All about social entrepreneurship

Social entrepreneurship has become a buzz word nowadays as individuals and groups incorporate social and environmental causes with business. This kind of set-up allows the venture to channel a portion of the profits to programs that create an impact on a community or sector of society.

The difference with not-for-profit organisations is that they raise funds through grants or other similar efforts to finance the activities and programs of the charity. With social entrepreneurship, the people behind the enterprise adopt a business model that makes the organisation less dependent on grants through sustainable means.

Some companies establish a social enterprise separate from their core business to keep things in check. If you are contemplating to start one or want to support such type of venture, there are various ideas on the kind of social enterprise that you can develop. First, find your passion and strength that will allow you to devote your time and energy to this cause for the long haul. Second, determine the need and how you can help fill the gaps. Third, find people who are equally passionate as you are to lend you a hand in your social enterprise, whether as partners or volunteers.

Familiarise yourself with different types of social entrepreneurship to know more what it’s all about.

Microfinance

Working as a bank, microfinance provides credit and loans to groups that do not have access to formal financial institutions. It has been seen as a solution to alleviating poverty by providing capital for small enterprises.

Cooperative

A cooperative is composed of members that manage and run their business through shares. They also get a percentage based on their patronage to their services. Cooperatives may come in the form of consumers cooperative, credit union or multi-purpose offerings.

Fairtrade

Local producers are protected in the global market through fairtrade conditions that allow small players to promote their products and services. They are given equal opportunities to market their goods to their target clientele.

Responsible tourism

Communities have found an opportunity from travellers and volunteers who come and enjoy their locality. They operate responsible tourism by allowing backpackers to participate in community building efforts in protecting the environment.

Social firm

Instead of products, a social firm offers services, such as employment opportunities, to those who are at a disadvantage in society. Those who do not have ready access to such privileges are given attention so that they can compete equally with others in the labour field.

There are many more kinds and methods of social entrepreneurship. Forerunners and organisers establish this type of business to make a difference in society and create a better place for present and future generations. Social entrepreneurship is doing business with a heart, combining a good cause with profit that will be channelled to addressing social issues.

The four seasons of entrepreneurship

Year in and year out, we experience extreme heat, extreme cold, flowers in bloom and trees in decline. As the planet goes through the different seasons of nature, the entrepreneurial journey also passes through various phases and cycles. In this world, and even in the business space, change is the only constant. Entrepreneurs must learn to adapt to such changes within its internal environs and even those happening in its external setting.

While nature’s season may be distinct from each other, the entrepreneurial seasons may vary from one business to another. The important thing is to be mindful of how things unfold and learn from what the planet and the shifting weather may teach that you can apply in managing your venture.

Winter – Reflect and Plan

The cold temperature may get you frozen in your tracks. Movement is difficult at this time of the year because of the snow. If you translate this into the business sphere, there are times in your venture when progress seems to be slow. Take this time to assess every aspect of your enterprise and plan for the coming years. Set new targets and come up with checklists on how to bring your company to your goals. Engage with your customers and formulate ways to expand your business.

Spring – Sow and Explore

Growing buds sprouting from the face of the earth bring a vessel of hope to everyone. Spring reminds us how fertile our vast land is and how tiny seeds can blossom into beautiful plants. There is always spring in the entrepreneurial journey. It is the time when opportunities abound, which becomes a perfect time to invest, to sow good ideas and explore possibilities for your business. If spring is too aloof to you, you can create your spring moments. Don’t wait for good things to come to you. Make them happen.

Summer – Nurture and Grow

The heat is a great excuse to head over to the beach and enjoy life. Summertime means you have to hydrate and keep the crops growing. There are times in your business when you feel the drought – concepts are not that plenty, sales may not be picking up as expected, and customers are sporadic. Allow your venture to grow by trying new things. Nurture your organisation by providing training and skills development to your staff. Strengthen your systems and operations. Check the gaps and ensure that you fill them in to avoid mishaps.

Fall – Harvest and Report

If there’s a time to sow, there’s also a time to reap. Autumn is the time for some harvests. Leaves fall, and nature prunes itself. Find a season in your business cycle where you do some cleaning up in your venture. Give importance to reports because you will need them every time you plan for your next move. Take time for some team outings and celebrate small and big wins.

Be mindful of the changing landscape in your business. The best way to approach them is to anticipate challenges and difficulties so that you will be prepared for the inevitable. Take three or more steps ahead of your competitors. Equip yourself with new skills and knowledge because your business grows as you grow. When winter, spring, summer and fall come, you are ready to weather the hardships and welcome the good things with open arms.

Tips for effective customer service

Businesses acknowledge the fact that retaining existing customers is more cost-efficient than seeking new clientele constantly. Consumers may extend their loyalty to a brand if they feel valued by the company and receive the ample attention they need. The danger lies when you commit and does nothing to salvage the damage done because customers can easily shift to another brand.

Nowadays, the public can quickly access the information they need through modern technology, which means they are more knowledgeable. The staggering options available can take their interest away from your brand. To counter this, investing in good customer service will help your company establish a strong support channel. If you truly subscribe to the adage that “the customer comes first,” then it is but apt to put your money’s worth on what you deem as the most important in your business.

Create a strong customer service team

The first thing to set up is a formidable customer service team that can quickly address various client concerns in any given situation. Hire competent people and train them well so that they can respond to customer needs and queries in a fast and amicable manner. Treat your employees well and keep them happy so that their positivity can radiate to the clientele they deal with, whether on social media, over the phone, via e-mail or through the face-to-face encounter.

Engage with them during and after-sales

When dealing with clients before and during sales, make sure that they get the best experience there is that they will find the transaction memorable. Take time to reach out to them after sales, to see how they are finding the product or service or to greet them during special occasions. Customers appreciate it when you keep them in mind. If there are foreseeable problems, it is better to take a proactive stance and inform them in advance instead of waiting for them to complain.

Gather their profile and contact information

Don’t lose your client’s contact details and viable information. Have a secure database where you store their data, including the kind of product or service they availed from your business. Keeping a record of these details can help you see the preferences and transaction histories of your clientele. It also enables you to customise and personalise your communication with them according to the information stored. Be sure, however, to always update your database regularly.

Use multi-channels to reach out to customers

Know where your customers are and make your brand accessible on various channels. Often, one source of frustration for consumers is not knowing how to get in touch with a particular business. Present and target customers must be able to find you online and offline. When you communicate with your clients, utilise different platforms to make sure that you have sent your message across and is well-received by them.

Emphasise on speed and quality

Be agile in attending to the needs of your clients. Speed is one thing that they will find admirable in a company. Pair this with quality service, where you provide the best attention and address every situation with utmost care.

Go the extra mile

Kind gestures, big or small, can warm someone else’s heart. Take consideration for those who need extra care, such as the elderly. Be patient when dealing with irate customers. Don’t overpromise, but overdeliver. Always wear a smile. Don’t just go after the sales, rather, go after the relationship. Moreover, do things more than is expected of you.

Customer service is a role that must not be confined within only one department of your company. Every person in your organisation should breathe and live good customer relations. Everyone must take part in ensuring that clients have a positive experience with your brand so that they will continue to patronise your business and even draw others to your fold.

Playlist for busy entrepreneurs

Busy entrepreneurs need to unwind to relieve themselves from the stress of work and other responsibilities. Whether it’s spending a day at the beach, hiking to the mountains or simply listening to songs while you do your day-to-day chores can help you rejuvenate and recharge. Music has a deep effect on the emotions. Ballads can make you feel mellow, while upbeat songs may tend to energise you.

You may not listen fully to the entire lyrics of a song, but some portions may jump out and connect with your innermost being. If you’re looking for this type of songs, here are some suggestions that you can include in your playlist. Note the highlighted lyrics that may motivate you when you’re feeling down and out.

Billionaire – Travie McCoy and Bruno Mars

“I wanna be a billionaire so freakin' bad, buy all of the things I never had. Uh, I wanna be on the cover of Forbes magazine, smiling next to Oprah and the Queen.” There’s no harm in dreaming, and this song encapsulates the vision of someone who wants to make it big.

The Distance – Cake

“Because he's racing and pacing and plotting the course, he's fighting and biting and riding on his horse.
He's going the distance.” Entrepreneurship is like a wild race. Motivation, persistence and determination are needed to keep you going to reach your goals.

