There's no shortage of business masterminds offering their expertise, and there are plenty of business-focused events billed as "must-attend" functions. However, no leader has time to access them all and, depending on your goals, many aren't even worth your time. But if you’re a high-achieving professional who is eager to learn and grow in your role or advance your business, how do you determine which events are right for you? The members of Young Entrepreneur Council have a few suggestions. Below, they each share one factor they look at to determine whether or not a business mastermind or certain networking event is worth their time—and how you can do the same. 1. Whether You Can Define A Clear Objective For Attending I once went to an industry event, and a fellow CEO asked me very directly, "Why are you here?" I think I gave him a long-winded answer about understanding the industry and staying up on the latest trends. I asked him the same question, and he answered me very directly in probably 10 words. Ever since, I remember that exchange, and I only attend industry events where I can define a clear primary objective—and maybe a secondary one that's "nice to have." If I can't do that, I usually skip the event as it's just not worth the time. - JT Allen, myFootpath LLC 2. Whether It's Going To Challenge You Is it going to make you uncomfortable? Embrace the unknown. It is easy to attend events with people you know and topics you've heard a million times before. Real change and learning comes when you challenge yourself to participate in something that's unknown. If it's going to challenge you, it will be worth it. - Chase Williams, Market My Market 3. Whether There Will Be People In Attendance You Can Connect With I look at the connections—or super-connections—and what common ground they share with me. The best and most meaningful events are those where attendees connect at some level through unique shared experiences. To find this common ground for an event I am invited to, I always look at the host or person doing the inviting. Even if I don't know them personally, I can still find who connected us (a super-connector). In addition to examining commonalities between myself and the host of an event, it also helps to research potential speakers, panelists or mentors so that I can better understand what kind of knowledge and experience everyone brings to the table to decide whether their expertise aligns with my goals and would result in a more productive use of time. - Tonika Bruce, Lead Nicely, Inc. 4. Whether The Event Can Help You Improve Your Weaknesses We are in constant pursuit of improving our business, and some of these events can help tremendously if the right people are in attendance and the right subject matter is on the agenda. Many of the events that I have attended in the past have had a direct impact on the growth of our business. This is due to the individuals whom I learned from at these events. But, I was cognizant to only attend if I knew people were in attendance who could help me in an area of weakness. - Jeff Cayley, Worldwide Cyclery 5. Whether Your Peers Found Value In The Event We always ask ourselves, "What are our peers saying about this event or opportunity?" We want to see that entrepreneurs like us get real value out of it, beyond mere networking (though that's important too). In fact, we'd recommend skipping the first version of any event unless it's a direct outgrowth of a similar event with a proven track record. Afterward, if anyone you know and trust attends, ask them for their honest take on whether it was worth it and for tips to get the most out of it if and when you attend the next time around. - Andrew Schrage, Money Crashers Personal Finance 6. Whether The Host Or Organizer Has A Credible Reputation When evaluating whether a business mastermind or networking event is worth my time, I look at the reputation of the host or organizer. I look into their background, credentials and experience in hosting events that are relevant to my interests and browse through previous event records. A reputable host or organizer with a history of successful events and satisfied attendees is a good sign that the event will be well-organized, high quality and provide value to me and my business. Additionally, I consider the format, content and goals of the event to see if they align with my own goals and expectations, as well as the cost and any other resources required for attendance. - Kazi Mamun, CANSOFT 7. Whether The Content Is Relevant To Your Goals The most important factor to look at when deciding whether or not you should attend a networking event is its relevance to your respective goals. See if the event presents you with an opportunity to learn from the expertise and experience of the speakers or other like-minded professionals that help maximize your efficiency and bring you a step closer to achieving your goals. Attending such events is definitely worth your time. - Stephanie Wells, Formidable Forms 8. Whether The Speaker Has Something New To Offer I look up some of what the speaker may have done previously, like any books they've authored or studies they've published. I may look up other speeches to get the gist of what they will talk about. I can do all of that in about 15 minutes to figure out whether the event is worth my time. What I look for to make that decision is whether this speaker has something new to offer. It is particularly important to me that they have practical solutions to offer that would benefit me, my workers or my company. I want to walk out of such meetings with an idea of how to implement ideas that will make improvements. A speaker who can't give me that isn't worth my time. - Baruch Labunski, Rank Secure Source: https://www.forbes.com/ Image Credit: Getty Images
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Over the last year, business leaders have continued to face highly unpredictable social and economic environments and 2023 will be similar in many regards. It is expected that the competitive talent landscape, employee burnout, and return-to-office policies will continue to evolve as leaders seek to control costs, meet customer needs, and establish renewed growth as part of business recovery. Across every market industry, small- to large-scale business leaders must focus on organizational intentionality to ensure all internal and external processes are running effectively and efficiently for the overall operational success of the company. This article will give organizational practices and tools that business leaders can, and should, implement in 2023. 