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Do You Need an MBA to Own a Business?

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By Kayla Matthews

It’s the American Dream, right? Graduate high school, go to college, get a degree and open a successful business. Is an MBA (Masters in Business Administration) necessary to open and own a business?

New trends seem to suggest that it isn’t. Let’s take a closer look at these trends and help you figure out whether you need to go back to school to get the most out of your business.

Successful Without a Degree

An MBA might seem like the perfect tool to help you succeed when owning a business, but that isn’t always the case. Some hugely successful individuals, from Bill Gates of Microsoft to Mark Zuckerberg of Facebook succeeded without degrees, but they exemplify the exception rather than the rule.

A report by the Bureau of Labor Statistics and the U.S. Small Business Administration shows that 20 percent of new businesses fail within the first 12 months. Of those that survive, only half will reach their five year anniversary.

The basis of any successful business means having more cash coming in than going out. This fundamental rule seems like common sense but business colleges still teach it — and many business owners without an MBA seem to miss this.

If you don’t have a degree but own a business, should you consider going back to school?

A Changing Landscape

Business isn’t as simple as it used to be. Gone are the days where you could open a store and make it successful by running a couple of ads in the local paper. The business landscape constantly changes, and it can be difficult to keep up with these changes without a degree under your belt — especially with new techniques taught in the classroom.

Getting an MBA is an expensive proposition — a complete degree program at a prestigious school can cost upwards of $130,000. For someone working in a business career, the ROI on a business degree is quicker than someone starting their own business. Becoming an entrepreneur doesn’t come with a signing bonus, unfortunately.

Networking Is Key

Getting an MBA — or taking some business-focused night classes to continue your education — isn’t just good for learning how to navigate the ever-changing business landscape. It is also an invaluable tool for creating professional connections that can mean the difference between a successful business and a failed one.

Even if you think you have enough experience to run a business, going to business school can be one good way to make the networking connections you might not find elsewhere. You might even find a business partner!

Experience Isn’t Everything

Small businesses start every single day based solely on the skills and passion of the business owner, but experience and passion aren’t always enough to keep a business afloat. Ambition will only carry you so far without the business acumen to turn your dreams into reality.

A business degree is also a great fall-back if your business ends up being one of the ones that fail within its first year. Having a few years of experience under your belt makes you a more attractive candidate for hiring managers than someone who has the same degree but is fresh out of college.

 

When it comes down to it, do you need an MBA to run a business? The answer is both yes and no. A business degree can teach you things you might not learn otherwise, and it is an invaluable tool for networking and gaining industry experience. You don’t need to have a degree to create a successful business, but it helps.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured Image: Photo by MD Duran on Unsplash

15 Podcasts for Business Managers and Professional Entrepreneurs

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By Kayla Matthews

Business managers and entrepreneurs are busy people — there’s always more to do and room to grow. Busy people can still take time to learn, however. If you’re an ambitious worker, there’s a good chance that you’re always hungry for more knowledge. Podcasts allow you to fit learning into your free moments. If you’re interested in learning even more about your field, consider listening to a few of these 15 excellent business podcasts.

1. Seeking Wisdom

In the Drift podcast Seeking Wisdom, hosts David Cancel and and Dave Gerhardt talk personal and professional growth. They’ve covered topics ranging from marketing to running a meeting to furthering your personal career. Every episode comes in a short, bite-sized format perfect for busy managers and business owners.

2. Hack the Entrepreneur

In his interview podcast Hack the Entrepreneur, Jon Nastor talks to big-name and upcoming entrepreneurs about their fears, habits and inner battles to find out what makes them successful. Listeners learn about forming successful habits, finding ideas and starting an online business.

3. Startups for the Rest of Us

Startups for the Rest of Us is a show for developers, designers and entrepreneurs focused on helping people launch software products successfully. Listeners interested in tech entrepreneurship can learn loads from the hosts’ combined 20 years experience as software engineers.

4. HBR IdeaCast

From the people behind Harvard Business Review, HBR IdeaCast features talks with leading thinkers in business and management. Business professionals and entrepreneurs can learn about innovations and current issues in business, from AI to workplace diversity. The show’s host is Sarah Green Carmichael, an executive editor at Harvard Business Review.

