Anyone who has bought a house or had other real estate dealings has likely heard the familiar phrase “location, location, location.” The quality of the area where a residence sits is tied to the home’s overall value.

The same can be true for a small business. Finding an ideal spot to set up shop can lead to positive exposure to potential clients. But there are a variety of other issues to consider, from large-scale questions (is my current city a good one for this business?) to more specific matters (how does the competition stack up in this particular area?).

Here’s a look at some of these factors that can go into finding the right location for a small business.

Consider a move

It may be instinctual for a prospective entrepreneur to assume his or her current home is a good place to start a business. Making a move to another city or state is a big personal shift, so adding a startup effort on top of that can be daunting. But as Barbara Weltman notes for the U.S. Small Business Administration, there may be benefits elsewhere to ponder.

“Many entrepreneurs start up where they happen to live and fail to give much thought to the implications that their choice of location can have for their business,” Weltman writes. “Their home city or town is the place they know best, among the people they know well. Yes, this can be advantageous to a point, providing networking opportunities which are very helpful to a business. But initial connections to a spot only go so far in helping a company to operate and thrive.”

For those considering relocation, there is no shortage of reports that declare where business owners should flock to and where they will have the best chance to succeed. One recent study by Biz2Credit ranks New York City as the “Best Small Business City in America,” based on revenue, credit scores and other economic factors. Biz2Credit CEO Rohit Arora said: “The city has a diverse economy, and the sectors it is strong in — finance, IT, travel and tourism, real estate and construction — are thriving.”

The study’s top 10 is dominated by California, including the influential Silicon Valley region. San Jose comes in second, followed by San Francisco (No. 4), Los Angeles (5), Riverside/San Bernardino (6), San Diego (9) and Sacramento (10). Miami, Washington, D.C., and Austin also make the top 10.

Different surveys yield different results, based on the various metrics involved. Example: Forbes’ 2017 ranking of “Best Places for Business and Careers” lists Portland at the top, followed by Raleigh, Seattle, Denver and Des Moines.

Access to funding

A major move to either coast likely isn’t feasible for the bulk of prospective entrepreneurs. Yet there are startups that could clearly benefit from shifting to more fertile ground. One example is the tech industry in the aforementioned Silicon Valley. The search for funding through venture capital and other sources can be boosted in such a place, as Ashleigh Harris explores in a story for Rocket Space.

“The more VCs in the vicinity, the more meetings you get; the more meetings you get, the more likely you are to find someone who ultimately gets your vision,” Harris explains. “Though technology has made online networking a wonderful possibility, most deals are still closed face-to-face. For this reason, tech startups would do well to spend at least a portion of their early journey in Silicon Valley (aka the land of incubators and angel investors). You can have the best idea in the world and never really get started in Jackson, Mississippi. Thus, initially choosing a location with an abundance of investors who match your industry is paramount.”

Community

Beyond the macro issues of identifying the right city and state, small business owners also need to analyze how their business would fit in the community. By recognizing where their potential customers are, where they congregate, how they spend their money and how to reach them, they can refine the search. Economic and demographic factors play a significant role here. A Houston Chronicle story by Fraser Sherman details several questions to consider:

• “Is the population large enough to support your business?”
• “Is the economy healthy?”
• “Do the demographics work for you?”
• “Does your style match those in the community?”
• “Can you find the workers you need in the local area?”

Foot traffic

Most small businesses — depending on their products and market — will want to be visible enough to catch a potential client’s eye. Granted, acquiring a prime section of a busy shopping area won’t be cheap. But a strong physical presence can go a long way in attracting foot traffic, just as a strong online and social media presence can attract web traffic.

“You don’t want to be tucked away in a corner where shoppers are likely to bypass you, and even the best retail areas have dead spots,” according to a story by Entrepreneur. “By contrast, if your business requires confidentiality, you may not want to be located in a high-traffic area. Monitor the traffic outside a potential location at different times of the day and on different days of the week to make sure the volume of pedestrian traffic meets your needs.”

Dive into details

For an entrepreneur who has identified a major move is needed in order to launch a business, there is an abundance of details that may not be top of mind but should be investigated. As Weltman writes for the Small Business Administration, “Every state says it wants to be business-friendly, but only some deliver on this promise.”

“Government rules, taxes, and other factors can make it more difficult to open a business, operate and grow,” Weltman writes. “Look for a state that makes it easy to get started and function.”

On a local level, Weltman says, the quality of the location is crucial (“Some areas may be prospering while others are declining”) as are transportation issues: “If your business depends on customer traffic, check access to transportation. Is there public transportation near your proposed location? Is there adequate parking for customers who drive to your business?”

Competition

In a perfect world, a small business might be so unique and so in-demand that it would earn the status of being “the only game in town.” That’s not terribly realistic, however, as competition — physical and online — is seemingly everywhere. In determining a location, special attention must be paid to the other businesses that are already established. Well-known companies have the advantage of time, reputation and client base. Jake Fox explores the role competition plays in a story for Virgin.

“If there is too much competition, then it may be a warning sign to expand your horizons to a new location,” Fox writes. “There are exceptions to this, such as car dealerships who want to be near each other as customers compare and choose the best car deal, hence their close proximity. Likewise, if you have an element of your offering that is unique or offers some kind of new innovation, then choosing an area that already has a ripe market could be the ideal way to pick up customers very quickly and establish a presence in a new area in a relatively short time frame.”

On the other hand …

There are those who veer away from the “location, location, location” theory in business. The rise of online commerce introduced revolutionary shifts in the past several decades. It’s a given that business owners must establish an effective web strategy. For some businesses, that could outweigh location issues, as William Craig writes for Forbes.

“The thing about a physical location is that it caters to a very specific, and certainly very small, cross-section of the populace,” Craig says. “Compared with the larger population of the country, relatively few people will actually see your storefront, and fewer still will actually be in your target market. … The fact is, a well-built website, or social network campaign, or thoroughly syndicated blog post, has the potential to reach many more interested parties than your storefront or office building ever will. This is not to say that the two are mutually exclusive — not by a long shot. But if you’re hoping to court new customers with nothing more than a flashy window display, you might have some troubles.”

It only takes a quick look at the Fortune 500 to see that there are still significant challenges for minority executives in business. Just three black CEOs lead these highly successful companies: Marvin Ellison (J.C. Penney), Roger Ferguson Jr. (TIAA) and Kenneth Frazier (Merck). Among the disheartening figures, according to Fortune:

• The number of black CEOs is down one from 2017, after Kenneth Chenault retired earlier this year from his longtime post as CEO of American Express.
• Three is the lowest number of black CEOs since 2002.
• Since 1999, a total of 16 black CEOs have led Fortune 500 companies.
• Ursula Burns was the first and only black woman CEO of a Fortune 500 company. She retired from Xerox in 2016.

“The fact that we’re in this situation is a real problem and embarrassing for corporate America,” Chenault said in November. He added that the leadership in these companies should identify and develop minority candidates: “You’ve got to put them in the pipeline … to identify, recruit, develop, and push people forward,” he said.

Here’s a look at some of the factors in these challenges for minority executives, and for those aiming to reach that level.

Early steps

There’s no getting around these numbers. Consider again that not a single Fortune 500 company is led by a black woman, following Burns’ great successes at Xerox. As Ellen McGirt wrote for Fortune in 2017, “Burns’ appointment to the top job in 2009 had been hailed as a milestone. Suddenly it looked more like an anomaly.”

Burns emphasized several early-career elements that contribute to this struggle in McGirt’s story, including:

• Education: “Even with black women graduating from college in record numbers, ‘not enough are coming out of the education system to get them all the way through to the C-suite,’ says Burns. And the black women who do make it often end up in support positions rather than the operational roles that lead to CEO jobs.”
• Connections: Burns says that upper management should put a priority on developing connections with up-and-coming black women: “There is no natural pathway for connection; it’s not going to happen just walking down the hall.” Developing these relationships can help provide direction, she said: “And most young people don’t know what they want to do or be. They just know they want to be me, or whoever they’re talking to.”