1. Reapproach Your Business Model Having a solid business model is the first step to having effective operational and managerial processes that will deliver repetitive value and growth. Smart companies not only know that such is necessary during the initial stages of business growth, but also that it is important when considering a business expansion or supporting unexpected pivots in the economic market. While true examples of business model innovation are often limited to market giants, such as Apple or Walmart, a previous IBM survey found that more than 50% of executive leaders see business model innovation as essential to see a product or service succeed. This is not only true for new business ventures, it is also important for already well-established businesses seeking to transform their organization and operational best practices. In such a case, conducting a SWOT analysis is a great first step to identifying where gaps and missing elements exist in your current business model. From there, you can determine if your business model still has a strong customer value proposition, profit formula, and the best resources and processes to align customer and business needs. 2. Secure Your Financial Future Having the right technical tools and applications in your business toolbox is essential for managing and simplifying daily operations. You depend on tools to track projects, meet your Customer Relationship Management (CRM) needs, or collaborate with teams. You equally do your best to stay financially in tune with your business with the use of e-Commerce management software, accounting software, and online payment tools. But what about software to track your business’s equity? Today, more businesses are experiencing the need to actively own their assets and future financial growth. Leaders that have chosen to adopt cap table management software, such as Astrella, are able to see a detailed picture of your business’ potential portfolio growth and make better-informed decisions. Effective financial software that provides a well-organized, real-time cap table document is key for effectively managing all of your financial exchanges and transactions in a single space. As a growing company, you are looking to support investor relationships or manage employee stocks, while having everything in one place to record financial data to determine future financial decisions. 3. Reinvent Your Talent Acquisition Methods Even before the pandemic, businesses have leveraged the idea of expanding and diversifying their talent pipelines to deliver more excellent strategic value to their operations. While traditional talent sourcing methods have worked well in the past, we are now seeing more companies struggling to find top talent to meet their unique organizational needs. This has largely been the result of employees looking to find more unconventional career paths for businesses that are willing to provide the work-life balance that so many have craved. Such is why it is becoming increasingly necessary for businesses to re-approach and reinvent their current talent acquisition methods. By identifying talent acquisition strategies to attract and retain a power team, leaders can take the company’s mission, objectives, and customer service to the next level. In 2023, hiring managers need to become more effective at assessing which candidates have the right skills for a position, rather than focusing only on their prior experience and list of credentials. Instead, expand your talent reach by searching internally and externally for candidates with nontraditional backgrounds, who could bring unexpected value and innovation. While a candidate may have the necessary experience and formal education requirements for a position, other types of candidates can equally be appropriate for the role. 4. Focus on Organizational DEI Initiatives Improving your organizational practices also means transforming the employee experience for greater performance outcomes and a positive morale boost. This especially includes leaning into new ideas that will drive your Diversity, Equity and Inclusion (DEI) initiatives in 2023. According to Gartner, over 42% of employees believe that their company’s DEI efforts are discordant. Leaders with limited DEI initiatives witness reduced workforce engagement, inclusion, and trust in their workforce. To combat this, it is important to provide leaders with the right strategic tools that create a welcoming, non-disruptive work environment. This can include reapproaching communication and training efforts that encourage visibility and allyship. Some organizations, like Paradigm Strategy Inc., offer DEI consulting to various organizations and businesses to help design impactful systems and processes for their workforce. Impactful Processes for 2023 and Beyond Moving forward, business leaders should be implementing practices that are intentional and have the capacity to establish new organizational growth. The operational success of organizations is dependent on the main cornerstones that drive daily workflows and productivity. So placing additional focus on key business sectors is important to identify new opportunities in 2023. Source: https://www.forbes.com/ Image Credit: Getty Images
Despite its widespread recognition as a valuable tool for entrepreneurs, many individuals still struggle to use networking effectively. Starting and running a business can be both exhilarating and intimidating, and it's easy for founders to get consumed by the day-to-day tasks of running their company. Personally, it wasn't until I started dedicating time and effort to building my network that I realized the full potential of what my business could achieve. After devoting time to connecting with other entrepreneurs, I established valuable relationships with potential investors who believed in my business and provided the necessary support and funding to take it to the next level. I'm sure building a network of connections is not just an optional activity for entrepreneurs but a vital tool that can lead to new opportunities, partnerships, and growth. Here are some tips on organizing your network effectively and with minimal time consumption. So, what can one get from networking? There is a specificity of networking among entrepreneurs – it appears to be much more effective. People in our community are often aware of the benefits that connection can bring and are more readily open to building mutually beneficial relationships, which is done by:
Without establishing connections, each of these actions might take much longer and be more challenging. But when you get to know the person who can help you, you will reach your goals almost naturally. How to make networking most effective The main thing to understand about networking is that it's a two-way street. To be truly effective, it must be mutually beneficial for both parties involved. It's not enough to be confident when approaching others, which is probably the most common advice for those looking to master this skill. To make the most of your networking efforts, it's important to focus on building strong relationships, which requires dedicated time and effort. So, when choosing who to network with, it's important to consider what you can offer in return. Think about the skills and expertise you can share, and seek out individuals who you can help and who can help you. Building relationships based on mutual respect and a give-and-take mentality will result in stronger, more meaningful connections. For example, it's a bad idea to start the connection by asking for help. Rather, I prefer to explain how I can help the person and why the relationship would be mutually beneficial. One way to build strong relationships is to dedicate time each week to focus specifically on helping others. For me, it's two hours weekly, during which I interact with people exclusively to help them. For example, have lunch with an entrepreneur who contacts you on LinkedIn or participate in an event organized by someone you know. Of course, it's impossible to contact everyone, so one should focus on the potential value they will get. If a person contacts you first, I suggest you create a set of rules to follow when thinking of them or not. Personally, I pay attention to the following:
