Business.com

Business.com


Scaling Your Business? 3 Tech Roles You Should Fill With Freelancers

Posted: 16 Apr 2019 01:00 PM PDT

When it comes time to start scaling your business, you may want to consider taking advantage of freelancers instead of bringing on a number of full-time staffers. With a growing number of professionals opting for freelance roles and an increase in the online platforms where they offer their services, finding contract workers who can help you grow your business is easier than ever.

According to a survey conducted by Edelman Intelligence, 50 percent of freelancers said there's no amount of money a traditional job could pay them that would get them to stop freelancing. That's quite a statistic for entrepreneurs to consider. The same survey predicts that freelancing will account for more than 50 percent of the U.S. workforce by the year 2027.

Today's freelancers

Freelance roles now cover a wide array of skills, from software development and data science to strategy consulting and healthcare professionals. Online marketplaces provide access to freelance project managers, doctors, nurses, scientists, economists, tech experts, and more.

While freelancing was traditionally structured as contracting or temp work, technology has now democratized the sourcing, hiring, and management of flexible talent, with digital platforms opening up new ways to connect them with different companies and work opportunities.

If companies know how and when to lean on freelance talent, they can optimize their workforces, fill in critical skills gaps, and run projects in leaner, more efficient ways.

How Can Scale-Ups Take Advantage?

Companies of all types and sizes can benefit from skilled freelance work, but scale-ups — businesses that already have market-tested products and are focused on rapidly growing what they've got — have even more to gain. These companies are still quite young, and they are often growing faster than they can hire.

Having a team of freelancers to rely on during this period of change helps move projects forward and offers quick access to critical skills while buying the company time to find more long-term hires. In many cases, scale-ups end up hiring some of their tried and tested freelancers for full-time positions as they continue to grow.

For a scale-up company, every hire has a much heavier impact than it would for more established companies. Working with freelancers before hiring them full-time is a chance to put talent through a trial run to ensure quality and culture fit.

Tech roles that freelancers can fill

Companies with room to grow can do so more efficiently now that freelancers specialize in critical sought-after roles, including:

  • Data science: This is a niche skill, and as such, hiring someone full-time can be quite expensive. Because most data science tasks are project-based, companies often do well to outsource those tasks to a freelance data expert. You can benefit from advanced analytics to guide better business decisions without having to dedicate entire salaries and benefits to an in-house data scientist.
  • Systems implementation and integration: The same is true for technology implementation. Implementing a new system or platform and customizing it to your company's needs might require an expert. After that process is complete, you will no longer need a full-time implementation specialist. If you choose a freelancer for help from the start, you can work out an agreement to call on them for ad-hoc support. You likely won't need them to sit at a desk from 9 a.m. to 5 p.m. to do that.
  • Software engineering: This skill is crucial for creating seamless, bug-free digital experiences that will keep customers engaged and help build loyalty and trust. However, finding and killing bugs in a system can put a big strain on a tech team that is already working around the clock to develop products and websites. Having a freelancer handle system maintenance is a great way to augment your team, as well as fill in skills gaps to make the team and product much stronger.

Flexible talent is increasingly essential for helping businesses grow. Of course, not every role can or should be outsourced to a freelancer. For example, senior management and anyone else who is essential to the decision-making process will need open access to sensitive company and competitive intelligence, and those tasks should remain in-house.

Your company can engage freelancers with parts of these processes if they sign nondisclosure agreements, are associated with trusted platforms, and have access to swaths of data rather than the whole picture. It's important to hold people accountable at the top and bottom lines, but everything in between can essentially be flexible. Keep that in mind, and you will be able to successfully use freelance talent to grow your scale-up faster than your competitors.

Survey Finds Most Consumers Were Uninformed About 2017 Tax Cuts and Jobs Act

Posted: 16 Apr 2019 11:07 AM PDT

It may be a while before we know the Tax Cuts and Jobs Act's full impact on the 2019 tax season, but preliminary data from a recent survey suggests most taxpayers were unprepared and professionals didn't clearly inform them of the changes prior to yesterday's filing deadline.

Conducted by Janus Henderson Investors, the survey polled 1,002 U.S. adults on how they viewed the Tax Cuts and Jobs Act of 2017 and its effect on their 2018 tax returns.

Matthew Sommer, director of the firm's Defined Contribution and Wealth Advisor Services team, said this year's proprietary survey was the result of "mixed feedback" from the firm's advisors and clients regarding the Trump administration's flagship piece of legislation.

"The data confirmed what we had been hearing in qualitative feedback, which is that higher-income taxpayers ended up paying more in taxes than they expected," Sommer said. "In addition, filers were uninformed about the tax changes, which we believe presents an opportunity for financial advisors to be more proactive in helping clients understand the new tax law and individual implications."

Expectation vs. reality

As more and more taxpayers began getting their refunds earlier this year, one narrative remained consistent for most – that the average taxpayer was receiving a much smaller tax return than in previous years.

According to Janus Henderson Investors' survey, that disappointment was largely felt among higher-income households. Among the 254 respondents who reported a yearly household income above $100,000, 42% said they paid more in taxes last year, even though just 36% expected to have a higher tax liability. Similarly, 19% reported paying less in taxes, compared with the 28% who thought their tax liability would have been lower.

Officials said the discrepancy between how much these respondents expected to pay and how much they actually paid likely stems from the Tax Cuts and Jobs Act's $10,000 limit on state and local tax deductions.

"While all taxpayers benefit from five of the seven marginal rates being reduced, higher-income households with substantial property and state income tax liabilities may find that the lower rates are not enough to offset the new restrictions applied to their itemized deductions," officials wrote.

While higher-income homeowners showed a disconnect between their tax expectations and reality, the firm's survey showed that most respondents' tax liability was "on par with their expectations." When asked to think about how much they paid in taxes over the year, along with any outstanding liabilities or refunds, officials said 32% expected to see an increase from 2017, even though 30% saw a larger bill.

Communication breakdown

Even though the legislation was signed into law by President Donald Trump in December 2017, the survey found that most consumers said they were uninformed about the Tax Cuts and Jobs Act's impact on their taxes.

Respondents were asked to rank their comprehension of the legislation's importance on a scale of one to five, with the low end denoting "not familiar at all" and the high end suggesting they were "very familiar" with the legislation. Officials said the mean score from respondents was 2.05.

Additionally, respondents were asked how much they would be able to deduct if their property tax was $4,000 and their state tax was $8,000. Just 10% of respondents gave the correct answer of $10,000.

Officials said a major contributor to this lack of understanding was a need for financial professionals to be more proactive in informing clients about how the bill directly affects them.

Respondents with higher household incomes were more likely to utilize outside professional help. Even so, respondents in households that had hired a CPA or financial advisor said they weren't given information to take better advantage of the legislation.

