Learn The Simple Equation That Tells You If Your Business Will Grow and Scale

Save on visits to the local psychic, this simple calculation will show if your business is going to grow. September 18, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Revenue Per Person is an interesting metric to judge the likely success of a company. It’s the total revenues, divided by the total number of full-time equivalent employees. The higher the number, the more money a business makes without needing many people. Technology-driven businesses earn higher revenue per employee. Apple earns over US$2.7M per person with 130K+ employees. Google has 100K+ people and $136B in revenue (2018), earning over $1.3M per person. Facebook earns US$1.4m per person with 40,000+ people and revenue above $56Billion. Microsoft comes in at $875k per person and has 144,000 people with $125 billion in revenue. Labor-intensive businesses have low revenue per employee numbers. Walmart has $514 billion of revenue and 2.2M employees […]

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How to Use Mid-Year Performance Reviews to Power Year-Long Value

Learn how mid-year reviews can support growth and set the tone for the remainder of the year. September 7, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. Summer is over and it’s time to get back to it. Chances are you and your team completed a mid-year performance review before your breakout, but, with so many tasks to catch up on, it’s easy to forget to take action on the results of those mid-year reviews. However, there are probably great learnings that you can use to help catch back up to speed.  Mid-year reviews shouldn’t just be seen as something that appeases HR and can then be long forgotten. When done right and followed up correctly, they can support growth and performance for the entire team and set the tone for the remainder of the year. As a manager, it’s important to establish a working environment that promotes […]

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If You Think You’re Too Small for Cybercrime Thieves, Think Again. Here Are 3 Things Freelancers Need to Do to Protect Their Money.

Small and medium enterprises are the most vulnerable when it comes to cybercrime. September 6, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. According to this article, it is estimated that the cost of cybercrime per year would get to an average of $6 trillion by the year 2021. That is a lot of money, and small businesses are not left out of it. It is no longer a secret that there are hackers crawling the internet and they are a serious threat to your security online. These cybersecurity statistics are becoming scarier by the day. In fact, Gallup Poll revealed that more Americans are so afraid of hackers that they worry about them more than they do about terrorist attacks. The sad news is that small and medium enterprises (SMEs) are the most vulnerable when it comes to cybersecurity and they are the common prey for […]

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Striking a Balance Between Being a Boss and Friend

How to make sure your personal connections at work are healthy and productive. September 5, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. Numerous research projects have found that having friends at work is a good thing. Science has found that meaningful friendships in the workplace have benefits like increased emotional well-being, trust, and loyalty. It’s also good for you physically. Making and keeping workplace friends will reduce stress and anxiety and increase your productivity. Your career friendships lead to more candid feedback, a greater sense of belonging, and improved teamwork and collaboration. Of course, if you’ve ever watched The Office, you know there’s a vast difference between the relationship with Jim and Pam, and those two have a different relationship with Micheal. The friendship between Jim and Pam is organic. But, the relationship with Michael, it’s the opposite. The Michael connection is unnatural and awkward. […]

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Is It Time to Get Rid of That Disappointing Employee?

The Phillies recently demoted their underperforming third baseman, Maikel Franco. Should you take a play from their book? August 16, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. Ever heard of Maikel Franco? Maybe you haven’t. But fans of the Philadelphia Phillies know him. Up until recently, Franco was the Phillies starting third baseman. He arrived in the major leagues in 2014 swinging a big bat and bringing big expectations. And although he’s had some great moments (like this awesome walk off against the Nationals earlier this season), Franco has overall just been, well, a big disappointment. Related: Why You Should Fire Yourself In a career 635 games and 2,479 plate appearances Franco has produced 100 home runs and a below-expectation .249 batting average. Even as a day-to-day starter, Franco never got into a consistent groove. After hitting .280 with 22 home runs in his first full […]

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How to Fire Yourself as CEO and Hand Over the Reins

Here are four steps to successfully transition to a new CEO. August 14, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs start companies to solve problems. A founder identifies a pain point, develops an innovative solution, raises money, hires an engineering team, and pushes the product to market. Yet the drive and skills that can propel a founder to early success aren’t necessarily the same ones required to scale a business or run a large public company as CEO. Sometimes, the founder has to step aside to make way for another leader with a skill set better suited to continue to grow a company. The shift requires a CEO to be self-aware and for both parties to take steps to make the transition seamless. But making the hard choice to move on can be key to keeping the company on the right path and maximizing […]

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Olivia Alexander, Founder and CEO of Kush Queen