Culture and perception 

When anyone in business — from entry level to CEO — feels demoralized, that’s a hard feeling to shake. It can derail the progress of promising young professionals and lead them to take their talents elsewhere in search of career development. Research by talent management firm Catalyst showed that this feeling can be common for black women, as McGirt details in her Fortune story.

“They report environments that they feel continually overlook their credentials, diminish their accomplishments, and pile on cultural slights — about their hair, appearance, even their parenting skills,” McGirt writes. “And they often have fraught relationships with white women, who tend to take the lead on issues of women and diversity.”

McGirt quotes Catalyst executive and researcher Dnika J. Travis: “This is what we call an ‘emotional tax.’ The burden of being on guard all the time affects our lives in really negative ways.'”

Access to capital

For minorities who are going the startup CEO route, the quest for funding has its own set of challenges. A study by the U.S. Department of Commerce’s Minority Business Development Agency showed that businesses owned by minorities were less likely to gain access to loan money. Those that do get loans often get a smaller amount and a higher interest rate, according to the report. And some, the MBDA says, don’t even bother trying, “because of a real or perceived likelihood of rejection, which further limits their opportunity for growth.”

“Providing adequate access to capital would help the minority business community reach the goal of economic parity,” the MBDA explains. “Investing in businesses owned by minorities not only makes good business sense, but is an investment in the future growth of the U.S. economy. According to the Census Bureau, by 2050 the nation’s minority population will be the majority. In other words, new businesses, new jobs, and new products will be strongly influenced by, if not created by, the minority community.”

Mentors needed

This is a universal component in the professional world. Everyone needs a support system, a guiding hand to help navigate the ups and downs of business. Learning from someone with experience provides a glimpse at a road map, and the shared wisdom can play a significant role in making smart decisions. As human resources consultant Kimberly Reed says in a Black Enterprise story: “For African Americans, mentoring is like oxygen; mentorship helps one uncover the opportunities and possibilities that are beyond the stratosphere.”

Karen Taylor Bass writes in the story that ideal mentors can use “an innovative approach to maneuver the politics and drama of the corporate world.”

“With mentoring you can achieve the following: creating a blueprint for your long-term career goal; securing invitations for the ‘right’ networking functions; mastering the art of negotiation; and winning tips to climbing the corporate ladder,” she says.

Risk scenarios

A 2013 study made some revealing points about women and minorities rising to CEO levels. Utah State researchers Alison Cook and Christy Glass found that such candidates were more likely to be hired by companies in crisis. If the business continues its decline, then the CEO will likely be replaced by a white man, according to the study: “We term this phenomenon the ‘savior effect.’”

Another phrase regarding this concept is “glass cliff,” as opposed to the “glass ceiling” barrier for women and minorities. Sava Berhane explores this in a story for Fast Company.

“This tells us that not only do women and minorities have a disproportionately harder time moving up the talent pipeline in the first place, they also get riskier leadership opportunities when they get there,” Berhane explains.

Self-awareness — including understanding how they are perceived by others — can play a large role in these scenarios, Berhane writes. And candidates must have a firm grasp on what they are getting themselves into: “Each organization has a history, and you should know it. To avoid being caught off guard, learn the ins and outs of your company, establish your footing as you advance in your career, and keep a certain amount of skepticism about top jobs.”

The power of resilience

Leading a business requires strength, and that applies to character, values, ethics and in being able to withstand the criticism and likely slips and missteps that come with this lofty territory. Resilience takes center stage in a story for Harvard Business Review, which examined the experience of black women who graduated from Harvard Business School from 1977 to 2015. It included analysis of 67 women who reached executive or other high leadership roles. The authors of the piece — Laura Morgan Roberts, Anthony J. Mayo, Robin J. Ely and David A. Thomas — note that resilience is a universal need, but particularly crucial for minority women.

“… The African-American women we interviewed seemed to rely more heavily than others on that quality, because of the frequency with which they encountered obstacles and setbacks resulting from the intersecting dynamics of race, gender, and other identities,” they wrote. “In each case they bounced back, refused to get distracted or derailed, and maintained forward progress. One explained, ‘We were all told that you had to be smarter or run faster or jump higher or be better than anybody else around you just to stay in the game. That was a lesson from early, early on — from my parents, teachers, mentors, church. So you come [to your job] with that orientation.’”

The authors identified three crucial skills that play into resilience among the women surveyed — emotional intelligence, authenticity and agility:

“They became EQ experts, adept at both reading the interpersonal and political dynamics of their organizations and managing their reactions to situations that threatened to undermine their sense of competence and well-being — what some scholars call ‘identity abrasions.’ They practiced authentic leadership through deep self-awareness and an ability to craft their own identities. And they demonstrated agility in their capacity to deftly transform obstacles (including self-doubt and excessive scrutiny) into opportunities to learn, develop, and ultimately exceed expectations.”

The Fourth of July is naturally one of the most patriotic days of the year, full of family cookouts, festive events and fireworks shows. By honoring the day when the Declaration of Independence was adopted in 1776, we celebrate our freedom and the American way.

The founding fathers that blazed this brave trail had an impact that is difficult to truly quantify. Many of them were successful business owners as well. So in honor of Independence Day, here’s a look at some words of wisdom that are attributed to them, and how they can relate to the modern entrepreneurial spirit that millions of Americans enjoy.

George Washington

“Still I hope I shall always possess firmness and virtue enough to maintain (what I consider the most enviable of all titles) the character of an honest man, as well as prove (what I desire to be considered in reality) that I am, with great sincerity & esteem.”

Business lesson: The nation’s first president is forever connected to honesty, thanks to his leadership, along with the myth about chopping down a cherry tree in his youth (“I cannot tell a lie …”). Honesty is always an essential element of being a leader. For a small business owner, it is needed to develop a customer base and to create good working relationships. And as Adelaide Lancaster wrote in a piece for Forbes, it goes beyond simply being truthful.

“It’s about owning a mistake when you mess up and admitting when you’re wrong,” Lancaster wrote. “It’s also about refusing to pretend that you’re something you’re not. It requires acknowledging the state of the business to your employees. And, when it comes to customers, it requires selling only what you can deliver effectively and always living up to your word. Done properly, this kind of honesty begets a tremendous amount of loyalty from both customers and employees. Both groups know they can trust you and more importantly, that you value the integrity of the relationship.”

John Adams

“I read my eyes out and can’t read half enough … the more one reads the more one sees we have to read.”

Business lesson: The thirst for knowledge was an unquenchable one for our founding fathers, including Adams, our second president. “Never stop learning” is as valid now as it was then. For some small business owners, that can mean continuing education. As John Rampton writes for American Express’ OPEN Forum, there are a number of ways to approach this.

“Going back to school doesn’t mean you have to sign up for a four-year university or comprehensive master’s degree program,” Rampton explains. “There are so many other options for continuing education. This means school can work for you because you can control when, where and how you do it. Many conferences and trade shows for your industry offer certification courses at the event, as well as seminars designed to hone certain skills. Since you may already be at these conferences, it may be a great time to fit in extra education.”

Thomas Jefferson

“I like the dreams of the future better than the history of the past.”

Business lesson: The third president and primary author of the Declaration of Independence was known as an innovator. This spirit can go hand-in-hand with starting a new business. As Gordon Tredgold explains in a story for Inc.com, it can be “a never-ending process.”