The Story of Your Life – Matthew West

“This is the story of your life. You decide how the rest is gonna read. This is your chance between the lines to redefine what kind of legacy you leave.” The song reminds you of the legacy you want to leave behind as an entrepreneur, family person and business leader.

Firework – Katy Perry

“Cause baby, you're a firework. Come on, show 'em what you're worth. After a hurricane comes a rainbow. Maybe a reason why all the doors are closed so you could open one that leads you to the perfect road. Like a lightning bolt, your heart will glow. And when it's time, you'll know.” If you need some boost of confidence, Katy Perry’s song can give you a good dose of encouragement.

I Believe I Can Fly – R. Kelly

“I believe I can fly. I believe I can touch the sky. I think about it every night and day. Spread my wings and fly away. I believe I can soar. I see me running through that open door.” Believing in yourself is key to surmounting any challenge that comes your way.

Rise Up – Pennywise 

“Well, your point of view it belongs to you, no one can take it away. Dare to envision, hold on to your decision, take control of each passing day.” The song’s words are a reminder that you have to own up to your vision and stay committed to it.

The Time Of My Life – David Cook

“But now I'm risin' from the ashes. Finding my wings. And all that I needed.” Mistakes and hardships are part of the journey. They are the spice of life that makes you learn and become stronger and better than before. Failure happens only when you give up.

Unwritten – Natasha Bedingfield

“Drench yourself in words unspoken. Live your life with arms wide open. Today is where your book begins. The rest is still unwritten.” You chart your course, and you carve your path. As a business leader, you go where others fear to tread and create something that will actualise your vision.

Survivor — Destiny’s Child

“I'm a survivor. I'm not gon' give up. I'm not gon' stop. I'm gon' work harder.” The business space is a cutthroat world. It takes guts and determination to survive the competitive journey.

Stronger (What Doesn’t Kill You) – Kelly Clarkson

“What doesn't kill you makes you stronger. Stand a little taller.” Learn from every experience you go through and turn the negative into positive.  

Now, you may opt to include in your playlist genre that you prefer to listen to and songs that you can relate best. There are millions of music that you can select for your different moods. Check which ones can motivate and inspire you in your entrepreneurial journey.

Different kinds of advertising media for your business

At any point in your business, you will need to turn to advertisements to build and strengthen your brand, boost your sales, and reach out to your customers and prospects. You need to employ them to get your message across a broader audience, especially those that are far and beyond your circle of friends and network.

But when one talks about advertising, it connotes paid space or air time. A business that wants to advertise has to set aside a budget for it. For this reason, you have to be strategic in the placement of your ads, the kind of medium to use, the location and the timing, if you want to get the best results out of your money’s worth.

There is a great benefit if you understand and study your target market well to know where they spend their time and resources the most. Remember, however, that there are millions of brands out there that are also competing for the same audience. Thus, your content and presentation must appeal to them and contain a huge value to sustain their interest and lead them to take action.

For small businesses, you may have limited resources to do advertising, which is why you have to carefully study the different media and see which ones can work for your brand.

• Websites – Widgets, web banners and pop-ups are a few examples of internet advertising. You can find this on websites or search engines, wherein it utilises search engine marketing, generating ads based on the visits and searches of users.

• Social media – Almost everyone is on social media. You’ll find creative ways of advertising in various platforms through sponsored posts, which appear as regular content. Facebook, YouTube, LinkedIn, Twitter, Instagram and other social networks allow brands to advertise on their platforms. The good thing about this is that it can go viral and can be shared or targeted.

• E-mail – Opt-in e-mail advertising is a way of sending promotions and new product announcements to a list of subscribers. Getting the permission of the recipients is important so that they will welcome any communication from you. The target recipient signs up a subscription form through a website, social network or face-to-face encounter.

• Text message – Through Short Message Service or SMS, you can send short promotional text messages to subscribers who sign up for such service. The length of the text is limited. The good thing is that there is a high probability that recipients will open and read your message.

• Mobile apps – The advent of mobile applications, many of them are available for free, also gave way to a new era in advertising. Game apps utilise ads to allow players to get to the next level or continue with the game without cost.

• Podcasts – Podcasts capture an audience that are busy individuals who thirst for learning. It incorporates web-based ads and audio ads.

• Billboards – Whether traditional or digital billboards, they have become a popular mode of advertising, especially in densely populated areas. While it can attract attention, especially during heavy traffic and rush hours, a moving audience may sometimes miss it. The challenge is to put interesting content that can be captured in a split second and pique the interest of motorists and passersby.

• Posters – The advantage of posters as an advertising tool is that you can put as much information as you can, such as mechanics for a promo or contest or instructions for an event or campaign. They can be placed in strategic areas and distributed to a wide range of establishments and locations.

• Banners – You can spot them at street posts along the sidewalks or inside buildings or malls. Banners are used to lure prospects to a store or call a hotline or contact number.

• Wraps and Automobiles – Buildings, posts and vehicles are utilised to carry brands through wraps and truck advertising. Wraps and mobile ads are huge enough to capture the attention of people in heavy traffic areas.

• Guerilla advertising – Street marketing, unconventional strategies and application of creative ways are among the types of guerrilla advertising to attract the interest of the public. It can often be interactive that allows the target audience to experience the ad. Some of these ads are those seen on benches and other items like grocery carts, mall floors, elevators and escalators.

• Blimps, giant balloons and skywriting – They utilise aerial space to get the attention of people. The downside is that they can only accommodate short messages and last for a brief period.

• Fliers – If you want to put a lot of information in an ad, a good way to do it is by giving out fliers. However, some recipients may not be interested in the content, and the fliers end up in garbage cans.

• Brochures – A brochure can have all the details about your business, product or services. You can even add a reply form that target customers can return. You can place your brochures in your place of work, bazaars or carry them with you.

• Magazine – Because there are different kinds of magazines catering to various interests, you can select the kind of publication where you can place your ad.  Such ads are usually very colourful and visually appealing.

• Newspaper – There are varied kinds of ads in newspapers. You can place your ad within the section that corresponds closely to your message or brand.

• Film – The good thing about film advertising is that you have a captured audience. You can either show a video before the movie or have your brand or product integrated within the script or scene.

• Television – Television is still a popular medium for advertising because it can reach many households. But with the emergence of digital ads, TV networks come up with more creative means to present their advertisers’ messages, such as embedding the ads within their programs.

• Radio – Radio ads have been in existence for many years. But with the challenges that modern technology poses to radio stations, they have to find other ways to widen their reach, such as airing their radio programs via the internet.

• Events – Audience can be very targeted for events. It provides an experience to its target market. Events give high talk-value as they can utilise social media or become a news content in TV, magazines, newspapers, blogs and vlogs.

To ensure that you choose the right vehicle for your brand and message, you may consult media planners that have carefully studied the effects and target audience of each medium. If budget is a constraint, you can conduct an informal survey among your clients and prospects which media appeal to them the most.

10 Books on Persuasion and Negotiation

We have established that closing sales and winning deals are necessary for business. That’s the art of negotiation. It takes a lot of savvy, skills, training, exposure and insights to hone your competence on persuasion and end with success on your pitches.

To arm you with more learnings and additional knowledge for your negotiation acumen, we listed down ten books on persuasion. You can apply a thing or two (surely, more) from these materials to your sales transactions or other forms of business bargaining. You can even translate them to the day-to-day activities in your personal life.

The Art of Closing Any Deal: How to Be a Master Closer in Everything You Do

by James W. Pickens

Author James W. Pickens, a sales guru, covers in this book concepts like customer attitude, customer objections, closing techniques and closer pressure, among other things. Identifying blocks and obstacles along the way enables you to find means to get around them, break them or turn them to your advantage so that you can achieve your final close.

Crucial Conversations: Tools for Talking When Stakes Are High

by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler

When you are stuck in crucial situations where an important matter, such as a relationship is at stake, you have to find a way to establish a dialogue with people concerned. It may be a tough hole to escape, but the book will provide you with tools on how to approach such circumstances and achieve appropriate results.

