Don’t Let Short-Term Thinking Undermine Long-Term Success

Your desire to save a few bucks today, may end up costing you a lot more down the road. February 2, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. I recently met a business owner who made 100 percent of her decisions based on how it impacts the immediate cash flow of the business. And I mean every decision — from which accountant or lawyer to advise the business, what marketing could drive revenue this minute, all the way down to minute things like figuring out which credit card would yield immediate cash back rewards on expenses. Some of this is admirable but mostly it is completely short-sighted and hurting her business long term.  I get it. Most entrepreneurs are cash starved and looking to save every penny they can. But, in this case study post, you are going to learn that cutting pennies today, could be costing you millions of dollars tomorrow. Allow […]

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Why You’ll Have a Better Shot at Joining the C-Suite in 2019

Having a college degree isn’t a must anymore. December 24, 2018 6 min read Opinions expressed by Entrepreneur contributors are their own. Studying hard to get a college degree is the route to a good job, or so we were told. The number of U.S. adults with a college degree has been growing every year for decades. In the face of rising tuition fees, parents are being advised to start saving for college before their kids are even eating solid food. But is college education really the Holy Grail of well-paid employment with a reputable company? In 2018, the evidence is stacking up to show that employers are placing a decreasing emphasis on job candidates holding a college degree. Google consistently ranks as one of the top companies to work for in the U.S. As far back as 2014, Laszlo Bock, Google’s Senior VP of People Operations, stated that holding a […]

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8 Surefire Ways to Grow Your Business in 2019

Hard-won wisdom from Jennifer Garner, Alex Rodriguez, and other leading entrepreneurs. December 13, 2018 5 min read Opinions expressed by Entrepreneur contributors are their own. This is a guest post by Steve Costello, head of membership and co-founder of The Oracles, a mastermind group composed of the world’s leading entrepreneurs. Have a purpose, lay a solid foundation, think about the future, and prioritize customers –  these were among the valuable insights shared by top business leaders at the 2018 EY Strategic Growth Forum, an annual invitation-only conference that brings together more than 2,000 of America’s leading executives, entrepreneurs, advisors, and investors. EY is the professional services and accounting firm also known as Ernst and Young. The advice came from high-profile participants like actress Jennifer Garner, a co-founder of the organic baby food brand Once Upon a Farm; baseball great Alex Rodriguez, a partner and investor in Las Vegas-based TruFusion fitness […]

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Give Your Audience What They Want on Social Media Before Pushing Your Agenda

Blake Lawrence, CEO and co-founder of opendorse, talks about the advice he gives the athletes he works with for building on their fan base. December 8, 2018 1 min read Opinions expressed by Entrepreneur contributors are their own. Emotions tend to run high for sports fans, which is why tapping into fanhood is so important for the marketing efforts of today’s top brands. Blake Lawrence, CEO and co-founder of opendorse, talks about how his football career at Nebraska prepared him to understand athlete marketing and the role that social media has in extending an athlete’s influence. Watch as Entrepreneur Network partner David Meltzer and Lawrence discuss the emotional appeal that athletes and their social media content have for fans, as well as how this emotion is being leveraged by companies to improve their marketing efforts and better showcase their products. Related: How Magic Johnson and Hulk Hogan’s Agent Fell So Far […]

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How Large Enterprises Are Becoming More Agile and Saving Millions

Big corporations are starting to think like disruptors, adopting ‘codeless integration’ processes. Opinions expressed by Entrepreneur contributors are their own. It’s a common refrain: Corporations are bulky and bureaucratic while startups are agile. The conventional wisdom has been reality, for the most part. It explains how startups like Tesla grew up to disrupt industries dominated by a few, leading firms. Enterprise businesses simply don’t have the flexibility to pivot like startups do. The landscape seems to be changing — albeit slowly, in typical enterprise fashion. Kimberly-Clark, for example, routinely organizes “expert acceleration sessions” in which thought leaders chellenge business teams to think like startups. Similarly, Whirlpool hosts i-mentors who work with business teams to cultivate an innovation mindset and challenge market “orthodoxies.” The objective here is obvious: to prevent large and successful organizations from having their own Kodak moments. Too big to pivot? The opportunity cost often proves too high for corporate leaders. Why pursue the […]