“Many people think of innovation in the form of a ‘Eureka!’ moment,” Tredgold writes. “Someone has an amazing idea, it changes the world, and that’s that. True innovation is actually much more complex. Innovation comes in several steps. First, there is the idea. This might come in a brilliant flash, and it provides the foundation for the innovation. Then, there is the solution. This is how the idea comes to fruition. Finally, there is the transformation. This is when the solution transforms a business or industry. This can take several years to achieve. In some cases, it even takes several decades.”

James Madison

“The truth is that all men having power ought to be mistrusted.”

Business lesson: The fourth president’s statement can relate to one of the most vital needs in business. Trust is a crucial factor for entrepreneurs to develop — both with employees and clients. In a story for Forbes, Martin Zwilling explores ways to build trust, noting that it helps to “become trustworthy before you start a business.”

“We are hard wired to seek out trustworthy people, and to test others to see who we can trust,” Zwilling writes. “But the first step is to be become trustworthy ourselves. Like attracts like, and if you invest early in becoming a person others can trust, business people who you can trust will be attracted to you.”

Alexander Hamilton

“Men give me credit for some genius. All the genius I have lies in this; when I have a subject in hand, I study it profoundly. Day and night it is before me. My mind becomes pervaded with it. Then the effort that I have made is what people are pleased to call the fruit of genius. It is the fruit of labor and thought.”

Business lesson: The statement by this founding father — whose life earned renewed interest thanks to the hugely successful Hamilton Broadway musical — points to how learning and hard work serve as prime factors in achieving success. Shobhit Seth explains in a story for Investopedia that this work ethic can be boosted by a sense of self-confidence.

“Entrepreneurs believe in themselves and are confident and dedicated to their project,” Seth says. “Their intense focus on and faith in their idea may be misconstrued as stubbornness, but it is this willingness to work hard and defy the odds that make them successful.”

James Monroe

“Our country may be likened to a new house. We lack many things, but we possess the most precious of all — liberty!”

Business lesson: The fifth president’s words in describing a fledgling country can be similar to how a new business owner regards his or her venture. There’s nothing wrong with starting out small. The independence that being your own boss and making your own way can bring can make it all worthwhile, as Clate Mask writes for Inc.com.

“True freedom in America today is the ability to spend your time and money as you see fit,” Mask explains. “Creating financial freedom for yourself means that you can not only grow your business and pay your employees, but to also give your family the quality of life you want for them. Just as importantly, freedom enables you to invest time and money in causes that matter to you, whether that is with your family, friends or hobbies.”

Benjamin Franklin

“For every minute spent in organizing, an hour is earned.”

Business lesson: The influential scientist, politician, author and inventor had such varied interests that preparation and organization likely played a big role in his successes. Small business owners or those looking to start a business can benefit greatly from this sort of focus, as John Rampton writes for Entrepreneur, published by Business Insider.

“Running a business requires plenty of organizational skills,” Rampton says. “At some point you may want or need to hire some experts, such as accountants or lawyers, but in the beginning you’ll probably rely on yourself to track finances, delegate responsibilities and present ideas to investors. You can’t do any of that without being organized.”

Heightened levels of public attention and analysis come with the territory for CEOs. This high-profile visibility makes it even more important for leaders to have a strong sense of ethics, and to be accountable when mistakes are made.

Though integrity and values have always been important in business, other aspects have evolved. Take this story by Strategy+Business. Per-Ola Karlsson, DeAnne Aguirre and Kristin Rivera reported on trends that have shifted in the past 15 years, including:

• Public awareness and suspicion of “corporate misbehavior.”
• Governance and regulations becoming “more proactive and more punitive” in some countries.
• Increased digital communication, which “has exposed companies and the executives who oversee them to more risk than ever before.”
• The constant news cycle, which “publicizes and amplifies negative information in real time.”

“Add it all up, and you get greater scrutiny of CEO behavior, a greater desire for swift justice and action, and a smaller margin of error for all parties involved,” the authors write. “But there’s good news for CEOs, their leadership teams, and their boards. Organizations can protect themselves by making sure that their controls and compliance programs are truly world-class, and — even more important — that their corporate culture sends and reinforces clear, well-understood messages about ethical conduct.”

Here’s a look at some of the ethical challenges for executives and ways to approach them.

Integrity

This is the primary key for CEOs to properly lead an ethical business. All the leadership skills in the world won’t mean much without it. As Blake Beattie puts it in a story for The CEO Magazine, “Integrity is a shining light in a world of empty promises.” He suggests four things to consistently demonstrate it:

• “Never make a promise you can’t keep.”
• “Always under promise and over deliver (and not the other way around. Your team and customers will appreciate it).”
• “Be honest — with yourself and others around you.”
• “Be on time — it shows that you value someone else’s time.”

Perception

The news isn’t great for how the public views corporations and business leaders. As Karlsson, Aguirre and Rivera reported, the recession in 2007-2008 contributed to the overall decline in public confidence.

“Corporations and executives received government bailouts, while seeming to suffer little in the aftermath,” the authors explained. “Although many companies paid large fines and settlements, few were charged criminally, even in instances where unethical and illegal activity was widespread and well documented.”

Skepticism can reveal itself in surveys about credibility. As the authors point out, a Gallup poll in 2016 showed that 18 percent of those surveyed expressed confidence in big business. And the 2017 Edelman Trust Barometer reported 37 percent of people found CEOs to be credible, which was an all-time low.

A bright spot here is that things may be looking up: The 2018 Gallup poll showed a small increase (21 percent), and the 2018 Edelman survey showed a bit of a bounce as well (44 percent).

Accountability

Executives accept a massive amount of responsibility in leading a business. When troubles emerge — from run-of-the-mill mistakes to full-blown scandals — leaders have to accept fault, deal with blame, manage the fallout and determine and communicate ways to avoid those same missteps in the future. The Strategy+Business story details the manner in which CEOs have been held accountable, and how it has changed significantly in the past few decades.

“In the late 20th century, even the most serious, large-scale, and widely publicized cases of corporate misbehavior rarely led to dismissal of the CEO,” the authors wrote. “Criminal prosecutions of corporate officers were extremely rare. Financial penalties tended to be modest, ranging from the tens of millions to the low hundreds of millions of dollars, and media attention was often limited to the business press. Today, the chief executive of a company caught up in a major scandal is often dismissed quickly. And it is not uncommon to see multiple criminal indictments of corporate officers. The financial penalties that companies face have rocketed — in some recent cases, into the tens of billions of dollars. And media attention, from online outlets, cable television channels, and the relentless glare of social media, is omnipresent.”

Setting the example

The importance of ethics starts at the top, and executives must be the example for the rest of the company. The business leader who cuts corners, manipulates numbers, bends the truth or makes other dubious decisions will only foster that same kind of behavior in others. David Schmidt wrote about setting the proper tone in a story for CIO.com. Among the observations:

• Commitment: “Even the very best ethics and compliance programs can be negated by a leader who communicates cynicism or lack of support for ethical conduct.”
• Messaging: “Ethics is communicated through words, but words are compelling only when they are supported by action. The actions that matter most are those from the people at the top.”
• Motivation: “More than anyone else, the CEO has the ability to promote an ethic of aspiration, not just an ethic of compliance. Companies that are able to promote a positive link between ethics and excellence enjoy a competitive advantage as well as an enviable reputation.”

Make it official

A business’ emphasis on ethics can include a formal statement that makes its policies clear. Granted, the importance of this may not be fully recognized by all employees, and some may casually assume their behavior is appropriate without giving the policies much thought. It can be beneficial to have employees read and acknowledge their understanding of the policies, and also refer back to it when necessary. Paula Fernandes wrote about this in a story for Business News Daily.

“This should be a living, breathing, foundational document that helps center your staff and guide them as they navigate ethical gray areas,” she wrote. “The values communicated in this document must be modeled from the highest level of the organization on down, understood by employees at all levels, reinforced through regular training and other company events, and revisited and revised as the company grows or changes.”