5. Business Wars

Fans of documentaries and audio dramas will love Business Wars. Both entertaining and informational, this show tells the inside stories of battles in business. Some of the stories covered include Netflix vs. Blockbuster, Marvel vs. DC and eBay vs. PayPal. Learn what makes successful companies rise and others fall when facing fierce competition.

6. 1st Talk Compliance

Employers hoping to get legal advice during their morning commute might consider listening to 1st Talk Compliance. Host Catherine Short and her guests address issues employers face when understanding and complying with the Americans with Disabilities Act and handling ADA claims. Listeners can find legal definitions, discussions and more from experts in health care and compliance.

7. BBC World Business Report

Entrepreneurs who want to stay informed about the current biggest market influences might listen to BBC World Business Report. The show updates daily and brings listeners business and financial news from around the world.

8. The $100 MBA Show

Wish you could expand your business knowledge in the time it takes to take a shower? The $100 MBA Show provides short, actionable business lessons in just over 10 minutes. New episodes provide “no-fluff” advice every day on a variety of topics, so you can learn what you want whenever you want. Whether you’re new to business or an experienced entrepreneur, you’re sure to learn something new.

9. Mixergy

In the podcast Mixergy, host Andrew Warner interviews successful business founders so you can learn from them. You can listen to interviews with more than 1,500 entrepreneurs, including founders of well-known companies like Pixar and Linkedin.

10. Planet Money

From NPR, Planet Money explains the economy in a way that’s actually fun by telling both common and lesser-known money stories — from combating money in politics to conquering the onion market. Planet Money is entertaining, informative and weirdly fascinating.

11. WorkLife With Adam Grant

In the TED podcast WorkLife, organizational psychologist Adam Grant gives listeners an inside account of unusual workplaces. The show provides insight into how people tackle work challenges together, so it’s a great resource for managers and employers.

12. Girlboss Radio

In each episode of Girlboss Radio, host Sophia Amoruso interviews glass-ceiling-shattering women entrepreneurs, founders and creatives. Their conversations are honest, insightful and funny, providing lessons for hopeful female entrepreneurs and everyone.

13. No Quit Living

The No Quit Living podcast knows that people need motivation to reach their potential. In every episode, host Christopher Wirth interviews successful people from all walks of life to find out what motivates them to succeed. No Quit Living helps entrepreneurs find drive to pursue their goals even in the face of adversity.

14. Entrepreneurs on Fire

Award-winning podcast Entrepreneurs on Fire focuses on providing the inspiration and strategies entrepreneurs need to succeed. With over 2,000 episodes, Entrepreneurs on Fire has useful interviews and tips for anyone interested in business. You can listen to new episodes every Monday and Thursday.

15. Growth Now Movement

The Growth Now Movement podcast brings listeners interviews with entrepreneurs and game-changers who’ve turned professional and personal struggle into growth. Episodes will inspire you while providing some truly useful insight into the nature of growth and success.

Listen and Learn Today

As an ambitious entrepreneur, you’re always looking for new opportunities to learn an improve. These podcasts can provide insight and inspiration, whether you’re just starting your career or moving up. All you have to do is listen to start learning.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by Mohammad Metri on Unsplash

4 Reasons Why You Should Conduct a QBR (and How to Do It)

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By Kayla Matthews

A quarterly business review (QBR) is a chance to formally touch base with your customers. It’s not essential to do one for every customer, but you should consider QBRs crucial for customers you especially want to keep.

Here are several reasons why businesses should conduct QBRs.

1. To Find out What Worked Well

Company representatives need to convey they are committed to evolving with their customers. That means it’s not sufficient to keep catering to those clients uniformly year after year. Instead, consider the QBR your chance to check in and find out what satisfied a customer most.

Your customer might generally like a service they received, but want you to make some minor changes moving forward. The QBR gives information that tells your company it’s on the right track for keeping a customer happy.

2. To Remind the Customer of the Value You Provide

Sometimes, a customer may be trying to cut costs, and believe one way to do that is to stop paying for your company’s services. That can happen even if the client is still satisfied with what you provide.

However, a QBR can give a straightforward reminder that your company offers valuable assistance your client needs and couldn’t get elsewhere.

