Search Results

Businesses apply PEST and SWOT analysis methods to understand the feasibility of a new product, project or possible expansion. They are commonly used together to get a better understanding of the competitive and economic environment, but they represent two contrasting approaches. SWOT is more flexible and can be applied to various forms of business functions. PEST analysis when including legal and environmental factors is more nonconforming, used only to fully understand the implications of entering a new market. PEST and SWOT are closely related approaches to business analysis. PEST is an acronym that stands for political, economic, social and technological influences on a business. SWOT is a situational analysis tool for company leaders that involves assessing strengths, weaknesses, opportunities and threats. PEST has correlates strongly with the threats component of SWOT, but also has relevance to the opportunities assessment. PEST focuses on external environmental factors that affect the business, whereas SWOT analysis focuses on both internal and external factors. PEST explores the political and legal landscape by looking at employment laws, political issues, taxes and regulations that impact the business. PEST Basics PEST focuses on external environmental factors that affect the business, whereas SWOT analysis focuses on both internal and external factors. PEST explores the political and legal landscape by looking at employment laws, political issues, taxes and regulations that impact the business. Economic factors include currency exchange, economic conditions and monetary policy. Social factors include distribution, consumer demographics and trends. Technological factors include availability of technology that positively affects the business. SWOT Basics Company leaders assess strengths, weaknesses, opportunities and threats when organizing a business and then periodically when reviewing corporate strategy. Strengths assessment lists the company's core competencies that give it advantage over others. Weakness analysis reviews internal deficiencies relative to the competition. Opportunities assessment looks at emerging markets or untapped product diversification. Threats considers the potential that external influences, such as those identified in PEST, can harm the business in the future. The "T" It is coincidence that PEST and SWOT both end with a "T," but it is the "T" in SWOT that provides the greatest connection between these two strategic assessments. SWOT takes a more balanced approach and allows the company to consider internal factors it has control over alongside external influences over which it has no control, but needs to prepare for. Performing a thorough PEST analysis helps companies to more deeply analyze the threats section in SWOT. And the "O" The "O" in SWOT also has some correlation to PEST, as pointed out in the Quick MBA overview of the "PEST Analysis." Examining external political, economic, social and technological factors can also help companies uncover potential business opportunities it could pursue. For example, companies that rely heavily on technology in logistics or customer service must always consider opportunities to upgrade their technology for business improvement. #business #analysis #SWOT #PEST #startups #blog #market #research

Investors are unique players in the growth process of a business. The level and quality of their involvement can ultimately help determine a company’s success or failure. It is imperative for budding entrepreneurs to take the time to learn about the types of investors available and how to use best practices when approaching them for funds. Investors can be called upon during almost any stage in the life of a startup. Below are five of the most common types of investors, as well as recommendations for when they should be considered. Banks Banks are a classic source for business loans, Inc. explains. Loan-seekers will usually be required to produce proof of collateral or a revenue stream before their loan application is approved. Because of this, banks are often a better option for more established businesses. Angel investors Angel investors are individuals with an earned income that exceeds $200,000 or who have a net worth of more than $1 million. They are found across all industries and are useful for entrepreneurs who are beyond the seed stages of financing but are not yet ready to seek out venture capital. Peer-to-peer lenders Peer-to-peer lenders are individuals or groups that offer funding to small business owners, Time reports. To work with these investors, entrepreneurs must apply with companies that specialize in peer-to-peer lending, such as Prosper or Lending Club. Once their application is approved, lenders can then determine the businesses they wish to support. Venture capitalists Venture capitalists are used only after a business begins to show a significant amount of revenue. These investors are notable, as they usually invest a substantial amount of money (often around $10 million). They gain most of their returns through “carried interest,” or a percentage received as compensation from the profits of a hedge fund or private equity. Personal investors Business owners often rely on family, friends or close acquaintances to invest in their companies, particularly in the beginning. However, there is a limit to how many of these individuals can invest in startups because of legal limitations, Legal Zoom explains. While it may be easy to convince loved ones to help, thorough documentation is highly recommended. #investors #funds #finances #businesses #startups