The process should be a continuing one. Dori Meinert also emphasizes the importance of ongoing training in a story for the Society for Human Resource Management.

“Ask managers to raise ethics questions in meetings,” Meinert advises. “Encourage top executives to speak to it, as well. Managers can’t monitor employees’ every move, but they can help them recognize the right thing to do when company priorities clash.”

Effects on clients

Businesses that operate with a clear sense of ethics have a great chance to build deep connections with clients. And as they become loyal to the business, they may spread the word to others. On the other hand, businesses that lack accountability, show shoddy business practices and fall short in ethical matters will naturally drive customers away. Brian Hill includes this in a story for the Houston Chronicle.

“A company’s reputation for ethical behavior can help it create a more positive image in the marketplace, which can bring in new customers through word-of-mouth referrals,” Hill notes. “Conversely, a reputation for unethical dealings hurts the company’s chances to obtain new customers, particularly in this age of social networking when dissatisfied customers can quickly disseminate information about the negative experience they had.”

Responsibility for all

Though business leaders may put all the proper things in place to establish an ethical work environment, employees must do their part as well. Laying the groundwork provides the right direction, and it’s up to employees to follow that guidance. As Hill writes, “Employees have a responsibility to be ethical from the moment they have their first job interview.”

“They must be honest about their capabilities and experience,” he says. “Ethical employees are perceived as team players rather than as individuals just out for themselves. They develop positive relationships with coworkers. Their supervisors trust them with confidential information and they are often given more autonomy as a result. Employees who are caught in lies by their supervisors damage their chances of advancement within the organization and may risk being fired.”

Summer officially begins on Thursday, June 21, though many of us have been in summer mode for weeks with rising temperatures and kids getting out of school.

This time of year often includes vacation time — a relaxing or adventurous trip and being with family and friends. But for some small business owners, it can also mean a slowdown in sales and productivity.

There are ways to combat these downturns, and to make the most of revenue opportunities and planning for the months ahead. Here’s a look at some methods that could help this summer.

Promotional opportunities

When the weather heats up, it might be time to get creative. Brainstorm new ways to bring customers through the doors. Ideas can come from all sorts of places, so ask employees, peers and friends for their thoughts, and be open to trying new things. Monica Zent writes about taking a retail-style approach in a story for Entrepreneur.

“For instance, offer a promotion in which clients can refer friends and colleagues and get 10 percent off their next service, visit or purchase,” she writes. “Depending on the nature of your business, this type of summer promotion may or may not be successful, but it’s worth trying. If the promotion succeeds in generating new or increased business, you can tweak and repeat the same campaign during the winter holidays as well.”

Caron Beesley explores promotional ideas in a story for the Small Business Administration. She advises against relying on “across-the-board” discounts. Among her suggestions:

• Be selective: “Test the market to see if you can shift slower selling products with a limited-time discount (say, for the month of July). Promote your offer to a select segment of your email list, perhaps those who haven’t purchased from you for some time. Monitor the results. If the offer works, then consider extending it to other products and consumers next month.”
• Package deals: “Offer a discount if customers buy more than one product or service. For example, buy a coffee and a donut for $3.50 instead of $5.”
• Special perks: “Many people have more flexible schedules during the summer months. Consider ways to draw people in during your off-peak hours, whether it’s a time-bound discount or another incentive.”

Innovation

The summer months could be an opportune time to introduce a new line of products. This sort of strategy would need to be considered well before the summer begins, so it could be worth planning ahead for next year. Marcia Layton Turner included this in a Forbes roundup of summer tips, with a high-profile collaboration as an example: the Lilly Pulitzer water bottles that quickly sold out at Starbucks in 2017.

“The bottles flew off the shelves as soon as they were available …” she writes. “While you may not be able to partner with Lilly Pulitzer for your own special product, you can certainly design something through CafePress or Vistaprint that will appeal to your shoppers. Or have a contest and ask your customers to submit designs to be featured on limited edition merchandise.”

Customer appreciation

Small gestures can have a significant impact on customers. When a business specifically sets out to thank its clients, the effort and gratitude can strengthen the bond between the two. One possibility is to throw an event to show appreciation, and it doesn’t have to be a ritzy banquet. In Beesley’s SBA story, she suggests a fun, laid-back sort of event: a cookout.

“Invite your customers (past and present) to join your business for a celebration of summer,” she says. “Use your parking lot or public park and plan on catering yourself (a grill, hot dogs, hamburgers, salad, and cold drinks are fine). Look for ways to make this a worthwhile event for folks to want to join — hire a magician, moon bounce, or give away prizes. Don’t forget to offer incentives (demos or special offers) to those who attend so that they have a good reason to keep frequenting your business over the summer.”

An additional way to show appreciation is the old-fashioned art of writing thank-you notes. As Turner notes in her story for Forbes: “Letter writing is so rare these days that you’ll definitely get their attention. Thank them for supporting your business — nothing else. Don’t make it a promotional message, just sincere appreciation. Not only will this deepen your relationship with your customers but it may also spur them to stop by and shop with you again.”

Examine the sales process

If a business has a naturally slower pace during the summer, a smart move can be to dig into internal processes. Explore the overall structure, search for inefficiencies in day-to-day operations and in long-term projects. In a story for smallbiztrends.com, Al Davidson suggests diving into sales procedures, “from intake of new inbound sales leads to outbound cold calls, to sales demos, to ROI calculations, and more.”

“Where are the points in your process that achieve the highest conversion rates?” he writes. “Where do you attract the most interest from prospects, and where do you tend to lose the most deals? How can you fix the parts of the process that need help — for example, do you need to rewrite your sales call script, or enhance your online demo with more details or updated features? Now is a good chance to go back to the drawing board and reimagine a sales process that works more efficiently for your buyers and for your business.”

Deal with taxes

This may be an unpleasant topic to consider when beach trips and lazy days are on the brain. But tax season can be stressful — especially for procrastinating types — and that may provide enough incentive to get organized and plan ahead. Nellie Akalp wrote about this in a story for smallbiztrends.com.

“Meet with a tax adviser to see if there’s anything you should be doing this year (whether it’s changing your business structure or increasing your expenses and distributions) to optimize your tax position,” she explains. “Get your finances organized, including all expenses and receipts for the year. You’ll be grateful you did when tax time rolls around.”

Study cash flow

Here is one of the essential elements of keeping a small business afloat. Cash flow is so important that Beesley described it as “the lifeblood of a business and critical in its growth” in a story for the SBA.

Businesses that are greatly affected by the seasons can benefit from a detailed cash-flow analysis. This may call for preparations to get through less-profitable months. As Rohit Arora writes in a story for Inc.com, “Dealing with the ebbs and flows of business operations can be challenging, especially when the changing of the seasons has a direct impact on your company.”

“Know your fixed and variable costs and how seasonality impacts them,” he explains. “If summer is a time when revenues are high — boardwalk food stands and souvenir shops, landscapers, ice cream shops, etc. — squirrel away funds for times when income will be leaner. Create a best- and worst-case analysis to help prepare your finances for the future. A change of seasons is a perfect time for business owners to reassess their company’s business strategy and plan.”

Take a break

This falls in the easier-said-than-done category. Leading a small business means an enormous sense of responsibility, and that doesn’t stop in the summer. For the first few years of a business, it may seem impossible to break away for a vacation. Unplugging completely is also difficult, with email, texting and social media playing such a large role in our daily lives. If summertime isn’t the right time, perhaps plan on a vacation in the fall, winter or spring.

But everyone needs a chance to step back and have some time off. In Akalp’s smallbiztrends.com story, she acknowledges that entrepreneurs may have “gotten used to working round the clock.”