3. To Learn How Customers’ Goals Have Changed

Customers will generally have various goals throughout the year. Companies can use QBRs to learn about those new milestones in depth and understand how best to support clients in meeting them.

This point ties into the previous one because customers need to realize the value you provide is an ongoing benefit they can — and should — expect throughout your business relationship. But, if a client feels you are not on the same page with upcoming aspirations, they may hesitate to keep you on board. The QBR enables you to listen and provide feedback.

4. To Determine What Went Wrong

It can be very confusing when businesses get blindsided by customers who suddenly decide to cease the business relationship. However, one of the advantageous things about quarterly business reviews is that you conduct them at regular intervals throughout the year. Then, the likelihood increases that you could find out about issues quickly and come up with plans for remedying them — before customers leave in frustration.

Best Practices for Conducting a QBR

Now that you know some of the reasons to conduct a QBR, let’s examine the best practices for carrying one out.

1. Maintain a Regular Schedule for Your QBRs

Although the name implies QBRs happen every quarter, some companies don’t stay on a rigid schedule with them. However, it’s in your best interests to stick to the quarterly routine as much as possible. Doing that shows a commitment to the customer. If geographical distance is a concern, consider holding a teleconference.

2. Inform a Customer of the Attendees

Before a QBR happens, give a list of the people who will be there. The attendee list should vary, depending on the type of client it is and the reasons that entity hired your company. For example, if the customer uses your company to avail themselves of a customized call center interface, the people who develop that tool should ideally be in the meeting.

3. Give Details About Necessary Documents If Applicable

The QBR may involve poring over reports and calling attention to various statistics you collected during the previous quarter. Help prepare your client sufficiently for the QBR by specifying in advance if they need to bring any documents to the meeting. Taking that approach should minimize the possibility they’ll feel overwhelmed due to unpreparedness.

4. Listen to Concerns and Take Them Seriously

Customer service strategist Jeff Mowat explains that one of the keys to keeping customers is listening carefully when they mention dissatisfaction. A caring employee lets you make customers feel special, and adding a QBR doesn’t hurt, either.

It’s nearly impossible to fix your business’s relationship with a customer if you don’t give the impression you genuinely care about their concerns. Offer them genuine concern to fix the problem, then go a step further and suggest action plans for resolution.

5. Consider Making a PowerPoint Presentation

It’s best if a QBR follows a defined format that involves reviewing the previous quarter before setting goals for the next. A PowerPoint presentation could be an excellent tool for letting people know about the agenda of the QBR and helping them follow along as it progresses. Even if you don’t use PowerPoint, an agenda is necessary. Not having one is a misstep that conveys inexperience.

6. Always Keep the Focus on the Client

As mentioned earlier, the QBR gives you chances to emphasize the value your company can bring to the client. But, make sure the client is always the central discussion topic when you bring up that matter.

For example, if discussing how your establishment experienced higher-than-normal workforce growth last year, tie in that achievement with the customer. You could take the angle of a larger staff giving more diverse expertise to the client.

One of the ways to accomplish a successful QBR is to check that the client stays connected with your message. When that doesn’t happen, you may need to adjust on the fly.

A QBR Should Lead to Happy Customers

By not completing a QBR on schedule, you could be missing things that upset your customers. Or, you might overlook ways to wow them. These tips will help you feel well-equipped for all future QBRs, allowing you to meet client needs.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by rawpixel on Unsplash

Infographic: Benefits and Perks of Co-Working

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By Kim Burmester

This infographic details the benefits and perks of co-working as opposed to traditional office work.

It explores all of the various aspects of each, focusing on quality of life benefits, financial value, company cost reductions, productivity, culture and lifestyle, and more.

It also compares these aspects with those of working a typical 8-5 office job, describing how limited the view of a cubicle is for an office worker, not only creating literal barriers but also metaphorical barriers to productivity and success!

The shared office is the way to work. Being constantly surrounded by other driven business starters and influential people will always keep you and your company focused on success. Rather than being distracted by the other co-working companies, you will instead be inspired to work just as hard or even harder.

The shared office is truly the way of the future, as most co-working spaces also have a more modern, futuristic design than the traditional office.