Tax debts and refunds

When it comes to paying back any debts with the IRS, more than half of higher-income households (56%) said they would withdraw money from a checking or savings account to cover the difference. Of the households with incomes under $100,000 that received a tax refund, 38% said they planned to save the money, while 23% said they were planning to spend it.

The survey also examined how people use their refunds. It found 22% of respondents said they would use their refunds to reduce debt. The other top priority was establishing an emergency fund (15%). Officials said those two plans were also the top priorities for higher-income households. [Looking for online tax software for your business? Check our reviews and best picks.]

8 E-commerce Trends to Watch Out for in 2019

Posted: 16 Apr 2019 11:00 AM PDT

Online shopping has successfully integrated itself into nearly every facet of modern life, with customers being able to purchase almost anything off the internet and have it shipped directly to them with just a few clicks of a button. However, despite the growing importance of e-commerce in the modern economy, many professionals from all walks of life are still unfamiliar with the rules and trends that are coming to shape the contemporary business world.

E-commerce remains more important in certain areas of the world than in others, but it's becoming increasingly obvious that even developing economies are embracing its power and adopting new regulations to tame the growing digital marketplace. For those who don't want to be left behind by changes in the e-commerce industry, here are 8 e-commerce trends to be aware of in 2019, and how they will continue to drive the digital economy into every corner of our lives. 

1. Continued importance of mobile devices

Mobile phones and tablets have long been important parts of everyday life and business alike, but we can expect them to take on a renewed significance in 2019. More e-commerce businesses are realizing that if they're not luring in mobile customers they'll struggle to make any profit whatsoever. This is leading e-commerce web design into a pro-mobile direction. Immensely popular e-commerce giants like Shopify are already issuing guides on how to be accessible on mobile devices because they understand that modern entrepreneurs who can't cater to the smartphone generation are unlikely to ever succeed.

2. Chinese e-commerce giants come into their own

Another e-commerce trend that will become readily apparent in 2019 is that the Western monopoly over the digital age is quickly coming to an end. Chinese e-commerce giants are rising at just as rapid a pace as their American and European counterparts, with online retailers like Alibaba's TMALL luring in countless customers who want the convenience that digital shopping offers.

This means that future e-commerce operations will have to think about the international market much more than they previously did and that innovation and regulation in the e-commerce industry will steadily migrate away from the West and towards emerging markets.

3. Direct connections with consumers

One of the most obvious trends over the last few years has been that e-commerce businesses are moving towards direct outreach to customers instead of relying on third-parties or advertising campaigns. Manufacturers, for instance, are waking up and realizing that they can skip the middleman altogether and pitch their products directly to customers, rather than finding expensive retailers who would make their products more expensive for end-consumers.

Brand manufacturers, in particular, are going right to customers with impressive marketing pitches and enticing prices that are too good to pass up. A review of the state of the "direct to customer" model in manufacturing illustrates that companies like Nike are expecting to grow their direct to consumer sales from a paltry $6.6 billion in 2015 to a whopping $16 billion in 2020. As Nike's competitors and other brands see this success, they'll undoubtedly move to copy the company's ambitious e-commerce-driven plan.

4. Reliance on drop shipping

Despite criticisms of the drop shipping model, it's becoming apparent that businesses still find it to be a viable means of turning a profit. Online training from sites like Ecom Elites has made this simple and retailers are discovering that they can significantly cut the costs of doing business by allowing a third-party to manage their inventory for them. This method moves away from traditional business models that have high overhead costs, which are simply unacceptable in the e-commerce industry. 

5. Social selling sites remain vital

While some have been worried that digital disruption will end the importance of social selling sites like Instagram, the e-commerce industry will likely continue to find such s services imperative. The popular social media site, which is owned by the even bigger behemoth Facebook, has recently taken steps to introduce a new "stories" feature which enables brand influencers to peddle even more products to their fawning followers.

This is also indicative of the fact that personality will continue to be a vital part of the e-commerce industry throughout 2019. As long as influencers can market their personalities as a basis for scooping up new products or services, e-commerce businesses will continue to find influencer-heavy platforms like Instagram essential towards shaping the future of the industry. 

6. Disruption of existing e-commerce models 

One of the more jarring developments to have taken place recently is the realization by the e-commerce community that its established business models aren't entirely safe from digital disruption. While eCommerce operatives have frequently enjoyed being the ones who get to disrupt other industries, the rise of alluring new services are challenging traditional online retailers.

In established e-commerce areas like the fashion sector, for instance, new ways of delivering products to customers are challenging those who simply want to sell products. Companies like Rent the Runway and Le Tote are enabling consumers to rent clothing options via e-commerce platforms, which means that the future of the e-commerce industry could very well become defined by renting instead of selling in a number of key sectors

7. Amazon growth

One of the most foreboding trends in the eCommerce industry has been Amazon's ceaseless growth, with the company establishing itself as perhaps the greatest monopolist of our era. E-commerce operatives have been trying to get around Amazon's business model for years, intent to cut out the middleman and market directly to consumers, but the company's platform has remained by far the biggest vehicle for e-commerce transactions in the world.

With Amazon continuing to spread into as many industries as possible on its quest to become everything, online retailers that refuse to cater to the company's whims could quickly find themselves isolated and locked out of the market. 

8. The new industrial revolution

The most important trend for e-commerce in 2019 is that it's becoming the next industrial revolution, with the industry set on a ceaseless path of growth and innovation. As thorough research from the likes of McKinsey has made abundantly clear, developing parts of the world are latching onto e-commerce as a means of uplifting themselves from poverty. Nations like Indonesia are literally witnessing e-commerce become the central facet of economic life, with countless entrepreneurs and everyday workers alike starting their own online businesses or finding employment in one.

Thus, we shouldn't expect the e-commerce industry to start slowing down anytime soon. Despite the hectic nature of the digital world, inundated as it is with countless scandals and data breaches, modern consumers are clearly embracing online shopping with gusto thanks to the wondrous products and services. When it comes to the developing world and bolstering lackluster economies in particular, e-commerce will become a central tool of economic growth relied upon by private businesses and government officials alike to soothe consumer demands 

E-commerce may have had some time to establish itself, but don't make the mistake of thinking it's settling down and becoming stagnant anytime soon. As the rest of 2019 unfolds, we'll encounter even more e-commerce developments that disrupt current industry leaders while propelling new entrepreneurs to the forefront of the economy.

3 Steps to Eliminate Workplace Stress

Posted: 16 Apr 2019 09:57 AM PDT

According to the Centers for Disease Control and Prevention, 25 percent of all employees view their job as the top stressor facing them. Stress is not always bad; it can be a motivator to complete tasks quickly and effectively. However, when stress becomes too great, it can adversely impact workplace performance, mental health and even seep into your personal life, impacting friendships, family life, and recreation. A stressed-out worker is an unhappy worker, and an unhappy worker is an unproductive worker. In fact, an estimated 1 million workers call in sick as a result of stress every day.

