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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

How to Manage Stress and Mental Wellness When Starting a Business

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By Jean Cherry

The U.S. Small Business Administration reports there are 28 million small businesses, which account for 99.7% of all U.S. businesses. That means a lot of small business owners are making a go as an entrepreneur. Starting a business is exciting and rewarding, but included in that excitement are fast-paced demands and risks of the unknown – all of which can lead to stress.

There are both positive and negative stresses when starting a business. A 2017 survey of entrepreneurs found that positive stressors include increased commercial activity, hiring an employee, and launching a new project or product. Negative stressors include being overworked, employee resignations, and poor business performance.

Here are some tips for small business owners to help manage both positive and negative stressors:

Stay organized.

Stress levels can be diminished when you’re well prepared and have everything in order. Careful planning allows you to anticipate challenges and come up with solutions ahead of time.

Find a creative outlet.

Great ideas come from many places, so take time to dream, take a painting class, get out in nature, meditate, or write in a journal. Business owners can benefit from building time in their schedules to think about innovative and creative ways of doing things and separate themselves from the everyday stress of running a business.

Listen to others.

As a business owner, you have a lot of decisions to make. Being a good listener will show that other people’s opinions are valued. Employees that are closer to different aspects of the business may provide new perspectives.

Be committed and resourceful.

A recent study found that entrepreneurship is common among people who have endured life challenges. They learned to persevere and manage stress by working harder, seeking help when needed, developing social skills, and networking. Everyone can learn from these entrepreneurs.

Balance responsibilities.

One of the most common complaints entrepreneurs have when starting a business is that they feel overworked. Delegation is difficult when there are only a few employees to carry the load, but letting go and sharing the responsibilities of the business can help reduce some of the stress. It’s also necessary to take time away from work and go on vacation. Delegating and taking a vacation helps to avoid burnout.

Exercise and eat right.

Exercise is a great stress reliever. Find something that fits your personality — from walking to marathons to yoga. We have better mental acuity and focus when we maintain a healthy diet. Drink plenty of water, decrease sugar intake, and limit caffeine.

 

Stress management for an entrepreneur is a balancing act, but the journey can be much more enjoyable with good organization, building on creative ideas, valuing input from others, and maintaining a healthy lifestyle.

 

 

Author Bio: Jean Cherry, RN, MBA enjoys sharing her knowledge of health and wellness with readers in her writing for Walgreens, where you can find a variety of vitamins to supplement a hectic entrepreneurial lifestyle at Walgreens.com.

 

 

Although it is intended to be accurate, neither Walgreen Co., its subsidiaries or affiliates, nor any other party assumes for loss or damage due to reliance on this material. Walgreens does not recommend or endorse any specific tests, physicians, products, procedures, opinions, or other information that may be mentioned in the article. Reliance on any information provided by this article is solely at your own risk.

 

10 Gen Zers Who Are Innovating the World

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By Kayla Matthews

 

Generation Z sometimes gets a bad rap from older people, but just as with every generation, there are those who are bad seeds and those who strive to make the world a better place.

Gen Z makes up the largest population in the United States, even though it is only 25 percent of the population. There are many reasons why they’re transforming the workplace, but one reason is the large number of Gen Zers who are innovating the world. Here are 10 of the more interesting and innovative Gen Zers.

Jason Li

Jason Li is the founder of iReTron, an electronics company. While in high school he sold comic books, and then he took out a $2,000 loan from his dad and started his company in his bedroom. He is one of those college students also running a business, so when he graduates he will already have hit the ground running with a highly successful company.

Noa Mintz

Noa Mintz, the founder of Nannies by Noa, was only 12 years old when she started the baby-sitting business. While she did eventually hire a CEO to oversee day-to-day operations so she could finish her own education, her vision for a service that was much needed in the New York City area allowed her company to grow into a powerhouse.

Anna Zhang

Anna Zhang is a photographer and social media influencer. She is the editor-in-chief and founder of Pulse Spikes, a quarterly online and print magazine. She also is publishing a collection of essays written by other young influencers.

Akhilesh Khakhar

Akhilesh Khakhar wanted to help other students ace their college entrance exams, so the recent high school grad came up with an app called PrepUp to help them do just that. He’s teamed up with a company to create a complete SAT and ACT prep service that will utilize the app, an online platform and online tutors to prepare students for testing.