How to Win Friends & Influence People

by Dale Carnegie

Dale Carnegie’s self-help book was first published in 1936 and has become a source of inspiration and advice to readers who want to learn how to win people. It contains topics on how to handle different kinds of people, gain people to subscribe to your way of thinking, become a leader, and make your personal life happier than ever.

Bargaining for Advantage: Negotiation Strategies for Reasonable People

by G. Richard Shell

Professor G. Richard Shell is the director of the world-renowned Wharton Executive Negotiation Workshop, and he shares with professionals his systematic approach to effective negotiation and bargaining. His book enables readers to know their Negotiation I.Q. and learn how cultural disparities and gender can be factors to consider when you enter into a transaction.

Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal

by Oren Klaff

The book discusses Oren’s method, summarised by the acronym STRONG: Setting the Frame; Telling the Story; Revealing the Intrigue; Offering the Prize; Nailing the Hookpoint; Getting a Decision. He incorporates research results from neuroeconomics, which give us an idea of how the brain functions when making a decision and reacting to a pitch. Such information provides readers with insights on how to approach people and situations effectively that can make you win deals.

Getting More: How You Can Negotiate to Succeed in Work and Life

by Stuart Diamond

A New York Times Bestseller, USA Today Business Bestseller and #1 Wall Street Journal, Getting More touches on a new method of interaction that was a result of several years of research in various countries. It encompasses a more realistic approach to human psychology, which involves understanding cultural diversity, emotional intelligence and the perceptions of other people.

Getting Ready to Negotiate: The Getting to Yes Workbook

by Roger Fisher and Danny Ertel

Readers will find informative presentations in this workbook, such as charts, forms, worksheets and case studies where one can personalise and outline his strategies for negotiations. It features seven elements of negotiation, which includes identifying interests of other people and finding alternatives when other parties do not agree during negotiation.

Negotiation Genius: How to Overcome Obstacles and Achieve Brilliant Results at the Bargaining Table and Beyond

by Deepak Malhotra and Max H. Bazerman

A negotiation genius can turn a hopeless situation around and get out of it with success. Through this book, the authors uncover the strategies that geniuses employ during the process of negotiation. It contained stories and scenarios that present how negotiation geniuses approach difficult situations and produce positive results.

Getting Past No: Negotiating in Difficult Situations

by William Ury

For some, getting no for an answer means the end of the road. But not for William Ury. His book identifies barriers to cooperation and how to break them, describes ways of preparing for a negotiation, and illustrates various breakthrough strategies. For him, achieving mutual satisfaction is better than a one-sided victory.

Pre-Suasion: A Revolutionary Way to Influence and Persuade

by Robert B. Cialdini

Robert Cialdini expounds through his book about successful persuasion where influencing minds involve changing the state of mind of other parties. The book reveals new strategies, ideas and research insights in influencing and persuading people.

So, if you need someone to give you a “yes”, get some tips from any of these books on how you can create a win-win solution at the negotiation table. You’ll never know how they can help you turn things around and pave innovations to your business.

Creating an exit strategy for your business

A business plan often centres around plotting how to establish a venture and grow it past the startup stage. Not many may include an exit strategy in the plan, thinking that such an idea only applies when things turn south, such as a loss or bankruptcy. On the contrary, an exit strategy is employed not only during difficult situations but even during times when the business is faring well, which is the more commendable route.

Those who think long-term see an exit strategy as a succession plan or a way to grow the business or the entrepreneur. An exit strategy is a plan by the owner, investor or venture capitalist to leave a business and withdraw its involvement, particularly from a financial standpoint.

Reasons to exit a business

There are various reasons why an owner would exit from the business. Some of them may be personal intentions or may be due to economics. Such motives, although not all, may be any of the following:

• Health – Running a business may take a toll on one’s well-being physically, emotionally and mentally. It is not at all times that the entrepreneur is at the pink of health, and age or retirement is also inevitable.

• Family – Priorities change over time. One may prefer to spend more time with their families or may have to move to a different location or more pressing matters that require his attention.

• Financial disruptions – Internal and external factors always affect the security of the business. Mismanagement, fraud, legal battles, economic crisis, natural disaster – all these may suddenly turn the enterprise upside down.

• Change of interest – One’s focus or interest may evolve along the entrepreneurial journey. The owner or investor may find something more interesting to devote his time, resources and energy.

• Better opportunities – A better offer or opening for the owner may be a motivation to leave the business. Something more attractive and lucrative that may come along the way that can be too difficult to resist.

• Growth for the business – Often, the best direction to increase the capacity of the enterprise is to place it on the hands of someone who can handle such growth.

• Serial entrepreneur – Many entrepreneurs are good in establishing startups that they find fulfilment in creating ventures, making them grow and then transitioning the business to new owners.

Methods to exit a business

An entrepreneur or investor may look into different possibilities for exiting a business. Below are various options that you can review to choose the best approach to pass on the venture to a new owner or set of owners. Each has its pros and cons, so it is better to consult with experts rather than jumping into a decision that may bring more drawbacks than benefits to you and your investors. Keep in mind as well that the process of exiting does not happen overnight, and the transition may take longer than expected.

• Initial Public Offering (IPO) – making your business public means selling your stocks to anyone interested to be a shareholder. This option can bring in big returns and may enable you to return the capital of your investors. However, it may require several things, including satisfying stockholders, which means conditions must be good enough to attract buyers. Plus, one has to be ready for varying scenarios as the stock market may sometimes be volatile. Going public can become a huge success, but the risks are also high.

• Mergers and acquisitions (M&A) – a bigger company of similar interests or from the same industry may acquire your business or merge it to their current set-up. This method allows the acquiring company to enlarge its scope and offerings while, at the same time, provide the acquired company with the benefit of recouping its investments.

• Management buyouts – the people who best know your business inside-out are your executives and employees. They may be setting their eyes at owning the company, and the buyout will be an opportunity for them to have a bigger stake in the enterprise. It also allows for a smoother transition, which may be more amenable to your present partners and clientele.

• Family succession – if any of your family members is involved in the business or has their eye on the company, you can maintain your legacy by passing on your enterprise to them.

• Sell shares to partners – if the venture is owned by two or more individuals, there is the likelihood of selling your shares to any or all of the remaining business partners. It’s an easier path for the majority, but this is only applicable to ventures where it’s not a sole proprietorship.

• Sell to an individual or group – none within your internal environment may be interested in taking over the company. You can then look into a private individual or group of persons that may want to buy the enterprise.

If things are not going well and your exit strategy is your last resort, then you may consider liquidating your business or filing for bankruptcy. But you wouldn’t want to have a bleak end to all your efforts, that’s why it’s good to have an exit strategy prepared at a crucial point of your venture. Always be ready for the inevitable and take action before do not turn on your favour. So, think ahead and start drafting your exit strategies that will end in a win-win situation for everyone.

7 Entrepreneurial spirit animals

The business world is a corporate jungle where varied entrepreneurs that possess qualities and exhibit characteristics similar to members of the animal kingdom abound. Thus, it is not surprising that there are individuals who relate themselves with and take inspiration from creatures and wildlife as their business personae in the form of spirit animals.

A spirit animal is often used in some cultures, beliefs or practices wherein it symbolises a guide for the person or something that one yearns to exemplify. Even in the business wilderness, individuals apply spirit animals to determine the different kinds of entrepreneurs that exist or various entrepreneurial traits they want to harness in themselves.

How about you? What is the spirit animal that best represents you or one that you hope to personify? There are many animal species in the forest, but we will list only seven animals that reflect the various types of entrepreneurs we may encounter in the journey.

Cat

Curiosity, astuteness and tenacity spell a cat. Known for having nine lives, cats are part of superstitions, mystical plots and historical narratives. They are ferocious, playful and easily intrigued. While cats like to take naps from time to time, they can be vigorous at night since their eyes can easily adapt to the dark.

A person who considers the cat as a totem in business regards the knack to weather hardships and survive challenges as essential in the entrepreneurial journey. They love to explore and try new things, willing to play the game and win. They can be sociable and, at the same time, independent.

Dog

When it comes to loyalty and trustworthiness, nothing can beat a dog. They are reliable partners that can function as protectors, hunters, guides and rescuers. Dogs are smart and can learn various tricks when trained well. These furry animals can be adorable as they love to be touched. It’s no wonder why we refer to dogs as man’s best friend.

