better idea to gather all of the information and gain all of the knowledge that you can so that you can forge your own path forward in your career. Like Oscar Wilde is purported to have said, “Be yourself; everyone else is already taken.”

5. Learn from criticism.

It’s a simple fact: as you continue in your career, you will undoubtedly encounter negative feedback at certain points. Instead of dismissing or shying away from criticism, try to learn from it.

Often enough, when you really take the time to consider criticism, it informs you about some way in which you could improve yourself. If you’re willing to make these improvements, you’ll ultimately become stronger and more powerful as a person, and this will shine through in your achievements.

6. Keep going.

Success rewards consistency. This means that even when things get tough — actually, especially when things get tough — you need to keep going. Do what you can to keep yourself motivated, including creating goals, networking, meeting with your mentor. But don’t give up. Success is truly the result of diligence and steady practice.

Source: Entrepreneur.com ~ By: Timothy Sykes

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Tips to Help Make This Your Most Innovative Year

Make This Your Most Innovative Year

Sparking innovation can be both thrilling and challenging, but with the right approach, you can set yourself up for a year bursting with fresh ideas and creative solutions. Here are some tips to ignite your inner innovator:

Cultivate a growth mindset:

    • Embrace curiosity: Ask questions, delve into unfamiliar territory, and seek out diverse perspectives. This keeps your mind active and receptive to new possibilities.
    • Reframe mistakes as learning opportunities: Instead of viewing setbacks as failures, see them as valuable lessons that fuel growth and refinement.
    • Challenge assumptions: Don’t just accept the status quo; question existing conventions and explore alternative approaches.

Fuel your creative engine:

    • Expose yourself to new experiences: Step outside your comfort zone, try new things, and immerse yourself in different cultures and disciplines. This broadens your understanding and sparks unexpected connections.
    • Connect with inspiring individuals: Surround yourself with people who challenge and motivate you, and engage in stimulating conversations that spark new ideas.
    • Experiment and play: Don’t be afraid to get messy and experiment with different tools, techniques, and ideas. Playfulness and exploration are key to unlocking fresh perspectives.

Prime your environment for innovation:

    • Create a dedicated space: Set up a physical or digital space that fuels your creativity and allows you to focus on problem-solving without distractions.
    • Build a collaborative network: Seek out partnerships and collaborations with like-minded individuals who can share insights and fuel your creative process.
    • Embrace technology: Leverage tools and platforms that can assist with brainstorming, prototyping, and building innovative solutions.

Remember, innovation is a journey, not a destination:

    • Celebrate small wins: Recognize and reward yourself for even incremental progress, as every step forward keeps you moving towards your goals.
    • Embrace failure as part of the process: Don’t be discouraged by setbacks. View them as stepping stones on your path to discovery.
    • Be patient and persistent: Innovation takes time and effort. Stay focused on your goals, learn from your experiences, and never give up on your pursuit of creative solutions.

By embracing these tips and nurturing your innovative spirit, you can set the stage for a year filled with exciting discoveries and groundbreaking ideas. Remember, the key is to stay curious, embrace challenges, and never stop exploring the vast landscape of possibilities that awaits.

I hope these tips inspire you to make this your most innovative year yet!

AI

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10 Ways to Make Your New Year’s Resolutions Stick

Make Your New Year’s Resolutions Stick
If you’re gearing up for a new year — and a “new you” — in 2024, you’re in good company. Even top health experts admit they want to take better care of their bodies and minds. Wondering how they stay on track? You’re in luck. We asked nine experts, from doctors to dietitians, how they stay motivated to achieve their New Year’s resolutions. Here are their top tips.

1. Get your priorities straight.

Every year, I set a few goals, but I use a tier-like system. At the top are goals I absolutely have to complete (this year, it’s being more mindful). Next are those I want to complete, and finally, I set a stretch goal that would be nice to complete by the end of the year (like completing a century ride or marathon). Often, I choose goals based on the previous year and how I can make my life easier or more enjoyable the next year. I recommend taking the time to write down what you want and why. (For example, being mindful helps me re-center and remember what counts in my busy life.) Keep that list somewhere visible, read or look at it daily, and remember the reason you’re taking this journey.— Brunilda Nazario, MD, associate medical director at WebMD

