Planting and growing the seed of entrepreneurship

Entrepreneurship is like gardening where you plant and nurture your business so that it grows and bears fruit. It takes a lot of labour, notwithstanding external factors, to achieve the result you envision. Nevertheless, you till the ground, water the plant and care for it until it yields its produce for a good harvest.

Gardening is a therapeutic activity for busy entrepreneurs. There is nothing better than to feel nature in your hands. Also, it brings many good lessons that you can apply in founding and managing a venture.

1.) Know your soil

There are different kinds of soil – clay, chalky, peaty, sandy, silty, and loamy, the last being the ideal one. Determine the type of soil in your garden to know the plants that can survive and grow in such an environment. In the business setting, there are plenty of industries and markets to penetrate when you start an enterprise. Take a look at trends and players in the field and study how you will fit in such space.

2.) Select your seeds

Depending on your soil and environment, you have to choose the kind of plants you want to grow. Will it be flowers, vegetables, ornamental plants or fruit-bearing trees? Learn which plants complement each other and which ones would be disadvantageous if placed in the same area. Similarly, be strategic in the products and services you want to focus on your business. Make sure they address a particular need and provide a solution to a specific problem.

3.) Layout your location

When you have identified the seeds that go in a particular soil type, layout your garden. Decide the plants that should go together and those that you will place under the sun or in the shade. Location is crucial in business. It is ideal for your office or shop to be near your target market. Make your interiors a pleasing environment for your team and customers.

4.) Ready your tools

You need gardening tools to get you started. Plus, you need to get your hands dirty. When you build and run an enterprise, you need to have the right tools to manage it well, such as equipment, materials, skills, systems and software. At the initial stage of the business, you have to be hands-on with every aspect of the operation to familiarise yourself to the whole process and take care of your finances. Join professional groups like EO Melbourne to expand your learning and help you accelerate the growth of your business.

5.) Plant the seeds

Seeds are delicate, so you must handle them with extra care. Dig deep enough for the seeds to germinate. Be mindful of the distance between plants. Also, to avoid confusion, label your seeds. When everything is ready, it’s time to invest in your business and plant your brand in the mindset of your clients and prospects. Let your brand stand out from the rest. Establish and maintain good relations with them.

6.) Nurture according to their needs

The right amount of soil, water, sunlight, air and other minerals will help your seeds to sprout and grow. Never overdo them or else they will die. If you know your seeds well, you must know the amount of care they need to make them sturdy. In business, engage your customers and communicate with them. If you know exactly their needs and wants and deliver that kind of product or service to them, you will gain their trust and loyalty.

7.) Take out weeds and protect them from pests

To protect your plants against harmful factors, you have to weed out the grass, create boundaries against animals, and look out for pests and insects. As an entrepreneur, review your books regularly and avoid unnecessary spending. Hire and retain good employees, but don’t hesitate to let go of those that do not fit your standard and corporate culture.

Indulge yourself in this interesting hobby. It’s a good way to reflect and nurture your creativity where you get to spend some alone time with nature. You will find the activity not only relaxing but also insightful as you can pick lessons that you can bring to your entrepreneurial journey.

Essential business software tools

Speed and efficiency are necessary ingredients in running a business. You need tools that will help you fast track your operations effectively, sort out your internal structure, keep up with the demands of your clientele, compete well in your industry, and protect your venture from possible threats.

Advanced technology in this smartphone age has an enormous selection of applications that can bring your business up-to-speed and efficiently like a well-oiled machine. It has made offices go paperless and enable remote transactions to happen in real time. There is a software for every aspect of your business that can systematise your processes and aid you to cut on time, effort and resources. The basic ones are office suite, security suite and e-mail service.

What are the various areas in your venture where you can use software to help you manage your business? If you have a limited budget, there are free software but may not have the full capacity you need. Otherwise, you can invest in software that can best serve your business requirements. You can look into these few examples and explore other resources available out there.

Accounting, budget and invoicing

Keeping tabs of your income and expenses is one of the trickiest parts of a business. You can be on top of your cash flow when you have the proper financial system in place where you can accurately record your numbers and generate reports.

Examples: Xero, Quickbooks, Wave, Freshbooks, Sage 50c, Zoho

Backup and Recovery

Data and information are vital to your venture. Thus, there is a need to protect them to avoid losing them entirely. Choose the most suitable software that has the capacity that can match your company’s requirements.

Examples: CloudBerry, EaseUS, Nakivo, Wondershare, Carbonite

Customer Relationship Management (CRM)

Acquiring, engaging and retaining clients, whether it’s a B2B or B2C company, are necessary to generate sales and profit. 

Examples: Zoho, Salesforce, HubSpot, Bitrix24, Pipedrive

Database

Organising your client list, business contacts, and other information is a good way to record and keep information. Find a software where you can easily draw out the kind of report you need, such as the demographics of your customers or spending habits.

Examples: Microsoft Access, Oracle Database Cloud Service, TeamDesk, MySQL, SAP Sybase ASE, Microsoft SQL Server

E-commerce

The rise of online transactions has become a common reality nowadays. E-commerce has made things faster and easier for customers without them having to leave their homes or offices.

Examples: Shopify, BigCommerce, Wix, Weebly, Volusion

E-mail marketing

E-mail still generates a huge return on investment (ROI) and an effective way of engaging customers. But if you have a huge list and need to send e-mails regularly, a marketing tool that can do that in a single click is most helpful. Thankfully, there are now sophisticated applications that can do that.

Examples: MailChimp, Constant Contact, ActiveCampaign, SendinBlue

File storage and document sharing

Organisations turn to cloud storage as a business solution for storing and sharing huge files. With file storage and document sharing software, it is efficient to operate if you have offices or team members working in various locations.

Examples: Google Drive, Dropbox, Sharefile, Apple iCloud, SharePoint, Slack, Samepage

Project Management

Implementing and overseeing a project can be a tedious process. But you can ease your worries if you have software that can easily track the project, allow team collaboration, minimise errors and generate reports.

Examples: Slack, Bitrix24, Samepage, Confluence, Wrike, Trello, Zoho Projects

Task Manager

When you are overseeing a team, it is good to manage their tasks and deliverables through software that can help organise the workflow.

Examples: Monday.com, Wrike, Evernote, Smartsheet, Asana, Quire

Time tracking

Professionals, freelancers, contractors and companies with work-from-home staff rely on time tracking software to charge bill hours or monitor workload and output.

Examples: Hubstaff, Time Doctor, Tsheets, Bitrix24, Zoho People, Timely

Thanks to technology, it is easy to connect and work with your team regardless of time and distance. Software applications can keep you on the same page and reduce mistakes. If you have a good command of every aspect of your business, you can determine the software that can best fit your needs and help you cut on time and budget. Find one that can perform two or more functions to make it economical, timesaving and proficient for your organisation.

Industries where startups thrive

More and more startups are on the rise, and there are industries where new businesses thrive. Such industries provide an environment that allows recent players room for growth and opportunities. Emerging industries set the stage for fresh ideas and concepts while established ones experience a changing landscape through disruptive technology.

If you want to start a business or enter a new playing field, you can take a look into these markets which may open doors for you and lead you to success. It would also be a good topic to discuss and explore with other entrepreneurs and business groups like EO Melbourne on how they foresee the future of ventures within these business spheres.

Green and renewable energy

The increasing concern on environmental issues has paved the way for businesses to provide solutions to ecological problems. People are taking into consideration other sources of energy that are less harmful to the planet. Companies and individuals are becoming more conscious of redefining their methods to ease the pollution, reduce carbon footprint and address global warming and climate change. From the use of solar energy to the implementation of paperless transactions, there is a lot of potential for startups in this arena.

Artificial intelligence

It used to be a distant dream for societies to one day do things with a snap of a finger. Now, it has become more of a reality with the use of artificial intelligence. New products, equipment and processes that use the AI technology are on the rise, although still in the infancy stage, which leaves more space for several players to shape and develop this industry.

Education and online learning

In today’s world, learning goes beyond the four walls of the classroom. It now transcends time and distance through educational software and online materials. Whether it’s early education or a professional course, there are plenty of choices where you can improve your knowledge within a chosen field. Even individual experts have come up with online programs and training sessions to improve one’s capability.

Video and mobile games

With the advent of smartphones and gadgets, gaming has become more accessible to everyone. Gamers prefer to play a variety of games, and they range across various age brackets, locations and demographics. There are new games developed every month, and several companies have joined the bandwagon of creating video and mobile game apps that continually delight consumers.