Entrepreneurs exhibiting a spirit animal of a dog are faithful, hardworking and dependable. They can adapt and learn new things easily. A caring attitude is an innate quality for them as they love to nurture those around them. When trouble comes, they are not afraid to face strife with determination and bravery.

Dolphin

Dolphins are intelligent mammals of the sea. Human beings adore them for their cute antics because they are good-natured. You can see them leap on the water and squeal gleefully when excited. Dolphins best represent harmony as they can exist peacefully with human beings and other animals.

A dolphin personality is one who is a good communicator and an intellectual. Such a person can get along with different kinds of people and bring harmony to the work environment. This type of entrepreneur protects people they care about and displays generosity and positivity.

Eagle

The eagle is not known as the king of the birds for nothing. When one thinks of the eagle, the qualities of courage, strength and leadership come to mind. They can soar high and by themselves. Because they can fly on high altitudes, they have a broad perspective of the landscape. At the same time, they have a sharp eye to spot prey and strong feet to stay grounded for long.

Having the eagle as your spirit animal means you demonstrate or aspire great leadership. You have a broad vision for your business, while you pay attention to details. Entrepreneurs that display the eagle’s qualities always aim high, but they keep their feet on the ground. Strong winds, in the form of challenges and difficulties, are not a threat but an opportunity to spread one’s wings.

Fox

You probably heard of the phrase “sly as a fox” and read fables that portray foxes as tricksters. Foxes are cunning, with the ability to sneak in a place and leave unnoticed. They move swiftly and can adapt with no trouble. Often, they are used to symbolise wisdom and intelligence.

If you have the fox as a spirit animal, you can quickly respond to situations, yet cautious and calculating in your decisions. As a totem, it means that you have to confront obstacles head on and find a smart way to overcome them. You can approach situations with humour, blend with new environments and learn new things effortlessly. Also, discretion is a characteristic you possess or value.

Horse

A horse symbolises speed, energy, passion, drive and freedom. Horses transport human beings and things. Horses can gallop and run wildly, sometimes depicted as a significant figure in historical events and battlefields. In olden times, they epitomise stature as they carry royalties, generals and heroes.

In business, those who characterise the horse are entrepreneurs who are always motivated and driven. They work hard in full speed and seems to have the energy to do several things and accelerate tasks. Because they are adventurous, they are not restricted by the norm, enjoying the freedom to create and try new endeavours.

Lion

The king of the jungle is known for its fierceness, along with the power it upholds. Lions are feared, and they will not think twice to attack anyone who will be a threat to their pride. Their roar alone is enough to drive aggressors away.

Someone who has the lion as a spirit animal is a true leader who knows how to look after his team. He is determined and brave, not willing to back down to any problem or hindrance. He can discern those who can be a help to the business and those who may pose harm. A lion entrepreneur may have a strong presence and can be aggressive. If you are one, learn to control your temper and utilise your inner power to exercise patience and avoid hostility. That way, you can command respect and authority from others without instilling fright or distress.

With these entrepreneurial spirit animals, assess your personality and review the qualities you want to hone in yourself. Refer to them as a guide for self-development, relationship building, and decision-making. It can also help you determine the attributes of other entrepreneurs and help you deal with them accordingly. Take inspiration from the positive qualities of these animals and bring these characteristics to running your business. So, what do you think is the spirit animal that best represents or inspires you?

The role of middle management in an organisation

For a lack of a better term, middle management is the level in a corporate structure that bridges the senior executives and the junior ranks. While most startups may have a leaner configuration of staff members and flatter organisational chart, those that expand and increase their people may see the need to manage and put an order in their teams through units and layers.

Not many may subscribe to the school of thought of putting a tier between upper management and low-ranking associates. However, there are those who see the difference between supervising 5 to 10 people from overseeing 30 or more members. For those who are contemplating hiring managers to streamline functions and improve corporate performance, it’s time to take a closer look at the role middle managers should portray within an organisation.

Team leaders

As industries and the workforce evolve and develop through changing times, middle managers are more empowered to create, conceptualise and make decisions for the good of the organisation. Gone are the days when they are perceived only as a go-between that accepts and carries out directives from the higher-ups. Entrepreneurs can stay on top of their business if they have self-sufficient managers that can help them realise their vision and bring the entire team towards the goal.

Managers provide directions, cascade the corporate thrust, and pay attention to details, which may be too burdensome for the business owner if it were a flat organisational structure. Delegate your role to leaders who can uphold your aspirations and improve productivity. Such leaders can help correct errors, fill in gaps and tighten loose ends, which may occupy so much time and energy of business owners.

Relationship builders

Middle managers have closer interaction with frontline employees, which make their role as relationship builders crucial to the business. They have to be effective in communicating the vision and mission of the enterprise and translating the corporate culture to the day-to-day operations and activities of their team. Building cooperation and mutual trust between and among the senior management and the rank and file is one of the competencies managers should have that is significant to the growth and success of the company.

Accelerators and motivators

The advantage of having a middle management level in an organisation is that it loosens the bottleneck and ensures swift action to get things done. They have to be quick in solving problems and putting out fires, boosting the morale of the team, listening to the ideas and feedback of members, and accelerating growth to bring the venture closer to its destination at the shortest time possible. Managers provide the needed energy and force to thrust the business forward as they encourage their people and inspire them to carry out their functions effectively.

Strategists

One of the capabilities that middle managers should possess is breaking long-term goals to short-term targets and turning plans into actionable items using strategies that yield positive results. They know how to navigate through a situation, mapping out methods even with limited resources. Having efficient managers can help you put together pieces of the puzzle in a most creative way as they imbibe your vision and employ tactics to achieve it.

Probably, you may be in a situation where there is still no need to put a middle manager for now. If you get to the point where you have to fill this position in your structure, be sure to revisit the qualities and roles that your manager should uphold in your organisation.

The vital aspect of making middle management an effective tool for human resource and employee engagement is finding the best candidate that suits the role. A person who embodies the right corporate culture, ethics, values and skills will be beneficial to your business. The middle management tier will only work if you have the perfect person for the job who will aid you in bringing your venture and the whole team towards your goals.

Entrepreneurial lessons from wine-making

On special occasions or to cap the night on a relaxing mood, a glass of wine can add sparkle and colour to any scenario. Wine is also a symbol of luxury, which used to be the drink of the kings and the rich. It has a long history, recorded in ancient books and manuscripts. However, behind the glamour ascribed to wines is a tedious process where we can pick a few lessons that we can bring to the business space.

Imagine taking a sip of wine and absorbing the various insights and inspiration that go with it. From growing the grapes to manufacturing the wine to aging it and bottling it, the procedure entails lots of obstacles and complexities. Several factors may affect the taste and quality of the end product. It takes a lot of patience, hard work and diligence to be able to produce good wine, similar to how it is when you want to achieve your entrepreneurial goals.

Knowledge and hard work are valuable

A vineyard requires land, storage and equipment. It involves a huge investment of money, time and energy. Wine-making can be laborious, which is why passion and determination are needed to produce good wine. You have to know the right kind of grape species and how to grow them successfully. Different processes and blend can produce varied flavours of wine. A good understanding of wine will make you become a connoisseur that will earn the trust of wine lovers.

As an entrepreneur, constantly updating yourself of information about the industry and doing research on your target market are vital tools in decision-making. Knowledge and skills of various aspects of your business will give you a macro and micro point of view of your venture, which can help you easily spot an opportunity or threat.

Fostering good conditions for your product can yield positive results

Grapes can grow well in suitable conditions, which includes weather, rainfall, type of soil, and other elements. Other components, such as the manner of pressing, the mixture of yeast and other ingredients, the wood used for the barrel, the temperature of the storeroom, the period of aging the wine and the like, are necessary for wine-making. It is important to choose the appropriate spot for your vineyard and winery so that you can produce good quality wine.

Putting importance on corporate culture and providing a positive environment for your team can enhance the productivity of your people. Strategic location and proper tools and equipment will put an edge on your venture over your competitors. As to your clients and consumers, good customer service and relations, notwithstanding high-quality offerings, will be beneficial to nurturing loyalty among them.