2. Go easy on yourself.

I view all new habits as an experiment rather than a judgment on my worthiness or skills. Meaning, I don’t beat myself up if something doesn’t stick the first time I try it. Instead, I ask myself: What worked? What didn’t work? And what could I do differently next time to achieve better results? I do this until I have a clear understanding of what stops me from doing something and what keeps me from doing it, then I make sure those conditions are met. If I can make it so action is easy and rewarding enough to do regularly, then I win.— Darya Rose, Ph.D., author of Foodist: Using Real Food and Real Science to Lose Weight Without Dieting

3. Take small steps.

Scheduling small steps toward goals is the key to success. For example, I have set the goal of having dessert only 2 times per week (down from 4 times!) and going to yoga twice per week. For yoga, I will look at my calendar at the beginning of the week and see where I can fit it in. Even though sometimes this is challenging as a working mom, I will try my hardest to get it done. The hope is that after several weeks, it will become a good habit.

— Hansa Bhargava, MD, medical editor and expert pediatrician at WebMD

4. Remember the real goal.

People tend to forget what health is for. Health is not the prize — a better life is the prize. Healthy people have more fun: more vitality, more energy, more capability, more time. Once you understand how abundantly investments in health pay you back, staying motivated simply isn’t an issue.— David L. Katz, MD, founding director, Yale University Prevention Research Center

5. Make it a joint effort.

I do my best when I link my health goals with someone else. I exercise in the mornings with my husband. I don’t like to cancel on him, so it helps me drag myself out of bed. I want my kids to have healthy eating habits, which motivates me to make good choices with them when we’re out to dinner or snacking at home. And at the office, I like to walk and do yoga with co-workers. If I put it on my schedule, I have to go just like any other meeting!— Arefa Cassoobhoy, MD, medical editor at WebMD

6. Track your progress daily.

I write my resolutions in a daily planner, then review and re-read them every day when I sit down to check my calendar. Each of my resolutions is quantifiable on a day-to-day basis, and I have direct control over my progress toward achieving them. For example, the common New Year’s resolution of “weight loss” is not actionable: You can’t wake up and “do” weight loss, but you can wake up and have eggs with a side of fruit. — Mike Roussell, PhD, nutritional consultant and author of The 6 Pillars of Nutrition

7. Thank your body.

Research shows that our mindset and overall approach to life have significant impacts on our health and well-being. Every time you hear a negative thought in your head (“I am fat, I am awful”), counter it with a positive one (“I am beautiful, I am wonderful”). It may feel weird at first, but over time, nurturing a positive voice strengthens it. Once you realize how hard your body is working to keep you alive 24/7, it makes sense to support it, giving it the tools it needs to be healthy such as eating a mostly plant-based diet, exercising, and managing stress.

— Samantha Heller, registered dietitian, exercise physiologist, and author of The Only Cleanse

8. Schedule it.

In 2017, I will include at least 10 minutes of daily meditation, as well as deep breathing exercises throughout the day. The best way I’ve found to keep myself accountable is through a regular schedule. So I include 10 minutes of meditation at the end of my daily physical activity. That way, I can ensure I work on both a healthy body and a healthy mind on a daily basis.— Michael Smith, MD, chief medical editor at WebMD

9. Find what’s fun for you.

Instead of making exercise a chore, I do what makes me happy. For me, that means a twice-weekly dance class at my gym. It’s fun, and that motivates me to show up each time!— Michelle Gielan, positive psychology researcher and author of Broadcasting Happiness: The Science of Igniting and Sustaining Positive ChangeSource: webmd.com ~ By: Locke Hughes ~ Image: Canva Pro
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The 4 Ps Of Marketing

The 4 Ps Of Marketing

The four Ps of marketing—product, price, place, and promotion—serve as a framework for marketing success. Sometimes referred to as the marketing mix, the four Ps help guide businesses in the creation of winning business ideas that deliver what customers want, where, and how they want it at a most appealing price.

Building a solid marketing plan structured around the four Ps can help you increase awareness for your brand and its products or services, drive sales and achieve overall stronger bottom-line results.

What Are the Four Ps of Marketing?

The idea of a marketing mix was first popularized in the 1950s by Neil Bordon, a Professor of Advertising at Harvard. Drawing from Bordon’s work along with the work of other prominent marketing and business leaders, E. Jerome McCarthy introduced the four Ps of marketing in his book Basic Marketing: A Managerial Approach.

You may recall from your Intro to Marketing college course that product, price, place, and promotion are the four Ps of marketing. While the four Ps have been around for decades, the concept is just as relevant to businesses today as it was when the four Ps were first introduced.