Alyssa Kapasi

Alyssa Kapasi noticed that some of her fellow students were going hungry, so she and some of her friends decided to do something about it. Through fundraising and finding sponsors, they were able to expand awareness and motivate school districts to provide free lunch and to donate to the nonprofit Food for Thought.

Matthew Whitaker

Matthew Whitaker is a young jazz musician who has already played in festivals and secured sponsorship deals from musical instrument manufacturers. Whitaker plays the piano, organ and drums, and he also composes and arranges music. Whitaker is blind, but states that he is blessed by God and wants to be a blessing to others.

Sasha Matthews

Sasha Matthews is one of the youngest entrepreneurs to make this list, and her talent is a bit unique. She is a cartoonist who uses her drawings to give a voice to free speech efforts. Her series is called “Everyday Superheroes.” She used the sale of her comics as a fundraiser for the ACLU.

Marley Dias

Marley Dias is a young author who was inspired when she realized there weren’t many stories about girls like her. She said all the books in school were about “white boys and their dogs,” so she launched a campaign called #1000BlackGirlBooks, where she collected and donated books that featured black girls as the main character. She also has her own book out now.

Ryan Felner

Ryan Felner started a business by combining aerial photography with his skills operating drones. He began taking photos in Westport, Connecticut, for those selling real estate, but ran into some issues with the Federal Aviation Administration (FAA) for operating without a commercial license. Not one to be easily dissuaded, he worked with the FAA and took the training needed to get a commercial license.

Maddie Greenspan

It probably isn’t surprising that Maddie Greenspan was destined to become an inventor, since her father is in manufacturing and the family runs a business. Still, when she was frustrated trying to make something fun — slime — because she couldn’t find the ingredients, she decided to just go ahead and make her own.

 

How Can You Change the World?

These young innovators prove that to make an impact, you simply need a vision and the passion to see it through. These are just a few of the amazing under 20-somethings doing big things. It will be interesting to see what they accomplish in their 20s and 30s.

 

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.

 

Getting Things Done: How the Best Leaders Improve Team Productivity

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By Kayla Matthews

Whether you’re leading a team now or aspire to do so soon, productivity is essential, but it’s not always at a consistently high level.

That’s why it’s smart to learn from other leaders about what they’ve done to keep teams working together for the best possible output. Here are some tips.

Keep Meeting Sizes Small

Meetings are inevitable. And if people are asked the things they dislike the most about them, they’ll probably say the gatherings drag on too long or include too many people. To make his teams as productive as possible when they meet, Amazon CEO Jeff Bezos institutes a “two pizza rule.”

It doesn’t mean pizza is a part of every meeting, but that if two pizzas could not feed the entire team attending a meeting, it’s too big. Keep that philosophy in mind when determining whether it’s really necessary for so many individuals to come to a gathering you’re planning.

Resist Rigidly Sticking to a Chain of Command

At many companies, there’s an obvious and enforceable chain of command people must go through when distributing messages or attaining information. However, when he sent out a letter to employees that revealed his productivity tips, Elon Musk warned that such a hierarchy was not appropriate for Tesla employees.

He emphasized that communications should go through the shortest path possible to achieve the desired result.

Furthermore, Musk said managers who tried to make employees stick to the chain of command approach would soon have to look for work elsewhere because they’d not be appropriate for Tesla’s culture.

Make Your Office a Comfortable Place to Work

It’s difficult for people to feel productive if they have to tolerate uncomfortable chairs, too much chatter in the office or an atmosphere filled with tension, backstabbing among colleagues and other types of stress.

Although there’s merit in thinking about the way your employees do tasks, it’s also necessary to take a close look at the environment and determine if there are things you could do to make it better.

When Laszlo Bock was the head of People Operations (the equivalent of human resources) at Google, he advocated for giving people freedom at the workplace while providing real-time coaching and forgiving people’s failures as long as they learned from the experiences.

When people feel happy at work, they’re an average of 12 percent more productive. And it’s easy to see why employees are more likely to be in good moods while they work in teams if you’re not hovering over them like a helicopter boss.

Consider enhancing comfort by investing in non-traditional office furniture too. While he was at Google, Laszlo said he didn’t use a desk but loved how his workspace had a couch plus a chair that flexed to allow various angles for a person’s knees and hips.