Pressure can squeeze out the flavours of grapes

The grapes are crushed and pressed to remove the juice from the fruit. It is a necessary step to squeeze out the flavour from the grapes and make the wine more pleasant to drink. Old methods had wine-makers stomp on the grapes. Now, modern machines do this process of extraction.

The entrepreneurial journey is a roller-coaster ride that is full of challenges. Nonetheless, such experiences mould you to become a better person and entrepreneur. It brings you immense lessons that are more impactful than those you read from books or hear from other experts. When hardships come your way, embrace them and turn them into learning encounters that can develop you to become the best in your field.

Patience develops taste (and character)

The entire process of wine-making takes years. Waiting is inevitable. But it’s not passive waiting. The wine is fermented, filtered, clarified and placed in barrels or bottles for aging.

They say that wine improves with age, so the longer you stay in the entrepreneurial space, the more lessons you reap. There are areas where you can accelerate success, but there are parts of the journey that you cannot take a short cut. Patience and perseverance are key because the passage to success can be slow at times. Dedication to your craft is also instrumental in achieving the results you envision for your venture.

Indeed, wine-making and entrepreneurship are both difficult paths to take, which is a reason why you need to pop a bottle of this precious drink when the occasion calls for it. Wine also symbolises celebration, and commemorating successes, big or small, can motivate you to keep going until you reach your goals. Remember that a delectable wine did not happen overnight. The process may be arduous, long and tough. However, if you endure and persist through the hardships, the result can be vivacious and bright.

The leap from employee to entrepreneur

Entry to the entrepreneurial world may come from different points and in various forms. There are those who have started early because their hobby or interest has grown organically. Some may have arrived at this path because of family influence or connections. Others probably stumbled to it by accident or found their way there because of a great need. Then there are those that transition from a regular job towards self-employment.

The jump from working as an employee to starting your business is a treacherous trail before you get to the entrepreneurial highway. EO Melbourne members have shared their experience through featured articles in this blog. One must consider a lot of things before making this life-changing decision because there is a huge difference from being employed to becoming your own boss. Both have their pros and cons that one has to put a lot of thought into this big switch.

Working as an employee can limit your creativity, decision-making capacity, and freedom to make certain changes and introduce new ideas. You are bound by what people above you appoint you to do, working 8 or more hours a day to accomplish the tasks placed on your lap. However, you get to receive regular pay, a few days of vacation, and certain benefits as prescribed by the law.

When you start and own a business, you can inject your personality, style, vision and ideas into every part of the venture. There is more flexibility in working hours, vacations, executive decisions, organisational structure and corporate directions. If everything works out well, you can earn heaps than what you would receive as an office worker. On the flip side, the risk is too high as you need to invest your resources, time and effort to the enterprise. The responsibilities are greater because the success or failure of the business lies heavily on your shoulders.

If it is something you are contemplating of doing, you have to weigh a few things before you take the risky move. You may need to do an inventory of your skills, resources and connections if they are enough to help launch you towards the path of entrepreneurship.

Mindset

Do you have the proper frame of mind to handle a startup on your own? The pressure of a business owner is different from the pressure that a manager goes through in an organisation. Challenges and heartaches are aplenty in running a business, and nothing can fully prepare you from the hardships unless you experience them yourself. It’s not something you try on a whim. Determination and willpower will be your backbone for you not to waver on your resolve in taking the entrepreneurial journey.

Financial capacity

Are your resources enough to put up a business and sustain you when income is slow to come? Financial capital is needed to start a business. Even when you start operating, there is no guarantee that you will get a return of your investment immediately. There are instances when owners pay themselves last as they need to take care first of business expenses, wages and other bills. Alternative sources of income may be necessary while you are in the initial phase of your enterprise to sustain you while revenue is unsure or may be gradual.

Time

Can you devote time to establishing and running your business? Starting a business requires long hours and sleepless nights to conceptualise it, prepare the necessary documents, set up an office and get the essential materials and tools to get the venture off the ground. It is a bit tricky when you are employed. The regular paycheck you receive may be helpful while you build your business, but it may mean limited hours to spend on your undertaking as you still have to report to your 9 to 5 job.

Market research

Who are the people you want to target for your startup business? Have a clear idea of what your target market needs. You may need to ask around first to help you formulate your plan for your venture. Gather as much data as you can so that you can make an informed decision of taking a leap towards entrepreneurship or staying on the employment track.

Business plan

What type of business will you create? What will be the brand of your venture? How are you going to promote it to others? A business plan is something you have to think about if you are going to go to the other side of the fence. Contemplate on the product or service that you are going to offer. Take a closer look at your talents and capabilities as well as your interests. Ponder on strategies and define the steps you need to take to transition to running your business and making it grow.

Human resources

Is there a need for you to hire people? There are certain types of business where you can handle things by yourself during startup. But if your endeavour requires a team to operate, then you have to consider the kind of members you will need and where to find them. First, choose staff members who share the same values and mindset with you, then hire based on skills second. You also have to brush on your leadership and managerial skills as you need this to bring your business forward. If you do not have enough resources to pay for wages, consider getting help from family and friends to lend you an extra hand.

Network

Do you know people who can help you begin, maintain and grow your venture? You may need a mentor to show you the way or a set of friends and acquaintances that can introduce you to business opportunities. A network of like-minded individuals is helpful if you want to start your enterprise as you need new customers that you can hook to become loyal patrons.

Although it’s good not to rush your decision to take the entrepreneurial journey, it is also advisable not to delay it too long. The transition is crucial and can affect many people’s lives – yours and those around you. Bear in mind that you need as much support as you can to take the big leap. Better to walk with those who can build you up as a person and as an entrepreneur. Once you go down that road, do it with courage and persistence so that you get to your goal in a shorter time. The change may be painful and difficult, but if you are relentless and persevering, it will be all worth it.

The importance of sleep to entrepreneurs

One of the things that most entrepreneurs give up whenever they enter the business world is sleep. Late nights and early mornings are devoted to checking e-mails and worrying over several business matters. Entrepreneurs have too many tasks and responsibilities that they have to sacrifice slumber so that they can bring their venture towards its goal. However, the amount of sleep lost is never a measure of success. It’s time to break that chain of thought and shift on the need for entrepreneurs to value sleep.

Sleep is a natural state of our mind and body where our physiological make-up goes into processes that restore our body systems. Studies show that normal adults need around 7 to 9 hours of sleep. There are instances when you don’t get enough forty winks, and you still feel fine. But when it becomes a habit or recurring event, your body will feel the ill effects of not snoozing the way it is supposed to do.

What happens when you are sleep-deprived?

Too much stress and anxiety at work can affect your body’s performance. Some of the ill effects are insomnia or sleep disorders. For many entrepreneurs, sleep is a luxury that they cannot enjoy very often, which can later become a cause for worry.

Having an ongoing or prolonged case of sleep deficiency can lead to serious health problems. It can weaken the immune system and cause cardiovascular diseases. When you have stayed awake for long hours and denied your body of slumber, it may result in low concentration levels, weak judgment and poor creativity. There is even the danger of accidents when you drive or losing your balance when you walk. Inadequate sleep may distort your mood, leading to irritability and crankiness, which may unsettle work conditions in your business.

Why the need for good sleep?

Getting enough rest is not only based on the number of hours you spend shutting your eyes. It is also about how deep the slumber that your mind and body were able to achieve. Sleep reconditions the vital organs of your body and processes your immune system and memory bank. A healthy dose of sleep can help you become more productive and creative because your brain had a well-deserved break from the rigorous functions it does all day long. Good sleep can clear your mind and focus, which are needed when you conceptualise, strategise, compute, analyse and make decisions.

How do you achieve quality sleep?

Managing your time and disciplining your mind are key tools to attaining quality sleep. However, it is easier said than done. You can consider a few tips below on how you can gradually bring snoozing into your daily routine.

• Create daily checklists and routine. One of the main reasons entrepreneurs stay up late is because of the endless things to do and the feeling of not achieving anything. But if you break them down day-by-day and put order into your routine, you can insert enough sleep into your schedule. A checklist can help you organise your timeline as well as give you a concrete way of seeing your daily achievements. Allow time to check your emails and browse your phone, then take a break from it at night.

• Listen to your body. If your body feels tired, don’t push it to the limit. Some entrepreneurs are attuned to power naps, while others prefer continuous sleep of 6 to 9 hours. Adjust your routine according to your need.