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Clarity on Your Goals Is Key to Growing a Business That Attracts High-End Clients

A good way to grow into a bigger company is for your well-heeled potential customers to think you’re that big already. November 12, 2018 5 min read Opinions expressed by Entrepreneur contributors are their own. It’s probably not likely that you started your entrepreneurship journey by taking over or inheriting an established business. Businesses often get built from the ground up by someone with a vision and big goals. As you start to build your business, you do the best you can with what you have. You’re probably not starting out with a team and it may be years until you can build the business to that level. While you’re building, you’re focused on all the strategy and structures pieces that you need to do daily. You’re the jack of all trades doing everything from admin tasks to marketing to billing to support. It can be easy to get lost […]

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3 Simple Ways to Mobilize The Power of The Network Effect

We crushed our annual goals in only seven months. And you can, too. October 19, 2018 5 min read Opinions expressed by Green Entrepreneur contributors are their own. The early days of any online platform are a time for growth. From acquiring the very first user to the millionth, a multitude of factors determine how your company’s message will spread and how your customer’s behaviors will be adopted into your strategy. When we launched Leaflink in 2016, we had goals to bring on a certain number of cannabis retailers and brands onto our platform by the end of the year. By the end of summer, we had already brought on three times that number. Fast forward to today. Our 2018 goal was to break $500M in annualized Gross Merchandise Volume by the end of the year. Again, by July we were projecting over $600M. We surpassed our big goals five months […]

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One Thing You Can Do to Be a Great Supporter of Women at Work

To provide great support to women at work is to step closer. Ask what is working, what isn’t and how things could be better. September 24, 2018 2 min read This story originally appeared on Ellevate I do photography as a hobby — I have for many years. People are my favorite subject, and I’ve been lucky enough to study and take photographs all over the world. One of the best pieces of advice I ever got from a photography teacher was: When you think you see everything in the frame, take a big step closer. When photographing people, it can feel invasive to get too close. But this was sage advice, because I began to see and connect with my subjects so much more when I stepped closer. So, I started getting a lot closer. Related: 9 Tips for Succeeding as a Woman in a Male-Dominated World I began talking with the people I was photographing, […]

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Don’t Let Perfection Paralyze Your Career

If you want to be successful, forget being perfect. September 20, 2018 5 min read This story originally appeared on Ellevate When I started my consulting business three years ago, I sent a launch e-mail to everyone I knew. I was both excited and nervous to hit send — things were getting real! Shortly after I sent the e-mail, I started receiving messages letting me know that had I misspelled the name of my company in the e-mail. Yup, you read that correctly. I misspelled the name of my own company. Related: 5 Tips for Working Well Under Pressure I had read and re-read the e-mail probably twenty times before sending it. I had even had someone else review it, too. Neither of us caught the mistake. My first reaction was complete embarrassment. How would anyone hire me or take me seriously when I couldn’t even spell the name of my company correctly? Shortly thereafter, my inner critic came out, […]

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Here’s How to Meet Your Growth Goals This Year

A recent study found 58 percent of women business owners expect to increase their revenue over the next 12 months. Here are tips for how to get started. September 13, 2018 5 min read In 2017, less than half of women business owners expected their revenue to increase over the year ahead. But in 2018, it seems their confidence has increased alongside the amount of money they expect to bring in, according to a new Bank of America study. This year, close to six in 10 female business owners expected their revenue to rise over the next 12 months, up 14 percentage points from 2017 results. And although women trailed men when it came to how many expected a revenue bump, that year-to-year rate of increase was where women came out on top. Male business owners saw just a 10-percentage point spike between 2017 and 2018. “We’re making progress,” said Sharon Miller, head […]