Workplace stress is so well associated with increased rates of heart attack, hypertension, and other health-related disorders that in Los Angeles, New York City, and other major cities that when a police officer suffers a coronary event on or off the job, it is assumed to be work-related. They are then compensated accordingly.

It might not be feasible – or even necessary – to change jobs for the sake of your health, so what else could you do? Here are a few ways to reduce workplace stress.

1. Identify the cause.

It may seem simple, but identifying the sources of your stress can begin the healing process. According to the American Psychological Association, some common work-related stressors are low salaries, excessive workloads, few opportunities for growth or advancement, work that's uninteresting or that isn't challenging, a lack of social support and a lack of power over your career.

These issues have negative physical health side effects, long and short-term. You may experience headaches, stomachaches, back pain, heart rate spikes, or sleep disturbances; have a shorter temper; or have difficulty concentrating. Chronic stress can result in anxiety, insomnia, high blood pressure and a weakened immune system, the APA said. Such stress also contributes to health conditions, such as depression, obesity and heart disease.

Compounding the problem, people who experience excessive stress often deal with it in unhealthy ways, such as by overeating, consuming unhealthy foods, smoking cigarettes or abusing drugs and alcohol. Self-awareness helps you identify the things that trigger stressful states of mind and actively works to find better, healthier ways of coping.

According to a study by the American Institute of Stress, 65% of workers say workplace stress has caused difficulties. Some 10% say they work in an atmosphere where physical violence has happened as a result of job stress, and 42% say yelling and other verbal abuse is common in the workplace. And 14% said they work where machinery or equipment has been damaged because of workplace rage.

2. Assess your communication habits.

Once you've identified work-related stress weighing on you, assess the way you're working and interacting with your colleagues. Slight changes to your communication and work style could establish a better connection with those around you and remove some anxiety.

Socialize with your co-workers. Do you have friendly relationships with your peers, or do you duck behind your computer screen and avoid contact? You don't have to be a social butterfly and hit up happy hour every week, but making small talk with your colleagues might help you relax. Bring up light, interesting subjects and get a conversation going. This can be beneficial for productivity and stress release, said Austin Paley, executive vice president of marketing at Podible, said.

"You will begin to understand one another on a more individual level and work in a more collaborative environment as a result," he added.

Even just getting to know the people on your immediate team can improve your mood and help you work together better.

Projects "can be very stressful if you're working with people you don't know well," Paley said. "Lead the team you're working with through team-building exercises when you have downtime – whether it's playing a cooperative game, going out for food or just doing something you all love – together in your free time."

Unplug. Being connected via your mobile device 24/7 comes with its own set of stressors. Constant phone calls, texts and email updates have become overwhelming, especially when you're answering messages after clocking out for the evening.

Say yes more often when co-workers offer help on a big project or are willing to collaborate. This alleviates some workload and serves as a stress reducer, and staying organized and on task allows for a more productive workflow.

"While there are undoubtedly instances when staying connected is legitimately necessary, it's rare for a business to require that every team member stay logged on continuously. In fact, it's in a company's interest to allow employees to recover," social psychologist Ron Friedman wrote for Fast Company. "If an associate is frequently working late into the night and through the weekend, she is likely doing so at a cost to long-term engagement."

Keep a handwritten to-do list. Staying on task with a to-do list is essential for success and general wellness. In the digital age, the notion of writing out your tasks for the day might seem tedious, wasteful and unnecessary. But Paley said that a prioritized, handwritten list of your most important to-dos helps you gain a clearer outline of what your day should look like.

"By having a handwritten to-do list, my tasks for the day never get lost amongst all the other things happening on my computer over the course of a day, and I don't stress out over whether or not I'm forgetting any important tasks," Paley said.

"[Writing] the list in the morning helps to outline what the day will look like and make it clearer at the beginning of the day what needs to get done. Additionally, crossing off items of your list physically can be incredibly gratifying and instill a feeling of relief and accomplishment.".

3. Do more for yourself.

Your day-to-day practices and routines often play a huge role in your stress levels. Breaking bad habits and forging good ones can help you feel more at ease during the workday. Here are some good habits to adopt.

Schedule breaks into your day. If you're glued to your chair for the entire workday and never give yourself any time away from work-related tasks, you're much more likely to be stressed out. Paley advised building designated breaks into your daily schedule, and really sticking to them.

"Go for a walk, grab coffee, or take the time to sit down and have lunch," Paley said. "All of these things give you the time to clear your mind, give your brain a break from whatever you're working on and reduce stress. Breaks lasting no more than an hour won't cut into your productivity and are especially beneficial if you work in a position where creativity is important.".

Paley noted that scheduling these breaks at similar times every day helps you train yourself to be prepared for a "brain reset," making you far more productive over the course of a day.

Devote time to physical, mental and emotional self-maintenance. John Koeberer, author of Green-Lighting Your Future: How to Manifest the Perfect Life (CreateSpace Independent Publishing Platform, 2013), said a healthy diet and regular exercise, along with a good self-image and spiritual practices, can prepare you to deal with stress successfully.

"Just the knowledge that your mind, body and soul are in sturdy shape is a huge deterrent to stress getting a foothold," Koeberer said.

Be kind to yourself. When you're bogged down with stress-inducing projects and deadlines, it can be difficult to see beyond them. Even long-term assignments end eventually, so you just need to keep going and remember that the challenges you're facing now will seem small and insignificant when you've finally overcome them.

"We can all recollect instances that we thought at the time were real deal-killers, only to have them turn out to be a small anthill," Koeberer said. "Adopt the thought that this, too, shall pass."

It may be impossible to eradicate every stressor from the workplace. You may not even want to do that, as some stress can be healthy and encourage you to meet deadlines and keep your head on straight. But working to eliminate bad stress and making your workplace healthier will change the way you view your job.

What your job can do

Job stress is not only bad for your health as an employee. It's bad for your employer. Job stress reportedly carries an estimated $300 billion price tag as a result of accidents, absenteeism, employee turnover, diminished productivity, medical/legal/insurance costs, workers' compensation cases and FELA judgments. Employers can help reduce excessive workplace stress with a number of factors.

  1. Create realistic goals
  2. Clearly communicate with employees
  3. Offer fair compensation
  4. Model a healthy work-life balance
  5. Recognize achievements
  6. Give employees stress screenings
  7. Promote programs that encourage health and exercise

Doing Business with America's Top Trade Partners? The Holidays You Need to Know

Posted: 16 Apr 2019 09:00 AM PDT

If you're based in the U.S. and your business sells products to American consumers, you're likely very familiar with the pre-Christmas shopping frenzy that begins on Black Friday, and the shipping challenges that cumulate through the day before Christmas. If your business manufactures goods for American retailers, your busy season starts well before then as you scramble to produce and ship large quantities of your products to your retail customers ahead of the Christmas rush.

But if you source or sell products internationally, there are other major holidays that need to be on your radar, as they can ether interrupt your supply chain or, like Christmas, present you with an opportunity to increase your sales. Country-specific and regional holidays can also present challenges to business travelers and companies with international offices.