• Meditate. You can do yoga, breathing exercises, prayer, or a quiet activity that can calm your mind and body. Listen to soft music or nature’s sound as you do this. Read books, if you like. It can slow down the processes in your brain and induce drowsiness.

• Exercise. Allow your body to sweat. Jog, run, hike or do some vigorous exercises that will help you stretch your muscles. Not only is this healthy, but it can also improve your sleeping patterns as the body responds to exercise in a way that encourages rest. 

• Watch your food intake. Consuming caffeine and food with similar ingredients can affect your body because they can keep you awake for a longer time. Avoid this kind of drinks, take in healthy nourishment and have your meals according to schedule. Watch your food and beverage intake, especially at night, and opt for sustenance that promotes sleep.

• Get a massage and apply essential oils. Allow your body to relax through massage or aromatherapy. It can relieve you with stress and help you doze off at night.

• Maintain a good sleeping environment. Make your bed and bedroom clean and orderly so that it can induce drowsiness and promote a good night’s sleep. Choose pillows and beddings that will make lying down relaxing.

Now, it’s time to relax and get into good sleeping habits for a healthier you, which can lead to a healthier business. If sleep is too scant for you, consult with a physician or sleep expert. Remember that as an entrepreneur, your mood and physical well-being is instrumental in pushing the venture forward. Take good care of yourself so that you can better care for your team and the enterprise you have built.

Winning the startup phase the Jenga way

Playing Jenga, where you take a wooden block from any part of the tower and stack it on top, takes a lot of patience, concentration and control to win over your opponents. The objective of Jenga, which is a Swahili word that means “to build”, is to make a taller tower but stable enough not to topple during your turn.

It’s survival of the fittest. The way to win is not to lose. You have to do your best so that the tower will not fall on your watch. The aim is not having the tallest tower but building one that cannot collapse easily. Like in a startup stage, the way to get past that is to endeavour your business to survive the hardships that come with establishing it. It may be the most challenging phase in entrepreneurship, and you might get a pointer or two from Jenga on how to win this chapter of your business.

Maintain a stable foundation

Blocks may vary with slight differences in size and thickness. Take out first the lighter and thinner ones and pile them on top. A strong base is crucial in preventing the blocks to crash instantaneously.

If you apply this to running a business, a strong vision, mission and corporate values are necessary to keep yourself focused on your purpose. A good core team and core products or service offerings will also strengthen your enterprise. Don’t be distracted by things that may be disparate to your main business. Always keep your priorities in check and devote time and effort to more important points of your venture.

Build a structure with good balance

Watch out for every move, and concentrate on your turn and those of your opponents. A good way to keep the balance is to take out the middle blocks first because the risk of getting a block from the side is higher than that from the centre. However, if you need to remove a block from the sides, stack it on top at the opposite side from where you took it. Eliminate loose parts first rather than those that are tightly connected.

In business, you have to check the loose parts and eradicate those that may cause your enterprise to tip over. Retain things, such as people, products, equipment or process, which help hold your company together. Identify your strong points and use it as your “centre of gravity” that will keep your venture on balance even when changes or challenges come your way.

Take risks with care

To add another layer on top, you have to move blocks from the bottom. It’s a must to get the game going. During your turn, take your time and do not rush things. Tap and move a block gently. If you do it well, your turn will go successfully, while it may put your rival at the edge, as there’s a possibility of the other to lose the game.

Calculated risks are not uncommon in the business world. Entrepreneurs make a plan and also listen to their gut-feel. Review possible scenarios of the outcome of your actions. Create alternatives in an event when things do not go as expected. Be wise in your decisions. Also, experience and added knowledge can help you pull some tricks up your sleeve.

Expose yourself to various situations as much as you can. If you think you don’t have enough experience yet to bring you to your goal, you can always listen to stories of other entrepreneurs and learn from them. That’s how EO members support each other. Then work towards winning the startup phase the Jenga way.

Building self-confidence in entrepreneurs

Taking the entrepreneurial journey requires a lot of guts and courage because the path is full of difficulties and hardships. To be an entrepreneur means you’re ready to take risks, and becoming one is already an indication of confidence. But not at all times you may be brave enough to face various challenges. There are moments when fear and timidity set in, and it can cause you to crumble from the inside.

Self-confidence is an important quality of an entrepreneur in various stages of the journey from pre-inauguration to startup to growth to expansion. Business owners represent their company and lead their teams, which is why belief in one’s self is necessary to carry out these roles and make swift decisions.

A healthy dose of self-assurance is advantageous in attracting partners and customers, closing deals, transacting with suppliers, managing staff, and steering the company to the direction you want. If you are nervous, introverted, reserved or afraid, it’s never too late to build the self-confidence you need so that you can bring your business to a better and brighter place.

Reflect for self-awareness

One way to build that courage you need is to reflect on your qualities, both good and bad. Self-awareness will help you see your positive points as well as areas for improvement. Do not be discouraged by your weak areas, but see it as an opportunity for growth. Focus on your strong characteristics and see how you can use this to push your business forward.

Compliment and reward yourself

Never rely on external forces to make you feel good. Praises from others may make your heart flutter, but inner awareness of your positive traits can give you that boost of confidence to pursue things, regardless of the results. Pat yourself on the back and reward yourself for the wonderful job you have done. No one can make you feel any better other than yourself.

Work on your fears and weaknesses

Criticisms are part of life. Do not be afraid to fail. Otherwise, you’ll never try and take a risk. There may be people who will be disappointed when you do not meet their expectations. Never allow this to stop you or dampen your spirit. Instead, treat it as a learning experience where you can grow and improve yourself. If you are aware of your weaknesses and fears, work on it. Do you have stage fright? Expose yourself more through endeavours like public speaking.

Set goals outside of your comfort zone

Try something new. Expand your social boundaries. Do activities outside of your routine. Get out of your comfort zone and allow yourself to grow beyond what you have been used to do. Start with something that you have been interested in doing but never got around to trying it. Make a checklist of things you want to initiate and create a plan to ensure you implement them. Check every item you have accomplished, as it will help you feel good about yourself.

Join groups and clubs

Meeting various kinds of people can open your mind to different perspectives and ideas. It can also lead you to many opportunities and possibilities because you can learn from their experiences, especially those who have been on the entrepreneurial path ahead of you. Join business groups like EO Melbourne or clubs for your new hobby where you can interact with other entrepreneurs and skilled individuals. It will help you gain the confidence to face experts or those in position.

Attend learning events and expand your knowledge

When you acquire more knowledge and skills, you also increase your level of belief in yourself. Find a suitable method that can help you learn more expertise. You can attend learning events from EO Melbourne or similar setting, participate in seminars or conferences, or go back to school to study or obtain additional courses.

Find a mentor

It takes baby steps at the start of the entrepreneurial journey to keep moving. If you are afraid to take the big leap, you can get a mentor to guide you at the beginning so you will be able to walk confidently by yourself. There are various ways to find a mentor, which we have outlined in this article.

The best way to build self-confidence is to get out and acquire as much experience as possible. It may not happen overnight, but it will develop as you go along. The mind is the best tool to induce faith in one’s self. Appreciate yourself more and present that side to others. People will see your value through the value that you give yourself.

Ways of doing competitor’s analysis

Every business has competition. It’s a factor that you have to consider in making business decisions. Numbers may indicate that you have a positive bottom line, but you also have to check your portion in the market share. There may be an opportunity to increase your piece and get a bigger slice of the pie. How do you do it?

First, you need to gather information and take a look at the bigger picture to determine how you can grow your market segment. A competitor’s analysis is necessary to determine the other players in the industry so you can strategise how to position your business at a higher part of the pyramid.

Healthy competition is good. Having a strong competitor may indicate that the other business is doing something effective that appeals to your target market. Analysing them can bring you insights on how to improve your business.

Start your evaluation by listing down 5 to 10 businesses from your industry that pursues similar customers. If you have a store, include those within your vicinity or locale. You can create a matrix to profile your competitors, which may incorporate a SWOT (strength, weakness, opportunity, threat) analysis of each. Fill in the information through research and data-gathering. Here are some ways you can get data about businesses that offer the same products or services to your target clients.