As one of the industry’s top tastemakers, her cannabis wellness and lifestyle products are known for their quality and innovation. August 11, 2019 13 min read This story originally appeared on Authority Magazine Olivia Alexander is the Founder and CEO of Kush Queen, a premier luxury lifestyle cannabis brand that launched in 2015. Renowned for providing quality, innovative cannabis wellness and lifestyle products, Olivia has become known as one of the industry’s top tastemakers, pioneering new areas of the space and creating trends at every turn. Olivia is an influencer, an advocate and a proud female contributor to the cannabis industry. Formerly a Beauty Queen who lived in Louisiana until the age of 13, she now has developed a name as the Kush Queen. Related: What You Need to Know About Cannabis Incubators Fotis Georgiadis spoke with Alexander as part of his “5 Things I Wish I Knew Before I Started Leading a Cannabis […]

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This New Kind of Expensive Lawsuit Could Easily Bankrupt Your Small Business

Wage-and-hour suits are complicated, boring and could potentially bankrupt entrepreneurs. Here’s how to protect yourself. August 5, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. In recent years, a parade of household names have been hit by lawsuits accusing them of underpaying or misclassifying their workers. So-called wage-and-hour suits have been brought against Walmart and Amazon, among many other of the world’s largest employers, on the basis that they failed to pay required wages and overtime to workers.  Meanwhile, ride-sharing service Uber is being sued for misclassifying its drivers as independent contractors rather than employees, a claim that strikes at the heart of the very business model of one of the world’s fastest-growing companies. For owners of smaller businesses, it’s easy to look at these corporate giants and assume that the same rules and risks don’t apply. That would be a mistake.  In my work, I […]

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The 7 Basic Human Needs That Successful Businesses Focus On

The key to a successful company is understanding the concept of personal needs: your own and those of your customers. August 2, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. As an entrepreneur, you need to ask yourself: Where do I want to invest my money and energy? Which market am I going to target? And, most importantly, why does that market need my help?  The answer to these questions will have a huge impact on everyone involved, and make or break your success. Despite having a burning desire to build something incredible, the fact is many entrepreneurs struggle to make the correct decision. That’s because they are rushing to build and launch their idea. There is little consideration given to what they are solving, why they are doing it, and whether the consumer actually wants this solution.   The key to answering “the why” question is […]

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How to Delegate Better and Become a Great Leader

From productivity to company morale, here are the many benefits of delegating responsibility. July 30, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Stop me if you’ve heard this one before: You need to delegate if you want to be a more effective leader. Delegating to the right people is important to entrepreneurs and business owners for many reasons. Yes, it saves you time that you can then spend on more high-value tasks. However, that’s not the only reason proper delegation is so important in running a business. It also prepares employees for promotion and bigger responsibilities.  Related: 7 Rules for Entrepreneurs to Delegate Effectively If you want to help your key team members reach their goals, advance in their careers and provide more value to your company, it’s essential to learn to delegate like a boss.  1. Understand what’s holding you back from delegating now.  Frequently, micromanaging bosses shy […]

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7 Great Collaboration Tools for Your Business

Here are seven solutions to empower better collaboration at your organization. July 29, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. There’s a reason why Silicon Valley firms fret so much about talent: the best business ideas in the world have no chance of being successful without the right team behind them to execute. But hiring the right people is only part of the story; businesses also need employees to be able to work seamlessly together. Collaboration is arguably the secret sauce of successful businesses. A collaborative culture attracts the best team members and inspires the best within them — and helps a team get more done on a higher level at a faster pace. A Stanford University study found that those companies that promote collaborative workplaces were five times as likely to be high-performing. Here are seven solutions to empower collaboration at your organization. 1. Project […]

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4 Steps to Building a Board of Directors That Lessens Your Stress

How to set your company up for success, and yourself up for happiness. July 23, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. As a leader, your board of directors is one of your most important and strategic partners. Your company’s success depends on the effectiveness of your board. Your board can help you course-correct, identify opportunities to expand your reach, fundraise, especially if you’re a not-for-profit entity, manage risk, and build the company’s brand. This will help you reduce stress and help you improve your overall wellbeing and health.  Stress is directly related to your health. Stress inhibits your immune system, making you less able to fight off attackers such as viruses and bacteria. You become more prone to infections, frequent colds and flu, shingles, yeast infections, rheumatoid arthritis, and even warts. Stress also will impact your sleep. Stress causes an imbalance in your hormonal […]

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How to Avoid Becoming Another California Cannabis Casualty

The cannabis industry is like paying for a wedding. When you put “cannabis” in the name, everything costs more. July 15, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. When California legalized recreational cannabis in 2018, people all over the country and the world saw the Golden State as a golden opportunity to build a cannabis business. However, things didn’t go as planned for a lot of companies. The market was expected to generate $1 billion in tax revenue in 2018 but came up short — quite short. In 2018, California only took in $345.2 million from legal cannabis. With high taxes, intense regulatory framework and countywide bans on dispensaries, it is no surprise many cannabis companies didn’t survive. So how can businesses in this industry avoid becoming another California cannabis casualty?  Sufficient funding. The first necessary step in ensuring you don’t become another California cannabis […]

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What Are the Right Questions to Ask When You’re Starting Your First Business?