The First P: Product

The first P in the four Ps of marketing is the product. A product can come in a variety of forms, such as a physical product, digital product, service, event, or experience. The product is the actual item you are selling; the features or attributes you include or build into your products can help you differentiate your offerings from your competitors.

There are many dimensions that you must consider when deciding which products to develop and sell. Does your product solve a problem? Or does the product fulfill consumers’ wants and desires? Why would someone want to buy it? Product quality, design, packaging, variety, adaptability, sustainability, safety, and production must all be considered.

Your marketing plan should outline the key features of your product, what makes it unique, and who your target audience is for that product. This will help ensure you meet the needs and desires of your ideal audience.

The Second P: Price

The second P in the four Ps of marketing is price. Naturally, you need to price your products in a way that allows you to operate profitably. However, pricing is far more complex than calculating the cost of goods and adding on an additional amount that will let you meet your desired profit margin. How you price a product will convey its relative value and quality.

Walmart uses low-cost pricing to attract a broad audience of value-driven shoppers, while Saks Fifth Avenue sustains much higher prices, which is common among luxury goods sellers who target wealthy buyers. If you decide to serve different types of customers, you’ll need to develop a customer segmentation strategy, which will include pricing strategies for each segment you serve.

There’s also a psychological factor in product pricing, which is why products are often priced at $9.99 rather than $10. Products with prices ending in .99 seem cheaper than those that end in zero, and hence more shoppers are drawn to the $9.99 price tag.

The Third P: Place

The third P in the four Ps of marketing is place, which refers to the channels or locations where you sell your products and services.

You may want to sell products via a brick-and-mortar store or at less permanent physical locations, such as special events, fairs, pop-ups or temporary markets. Or, you may prefer to list your products for sale via an e-commerce platform—by either building your own e-commerce website or by selling through popular online marketplaces such as eBay, Amazon or Etsy.

Where you sell your products will influence how you manage product inventory and product transportation or shipping. The location also influences the relative size of your reachable market. Some businesses find they can optimize sales by offering goods and services via multiple outlets.

The Fourth P: Promotion

The fourth P in the four Ps of marketing is promotion, which is how you get the word out about your products and what tactics you use to convert prospects into buyers. Your promotion strategy may include advertising, public relations, social media marketing, content marketing, direct marketing, and influencer marketing, as well as the discounts and special offers you extend to generate sales.

Even the best product in the world doesn’t stand a chance if you don’t have a strong promotion strategy behind it. While some promotional tactics can be done on a shoestring budget—such as do-it-yourself blogging and social media—others can be costly. It’s important to factor anticipated promotional costs into your product pricing strategy.

Examples of the Four Ps in Marketing

Understanding the four Ps is the first step in creating a strong marketing mix. Knowing how to execute the four Ps correctly is key to achieving success. Let’s look at examples of how different organizations use the four Ps in different ways.

Examples of Product

The music industry offers many examples of how related products are sold in different formats––from physical products to digital downloads to digital streaming to live events.

While compact discs—a physical product—are no longer the norm, they are still available in some brick-and-mortar locations as well as in online marketplaces. Vinyl albums are making a comeback among certain audiophiles, which is a reminder to consider your audience’s specific interests when designing your product.

The popularity of various product formats can change as new technologies emerge. There was a time when you needed an Apple iPod or similar device (i.e., “product”) to listen to music online. Now you can use just about any internet-enabled device to purchase music via digital downloads, or you can subscribe to popular subscription-based audio streaming sites such as Spotify, Pandora, and Apple Music, which grant you access to millions of songs.

Live performances are another popular music product—just ask any Taylor Swift mega-fan about the magic of scoring a ticket to one of her sold-out concerts. Of course, when you attend a live event, you will find there is plenty of physical music merchandise to purchase—from T-shirts to pins to caps and hats to collectible programs.

Examples of Price

You can buy a watch for under $100 or spend $100,000 or more; both watches will tell you the time. The price a person is willing to pay for a watch says a lot about their means, interests, style and quality preferences, and what they value in a timepiece.

Chanel, Dolce & Gabbana, Versace, and Armani all sell high-priced clothes, jewelry, and accessories. Yet, what these brands are selling is a luxurious lifestyle. The premium prices these luxury brands charge reflect quality and exclusivity; their target audience has the means to purchase the products and the desire to live a rich life.

Old Navy, meanwhile, targets budget-conscious shoppers with its everyday modest prices and regular promotional discounts. Dollar Tree is an example of a brand that appeals to lower-income consumers and those seeking extreme values. Dollar Tree, which has had to raise average product prices from $1.00 to $1.25, has seen profits surge in recent years.

