 From a logistical perspective, it can be surprising to find that many small businesses and startups need a sound organizational structure. How one structures their team, company leadership and the flow of information and communication within their organization can spell the difference between a business scaling successfully or one whose growth is stunted or outright fails. Organizational structures are crucial for any business. They outline who reports and is accountable to who, what each employee's job is, the makeup of teams and help streamline the flow of information through the organization. The types of organizational structures Organizational structures are not all the same. Different types are applied for different purposes. Depending on the type and size of the business, one organizational structure may work better than the rest. There are seven known structures a business has to choose from. Hierarchical structure: This is the structure that most people likely picture when they hear the words "organizational structure." This pyramid-shaped chart is the most common structure and follows a typical top-down chain of command. Functional structure: This is similar to a hierarchical structure except employees are organized according to skill level rather than hierarchy. Horizontal (flat) structure: When a company has few levels between employees, a flat structure may work well for their needs. This is a structure many startups use before they have enough employees to have a hierarchical structure. Divisional structure: This structure separates employees into divisions, and each division operates independently. Each division may have its own teams, hierarchy and leadership levels. This structure usually works well for large companies. Matrix structure: This structure is organized in a grid system. Cross-functional teams take on projects together, crossing over into other teams to apply their skills for the betterment of the company as a whole. Team-based structure: As the name suggests, this structure groups employees into teams. This structure flies in the face of the traditional hierarchy, with a team-based focus on cooperative employee control. Network structure: This structure works best for businesses that work with various vendors, subcontractors or freelancers. This structure leads to more flexibility and the ability of employees to make decisions for the business. Starting small When a startup is first gaining some traction, it may not have an established organizational structure. This lack of a formal structure is especially true if the startup team is very small or the venture is being run as a solo operation. The need for an organizational structure arises when the team grows. Strong and well-defined leadership becomes critical to steer the proverbial ship of the business as it scales. Businesses must take steps to implement clear leadership roles and a well-communicated hierarchy. Employees who join the organization should be immediately aware of who they report to and who should be on the receiving end of any questions they may have. Of course, the CEO is at the top of the hierarchy, but this may be someone other than the business owner as not every owner is capable of running a team. In these cases, there needs to be some personal reflection on the part of the business owner so they can properly delegate leadership roles. Owners and top executives need the room and time to think about the big picture for their business. If they were tasked with fielding questions from all levels of the organization, scaling would grind to a halt. Creating the structure Once the decision is made on that organizational structure best fits one's business size and type, building that structure can be challenging — especially in a startup. As such, business owners should take a good look at their future goals for their company as they create their structure. With the first step of choosing a structure complete, the next step will be building a visual representation of the chosen structure — or an organizational structure chart. Once completed, this should be available to everyone associated with the business, from the higher-ups to the entry-level employees. The chart should clarify team leaders, job titles and team members. It's crucial that employees understand the organizational structure and where they fit within it. Once an organizational structure chart is created, it should be maintained, consistently updated and evaluated at least yearly to ensure that the chosen structure is still the best fit for the business. It is possible, especially within startups, that an organizational structure may change as the business scales. At the end of the day, organizational structures are all about striking a proper balance between authority and responsibility. Deciding on the right structure and creating a clear and malleable organizational chart often builds the foundation of the business itself. As you grow As the business scales, its organizational structure should be regularly reviewed. Performance reviews of managers and the employees they lead should reveal any issues with the current structure and ways the structure can be improved. If one area of the structure is not working well or as intended, issues should be addressed swiftly to avoid any toxic elements seeping into other departments. Organizational structures are a must-have for any company, but especially for growing businesses. A robust structure helps owners and leaders properly scale to meet their business goals. Although the type of structure that is put into place may depend on your industry or the size of your business, the most crucial takeaway is that an organizational structure is key to business success and should be a priority for any organization seeking growth. Source: https://www.entrepreneur.com Image Credit: Shutterstock