Focus on the important stuff at the start of your entrepreneurial journey. July 3, 2019 1 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Jeff Rose explains that many entrepreneurs approach him with questions about how to start preparing for hiring before they have made a single penny.  Rose recommends holding off on these questions until you’ve made a legitimate profit. Once your business begins generating cash, you can then seriously start considering whether to file for LLC status. The ultimate lesson here is to focus on making money first; then to focusing on the smaller tasks that are legitimately less pressing later on.  Click play to hear more.  Related: This Is When You Should Take a Break From the Hustle Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth […]

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Experiencing Burnout? Ask These 3 Questions to Help You Fall Back in Love With Your Business.

Before you can enjoy your business, you need to acknowledge your needs to avoid burnout. July 1, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. What happens when we fall out of love with our business? What do you do about burnout? It’s a common question that is understandably hard to answer as a president, partner or owner. And both Clay and I have helped leaders wrestle with this thorny issue in our Course for Presidents at Aileron for years. When we go into battle for our big dreams, there are usually casualties of war. It’s common to sacrifice time, hobbies, and even our work culture in the pursuit of something bigger. And along the way, we can even fall out of love with our business.  So how do we get reorientated? How do we rekindle a love for our work and purpose? We go back to […]

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This Annoying Noise Convinced Me That Disruption Begins at the Bottom

Find points of friction for your customers and your employees to inspire innovation and disrupt your industry. May 22, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. We live in an age where the only question about disruption is which industry is up next. From banking to health care to something as pedestrian as shaving your face, startups have long been on the receiving end of what feels like unlimited investments from venture capital in the hopes they become the next big driver of change. And the winners of this sprint all have one thing in common. They didn’t just build a better product by chance. They did it by listening to the right people: those at the bottom. It may sound counterintuitive, but while getting buy-in from C-level executives and decision makers is an important part of any disruptive company’s path to success, those meetings […]

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6 Ways to Identify Profitable Products and Make Money With Your Online Store

Here are some powerful tactics to build and grow a successful online shopping business. May 17, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Though running your own ecommerce business can be an exciting entrepreneurial adventure, there is no denying that many online stores fail to make any kind of profit. After only a short time, they are out of business, closed up for good. While there are many factors that can cause an ecommerce store to fail, one of the biggest problems entrepreneurs face is the inability to recognize and leverage a profitable product niche. However, by conducting a thorough analysis of the current marketplace, you can find an area where you can make a lasting impression. 1. Solve a meaningful problem. As with any other business idea, a successful ecommerce product can get its beginnings when you try to solve an actual, meaningful problem. […]

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7 Bulletproof Strategies to Increase Sales and Make More Money

Use these sales strategies to fuel exponential growth for your business. May 15, 2019 11 min read Opinions expressed by Entrepreneur contributors are their own. Sales. It’s the lifeblood of a business. The proverbial heartbeat of an organization. Without it? A business would cease to exist. With it? Endless opportunities await for expansion and world domination. But try as they might, most business owners struggle with sales. Entrepreneurs around the world grapple with the inability to make more money. The truth? It’s not easy. Especially when you don’t understand the mechanics of what it takes to increase sales in any business.  So why is this so complex? Why is it a problem that’s plagued business owners since the dawn of time? Today, in the so-called digital age, the struggle is most certainly real. Is it for lack of information? Certainly not. There’s plenty of information out there. In fact, there’s so much information […]

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Four Friends Started a Business and Sold It to Apple for $400 Million. Here’s How.

The co-founder of Shazam talks about starting a business that is personally and financially fulfilling. May 7, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. I had the pleasure of catching up with Dhiraj Mukherjee, the co-founder of Shazam, an app that has been downloaded over a billion times and tells you what song is playing in the background. Users just hit the button, let it listen and “Shazam!” — turns out you’re enjoying a cheesy David Guetta co-lab you normally wouldn’t admit to liking. Apple loved this technology so much they had to have it and in late 2018 they acquired Shazam for a whopping $400 million and integrated it with their digital assistant Siri.    So how did this business get started? Shazam began as a crazy idea between friends in 1999. At the time, the technology that makes it work didn’t exist, the digital library of […]

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Successful People Often Share These 2 Traits

A good leader recognizes the importance of pace and intensity. April 25, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Mike Phillips explains two key leadership behaviors: pace and intensity. Phillips points out that successful people often have high energy and move quickly. They’re often intense, and Phillips recommends a few tips that can improve the pace and intensity in your life. In business, working on yourself is integral to getting better in your business. Start by gaining knowledge and confidence in your abilities. Then, focus on training your employees.  Click the video to hear more. Related: Are You Properly Focused on Your Goals? Watch more videos on Lead the Team’s YouTube Channel. Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital […]

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