Launching a new venture from the ground up can be a thrilling process. Selecting your first workplace, narrowing down your business model and defining a clear action plan are all common exciting experiences that entrepreneurs go through. But even these first steps can present challenges to surpass. My first startup was an internet company called Joyo.com, which I co-founded in late 1999. This was in the early days when the internet was still very young and full of undiscovered potential. Joyo's first three months saw many fierce debates within my team as we struggled to agree on what we wanted our startup to achieve — with so many possibilities available in the internet space at that time, from e-commerce and web portals to travel sites and games, it was tough to decide on the best course of action. In such moments, a founder needs to trust in their ability to make hard decisions and stick to them. This kind of steadfast resilience can help guide entrepreneurs through the early stages of a company. So, I finally decided to build Joyo.com as China's first B2C e-commerce platform at the end of February 2000. Joyo became the largest such site in China at the time and was acquired by Amazon in 2004 and rebranded as Amazon China. My second venture, DHgate, was a much more arduous challenge. As China's first B2B e-commerce platform, it was extremely difficult to prove our business model and attract investment. I discovered how truly cold and heartless the business world can be when we almost ran out of funds just before we launched in 2004. An investor who had signed a contract to fund us suddenly reneged on his promise in the eleventh hour, which meant that I had to turn to my own savings to pay the remaining employees at DHgate, never knowing if that week might be our last. Without sufficient funds, we surrendered the office and moved to a 20sqm conference room next to the toilet of a friend's company. My office chair was broken, but my hope was strong. I was able to find a way to stay focused on the positives and possibilities. Most importantly, I looked inward for strength and confidence in my business. Beyond a lack of funding, the biggest problem we faced in the early days was that nobody trusted us. This was back in the mid-2000s, when traditional trade was still booming. Nobody believed the entire complex process of international trade could be achieved online. Validating our business model was like running a marathon — a long and challenging ordeal. Most entrepreneurs experience win-or-go-home moments like these. Mentally, the early stages can be the most difficult period of building a company. Yet, we persevered, and today, DHgate is one of the world's leading B2B cross-border e-commerce platforms. The hardest challenges give the greatest rewards Keeping a young company afloat is a daily struggle. Challenges and obstacles come from all directions — you may have to deal with limited access to capital, an undersized and overstretched team, a lack of market recognition in a possibly overcrowded market, and a lack of mass understanding around the business or technology, among other factors. Your staff and investors all have lofty expectations, and you must also set high standards for yourself. Maintaining high motivation and energy in the office is a constant challenge, especially when everyone knows you're feeling exhausted and anxious. This builds an incredible amount of pressure and stress, which rides on the shoulders of founders who already battle self-doubt daily. Yet, running your own business can also be incredibly rewarding. Every entrepreneurial journey has its ups and downs; if you can find the right path and persevere through obstacles, you can achieve things that nobody has ever done before, and your efforts can pay off a hundred-fold. These growing pains are worth it for your own personal development, too. Strong founders who make it through the initial stages of entrepreneurship tend to have certain key characteristics. New founders may benefit from embracing these three key values or standards to hold themselves to: 1. Talk to your heart to follow your passions Your founding journey will be made all the easier when you are following a dream that you are truly passionate about. As a bonus, you'll be able to make your team more passionate, too. When facing difficult decisions, talk to your heart for guidance. I have done this many times in my life to help me choose a path that excites my imagination and keeps my interest. 2. Be brave and dare to do difficult things If you listen to your heart, you will hear an answer, and your next course of action will become clear. So, take action! Start looking for opportunities, and you will find them — it is practically inevitable if you look hard enough. As long as you know what your goal is, it doesn't matter if you don't see the path from the start. The important thing is to start walking down that road. 3. Be persistent Eventually, you will stumble on your path. Everybody does. The key is to celebrate your failures, learn from them, and keep moving on. Persistence just requires you to keep showing up daily to pursue your goals. If you listen to your heart and follow your passions, optimism, and confidence in your projects, it will come much easier. It may sound cliché, but I believe that, while it's not magic at first, steadfast persistence in any goal can create magic. Source: https://www.entrepreneur.com