Health, beauty and wellness

Today’s fast-paced and stressful lifestyle brought people to become conscious of their health, wellness and beauty. Although this is not a new industry, more startups are entering the scene that disrupts the current mindset and trends. Wellness services and applications, health centres, and ethical practices are making waves globally, creating a different approach to taking care of one’s body.

Mobile Food

Food is one of the basic needs of human beings. But this age-old industry has been transforming over the years because of the changing lifestyle, preferences and eating habits of people. Businesses that venture in the mobile food industry flourish, especially when times are financially challenging for consumers. Street food is always a mainstay for locals and travellers in cities all over the world, which is why there are always newbies that enter the scene.

There are several other industries where startups are seen to be on the upsurge. As our societies evolve and more needs and challenges are faced, there will be an opportunity for aspiring entrepreneurs who want to join the business world. Also, we constantly experience progress, transformation and disruption, which may be both a threat and an opportunity to existing and upcoming enterprises. Nevertheless, keep your eyes open and be ready for doors that may open up in the future that may lead you to achieve your goals and become a successful entrepreneur.

Planning your business budget well

Keeping track of one’s finances is a primary concern of every entrepreneur because cash flow is an integral part of any business. A yearly budget needs to be drawn out to forecast and assess the financial aspect of your business more efficiently.

A budget is your plan interpreted into numbers. It is your roadmap that will guide you as you work on your short-term goals. A budget is a business tool for planning, monitoring and evaluating your venture’s progress based on your projected and actual income and expenses.

Even if you hire bookkeepers, accountants, auditors and experts in this field, it pays a lot if you are also knowledgeable about the financial side of your business. Given that, it is best that you work with your team when you draft your annual budget. To make sure that you plan your venture’s budget well, you can consider these few tips that can help you and your team.

Set targets

It starts with identifying your targets for the year. From there, specify the requirements, materials and tasks involved and estimate the equivalent cost. Having those quantifiable figures will help you assess your progress as you work your way towards your goals.

Research on costs and trends

To make your numbers as accurate as possible, research on actual costs that will reflect on your budget. If you have been operating for quite some time, your previous financial statements could be your reference as a benchmark but consider other factors that may change your current cash flow. Talk to your suppliers and partners, familiarise yourself on tax laws, check the market trends, know the industry standards, and adjust your budget accordingly.

Break down per month

Monitoring your cash flow vis-à-vis your budget is easier if they are broken down into months. When you divide your budget this way, you can check the difference between your forecast and the actual income and expenses as you progress throughout the year. Other businesses also apportion their budget per department or per project.

Get into the details

When you put items or entries in your budget, be as detailed as possible. Make everything quantifiable. Remember that time also has an equivalent cost. Review where you can trim down the budget. Be conservative in your sales projections as you overestimate your possible expenses. Include changes in the business cycle during peak and non-peak seasons. Factor in your company’s capability to absorb the workload and count overhead expenditures.

Come up with contingency

Similar to how you plan your life and your business direction, you must always allocate a contingency fund that will cover emergencies and unforeseen circumstances. Have a plan B, C or D when you create your budget. Mark the items that you can easily adjust and those that are non-negotiable.

Nowadays, there are plenty of tools, templates, apps and software that can make budget planning faster and more efficient. Educate yourself about the financial side of your business by reading accounting books, listening to podcasts and attending learning events, such as those held by EO Melbourne. Once you surpass the hurdle of the first few years of your venture, you can approach budget planning with confidence and increased knowledge.

The benefits of blogging to your business

Blogging has been around for more than two decades, and it has become widely used from personal journals to marketing and commercial purposes. Various brands and companies have also turned to blogs to communicate with their stakeholders. A blog gives an added dimension to your website, which usually has standard pages that do not need frequent updating.

There are several platforms with template designs that enable individuals, groups and companies to start blogging quite easily. Plugins and apps allow users to incorporate various features in their blogs that make it more attractive for readers. Moreover, blogs have become a rich source of information and entertainment among those who explore the world wide web. EO and its various chapters have also come up with blogs that have provided additional insights to members and readers. The ideal case is to host or attach your blog to your website to make it easier for you and your audience.

To have a blog, you should dedicate some time and effort to plan your content, post regularly, and respond to comments and queries. It’s not expensive to maintain a blog, which is why several ventures are also utilising this for their marketing efforts. Here are some of the benefits that having a corporate blog can bring to your business.

Increase traffic to your website

For your website to generate more traffic, it must have fresh content. Keeping a blog allows you to come up with new posts on a regular basis. It can increase your website’s SEO and inbound links when you have more articles through your blog, especially if you link it back to pages in your site. With more stories and information you share, you increase the searchability of your site as you harp on keywords that are related to your brand or business.

Inform and educate your customers

Through blog posts, you can explain concepts thoroughly. You can go beyond featuring your products or services but even come up with creative articles related to your industry that can be additional resources to your customers.

Connect you with your customers and prospects

Your website can be quite limiting as it will only present very pertinent information about your business. But you have many things to tell your audience beyond the details of your venture and some FAQs. The content you put in your blog can be customised based on the preferences of your readers, which can spark discussion and engagement.

Provide human touch

A blog provides a voice for your business, one that they do not often hear. You can inspire others through stories, highlight your people, share your passion, and put a human face to your company. That way, it strengthens your relationship with people as they see your brand beyond the logos, products, packaging or brochure.

Add value to your brand

Because you can talk about your brand in-depth, you can highlight its positive points without having to make it a hard sell. When you touch on other topics related to your business and provide relevant angles, you raise your brand’s authority, adding value to it that can endear to your customers and prospects.

Maintaining a blog can be either enjoyable or burdensome, but don’t lose your focus and always bear your readers in mind. You also have to stay close to your branding in any article you post. If you do well, it can lead to long-term positive results which can bolster your image and bring in additional income to your business.

Rafting through the entrepreneurial rapids

It’s a wonder why there are people who put their lives on the line, go through the rigours of the current and raft through the rapids of a wild river. The risk is high, and the rewards are not visible. It is comparable to the entrepreneurial journey. Not many may comprehend the people that take this path, but those who have been on this track fully understand the satisfaction it brings.

The perils of letting the powerful flow of water push you along a maze of huge sharp boulders are extremely high. It’s the same with putting your efforts and resources in establishing and running a business – you can gain so much or lose a lot. Despite the hardships, the whole adventure brings excitement and adrenaline rush. The satisfaction that the end of the surge gives to those who take it is even greater for those who finish it.

Proper mindset, preparation and skills are needed to wade through the challenges that the course of the flow may bring. There are a few pointers that people have to bear in mind as they take the entrepreneurial wild based from the preparation and experience of those who do white water rafting.

Choose the right level

The important thing is to assess first your capability and the difficulty levels. If it is your first time, tackle the beginner’s class and work your way up. There’s no need to rush to the most difficult level. It is crucial to have steady growth regardless of the pace that you can carry out. Familiarise yourself with the different rivers and courses so you will also determine the twists and turns you need to take.

It pays to know the ins and outs of the industry you are entering. You have to immerse yourself with the people to know the pulse of the market. There’s nothing wrong with starting small and ending big rather than opening big then the spark will die out in a short amount of time.

Develop great teamwork

When you go rafting as a group, you move as one unit and not as separate individuals. Everything has to be synchronised, and everyone has to paddle hard. Good teamwork and leadership are necessary ingredients to achieve success. That is why it is important to trust your guide and listen well to his commands.

Involve your people in the various stages of your venture, from planning to execution to evaluation. Build your team in a way that you become one mind and heart as you face the same direction. The burden is heaviest on the business owner, but you have to face the difficulties as a team to get through them.

Maintain proper balance

Balance is a key factor as you go through the rapids. Even when you fall, always find your balance. But it is not something that you achieve overnight. You have to work on it until it becomes a natural thing to you. This applies not only on the individual but also to the group. The team has to find its equilibrium on the raft amid the flips and splashes.

The entrepreneurial journey is full of ups and downs. You have to know when to stay all night and when to rest. Otherwise, your body and other aspects of your life will suffer. However, balance is not only bound in life and personal matters. It also applies to your team’s structure. See where every member can complement each other and the entire group so that you will develop harmony and unity.

Safety first

Wear the proper gear and check all the equipment before you embark on this fun adventure. Wetsuit, trainers, a floating device, and helmet are among the basic items. Take out unnecessary things, such as jewellery or accessories, which may harm you or others. Review the safety tips and observe them. Protect yourself not just against the rapids or the large rocks but also from the harmful rays of the sun. Bring sunscreen and first aid kit.