“Whether you take a two-week beach vacation or just make a point to set aside an hour to do something you enjoy every day, remember that it’s important to recharge your batteries in order to stay focused and motivated throughout the year,” she writes. “A change of scenery can stoke your creativity. Who knows what brilliant plan you’ll dream up when you step outside your daily grind?”

The balance between work life and personal life is among the most challenging aspects of being a professional. Achievement and advancement often come with heavy workloads and long hours, and our personal lives can inevitably take a hit. Add being plugged in to work at all times via email and text, and our overall health and happiness can be affected as well.

A study earlier this year by Flexjobs provided a good illustration of the work-life balance struggle.

• 30 percent of the 1,200 people surveyed reported being satisfied with work-life balance. That’s down from 45 percent three years ago.
• 37 percent say they are stressed by their work-life balance. That’s up from 29 percent in 2015.
• 86 percent report that “work conflicts with their efforts to take care of their overall health.”

Executives may feel that long hours are expected of them, both in proving their worth and in setting an example for others. But plenty of business leaders have developed their own ways of coping with this, from leaving the office at a decent hour to putting a major emphasis on family time. This Business Insider story shows some of these successful methods, from Zillow’s Spencer Rascoff, Google’s Hiroshi Lockheimer and Weebly’s Kim Jabal.

Achieving this balance can be easier said than done, of course. Here’s a look at some ways to make it a real priority.

Analysis

A first step for executives may be to take a detailed look at time management: how much time is being spent at work, how efficient that time is and how much work is carrying over to their home life. In a story for Industry Week, Tim Kehl suggests keeping a time log of all work and personal matters: “This data will serve as an eye-opener, helping you understand how you are using — and where you are losing — your time.”

The next step, he writes, is taking that knowledge and using it to set priorities. “Spend some time seriously reflecting on what is most important to you, and make a list of your top priorities at work and at home,” he explains. “Then analyze your time audit by asking yourself these key questions: What do I need to start doing? Stop doing? Continue doing? Do more of? Do less of? Do differently?”

Consider the workplace benefit

Work-life balance is often a universal issue, from entry-level employees to CEOs. Those in leadership positions should understand that many people are dealing with this at one time or another — or perhaps on a constant basis. Executives that recognize these signs can help to create a better office culture, and increase employee engagement and satisfaction. In a story for Psychology Today, Shawn M. Burn writes that such efforts can create “a sustainable workforce where employees don’t become burned-out and ineffective.”

“… Although some will say that employers aren’t responsible for employees’ work-life balance, the truth is that employers that ignore employees’ work-life imbalance may experience higher rates of absenteeism and turnover as well as decreased productivity over time,” Burn writes. “It’s a fact that employees that feel well taken care of by their employer are more committed and more likely to go beyond the call of duty and support other employees. Employee work-life balance is in the long-term interest of the organization.”

Lead by example

A workplace focus on balance won’t mean much if the leadership team doesn’t follow the same advice. Executives need to practice what they preach so that there are no mixed messages for employees. That goes for office hours and after-hours communications, as Alison Davis, CEO of Davis & Company, writes for Inc.com.

“In other words, you must walk the talk,” Davis says. “For example, I used to wake up in the middle of the night and send emails. Now I wait until at least 6 a.m. (still early, I know, but at least it’s defensible). And I really really try to take time off (including weekends), even though that’s hard for me.”

Focus

Work projects and issues often linger after we walk out the door at the end of the day (whatever that hour may be). An important part of getting out of the office is letting those things go, even if it’s just for a few hours. Julie Bawden Davis features several CEOs and their methods of balance in a story for American Express’ OPEN Forum. For Gina Argento, CEO of Broadway Stages, it’s a matter of focus.

“I’ve found that you can attain work-life balance by focusing your attention wherever you are,” Argento says in the story. “If I’m at work, that’s where my attention goes. The same goes for my home life. To counter the hectic days, I make it a point to take my kids to school every single day, no matter what. The time I spend driving them is all about them. You want to be able to go home and do something you enjoy, whether it’s getting in a great workout at the gym, having game night with your kids or catching a movie with your spouse or significant other.”

Health

Here’s something that many of us don’t think about enough: how our jobs affect our health. Long hours add up quickly, and working on nights and weekends can prevent us from decompressing from the stress. As Stacey Ferreira, CEO of Forge, puts it in a story for Inc.com: “Health is the foundation to happiness and productivity. If you don’t have a healthy mind and body, you can’t work at peak capacity.”

Ferreira writes that flexibility in our jobs can be a key element to achieving more balance. She notes the Families and Work Institute’s 2014 National Study of Employers that showed those in flexible jobs had less stress, better mental and physical health, and better sleep patterns.

“… Flexible work provides more time to focus on health as a key value,” she writes. “People can schedule doctor’s appointments and not have to worry about taking a day off of work. They can take time in the morning to work out, showing up to work later in the day when they’re more productive. They can take time off to recover from the flu and not infect everyone else in the office. Health can finally be a priority.”

Learning from experience

Regret is a difficult feeling to work through, and it can emerge when dealing with work-life issues. Missing an important personal or family moment can create significant guilt. On the other hand, that also may cause self-reflection and a new focus on making necessary changes. Laura Stampler explored this in a story for Time that featured Brad Smith, CEO of Intuit. His biggest regret earlier in his career, as Stampler writes, was “leaving his wife and newborn daughters, now 17 and 19, the day after both of them were born for work trips.”

“My daughters are the reason I do everything,” Smith says in the story. “But there are so many moments in hindsight I would have gone back and done differently.”

Smith defines two kinds of moments that might be missed because of work, Stampler writes. “Rubber” moments are ones that you can bounce back from, like a sporting event. “Crystal” moments are the bigger ones:

“… ‘Do not ever drop a crystal moment,’” like a graduation or birth of a child, he counsels. Furthermore, when Smith was named CEO, he told his daughters that not only would they remain a priority but, ‘from that moment we started Daddy Daughter Breakfasts — on Saturday I took one and on Sunday I’d take the other and we’d talk about whatever they wanted.’”

Reconsider the terminology

Those that feel a work-life balance is a constant uphill battle may need to shift their way of thinking. Even avoiding the “work-life balance” phrase may help. Jeff Bezos, CEO of Amazon, has put a different spin on it, as Jane Burnett reported in a story for Ladders, published by the Chicago Tribune. Work-life balance, Bezos says, is “a debilitating phrase because it implies there’s a strict trade-off.”

“And the reality is, if I am happy at home, I come into the office with tremendous energy,” he says. “And if I am happy at work, I come home with tremendous energy. It actually is a circle; it’s not a balance. And I think that is worth everybody paying attention to it. You never want to be that guy — and we all have a coworker who’s that person — who as soon as they come into a meeting they drain all the energy out of the room. You can just feel the energy go whoosh! You don’t want to be that guy. You want to come into the office and give everyone a kick in their step.”

Graduation season brings out all sorts of notable commencement speakers, including celebrities, business leaders, politicians and athletes. Some put on displays that audience members will likely never forget, like actor Will Ferrell serenading the University of Southern California crowd last year with part of Dolly Parton’s I Will Always Love You.

Many of these speeches can be thoughtful and insightful, and offer leadership lessons that can apply to the business world. Just as graduates are set to enter the workforce, prospective entrepreneurs are preparing to launch their own businesses.

Here are a few life lessons from this year’s crop of graduation speakers.

Oprah Winfrey

The media mogul addressed the Annenberg School for Communication and Journalism at the University of Southern California.

“The question is: What are you willing to stand for?” Winfrey said. “That question is going to follow you throughout your life. And here’s how you answer it. You put your honor where your mouth is. Put your honor where your mouth is. When you give your word, keep it. Show up. Do the work. Get your hands dirty. And then you’ll begin to draw strength from the understanding that … history is still being written. You’re writing it every day. The wheel’s still in spin. And what you do or what you don’t do will be a part of it. You build a legacy not from one thing but from everything.”