The top three countries that the U.S. imports goods from and exports goods to, according to the U.S. Census Bureau, are Canada, Mexico and China. Below, we've listed the public holidays for these top trade partners, information about their biggest shopping days and notes about the holidays that can disrupt business as usual.

Most public holidays are one-day events scheduled for Mondays or Fridays, but some festivities, like Christmas, extend beyond published dates. There are also regional, religious and cultural holidays that aren't listed here, so you'll want to ask the businesses you sell product to if they plan to increase their order sizes to meet certain holiday demands. If you order product from overseas, you'll want to ask your contacts whether there are holidays that delay production or shipping, and how early you'll need to order in such instances to avoid running out of stock.

Canada

Canadians celebrate some of the same holidays as the U.S., but a few, such as Labor Day and Thanksgiving, are observed on different dates. Like in the U.S., Christmas is the biggest gift-giving holiday of the year, so you'll want to plan for shipping delays leading up to the holiday and place or ship orders accordingly.

Black Friday (yes, it's the same day-after-American-Thanksgiving event) is a major shopping day, though the weekend before Christmas is the biggest shopping period of the year. Boxing Day, the day after Christmas, is also an extremely popular shopping day, as every store runs a sale.

Here's a list of Canada's public holidays:

  • New Year's Day: Jan. 1
  • Good Friday: The Friday before Easter
  • Victoria Day: May 20
  • Canada Day: July 1
  • Civic Holiday (excluding Quebec and Yukon): First Monday in August
  • Labor Day: The first Monday of September
  • Thanksgiving Day: The second Monday in October
  • Remembrance Day: Nov. 11
  • Christmas Day: Dec. 25
  • Boxing Day: Dec. 26

Mexico

You're likely to recognize several of Mexico's holidays, such as Day of the Dead and the two before Easter, but like in Canada and the U.S., Mexico's biggest gift-giving holiday is Christmas. Shopping for this season starts with El Buen Fin – or The Good Weekend – which is a nationwide shopping event held the second weekend of November (the weekend before Revolution Day). Like on Black Friday, stores offer discounts and extended hours. In 2018, shoppers spent 101,500 million Mexican pesos, which is more than $5 billion.

Writing for LABS, the Latin America Business School by Ebanx, Marcela Xavier said that international online retailers wishing to participate in this sales event should offer free shipping, accept local payment methods and advertise deals in advance. But they should be careful not to infringe on the copyright of the event's name.

"El Buen Fin is a registered brand and the use of its name is restricted to official participants," Xavier wrote. "They can only be Mexican organizations … However, businesses from other countries can and should benefit from the prolonged weekend of sales, as long as they are mindful of any copyright infringements."

If you're doing business with Mexican companies, you may experience delays during the week before Easter and the Christmas season. In a blog post for online retailer MexGrocer.com, Ignacio Hernandez explains that in Mexico, long weekends are called bridges ("puentes") and people joke "that the longest bridge in Mexico is the 'Puente Guadalupe Reyes.' This is because it runs from Dec. 12, the Day of Our Lady of Guadalupe, to Kings Day on Jan. 6. The fact is almost everything slows down over this holiday span."

Here's a list of Mexico's national holidays:

  • New Year's Day: Jan. 1
  • Constitution Day: The first Monday in February
  • Benito Juarez's Birthday: The Monday nearest to March 21
  • Maundy Thursday: The Thursday before Easter
  • Good Friday: The Friday before Easter
  • Labor Day: May 1
  • Independence Day: Sept. 16
  • All Souls Day (Day of the Dead): Nov. 2
  • Revolution Day: The third Monday in November
  • Inauguration Day (every six years): Dec. 1
  • Christmas Day: Dec. 25

China

China exports more goods to the U.S. than any other country, so when its manufacturing businesses close for several weeks – in some cases more than a month – for Chinese New Year, it affects supply chains for many American businesses.

This celebration, also called the Spring Festival or Lunar New Year, marks the world's largest annual human migration as 385 million workers leave major cities to visit their families in rural China. Many factories close a week to 10 days before the holiday begins to allow for travel time.

Observance dates vary from year to year, as the holiday is based on the Chinese Lunar Calendar, but it typically begins between Jan. 21 and Feb. 20. Hong Kong and Taiwan also observe this holiday. 

In a blog post for freight solutions company Unicargo, Refael Elbaz explained that it may take a week or two after the holiday for factories to return to normal production levels. Many face labor shortages, as workers look for new employment opportunities and negotiate for higher wages at this time.

"For the customers, it means that even if they make an order before or during the holiday, there is no guarantee that the factory will be able to meet the production lead time it has committed to," Elbaz said.

Another holiday that can cause delays is Chinese Golden Week, a weeklong festival that begins with National Day on Oct. 1, as factories are closed during this time. However, it's also a big shopping week, with stores offering large discounts, which may be an opportunity for businesses that export goods to Chinese retailers.

China's biggest shopping day is Singles' Day on Nov. 11, and it's actually the world's largest shopping holiday. In 2018, popular Chinese online retailer Alibaba sold $30.8 billion of merchandise on Singles' Day. By comparison, Amazon sold $6.22 billion on Black Friday and $7.9 billion on Cyber Monday.

The day was founded in the 1990s by college students as a day to celebrate young, single people. It grew into a major shopping event when online retail giant Alibaba began encouraging singles to buy luxury items for themselves. Frank Lavin, writing for Forbes, said the spirit of the holiday "is captured by a Chinese saying, 'If you cannot be with someone you like, you can at least be with something you like.'"

Businesses wanting to participate in this shopping extravaganza need to plan ahead. In 2018, products needed to be in Alibaba's Chinese warehouses by Sept. 1.

Here's a list of China's official public holidays:

  • New Year's Day: Jan. 1
  • Chinese New Year: Varies, usually between Jan. 21 and Feb. 20
  • Tomb-Sweeping Day (Qingming, or Ching Ming Festival): Usually in April
  • Labor Day (or May Day): May 1
  • Dragon Boat Festival: Usually in June
  • Mid-Autumn Festival: Usually in September or October
  • National Day (Chinese Golden Week): Oct. 1-7

Generational Divide: How to Lead All of Your Employees

Posted: 16 Apr 2019 07:00 AM PDT

 Whether you're working for a massive corporation or a tech startup, there's no denying that workplace politics can be an issue. This is especially true in today's environment with employees from a number of generations working side-by-side. 

However, the problem of workplace politics can't be blamed solely on the millennials, baby boomers or Generation Z. The real issues lie in the transition of one generation entering the workforce with an increased use of technology and a greater understanding of the current digital landscape. 

New employees are no longer forced to start underground, below the ladder, to hope that in five years, they'll have a seat at the executive table. Now, it's not about brand loyalty or ageism. Instead, it's more of a dog-eat-dog atmosphere. Respect is and always has been a two-way street. Without it being given by one party, it cannot be reciprocated and sent back by the other. In business, this is where tensions flare and the purpose of the company is lost within workplace politics due to ego and price. 