Look after your finances. Have some security measures in place to protect your business from crises and adversities. Document everything and set up proper systems and processes to fill in gaps in your operations.

Train well and paddle hard

Learn proper techniques and do warm-up exercises before the rafting activity to prepare your body to the rigorous motions of the river. Stretch your muscles so you can exert energy and force when the going gets tough and the tough gets going. Moreover, have the presence of mind during preparations and at the activity proper.

Equip yourself and your team with the proper skills and capabilities to make your business heavy-duty. Constant learning and training are essential to keep yourself and your venture growing. Pour your passion into your business so that you will achieve the goals you have set that will bring you to success.

The biggest struggle is at the early stage when you are trying to learn everything. But as you continue rafting and devoting yourself to the business, experience and familiarity will widen your comfort zone. You can learn from others who have gone before you, especially those that are already braving their entrepreneurial rapids, which you can find in EO Melbourne. Nevertheless, keep your eyes ahead and focus on the destination. Watch out for the waves and meet them head on to surpass the turbulence. Most of all, have fun and enjoy the ride.

Cloud storage: where to store your data

The 20th century saw the creation of cloud storage, but it was in the 21st century when it gained widespread use. Many businesses, especially those with offices, staff or dealings in two or more locations, have resorted to putting their data on a cloud platform for easy storage, sharing and collaboration. Understandably, it is a technology that most companies turn to in making their operations faster and more efficient.

There are advantages and disadvantages to using cloud platforms. It takes less physical space and infrastructure when you store data on the cloud. Running out of hard drive space is often a concern for computer users. Sharing of files is also easier because files may be accessed anytime, anywhere without sacrificing hard drive space. Meanwhile, because a third-party server stores the information, it runs the risk of falling on the wrong hands, with you having little control over it. Also, you always have to back up your data in case any uneventful thing happens.

Choosing which provider to host your files depends on your requirements and budget. There are those that are for free but with a limited capacity. If you prefer a bigger space and more secure software, then you have to be ready to shell out some money to acquire and maintain it. But first, it is good to familiarise yourself with the different platforms so you can choose which ones you can tap for your business needs.

Dropbox

Dropbox is probably one of the early players in this game as it began in 2007. It provides options for individuals and teams, offering the best sync technology, file recovery, and easy, secure sharing. One can set up an account for free, but there are plans available for some added features.

Capacity/Plans:

• Individual - Basic (2 GB free), Plus (1 TB at USD9.99/month), and Professional (2 TB at USD19.99/month)

• Team – Standard (3TB at USD12.50/user/month starting at three users), Advanced (As much space as your team needs at USD20/user/month), and Enterprise (customised solutions)

Google

The most common Google app for data storage and sharing is Google Drive, which can be used by individuals and teams at home, school or work. Google also developed Google Cloud as a business solution, which has improved security, advanced storage tiers and other features to support enterprises.

Capacity/Plans:

• Google One (combination of Google Drive, Gmail and Google Photos) - 15 GB free space, 100 GB at USD1.99/month, 200 GB at USD2.99/month, 1 TB at USD9.99/month, 2 TB at USD19.99/month, 10 TB at USD99.99/month, 20 TB at USD199.99/month, and 30 TB at USD299.99/month.

• Google Cloud Storage – Coldline (USD0.007 - USD0.014 per GB/month), Nearline (USD0.01 - USD0.02 per GB/month), Regional (USD0.02 - USD0.035 per GB/month), and Multi-Regional (USD0.026 - USD0.036 per GB/month)

iCloud

Apple’s cloud storage and computing version is the iCloud. The software allows iOS users to back-up data from their devices to remote servers, which they can access and share with other users. iCloud can be opened not only in iOS gadgets but also in macOS and Windows devices.

Capacity/Plans:

• 5 GB free, 50 GB at USD0.99/month, 200 GB at USD2.99/month, and 2 TB at USD9.99/month

OneDrive

Microsoft also came up with its cloud storage facility, called OneDrive. Apart from safety and accessibility, OneDrive also offers users access to their files even when they are not online. It also incorporates Office 365 in OneDrive.

Capacity/Plans:

• 5 GB free, 50 GB at USD1.99/month, 1 TB at USD6.99/month or USD69.99/year (comes with Office 365), and 6 TB (1 TB for 6 users) at USD9.99/month or USD99.99/year (comes with Office 365)

IDrive

IDrive offers multiple device back-ups and online file syncing as well as IDrive Express, where there are quick back-up and data retrieval through physical storage shipment. It also has snapshots and versioning which allows you to retain a maximum of 30 versions of all the files saved in your account.

Capacity/Plans:

• Personal - 5 GB free, 2 TB at USD69.50 in the first year, 5 TB at USD99.50 in the first year

• Business – 250 GB at USD99.50 in the first year, 500 GB at USD199.50 in the first year, 1.25 TB at USD499.50 in the first year

Box

Launched in 2005, Box allows its users to share files and collaborate. It serves individuals and businesses with a mobile application available in various smartphone operating systems.

Capacity/Plans:

• Individual – 10 GB free, 100 GB at US11.50/month

• Business – 100 GB at USD5.80/month, Unlimited storage at USD17.30/month, Unlimited storage plus unlimited external collaborators at USD28.70/month

Amazon Drive

Amazon also joined the cloud offering in 2011 through the Amazon Drive. It offers users the capacity to store files on remote servers, back them up, and share them. Its additional feature is photo printing through the Amazon Prints service.

Capacity/Plans:

• Amazon Photos – unlimited storage for photos, 5 GB free (videos, music and other files)

• Amazon Drive storage (photos are not counted in the storage allocation if you are a Prime member) – 100 GB at USD11.99/year, 1 TB at USD59.99/year

• Prime membership – USD12.99/month

There are many more cloud platforms that you can find. It’s a business solution that can help you in running your venture more efficiently, especially if you have remote offices or team members in various locations. If you are considering using this in your operations, be sure to take a deeper look into its capacity, security, performance, and pricing. You can also check with other business owners on their experience in using any of the cloud platforms. Test first those you are considering before you decide which one is the best for your enterprise.

Augmented Reality as a business tool

Augmented Reality (AR) has become a buzz term because of apps that utilise this technology. However, do not confuse AR with VR or virtual reality. VR provides an immersive experience beyond the physical realm into a simulated environment. Meanwhile, AR produces computer augmentations over a real scenario, mixing reality with enhanced graphics.

Still, AR is considered to be in the infancy stage. It started gaining popularity only recently because of games like Pokemon Go and social media enhancements like Instagram’s Superzoom. Several industries now incorporate this technology into their businesses. Let us take a look where AR can be applied to improve one’s products, services and operations.

Construction and interior design

Architects and interior designers can employ AR before building the physical structure by designing edifices and interior spaces where they can superimpose computer-generated images to real-life scenarios. It allows experts to foresee probable challenges and find solutions to them proactively.

Retail and clothing

The advent of e-commerce has brought shopping to a higher level that sparks creativity and innovation online and in-store. With AR, consumers can now preview goods before buying them and visualise how they fit in the actual realm. An example of this is the virtual dressing room of online shops.

Manufacturing and engineering

Creating products, machines or processes can be more precise with the aid of AR. Car manufacturers can factor in accurately crash scenarios. Others can calculate risks more effectively and address discrepancies between digital images and physical models.

Healthcare and Medicine

The breakthrough of AR into medicine can help save lives and improve health. X-rays, ultrasounds, patient monitoring and vein location, to name a few, can be more exact with the use of AR.

Education and training

Simulations are paving the way to in-depth training and honing of one’s skills. Some institutions have even started employing AR and VR into their methods of instruction. In the long run, schools will benefit from this technology in refining education and academics.

Travel and Tourism

There are many computer software and smartphone applications for travel that provide composite views of computer graphics and the real world. Users can view on their screens both the things around their environment and the information about them. Some apps provide accurate data on distance and directions that help in navigation.

Marketing and entertainment

We sometimes see newscasts and advertisements that use holograms. More and more brands attract consumers through AR apps and services. Not only do they gain attention and pique the interest of prospective buyers but they also engage customers through interactive features.

There’s a lot of room for progress with technology like AR. How it will move your industry and business remains to be seen. But as you keep your business abreast with technological advancements, don’t lose focus on relationships and putting human touch in your dealings with stakeholders. To expand your knowledge and understanding on the latest trends on entrepreneurship and business, take advantage of the learning events in EO Melbourne. Learn from fellow business owners and discuss with them the pros and cons of AR in one’s business.