No one magic price range will produce exceptional results for all product lines. When pricing your product, you must consider not only the cost to produce the item but who your ideal buyer is and what they’re currently spending on the products they purchase.

Examples of Place

Today’s businesses have more options and flexibility in places to sell their goods and services. The best point-of-sale (POS) systems and credit card readers let you accept payments from nearly anywhere.

You used to need a brick-and-mortar building to open a restaurant, and now budding restaurateurs and bakers can sell their edible creations via food trucks, pop-up events, or shared kitchens.

Artists and crafters can sell their goods via their galleries or display their works at others’ galleries. Artists also sell art online via their own websites or popular online marketplaces such as Creative Market, Etsy, Amazon Handmade, and Fine Art America. Art and craft fairs are growing more popular, as are festivals and pop-up markets that invite artisans to showcase their work.

Many businesses start by selling their products online or via a retail location and then expand to other outlets once sales grow. A multi-location strategy is often the best way to boost your product sales.

Examples of Promotion

If you want your business to be successful, you must find ways to promote your business effectively. Some promotional efforts—such as national paid advertising—require a relatively large promotional budget, which is feasible for mega-brands like McDonald’s, Amazon, and Toyota, but can be difficult for smaller businesses.

Examples of promotions that work for small businesses include creating a business website where you offer discount coupons and promote current sales. You can also ask customers for their email addresses and use email marketing software for ongoing business promotion. If you have a brick-and-mortar business, consider placing attention-grabbing banners, flags or a blow-up character in front of your business to draw the attention of those passing by.

Other types of promotions can work for a wide array of businesses, such as customer loyalty programs. Kohl’s loyalty program, called Kohl’s Rewards, gives members cash back each month based on their spending. Since Kohl’s requires you to submit your contact information to join the program, the company can use that information to regularly email you to tell you about current sales and new products.

How To Use the 4 Ps of Marketing

Think of the four Ps of marketing as your road map for introducing and launching successful products and services. Your marketing strategy should include extensive details on how you intend to approach each of the four Ps.

For example, when developing your product, consider what’s already available and what features you can embed in your product to serve a need or solve a problem better than any other available product. How will your product stand out in a crowded marketplace? Also, think about who your ideal audience is and what they value most.

When developing your pricing strategy, don’t just consider the price point where you make a sufficient margin. Be sure you understand your ideal customer’s sensitivity to pricing. Is this a luxury item? Then deliver the quality that appeals to high-end buyers at a price point that affirms luxury and exclusivity. Are you providing the best value on the market? Then use a value-based pricing model.

Placement is also key. Where does your target market already go to purchase similar products—online, in specialty retail stores, big-box stores, discount stores or elsewhere? It’s important to place your products where your ideal clients already shop, which may mean placing them in multiple sales channels.

Finally, give special attention to how you promote your products. Your promotion strategies must be compelling and give you maximum reach for your promotional dollars.

How and where you choose to promote your product needs to align with the type of customer you are pursuing. The promotional choices you’ll select for more traditional middle-aged suburbanites will be considerably different than those you’d use to appeal to members of Generation Z. Always make sure your advertising choices and messaging align with who you’re targeting.

What’s the Difference Between the Four Ps and the Seven Ps?

While the four Ps came first, you may have also heard of the seven Ps of marketing, which rose in popularity in the 70s and 80s. The seven Ps include the original four Ps plus people, process, and physical evidence.

People

The fifth P refers to the people within your organization who work together to create an exceptional experience for your customers. You can differentiate your business from competitors by creating a customer-centric culture that consistently delivers a memorable, high-quality customer experience.

If you are a service-based business, you must pay close attention to the people you hire to interact with your customers. Bad reviews on Google Reviews or Yelp can put you out of business.

Process

The sixth P, process, is how you get your product to the customer. Is it easy and seamless to purchase from you, or are there barriers that make the buying experience difficult or issues with your shipping or delivery system that negatively impact the experience?

For example, did you ship a product to an environmentally conscious customer via a styrofoam container—or did you use sustainable, eco-friendly shipping and packaging methods? Make sure the processes you use make sense for what you’re selling and who you’re selling to.

Physical Evidence

The seventh P, physical evidence, involves things that enhance or detract from the shopping or purchase experience. Physical evidence includes branding and packaging.