Managing the generation gaps

Today's leaders need to be able to serve everyone within the workforce, from baby boomers to Generation Y, all the way to the expected overflow of candidates entering the job market come this summer.

Businesses have been managing the shift in employee values and standards for nearly a decade when millennials began entering the workplace.  This younger crop of employees taught us that the old way of business simply wasn't going to work for them. They made a systematic plan through word of mouth and forever left their mark on the workforce. 

These days, an unappreciated and underutilized employee won't stick around for the sake of loyalty. They know that if their current employer doesn't appreciate and attempt to respect them — someone, somewhere will.

The digitization that's taken over highlights those who aren't adapting. This generally stems from the top down. If the leadership within a company isn't bridging the gaps for those entering the workforce throughout any part of their professional journey, it's not the employees that will inevitably suffer; it's the company. 

This doesn't mean you should blindly hire candidates based on out-of-the-book methods unrelated to experience, tenacity and drive. By all means, design applicable test-runs your tentative employees can take to ensure they'll be beneficial the way their resume, portfolio and cover letter say they will. 

However, testing shouldn't be used as a method to intimidate or motivate. As an entrepreneur and business owner, you must remember these are real people with real emotions and anxieties. Some test better than others. But to test someone on skills beyond the boundaries that are even remotely relative to one's scope of work is not how management should work; not in 2019 and definitely not within the digital and increasingly remote working world businesses are now finding themselves in.

Everyone has needs in the workplace, and they should be given a safe and respected platform to share those needs and concerns. They should also receive thoughtful and tangible feedback in a timely manner. It's time to take the status quo of the past and, well — keep it there.

How to work together

It's time to allow, enable and practice full transparency and merge it with the two-way street of respect in the workplace. There should be no hierarchical order. If a junior manager who hasn't fully climbed the corporate ladder presents a more applicable and profitable idea that one suggested by someone who ranks above them, then that idea should be heard — not criticized or seen as a failure.

If upper management and/or those within the C-suite fail to adapt — think biomimicry — collaboration at its highest capacity may seize to exist. It's pride and ego getting in the way of progress, success and growth. These are people with different skill sets that should be known and utilized, not abandoned and shifted towards failure for suggesting an out-of-the-box idea. Ego has no place in this digital age, and definitely not the constantly evolving workplace. 

You need these millennials to turn their backward thinking into ideas, plans and actions, in collaboration with the drive of Gen Z, to create a workforce for a better tomorrow. A place where profit and morale are high and trust is present in every aspect of the company.

A lack of transparency and the failure to adapt will cause any company to suffer in terms of resignations, layoffs, increased stressed levels and overworked employees. Leaders need to make sure their employees are delegating and collaborating in order to get things done with immense efficiency. Over time, this will lead both ends of the spectrum to organically earn that respect of each other. 

With earned respect comes prosperity and a high-energy workplace. If that's not a goal for your business, maybe it's time to redefine your narrative and let the youthful light in. 

Best Data Center Certifications

Posted: 16 Apr 2019 05:19 AM PDT

Owing to software-defined data center technologies, many of today's data center certifications require supplementary skills, including virtualization and cloud computing. Other trends affecting this space include big data, the internet of things and network virtualization. Here are some of the very best options for data center certifications in 2019.

Because of a significant trend toward virtualized data center networking and software-defined networks, the lines between data center and cloud certifications have blurred. Typically, data center networking skills require knowledge of virtualization and cloud technologies, and supporting data in the cloud usually means managing information housed in a data center and making it available securely.

However, there are still plenty of organizations that offer certifications specific to data center networking and infrastructure, which tend to focus mainly on traditional networking technologies. But as you dig in to their details, you'll see virtualization and cloud management skills woven into those requirements too.

This article explores the top five data center certifications for 2019, which come from Cisco (two different credentials), VMware, Juniper Networks and Dell, and then introduces you to several worthy competitors in the Beyond the Top 5 section at the end of the article.

Before you examine these certifications in detail, please browse the results of our informal job board search for a bird's-eye view of which certifications employers are seeking. Results vary considerably on different job boards and in different geographies, so think of the numbers in the table as guidelines, not as hard-and-fast rules. The BICSI Data Center Design Consultant (DCDC) has been a top-five certification for several years but missed out this year by a hair. The DCDC had 118 job hits, while the Dell Administration Engineer (a new entrant on our list) appeared in more than 130 job descriptions.

Job board search results (in alphabetical order, by certification)*

Certification

SimplyHired

Indeed

LinkedIn Jobs

LinkUp

Total

CCNA Data Center (Cisco)

1,564

2,126

1,649

19

3,876

CCNP Data Center (Cisco)

1,025

1,339

1,508

14

3,145

JNCIP-DC (Juniper Networks)

125

37

14

4

130

VCE-CIAE (Dell)*

81

19

30

14

132

VCP6-DCV (VMware)

32

37

57

38

111

*Search results for the generic phrase "VCE data center engineer"

Regardless of which job board you use, you'll find many employers looking for qualified people to join their data center teams. SimplyHired lists 114,000-plus data center jobs in the U.S., with more than 172,000 on Indeed, 50,000 on LinkedIn Jobs and 20,000 on LinkUp. With the right credential(s) in hand, one of these jobs is sure to be yours.

Data center job roles start at the network technician level and advance through senior architect. Most of the certifications covered would fit well with an associate- or professional-level network engineer position. According to SimplyHired, the average salary for network engineer jobs is about $79,000, and $111,000 for senior network engineers. Glassdoor reports a U.S. national average salary of about $73,000 for network engineers, and their average for senior network engineers climbs to $94,000.

Cisco Certified Network Associate (CCNA) Data Center

Cisco certifications continue to be some of the most recognizable and respected credentials in the industry. The CCNA Data Center certification is a great introductory certification for networking professionals who want to specialize in data center operations and support and have 1-3 years of experience.

Candidates for the CCNA Data Center certification need to understand basic data center networking concepts. These include addressing schemes, troubleshooting and configuring switches with VLANs and routers using Nexus OS, network and server virtualization, storage, and common network services such as load balancing, device management and network access controls.

The CCNA Data Center is valid for three years, after which credential holders must recertify. Recertification requires passing a current version of one of the following exams:

  • Associate-level exam (except for ICND1 exam)
  • 642-XXX professional-level or 300-XXX professional-level exam
  • 642-XXX Cisco Specialist exam (does not include Sales Specialist exams or MeetingPlace Specialist exams, Implementing Cisco TelePresence Installations (ITI) exams, Cisco Leading Virtual Classroom Instruction exams, or any 650 online exams)
  • Cisco Certified Internetwork Expert (CCIE) written exam
  • Cisco Certified Design Expert (CCDE) written exam or current CCDE practical exam

Candidates can also sit through the Cisco Certified Architect (CCAr) interview and the CCAr board review to achieve recertification for CCNA Data Center.