10 fun activities for team-building

Taking time off from one’s busy schedule is a welcome respite for every person – business owners and staff members alike. Apart from vacation and annual leaves, a good way to break free from the confines of workspaces and work routines is to have team-building activities where the entire team can have fun together. The beginning of the year is the best time for some pep rally to set the tone for your internal environs.

Whether it is your annual planning or team-building session or a weekend getaway or an after-office bonding activity, doing something out of the usual work that you can enjoy as a group keeps a healthy business atmosphere. As they say, “all work and no play makes Jack a dull boy.” When things go dull around the workplace, it can pose a problem to the business as well.

Team-building activities bring great benefits to a company, no matter the size of the business. The change of environment, especially when you hold it somewhere conducive, and the intention of nurturing your team provide positive reinforcement to your staff. These sessions can motivate individual members of your group and engage them in your business on a deeper level. The activities can also enhance their creativity, leadership and problem-solving skills. They also strengthen the communication between members as well as build trust, confidence and teamwork among them. Most of all, it is a time for them to enjoy each other’s presence. In the end, it will increase their productivity, which can bring good to everyone.

If you plan to hold this annually, it would be good to come up with some exciting exercises for them. Below are ten games and activities that can make your team-building extra fun and enjoyable.

1.) Telephone charades

It’s a great icebreaker where, in each team, a person acts a charade for the next person in the line without the others watching. The second person then passes on the charade to the next until it reaches the last person who will guess the word or phrase. Not only will this generate lots of laughs but it will also tap into the creativity of each member and establish rapport among them.

2.) What’s my name?

Members will have a tag on their backs indicating a famous person, a profession or a type of person that they have to guess. Everyone will go around to ask questions, preferably answerable by yes or no, and observe how others treat them to get clues on the word written on their backs. This exercise can help determine stereotypes and allow members to interact with each other.

3.) Jigsaw puzzle contest

Let teams complete a jigsaw puzzle where the fastest one will be declared the winner. You can also modify this activity, such as hide certain pieces, set challenges to obtain the last piece or mix some pieces with the other teams so that they negotiate and exchange. Here, you will see the dynamics of the teams, which ones are good at leading, negotiating, and problem-solving.

4.) Survival game

You can set a scenario for this game, such as being stranded on an island or lost in the wilderness. Teams can choose ten objects they will bring to survive. It can be a pen-and-pencil activity or actual items in a box. Each team will then rank the items and justify the rank. You can even ask the teams to build or create something out of the items they have. It’s a decision-making and creativity exercise for everyone.

5.) Helium stick game

You can involve the entire team where members line up facing each other with their index fingers extended in front. Place the helium stick over their index fingers. They bring down the stick, which must remain in contact with all the extended fingers at all times. Otherwise, they have to start all over again. It’s a fun game of patience and teamwork.

6.) Escape room

Escape room games are gaining popularity, especially for team-building. Members are locked in a room and must solve a mystery or challenge within the allotted time for them to escape the room, or else, they will suffer the consequence. The situation will allow members to exhibit their capabilities in negotiating and solving problems.

7.) Scavenger hunt

What makes this activity fun is that members can do this around the neighbourhood or outside the venue. Teams are assigned to find or do a particular scene and take photos of the assignments on the list. You can take this further by requiring them to come up with a slideshow or movie of the photos they have taken. It will bring out the creative side of your members.

8.) Minefield

Divide the participants into pairs or small groups where they choose a member to be blindfolded. This member will go through obstacles and must avoid mines until they reach the end of the course. Teammates can only shout their instructions to guide the blindfolded member. Learn how different individuals issue orders and carry them out.

9.) Cook-off

Another fun way to strengthen the bond of your staff is to do practical activities, such as cooking. You can implement this in different ways. Some do this as a relay where only one team member can perform a particular task one at a time. Afterwards, you can dine together and enjoy the dishes your staff has prepared.

10.) Community service or volunteer work

Doing community service or volunteer work is an activity that your members can do together and find fulfilment. Let them do the planning, preparation and implementation, including choosing the service and the organisation that will benefit from this activity.

Having a strong, dynamic team is a vital pillar in keeping your business formidable. Infuse the fun aspect in your corporate environment and nurture your corporate culture with your company values. Always build your team up to drive them forward to your goals.

Building an online community for your brand

The advent of social media has provided brands and businesses with a new way of communicating with their customers and loyal patrons. If before, the way of reaching out to them is through telemarketing and e-mails, engagement with them is taken to a different level with the growth of online communities. Having an online community is not as simple as talking to an audience. There is a dynamic exchange of ideas and opinions that allows customers to be more involved in the brand.

Creating a community allows your consumers to interact with you and share their feedback, stories and insights in a faster and bigger scale. While it is good in building relations with your stakeholders, it also opens up a window for negative reactions, which is why it is something you have to consider very seriously for your business. Before you decide to utilise this strategy, you have to determine first if an online community is something that you need because it takes a lot of effort and commitment to maintain one.

With a community of customers – loyal or disgruntled – you have direct access to their feedback and insights, which you can use for research and development of your products, services, or business, as a whole. It’s also an avenue for you to clarify or address any problem or concern. Knowing that you are listening to them also lessens frustrations from your customers. By establishing an open line of communication with your consumers, you can generate repeat customers and even turn them into your brand ambassadors that can bring in new ones through word of mouth.

But building an online community is easier said than done. Whether you create a forum, host it in your site, or use any of the social media platforms, there are tips to guide you on how to start and strengthen a community online.

1.) Content is king

Having informative and interesting content will hook your existing members and even drive new members to your online community. It should keep your audience engaged through facts, stories and questions. Remember that it’s not a one-way street. It’s not just you talking. It’s also an avenue for your audience to participate and voice out their opinions. You can even generate your content from your members. That way, they feel more connected to your brand.

2.) It’s all about value

Starting an online community is just a small percentage of the big picture. Sustaining it takes a lot of hard work. Members stay in the community when they find value in it. They may get new information regularly, voice their opinions, find gratification or earn new friends along the way. You have to form a special relationship with your community because trust is a key ingredient in keeping it together. Respond fast to queries or concerns in a tactful manner.

3.) A mine of expertise and ideas

Since an online community is composed of human beings, it is also a dynamic organism. Allow some room for your members to show their talents. Enliven discussions to generate lots of ideas. Be generous in giving affirmation to them. When there are insights or works from them that you want to use, be sure to recognise them and give them credit.

4.) Community guidelines are important

Like in any group, it is expected that there will be varying opinions, ideas and reactions. One person can react differently from another in a given situation. To avoid conflicts and install order in the community, you must set down rules and guidelines for everyone to follow. That way, members are aware of boundaries and limitations, making sure they don’t overstep on another person’s space.

5.) A community has a culture

The culture you want to infuse in your online community must reflect the values of your brand. But don’t make it too hard sell. The best way to influence the culture of your community is that you set yourself as a good example. Call out those who go out of bounds but in a non-offensive way. Acknowledge those who embody your corporate values.

6.) Let go of control

To make your community thrive, you often have to step back and allow them to take the reins of running it. You’ll be surprised at how eager they are to respond to each other’s questions, police those who do not follow the guidelines and initiate endeavours for the good of your brand.

There are more things you can do to create, develop and maintain an online community. The important thing is that you have to feel their pulse to know their needs. You can also listen to stories of business owners who have done the same. If you belong in organisations like EO Melbourne, it is a rich resource to mine lessons from the experiences of other entrepreneurs.

Regard your online community as your support base, setting a stage for them to shine and reach their full potential. It’s a give-and-take relationship that you, your brand, customers and prospects can align and help uplift each other.

Hiking towards business success

There are many parallelisms to the entrepreneurial journey, and we can draw lessons from various activities which we can apply to the business space. We don’t have to look far because the great outdoors is a rich resource of business insights. Bringing your venture to success is like hiking uphill to the peak. While climbing a mountain sounds exciting, it is full of challenges and risks, although the results can be extremely rewarding.

If you are planning to go for a hike or start a business, there are a few things to bear in mind before you set out. Even if you have been doing either one of these or both for quite some time, you can still refresh your perspective with a few reminders.

1.) Research is paramount

Before you embark on any hiking adventure, gather as much information as possible on the trails, the elevation, the weather, the preparations needed, and other details that will be helpful to you.

If you are starting a business, launching a new product or campaign, or coming up with an initiative, collect the data that can aid you in setting your objectives, strategies, plans and budget. Research is important to help you steer your business on the right path.

2.) Decide on the trail, distance and time

Once you know your options, choose a trail that can match your fitness level. If it is your first hike, opt for a shorter distance and an elevation that you can manage to scale. Determine the time you will allocate for the climb.