When a physical environment is involved—such as in a retail store, restaurant, or service office—physical evidence includes the layout, ambiance, and overall aesthetics of the physical location that contribute to the impression you make on prospects and customers.

Source: forbes.com ~ By Janette Novak ~ Image: Canva Pro

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7 Budgeting Tips to Make This the Best Year for Your Business

Year End Business Budget

The years keep passing us by, but as a business owner, you need to keep your eye on the money ball and work on strategic planning for each new year. A great place to start planning is by looking at your business’s finances.

Read on for 7 small business budgeting tips to make this the best year yet for your business.

Review Your Expenses

Start by looking at and carefully reviewing your business expenses. Ask yourself questions like:

    • What did I spend the most on to operate my business?
    • What cost recurred the most?
    • What was the return on investment for the largest and most frequent expenses?

Plan for Future Expenses

Based on your answers to the above questions, make a plan for the coming year. For example, if you spent a surprising amount of money hiring freelancers to do specific work for you and there was a substantial return on investment in your business you may want to consider spending more in that area.

If you spent a lot of money on outsourcing social media work and you saw a substantial return on your investment, you may want to consider hiring someone part-time or full-time in that position. There will be added costs with bringing someone on as an employee, but you may be able to get a lower hourly rate as well as increased growth in your business by making a larger investment.

On the other hand, if you spent a lot of money on something like merchant fees, for example, you may want to consider assessing if you can get a better deal with a new merchant. In the past, you may not have enough transactions to make a company like PaySimple worth it, but if you are processing enough transactions, a merchant account with a monthly fee and lower transaction cost may be able to save you money.

For every substantial expense, think about if you want to spend more or less on that next year. Then, think about how to make that happen.

Review Your Revenue

Once you’ve reviewed expenses and thought strategically about how you want your expenses to be different, it’s time to review your revenue. Look at the revenue you brought in last year and ask yourself:

    • How easy/difficult/time-consuming was it to bring in this revenue?
    • Were there certain months or revenue sources that were more profitable than others?
    • What was my most profitable month/revenue source? Why? What were the sources of that revenue?

Think Strategically About Revenue

Based on the answers from above, make a revenue strategy. For example, if you made a substantial amount of money from one revenue stream, but the time, effort, and marketing costs that went into making that money left you with a low return on investment of your time, you may want to discontinue that strategy next year. Alternatively, if you find that one revenue stream is highly profitable, you may want to think strategically about how you can get more business in that area.

Project Your Budget

Once you’ve reviewed your expenses and revenue, work on projecting your budget for next year. If you have strategic investments that you want to make in the new year, put those in your budget. Also, consider planning for financial emergencies as it is better to be proactive when possible. Budget for another financial emergency, as well. You may not know what the emergency will be, but you can plan to have money set aside “just in case”.

Basically, think about how you can do more of what works for your business and less of what doesn’t work.

Play Around and Make Adjustments

Budget projecting isn’t a “one-and-done” process. You can create multiple versions of your budget to find the one that works best for you and your business. For example, you can project out what a budget would look like if you made substantial investments in your business and that also led to substantial growth.

On the other hand, you can project a budget based on making investments and finding that those were unsuccessful and didn’t lead to the growth you expected. While you don’t want that to happen, as a business owner it’s helpful to understand what it would look like financially if you took some financial risks and they failed. You can take time now to create backup plans if something fails so that you don’t risk complete failure.

Have fun with this process and play around with different budgets until you find the one that’s just right for you.

Call Your Accountant

The end of the year is a great time to talk to your accountant. You can ask them to project out your tax liability now so you can start planning for what you’ll have to pay next year. In addition, if you are on a cash basis and do this before the end of the year, you’ll still have time to reduce your profits and therefore your tax liability by purchasing supplies you need for your business.

Specifically, if you are on a cash basis you can pre-purchase supplies and/or inventory that you’ll use next year. For example, you can stock up on office supplies, equipment, or any other raw materials that won’t go bad. Now is also a good time to stock up because you can take advantage of holiday deals. Don’t forget to save your receipts and make sure the items are purchased before the end of the year to make this strategy work for you.

On the other hand, if you are on an accrual basis, you can chat with your accountant and strategize what expenses you will push off until the next fiscal year to help save you money.

Conclusion

If you’re reading this, take action now by blocking off time in your calendar to strategically work on your business before the end of the year. A few hours of strategic planning in December can do wonders for your business next year.

Source: paysimple.com ~ By: PaySimple ~ Image: Canva Pro

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