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 From energy-saving cookware and smart bikes to home energy storage systems and efficient composting, many green startups are increasingly looking for capital to launch their business. But with the forecast for global venture funding continuing to look bleak for early to mid-2023, green entrepreneurs may need to turn to alternative sources to score the cash they need to go to market. For many startups, crowdfunding platforms have become a popular, more democratic means to secure funding. Rather than leave a business' fate to venture capitalists, crowdfunding enables entrepreneurs to pitch directly to consumers, including family, friends, and a built-in base of early adopters and sustainability champions who want to be a part of growing a business from the ground floor. The expansion of crowdfunding platforms in recent years comes at an ideal time as the labor market continues to feel the impact of the Great Resignation, with as many as four million people quitting in the month of October, according to U.S. Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey program. Dissatisfied with their jobs during and after the pandemic hit, thousands of people either landed new positions, left the job market, or started their own businesses. How to choose the right crowdfunding platform Trusted crowdfunding platforms, such as Indiegogo, StartEngine, or GoFundMe, are good places to start if you want to raise funds. Indiegogo's crowdfunding platform, known for its selection of tech, hardware, and innovative products, has a community of 950,000 founders who can tap into more than 13.5 million backers. The platform has raised more than $78 million for sustainable products and continues to see green tech as one of the most popular categories for fundraising over the last two years. StartEngine boasts a community of 900,000+ founders. Launched in 2015, StartEngine is an equity crowdfunding platform that enables backers to take some ownership of a company in exchange for financial investments. The business recently reached a sizable investor community totaling one million. Similar to Indiegogo, StartEngine doesn't discriminate when it comes to the kinds of businesses that can use the platform for fundraising and welcomes businesses across diverse verticals. One of the more universally known crowdfunding platforms, GoFundMe, touts a global community of more than 100 million people with more than 17 billion raised for various community causes, including environmental charities. No matter which platform you choose, here are three essential tips to follow that will help attract interest in a worthy campaign: Tell a compelling story Entrepreneurs can't sell units or build a community of backers unless they have a meaningful way to talk about their product or service. It is essential to develop a compelling mission and messaging that explains what a product is, how it works, and why people should care. Be sure to layer in rich content, including professional photography and video, which gives backers the confidence the product will perform as expected. Tap into services that help build a fan base Many crowdfunding platforms offer services and advice that help entrepreneurs build strong campaigns. For example, Indiegogo has a resource center where entrepreneurs can access videos and other rich content on topics such as how to convert followers to backers, how to test messages, how to provide customer support, and marketing best practices. For additional advice, entrepreneurs can visit StartEngine's blog, one of which encourages startups to market the raise by running incentives, perks, and ads. Listen, learn, tweak Browse other crowdfunding campaigns in similar and dissimilar industries to understand what campaigns are doing the best. Take note of how companies position their product or services, whether or not the company used a video, and what kind of messaging was shared on the video to understand what and how the product is resonating with an audience. Incorporate those insights into the materials being developed for your campaign to help draw a big community. When the campaign is ready to launch, be prepared to listen to customer feedback, make tweaks as necessary, and come back with a product that's ready for prime time. A success story BLUETTI AC500 & B300S, a home backup power station, was originally set up to raise $1,000,000 on Indiegogo and raised more than $11.5 million through 4,507 backers in its crowdfunding campaign. BLUETTI has since increased its raise to more than $12 million by using the platform's InDemand tool, which helps businesses extend its campaign to support e-commerce activities. LaunchBoom helped GoSun, a company that promotes solar-powered tech products, launch four different products, including GoSun Chill, the business' original solar cooler, in 2019 with a raise of more than $700,000. The time is now for green entrepreneurs to take advantage of the green market momentum for what could be the difference between a lucrative launch or just a pipe dream. Source: https://www.entrepreneur.com Image Credit: Depositphotos  Starting conversations in a networking setting can be nerve-wracking and sometimes awkward. This is especially true if you are an introvert by nature and actively approaching and chatting up strangers drains your energy. Nevertheless, as a startup founder working behind closed doors is rarely a good idea. Connecting with different people is crucial for reaching success for a multitude of reasons. Obviously, you need to reach out actively in order to find partners, investors, advisors, employees, etc. Equally importantly, however, reaching out is your primary tool to gather feedback about your project from people with different perspectives. Doing this could prevent you from making a lot of mistakes. Consequently, the best thing you can do is to put yourself out there and try to connect with people. Here are three tips on how to make this process easier and more effective. 