Decision-making is a key factor in entrepreneurship. You have to set your vision and goals, which includes your timeline on when you want to achieve these things, early on. Having a target in mind will guide you in making decisions, big or small.

3.) Study the terrain and directions

Do you know how to read maps? It’s time you familiarise yourself on how to understand maps and use a compass. Know the terrain of the place you are hiking so that you can better prepare for it.

In business, you have to understand your industry and market so that you can navigate your way to success. When you know your competitors, stakeholders, prospects, and other players in the industry, you can also define the direction that your business will be taking.

4.) Create a checklist

A checklist of what you need to do and bring can help you in your preparation for the actual hike. It keeps things organised, allowing you to focus on more important matters.

When you have big goals for your enterprise, it is beneficial to narrow them down into smaller goals and monthly, weekly and daily checklists. You don’t want to miss anything, as you want to cover everything when you are running a business.

5.) Get in shape

Hiking is a physical activity. Thus, exercise is necessary to prepare your mind and body for the challenge ahead. There will be difficulties, so you have to eat the right kind and amount of food.

You will find that learning about finances, marketing, sales, human resource and various aspects of the business is useful to the entrepreneurial journey. Similar to hiking, you have to stay healthy, both in mind and body, to lead your business to success.

6.) Pack the essentials

A first aid kit, food, and emergency items are some of the things necessary to bring when you go on a hike. But you have to pack only the weight that you can carry on your back. Otherwise, you will end up with a heavy load that will become more of a burden than an asset to your activity. Your checklist will help you determine which ones to prioritise.

With so many things happening inside, around and outside your business, you have to filter through all the noise and focus on what is important to your business.

7.) Gear up

Wear the right shoes that can sustain you throughout the hike. Layer your clothes and choose those that you can use in the changing weather. Make sure they are comfortable enough and can protect you from the harsh conditions on the trail.

Put up some security measures and safety nets for your business. You’ll never know what may happen to the economy, market or your operations. It’s good to think of the worst and do the best that you can so that you can achieve your goals.

8.) Find a hiking group or hiking partner

Hiking alone is not only lonesome but also susceptible to many dangers. While there is serenity in doing the hike by yourself, it is better to have people with you who can help you along the way. It is also exciting when you do it with a partner or a group.

The business world is a cutthroat environment, especially with the fierce competition where everyone wants to get the bigger piece of the pie. Surrounding yourself with like-minded people is advantageous when you navigate through the entrepreneurial waters. Groups like EO Melbourne have become a source of support to many business owners because of the learning events and programs that help members wade through the challenges of running a business.

There are other things to bear in mind when you want to go on a hike or run a business. Get the support of your family or friends by sharing your plans with them. Observe proper etiquette and respect others, whether you’re on the trail or the entrepreneurial journey. When things get tough, take a break and adjust your pace. Remember that in hiking and business, you are racing against yourself. You can set your targets based on your capabilities and determination. Push yourself but don’t go over the limit.

All set? Gear up, go after your dreams and reach for the top.

Understanding Generation Z for your business

The Millennials are getting older, and a new breed is making waves in society. “Generation Z” is becoming a buzzword these days. We read several articles differentiating this age bracket from its previous generation, the Millennials, which has become a household term globally.

Generation Z is the youth at present, which can help drive your business to success in the future. Before we get into Generation Z, let us first review the different age groups that comprise our current societies. Although individuals belonging in the same cohort may vary from person to person, there are distinct traits that are common in a particular peer group collectively. It is because they may have shared experiences due to the same trends that happen within their life stages. The exact year when a generation begins and ends are not defined universally because of the disparity in characteristics of such group in various geographic areas.

1. Traditionalists – These are the people born in the late 1920s to 1945. They are also called the Silent Generation. As the name suggests, they are conformists and loyal. This generation is composed of those who have experienced World War II and other wars.

2. Baby Boomers – Born in the latter half of the 1940s to the early half of the 1960s, the Baby Boomers are also the so-called the ”hippies”, “Generation Jones”, and other monikers. They have strong work ethics and are competitive and goal-oriented.

3. Generation X – They are those born in the second half of the 1960s to the latter half of the 1970s. They are independent, hardworking and associated with work-life balance. This generation experienced the transition from analogue to digital.

4. Millennials – This generation is made up of those born in the late 1970s and early 1980s to mid-1990s. Sometimes referred to as Generation Y, Millennials are tech-savvy and may shift jobs as they prefer more flexibility in work schedules.

5. Generation Z – Persons born in the second half of the 1990s to mid-2000s.

Generation Z characteristics

The Generation Z is the youth of today. Some of them are already entering the workforce and making decisions actively. These are some of the qualities of the Gen Z, which you may find useful when you engage with them.

They live in a digital age. With all the current technological advancements, they can communicate and interact easily and fast through various social network platforms and smartphone apps. They access information with a click of a button. Brands convey their messages through mobile and social media marketing. Because of the large influx of messages, the Gen Z crowd will most likely respond to those with great visuals.

They are financially literate. The financial downturns may have occurred before or during the time they were born, and they grow up conscious of the need to save and prepare for their future. Many of them earn a living while still in school, and they are more entrepreneurial than their other counterparts. Given the amount of information, how-to guides and instructional demos available online, Gen Z members are more inclined to create a business and do things DIY.

They are realistic and practical. This generation is aware of the risks and dangers in societies, brought about by certain realities like terrorism and recession. They approach things with caution, leaning more on frugality and practicality instead of extravagance and idealism.

They think global. Most societies exist in multi-cultural settings nowadays. Borders are getting blurry because of the digital space. Travel and instant communication are more common and accessible. One can easily connect with others in various parts of the world. These factors allow Gen Z to be more inclusive and accepting, allowing them to approach things from a broader perspective.

The Gen Z crowd is your consumer and emerging employee. It is important that you know how to reach out to them, position yourself well in their consciousness, and make them an active part of your business. Which is why certain brands create communities that can support and drive their enterprise. You can learn from the Gen Z members with their fresh insights and creativity, especially if you aspire for an increased and more significant presence in the markets you target and the industries where you belong. It’s about time you take a closer look at Generation Z and include them in your plans.

Maximising e-commerce for your businesses

The advancement of technology has brought many businesses and brands to enter a new world where they can market and sell their ideas, products and services more efficiently – the cyberspace. E-commerce has made transactions faster, safer and convenient for both sellers or service providers and customers, breaking boundaries and timezones as it is on a global scale.

E-commerce is growing by the minute, and it has generated trillions of US$ in sales over the last few years. The transactions are not only limited to B2C sales but also include B2B deals. It goes to show that businesses utilise online platforms for sales and marketing, both in retail and wholesale.

Doing online selling and marketing can generate swifter results while saving costs on overhead expenses because you don’t have a physical store. However, there are still advantages in having a brick-and-mortar store where people can see and experience the products and services firsthand. If you opt to do online transactions, be sure that you stand above the fierce competition offering the same kind of services, you have efficient and secure delivery of your goods and services, and you can immediately respond to queries and concerns 24/7. Remember that the cyberspace can be accessed globally, and entering into that arena means opening your business to an international audience.

Once you have assessed the pros and cons of doing e-commerce for your business and found a greater advantage in doing it, you may consider the following suggestions.

1. ) Invest in a good site

Customers should be able to access and navigate your site straightforwardly. Get an expert who can layout your site and can provide the needed support. It is important to have software that can run an online system which you and your team can manage with no or little difficulty. Also, make your site secure and safe for you and your clients to avoid hacking and any form of cyber attacks.

2.) Provide great content and appealing visuals

Your content, such as your copy and visuals, must have a hook that can attract your customers to your site, substantial information to retain them, and credibility that can convince them to avail of your offerings. Share stories or come up with articles relevant to your brand and your audience. Use SEO to drive your site to the top of search engines.

3.) Utilise social media

Nowadays, it’s not enough that you put up a site and populate it with information. You need to promote your site, too. One method is to capitalise on the growing population of social media. Utilise the social networks you find suitable in advancing your business, which includes Facebook, Twitter, Instagram, LinkedIn, Youtube, and Pinterest, among many others. Study the behaviours of users per platform and customise your postings and responses based on those data.

4.) Engage influencers

A little help from online-savvy personalities can also boost your online presence and e-commerce transactions. Do affiliate marketing and reach out to bloggers and social media accounts that have a huge following. Establish relationships with them and partner with them in certain marketing campaigns. Allow them to test your products and services and engage them in making your offerings better and more visible to others.