Co-working is how you make lasting connections outside of your own company that will only serve to benefit you in the long run, as knowing the right people truly is more than half the battle in business. When you are consistently enveloped by the productive environment of a co-working space, you will instantly be hooked on the endless drive and passion that the people in that space have for the work they do.

There are endless reasons why a shared office will only benefit your business, but it will also benefit you personally. The environment, the connections, the success that will surround you is unbeatable in any other office environment. From the dull grays and browns of the standard cubicle-filled office to the beautiful blues, comfortable couches, and wonderful workspace of a shared office, there’s no going back once you’ve made the change. All in all, a co-working space is more than worth trying out, whether you’re looking for an office space or not, because what you find may just change your life.

Don’t waste another second reading about why shared offices are amazing and come find out exactly why co-working is the way of the future!

Author Bio: Kim Burmester is VP at ATLAS Workbase, a coworking space in Seattle that combines a powerful ability to work, network and collaborate in a flexible space that fits your individual needs.

perks of co-working

6 Inspirational Keynote Speaker Events Professionals Should Attend in 2019

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By Kayla Matthews

To keep pace with business best practices, you need to stay at peak professional prowess. Your skill in the workplace depends on constant self-improvement, and there are few better — or more entertaining — ways to get inspired than by attending one of next year’s keynote speaker events.

At the best in their industry and the top of their class, keynote speakers offer insight that has guided them toward success in their careers. The advice of top executives, CEOs and thought leaders is invaluable, and professionals with high aspirations should reserve their passes as soon as possible.

In this article, we’ll list six inspirational keynote speaker events every businessperson should attend in 2019.

1. SXSW

South by Southwest began in 1987 and has only continued to grow in size and popularity. Based in Austin, Texas, the conference runs for 10 days from March 8 to 17 and attracts talent from the film, music and interactive media industries. Simply put, those in the entertainment sector can’t afford to skip SXSW.

Instagram co-founder Kevin Systrom, television showrunner Marti Noxon and singers Shirley Manson and Lauren Mayberry are all set to appear on stage in 2019, providing a diverse lineup that’s sure to keep the interest of anyone involved in the creative community. Don’t miss out on this prime opportunity!

2. IBM Think

From one of the most famous names in innovation comes an exciting event every tech professional should make time to see. Hosted in San Francisco’s Moscone Center, IBM Think 2019 runs from Feb. 12 to 15, and promises to thrill attendees with incredible advances in their field, offering discussions with IBM experts.

Whether you’re a fledgling IT administrator, a software developer or the head of your own Silicon Valley startup, IBM Think 2019 will give you ample opportunity to network with like-minded individuals in your profession. This is one speaker event that’s mandatory for those who want to keep current.

3. Inspiring Women Leaders Conference

Relevant to businesspeople of any gender, the 2019 Inspiring Women Leaders Conference will host speakers who have overcome biases and barriers in male-dominated industries. Their success stories and actionable advice are an inspiration to those who struggle with similar obstacles every day.

Both men and women can learn from the trials of these individuals and their push for fair business practices. Interested professionals should set aside time from March 7 to 8 to attend the conference in Gainesville, Fla., hosted at the University of Florida’s Hilton Conference Center.

4. Inspire: Leading Authorities’ Day of Ideas

Leading Authorities, a Washington, D.C.-headquartered speakers bureau, is hosting a can’t-miss, one-day-only event featuring some of their most sought-after keynote speakers. The 2019 Day of Ideas event, held on March 8, is your opportunity to hear presentations on engaging topics, while networking with top professional meeting planners.

5. World Conference on Quality and Improvement

Representing attendees from a wide variety of industries and nationalities, the 2019 WCQI brings professionals together to discuss the challenges they face in today’s unpredictable marketing landscape. The 2019 theme is Leading Change, with a focus on how businesspeople can approach problems proactively.

From May 20 to 22 in Fort Worth, Texas, professionals will learn how they can engage tomorrow’s problems with today’s solutions. They’ll hear from inspirational speakers on how best to address subjects like AI, big data, cybersecurity, smart manufacturing and other relevant topics.

6. Adobe Summit

Adobe is a familiar brand in dozens of different industries, from advertising to finance to data management. Last year’s summit saw leaders from Coca-Cola, Facebook, Twitter and LinkedIn contribute to the conversation, and this year’s summit will introduce more big names in business.