Business lesson: Integrity is an essential part of being a leader. From a small mom-and-pop shop to a multimillion-dollar enterprise, business leaders should be true to their word and have a strong moral backbone. As Amy Rees Anderson writes for Forbes, “If I could teach only one value to live by, it would be this: Success will come and go, but integrity is forever.”

“Integrity means doing the right thing at all times and in all circumstances, whether or not anyone is watching,” she explains. “It takes having the courage to do the right thing, no matter what the consequences will be. Building a reputation of integrity takes years, but it takes only a second to lose, so never allow yourself to ever do anything that would damage your integrity.”

Tim Cook

The Apple CEO spoke at Duke University, where he earned his MBA in 1988. In his speech, he referenced his mentor, the late Steve Jobs, as reported by Time.

“I didn’t always see life as clearly as I do today,” Cook said. “But I’ve learned the greatest challenge of life is knowing when to break with conventional wisdom. Don’t just accept the world you inherit today. Don’t just accept the status quo. No big challenge has ever been solved, and no lasting improvement has ever been achieved, unless people dare to try something different. Dare to think different. I was lucky to learn from someone who believed this deeply. Someone who knew that changing the world starts with ‘following a vision, not a path.’ He was my friend and mentor, Steve Jobs. Steve’s vision was that great ideas come from a restless refusal to accept things as they are. And those principles still guide us at Apple today.”

Business lesson: It takes courage to break away and start your own business. Stepping out on your own may be an intimidating prospect, but the benefits can be life-changing. In a story for Entrepreneur, Matt Mayberry writes that getting out of your comfort zone can be a key factor in starting a path to success.

“Staying in your comfort zone and not living a courageous and daring life may feel good at the moment, but over time it will turn into regret and a life filled with ‘What ifs,’” he says. “I encourage you to take a long and close look at how courageously you have been living. Where do you stand? We all could benefit from making the decision to step away from our comfort zone more often. It turns out that the popular saying ‘Better to be safe than sorry’ isn’t always applicable. Instead, let the words ‘Dare great in order to be great’ guide your life from here on out.”

Michael Keaton

The actor returned to Kent State University, where he was a student in the 1970s.

“You have to take risks,” he said. “I am going to ask you to take risks whenever you can. Put yourself on the line. Don’t be afraid to look foolish. Make mistakes, take chances. It’s one of the best things you can do. And what that will lead to is self-discovery, and it will lead you back to your natural authentic self.”

Business lesson: There is room for risk in business, though there needs to be a great deal of thought and care that goes into it. A small business owner will need to spend time researching and preparing to take such steps. As Jayson DeMers writes for Entrepreneur, “Risk-taking is almost synonymous with entrepreneurship.”

“To start and support your own business, you’ll have to put your career, personal finances and even your mental health at stake,” he says. “For most, the prospect of making your own decisions and being in charge of your own destiny is worth it. But if you’re going to be successful as an entrepreneur, you have to be prepared for the risks and challenges that come with it.”

Chadwick Boseman

The actor and star of Black Panther returned to his alma mater, Howard University, for a May commencement speech.

“Purpose crosses disciplines,” he said. “Purpose is an essential element of you. It is the reason you are on the planet at this particular time in history. Your very existence is wrapped up in the things you are here to fulfill. Whatever you choose for a career path, remember the struggles along the way are only meant to shape you for your purpose.”

Business lesson: Find the greater purpose in your work and your business. Small business owners can feel significant satisfaction in pursuing a dream and turning it into something real. David Hagenbuch examines this in a story for Entrepreneur.

“Life is too short and too important to simply punch a time-clock, even if you’re the business owner,” he writes. “At some point in your career there will come a morning when you’ll awake and ask yourself, ‘What am I really doing?’ It’s at this point that earning money by making/selling whatever will no longer be motivation enough. However, if your answer to that question reflects a specific, greater purpose, you’ll have the energy and inspiration to continue, not just that day, but for the rest of your life.”

Chance the Rapper

The artist and philanthropist (real name: Chancelor Bennett) addressed achieving success and even transcending our heroes in a speech at Dillard University, as reported by Rolling Stone.

“I realized that all of us have a responsibility to be greater than the people who came before us,” he said. “We have a responsibility to be not as good as them or live up to their example, but to actually surpass them, even when it seems scary. We have to overcome that fear and be greater than our role models. We have to erase the fear and stigma behind eclipsing our heroes.”

Business lesson: Think big. There is inherent ambition in starting a small business. It can be a brave and daring endeavor. Granted, being realistic comes into play as well. Writing for Entrepreneur, Jonathan Long described the importance of having faith in our abilities.

“There are two things that get in the way of dreams — self-doubt and fear,” he says. “These are protection mechanisms that many use as safety nets and excuses. If someone doesn’t truly believe they have what it takes to be successful or if they are scared of falling flat on their face they will revert back to these two roadblocks. It’s much easier to say, ‘I knew it couldn’t be done’ than to take it on the chin and try again. When you have faith in your ability, the fear is eliminated and the self-doubt doesn’t surface. It’s very hard to lose when your idea and execution plan is backed by confidence, drive and determination.”

There is no question that getting fired can be a life-changing moment. It can turn someone’s world upside down. The daily routine, the interactions, the successes, the stresses and the paycheck are suddenly gone. Questions of “What do I do now?” emerge, and worries can kick in almost immediately.

But there is always the chance to have a big second act. Valuable lessons can be learned from getting fired, and careers can skyrocket despite this setback.

There are plenty of examples of CEOs who were able to make big comebacks after being dismissed from a company. Some even get a second chance to run the business they helped build.

Perhaps the most high-profile example is Apple co-founder Steve Jobs. After he was fired in 1985, he started a new computer company, NeXT, along with influential animation studio, Pixar. He eventually returned to Apple, became CEO in 1997 and led the company to stunning new heights.

“I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me,” Jobs said in his commencement speech at Stanford in 2005, as reported by ABC. “The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter into one of the most creative periods of my life. … I’m pretty sure none of this would have happened if I hadn’t been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced the only thing that kept me going was that I loved what I did. You’ve got to find what you love.”

The idea that getting fired can be a good thing may be hard to initially grasp. But the soul-searching and self-analysis involved can lead to better days. Here’s a look at how executives can regroup after getting fired and get their careers back on track.

Grieving

The loss of a job may be much more than a temporary detour. Some people allow their identity to be largely defined by their work, which then takes a massive hit after a dismissal. In a Young Entrepreneur Council story for Inc.com, Fabrizio Moreira writes that making it to the CEO level requires commitment, and developing strong relationships with colleagues. So, the sense of loss can make for a difficult transition: “They will no longer be a part of your everyday life, and that hurts. It is normal and healthy to recognize that loss and to grieve.”

Though some will advise former executives to get right back on the horse and start the search for a new job, it may be smart to take a moment and step back, Moreira writes: “If you’ve just been terminated, spend a little time alone to regain your composure and begin processing this experience. Depending on your situation and how much time you have, it may mean taking an hour to walk in the park, or a weekend to binge-watch television. Use this period to get ready to start letting people know what happened, starting with those closest to you.”

Take the feedback

Few messages are as loud and clear as a firing. Though we may not want to hear that message, or ponder what mistakes were made and how they could have been avoided, it’s important to take the time to dissect the feedback in planning for the future. Stephanie Vozza examined this in a story for Fast Company, which features Lewis Howes, author of The School of Greatness: A Real-World Guide to Living Bigger, Loving Deeper, and Leaving a Legacy.