5.) Create an email list

Although social media is powerful, there are so many messages coming in every second in these platforms that may dilute the communication stream. It is still effective to use emails in conveying your message to potential buyers or clients. Email is also a good way to personalise your communication to your audience and strengthen your relations with your existing customers. Employ email marketing alongside your social media plans to boost your presence online.

6.) Build an online community

In cyberspace, it is no longer a one-way street. There are many opportunities for dialogue and conversations. Create an avenue for your customers or clients to have an open communication line with you. Involve them in some of your projects. Listen to their feedback and respond to them right away so you can build trust between your brand and your market.

7.) Hold an online initiative

You can conduct a cyber sale event, contest, giveaway, social media parties, or other initiatives that can draw more people to your site and your business. Keep your audience and market interested in your brand through special projects that will excite them. It is good to have something for them to look forward to happening in your site throughout the year.

With the way technology is advancing to the future, there is no doubt that more and more businesses will be including e-commerce into their operations. If this is the path your venture wants to take, the critical part is to enter it fully prepared. Gather as many information as you can and consult with the experts. Then, assess how you can make the most of online selling and marketing and let it work to your advantage.

How busy entrepreneurs can stay healthy

Entrepreneurs are busy people who have so many things going on in their day-to-day schedules. More often, they devote a lot of time and effort into their business that they tend to push health into the background unintentionally.

Every business person may have a different lifestyle and stress management method, but many of them share a common ground – they absorb a lot of pressure from various directions. Because of their enthusiasm and passion for work, they end up doing more than they can manage, sitting in meetings or on their desk all day working on ideas or challenges, skipping meals or distorting their eating routine, and losing sleep along the way. All these may result in poor health conditions.

But with people depending on them, such as their families, staff, and clients, business owners cannot afford to be sick. A sudden change in lifestyle may be drastic. However, they can take small steps and simple actions that can lead to a healthier way of life.

1.) Exercise your body

When you’re in front of your computer for most of the day, or even if you’re on a plane or travelling for business, you can still do some exercises wherever you are. You can stretch your muscles, take short walks, or change your position every hour or so. The internet is a rich resource of simple exercises that you can do at home or in your office. Choose exercises that you find suitable for you and follow them. Once you inject this in your daily routine, allot some time to hit the gym or jog in the morning.

2.) Take a break – short ones and a vacation

Don’t forget to take short breaks from work every day. Have one in the morning and another in the afternoon, not counting your lunch time. If you spend too much time cooped inside your office or workstation, allow some time to open and look out the window or go outside for some air. It does not only do good to your respiratory system, but it can also clear your mind and help you focus.

And every year, reward yourself with a vacation, where you can recharge and rejuvenate. It’s good to take some time away from work once in a while. The change of environment can do some wonders, especially if you spend it with people you love.

3.) Eat right and on schedule

You’re in a rush, so you skipped breakfast and went straight to work. There are plenty of documents to review, meetings to attend, and decisions to make. Before you know it, you missed your lunch. Or, you ate dinner very late at night. To be effective at work, you have to nourish your body. Eat the right kind of food and have a balanced diet. Also, keep a regular schedule for your meals.

4.) Sleep right

Too much excitement or worry can often cause sleepless nights. With a lack of rest or sleep, it can affect one’s body adversely. Effective time management will allow you to allocate six to eight hours for sleep each day, keeping you alert and energetic for the rest of the day. When your body clamours that it’s too tired, take a nap or simply take some rest.

5.) Interact with friends and loved ones

Have a friendly chat with your teammates at work, go out with friends after office, join organisations like EO Melbourne, or spend time with people who make you happy. Studies and researches were conducted indicating that social interaction has positive effects on one’s health. Surround yourself with people who can enhance your creativity, positivity and energy so that you can channel these back to your life and your business.

6.) Do something you enjoy

Go to a spa, get a massage, join a marathon, play your favourite sport, play with your kids, read a book, listen to music, cook a meal, take a swim, or learn a new hobby. Do an activity that will not only boost your energy but will also bring joy to yourself. When you enjoy what you do, you will be keen to make it part of your regular habit, and you look forward to doing it more often.

As the year comes to a close and a new year is about to begin, it is best to review your lifestyle and plan how to steer it towards healthier living. Put wellness as an important part of your life and entrepreneurial journey. Most of all, do it with people you love to motivate you to keep going.

Disruptive innovation 101 for business owners

The term “disruption” or “disruptive innovation” is something you would hear at times in the business world. The adventurous are attracted to it, while the cautious may try to avoid it. There are those who created disruptive innovation without them foreseeing that their idea, product or service would create a disruption to the status quo. But what is disruptive innovation?

American scholar Clayton Christensen came up with the theory and coined the name “disruptive innovation”. Now, it is used widely in the business sphere, especially with fast movements in markets and new ideas that break conventions and set trends.

What is “disruptive innovation”?

Disruptive innovation has the following attributes, particularly in its early stages: simpler products and services that may not seem desirable solutions as to the existing ones, smaller target markets, and lower gross margins. In other words, it provides simplicity, accessibility and convenience to more people, especially those belonging to the lower end of the market.

It is an innovation in business wherein it creates a new market and value that unsettles the established industry players, which is considered as the mainstream. According to Christensen, “It transforms a product that historically was so expensive and complicated that only a few people with a lot of money and a lot of skill had access to it. A disruptive innovation makes it so much more affordable and accessible that a much larger population have access to it.”

To create a disruptive innovation is a huge risk. But it may have big rewards if it becomes a success.

What it’s not

Disruptive innovation does not refer only to a breakthrough that makes good products a lot better. Rather, it refers more to the business model wherein the technology disturbs the market. It is different from sustaining innovation, which improves a product but does not affect the existing market.

It does not refer to a particular fixed point because disruption is a process. Products and services evolve, as well as business models and markets. The attributes cited above are some of the factors to consider one as a disruptive innovation.

Examples of Disruptive Innovation

• Wikipedia. Gone are the days when you have to buy sets of hard-bound encyclopaedias at a high cost, wherein their information could become obsolete over time. Now, information is at the tip of your fingers, and they are available for free. Plus, they are updated and verified constantly.

• Smartphones and tablets. From mainframes to minicomputers to personal computers, computing hardware has become smaller and smaller, making it more portable and accessible to lower-end markets. Similarly, from telegraph to telephones, communication has become faster and more available to a larger populace. Smartphones and tablets have merged computing, documentation and communication into one. Now, its applications are changing the game in the world of communication, business, education and entertainment.

• Airbnb. Hotels and inns used to be the main source of accommodation before. When it comes to selecting places to stay, quality seemed to be proportional to cost, providing limited options to those who prefer comfort and budget. Airbnb changed that as it allows private individuals to rent out their homes, apartments or rooms at affordable prices, creating a dent on the hospitality industry.

• Netflix. Movie streaming, instead of collecting or renting piles of film discs, is now becoming a household norm. Netflix is changing the landscape of the home entertainment scene. From video tapes to DVDs, more and more people subscribe to Netflix or streaming apps and watch a wide array of movies on their smartphones, tablets, computers, and even on televisions, at a very low price.

• Skype. Communicating across countries used to be expensive and difficult. Skype transformed that and paved the way to chatting, calling and video calling, at no or very low cost. It also allows file sharing to its users.

• Amazon. Shopping has become more convenient without you leaving the comforts of your home. Amazon started with books and grew to various items. Now, it offers almost anything from A to Z. It also opened the market to individual sellers and emerging brands, allowing more producers to bring their goods to consumers while providing more choices for customers.

• Virgin. When it comes to air travel, Virgin has redefined it as not just a mode of transport but an experience in itself. Virgin keeps on changing the business landscape of the airline industry, even extending itself to entertainment, providing a revolutionary customer experience that continues to improve and develop.

A few years from now, we’ll never know how we’ll do things and what the trend would be. Businesses continue to come up with new ideas and methods that change people’s lives. More importantly, because of disruptive innovation, it allows small players to enter the game and change the rules. In the end, consumers end up as winners as they get more choices that are good value for their money.

Forming and keeping the right team for your business

Having the best team for your company is one of the major factors of success that enables you to achieve your business goals. On the other hand, the opposite of this, such as getting the wrong people on your team, has always been cited as one of the biggest challenges and disappointments of business owners. In short, the right set of people plays an important role in bringing your venture to its peak.

The first step is to select the people who will fit in your team, depending on your needs and preferences. However, you can only determine such over a period when you will see the dynamics of the members among each other and to the whole group. Once you have a good set of staff, you need to find ways to nurture them and retain them in your team.

