Define Your Values and Culture

Most entrepreneurs will say the most important thing in an employee is that they’re a fit for the culture. Employees increasingly say they want to work for companies that share their values. So spell these things out. You might know, in your head, what your values and culture look like. But can you articulate them? Have you thought through how they will evolve as your company grows? Write a clear values statement and describe your ideal culture. Include these items in any job postings. You can’t find people who fit until you know what you want.

Tap Into Your Network

People who know you personally understand something of your style and personality. If they’re in similar industries, and especially if they’re entrepreneurs, they’ll recognize your need to find the right kind of employees. Spread the work that you need people. You might already know the perfect employees. Otherwise, the people in your network may be able to make referrals. Just be clear about the skills you need, along with the cultural fit you want.

Actually Interview the Person

Startups tend to do things in a more casual, outside-the-box way. That’s great for stimulating creativity and innovating. However, don’t skip this step in bringing on an employee. Even if you already know the person well, or they come highly recommended, conduct an interview. Describe for the candidate what a typical day might look like and what you need from them. Ask about their strengths and weaknesses and their long-term goals. Then detail what you can offer in terms of pay and perks. Make sure you both move ahead with clear expectations. 

Look at Work Samples

Here is another step that you might skip if you already know the person. However, work samples tell you a lot. Request multiple samples that are as relevant as possible to your business. Make sure you ask the person about their role in creating the work. Did they complete it from start to finish on their own? Or did they collaborate with designers, developers, writers, or others? A collaborative project can show you not only the person’s talent but their ability to work as part of a team.

Figure Out a Career Path

You undoubtedly have big dreams for your entrepreneurial passions. Remember, the people who work for you have their dreams, too. As you map out your long-term goals, include the career paths of the people who work for you. When you interview a candidate, lay out your expectations for how their role might evolve or grow in time. Let them know how often you plan to roll out new products or grow the team. Give them at least rough parameters for how often they might expect a new title or pay increase. And, set regular review intervals with all employees. That will help them stay goal-oriented on a personal level and keep them providing you with whatever you need to succeed.

Once you start to build a team, you will learn more about the best places to find good candidates. Just start from a strong foundation. And remember, you will be moving into a role where you lead not just ideas and projects, but people. Check out our previous post on becoming the boss!

 
Image by Coffee Bean from Pixabay

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Entrepreneurs tend to engage in a lot of confidence-building exercises. We might read inspirational quotes by our heroes or repeat positive mantras. These are great practices! Yet, when we constantly work at cultivating a mindset of success, we can begin to confuse confidence with ego. It’s good to consider what ego really means, because it actually holds us back more than we may realize.

Ego Vs. Confidence

Cy Wakeman, contributor to Forbes, explains it like this: “Unlike confidence, the ego operates out of self-interest. It seeks approval, accolades and validation at all costs in order to be seen as ‘right.’ It is resistant to feedback and assigns motive where there isn’t any.”

Confidence encompasses the big picture. As such, it allows you to see both your strengths and your weaknesses. It clearly shows you the value of your strengths. And, it assures that your weaknesses need not hold you back. Instead, a confident person knows they can learn new things and grow in the areas they need to grow. 

When it comes to others, confidence lets you see their good qualities, too, without envy. This is crucial when you start a company and need to build a team. You want to assemble a group of people with complementary strengths, who are willing to learn from and teach each other. 

How the Ego Gets in the Way

Letting the ego take control prevents us from functioning as part of a team. A person driven by ego will jealously guard their own knowledge and ideas, fearing to share them. Meanwhile they will miss out on opportunities to learn from others. 

Furthermore, the ego inhibits us from asking for help. Admitting you can do everything is a big part of growing your business. While you might start a business on your own, you eventually must reach out to others. 

On a related note, the ego gives us false confidence. False confidence leads to bad decisions. Again, here is where you can miss out on learning new things from those around you. When you’re first starting out in business you can benefit from the advice of others. Learn who to trust and listen accordingly, but don’t miss out on valuable advice because your ego gets in the way! 