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After experiencing burnout in 2017 due to excessive work, I turned to daily long walks in nature as a form of recovery. This simple yet profound activity has since become an integral part of my routine, not only aiding in my personal health but also significantly benefiting my business. In this article, I'll share the most valuable insights I've gained from making daily walks a cornerstone of my lifestyle and how it has positively impacted my business. Now, I'll walk you through my six key takeaways on how incorporating daily walks has transformed not just my health, but also the way I do business. 1. Generating ideas One of the most transformative benefits of my daily walks has been the surge in creativity they've sparked, leading to some of my brightest ideas. For instance, the names of my two blogs, thrivemyway.com and createandgrow.com, were both conceived during these peaceful strolls. This phenomenon isn't just a personal experience; it's supported by research. A Stanford University study found that participants' creative output increased by an astonishing 60% while they were walking. This demonstrates that the simple act of taking a walk can be a powerful catalyst for generating ideas, even in the most unlikely settings. 2. Improvement of cognitive function That's our ability to clearly think, learn, and remember. Beyond sparking creativity, daily walks significantly enhance cognitive function — our capacity to think clearly, learn new information, and retain memories. Engaging in regular physical activity, such as walking, has been shown to increase blood flow to the brain, foster neural growth, and reduce the risk of cognitive decline as we age. This improvement in brain health is pivotal for entrepreneurs and business professionals, who rely on sharp cognitive abilities to make decisions, solve problems, and innovate. Incorporating walking into your daily routine can thus be seen as an investment in your brain's long-term performance, ensuring that your mental faculties remain robust and agile, ready to tackle the challenges and opportunities that come your way. 3. Vitamin D and productivity Adopting daily walking habits has significantly boosted my productivity in two distinct ways. Initially, the anticipation of my daily walks motivated me to complete tasks more efficiently, avoiding the tendency to stretch them out unnecessarily. More importantly, there's a scientific basis for this increase in productivity. Regular walking not only refreshes the mind but also enhances cognitive functions, allowing for quicker problem-solving and better task management. This habit has transformed how I approach my work, making my daily routine not just more structured but inherently more productive. This research shows that Vitamin D significantly affects work productivity. By studying over 10,000 healthcare workers, it was found that those with Vitamin D levels above 40 ng/mL were more productive than those below 20 ng/mL, who experienced lower energy, focus, and ability to perform tasks. This highlights Vitamin D's importance for both physical and cognitive health at work. Therefore, to boost productivity, it's essential to maintain adequate Vitamin D levels. Being outside, even on a cloudy day, can provide more Vitamin D than staying indoors and relying on sunlight through a window. 4. Creating a draft for an article (via voice-to-text) Creating articles represents one of the primary tasks to which I allocate my time. Indeed, the process of article writing becomes much simpler with a well-structured outline and a clear topic in mind. I've adopted the practice of using voice notes for sketching out article outlines. By hitting the record button, I dedicate five minutes to verbally outlining all the elements I wish to cover in the article. It's quite remarkable to notice the seamless flow of thoughts and speech when you're moving, in stark contrast to the stumbling blocks encountered when sitting down. 5. Listening to audiobooks and podcasts Incorporating audiobooks and podcasts into my routine has been a transformative experience, particularly during my daily walks. This habit has allowed me to delve into a wide array of subjects, from business strategies to personal development, all while staying active. The beauty of audiobooks lies in their ability to turn walking time into a dual-purpose activity: Not only do I get the physical benefits of exercise, but I also engage my mind in learning and inspiration. 6. Online meetings I've always had a preference for in-person interactions, finding that, in many cases, online meetings could be efficiently replaced by an email or a brief Loom video. However, I acknowledge that this is a personal preference and understand that many people thrive on online meetings as their primary mode of communication and collaboration. To adapt and ensure I still work effectively, I began scheduling my online meetings during my walks outside. This adjustment has not only allowed me to maintain my walking routine but also engage in necessary digital interactions. With the advent of 5G technology, concerns about internet connectivity have become a thing of the past, making it seamlessly possible to connect and converse while enjoying the outdoors. In conclusion, integrating daily walks into my routine has not only been a journey of personal health and creativity but also a strategic adaptation to enhance my business processes. From generating groundbreaking ideas and improving cognitive function to listening to audiobooks and business podcasts, and even reimagining the way I conduct online meetings — each step taken outdoors has contributed significantly to my professional success and well-being. Source: https://www.entrepreneur.com