Make it easier for you Networking can be challenging for entrepreneurs for a variety of reasons. Some may feel intimidated approaching new people, or some may find it ineffective. However, the most common challenge is that one may have limited time and resources to dedicate to networking activities, making it difficult to balance with other responsibilities. By following these tips, you can reap the benefits of investing in networking:
These easy techniques will help you utilize your time most effectively without investing too much effort. Never stop expanding your network. Networking is a critical tool for entrepreneurs looking to grow and succeed in their businesses. Only by investing time and effort into building strong relationships can you unlock the full potential of your business. The broader your network is, the more opportunities you gain, and the more time you have to find them. Starting may be challenging, but it will become natural eventually. Source: https://www.entrepreneur.com/ Image Credit: Shutterstock
Arguably the first public-facing instance of AI to truly go viral, ChatGPT stands poised to revolutionize many aspects of the modern business world. While other use cases for AI continue to make an impact, especially in automation, this example of generative AI appears poised to take things to another level. Essentially a supercharged chatbot, ChatGPT boasts the ability to produce written content, including documentation, articles and even prose. Needless to say, generative AI has the potential to optimize a variety of corporate functions. These include new product ideation, project management, customer service, marketing and so much more. In fact, the possibilities seem limited only by the imagination of the user. Notably, instead of replacing the human workforce, it serves to make employees more productive and able to focus on more value-added tasks. So let's take a high-level overview of how generative AI might transform your fledgling business. It might be ChatGPT, Google's Bard or any of the other emerging apps using the natural language processing at the heart of similar AI-powered tools. The benefits of this technology innovation remain crucial for any entrepreneur to grasp. An AI-powered creative assistant As noted earlier, ChatGPT's natural language processing and generative features set it apart from other AI-powered tools. In fact, you might already boast some familiarity with the basic customer service chatbots being used today. Some securities firms even leverage automated trading bots that rely on machine learning. Expect something more transformative with generative AI. Any entrepreneur has experience trying to brainstorm compelling new business ideas. ChatGPT helps optimize this ideation process crucial to any startup or other emerging business. As opposed to trusting the tool to generate these ideas without any human assistance, generative AI only serves to work in concert with your project team. You still need to vet each idea to see if it makes sense in addition to determining whether a relevant target market exists. Still, when considering the fact that most startups struggle to find the funding to bootstrap their early operations, having a creative tool at the ready makes perfect sense. It might help your newly-formed startup by authoring a draft of a job ad, a grant funding proposal or even a search for potential venture studio partners. Of course, you still need to work closely with the tool to verify its output, but this approach definitely adds value to any emerging business. Other intriguing business use cases for generative AI Needless to say, there is a myriad of interesting use cases for generative AI, including ChatGPT, Google Bard and others. For example, generative AI helps marketing by producing drafts for ad copy, social media posts, press releases and more. Other generative tools even create videos and music soundtracks, although their overall quality suffers at this early stage. Since customer service served as an original use-case for chatbots, it stands to reason the higher quality of generative AI provides an even better experience to customers and clients. Expect future model enhancements to support specific industries and topics. With automated trading currently in use in the financial world, generative AI provides a significant improvement to this approach, especially in determining and supporting the specific needs of each customer. The software development process already benefits from automation, especially at shops leveraging DevOps. Adding ChatGPT to the equation helps with code documentation, debugging, QA and more. Once again, this tool makes your developers more productive as opposed to replacing them. The importance of high-velocity software development to many startups definitely makes generative AI worthy of exploration. The current limitations of ChatGPT and generative AI It's also important to understand that ChatGPT and other generative AI tools rely on the initial input query. Even more critical is the underlying data used to train the machine learning model where it finds the answers to those questions. Like many other technology applications, it essentially works as a black box. As such, the quality of its output ultimately depends on the quality of the input, especially that critical machine learning model. For example, ChatGPT's data model at the time of this writing only includes historical information up to 2021. So it's unable to tell you Argentina won the 2022 World Cup when asked. Early media reports from users of the tool are also filled with various inaccuracies or other biases generated by ChatGPT. Once again, it emphasizes the concept that generative AI remains a tool better framed as an assistant instead of something to replace your employees. Even when considering those limitations, it remains obvious that generative AI provides startups with a myriad of advantages, especially in their earliest stages. Expect the benefits to continue to grow as the technology matures and the underlying machine-learning models consume more data. The ability of this type of AI to eventually generate high-quality videos and other media also enhances the potential use cases. Needless to say, any entrepreneur needs to pay close attention to the latest news on generative AI and its most popular exponents like ChatGPT and potentially Google Bard. It just might be the special sauce your emerging business needs. Source: https://www.entrepreneur.com/ Image Credit: blackred | Getty Images
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