Online search

A rich repository of information is the worldwide web. You can check your competitors’ websites and social media accounts and analyse their traffic, influence and engagement with their followers. There are websites that measure and compare online metrics of your brand and those of other players in your field. Other online sources are blogs and review sites where you can read the opinion of other people on various brands.

Media scanning

Browse through articles and features of your competitors and see how the media portray them. Review how frequent other businesses are showcased and evaluate the effect these stories are on their brand.

Industry reports

Annual reports and industry documents may reveal relevant data that can help you gauge your competitors’ standing and assess them with yours. These reports may include financial data, graphs and other metrics that you can use in your business.

Surveys, FGD and interviews

Either you hire a research company or do the market research yourself, talking directly to customers, suppliers and other stakeholders in the industry is a big help. Methods you can use are surveys, focused group discussion or interviews, whether formal or informal. You can determine the reputation of your competitors based on the responses and feedback of your interviewees. Talk to other experts in the industry, some of which may be within your circle or in groups like EO Melbourne.

Keen observation

Try the products and services of your competitors. Visit their stores and offices. Engage with their employees. Know the situation firsthand by witnessing how the target market patronises their offerings. Through this method, you will see the best practices of your competitors, as well as areas for improvement, which you can learn and apply in your business.

When you have gathered the information and made a comprehensive profile of your competitors, determine your positioning in the market. From there, strategise how you can bring your business towards the top. You may already be doing well right now, but don’t settle for good when you can aim to be the best in your industry.

Creating a winning presentation tool

Do you need to entice an investor, attract a client, talk in a seminar or persuade a partner to move forward with your business? In occasions like these, you might need to come up with a powerful presentation to drive your point and close a transaction fast and effectively.

While facing your audience is the most crucial part of the presentation, it all begins when you prepare your materials. Several tools are available to aid you in conveying your message, but the easiest and most common one is creating PowerPoint slides. Some people may not focus much on this, but it can make or break the business deal. Your presentation materials can capture the attention of your audience, allow you to deliver the points you want to put across and convince them to agree towards achieving your objectives.

How do you do that? A few pointers can help you put together a powerful presentation tool that can lead you to a resounding success.

Focus on your message

The meat of your presentation is your content. Work first on the copy and the message you want to impart before you think of the aesthetics. When you have perfected this part, everything will come into play. Don’t make your messages too wordy. Emphasise on the main ideas so that your audience won’t have information overload and get lost in the myriad of concepts and data.

Organise the flow

Even if you have great ideas and important facts to share, but if you do not arrange them in a cohesive flow, you will still lose your audience along the way. Know how to transition from one thought to another and learn how to build up your drift to the climax of your presentation. It’s like storytelling, where you have an impactful introduction, a substantial midpoint, a stimulating highlight, and a convincing ending.

Make it visually appealing

Once you have nailed your content and organisation of ideas, it’s time to turn into the visuals and how to make them appealing enough to attract and maintain the interest of your listeners. Remember that your design represents your brand, so you have to include the qualities of your company and reflect that to your presentation tool.

Use powerful images

Photos and images are more powerful than words. Those who are on the receiving end of your message can visualise your ideas better if you have pictures that can represent them. Be sure to use photographs that are of high quality and easy to understand. They have to be interesting enough so as not to bore your audience.

Less clutter, more impact

Don’t put too many visuals in one slide. The simpler, the better. Keep away from too much animation that can distract your viewers. If you put several graphics in one slide, the tendency is that your audience will lose focus on the main thought.

Cut down on words

Too many words can be a strain to the eyes. Your copy should not be heavy. Instead, include only key phrases that participants need to remember. Use bullet points to break down ideas.

Use the right colours and font

Avoid neon colours in your presentation tools. A dark background is good when you are using a projector. Contrast the shade of your text to your background so that they are readable. Make the fonts big enough for them to be readable to people at the back.

Be consistent with your format

Moreover, consistency is key. Your format and layout have to be coherent to make it more memorable. Changing from one design and arrangement to another can confuse your receiver. A consistent format can also strengthen the image of your brand.

With your tools at hand, practise your presentation so that you become more compelling in your delivery. Remember that your PowerPoint slides, videos or materials are only your aides in expressing your thoughts. In the end, how you articulate your ideas will enable you to achieve the objectives of your presentation.

The advantages of an employee performance appraisal

There are costs and benefits in implementing an employee performance appraisal in an organisation. It requires energy, time and resources to conduct it annually. If the execution is off-tangent, it can even leave a negative impact on the team. On the other hand, an effective appraisal system can boost the morale of your people.

Experts have come up with different methods in conducting performance appraisal. Performance management has developed and continues to evolve as different tools, templates and processes are created to suit varying corporate environments. The best way is to hire a professional who can handle your human resources or get a consultant that can manage the evaluation process of your company efficiently. The important part is not to lose focus on the objectives of the performance appraisal.

A lean organisation might not see the immediate need for an employee performance evaluation as you can easily gauge the performance of your staff. However, companies that are growing will find it useful in the long run, putting an order in the movement of people within the establishment.

Establishing good relations with staff

Companies conduct an evaluation of employees with the intent of reviewing their output and fit in the corporate environment. But it is also an avenue for management to strengthen relations with staff members. Employees can take this opportunity to openly express themselves and communicate their opinion and insights, especially in a one-on-one setting. This way, trust is established within your business.

Alignment of company goals with individual members

Employee appraisals provide the management with a platform to reiterate the company’s vision as they can review employee performances’ alignment with the overall goals. Your staff may be delivering good results, but if they are not in harmony with the company goals, they need to be re-directed to the objectives of the business.

Rewarding good performers

There’s a threshold of positive outcomes from good performers if they are not rewarded or commended. It can dishearten or burden them, thinking that their actions are not getting the right attention they deserve. Recognising their efforts through a promotion or upgrade will encourage them to continue with their admirable work and even strive to excel and be better. It’s difficult to keep good people, so an appraisal can be a tool to maintain them in your team.

Motivating dispirited team members

Problem employees are part of the reality of an entrepreneur. It’s not always the case, but when it happens, there are ways to deal with it. During the evaluation process, you can discuss sensitive topics like this and agree on a win-win solution for both the company and the staff. Sometimes, letting go is the most viable option, but you have to set a period where the employee can still improve himself or for the company to determine if he has the right fit.

Planning employee’s career development

Generally, the appraisal can be a basis on how to plot the development of your people within the organisation. You can do more than just giving feedback because you can also take this chance for coaching and mentoring.

You can review your performance management system regularly to check if it still serves your purpose or if it’s time to look into other systems available. The employee performance appraisal should be a tool to help your business forward, not a hindrance that will hamper your operations.

Pivoting in the entrepreneurial world

Have you ever walked down a road, so sure of your direction only to find out midway that you’ve taken the wrong path? Even in the entrepreneurial journey, mistakes and change are bound to happen. The initial goal may no longer be viable under the present circumstances, and a crossroad of choices appears before you. You can give up, continue with your original intent but with a few tweaks, go back to the beginning and redo things, or pivot and make a major overhaul of your business.

Pivoting is an option that some startups choose when faced by dangerous entrepreneurial waves. Unfavourable situations can take a toll on your business. For example, your numbers are hitting red, customers are not buying your product or service, or your business is no longer staying relevant. These are some conditions wherein you need to take a step back, review your business plan and ponder if you need to pivot and take some drastic measures in your venture.

A word of caution, however, because pivoting does not necessarily lead to the road of success at all times. It is never easy, but if business owners traverse through the shift carefully, pivoting can be their lifesaver. First, you need to look at a few things before you make a risky move in your enterprise.

Vision and goals

Is your business direction still leading you to your goals? Is your vision still relevant to the changing times? These are a few questions you need to reflect when you are thinking of doing a pivot. You have probably determined that something’s amiss, which led you to a decision to pivot your venture. Go back to the basics and revisit the purpose you want your business to pursue.

Funding

Do you have enough resources to do the pivot? The changes you have in mind may be costly to execute, so you have to weigh things based on your capabilities and funds. Calculate first how much you need to invest and the amount required to get you going for a year or so. Otherwise, you may just hit a blank wall if you don’t have enough fuel to run your business on a sharp turn.