Finding the right fit

The selection process should be able to capture the background of the candidate, including his or her attitude, work ethics and values. You have to ascertain how his personality and skills will be able to complement your company and blend with your current staff members.

Culture and Attitude

Before you start the recruitment, define first your corporate culture and match the attitude you are looking for in an applicant that would fit your work environment. What are the qualities and values of a team member that you want to have in your organisation? It is best to have several face-to-face sessions with your applicants during recruitment so that you can observe how they react and behave and how that will blend in your work culture.

Organisation needs and Skills

How an employee fits your corporate culture matters most. But it is also important that they have the right skills set for their roles in the organisation. If they don’t have the expertise you need, they can at least learn fast and hone the skills needed for the job. Identify those skills in the job description so that you can filter the applicants according to your requirements.

Benefits and Expectations

When you have identified the qualifications you prefer in a candidate, come up with a competitive remuneration package that will attract such a candidate. Know their expectations while you also lay down what you require and can offer for the job.

Nurturing those who fit

Getting the right people on your team is just the first hurdle. The more challenging part is retaining them in your business. Changes occur that may affect their length of stay or tenure. There are internal and external factors that can disrupt the status quo and shake the team you have formed. Business owners come up with initiatives to strengthen its human resources.

Employee Engagement

One way to sustain the interest of your people in your business, you have to engage them and create open communication lines. It also includes providing activities that can help channel their various talents and interests that can benefit them and your organisation.

Recognition

Recognising the contribution of your team members will boost their morale. You can bestow the recognition formally or informally, as long as you let them know that you appreciate their efforts. Come up with a reward system to motivate them to keep giving their best.

Growth and Development

It is but natural for staff members to look for growth in any given environment. Enhance their skills and allow them to experience and learn new things within your organisation. Provide workshops and training and learning activities that could improve their personality and enable them to attain a holistic development.

Most of all, it is good to establish good relationships with your team. The achievements of your business are not due to one person alone. Even if you have a star player in your team, it is the support of every member of the group that can help you make a score and achieve your goals.

Common mistakes entrepreneurs commit at startup

Many people believe that for them to learn the ropes of running a business they have to make several mistakes. Moreover, there are those who subscribe to the idea that they have to commit the mistakes themselves. It is true that experience can make you remember the lessons more as compared to simply reading them from books. However, although one can learn from such situations, a mistake can be avoided by leveraging on the experience of others who have done it before. Such is the beauty of EO.

Some of them started young, not having enough time to fully prepare themselves for what lies ahead on the entrepreneurial path. Others consider themselves as accidental entrepreneurs, discovering a profitable venture by indulging themselves to their passions. It was inevitable to experience slipups, oversights and missteps in their journey. But one doesn’t have to go through all of those blunders to learn and do the correct thing moving forward. EO Melbourne members share the mistakes they did in the past that become valuable lessons for them and others.

Common mistakes were related to people, finances, decision-making and strategy. Most of these errors were committed during the early stage of the business. It may not be a guarantee that you will not have any lapses along the way, but you can lessen the pain if you only heed to the warnings and lessons of those who have done it in the past.

People

• Hiring the wrong people – Business owners tend to hire staff based on skills than culture fit. It may cause problems in the long run. No matter how skilled a person is if that member does not have the values and work ethics appropriate to your business, then that can lead to conflicts. Related to this mistake is hiring the wrong people too fast and firing them too slowly.

• Putting too much trust on the wrong people – Partnerships break apart, embezzlement happens, and executions fail because too much trust is placed on the wrong people. Listening to people who have never run a business is listening to opinion than facts. While trust is important in a business, one must always have a safety net in place to lessen the negative impact of a relationship gone sour.

• Not surrounding oneself with a team of experts – Engaging with people who are better than you can help you with your development as a business leader. There are communities, such as EO Melbourne, where you get to learn from experts and apply their lessons to your experience.

• Over committing to clients – During the initial years of the business, there is the trap of saying yes to everything, in the hope of getting as many sales as possible. There is a tendency to over-promise to clients and customers, even when there are not enough resources to deliver them efficiently. It can upset customers, which can cause more harm than good.

Finances

• Taking a huge financial risk or being overcome by fear – One of the missteps entrepreneurs make at the early stage of the business is going aggressive with expenditures. The opposite, which is scrimping on necessary things that will allow the operations to go smoothly, can also be dangerous. Sometimes they put too much capital on products that are untested. On the other hand, they tighten their belt that they end up offering low-quality products or services.

• Not knowing the numbers – A business owner can hire an accountant or someone expert on the finances, but it is still an advantage to understand the cash flow and know the financial books. Having no knowledge of such can be a flaw to your business.

Decision-making and Strategy

• Having no expertise – Another faux pas is establishing a venture where the owner has no expertise, or they expand their business to areas where it is poles apart from their core business. At least familiarise yourself on the ins and outs of the industry to have a big picture of the environment you are entering.

• Deciding things late – Several business owners regret not starting sooner. Time is of the essence and holding off important decisions may affect your business. Others do not fully commit to their business 100% until a problem arises. Some suffer an analysis-paralysis syndrome because they overthink concepts instead of executing them.

• Lack of preparation – Certain businesses start without any vision, mission or business plan. Entrepreneurs can save a great deal of time, money and effort if they do market research, trial and testing and pre-marketing initiatives at the early stage of their venture. Similarly, a growth strategy must be in place, which includes honing one’s skills and those of the team members. It also includes not fixing the proper documents, such as agreements, contracts, and licenses.

Holiday gift ideas for clients

The holiday breeze is just around the corner. Christmas reunions, year-end parties, decorating and gift-giving will once again fill our calendars. As a business owner, this is the perfect time to show appreciation to people who have helped us throughout the year. It is the season to renew ties and strengthen bonds.

A good gesture to thank, greet or appreciate someone, especially a client, is through giving them with something that will remind them of the friendship or relationship they have with you. But with so many people to thank who have varying interests, gift-giving can be a tedious task. To simplify, here are some steps you can take before you choose the right item to give to those on your list.

1.) Create a list

First, list down the people you want to give gifts this year. Categorise them into groups, such as staff, suppliers, clients or VIP customers. They can also be your prospects, friends in the business, or peers from your business organisation, like EO Melbourne. It’s easy to check if you missed someone on the list when you arrange the names in groups.

2.) Set a budget

To avoid overspending, set a budget for the different groups or categories. You will have an idea of how much you need to set aside for gifts if you have a list and a budget. It will also help you choose the right items to give when you have a price range in mind.

3.) Know their needs and wants

Some people are fed up receiving socks or generic gifts. You have to put a lot of thought on the things that interest them or items that they would find useful. Let your gift express your sincerity to the person, especially if it’s a client. Don’t make it too commercial as it might lessen the value of giving.

Now, once you have done those things, it’s time to do your shopping. Here are items that you can consider as gifts to your clients or business friends that could make their holiday season a meaningful and memorable one.

Office items

Most people spend a lot of time at work. Thus, it is always smart to bestow people with presents that they can use in their office. Some of these objects can be:

• personalised pen set

• terrarium for office plants

• coffee table book

• notebook

• Kindle

• coffee-making set

• miniature zen garden

• noise cancelling headphones

• square card reader

• portable scanner

Home pieces

Business people also want to have restful moments at home. They want their abodes to have a comfy and clean ambience. Gift suggestions for the home are:

• tea set

• gift basket

• bluetooth speaker

• portable vacuum cleaner

• sleep tracker

• air purifier

• lamp

• smoker grill

• eye mask

• electrically heated foot warmer

Travel stuff or for those on the go

Travelling is one of the favourite activities of busy people, whether it’s for business or pleasure. If your clients are always on the go or they love to travel, these items will suit their taste:

• wireless phone charger

• handy camera

• tripod

• laptop bag

• backpack or suitcase

• sunglasses

• universal travel adapter

• travel pillow

• power wallet

• compact wide-angle lens for smartphones

Wellness elements

People nowadays are putting a more conscious effort in taking care of their body. Your clients do not need to be active in sports or any fitness-related activities for them to receive the following gifts:

• hydro flask

• incense kit

• activity tracker

• spa treatment

• balance ball

• essential oils

• yoga mat

• ergonomic pillow

• essential crystals

• scented candles

Objects for their hobbies

Your client may be sporty, a collector, or outdoor lover. There are plenty of gift ideas depending on his or her interest. These are just a few examples of objects related to some hobbies that may delight your business friends:

• personalised golf balls

• luxury watch

• portable cooler for fishing and camping

• garden set

• toolkit

• business book

• online classes

• beer brewing kit

• apron with embroidered messages

• baseball cap

When you give these presents, don’t forget to have a handwritten note attached to it. As they say, it’s the thought that counts, so make your message warm the hearts of your recipients so that they remember you through your gift. Making them smile is the greatest affirmation that they appreciate your deed. So, enjoy shopping and have a happy holiday season!