1. Prepare A Few Context-Appropriate Conversation Openers If you are shy, it might be much easier to approach people if you know in advance what you want to say. Consider what the context is of the networking opportunity and prepare a few lines. For example, if you are attending the event, it could be something as simple as asking "What brings you to this event?", or ask the person you are starting the conversation with about the event (e.g. panel, presentation) both of you saw. 2. Follow Up By Asking Questions After opening the conversation, the best way to keep it going is to show interest in the person you are talking to - try to find out about their project, job, opinions, etc. Most people are quite happy to talk about themselves, so it is a great idea to use this to your advantage. Active listening and tactical empathy in a networking context are very powerful tools. It is crucially important, however, not to fake interest only to sneak your real agenda into the conversation. "The currency of real networking is not greed but generosity."- Keith Ferrazzi The reason you are talking to them is to find out if you can create value for them. Like all relationships, professional relationships require reciprocity. Because of this, it’s appropriate to try to provide some value first as you are the one initiating the conversation and forming the relationship. The worst thing you can do while networking is to seem needy. "You can have everything in life you want if you will just help enough other people get what they want" - Zig Ziglar 3. Keep Trying "I'm convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance." - Steve Jobs While this quote from Steve Jobs is mostly about persevering through hardships and failure, showing real consistency and stamina in doing what you need to do is also important. In the context of networking, this is true because of two main reasons. First, attempting to connect with a greater number of people simply gives you a higher probability of finding people that fit you well. Second, as with any skill, you get better at networking as you practice more. Actively communicating with people is a skill like any other - treat your attempts as needed exercise. This way even if when your attempts are not fruitful, they make you a better communicator for next time. People skills are extremely important for startup founders. Actively reaching out to people and trying to have genuine, interesting, and productive conversations is a great way to develop some of these skills and become more fluent in the art of conversation and connection. Source: https://www.forbes.com Image Credit: GETTY  Online marketplaces, particularly Amazon, have become increasingly competitive for sellers. According to Marketplace Pulse, Amazon has 6 million total sellers, but only around 1 million are active sellers who get reviews for their products. Although Asia-based cross-border sellers have started to take on increasing shares within the Amazon marketplace, they often suffer from a lack of brand awareness, and therefore, lower margins. Therefore, for cross-border sellers especially, it is important to create "independent brands" that consumers can recognize. The idea of building a brand is closely related to the need for creative product selection, which requires sellers to be able to: 1. Carefully select the products to be made based on competitive analysis, market research and data on various sites. 2. Create a relevant product details page with eye-catching copy and appropriate images. 3. Drive rankings, optimize keywords, start advertising and focus on creating bestsellers. Amazon has more than 350 million products on sale, with both branded best-sellers and profitable commodities. In this article, I will lay out several steps to select which products to sell on marketplace platforms. Play To Your Strengths
Find Inspiration In Others’ Successes Learn from the success of others. This is a shortcut for many novice sellers to get a head start. Instead of simply searching for "Amazon's hottest products in 2021," there are several ways to quickly find successful product categories. First, don't just copy competitors’ hot-selling products. Instead, learn their product selection strategy. Study their details such as SKUs, product shelf time and product rank. Pay attention to the overall product portfolio, such as whether the price range is consistent, whether the functions are complementary or whether they can cover the full needs of the target consumer group. Next, look to other marketplace platforms. In addition to Amazon, there is eBay, AliExpress, Lazada, LightlnTheBox and many others that encourage cross-border selling. There are many popular products on these platforms that may not yet be available for sale on Amazon or vice versa. These product categories have already accumulated popularity on their respective platforms, have their own traffic and are more likely to sell well when they are listed elsewhere. Discover Trends Discover products with the potential to become best-sellers by searching through hot topics and trends on search engines and social media websites.
Market Size And Profitability Lastly, choose products with a large market size (high best-seller-rank in the category), growth potential (not a sunset industry), low concentration of brands (no large, monopolistic brands), positive reviews (no design flaws in the product) and low seasonality (stable cash flow throughout the year). Most product selection tools, such as Helium 10 and Jungle Scout, can help you browse these indicators. I've seen how sellers often forget about aspects that add to profitability. In addition to the most basic procurement cost, things like transportation costs, promotion costs and paid software need to be included in your calculation as well. Generally speaking, lower-priced items sell better on Amazon, and it is best for the price to be between $10 and $50 (products that are too cheap are difficult to cover the cost of). In terms of transportation cost, consider the volume, weight and durability of the product from the selection stage in order to reduce the cost and loss of logistics and storage. In terms of promotion costs, products that already have a mass base and come with traffic will have an advantage. Although selling on platforms like Amazon is becoming more and more competitive, successful product selection can help sellers stand out. Source: https://www.forbes.com Image Credit: GETTY |
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