If you have a pet dog at home, raising it can also hone your leadership abilities. While dogs are cute and cuddly, owning one or more is not a walk in a park. That is why caring for them builds your character as well. Why not apply these skills to your business, particularly in leading your team.
Social entrepreneurship has become a buzz word nowadays as individuals and groups incorporate social and environmental causes with business. This kind of set-up allows the venture to channel a portion of the profits to programs that create an impact on a community or sector of society.
Year in and year out, we experience extreme heat, extreme cold, flowers in bloom and trees in decline. As the planet goes through the different seasons of nature, the entrepreneurial journey also passes through various phases and cycles. In this world, and even in the business space, change is the only constant. Entrepreneurs must learn to adapt to such changes within its internal environs and even those happening in its external setting.
Businesses acknowledge the fact that retaining existing customers is more cost-efficient than seeking new clientele constantly. Consumers may extend their loyalty to a brand if they feel valued by the company and receive the ample attention they need. The danger lies when you commit and does nothing to salvage the damage done because customers can easily shift to another brand.
Busy entrepreneurs need to unwind to relieve themselves from the stress of work and other responsibilities. Whether it’s spending a day at the beach, hiking to the mountains or simply listening to songs while you do your day-to-day chores can help you rejuvenate and recharge. Music has a deep effect on the emotions. Ballads can make you feel mellow, while upbeat songs may tend to energise you.
We have established that closing sales and winning deals are necessary for business. That’s the art of negotiation. It takes a lot of savvy, skills, training, exposure and insights to hone your competence on persuasion and end with success on your pitches.
To arm you with more learnings and additional knowledge for your negotiation acumen, we listed down ten books on persuasion. You can apply a thing or two (surely, more) from these materials to your sales transactions or other forms of business bargaining. You can even translate them to the day-to-day activities in your personal life.
A business plan often centres around plotting how to establish a venture and grow it past the startup stage. Not many may include an exit strategy in the plan, thinking that such an idea only applies when things turn south, such as a loss or bankruptcy. On the contrary, an exit strategy is employed not only during difficult situations but even during times when the business is faring well, which is the more commendable route.
The business world is a corporate jungle where varied entrepreneurs that possess qualities and exhibit characteristics similar to members of the animal kingdom abound. Thus, it is not surprising that there are individuals who relate themselves with and take inspiration from creatures and wildlife as their business personae in the form of spirit animals.
For a lack of a better term, middle management is the level in a corporate structure that bridges the senior executives and the junior ranks. While most startups may have a leaner configuration of staff members and flatter organisational chart, those that expand and increase their people may see the need to manage and put an order in their teams through units and layers.
On special occasions or to cap the night on a relaxing mood, a glass of wine can add sparkle and colour to any scenario. Wine is also a symbol of luxury, which used to be the drink of the kings and the rich. It has a long history, recorded in ancient books and manuscripts. However, behind the glamour ascribed to wines is a tedious process where we can pick a few lessons that we can bring to the business space.
One of the things that most entrepreneurs give up whenever they enter the business world is sleep. Late nights and early mornings are devoted to checking e-mails and worrying over several business matters. Entrepreneurs have too many tasks and responsibilities that they have to sacrifice slumber so that they can bring their venture towards its goal. However, the amount of sleep lost is never a measure of success. It’s time to break that chain of thought and shift on the need for entrepreneurs to value sleep.
Playing Jenga, where you take a wooden block from any part of the tower and stack it on top, takes a lot of patience, concentration and control to win over your opponents. The objective of Jenga, which is a Swahili word that means “to build”, is to make a taller tower but stable enough not to topple during your turn.
Taking the entrepreneurial journey requires a lot of guts and courage because the path is full of difficulties and hardships. To be an entrepreneur means you’re ready to take risks, and becoming one is already an indication of confidence. But not at all times you may be brave enough to face various challenges. There are moments when fear and timidity set in, and it can cause you to crumble from the inside.
Every business has competition. It’s a factor that you have to consider in making business decisions. Numbers may indicate that you have a positive bottom line, but you also have to check your portion in the market share. There may be an opportunity to increase your piece and get a bigger slice of the pie. How do you do it?
Do you need to entice an investor, attract a client, talk in a seminar or persuade a partner to move forward with your business? In occasions like these, you might need to come up with a powerful presentation to drive your point and close a transaction fast and effectively.
There are costs and benefits in implementing an employee performance appraisal in an organisation. It requires energy, time and resources to conduct it annually. If the execution is off-tangent, it can even leave a negative impact on the team. On the other hand, an effective appraisal system can boost the morale of your people.
Have you ever walked down a road, so sure of your direction only to find out midway that you’ve taken the wrong path? Even in the entrepreneurial journey, mistakes and change are bound to happen. The initial goal may no longer be viable under the present circumstances, and a crossroad of choices appears before you. You can give up, continue with your original intent but with a few tweaks, go back to the beginning and redo things, or pivot and make a major overhaul of your business.
Strategy and winning. These are two words that best describe the game of chess and entrepreneurship. However, in business, winning is not necessarily associated with competitors. Rather, it is winning your goals by challenging yourself.
Goals and checklists are good, but if your day is not enough to fulfil all your tasks and responsibilities, you end up delivering work that is not at par with the quality expected or you suffer from burnout, fatigue and other illnesses. Managing time and obligations is one of the biggest challenges of entrepreneurs. Some of them turn for help by hiring virtual assistants who can do certain jobs on their behalf. It is an option to unload one from mundane work to focus more on urgent matters in the business.
A business plan is a tool that will help you get to your entrepreneurial destination within the timeframe you set or even at a faster pace. It provides you with a map and directions on how to get there. Not everyone may be able to read a map, as much as not many may find a business plan useful. Maybe not in all circumstances, but in major crossroads of your entrepreneurial journey, it is advantageous to have something that you can refer to that can help you stay focused on your goals.