Encourage Teams to Give Input on How to Make Things Better

Many business leaders can tell there’s something not quite right about their teams’ performance levels but can’t put their finger on precisely what’s going wrong. When that happens, it’s easy to get caught in a cycle of unproductivity and make everyone involved feel frustrated.

Sometimes, though, the trick to getting out of the rut involves urging the team members themselves to give their thoughts on what to do. Mary Barra — the CEO of General Motors and first female CEO of a major auto manufacturer — does that with the team members who have earned her trust.

People see Barra as a person who does things differently in almost every aspect of her work by breaking well-established business rules if doing so gets the results that keep the company moving forward.

People familiar with the company say one example is the way that Barra empowers team members to make cases for the things they think need to happen for improvements to occur. She can make efficient and difficult decisions on her own but knows people on her team have potentially useful ideas too.

Recognize the Individuality of Team Members

It’s easy to take the common approach of attempting to improve team productivity by using a single popular managerial style, for example.

However, it’s often preferable to take the time to learn about each of your team members and understand that they have different traits and may get more done by capitalizing on those specifics.

Ursula Burns, the former CEO of Xerox, is a big fan of mentoring and discusses how she had mentoring during her career at the company that began when she got hired as an intern. Burns says her mentors taught her the importance of relating to people and the perspectives they offer and not trying to intimidate individuals by managing them all in the same way.

Burns had also described the Xerox team as being like a big family and made efforts to form close relationships with employees.

When leading your teams, strive to get to know the things that make the individual members unique. When appropriate, let them work in ways that cater to their preferences.

Better Productivity Is Possible

Throughout your leadership career, you’ll consistently look for ways to help increase team productivity. By learning from the leaders mentioned above and following their tips, you could reach a productivity high point.

 

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 Helloquence on Unsplash

Are you Making Mistakes with Your Customer Data?

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Customer data is one of the keys to running a successful business. In order to provide great service, you must know as much as you can about your target audience, the people in your “funnel,” and those who have actually purchased from you.

It used to be that you could collect tidbits at any time, any place, via cookies, online forms, customer surveys, etc., without much regard for what happens to the data after it’s collected.

That is no longer the case.

The smart business owner now views customer data as belonging to the customer. This requires a mindset shift:

  • Only collect information that is specifically needed, to serve a business purpose
  • Always tell the customer what you’re going to do with it
  • Make a plan to protect and keep the information secure
  • (Ideally) allow the customer to view, edit, and delete the information

When you start with the idea that the consumer’s data belongs to them (and you’re just a custodian), you’re on a better path to deal with any potential regulatory challenges that might arise.

Regulations like the EU’s GDPR and California’s new Consumer Privacy Act are only the beginning of the global shift that’s happening. Consumers and regulators alike have been driven to action by sloppy data collection and sharing practices, and now it’s time to to establish new best practices.

What does this mean for a solo entrepreneur or small business owner?

  • First, keep yourself informed of changing data protection rules in your state, country, or region. If you belong to any professional organizations, that can help you stay on top of relevant news. When GDPR went into effect a couple of months ago, you wouldn’t have been able to avoid the news unless you “went ostrich.” So don’t give in to the temptation to just bury your head in the sand and hope it goes away.

 

  • Second, take a look at the customer information you have. Even if you aren’t subject to any regulations (contractual relationships often legitimize data retention in the rules), you might want to purge outdated information, or data you no longer need. Double check that you’re maintaining good security over the data (both technologically and physically). Establish good “housekeeping” processes to delete information when a customer leaves (perhaps after a specific period of time). And make sure you’re transparent with all of the above.

 

  • Third, start thinking about privacy by design. It doesn’t have to be a highly technical, structured system. It’s really an approach. If you put your customers’ privacy foremost in your mind when you’re working on a new marketing campaign, purchasing new CRM software, or working with a new partner, you’re already ahead of the game.

This article is not legal advice, and I don’t play an attorney on TV. If you’re handling sensitive information (medical, legal, financial) you certainly should consult with your own legal advisor to ensure that you’re doing it right.

 

Author’s Bio: Rosemary O’Neill is an insightful spirit who is CEO of Narrative, a new social content platform coming in beta in Q4 of 2018.  You can find Rosemary on Twitter as @rhogroupee

 

Exciting Ways to Boost Morale in the Office

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By Kayla Matthews

Workplace morale boosters are valuable to any company. They show your employees you care. If you have high employee morale in your office, you’ll have better performers. There’s less stress, which decreases turnover and increases productivity.