Those interested in Adobe’s latest innovations will have a chance to hear from speakers who share their passion, and from March 26 to 28 in Las Vegas, Nev., professionals will meet in the Sands Convention Center and Venetian Congress Center to network and talk shop about their occupations.

Don’t Get Left Behind!

As an essential part of your company, you have a responsibility to stay up to date and ahead of the curve. Any of the six events listed here can help you on your way toward professional growth, so don’t hesitate!

Research an event and secure a spot today.

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by JESHOOTS.COM on Unsplash

How to Deal With Four Pressure Points Most Entrepreneurs Face

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By Kayla Matthews

Amidst the growth of successful startups and the fame of their owners, many young people are finding entrepreneurship an increasingly attractive option. While it’s certainly possible to build an impressive business from scratch, it’s not as easy as it may seem.

Entrepreneurs face many challenges that affect not just themselves but also the overall success of their companies. Learning to manage these challenges is a crucial part of being an entrepreneur. However, if you’re not prepared for them, they can feel overwhelming.

To increase the likelihood of your business’ success, you need to be familiar with the common problems entrepreneurs and their businesses face so you can plan to handle them ahead of time. With that in mind, here are four pressure points entrepreneurs commonly encounter and a few strategies to tackle them.

1. A Lack of Funding

Starting a successful business requires a substantial financial investment. Most entrepreneurs don’t have access to the kind of capital they need to fund their businesses on their own. Even so, 80 percent of entrepreneurs use their personal funds to start their companies.

Though it’s good to invest your own money into your business if you can afford to do so, other financing options are available. To protect yourself from potentially life-shaking financial losses, you need to plan ahead and make the most of potential sources of funding. Loans, crowdfunding and money from investors can all help you launch your business without putting your family’s security at risk.

In addition to seeking out sources of supplemental funding, entrepreneurs worried about financial security should set aside money in personal savings in case the business’ budget tightens down the line.

2. Chronic Stress and Overworking

Because they tackle so much every day, entrepreneurs are at risk for chronic stress and other mental health issues. Not only is this a concern for the health and happiness of entrepreneurs, but it can also negatively affect their businesses. An overly demanding, negative or competitive attitude can permeate a company and bring down other employees, as well.

If you’re one of your business’ only employees, you’ll be tackling a huge portion of all tasks. If your entire financial and professional well-being relies on the success of your company — that’s a lot of pressure. Entrepreneurs in these high-stress roles should use some relaxation hacks to avoid burnout.

To prevent additional stress, pay attention to how much you work. Limit your work week to a reasonable number of hours and entirely separate your work and home lives. If you can, delegate tasks to another employee so you can spend your time as effectively as possible.

3. Irresponsible Scaling

Startups can grow fast, which is exciting. However, fast growth requires an entrepreneur to be extra conscientious, as irresponsible decisions made during the scaling process can sink a business equally fast.

Most businesses should grow steadily not swiftly. Though your startup may need to increase its size quickly, decisions made about hiring, firing and spending should all be made thoughtfully.

As you grow your business, think about the company culture you want to foster. Hire highly qualified candidates you want to stick around and fire employees who are causing difficulty as soon as you notice a problem. Spend frugally — even when it seems you don’t need to — to assure your company’s ability to continue growing a year or more into the future, when things might not be going as well.

4. Poor Ethical Choices

Another often overlooked problem faced by entrepreneurs is the temptation to skew from ethical practices and founding missions. Because startups and small businesses are personal affairs grown from scratch, entrepreneurs sometimes struggle to draw the line between what is ethical and what is not.

Nepotism, failure to accurately report income and co-mingling of business and personal finances are all common ethical conundrums entrepreneurs face. Though one misstep here and there may seem insignificant, they can come back to haunt the company in the long run.

To avoid ethical problems in your company, it is best to establish procedures and codes of conduct at the very beginning. You should always consult with an accountant or lawyer to ensure all of your business’ finances are being properly handled.

Running a business is difficult, especially if you’re doing it on your own. Luckily, by preparing for these common challenges, you can start your business on the path to success.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured Photo by sydney Rae on Unsplash