CCNA Data Center facts and figures

Certification name

Cisco Certified Network Associate (CCNA) Data Center

Prerequisites and required courses

None required.
Recommended training:

  • Introducing Cisco Data Center Networking (DCICN)
  • Introducing Cisco Data Center Technologies (DCICT)

Cisco offers classroom courses, which run for five days and cost about $4,500.

Number of exams

Two exams:

Both exams are 90 minutes and 55-65 questions.

Cost per exam

$300 per exam; $600 total (price may vary by region). Exams administered by Pearson VUE.

URL

http://www.cisco.com/c/en/us/training-events/training-certifications/certifications/associate/ccna-data-center.html

Self-study materials

The certification page provides links to self-study materials, including the syllabus, study groups, videos, study guides, Learning Network resources and learning partner content.


Cisco Certified Network Professional (CCNP) Data Center

Networking professionals looking to validate their data center skills and achieve a competitive edge in the workplace can't go wrong with the Cisco Certified Network Professional (CCNP) Data Center credential.

Geared toward technology architects, along with design and implementation engineers and solutions experts, the CCNP Data Center identifies individuals who can implement Cisco Unified Computing System (UCS) rack-mount servers; install, configure and manage Cisco Nexus switches; and implement and deploy automation of Cisco Application Centric Infrastructure (ACI). The CCNP Data Center is designed for candidates with 3-5 years of experience working with Cisco technologies.

When pursuing the CCNP Data Center, Cisco lets you choose either a design or troubleshooting track. Related data center certifications include the Cisco Certified Network Associate (CCNA Data Center), for those with 1-3 years of experience, and the Cisco Certified Internetwork Expert (CCIE) Data Center, aimed at professionals with seven or more years of experience.

The CCNP Data Center is valid for three years, after which credential holders must recertify. The recertification process requires candidates to pass a single exam to maintain the credential, or to sit for the Cisco Certified Architect (CCAr) interview and the CCAr board review. Credential holders should check the Cisco website for the current list of qualifying exams before attempting to recertify.

CCNP Data Center facts and figures

Certification name

Cisco Certified Network Professional Data Center (CCNP Data Center)

Prerequisites and required courses

Valid Cisco Certified Network Associate Data Center (CCNA Data Center) certification or any Cisco Certified Internetwork Expert (CCIE) certification. Training recommended but not required; classes are usually four or five days and start at $3,950.

Number of exams

Four exams:

  • 300-175 DCUCI – Implementing Cisco Data Center Unified Computing
  • 300-165 DCII – Implementing Cisco Data Center Infrastructure
  • 300-170 DCVAI – Implementing Cisco Data Center Virtualization and Automation
    AND
  • 300-160 DCID – Designing Cisco Data Center Infrastructure
    OR
  • 300-180 DCIT –  Troubleshooting Cisco Data Center Infrastructure 

All exams are 90 minutes, 60-70 questions.

Cost per exam

$300 per exam; $1,200 total (price may vary by region). Exams administered by Pearson VUE.

URL

http://www.cisco.com/c/en/us/training-events/training-certifications/certifications/professional/ccnp-data-center.html

Self-study materials

The certification page provides links to self-study materials, including the syllabus, study groups, webinars, Cisco Learning Network resources and learning partner content.


JNCIP-DC: Juniper Networks Certified Professional Data Center

Juniper Networks, based in California and incorporated in 1997, develops and sells network infrastructure equipment and software aimed at corporations, network service providers, government agencies and educational institutions. The company has a large certification and training program designed to support its solutions, which includes Data Center, Junos Security, Enterprise Routing and Switching, and Service Provider Routing and Switching tracks. 

The Data Center track recognizes networking professionals who deploy, manage and troubleshoot Juniper Networks Junos software and data center equipment. The single exam (JN0-680) covers data center deployment and management, including implementation and maintenance of multi-chassis link aggregation group (LAG), virtual chassis and Internet Protocol (IP) fabric, virtual extensible LANs (VXLANs), and data center interconnections.

The JNCIP-DC certification is good for three years. To renew the certification, candidates must pass the current JNCIP-DC exam.

JNCIP-DC facts and figures

Certification name

Juniper Networks Certified Professional Data Center (JNCIP-DC)

Prerequisites and required courses

Required: Juniper Networks Certified Specialist Enterprise Routing and Switching (JNCIS-ENT) certification

Recommended training:

  • Advanced Data Center Switching (ADCX)

Juniper offers classroom, virtual and online training. The ADCX training course runs for five days and costs $2,500 to $4,750. Pricing varies depending on course provider and location.

Number of exams

One: exam JN0-680 (65 multiple-choice questions, 120 minutes)

NOTE: As of April 11, 2019, JN0-681 replaces previous exam JN0-680 for JNCIP-DC candidates and is based on Junos OS 18.4.

Cost per exam

$400. Exams administered by Pearson VUE.

URL

https://www.juniper.net/us/en/training/certification/certification-tracks/data-center-track?tab=jncip-dc

Self-study materials

The exam page lists various exam prep resources. Candidates can browse the complete set of Junos OS 15.1 technical publications and the Juniper Networks Day One library of collateral. Juniper recommends reading RFC 7348RFC 4760 and RFC 7432, as well as these whitepapers: Improve Data Center Interconnect, L2 Services with Juniper's EVPN and Clos IP Fabrics with QFX5100 Switches. Several O'Reilly books are also available that focus on Junos and Juniper Networks products.


VCE-CIAE: VCE Converged Infrastructure Administration Engineer

VCE, short for Virtual Computing Environment, was part of EMC Corporation, which Dell acquired in 2016. The VCE line of converged infrastructure appliances are still being manufactured and widely sold, and the company has a handful of VCE certifications geared toward designing, maintaining and supporting those solutions. 

VCE certifications are now part of the larger Dell EMC Proven Professional certification program but have retained some independence. The program currently offers the VCE Certified Converged Infrastructure Associate (VCE-CIA), VCE Converged Infrastructure Administration Engineer (VCE-CIAE) and VCE Converged Infrastructure Master Administration Engineer (VCE-CIMAE) credentials. We focus on the VCE Administration Engineer in this article because it's available to the public as well as Dell employees and partners, and it ranks well in job board searches.

The VCE-CIAE is a professional-level credential that recognizes professionals who manage and support Vblock Systems. The single exam includes topics such as system concepts, administration, security, resource management, maintenance and troubleshooting.

Candidates must recertify every two years to maintain a VCE certification. To renew, credential holders must pass the current VCE-CIA exam (this is the prerequisite for the VCE-CIAE certification), as well as pass the current VCE-CIAE exam or earn a higher-level credential.