Do an Ego Scan Today

If you haven’t already, take a strengths assessment of some kind. Get an objective picture of what you’re best at. Then notice if your ego is trying to distort the results. Think about what you tell yourself when you make choices about how to interact with others. Consider how open you are to learning. 

Whether you’re just thinking about starting a business or already a seasoned entrepreneur, keep an eye on your ego. Don’t let it disrupt your success.

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The State of Diversity and Entrepreneurship

According to a recent piece by Forbes Coaches Council member Aaron Levy, “Women entrepreneurs say they must charge less than their male equivalents to get and keep clients.” Crunchbase revealed data showing that businesses led by women get 3% of all venture capital each year. For businesses led by women of color, that number shrinks to 1%. Not surprisingly, their report also showed that the percentage of venture-backed, women-founded companies had not grown for at least five years.

These numbers might deter women and minorities from even pursuing their startup dreams in the first place. However, a significant number of them are getting the education they need to succeed in business. Many of the top business schools have experienced increased percentages of women in their MBA programs in recent years. However, none of them yet has a 50-50 split, with women making up percentages somewhere in the 40s. A report from Kellogg Insight digs deeply into these numbers, if you care to explore further.

Still, not everyone needs an MBA to become an entrepreneur, and not all MBA grads start companies. So, where do we go from here?

The Future Faces of Entrepreneurship

Markets Insider reported, in 2017, that the rate of women-owned business was growing at 2.5x the national average. To put it another way, the number of women-owned businesses grew 114% over ten years. The number of companies owned by women of color grew four times faster than that. About a year later, Inc. magazine reported that collectively, people of color, women, immigrants, LGBTQ people, veterans, and physically disabled business owners were becoming entrepreneurs faster than white, cis, straight, abled men. And yet, they said, this “minority majority” continues to face stereotypes and other barriers.

The writer of the Inc. article concluded that the future will only get more diverse. Inclusivity is good business, she says. “Our country’s demographics are changing, and these companies seem to get where we are heading.”

Paths to Success for Women and POC

One area that research shows these groups struggle–besides funding–is a lack of mentors and role models. However, a mentor can play a key role in your success, so reach out and make those connections where you can. And, if you’re in a position to mentor someone else, take the opportunity. You will both likely benefit.

Look for business grants and other opportunities designed to increase diversity. Startup Nation has a list, but this is just a starting point. Make connections through ENT or social media and ask others what they know. A solid network can open all kinds of doors.

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When you exercise, your heart rate increases. More blood flows to your brain, bringing oxygen. More oxygen increases brain function. And that’s just the beginning. You might be surprised at some of the ways exercise equals success!

Exercise Helps You Focus

Once you exercise, you’re freeing up space in your brain and releasing what was once there, whether it’s a bad thing that happened at work or something else. Clearing your mind helps you focus better because there aren’t so many things bopping around in your head that may otherwise distract you.

Exercise Improves Mood

When you exercise, your brain releases endorphins. Endorphins are one of the hormones that make you happy. Because your brain is releasing more endorphins, you’ll be in a better mood, thus improving your productivity, the amount of work you’re outputting. As a bonus, when you’re in a better mood, the people around you will be in a better mood.

Exercise Increases Discipline

When you first start to exercise, it may feel like a chore. As you begin to implement a workout regiment, you develop a habit. By establishing that habit when it comes to your physical health, you can also put that discipline to what you’re doing while working.  

Exercise Boosts Your Creativity

As your focus and discipline on the job become sharper, so does your creativity. Because exercise allows for more oxygen to get to your brain, you’re going to be able to think outside the box on tasks you’re assigned.

Exercise Prevents Mid-Morning and Mid-Afternoon Crashes

Hitting the before-lunch wall and the mid-afternoon slump kills your productivity. If you exercised regularly, it would cut down on those slumps and keep you moving on all the tasks that need your attention.

Exercise Gives You a Sense of Urgency

Do you find that when tasks are due farther in the future, you’re less likely to work on them right away? Conversely, if a due date is quickly approaching, do you find you’re hurrying to finish the task and not putting in the right amount of effort? Turns out, regularly exercising can help you better determine when to work on assignments. If you made plans to work out with someone right at the end of the day, you’d divide your time better to get out of work when you initially planned.