5 ways entrepreneurs relieve their stress

Business owners choose the entrepreneurial route because it affords them the freedom to create and chart their path. However, the flipside is the responsibility that goes with the role. Hiring people meant being accountable to his staff’s livelihood. As a business leader, he has to steer his team towards bigger things. As the person behind his business, he has to deliver his brand’s promise to clients and customers.

With goals to achieve, targets to meet and tasks to accomplish, entrepreneurs often find themselves in a pressure cooker where stress comes from different directions. Stress, if not managed carefully, may affect one’s well-being. It may result in body pains, illnesses, anxiety, depression, or physical, emotional or mental ailment.

Some EO Melbourne members have revealed how they relieve the stress that comes with the role and what preoccupies them outside of work that motivates them to keep going.

1.) Time with family and friends

The family is the primary reason that motivates business owners to push themselves forward. They find fulfilment in providing for their families and partners and keeping them happy. For entrepreneurs who have little kids, they prefer to be present during the formative years of their children. Spending quality time with their families and loved ones is a priority for most business owners.

Busy entrepreneurs also de-stress by socialising and going out with friends. Often, it would be through enjoying great food or having a few drinks. They would often surround themselves with like-minded individuals, such as their peers in EO Melbourne, where they share and listen to experiences of other entrepreneurs whom they trust and respect. Such stories inspire them to make a mark and boldly go.

2.) Travelling to other places

Going for a holiday is the most liked activity of entrepreneurs that could help take their minds away from work and recharge themselves. Most of them travel with their families, which makes the experience even more satisfying. Others love the outdoors, and they would often set aside time for a short getaway to go camping, fishing or visiting their farm.

3.) Physical activities

Sweating it out is also a good way to free the body and mind from the pressures that come with the role of being a business owner. Because of their busy schedules, the only way for most entrepreneurs to de-stress is to hit the gym or do some exercise. There are a few that spend their mornings or weekends running or cycling. Taking up a sport is also one of the things other entrepreneurs do to refuel. Some are involved in snowboarding, skiing, swimming, surfing, motorsports or golf. But for those who are not very sporty, they find delight watching their favourite team or cheering for their kids playing.

4.) Honing the mind

Meditation is one of the activities that a lot of business owners have been doing to clear their minds. Some entrepreneurs take themselves off the grid, keep themselves away from their gadgets and TV, spend a quiet moment reflecting, or rest their bodies and minds through enough sleep. They have their respective ways of doing meditation, and you can do one that you feel is most effective on you. Many business owners quench their thirst for learning as they indulge themselves in things that can improve themselves. It’s often by reading books or listening to podcasts to learn new things.

5.) Refilling the senses

Getting a hobby is another way for entrepreneurs to free themselves from stress and enrich their holistic development. There are business owners who are into arts as they listen to music, watch movies or attend performances. There are business owners who find enjoyment through cooking or simply having a glass of wine. Several business owners feel more relaxed when they do some gardening, make improvements at home, or play with their pets, while others love to collect items or acquire new skills. You can also find some entrepreneurs who are involved in charitable works and non-profit projects.

In the end, many of them admit that they get the most enjoyment from their work. It’s because business owners love what they are doing. Reaching their goals and receiving appreciation from their customers, clients, peers and staff are the great rewards that entrepreneurs reap from the hard work and dedication to their craft. Seeing their loved ones, team members and clientele happy is the best stress-reliever there is for every entrepreneur.

The language of entrepreneurship for Costa Vasili

EthnoLink’s founder and CEO Costa Vasili is a son of migrant parents. His father, who was born in Cyprus, moved to Australia at 13 years of age. It is where he met Costa's mother, who is also of Cypriot descent, and where Costa was born. To ensure that Costa had the best chance of success in Australia, his parents spoke to him and his brother mostly in English rather than in Greek. While this decision had a positive impact on Costa's English language skills, it impacted Costa's ability to speak Greek.

For example, Costa had great relations with his grandparents, who spoke almost exclusively in Greek, but he struggled to have in-depth conversations with them because of the language barrier. With that pain point in mind and with an opportunity to be introduced to the language services industry during his university years, Costa went off and started his translation company at the age of 20 years old, while still in university.

His company provides professional document translation services by certified translators to new migrants and travellers who want to apply for a visa, university admission or car rental services. They also serve Australian businesses and government agencies in translating legal contracts, manuals and marketing materials.

It was a blind leap of faith for Costa as he had no previous experience in owning and running a business. Although he had a few years of working in a corporate setting, he found that in shifting to the entrepreneurial space, there was no playbook or roadmap to becoming a business owner. He had no traditional business mentor when he was starting out, relying mostly on self-belief to get him going.

Costa found inspiration from his parents and the people he met in EO Melbourne. “From the EO community, I look up to so many people who are doing incredibly well. Because I can speak to them at a peer-to-peer level, I've been able to develop an appreciation for what they do. I have seen how remarkable these people in the EO community are, based on what they're doing with their lives and their businesses,” he said. Through those years, Costa has learned a few things that have helped him improve himself and his business.

4 business values of EthnoLink

According to Costa, “We have four values at EthnoLink. They are: better every day; real relationships; openness and honesty; and customer service excellence. The last one will always be part of our values. Even as our business and values may change over the years, that one will always be there because, without our customers, we don't have a business.”

He was able to develop a team that is values-driven, who have bought into the vision of helping to break down language barriers for individuals and businesses. As such, they are focused on their customers, ensuring that they are acting in the best interests of the people they serve.

3 things to note in translation and business

Understanding the meaning, having clarity, and giving attention to detail are three things that are essential in translating documents and in running a business. Costa explained, “First and foremost, we have to understand the meaning of the source text so that we can translate accurately into the target language. We apply this in the business context when we try to understand what our customers need to solve their problems. Secondly, clarity. One of the biggest reasons why translation projects fail is because the source text is not clear, which leads to ambiguity. In the business space, you need to be 100% clear in your communication with your team to ensure that they are acting on your advice or direction. The other part is attention to detail. In translation, it is a core skill because sometimes the slight nuance of a question or statement, if not translated accurately, can alter the entire meaning. In business, it is also a core skill because it can ensure excellence in the service you provide.”

2 qualities of an entrepreneur

Entrepreneurs can develop a myriad of qualities that can help them in successfully bringing their business towards its goal. However, Costa underscores two important ones. He cited perseverance for the non-technical quality, and then sales and marketing for the technical one.

“Entrepreneurs need to have the quality of perseverance. You cannot give up in business. If you don't build the mindset of perseverance before you start a business and while you're starting an early-stage business, then it's destined to fail. On a more actionable skill that business owners or entrepreneurs can build up, I would say marketing and sales because they are key at the start of most businesses. You need to focus on driving sales at the start, and that begins with having a strong understanding of what your customers want and need and help them understand that the solution you're providing is the right one for them. You also have to know where your customers are hanging out so that you can market to them,” he remarked.

1 major takeaway in his entrepreneurial journey

“Your life and the business journey are a matter of micro-choices or decisions,” declared Costa. He learned this from his philosophy class in university, which has become a pivotal moment in his life. The facilitator gave a difficult and uncomfortable scenario, to which Costa responded. As he was probed deeper, he ended up saying, 'I have no choice.' The facilitator corrected him and told him that he always has a choice.

“I realised very clearly how powerful I am as an individual because, in every moment in my life, I have a choice. Whatever the case, make the decision, own the decision, own the outcome, and own the consequence. I believe why I got into the business is because it gave me the strongest ability to make my own choices in my life,” he added.

Part of those choices is for him to take action and accountability, which he learned from the EO Accelerator Program. Surely, Costa has adopted the language of entrepreneurship. As he continues to learn, he shares this insight for others to pick up. “In my opinion, the number one thing that stops small businesses from growing quicker is their choice not to take action and not to execute. We all have strategies and ideas, but the difference between businesses that grow fast and those that grow slow is the ability to execute and put things into place. Within 12 months of entering the accelerator program, we doubled our revenue. For me, it shows that taking action has a huge impact on the success of your business,” he stated.

Know more about Costa Vasili through his LinkedIn profile. Read more on EthnoLink at https://www.ethnolink.com.au/.