Influencer marketing is a growing trend and a tactic that you should consider adding to your marketing mix. While it’s unlikely you’ll be hiring Kim Kardashian to represent your brand anytime soon, everyone has some degree of influence, and many will talk about your company, products and services, provided you offer the right incentive. This article will help you understand the ins-and-outs of influencer marketing and how it can help your business. What is Influencer Marketing? According to Joe Sinkwitz, founder and CEO of Intellifluence, an influencer marketing marketplace, who spoke with Small Business Trends by phone, the term just means getting someone else to spread your message for you. Sinkwitz says an influencer marketing campaign can take many forms: blogger reviews, social media mentions, celebrity endorsements and more. In some cases, content is sponsored, meaning that money changes hands. In others, the company sends products to influencers in exchange for a review. (The FTC requires explicit disclosure of compensation in these campaigns, but that doesn’t always happen, so “caveat emptor.”) How Can Influencer Marketing Help my Small Business? Influencer marketing works for three reasons: Relies on trust. It takes advantage (in a good way) of the trust influencers have earned from their constituency. Trust is valuable currency in a world where peer influence reigns supreme and leveraging it to call attention to your brand, products and services is worth the investment. Penetrates a niche. Influencer marketing relies not on breadth but depth regarding numbers — a heuristic that says it’s better to penetrate deeply into a niche market (where the person has influence) rather than shallowly across a broad market. Can be cost-effective. Influencer marketing campaigns can garner media attention without requiring a huge investment of resources. One campaign, for a coconut oil products company, received 218 mentions from influencers across blogs, social media, YouTube, Instagram and other outlets. The only expenditure was a box of sample products sent to each person, as this video reveals: You don’t necessarily have to reach out to hundreds of influencers to run a successful campaign. Depending on your market niche, even a few dozen can tip the scale in drawing consumer attention to your brand or products, bringing them to the forefront on search engines and social networks. Keep in mind that the shorter your list, the more high-profile it needs to be, so find the most authoritative people in your industry that you can. Statistics Show Influencer Marketing Potential A report from Rhythmone (PDF), an influencer marketplace, cites the following statistics as evidence of influencer marketing’s potential for success:
“Influencers draw passionate audiences that engage with their content and actively take part in the community conversations that stem from it,” the report states. That’s reason enough to try this approach, don’t you think? How Can I Use Influencer Marketing? The following five practices, contributed by Intellifluence CEO Joe Sinkwitz, can help ensure that your campaign is a success. 1. Define Your Goals Before launching an influencer marketing campaign, it’s essential to have clear, measurable goals. Are you aiming to increase brand awareness, drive sales, or promote a new product? Setting specific objectives helps in selecting the right influencers, crafting the message, and measuring the campaign’s success. For instance, if your goal is brand awareness, you might measure success by the reach and engagement of your campaign posts. On the other hand, for sales, you might track the conversion rates and ROI of the campaign. Sinkwitz advises: “If the goal is branding and visibility, finding an aspirational influencer (i.e., celebrity) would make sense given their broad reach,” he says. “If the goal is sales, develop multiple use cases in the form of buyer personas (a fictional person who represents your target market), then extrapolate using tools such as Hootsuite to figure out who is most similar to these personas.” 2. Appeal to a Sense of Authority Identifying and engaging with authoritative influencers within your niche can significantly amplify your campaign’s credibility and impact. These influencers have built trust with their audience over time, and their endorsement can serve as a powerful testament to your brand’s value. To appeal to these influencers, research their content and understand what matters to them and their followers. Tailoring your approach to align with their interests and expertise can increase your chances of forming a successful partnership. Sinkwitz says that you can take the persona approach a step further by appealing to the most authoritative among the group you discovered. “See who among the group is most authoritative on the subject you’re interested in, engage them directly and employ a peer influence strategy, which relies on the influencers to reach out to others in the target market on your behalf.” 