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4 Lessons Entrepreneurs Can Learn From the Wisdom of Charlie Munger

Millions of people pay close attention to what Warren Buffett has to say. This is who Buffett listens to. September 7, 2018 7 min read Opinions expressed by Entrepreneur contributors are their own. Charlie Munger is one of the greatest business minds of the past century. He is the vice chairman of Berkshire Hathaway and right hand man of Warren Buffett. Throughout his career, Munger played a key role in Buffet’s success. An interesting thing about Munger is he became one of the world’s most revered businessmen without taking a single class in business, economics, marketing, finance, or anything else of that nature. His formal education included meteorology at Cal Tech and law at Harvard. Related: 25 Surprising Faces About Warren Buffett  Over the years, Munger has provided countless insights that entrepreneurs from all corners of the business world should keep close. While there are many, many lessons that can […]

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3 Tips to Build a Multinational Company, From an Entrepreneur Who’s Done It Twice

Starting with a single-office setup and just one 9-to-5 time frame could unnecessarily limit an organization’s growth potential. August 29, 2018 7 min read Opinions expressed by Entrepreneur contributors are their own. Gone are the days when every successful business started with the same blueprint. Technology and globalization have made it much easier for startups to achieve rapid growth in multiple locations at once. And Startup Genome’s Global Startup Ecosystem Report 2018 supports this view that growth doesn’t have to occur in just one spot. Cities such as Tel Aviv, Berlin, Stockholm and even Barcelona are making huge strides toward catching up with New York City and Silicon Valley as startup-ecosystem leaders. According to the report, global startup interest is on the rise; investors pushed more than $140 billion into global startups in 2017 alone. So, entrepreneurs who want to take advantage of this investment surge should consider building a global team from the get-go.  Depending […]

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4 Building Blocks of the In-House Data Science Team You Need

Know what skills are missing and who can provide them. August 29, 2018 4 min read Opinions expressed by Entrepreneur contributors are their own. You’ve been grinding for months to recruit data scientists to your company to build some excellent machine learning capability into your hardware or app. You have one, or two, or 10 on the team, but you feel like you need more. If you’re not already, you should be thinking about how to keep these hard-earned talents focused, happy and motivated. Here are a few pieces of wisdom I have culled from years of managing teams of data scientists. Related: Hiring the Modern Programmer: Does That Smart New Software Developer of Yours Also Have ‘Soft’ Skills? Know the roles. “Data scientist” has become a pretty vague term that people frequently misuse to label all kinds of talents. The first thing to do is familiarize yourself with the specific skills that […]

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The Highly Profitable Growth Strategy that Probably Isn’t on Your Radar but Should Be

Growth through acquisition can be adapted to any size business. August 1, 2018 4 min read Opinions expressed by Entrepreneur contributors are their own. Most company founders didn’t start a business to stay small. So assuming that you that founded your business with the intention of growing it, when you look at your growth plan one question you may not be asking yourself is, “What business can I go out and buy?” There are a number of reasons entrepreneurs fail to ask that question. You may think of your business as your “baby,” and the idea of buying someone else’s business is like adopting a kid you don’t even know. You may think you can’t finance an acquisition. Or you may think acquisitions are for the big players and their strategies don’t apply to you. The truth is that growth through acquisition is a strategy that can be adapted to any […]

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A 4-Stage Formula for Company Growth

How you run your business will be very different depending on what stage you’re in. July 30, 2018 7 min read Opinions expressed by Entrepreneur contributors are their own. What works for a company at day (or dollar) one probably won’t work for that company at day (or dollar) one thousand, let alone 1 million. And at dollar 100 million? No way. It’s a very different game at each age and stage of company growth, and you need to be ready to adapt the way you play to account for the way the game is changing. To approach a business the same way at different ages and stages is as silly as parenting a toddler the same way you would parent a teenager. Related: 9 Steps to Increase the Value of Your Business I get it. I’ve covered enough ages and stages in my entrepreneurial career to know about the […]