VCE-CIAE facts and figures

Certification name

VCE Converged Infrastructure Administration Engineer (VCE-CIAE)

Prerequisites and required courses

Prerequisite: VCE Certified Converged Infrastructure Associate (VCE-CIA) certification

Recommended: VCE Vblock Systems Administration Management training; available as instructor-led classroom and online (five-day course, $5,000; prices may vary by course provider and location)

Number of exams

One: exam 220-010 (60 multiple-choice questions, 90 minutes)

Cost per exam

$200. Exams administered by Pearson VUE.

URL

https://education.emc.com/content/emc/en-us/home/certification-overview/vce-certification-framework/vce-administration-engineer.html

 

VCP6-DCV: VMware Certified Professional 6 – Data Center Virtualization

The VCP6-DCV is one of those credentials that sits firmly on the line between traditional data center networking and cloud management. As such, it appeals to a wide networking audience. In fact, the VMware website states that more than 100,000 professionals have earned VMware VCP6-DCV certification, making it one of the company's most popular certifications.

VMware offers an extensive certification program with a rigorous Data Center virtualization track, which includes the VCP6-DCV. Candidates must thoroughly understand Domain Name System (DNS), routing and database connectivity techniques, and how to deploy, configure, manage and scale VMware vSphere environments and storage. VMware recommends that candidates have a minimum of six months of experience with VMware vSphere 6 before attempting the VCP6-DCV certification.

New candidates must take a VMware training course and pass two exams. Training courses start at $4,125; pricing is based on the specific course, delivery format and learning partner.

VMware requires credential holders to recertify every two years. Recertification is achieved by taking whatever exam is most current for the certification, earning a new VCP certification in a different solution track or advancing to the next-level VMware certification.

Note: VMware certifications are geared toward the VMware vSphere product, the latest incarnation of which is Version 6.5. As of April 2019, VMware is still rolling out various Version 6.5 exams. Currently, Version 6.5 exams are offered for the Professional and Advanced Professional (Design only) levels. We anticipate that Version 6.5 exams and credentials at the Associate, Advanced Professional Deploy and Expert levels will follow soon.

VCP6-DCV facts and figures

Certification name

VMWare Certified Professional 6 – Data Center Virtualization (VCP6-DCV)

Prerequisites and required courses

Candidates who are new to VMware Data Center Virtualization technology: Six months' vSphere 6 experience plus one of the following training courses:

  • VMware vSphere: Install, Configure, Manage [V6 or V6.5]
  • VMware vSphere: Optimize and Scale [V6 or V6.5]
  • VMware vSphere: Install, Configure, Manage plus Virtual SAN Fast Track [V6]
  • VMware vSphere: Optimize & Scale [V6 or V6.5]
  • VMware vSphere: Bootcamp [V6]
  • VMware vSphere: Fast Track [V6 or V6.5]
  • VMware vSphere: Design and Deploy Fast Track [V6]
  • VMware vSphere: Troubleshooting [V6]
  • VMware vSphere: Troubleshooting Workshop [V6.5]
  • VMware vSphere: Install, Configure and Manage plus Optimize and Scale Fast Track [V6 or V6.5]
  • VMware vSphere: Optimize and Scale plus Troubleshooting Fast Track [V6]


Note: The cost of VMware training varies; expect to pay from $4,125 for classroom training to more than $6,000 for Bootcamps and Fast Track courses.

Number of exams

Two exams for new candidates, those with vSphere 5 training only, those with an expired VCP in a different solution track or those with an expired VCP5-DCV certification:

One exam for candidates with valid VCP5-DCV certification: VMware Certified Professional 6 – Data Center Virtualization Delta exam, 2V0-621D, 105 minutes, 65 questions

One exam for candidates with valid VCP certification, any solution track: VMware Certified Professional 6 – Data Center

Exams administered by Pearson VUE.

Cost per exam

  • vSphere Foundations exam (V6 or V6.5): $125
  • VMware Certified Professional 6 – Data Center Virtualization exam: $250
  • VMware Certified Professional 6 – Data Center Virtualization Delta exam: $250

URL

VCP6-DCV: https://mylearn.vmware.com/mgrReg/plan.cfm?plan=64178&ui=www_cert
VCP6.5-DCV: https://mylearn.vmware.com/mgrReg/plan.cfm?plan=100942&ui=www_cert

Self-study materials

Links to an exam guide, training and a practice exam (if available) appear on each exam page (see the How to Prepare tab). VMware Learning Zone offers exam prep subscriptions. Numerous VCP6-DCV study materials are available through Amazon. MeasureUp offers a VCP6-DCV practice test ($129) and a practice lab ($149).


Beyond the top 5: More data center certifications

While not featured in the top five this year, the BICSI Data Center Design Consultant (DCDC) is a terrific certification, designed for IT professionals with at least two years of experience in designing, planning and implementing data centers. This vendor-neutral certification is ideal for data center engineers, architects, designers and consultants. Another good vendor-neutral certification is Schneider Electric's Data Center Certified Associate (DCCA), an entry-level credential for individuals who design, build and manage data centers as part of a data center-centric IT team.

CNet's Certified Data Centre Management Professional (CDCMP) and Certified Data Centre Technician Professional (CDCTP) are also worthy of honorable mention. Based in the U.K., these certifications don't appear in a lot of U.S. job board postings but still deliver solid results from a general Google search.

IT professionals who are serious about advancing their data center careers would do well to check out complementary certifications from our featured vendors. For example, Cisco also offers a number of certifications in data center design and support, including application services, networking infrastructure, storage networking and unified computing. VMware also offers additional data center virtualization certifications worth exploring, including the VMware Certified Advanced Professional 6.5 – Data Center Virtualization Design (VCAP6.5-DCV Design) and the VMware Certified Design Expert (VCDX6-DCV). Also, the Dell EMC Proven Professional certification program offers a bevy of data center-focused certifications, including the Dell EMC Implementation Engineer (EMCIE) and the Dell EMC Certified Cloud Architect (EMCCA).

Because of the proliferation of data center virtualization and cloud computing, you can expect the data center networking job market to continue to remain strong soon. Achieving a certification can be a real feather in your cap, opening the door to new and better work opportunities.

Use Cybersecurity As Your Competitive Advantage

Posted: 16 Apr 2019 05:00 AM PDT

Investing in cybersecurity will help you protect against breaches and business losses, but you might not have considered that it could also be a driver of new profits, too. Your customers are more frequently becoming concerned about being hacked. 

Business-to-consumer (B2C) customers are worried about having data such as social security numbers and credit card details stolen, or even concerned that people are aware they're using your service at all. 

For business-to-business (B2B) customers, the potential stakes are even higher: They may be concerned about the loss of proprietary data, such as confidential engineering plans, building and security designs, or even secret food recipes, all of which could be worth millions of dollars to a competitor or held ransom by cyberattackers. For either type of customer, a hack could lead to severe negative repercussions personally or professionally.

Additionally, more and more enterprises and government agencies insist that their vendors – large and small – maintain certain levels of cybersecurity. They might require that you have data encryption, regular internal and external assessments, an incident response plan, regular awareness training and other key security features in place before you can even bid on a contract. If you can't comply, your business will lose the chance to win the project.