Exercise Improves Your Sleep

Having a lousy night’s sleep negatively affects your performance the next day. But when you get a good workout in, your body will need all the rest time it can get, allowing you to have a full night of sleep. Next time you’re dealing with a bout of insomnia, consider doing a small workout.

If you feel your mind wander throughout the day, or you can’t seem to get through some tasks, consider taking a step back and doing some exercises. Even if you’re unable to leave your desk, Tiny Pulse has a list and videos of desk exercises. You can boost productivity and get a workout in at the same time.

Image by Steve Buissinne from Pixabay

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To narrow your choices, you should consider breadth versus depth of knowledge. If you want to gain broad expertise that you can apply to many areas of business, you may choose more of a business focus. If you believe you need refined expertise in a specific area to achieve your dreams, get more focused.

Master’s in Entrepreneurship

One option is to pursue a Master’s degree in entrepreneurship, specifically. Such a degree may enable you to start your own company. However, it could also equip you to lead at a high level within other companies. Some are MBAs with an entrepreneurship focus while others are more specialized. For example, Johns Hopkins University offers a Master of Biotechnology Enterprise and Entrepreneurship, while the University of Maryland College Park offers a Master of Professional Studies in Technology Entrepreneurship.

Advanced Technology Degree

Speaking of technology, all entrepreneurs know it pays to stay current. By taking a proactive approach to learning emerging technologies, you prepare yourself for the future. You open yourself to all kinds of future startups.

A hot subject matter area right now is artificial intelligence. You can earn a MS or a PhD in artificial intelligence or machine learning at a range of universities Computer programming and bioinformatics are other future-focused options.

Advanced Degree in Your Industry

If you already know that you want to start a company–or have already started one–in a specialized industry, it pays to become an expert. Let’s say you’re launching an app that helps track the spread of diseases. You might pursue a Master’s in public health. If you’re developing the next big medical device, you could go the biology route or the manufacturing route. Either one will provide you with highly specialized knowledge. If you work with a partner, it could pay to bring together both ends of the spectrum so you complement each other’s skill sets.

Whichever route you choose, more education is generally a good thing, provided you have a plan to finance. There’s no need to rush into it, however. Many entrepreneurs choose to start their businesses early and pursue advanced degrees later. You should choose the option that makes the most sense for you and your unique passions.

Image by Michal Jarmoluk from Pixabay

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How Reading, in General, Helps You

Reading, whether it’s your favorite book or something a little grittier, can help you learn new things. After all, Bill Gates, one of the most widely cited sources of inspiration for starting a company, has said that reading is the way he learns. Other well-known business people cite reading as a way to gain new insights and learn something new. Reading a variety of topics makes you knowledgeable and helps when it comes to getting your business off the ground.

Maybe you’ve always wanted to take psychology classes, but the class times compete with a class you need for your major. Maybe there’s a marketing technique one of your classes touched on briefly, but you want to know more about it. Finding relevant academic papers can help fill in any knowledge gaps you have while also teaching you something new.

Many different factors influence your academic performance. Some of the biggest ones are your socioeconomic background and how much time you put in to studying and attending classes. But according to a study, The Impact of Pleasure Reading, access to pleasure reading significantly influences your academic performance. Generally, if you’re interested in a topic, you’ll seek out the information and read it for your enjoyment. Research papers are a great way to make sure you’re getting accurate information about something that piques your interest.

How to Read Academic Papers

You may have a dislike of academic papers because of how dense they are. Don’t let that deter you from reading them on your own time, especially if it’s a topic you’re interested in. Whether you want to keep up with the latest research in medicine or new technologies like machine learning, someone is writing about it.

Just like you make a plan for starting your own business, make a plan for reading academic papers. Because they tend to be thick with information and jargon, reading them may take some time when you’re first starting. The more often you read them, the easier it becomes.

Where to Find Research Papers

A perk of being a registered college student is access to hundreds, if not thousands, of research papers. Many schools have subscriptions to academic databases that allow you to read scholarly articles. Generally, all you need is to prove you’re still a student at the school, usually by providing your school email address and password.

There are also free resources to help you find scholarly articles to read in your free time. That way, you can keep reading academic papers after graduation. Google Scholar archives scholarly articles and makes them available whenever you need them. Just like academic databases, you can find research papers on almost any topic.

Next time you’re curious about something, check out any academic research papers on the topic. Yes, they may be hard to get through at first. But learning something new or filling in any knowledge gaps you have on a subject make dense papers worth it.

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Choose Gigs Rather Than Jobs

A reliable paycheck is great, but if you only need work during the summer, there’s no need to commit yourself to a traditional, W2 job. The gig economy has never looked better, with opportunity everywhere. After all, when you run your own startup, you’ll be hustling all the time. This is a great time to practice. Whether you seek out freelance graphic design gigs or drive a Lyft, you’ll be your own boss. Get used to self-managing, tracking your time, and setting aside money to pay taxes.

Bug the Heck Out of Boss

It doesn’t matter if you sell jeans at the mall, sling lattes, or mop floors. Somebody runs that business. That’s the person you want to get to know. Ask them about how they got where they are. Ask what challenges they face and what brings them success. Far from being put out by your persistence, they may feel flattered. A positive relationship with the boss shows that you’re engaged with the company, too. It might just lead to a promotion or job for after graduation.

Leverage Your Downtime

If you work part-time, it can feel like you’re swimming in downtime after a tough semester of classes and activities. Use that time well. Read books or attend webinars on the industry where you plan to eventually work. Do some networking and freshen up your online presence. Or, if you’re already working on an entrepreneurial project, accomplish as much as you can. Whether you’re still in the brainstorming stage or fleshing out your business plan, summer is a great time. Some jobs might even allow room for self-improvement on the clock. Could you listen to audiobooks while you work, for example?

Keep Track of Your Accomplishments

As a motivated future business owner, you probably put your all into any task. That means, you can find purpose even in doing what others might consider task. If you figure out a way to make any small improvement at your place of work, record it. Let’s say you figure out a way to use less packing materials on shipping products. You save the company money and make less impact on the environment. Make note of what you achieved and how much it saved. Then, put these nuggets on your resume or use them as stories to show future business partners how savvy you are.

Treat All Jobs With Respect

Good leaders know that every person in an organization contributes. Someday, when you’re a CEO, remember that the people cleaning the restrooms, answering the phones, or driving the delivery truck all play a part in how people view your company. By working in entry-level jobs, you’ll learn the value of “grunt” work. You will evolve into a leader who respects people and recognizes that hard work is hard work, regardless of the uniform. And, just as important, never think less of yourself because you have to start at the bottom. Treat your role, even one you don’t like, with respect. Show up on time and do the job to the best of your ability.

However you spend your summer break, keep your eyes on the prize. Think about everything you do as a stepping stone toward realizing your dream. Build your entrepreneurial skills however and whenever you can.

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Know When to Hire an Employee

There’s no set rule about when the right time to hire an employee is. However, there are cues you can take to let you know whether it’s the right time.

Don’t Hire When You’re Desperate

Being desperate is never a good thing. Decisions made in desperation never usually pan out. If you find you’re making a hiring decision in a desperate state of mind, you may not be making the best decision for your company. Instead, take a step back and evaluate what’s on your plate. Put off any unnecessary tasks for the time being and think whether hiring someone new is beneficial.

Hire When You Have a Clear Plan in Mind

Never go into a hiring stage without a plan for employees in your mind. You’ll end up wasting their times and yours as well. As you’re planning whether it’s the right time to hire someone, evaluate if you think he or she will have enough to do. If you think there’s enough for a potential employee to do, it’s time to hire someone. If not, keep the plan in the back of your mind. It may be needed as your business picks up.

Hire a Contract Employee as a Trial Run

If you’re unsure a full-time employee is for you, hire a contract worker. Draft a contract and hire someone temporarily with the skillset you’re looking for. This is the time to be as specific as possible in the skills section. You determine the length of the contract and stay in communication with the freelancer. At the end of the trial run, see what they have to say about the amount of work. Depending on the answer, you can hire them on or send them on their way.

Hire if You’re Turning Down Work

You can’t change how many hours are in the day. If you find you’re turning down work from potential clients because you don’t have time, it’s time to consider hiring an employee. Having someone to delegate work to can increase the amount of business you’re bringing in. This eventually leads to more money coming into your company.

Starting Your Employee on the Right Foot and Feel Valued

Chances are, the first employee you hire that isn’t a part of your C-suite will stick around. Getting started on the right foot and making sure new hires feel valued will go a long way in keeping everyone satisfied. After all, Forbes reports companies that invest in their employees are more likely to earn a higher profit.

Involve Everyone Necessary in Interviewing

Peace and harmony in the workplace is something to aspire to. While you and another member of your C-suite may get along swimmingly with the new hire, someone else may not. Conflict may pop up from time to time, and you don’t want everyone continually butting heads. Including everyone your new hire interacts with regularly in the interview process can cut down on the potential for constant conflict.

Put Onboarding in Place Early

Before you start hiring, have onboarding programs in place. That way, you can narrow down what you want to showcase your new hire about the company. This includes teaching about company culture. If you’re unsure what you want your company culture to be, talk it over with the members of your C-suite. Letting your new hire know what you expect of them in the workplace will go a long way in retaining them.

Start Team-Building Early

Team building doesn’t have to be trust falls and ropes courses. It can be taking your new hire to lunch or showing them the best place to get coffee near the office. Showing your new employee you care about them as an employee and a person will go a long way. The sooner you start, the more likely your new hire will feel like part of the team.

Listen to What Your Employee is Saying

One of the most crucial skills you need as a boss is listening. Hiring your first employee is going to be a learning experience. For you and your employee. If your employee comes to you with concerns, don’t brush them off. Listen to what they have to say. Your employee will be valued, you’ll know they’re engaged in what they’re doing, and it will prevent any further hiccups.

As your business grows, adding employees is inevitable. Don’t resist adding new voices. It will only benefit your company in the long run.

PHOTO: Pixabay / CC0 Public Domain

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Myth One: You Should Drop Out of College

When people think of entrepreneurs, images of Steve Jobs, Bill Gates, and Mark Zuckerberg spring to mind. One thing those three have in common is that they dropped out of college and still had incredibly successful careers. While people may tell you school isn’t worth your time and point to successful entrepreneurs who dropped out, it’s important to note that they’re the exception to the rule. Staying in school can help you in the long run and can introduce you to essential connections you may need later.

Myth Two: You Need a Business Degree

Didn’t we just say you shouldn’t drop out of school? Yes. But, you don’t have to graduate with a business degree to be a successful entrepreneur. A degree in finance or economics can be just as useful when starting a business, especially since entrepreneurs need to have their hand in everything while they’re getting their business off the ground.

Myth Three: You Don’t Need to Worry About Marketing

Not needing marketing is a massive myth for all the wrong reasons. For a product to impact the market, you’re going to need to market the product effectively. Think about some of your favorite products you use regularly. What kind of marketing did they use? Did it sell you on purchasing the product? Something must have worked since you have the product. The marketing of it had a hand in why you bought the product.

Myth Four: Smart Employees Don’t Need to be Managed

You want to hire the best employees. But when you hire the best and the smartest, you can’t take a hands-off approach with them. As an entrepreneur, you set the tone of the company. If you approach your employees with a laissez-faire attitude, even the smartest employees may also take the same position to your business.

Myth Five: Customers Don’t Know What They Want

First people said the customer is always right. Now a new way of thinking is the customer doesn’t know what they want. Both are wrong ways of thinking. Customers know what they want. That’s why they’re ready to purchase what you’re selling. You may be able to persuade them to buy additional products, but you shouldn’t assume they don’t know what they want. That attitude can rub people the wrong way and could stop them from buying from you in the future.

Myth Six: Success Comes Fast or Not At All

You want your company to be a success. But if you don’t experience success right off the bat, don’t give up. Perseverance is an essential trait of entrepreneurs. If your company isn’t getting off the ground as quickly as you wanted, give it some time. The saying of good things come for those who wait is corny and cliché, but applies to the situation. Nurture your business and let success come naturally.