3. Rely on the Right Channels Choosing the most effective social media channels is crucial for the success of your influencer marketing campaign. The choice of platform should be driven by where your target audience spends their time and the nature of your product or service. For B2B products, LinkedIn might be more appropriate, while consumer goods might see better engagement on Instagram or TikTok. Analyzing the demographics and user behavior on each platform will guide you in selecting the most suitable channel for your campaign. A common mistake businesses make when starting an influencer campaign is relying on the wrong channels, Sinkwitz says. “A small business selling B2B customer relationship management software probably shouldn’t be spending much time trying to increase Instagram engagement, since the buying audience is going to exist more on Twitter and LinkedIn,” he says. “Conversely, the organic tea manufacturer needs to be targeting Instagram, Pinterest, Twitter and Facebook, considering the demographics in these networks are more in line with the target audience.” Sinkwitz added that if you sell products on Amazon, you should put ample effort into getting as many reviews as possible there, then promote them on your social network channels, to drive business back to the site. 4. Agree on the Compensation Transparent and fair compensation is key to building a positive relationship with influencers. Compensation can vary widely, from free products or services to monetary payments, depending on the influencer’s reach and the complexity of the campaign. It’s important to have open discussions about expectations and deliverables to ensure both parties feel valued and satisfied. Remember, a well-compensated influencer is more likely to put genuine effort into their content, benefiting your campaign. Pitching influencers shouldn’t be a cause for consternation and panic, says Sinkwitz, who added that many small businesses “fret and undervalue their products” when reaching out to potential influencers, thinking it will require “obscene amounts of money and a year’s supply of product for coverage.” “In reality, if you’ve done your homework on picking the right influencers, the product might be sufficient compensation in and of itself since it would be a valued product in the eyes of the influencer,” he says. Sinkwitz warns that businesses should not be alarmed if an influencer demands monetary compensation in addition to products. “Just make sure of what you will be receiving in return,” he says. “Is it a well thought out video and blog post or a simple product tweet? Is the value obtained in keeping with the compensation?” 5. Combine Influencer Campaigns Into the Overall Marketing Mix Marketing professionals will tell you that no marketing tactic should exist in a vacuum, and Sinkwitz agrees. “When placed within a chain of other proven tactics, influencer marketing as a concept is almost unfair in its use of psychological triggers,” he says. “Employed correctly, it can stimulate an intense purchase desire among your target market.” Sinkwitz posits this scenario as a case in point: “Imagine what would happen if your buyer persona saw her favorite celebrity tweeting about your product, followed by a well-respected member of her community mentioning the positive attributes of your product on his blog,” he says. “She then sees a friend posting on Facebook about how great the product is and, finally, sees retargeted ads via native advertising channels promoting a discount trial offer of the product.” A celebrity endorsement combined with an authoritative review, subtle peer pressure from friends and a discount offer would be hard to resist by anyone’s standards. Such is the power of influencer marketing. Integrating influencer campaigns with other marketing efforts, such as content marketing, social media advertising, and email marketing, can create a cohesive and multi-faceted approach to reaching your audience. This integration ensures consistency in messaging and maximizes the overall impact of your marketing efforts. For example, content created by influencers can be repurposed across your brand’s social media channels, website, and email newsletters, extending the reach and life of your campaign.
Other Tips Consider these tips, in addition to the best practices listed above: Be generous. The better the “gift” you offer in your pitch, the more likely the influencer is to agree to write or, in the case of video, record a review. Go beyond the A-list. It can be difficult to get A-listers to decide to look at your product, much less write about it. That doesn’t mean you shouldn’t try. Just don’t limit yourself to them. Bloggers and social networking types further down the “long tail” can be easier to connect with and more receptive to your advances. Remember that less is more. Don’t cover every detail in your pitch. Leave room for intrigue. Often, the product will sell itself. Allow for personality. Don’t place too many constraints around what you’re asking the influencer to do. Instead, leave room for the person to make the review fit her style and personality. It will come across as more genuine and engaging that way. Use Small Business Influencer Marketplaces One way to find prospects to promote your products is through marketplaces that match companies with influencers. Quite a few exist, although not all are intended for small businesses. These three are: Intellifluence. Previously mentioned and written about here, Intellifluence is a bit more one-sided than the other marketplaces in that it allows businesses to reach out to influencers but not the other way around. Still, at $9 per month for unlimited usage it’s quite a bargain. Tomoson. For $99 per month, Tomoson lets businesses carry out up to ten campaigns with as many as 100 people. Famebit. This marketplace allows businesses to get started for free. Endorsements cost as little as $100, and campaign creators can set a budget that’s comfortable for them, review proposals from influencers and choose which platform to use for brand promotion.