Engaging your employees is always a win-win, but you don’t have to break the bank to do it. The funds and effort you do put toward it will pay off in the end, so why aren’t you participating? Check out the following six simple and affordable ideas for boosting morale in your office.

Provide Healthy Snacks for Employees

Healthy office snacks and meals have the power to raise productivity levels and your employees’ overall spirit. Staff members often feel they don’t even have the time to stop and feed themselves. They may have too many back-to-back meetings and just too much work to do.

Make it convenient for your employees to be healthy and well-fed, and keep your office stocked with easy-to-grab snacks like granola bars, nuts and individual popcorn bags. If you have the means, order a healthy lunch spread for your office. Employees appreciate these kinds of gestures more than you realize — especially since they’re able to keep working and still eat.

Have an Office Dog Day

This one is a bit tricky if your building has rules against pets, but many office buildings now allow them, with restrictions that pertain to certain breeds. Check with your landlord or building owner, then consider one day per week, like Fridays, or even just one day a month, to allow employees the option to bring their furry friends to work for the day.

Of course, employees will be held liable for any potential issues that may arise, but with good judgment, this strategy could be a great way to reward your employees. Dogs can also strengthen bonds between colleagues and improve mental health. They can motivate employees to go outside, decrease stress and promote mental breaks — as well as a load of other positive results.

If you have employees who are allergic to dogs or are not particularly fond of their presence, there are plenty of ways to get around it. Try planning an office picnic where employees can bring their dogs. This way, those employees who are allergic won’t be confined to a closed-in office with pet dander.

Throw an Office Party

Yes, every office usually throws a holiday party once per year, but you shouldn’t wait 12 months to get all of your team members together on a more casual and comfortable level. Plan fun events for employees, like a chili cook-off, lunch potluck or holiday party to celebrate Halloween, Thanksgiving or another occasion that’s coming up. Have fun and set up an ugly sweater contest. The options are endless.

This time gives employees a chance to mingle with one another, enjoy great food and bond more with colleagues and as a team. If you decide to have a party or gathering after hours, give employees the opportunity to invite their spouses or significant others.

Set up an Office Happy Hour

Happy hour doesn’t always have to entail alcoholic beverages. You can hold a happy hour once a month. Try a Thursday or Friday at 4 p.m., before employees leave for the day, in the office lounge area or break room.

Serve an array of wine and beer, or opt for soft drinks and other non-alcoholic beverages. Order or pick up some tasty snacks, like nachos and queso from your favorite Mexican restaurant nearby or pizza for everyone to munch on. You can even go off-site to someplace fun so that you’re away from your typical work environment. This plan is yet another great way to encourage employees to get to know each other more outside of meetings and other projects.

Provide a Food Truck Lunch

Everyone loves a good food truck, and the great thing about them is that they’re mobile. Many offices have been trying out food trucks during employees’ lunch hours. This move is easy and convenient because people don’t have to go off-site, but if they didn’t bring their lunch, they still have the option to eat something different.

Book a taco truck for taco Tuesday or a BBQ truck during the summertime months. You can even book an ice-cream sandwich food truck or perhaps a coffee truck. If it’s in the budget, this option is also a great way to give thanks to your employees and let them choose a treat without having to pay.

Do Fun Team-Building Activities

Having a strong team vibe in your environment is essential to success. If employees aren’t connecting, their performance won’t be as great as it could be. Send out an email to everyone to ask if they want to go to a football game together or maybe lunch off-site. Escape rooms and Top Golf are also great team activities that everyone can enjoy. Consider an activity where employees can volunteer together.

Whatever you decide to do, bringing the team together will definitely make employees feel engaged and connected. Help to make your staff feel like work is more than just a job. If they feel they have a higher purpose, they’re more likely to perform better in their day-to-day duties. Empower your employees, and make them feel respected, appreciated and valued.

Boost Morale for a Better Work Life

Show that you care with necessary actions like rewarding good work and granting time off, but also take it a step further. The above six ideas are not only affordable, but they’re also sure to make your employees feel good.

Whether you choose to add healthy snacks to your break rooms, launch an employee dog day or plan a team activity at a local shelter, you won’t regret making the extra effort to boost morale in your office.

 

 

 

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 Matty Sievers on Unsplash