“Whether or not the reasons you are fired are accurate or fair, the point is that those reasons are how you are perceived,” Howes says in the story. “Many people get hung up on whether what happens to them is right or fair. It’s more important to be open to the feedback you’re receiving so that you can adjust the image you are promoting to be aligned with the truth.”

Grace in troubled times

Here’s an interesting case of a high-profile firing. NBA coach Dwane Casey led the Toronto Raptors to the top record in the Eastern Conference this season. He’s the winningest coach in team history. He was named the coach of the year on May 9, but after the Raptors’ playoff woes continued — the team was swept by LeBron James’ Cleveland Cavaliers in the second round — he was fired.

Casey’s public response was a graceful one and served an example of why he had experienced success as a leader. In a story for Inc.com, Scott Mautz featured a letter that Casey wrote to the Toronto Star newspaper, thanking the team for the opportunity and the Canadian community for supporting the team and helping his family to feel welcome.

Mautz describes the letter as “the epitome of an emotionally intelligent response,” including how he made specific points in expressing his thanks. Casey “chose the high road of showing nothing but respect for the opportunity he had been given — a powerful lesson for us all, and so easy to forget in the heat of the moment,” Mautz writes. “… We can learn from this. Start with gratitude, yes, but specificity of gratitude helps reinforce its sincerity and doubles its power.”

Confidence

This is an area that can inevitably be damaged by a firing. Losing a job — especially one that was fought for, earned and appreciated — can be a downright painful thing to endure. So, it’s only natural that doubt, dread and anxiety can come into play. Marten Mickos, CEO of HackerOne, wrote about his experiences in getting fired in a story for CNBC. His second dismissal as CEO caused him to feel that he “was ready to give up.”

“I asked myself if I should abandon the role and just try something different,” he writes. “But I couldn’t. I felt I had to keep going. When I re-emerged, I was done with the self-pity. Giving up would have been like admitting defeat, and I had become CEO in order to win — not lose. I decided that I owed it to my younger self to show that the ambition that led me to become a CEO in the first place was not unjustified. I was ready to be CEO again.”

Mickos writes that self-confidence will eventually get a boost after a firing: “Sure, it’s a blow at first, but then you go through the stages of grief and come out stronger and more confident than you were before.”

Humility

As part of the confidence fallout from a firing, humility can come into focus. Business leaders may develop an inflated sense of self as their star rises. Those who put an emphasis on being humble can have a distinct advantage, as it may have a large impact on the people around them. A Forbes Coaching Council story by Cheryl Williamson makes this case: “I have learned that the best leaders are selfless and more concerned with the well-being of their team than with their personal titles. You cannot be an effective leader if you feel that you are better than your subordinates. Furthermore, teams under said type of leadership become hostile and experience low productivity and high turnover.”

Henna Inam wrote about humility and character in the wake of being fired in a story for The Balance Careers. She describes herself as a high achiever and said that she took on “a risky role in a challenging situation.” Her trajectory had given her plenty of self-confidence.

“What I lacked was humility,” she says. “I thought I was invincible and could single-handedly tackle any problem, no matter how complex or entrenched. It didn’t matter that I didn’t have experience in that business unit and the pressure was mounting on a quick turnaround. I realized I had been unprepared for the risks I had taken.”

Planning

After the emotions have been sorted through and the lessons learned have been established, it’s time to focus on re-emerging and landing a new role. Moreira’s Young Entrepreneur Council story for Inc.com notes that it’s important to be open to ideas and input from others in plotting a new course.

“The process of regaining your balance requires discipline if you want to get back on track, re-energize, and explore all of the opportunities that are open to you,” Moreira explains. “Consider enlisting the help of a professional thought partner to ensure your re-entry is well-planned and timed. Take the advice you would give to your best friend: Don’t hesitate to ask for help, be good to yourself, focus on staying healthy, and dream big. Know that there are great things ahead.”

An entrepreneur can go in a number of different directions in raising money to launch a business, or in building a fledgling operation into something bigger. One option that can be worth exploring is working with a venture capitalist firm.

These investors provide financing — larger amounts than what would typically come from angel investors — in return for equity in a startup. And they often play a role in guiding the business. Now, for some prospective business owners, that’s a deal-breaker. Perhaps they have taken the leap to run their own business in order to gain independence, and they want the freedom to build it according to their own vision.

Another downside: Venture capital has been historically difficult for women and minorities to acquire. CNN reported on a study that showed 3 percent of venture capital funding went to women CEOs from 2011 to 2013. Another study reported by CNN showed that businesses led by black women received 0.2 percent of venture capital funding from 2012 to 2014.

Yet Business Insider reported that venture capital funding reached $84.2 billion in 2017, the highest it has been in a decade.

The road to venture capital can be a difficult one. Startup founders should be prepared for this process, and know what investors are looking for. Here are several key elements that they may be seeking.

Business model

This is a vital initial step in starting a business and in seeking investors. The development of a strong business model will require research into the market — a SWOT analysis (strengths, weaknesses, opportunities, threats) is a helpful start — along with revenue potential and projections. Author and marketing expert Neil Patel explores this on his website, writing, “Whatever revenue model you choose for your company, you need to know it inside out before you pitch to investors.”

“It’s one of the most important things they want to know,” he says. “Your business model should address market demand and how you’re going to attract customers. It should also list any potential challenges, or when you might need additional funding. Don’t be afraid to be honest about your company’s challenges. The people in front of you are all successful business people, which means they’ve failed more than a few times in their lives. Being honest builds trust and credibility. Investors know how tough business is and they won’t trust someone who comes in and says, ‘I’ve got it all figured out!’ Because no one has it all figured out.”

Teamwork

There are natural selling points for a startup, including the overall potential of the business and the leadership of the founder. Writing for startupnation.com, Mark Lamoriello explains that venture capitalists are looking for more than a strong point person, and want to know that the leadership has assembled a strong team.

“Investors will look at your management team to assess strengths and make sure members have complementary skill sets; this helps them to envision the team executing the idea to its fullest,” he says. “When looking at a team, venture capitalists hope to see different skills that can contribute to the overall success of the company. It’s not so much about the idea as it is about the ability of those working on the idea — whatever it may be. … Build a team that is efficient and that works well together. When you balance abilities and choose people dedicated to shared success, you are more likely to impress investors.”

Expertise

Investors want to know that their money is in good hands. A startup’s founder will need to clearly demonstrate the skill, knowledge and leadership that will put the business on the right path. George Deeb explores some of the questions that come with the territory in a story for Forbes:

“How many years of experience do you have? In what roles did you operate that were relevant to your new business? Or, for tactical positions, like CMO or CTO, what other marketing or technology roles have you had in the past, and were they relevant for a startup in this industry (e.g., a Fortune 500 CMO will not understand how to market a startup on a shoestring budget). While in these positions, what successes can you share, and what failures did you learn from? And, frankly, they care a lot more about your failures to see how resilient you were and how battle tested you are at getting your business through the bad times (which are inevitable in any startup).”

Passion

A startup founder can have all the enthusiasm in the world, but not know how to properly express it in a venture capital pitch. Nerves may come into play during the presentation as well. Writing for Inc.com, John Rampton notes the importance of having a compelling pitch, and he acknowledges the common fear of public speaking.

“We’ve all experienced that dread at some point, but don’t let the fear and anxiety overtake you during your presentation,” he explains. “If you’re passionate, sincere, and honest, VCs will see that. They’ll notice that you’re an individual who truly believes in what you’re selling. And that makes you compelling. You don’t have to do cartwheels or put on a song and dance. Be prepared. Practice. Smile. Look at your audience. And let the VC know how much this business means to you.”