Partners and team

Are your family members, business partners, investors, colleagues and team members supportive of your decision to pivot? Remember that the alteration of your business route will also affect other people’s lives. There may be resistance, and you might have to let go of some people. Still, it is important to keep people engaged to your cause because it will be difficult to make the shift if you do not have people behind you to help you carry the weight that comes with the change.

Target market

Will your prospects, customers and clients be receptive of the new course you are taking? Don’t forget to employ market research before you take the initial step to pivot. Some businesses experience failure because they have not made a thorough study of their internal and external environments. Data and information will be your tools to effectively plot the next steps towards the new path you are taking.

Competitors

Can you compete with other players in the industry? Will you be able to carve a niche for your business in the space where you are operating? Gauge the positioning that your business is capable of taking in the market pie. Envision how you are going to survive in your industry and make your way to the top. Your pivot should give you a higher chance of capturing a better place in your field.

Certain brands achieve success because of an effective pivot that they did to their business. Cover all bases and look at things from different angles. Gather some confidence and wisdom from the stories of entrepreneurs who have made a successful shift in their businesses. In the end, you’ll never really know the outcome unless you take the plunge and try it. Who knows where the other road will lead you? Just keep moving forward until you reach the destination you have in mind.

Checkmate your goal: on chess and entrepreneurship

Strategy and winning. These are two words that best describe the game of chess and entrepreneurship. However, in business, winning is not necessarily associated with competitors. Rather, it is winning your goals by challenging yourself.

The business space and the chess board may be two worlds apart, but there are concepts behind the sport that you can use to navigate on your entrepreneurial journey. Like a chess player, you have to sit down and carefully look at all the pieces before you decide on the play you plan to employ to get to your target.

Define your goal

Bear in mind that it’s both offence and defence. Aim at capturing the other player’s king while protecting yours. If you know what that king you need to capture represents, it will be easier for you to plot out your moves. It could be your target market, a position in the industry, or the objectives you set for yourself. Focus on that goal, don’t be distracted and work your way towards getting the prize that comes with it.

Study your opponents and team members

Chess pieces, yours and that of the opposing player’s, are important elements of this board game. Some have more powerful moves and important positions, so you should know how to use them wisely. Be attentive to your adversary’s style and frame of mind. In business parlance, know your competitors and your market. How do you capture the interest of your prospects? Market research will be a useful tool that can provide you with the answers. Look into the proficiency and talents of your team members, which can be helpful to your planning.

Plan a strategy

A mind game like chess requires strategising so that you can outdo the other contender. Before you place your next piece on the square you are eyeing, review all possibilities and anticipate worst-case scenarios. As they say, you should be two moves ahead of your rival. Victory is within sight when you have proper preparation, planning, practice and execution.

Use perception and change moves, if necessary

Although you have crafted your plans, intuition also plays a significant role in the game. There are circumstances when an entrepreneur’s hunch leads him to success. It’s not always a guarantee, as perceptions may go wrong, but there are times when intuition can save you from danger. Entrepreneurship is all about risks, so always be prepared to pivot when needed. Don’t be afraid to change directions midway if it can lead you to your goal.

Prepare to make sacrifices

Pawns are frontliners that get sacrificed in the play. There are several things you have to forego when you take the business journey. Time, resources and effort are poured into your endeavours to make them a success. When it comes to your people, circumstances call for you to let go of those who may not fit in your corporate culture. If you need to give up something, look at the bigger picture and the long-term effect of it to you and your venture.

Consider the importance of time and the right timing

A professional match may require a time element per move you make. While you need to contemplate carefully your next steps, don’t dwell too much on one strategy as well as don’t rush to get to the next square. Certain actions work best when done at the right timing. Be sensitive to your surroundings, particularly to the market you serve and the industry where you belong. In making decisions, discern well when you have to take a long pause before you take action or when you have to immediately act upon it.

Over time, your experiences will help you navigate through more difficult passages with confidence. Just keep playing and practising. To be a master, you have to learn from more experienced players. Joining clubs can help you hone your skill and capability, such as becoming part of EO where you get to interact with and learn from other entrepreneurs and business owners. In the end, you’ll be able to plot your strategy to arrive at a checkmate to your goal.

To VA or not to VA: the benefits of a virtual assistant

Goals and checklists are good, but if your day is not enough to fulfil all your tasks and responsibilities, you end up delivering work that is not at par with the quality expected or you suffer from burnout, fatigue and other illnesses. Managing time and obligations is one of the biggest challenges of entrepreneurs. Some of them turn for help by hiring virtual assistants who can do certain jobs on their behalf. It is an option to unload one from mundane work to focus more on urgent matters in the business.

What is a VA?

A virtual assistant or VA is someone who provides backend support to your business or personal projects online. They manage things remotely based on what you assign them to fulfil. Mode of communication is through e-mails, messaging apps and online meeting platforms.

There are different kinds of virtual assistants. Some operate solo, while others belong to a group. A VA can be a digital nomad, transferring from one place to another, or based in one location alone. You can choose the capacity and expertise you need from a VA as some are more adept on administrative work, while others act more like consultants and business managers. They need to have some level of skill and proficiency because they can handle things themselves with less supervision.

What does a VA do?

There is a wide range of things that a VA can accomplish, depending on your needs. A VA can answer your emails, set up your schedules, coordinate your travels, create reports, manage your social media accounts, do clerical work, and other tasks that you can delegate. If you are hiring a VA based on expertise, you can designate your VA to do sales and marketing, bookkeeping and accounting, copywriting and content generation, or other specialised jobs.

What are the benefits of having a VA?

Before you consider hiring a VA, examine first if you need a VA or not. It is not a guarantee that getting a VA will not pose any problem to you or your enterprise. It may either work for you or not. That is why it is understandable if you have apprehensions of getting someone from a remote location do things for you. If this is the case, talk to other business owners who have done it successfully. EO Melbourne is one venue where you can seek answers to your questions through the experiences of entrepreneurs who have benefitted from having a VA.

For a start, take into consideration the advantages of a VA before you discard the idea.

Time-saving and faster output

Spending half a day going through your e-mails and replying to them can be draining and less productive. But if you have someone who can organise your correspondences, showing you only what’s urgent, then you can devote your time to more important matters in your business. With a VA, you can delegate tasks that may not require your immediate attention, saving you time and enabling you to produce outputs at an accelerated rate.

Focus on essential tasks

If you review your checklist of tasks and rank them according to urgency, you’ll find that many trivial things take your mind away from your big roles. Organising your contact list, sending out invites, following-up people and similar activities can often blur your concentration on decision-making responsibilities. A VA can take over some of those tasks so you can focus on more essential things that can allow you to steer your business towards your goal.

Quality work

Having a busy schedule is not a sure-fire formula to success. If you’re too hands-on in every aspect of the venture and you’re all over the place, you may miss out on important matters or deliver haphazard service, which can cause your business to suffer in the long run. You need someone like a VA to help you carry the load and enable you to produce quality work that can appeal to your clients and customers.

Fills in gaps

A VA can help you fill in the gaps and take care of the details that you might have missed. With all the action items you need to tick off, it is inevitable that you’ll forget or overlook something. Cover all bases by getting a VA that can make sure that nothing slips through.

Flexibility

When you know there’s someone who attends to your business while you are out of the office, you can go to a client meeting or sales call or spend a vacation with your family with some peace of mind. The VA can do the work you assigned on specific periods or as needed, so it allows you to be flexible in your business as well.

Efficient use of budget

Since the VA does not occupy office space and use supplies and equipment, you get to save on your budget. Also, it is more cost-efficient to maintain a VA than a physical office secretary. The VA takes care of filing for individual taxes and benefits. It’s also value-for-money to have someone do things for you than you doing things on your own, which may make your operations suffer along the way.

Where and how to find a VA

If indicators in your assessment point to more advantages of hiring a VA than not having one, then you have to find a person that fits your requirements. First, list down the qualities you are looking for in a VA. Then write the tasks you need to delegate to this person. The hunt begins when you have determined the kind of VA you want.

Freelance websites like Upwork, Freelancer, Guru, Toptal, Peopleperhour, VAnetworking, and TaskRabbit, to name a few, can provide you access to millions of prospective VAs. Check out other sites and consult with other entrepreneurs where you can mine great talents for your business.