ConclusionInfluencer marketing is a rapidly growing trend and a powerful strategy that you should seriously consider incorporating into your marketing mix. While you may not be able to secure celebrities like Kim Kardashian to represent your brand, influencer marketing offers numerous advantages. Influencer marketing involves leveraging individuals with varying degrees of influence to spread your brand message. These campaigns can take various forms, including blogger reviews, social media mentions, and celebrity endorsements. Compensation, whether in the form of money or products, is common in influencer marketing, although the Federal Trade Commission (FTC) mandates explicit disclosure of compensation in such campaigns. There are several compelling reasons to embrace influencer marketing:
Statistics support the potential of influencer marketing:
To ensure the success of your influencer marketing campaign, follow these practices:
Additional tips for success include being generous in your pitch, reaching beyond A-list influencers, keeping pitches concise, and allowing influencers the flexibility to incorporate their personality into their reviews. Furthermore, consider utilizing small business influencer marketplaces like Intellifluence, Tomoson, and Famebit, which can facilitate connections between your brand and potential influencers, making influencer marketing more accessible and manageable. Source: https://smallbiztrends.com Image Source: Influence Photo via Shutterstock
Recently, my company was exploring a business opportunity in Australia. I've been there more than 50 times but have found myself puzzled over a real estate term. I could have pretended to understand it so I'd look smart to everyone, but I asked what the term meant – and the answer changed our direction completely. The experience taught me, once again, that when it comes to business challenges, being willing to ask questions is often the answer you need to succeed. No one is an expert in everything, so questions are an essential part of running any business. By asking questions and then listening to the answers and acting on them, even if you reach a different conclusion than they have, you are telling everyone around you that they are important and you value their opinions. Great salespeople are excellent listeners The consequence of not asking questions is obvious: failure. When you neglect to seek critical information, you put your project (or your entire business) at risk of failure, and your reputation suffers because you look like a know-it-all who places your own ideas above all else. Not enough people understand this. Great salespeople are excellent listeners — they hear what the customer wants and then give it to them. Poor salespeople, on the other hand, consistently misread people because they haven't learned how to listen or ask questions — or they're just too busy talking. It's essential to ask the right questions, but you can't hold back for fear of looking like you don't know anything. Being willing to admit what you don't understand can be more valuable than showing your authority. No one expects me to know all about legal issues or be a technology expert; that's why we have a legal department that hires lawyers and an IT department that hires computer experts. But being honestly curious about areas you're not familiar with will lead you to the answers you need, and if your experts give you clear answers you can understand, you can be more confident you've got the right team in place. 5 Questions that can yield the answers you need As the saying goes, we don't always know what we don't know. That can make it hard to come up with the right questions. But it's not that hard if you start with these five basic inquiries: 1. What do you think? You might be surprised at how many employees don't think their ideas matter to senior leaders. Asking for a team member's opinion gives them permission to speak up with an honest assessment you might never hear if you don't ask for it. 2. If you were me, what would you do? This is helpful if you don't know much about the subject being discussed. It's a stronger way of asking "What should I do?" because it requires the employee to put more thought into their answer and to imagine the consequences. 3. Is there something I'm missing here? If you don't understand an answer or it doesn't make sense, this is a diplomatic way of getting clarity. It gives you the responsibility for understanding rather than making the team members feel they're not explaining things correctly. 4. Who else can I talk to about this? This gives you the opportunity to expand your resources and relieves the employee of being completely responsible for the answers you need. Don't ask in a way that suggests you're unhappy with their responses, however. 5. Is there a better way to do this? If you're not satisfied with the answers you've received, this is a positive way of asking for better ones without denigrating the first answer or the person who gave it. But asking questions is just the first step in seeking the information you need. Stop talking and start listening I'm not always looking for new information when I ask questions. I'm also seeking to understand my team's rationale so I can evaluate their decisions. Sometimes I'm just looking to confirm my own thinking. That's why I believe listening is such an important part of communication; once you ask the questions, you must listen to the answers and be willing to go deeper – "peeling the onion" with two, three, or more queries that will get you where you need to be. I even wrote a short book on the subject; You're Not Listening to Me! Learn to Communicate Better by Improving the Listening Side. If you go in a different direction, asking intelligent questions and listening thoughtfully to the responses can minimize the team's resistance. When you base your decision on the answers they've given you, and you can explain the decision rationally, they are more likely to feel valued and respected. If someone gets upset or doesn't accept your decision, it may be because you behaved like a prosecutor interrogating them on the witness stand – looking for reasons to reject their ideas without fair consideration. Not all my questions are directed at my teams. My most productive one is often something I ask myself: What changes would someone else make right away if they were sitting in my seat? It's not always easy to hear the answer, but taking an observer's perspective and trying to see myself as someone else might view me has led to some surprisingly honest appraisals. Remember, however, that what you ask is not as important as the mere fact that you're asking. It shows you're willing to admit you don't know everything and you trust your team to help you choose the right direction. But it's not just about image; ensuring you understand issues surrounding your business and have accounted for possible problems will make projects more likely to succeed Source: https://www.entrepreneur.com
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