Companies are increasingly spending money on cyber security. However, attackers are launching more sophisticated cyber attacks that are hard to detect, and businesses often suffer severe consequences from them.⠀ Cyber attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2018 alone. Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses. ⠀ Performing a cyber security risk assessment helps organizations strengthen their overall security. The primary goal of a risk assessment is to determine what the critical assets are and if a threat exploits those assets, how much it would cost to mitigate those risks and to protect your assets from a breach.⠀ In order to perform a cyber security risk assessment, you need consider three factors:⠀ Importance of the assets at risk⠀ Severity of the threat⠀ Vulnerability of the system⠀ Start by learning about common cyber threats, understanding where your business is vulnerable, and taking steps to improve your cybersecurity. Common threats Cyber attacks are constantly evolving, but business owners should at least be aware of the most common types. Malware Malware (malicious software) is an umbrella term that refers to software intentionally designed to cause damage to a computer, server, client, or computer network. Malware can include viruses and ransomware. Viruses Viruses are harmful programs intended to spread from computer to computer (and other connected devices). Viruses are intended to give cybercriminals access to your system. Ransomware Ransomware is a specific type of malware that infects and restricts access to a computer until a ransom is paid. Ransomware is usually delivered through phishing emails and exploits unpatched vulnerabilities in software. Phishing Phishing is a type of cyber attack that uses email or a malicious website to infect your machine with malware or collect your sensitive information. Phishing emails appear as though they’ve been sent from a legitimate organization or known individual. These emails often entice users to click on a link or open an attachment containing malicious code. After the code is run, your computer may become infected with malware. #security #cybercrime #assessment #risk #threat #awareness #business

Online security is one of the most important things to consider in today’s society. It’s not just individuals that need to be aware of cyber security risks, but it is businesses as well.  From politics to healthcare, the potential threat of cyber-attacks can impact any industry of business. With the current influence the internet has on our lives, it’s important to be proactive when it comes to online security. The first step in improving your cybersecurity is understanding your risk of an attack, and where you can make the biggest improvements. A cybersecurity risk assessment can identify where a business is vulnerable, and help you create a plan of action—which should include user training, guidance on securing email platforms, and advice on protecting the business’s information assets. Planning and assessment tools There’s no substitute for dedicated IT support—whether an employee or external consultant — but businesses of more limited means can still take measures to improve their cybersecurity. FCC Planning Tool The Federal Communications Commission offers a cybersecurity planning tool to help you build a strategy based on your unique business needs. Cyber Resilience Review The Department of Homeland Security’s (DHS) Cyber Resilience Review (CRR) is a non-technical assessment to evaluate operational resilience and cybersecurity practices. You can either do the assessment yourself, or request a facilitated assessment by DHS cybersecurity professionals. Cyber Hygiene Vulnerability Scanning DHS also offers free cyber hygiene vulnerability scanning for small businesses. This service can help secure your internet-facing systems from weak configuration and known vulnerabilities. You will receive a weekly report for your action. #cybersecurity #risks #business #crime #safety #insurance

Starting a business with a spouse is without a doubt one of the most nerve-wracking adventures a couple could go on. A business partnership with a husband or wife is a terrific way to turn a shared passion into a physical reality. Moreover, it allows you to synchronize work schedules and gain financial independence. If done right, it can also grow and deepen your relationship. However, owning a business with a spouse adds more complexities to your daily lives, since both livelihoods will depend on the success of a single business. Besides risking your personal finances, business conflicts and the proximity of your professional and personal lives can make things difficult for the marriage. Here are some tips for Starting a Business with your Spouse 1. Discuss your vision for the business If one wants to build an empire and the other wishes to work just enough to earn a reasonable salary, you’re bound to get frustrated. Face this challenge head-on by sitting down with your partner and envisioning the business’ future. Create a detailed business plan, which outlines the development of the business, provisions for unforeseen obstacles and both broad and specific goals. This way, you’ll always share the same perspective. 2. Create a financial plan Money is the number one cause of divorce and cash flow the top challenge for new business owners. How much of your personal finances are you willing to risk? How will this venture impact your lifestyle? On average, it takes between 12 to 18 months for a startup to start making a profit, so what will you live off? You could start saving for an emergency fund, cut living expenses, have one partner keep a part-time job or create some combination of these. Be extra prepared for financial ups and downs, especially if you have children. Clarify what each of you is willing to risk for the sake of the business and respect those financial boundaries. 