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This Is Why You Need to Build a 7-Figure Business

Hint: It’s not about the money. July 27, 2018 5 min read Opinions expressed by Entrepreneur contributors are their own. I often meet entrepreneurs who say something along the lines of “Once I get to six figures, I’ll be happy.” But then they get there, and guess what? They’re as stressed and burnt out as ever. Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22 I call this getting stuck in the “six-figure hamster wheel,” and it’s a vicious cycle I’ve lost myself in before. It’s hard to escape, and most people try to overcome it with even more hustle. After all, it was “hustle mode” that got them to six figures, so more will get you to seven figures … right? Wrong! Hustling to seven figures is not the answer. And this is why I believe every single entrepreneur needs to build a seven-figure business if they are ever […]

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What to Do When Your Growth Has Stalled

If your business doesn’t grow, it dies, and no one wants that. Here’s how to get your growth engine humming again. July 3, 2018 5 min read Opinions expressed by Entrepreneur contributors are their own. In the startup world, growth is everything. Companies that don’t grow don’t survive. So, if you’re an entrepreneur craving faster growth, having a great product, teams and customer relationship almost won’t matter. Without growth fueling those fires of success, your company may not last long. In fact, half of all new businesses close their doors after five years. And the more competitive the industry, the more important growth becomes. High growth is important for another reason: These companies enjoy faster cash flows. And that extra cash leads to more new projects, talented hires and satisfied customers. Faster growth is especially essential in emerging industries, where the companies that hit the market first (with good products, of course) gain an advantage […]

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How to Diversify Your Customer Base and Grow Your Business

A conversation with Kara Goldin, founder and CEO of healthy lifestyle brand hint. July 3, 2018 2 min read Whether thinking about launching a new product or service, or opening up in a new market, entrepreneurs are always focused on creating new revenue streams to help guarantee that money is coming in. The more diverse your customer base, the easier it can be to take advantage of new revenue possibilities. That is precisely the topic of our upcoming webinar, “How to Diversify Your Customer Base and Grow Your Business,” presented by NetSuite and Entrepreneur. We’ll hear from an entrepreneur who has grown her business by diversifying her customer base. Join host Jill Schiefelbein, business communication expert and Entrepreneur Press author, for a lively, 60-minute conversation with Kara Goldin, founder and CEO of healthy lifestyle brand hint about how entrepreneurs can think about diversification in new ways to grow their businesses. Following […]

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Use These Growth Strategies to Build a 6-Figure Business

Step one is knowing what’s possible. It’s a lot. July 2, 2018 4 min read Opinions expressed by Entrepreneur contributors are their own. I built my first business to multiple six figures fairly quickly in 1999. It was a service business that filled a major need for a select industry. It’s a business that many entrepreneurs can still start and build successful today. I sold that business and started a lifestyle business in 2011. I heard good things about generating income online and doing it passively, so I figured I could get to six figures or more quicker. I was wrong.  For the first year, I made less than $10,000. I did everything the industry leaders advised to do. Yet, no forward progress. It was frustrating. I chased leads, I worked hard every day, and I felt like giving up more times than I can count. In 2012, I did “crack the […]

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12 Science-Backed Ways to Make Yourself Smarter

From chewing gum to having more sex, here are some things you can do to boost your brain power. June 13, 2018 6 min read There are a variety of things a person can do, at any age, to make themselves smarter. And they’re easier than you think. Related: 8 Ways to Work Smarter and Improve Productivity One simple way to make yourself smarter is to believe that it’s possible and tell yourself you’re smart. Other simple hacks include getting more exercise, taking naps and socializing more often. Of course, there are some off-the-beaten-path tricks to making yourself smarter too. For example, researchers from Japan discovered that riding motorcycles improves a person’s ability to process and retain information, while another group of scientists found that the more sex you have, the smarter you’ll be. Related: Turns Out, Those Who Like Being Alone Can Be More Creative Still not convinced? Here are 12 science-backed ways to […]

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