Ignoring cybersecurity isn't just a security risk for your own business – it's also potentially costing you business. That's why it's time to consider using cybersecurity as a competitive marketing advantage. Here's how to do it.

1. Get cybersecure.

Before you can make a point of spotlighting your cybersecurity practices, you need to make sure that you're actually walking the walk in the first place. [Interested in internet security software? Check out our reviews and best picks.]

Today's cybersecurity goes far beyond antivirus and firewalls and includes plans, policies and procedures alongside ongoing awareness training, testing, and technology. One way to make sure you're ahead of the curve is to work with your IT provider, such as an  MSP or cybersecurity consultant, who can provide a comprehensive, ongoing approach to improving your company's cybersecurity. They should be able to offer support by reviewing your current processes and technologies to evaluate for vulnerabilities, helping you establish in-house policies, training your staff on how to be cyberaware, and putting a mitigation and action plan in place in the event of an attack. Once your IT partner or vendor can give you a positive scorecard on your cybersecurity assessment, you'll have bragging rights to share with potential customers and be in a position to move quickly on winning new business that requires certain security measures be in place.

2. Promote your cybersecurity initiatives.

New customers are likely to find you and make decisions about working with you largely via exploring your website. After you've implemented strong cybersecurity practices – an ongoing program of cybersecurity – make sure to build out a new page of your website that spotlights them. Key features that your customers will care about include whether their data is encrypted, how online transactions are managed, your security testing practices, and how third parties may access the data. For an example of a strong company security page, take a look at Dropbox, the online file storage company: They clearly explain how they protect your data and your privacy, and provide you with additional tips on what you can do at the user level to keep your account secure.

3. Email your current customers and prospects.

Even if you already have active customers, it's always worth letting them know when you've made improvements to your business practices and take current topics like cybersecurity seriously. Consider sending out an email announcement that provides a high-level view of the steps you've taken at your business to improve security protocols. Your announcement will likely impress existing customers and may be just the nudge that new prospects need to step on board.

4. Bid on relevant industry and government Requests for Proposals (RFPs) and contracts.

Government clients won't come to you; you need to pursue them. And by taking steps to put strong cybersecurity practices in place, you weed out most of your competition. Look for relevant contract and RFP opportunities in your industry and provide relevant information on your cybersecurity standards as requested. If the agency is interested in working with you, they may complete a cybersecurity assessment to ensure that your business meets its standards. To further sway prospects, proactively add a section touting your cybersecurity practices to your outgoing proposals.

Building strong cybersecurity into your company is good for business – both your own, and those you work with. With cybersecurity becoming mainstream, there is no better time to put a cybersecurity plan into action, and spread the word to make the most of your new competitive advantage.
 

How to Survive the Wild Ride of Entrepreneurship

Posted: 15 Apr 2019 06:00 AM PDT

Don't let the headlines fool you. Entrepreneurship is nerve-racking, and it's not for everyone. For me, this fear serves as motivation — fear of failure and fear of running out of money can be one of the biggest motivators out there. Even Elon Musk describes this stress as "unrelenting."

I'm now on my third startup, and it's never easy. Each business has presented new challenges, and the biggest challenge to the growth of Boat Planet has been funding. Our product has gained significant traction, but it's clear that we'll need a much larger team to scale our solution nationwide. I knew this when Boat Planet launched, but finding additional funding has taken longer than I initially planned.

When you look at the statistics — such as the fact that only 40 percent of small businesses are profitable — the process of securing funding becomes a roller-coaster of emotions wrapped in a layer of fear. One thing I've learned during my numerous adventures in entrepreneurship is that you have to be relentless in the pursuit of your goals. It's no different than a relationship: It takes hard work, sacrifice and the determination to solve problems as they surface.

What Goes Up

The formation and growth phase of any company is the most exciting part of entrepreneurship. This is when your problem-solving skills are put to the test, and every day brings a new challenge. It's when you get to show the world what you've made as well as test your abilities as an entrepreneur.

It's also the most turbulent phase. Things can go great one day and feel hopeless the next. The graph of "A Day In The Life of an Entrepreneur" by Derek Halpern perfectly demonstrates how all entrepreneurs are going through the same thing. As impossible as it might seem at times, you can survive the wild ride. Here's how:

1. Focus on 'dollar productive' activities. 

It's easy for entrepreneurs to get distracted when starting and growing a business. There are so many aspects of your business that can be streamlined or improved, and there is an endless amount of information and plenty of experts out there that can help you. 

But it's often difficult to stay focused on "dollar productive" activities. To grow a business, a significant part of your day should focus on activities that produce revenue or grow your userbase. Block off your most productive hours to work on these activities instead of checking email or taking meetings.

2. Make everything a learning opportunity. 

You are going to hear "no" a lot. Whether you're seeking funding, new business, a partnership or are just offering some free advice, the journey is often more difficult than you might have planned. You'll need to develop some thick skin.

Entrepreneurs must gain trust in their business community, and it's not something they can earn overnight. When you get a "no," spend some time analyzing what you could have done differently to get a "yes" next time. If you turn every "no" into a learning experience, nothing will feel like a waste of time.

3. Maintain a healthy lifestyle. 

Don't forget to take care of yourself. In a mental health study of entrepreneurs, nearly half of respondents reported having at least one mental health condition. When you're starting and growing a business, it can seem like there aren't enough hours in the day to take care of yourself. Maintaining a healthy lifestyle becomes a lot harder than when you had a 9-to-5 job.

By exercising, eating a healthy diet and limiting your alcohol consumption, you'll not only have more energy, but it will also be easier to maintain a positive mindset. Exercise can relieve stress and help you clear your mind, and meal delivery services make it easy to eat well while also saving you valuable time.

4. Write down your goals and celebrate wins. 

I like to keep my long-term goals in mind and remind myself of why I started my business in the first place. Set SMART goals (ones that are specific, measurable, actionable, realistic and timely), and then celebrate small steps toward meeting those goals.

Those small steps will help you be more productive each day. How? When you celebrate a win, it reminds your brain how great it feels. It will also motivate you to get more wins.

5. Find an accountability partner or mentor. 

Determine whether you'd like to have a partner or a mentor from the outset (or look for both). An accountability partner can keep you honest about setting and reaching your goals as well as offer an outside perspective; a mentor can provide you with a vast amount of knowledge and experience to help your business grow.

Even Steve Jobs had mentors in Ed Woolard and John Sculley. According to a study by Endeavor, companies whose founders have been mentored by successful entrepreneurs are three times more likely to be successful.

Bottom line

Being an entrepreneur is easily one of the most stressful and rewarding jobs out there. There are plenty of challenges, and perseverance is key. By learning how to navigate the ups and downs of entrepreneurship, you can achieve true success at the end.

No comments:

Post a Comment