3. Engage in different activities Spending day and night with your partner can be nice, but it’s ok to want a break from working with your spouse. Set time aside for the things you enjoy – whether it’s dining out with a friend, hitting up the gym or walking your dog in the park. It provides you both with the opportunity to add some balance to your busy lives. In addition to “me” time, you’ll come away with something new, different, and totally yours to talk about that doesn’t involve the business. 4. Build-in time to reconnect as life partners Don’t allow work to consume your relationship. You’re life-partners first, then business partners. Declare certain times of the day, for instance, dinner time, as off-limits for business discussions. You stress enough at the office, so once the day is through, you and your spouse should transition to focusing on home, family and enjoying each other. Invest a little extra in your marriage by occasionally taking each other out on dates. You’re married to the best person in the world, remind them of that! 5. Know your personality types Assess the strengths and weaknesses of both you and your partner. Perhaps your spouse is an early-riser and enjoys socializing with everyone in sight. Maybe you prefer working later in the evening and actively avoid small talk with others. Accept differences and focus on complementing each other. 6. Define roles within the company Now that you’ve assessed your personalities, define your roles based on your strengths and weaknesses, or even just preferences. Is one of you terrible at math? Does one pay attention to detail and the other to the big picture? Make it clear who is responsible for what. Write detailed job descriptions that clearly outline duties and expectations. Once you’ve outlined the expectations, trust your spouse to do their job. Don’t turn into a micromanager. It signals to your partner that you aren’t confident in their abilities. You’re married and owning a business together; don’t let it become a power struggle! It puts both the business and, more importantly, the marriage, at risk. 8. Address differences and resolve disputes Strong communication is key to every aspect of your relationship. Giving your partner the silent treatment not only destroys productivity but also causes marital problems. Instead, hold weekly meetings to review the company’s performance, address problems and plan for future improvements. Give praise where praise is due, but don’t be afraid to provide constructive feedback if necessary. Honesty is important to a successful business partnership with a spouse. The company is a team effort, so don’t be a solo player. 9. Don’t be afraid to ask for help Just because you’re working with your spouse, doesn’t mean all business operations should strictly be between husband and wife. If necessary, bring in an employee to assist in certain areas and help take the pressure off you and your partner. As you grow, you’ll likely need to hire more staff, which is a good thing! #business #family #marriage #spouse #startups

If you and your partners don't spell out your rights and responsibilities in a written partnership agreement, you'll be ill-equipped to settle conflicts when they arise, and minor misunderstandings may erupt into full-blown disputes. Here's a list of the major areas that most partnership agreements cover. You and your partners-to-be should consider these issues before you put the terms in writing: Name of the partnership. One of the first things you must do is agree on a name for your partnership. You can use your own last names, or you can adopt and register a fictitious business name. If you choose a fictitious name, you must make sure that the name isn't already in use and then file a fictitious business name statement with your county clerk. Contributions to the partnership. It's critical that you and your partners work out and record who's going to contribute cash, property, or services to the business before it opens -- and what ownership percentage each partner will have. Disagreements over contributions have doomed many promising businesses. Allocation of profits, losses, and draws. Will profits and losses be allocated in proportion to a partner's percentage interest in the business? Will each partner be entitled to a regular draw (a withdrawal of allocated profits from the business) or will all profits be distributed at the end of each year? You and your partners may have different financial needs and different ideas about how the money should be divided up and distributed, so this is an area to which you should pay particular attention. Partners' authority. Without an agreement to the contrary, any partner can bind the partnership (to a contract or debt, for example) without the consent of the other partners. If you want one or all of the partners to obtain the others' consent before obligating the partnership, you must make this clear in your partnership agreement. Partnership decision making. Although there's no magic formula or language for making decisions among partners, you'll head off a lot of trouble if you try to work it out beforehand. You may, for example, want to require a unanimous vote of all the partners for every business decision. Or if that leaves you feeling fettered, you can require a unanimous vote for major decisions and allow individual partners to make minor decisions on their own. In that case, your partnership agreement will have to describe what constitutes a major or minor decision. Management duties. You might not want to make ironclad rules about every management detail, but you'd be wise to work out some guidelines in advance. Admitting new partners. Eventually, you may want to expand the business and bring in new partners. Agreeing on a procedure for admitting new partners will make your lives a lot easier when this issue comes up. Withdrawal or death of a partner. At least as important as the rules for admitting new partners to the business are the rules for handling the departure of an owner. You should set up a reasonable buyout scheme in your partnership agreement. Resolving disputes. If you and your partners become deadlocked on an issue, do you want to go straight to court? It might benefit everyone involved if your partnership agreement provides for alternative dispute resolution, such as mediation or arbitration. #partnership #Business #agreement #rules #startups

One of the pleasures of starting your own business is the ability to choose the people you’re going to work with. However, if you’re dreaming of starting a business with a close friend, family member or former coworker as your business partner, don’t assume all will be smooth sailing just because you know each other. Just like marriages, business partnerships often run into rough waters. To ensure your business partnership stays on course, follow these tips. 1. Share the same values. Don’t write the first word of your business plan until you know that you and your partner have the same dreams, goals and vision for your new business. Does your partner dream of starting the next Starbucks, while you envision a part-time catering business that gives you plenty of time with your family? You and your partner must share the same core values, goals and work ethic if you want the business to succeed. 2. Choose a partner with complementary skills. When you and your business partner have different strengths, you'll double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing and people skills. This way, both partners can focus on doing what they enjoy and are good at. 3. Have a track record together. Succeeding as business partners doesn’t require having run a business together or even having worked together before. It does require a track record of going through similar challenges together successfully. Look for a partner you’ve handled conflicts with, achieved common goals with and survived tough times with in the past. 4. Clearly define each partner’s role and responsibilities. An informal organization where each partner does what’s needed at that moment may work in the very early startup stages, but not in the long term. Defining each partner’s job title and duties helps eliminate disagreements by giving each partner control of his or her domain. Employees and customers also benefit from knowing which partner handles what aspects of the business. 5. Select the right business structure. You can organize a partnership as a general partnership, limited partnership or limited liability partnership. However, you can also organize it as a C corporation or S corporation. Each form of business has its advantages and disadvantages in terms of liability, taxes and continuity. Talk to an attorney or other experienced advisor to help determine which form of business is right for you and your partner. 6. Put it in writing. Even if you're starting a business with your best friend from kindergarten, you need to draw up legal documents regarding your business structure, capital contribution to the business, how decisions will be made and disputes resolved and what happens if one partner wants to leave the business. Thinking through all the things that could go wrong and how you will handle them makes it easier to deal with any difficulties that do arise. 7. Be honest with each other. Soft-pedaling your true feelings because you don’t want to hurt your business partner will cause more problems than it eliminates. In order for your partnership to work, both of you must feel comfortable openly sharing your opinions and hashing out any disagreements that arise. Sweeping your concerns under the rug only leads to bitterness and resentment which can destroy your partnership—and your business. These can be tough issues to discuss, especially when you’re excited about your startup and can’t wait to get going. But unless you take the time to lay the foundation for a lasting business partnership, your new business may never get off the ground. #business #partnership #skills #steps #startups

Just because you’re operating a small business doesn’t mean you’re safe from cyber attacks. In fact, 81% of all cybersecurity breaches happen to small and medium-sized businesses. So how do you ensure your business is protected from cyber attacks at all times? Train your employees Employees and emails are a leading cause of data breaches for small businesses because they are a direct path into your systems. Training employees on basic internet best practices can go a long way in preventing cyber attacks. Maintain good cyber hygiene Use antivirus software and keep it updated Make sure each of your business’s computers is equipped with antivirus software and antispyware and updated regularly. Such software is readily available online from a variety of vendors. All software vendors regularly provide patches and updates to their products to correct security problems and improve functionality. Configure all software to install updates automatically. Secure your networks Safeguard your Internet connection by using a firewall and encrypting information. If you have a Wi-Fi network, make sure it is secure and hidden. To hide your Wi-Fi network, set up your wireless access point or router so it does not broadcast the network name, known as the Service Set Identifier (SSID). Password protect access to the router. Use strong passwords Using strong passwords is an easy way to improve your cybersecurity. Be sure to use different passwords for your different accounts. A strong password includes: 10 characters or more At least one uppercase letter At least one lowercase letter At least one number At least one special character Multifactor authentication Multifactor authentication requires additional information (e.g., a security code sent to your phone) to log in. Check with your vendors that handle sensitive data, especially financial institutions, to see if they offer multifactor authentication for your account. Protect sensitive data and back up the rest Back up your data Regularly back up the data on all computers. Critical data includes word processing documents, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files. Back up data automatically if possible, or at least weekly, and store the copies either offsite or on the cloud. Secure payment processing Work with your banks or card processors to ensure the most trusted and validated tools and anti-fraud services are being used. You may also have additional security obligations related to agreements with your bank or processor. Isolate payment systems from other, less secure programs and do not use the same computer to process payments and surf the Internet. Control physical access Prevent access or use of business computers by unauthorized individuals. Laptops can be particularly easy targets for theft or can be lost, so lock them up when unattended. Make sure a separate user account is created for each employee and require strong passwords. Administrative privileges should only be given to trusted IT staff and key personnel. #cybersecurity #cyberattack #safety #internet #businesses #sme

Every entrepreneur I know starts out with a strong conviction that their solution is a perfect match for their target market, and yet almost every one later admits a need to “pivot” before finding their groove. Few entrepreneurs know that even the most successful startups had pivots, which rarely get mentioned. For example, you probably never heard that both Facebook and YouTube started out fully intending to be dating sites, but pivoted to something more unique when they found that dating had already become an over-crowded market. Their pivots were early but real. The types of pivot are innumerable, but there are some more effective ones that I think every early startup should contemplate on a regular basis during their early growth period. Strip the solution down to a focus on a key feature. No solution can be everything to everyone, but your initial passion can make it feel that way. This confuses customers, and dilutes your marketing impact. I would call this the “less is more” or the “keep it simple” pivot. After initial traction, there is plenty of time to bring back more features. Add that “grabber” feature to make your solution stand out. Solutions that integrate all the features of multiple products, like Facebook and Twitter, rarely get broad visibility. You need a new and innovative addition to get customer attention, and stand out above competitors. Existing users are trained by use, and rarely move for usability alone. Hone your definition of target customer demographics. Facebook was aimed initially at college students, later aimed at consumers in general, and more recently found a lucrative growth path with businesses. Pivots thus are a normal and necessary process in expanding the market, and recognizing cultural shifts as well as kick-starting growth. Switch to a more attractive and lucrative business model. Often entrepreneurs start with a direct-to-customer business model, but learn that many domains only work with distributors or value-added resellers. Other popular business models to try include the subscription model, the razor-blade model, and free solutions supported by paid ads. Change competitive positioning and pricing to improve traction. Many high-margin, low-volume startups are forced to consider the price-volume tradeoff. Of course, a move on price also puts them in the realm of new competitors, including e-commerce vendors and big-box stores. You can’t be on both ends of this spectrum at the same time. Consider alternative technology platforms for the solution. Sometimes a startup has to pivot to a new technology to stay competitive or improve margins. Other domains like transportation have found the need to pivot, to meet environmental directives and alternative forms of energy. The world around us changes quickly, even for a startup. Adapt to an emerging customer need or pain. As economic conditions change, and government regulations evolve, businesses are motivated to seek new tools and processes for risk reduction and continued growth. It can be extremely valuable to pivot the focus of your new software technology tool from productivity to compliance. #businessgrowth #pivot #growth #SMe #startups

Have you been dreaming about dropping everything and starting your own company? Ask yourself these 5 questions before quitting your job and becoming an entrepreneur. Are you prepared for entrepreneurship? You might have been dreaming about becoming an entrepreneur since you were young, with visions of one day running your own (extremely profitable) lemonade stand. Over time, the role of entrepreneur has been glamorized and glorified, especially with all the stories of young, ambitious individuals becoming millionaires. The reality, however, is that most businesses fail and entrepreneurs end up having to go back to their 9-to-5 jobs. And when successful, building that empire does not happen overnight. It takes entrepreneurs years to develop their ideas, often encountering failure before finding success. All this to say that you need to be prepared for the realities of entrepreneurship. It will be very, very hard work. Is your idea viable? Billions of ideas are born every day. However, not every idea can be transformed into a business. You need to spend a lot of time researching the viability of your idea. Answer questions like: “Can it be produced effectively?”, “Is there a market for it?”, “Who is my potential competition?”. Equally important is to find out whether someone else has tried this in the past, and if so, why they failed. Some of our customers, for example, are looking for an opportunity to start their own business (and quit their regular job). They are not sure where to start, but know it is important to hit the ground running. Have you talked to others? If you are thinking about starting your own company, the first thing you should do is talk to other people. Talk to your partner, your friends, your mentor, and other entrepreneurs. This will help you to assess whether you are ready to take the risk. Not only is it good to talk about how entrepreneurship will affect your current lifestyle, it’s also helpful to talk through your business idea with others. Entrepreneurs are often worried about sharing their ideas with too many people. You might be protective of your idea, making sure nobody steals it from you. Nevertheless, it’s better to share ideas than to isolate yourself. The simple fact is that many people are too lazy to steal your idea. They won’t likely take the effort to try to recreate your venture. You will gain valuable insights when collaborating that you wouldn’t otherwise receive. Do you know how to leverage technology? Besides using technology to learn about your industry inside and out, you need to educate yourself on how to use technology to make your business successful. In the beginning, you will probably be a one-man show, taking care of everything from marketing to production. It is important to learn this new skillset before you jump in. You will need to know (at least the basics of) social media, paid advertising, data analysis, SEO, web design, blogging etc. If you are not on top of these technological tools, the competition will swallow you. Have you established a personal financial plan? This question might seem obvious, yet many people brush over this part. Have you educated yourself on managing finances? You need to have a strong grasp on your personal finances, as it could be months (or even years) before you make revenue. Your income will be inconsistent during this time, so your finances need to be prepared for that. One of the most important questions you need to ask yourself is how much money you need to sustain your current lifestyle – or where you need to make cutbacks. Finally, what is your backup plan if you run out of money? If you cannot figure out these answers by yourself, get a financial expert on your side. #startups #questions #risks #business #revenue #establishment

There are a number of challenges entrepreneurs experience throughout the course of success and failure: juggling client and talent retention, partner disputes, vendor acquisition issues and more. Depression and anxiety are familiar burnout symptoms. Running a startup is like chewing glass and staring into the abyss," said Elon Musk. "After a while, you stop staring, but the glass-chewing never ends.” Here are some ways to avoid entrepreneurial burnout: 1. Seek Out And Destroy Stress Triggers Stress is a common side effect of high-intensity business and a symptom of burnout. Identifying the daily and weekly triggers can help you avoid full-blown burnout. To identify these stress triggers, note down when stress arises and the tasks you're doing at that specific moment. After a few days, look at these stressful moments and ask yourself if these tasks are that important. You can eliminate them by changing the process of how you go about these tasks, delegating them to others and automating parts of the task. Eliminating stress from your workflow will keep burnout at bay and improve your long-term mental and physical health. 2. Get Rid Of Entrepreneurial Guilt Entrepreneurs will work from sunrise to sunset without stopping. Food, fun, relationships and other basic, important human needs are normally neglected as a result. It’s not that we don’t want to have fun every so often; it’s the guilt of not working that keeps us disengaged. One of the best ways to avoid burnout is to schedule time for yourself. Many of the most successful entrepreneurs take breaks and spend time doing something non-work-related. “Make this relaxation time a priority.” 3. Exercise One of the best ways to battle burnout is to get active. Scientists have found that regular participation in aerobic exercise has been shown to decrease overall levels of tension, elevate and stabilize mood, improve sleep, and improve self-esteem. You certainly don’t need to start training for a marathon. But carving out 30 minutes a day for fitness can help you avoid burnout. Yoga, running, spinning, kickboxing or even a brisk 20-minute walk around the neighborhood can have a positive impact on your daily mood and energy. 4. Meditate Meditation is a very powerful way to avoid burnout. In fact, a number of highly successful entrepreneurs swear by meditation. Health benefits of meditation include: • Decreased blood pressure • Lower heart rate • Less anxiety • Decreased stress Meditation is a fantastic way to avoid burnout because you can do it anywhere at anytime. Gym membership, weights or classes are not needed. You simply sit somewhere, straighten your back and concentrate on each deep inhale and exhale. 5. Restart From The Beginning Why did you become an entrepreneur? Maybe it was to make your own schedule or be more innovative. Whatever the reason, reminding yourself why you became an entrepreneur in the first place can help you avoid burnout. If you started your entrepreneurial journey somewhere other than where you live now, think about taking a trip back to where it all began. Visit where you had your first office or even the first startup you invested in. Take in the sights, smells and visit those favorite haunts, like that bustling coffee shop with free internet you once sat in searching for inspiration during the salad days. Restarting from the beginning could rekindle the spark burnout is trying to bury inside you. 6. Give Back There's no better way to put your professional life into perspective than philanthropy. Giving back comes in many forms and, to avoid burnout, you should give time rather than money. Donating money to your favorite charity is wonderful, but it doesn't compare to being in the true philanthropic moment. The main aim is to simply step away from work and truly feel the good you're doing in real-time. A few unique ways you can give back are: • Teaching a skill at a junior or community college • Mentoring up-and-coming entrepreneurs in your community • Volunteering to read weekly at a children’s cancer clinic • Donating your time and supplies to build something in your neighborhood Philanthropy is powerful for those who receive and for those who give. You get a glimpse into lives other than your own. There are several ways you can avoid burnout. However, in order to be saved from this common entrepreneurial pitfall, you’ll need to save yourself. Implement a few of the above tactics and see if it helps you get your personal and professional groove back. #entrepreneur #burnout #business #stress #activity #scaling #startups

Working mothers face many challenges. The desire to nurture your children while providing for the family have prompted many women to seek alternative employment outside the home. Instead of working typical 9 to 5 jobs, women are turning toward entrepreneurship – owning their own small businesses and leveraging their skills from the corporate world into marketable opportunities. Many women cite the flexibility of working for themselves as the main reason to seek non-traditional employment. Still others have the dream and vision to fill a niche with a product or service that helps them enrich the lives of other women and contribute to their communities. Striking the right balance between work and life is uniquely challenging for enterprising mothers – here are some ways to make both a success… Develop a Priority-Based Routine When you are growing your small business and raising small children, it seems like every task is urgent. However, prioritizing your daily duties can help break down larger tasks into more manageable bites. Take five minutes each morning to determine which tasks you must accomplish. Creating a routine where you complete the “urgent” tasks first starts a habit of making sure the greatest needs of both work and home are met. Your routine should include setting aside devoted time for work as well as focused time for family. Set Daily Goals that Allow for Flexibility You can categorize your work tasks into 4 boxes: Things you don’t want to do, and actually don’t need to do. Things you don’t want to do, but actually need to do. Things you want to do and actually need to do. Things you want to do, but actually don’t need to do. Your routine for the day can also include when you’ll set aside time for working -without interruptions – and when you set aside family time (mealtimes, playgroups with small children, homework supervision) – also without interruptions. The pieces in between you can use to take care of item number 4, while your “work only” times are for tasks two and three. Have Realistic Expectations You know that your business may not reach seven figures in the first year. Entrepreneurial moms should look at where in their market they fit, and take a careful look at how they can expect success to look. Understanding that starting a new business requires a long “ramp up” to be profitable is one thing most entrepreneurs stress to new business owners. More importantly, make sure you are doing something you are truly passionate about and that you have a deep love for. Doing so will motivate you to jump out of bed every morning to work on your craft and continue scaling it out. And finally, make sure you lay out a roadmap that outlines the milestones you plan to achieve with specifics to how you will measure success along the way, as well as the timeframe you plan to achieve these goals. Create a Your Tribe Beginning your own business means making a lot of connections – networking – and seeking out a market to launch your venture. Whether you’re a small bakery finding new clients or a custom clothing designer, putting your product on the market while raising children keeps you busy. Many communities have networking mixers through the area Chamber of Commerce, as well as small-business oriented seminars, lunches, or outings. Attending these events can help you reach out to other “mompreneurs”, gaining you not only exposure to your market but valuable business connections as well. Be Flexible Yet Mindful One thing that many moms-turned-entrepreneurs have learned is how to roll with life’s punches. From a business meeting that turns into a phone conference due to a sick child to answering emails at soccer practice, being able to accommodate to the unexpected is what can make the difference between your business being a success – and not. Understanding your priorities can help make you a more flexible business owner. Being mindful is another way that busy moms balance enterprise with motherhood. Many note that when they are playing with their children, they’re thinking about the business. When they’re working on their business from home, their thoughts are consumed with household tasks or worries about their child. Opting to engage in mindfulness means that you’re living each moment in the present. When you’re with your child, mentally put business aside and engage in quality attentiveness. When you’re working, focus on your work and make each task count. Whether you’re doing something for work or something for your family, dedicate all of your attention to that task. You’ll find that you are both a better parent and are more successful with your business. Know Your Limits Even the most flexible, mindful, scheduled mom/business owner has limitations. Realizing where you need to stop and when to take some of the pressure off a new business can easily consume every waking hour. