Entrepreneurship Archives

The 3 Essential Leadership Skills for Managers

What’s the difference between a leader and a manager? Should managers bother to develop leadership skills? If so, which ones? Employee experience expert Russ Laraway laments the widespread problem of bad management. But, he has good news. He believes anyone can become a better manager by learning and practicing basic leadership skills: setting and reaching goals, coaching, and helping employees with career development. Continue reading to learn what Laraway thinks are essential leadership skills for managers.

Your Business’s Long-Term Objectives & Its Ultimate Aspiration

How can every employee contribute to an organization’s objectives? Why is it important to set both short-term and long-term goals? In When They Win, You Win, employee experience expert Russ Laraway explains how you, as a manager, are responsible for helping your team contribute to your business’s goals. He divides these objectives into four tiers, starting with shorter-term goals and culminating in the company’s long-term goal. Read more to learn about a business’s long-term objectives and its ultimate aspiration—and how these complement each other.

Why You Should Focus on Your Smallest Viable Market (Seth Godin)

How to Find Your Target Audience and Competitors

Should you try to sell your product to everyone? What’s the best way to allocate your marketing budget? Seth Godin says that, to be effective at marketing, you must first understand what people need and then seek to fill that need. But, you can’t be all things to all people, so you must apply focus to your marketing efforts. You have to identify your core audience and serve them well. Read more to understand what Godin means by your “smallest viable market.”

Differentiation in Business: How to Stand Out From Competitors

Do you want your business to stand out from the rest? How can you practice differentiation in business? To gain a competitive advantage in the market, your business has to offer something unique from other businesses. Additionally, you need to target niche markets that your product specifically caters to. Let’s look at how to make your business one of a kind to draw more consumers in.

How Competition in Entrepreneurship Pushes Business

Why is there so much competition in entrepreneurship? How do competitors pose a threat to your sales? Without competition, most businesses wouldn’t work as hard to keep themselves going. It’s the thought of another business outselling them that keeps entrepreneurs motivated to be the best and win the top seat in the market. Let’s look at how deep competition in entrepreneurship goes, as Michael Porter describes in Competitive Strategy.

Female Networking Is Hard—Here Are 3 Tips for Success

Do you need more friends as a woman? What’s the key to mastering female networking? Having a close network of women is great for support and inspiration. You can learn a lot just by observing or talking to other successful women who’ve been in your position. Below we’ve compiled tips on female networking from Rachel Rodgers’ helpful book We Should All Be Millionaires.

How Asking People for Help Can Lead You to Career Success

Are you hesitant to ask people for help at work? What about reaching out to people who are working in a company or a field that you aspire to? In the process of writing his book The Third Door, Alex Banayan discovered something over and over: To become successful, you need to reach out to others for help. He shares what he learned about this from entrepreneur Elliott Bisnow and director Steven Spielberg. Read on to learn why it’s important to tap into the expertise and connections of others.

The 4 Stages of Product Development: An Idea Comes to Life

Do you want to stand out against competitors in the market? How much customer feedback is enough to test your product? The product development process can be a rough journey. It’s not as simple as coming up with a brilliant idea and selling it immediately. To take action, you need to follow four steps that include every detail that goes into creating a product that will sell. Let’s look at the four stages of product development that can set up your product for success.

The 4 Characteristics of a Good Business Idea (John List)

How can you know your idea will scale? What should you look for, and what should you avoid? Economist and professor John A. List says that a viable business idea has four characteristics. It has a scalable audience, it’s not dependent on talented individuals, it anticipates spillover effects, and it keeps costs under control. Read on to learn about these four characteristics of a good business idea.

Kissing Frogs: Dean Kamen’s Advice for Creative Breakthroughs

Do you tend to give up when you don’t reach a breakthrough right away? What’s the best way to find a solution without wasting a lot of time? In The Third Door, Alex Banayan shares the insights into success that he learned from interviewing inventor Dean Kamen. Kamen’s secret is kissing frogs—in other words, persistently trying lots of solutions. Kamen cautions, though, that this must be done strategically so that you don’t waste time. Keep reading to learn how kissing frogs might be your ticket to success as it has been for Kamen.