Myth Seven: You’ll Set Your Own Hours

Everyone’s dream is to set their work hours. And once your business is off the ground and running and everything is running smoothly, you may be able to set your hours. But as your business is taking off, you’ll more than likely be working outside of the standard 9 to 5 workday.

While some of the myths above may happen to you at various points in your business life, it’s best to keep in mind that they are myths for a reason. But if you work hard enough, the misconceptions may turn out to be your future.

PHOTO: Pixabay / CC0 Public Domain

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Entrepreneurs in the pet industry have many different options to explore if they’re considering doing business with people’s pets. And with the explosion of Instagram and other visual media, it’s easier than ever to get your products in front of consumers.

Why the Pet Industry?

Members of the Millennial and Gen Z cohorts view pet ownership and pet-friendly lifestyles more favorably than previous generations. After all, many refer to their puppies and kitties as their fur babies. That means they want the best for their pets. According to Market Research, sales of pet products and services increased five percent in the last year, showing that people will spend their money on anything for their pets.

Before you fully commit to diving into the pet industry, test the waters. Try volunteering at local animal shelters or rescues. You can gain exposure to numerous species and breeds to better understand their needs. If you’re going to launch a business where you actually spend time with pet, such as a dog walking service, make sure you can handle being around a large number of animals at once!

If the idea of being around animals all the time makes you happy, especially if your dorm room or off-campus apartment doesn’t allow animals, it’s a great way to get some quality time with pets while also preparing for your business venture.

Find Your Niche in the Pet Industry

There are endless options for you if you’re considering entering the pet industry. You may even think of something no one ever has before. By spending time around pets and their owners, you may discover an unmet need or a way to improve on an existing product. However, explore some of the product categories already out there to see if one matches your skills and passion.

Tank Designer

When people think of pets, many think only of cats and dogs. However, the APPA notes that freshwater fish are the most common pets in America, followed by cats and dogs. Appeal to the fish owners, who may feel neglected, by designing custom fish tanks.

Organic Treats and Pet Food Creator

Forbes reported that people give their pets eight to 10 treats a day. And, of course, they have to eat. With a rise in interest in organic and sustainable foods, plus a few scares about deadly toxins in imported pet foods, people are more discerning about pet food than ever before. Many view organic pet food and treats as the answer.

Pet “Furniture” Designer

Sometimes people don’t want their pets to sleep on their bed with them. If that’s the case, pet beds come in handy. People aren’t going to buy uncomfortable beds for their pets, especially if they consider their pets a part of their family, so the comfier, the better. Older pets and those with joint issues benefit from memory foam. People also want pets beds, crates, scratching posts, and other furniture items to blend with their overall decor. Study interior design trends to see what’s making a splash.

Pet Spa Owner

People want to make sure their pets are well taken care of when they go on vacations. That’s where you come in. If you open a pet spa, you can pamper pooches or cuddle with cats. You can also charge more if you plan on offering amenities for people’s pets, like pet manicures or pet massages. People will enjoy knowing their pets are taken care of while they’re on vacation.

Pet Sitter

For pets that have anxiety over being in new places, pet spas may not be the best idea for them. That’s where a pet sitting business can come in handy. Pet sitters either stay with people’s pets the whole time their owners are away, or check in them every so often. If you’re considering building a pet sitting business, start small. If a professor you like is going out of town for a conference, pitch yourself as the ideal pet sitter. Word of mouth is a strong tactic in getting your business out, so impress your professor and get ready to spend a lot of time with different pets.

Cat Café Owner

For people who want to experience pets without all the responsibility of owning them, cat cafés fill the void. Cat cafés are rising in popularity. If you’re unfamiliar, cat cafés are places where people go for coffee and snacks and cats roam freely, visiting with customers. You need a staff willing to care for and clean up after cats, in addition to waiting on customers. You might partner with a local shelter to bring in cats who need homes and help facilitate adoptions.

Humans tend to care for their pets as if they’re a member of the family, leading to the recent pet industry boom. With estimates of the pet industry growing, it’s a great time to join the trend and pamper the animals in your life.

PHOTO: Pixabay / CC0 Public Domain

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