Honesty

Yes, it’s still the best policy, and that goes for business dealings, too. A pitch for venture capital is no time to stretch the truth. Exaggerating a business’ potential can turn investors away, or create unrealistic expectations, which then will be difficult to manage. A wiser approach is to present a realistic look at what a business can achieve, as Rampton writes in his Inc.com piece.

“Don’t try to be sneaky and trick investors with made-up or inflated numbers,” he says.  “Investors will see right through it. Provide and present accurate information in a plan that includes the most important drivers for revenue (amount of customers, selling price) and costs (sales and marketing expenses, costs of goods sold).”

Confidence

This goes hand-in-hand with the aforementioned passion. A venture capitalist will naturally want to see confidence in an investment pitch. It would certainly be a hard sell otherwise. Adam Lieb includes this in a story for Entrepreneur, writing, “The success of a pitch relies on building confidence with your investors.”

“Through my own company’s fundraising experience, I found that a healthy mix of self-confidence and humility goes a long way,” he says. “However, you also don’t want to appear arrogant about your command of the market. Just as you need the investors for capital, they need to know you have things under control and have mastery of your field.”

Presentation

Though preparation is a key factor in a funding pitch, the presentation itself doesn’t need to be an overly complicated one. And many believe that it should not require a lengthy meeting. Brian Hopcraft, managing director of Lewis & Clark Ventures, a venture capital firm in St. Louis, writes about this in a story for Inc.com. He recommends the format created by author and marketer Guy Kawasaki, known as the 10/20/30 rule.

“A pitch should have ten slides lasting no longer than twenty minutes in a thirty-point font,” Hopcraft says. “We have seen presentations with 45 slides on product alone … for an hour-long meeting. This leaves us with virtually no time to get to know the company, review financials, ask questions, etc. Everyone’s time is valuable, and we meet with hundreds of companies. Be concise in showing your product differentiation and be sure to cover the basics.”

By the time a rising business leader reaches the CEO level, he or she will likely have had plenty of mentors, supporters and advisers along the way. But even at the loftiest heights in business, executives can still benefit from having a coach.

In a story for Inc.com, Amy Vetter likens it to sports: “Behind every great athlete there is an even greater coach. There isn’t a top athlete — from Muhammad Ali to Tiger Woods to Serena Williams — who did not need a mentor to help them reach the top of their profession.”

Though mentoring is valuable at all levels, executive coaching is a bit different. Coaches are generally found outside of the executive’s network of contacts and peers. They evaluate the executive and may utilize 360 leadership assessments to incorporate other perspectives.

A 2013 study by Stanford and coaching firm The Miles Group illustrated how CEOs are eager to receive coaching. Among the findings, as reported by Susan Adams for Forbes:

• “Almost 66 percent of CEOs get no coaching or leadership advice from outside consultants.”
• “A full 100 percent of bosses say they would be receptive to making changes based on feedback.”
• “The survey asked CEOs who are currently being coached where they got the idea to get help. Some 78 percent said it was their own idea. Twenty-one percent said it was the chairman of the board’s idea.”
• “Nearly 43 percent of CEOs said that ‘conflict management skills’ was their highest priority.”

Here’s a look at how executive coaches can assist leaders in navigating the twists and turns of the corporate world.

First impressions

New CEOs may experience self-doubt as they explore their lengthy list of duties and responsibilities. A CEO’s initial impressions can be crucial — especially when representing a new business in fund-raising mode — so enlisting an executive coach early on can be a smart move. Katie Belding examines this in a story for Entrepreneur.

“For entrepreneurs pitching ideas to VCs, in addition to a business plan and product or service concept, there is the all-important impression and connection that the individual makes,” Belding explains. “Once a company is launched, the personality and mannerisms of a founder and CEO can set the tone for the entire workplace culture. Indeed, some of the largest companies have been known to take on certain personality characteristics and attitudes — both good and bad — that can be traced up the ladder to the executive suite.”

Improvement plans

Everyone has flaws, and reaching the corner office doesn’t mean CEOs are somehow exempt. There is always room to grow, and ways for those in leadership positions to improve. Writing for Entrepreneur, Mike Hoff notes that leadership flaws can be glossed over when things are going well for the business.

“But it takes one market shift, one product recall or one disgruntled customer to change that,” he writes. “A neutral third-party situation assessment provides a reality check. Coaches help you notice, focus on, and fix blind spots that weren’t as visible previously. At the same time, it’s common for individuals in a business environment to have their own agendas and specific areas of focus. A coach proves to be an ally, who rationalizes and uses a specific, scientific set of tools to determine how the CEO can best address the issues at hand.”

Time to analyze

Business leaders often find themselves tied up in the day-to-day grind, putting out fires and keeping everything on track. There may be little opportunity to step back to get a larger view of what’s happening, and how their leadership skills are developing. As Hoff writes in his Entrepreneur piece, coaching sessions can help CEOs break out of this pattern, noting that this time is “considerably less pressured.”

“The coach encourages the CEO to use this time to think strategically about every aspect of business — something he or she probably doesn’t have time for during normal working hours,” he writes.

Vision

Executives will need to gain a larger understanding of how their strengths and weaknesses play a part in guiding the business. Self-awareness is an essential part of leadership, and executive coaches can help to shine a light on its importance, as Erika Anderson writes in a story for Forbes.

“When you engage with a good coach, he or she will generally gather input about how others see you at the beginning of the engagement, and share it with you,” Anderson writes. “… Throughout the coaching engagement, your coach will also share his or her perceptions of you, based on observation of you and your interactions with others.”

Anderson adds that coaches can assist leaders in developing a clearer vision of managers and employees: “Over the years, we’ve often seen leaders run into problems because of their inaccurate assessments of those around them. They may lose good employees because they don’t recognize and support their capabilities, or keep poor performers too long because they think they’re better than they are. … A good and insightful coach will often have more neutral and accurate perceptions of those around you than you will, and will share those perceptions with you (especially if he or she is doing other work in your organization).”

Accountability

This is another crucial aspect of leading a business, and setting a good example for employees. Accountability comes into play when mistakes are made, and also in keeping all parts of the business running in an efficient manner. Coaches can help to keep executives honest in these scenarios, as Gordon Tredgold writes for Inc.com.

“It’s so easy to make excuses to yourself to get out of doing things that you know you should do, or persuade yourself that if we let it slip to next week, it will be okay,” Tredgold notes. “Having a coach act as an accountability partner helps to make us keep our commitments, because when we think about making those excuses to our coach we can hear how weak they are, which then negates them.”

Developing relationships

Everyone has personal preferences, and we tend to gravitate toward certain kinds of people in our professional and personal lives. But a business may be loaded with people who have widely varying personalities, skills and work methods. An executive coach can help a business leader to understand how these pieces can fit together and how to be more inclusive, Anderson says in her Forbes story.

“Leaders can dramatically limit their effectiveness by only being willing or able to build strong relationships with certain kinds of people,” she writes. “And all too often, that means people like themselves — in background, race, gender, beliefs, or work style. A good coach can help you recognize that tendency in yourself and work against it, both by helping you see and question the limiting assumptions you make about people who aren’t like you, and by offering you tools to support you in understanding and creating strong and vital working relationships with a wider variety of people.”

Positivity

A negative attitude can be dangerous for business leaders. Yet it’s not hard to see how someone could head down that path, strictly from the stress and chaos that running a business can bring. Conversations with an executive coach can help these feelings to come out, and allow CEOs to see how their attitude may be perceived by others.

“Our negative self-talk is one the biggest inhibitors to our success,” Tredgold says in his Inc.com story. “It’s so easy to see all of the problems, the pitfalls, and reasons why failure await us, so much so that it can actually stop us from even trying. Good coaches will help you picture success, help you put in place a plan or strategy that will help build confidence, and eliminate doubts. Confidence is critical to success, but it can be difficult to build our own self-confidence.”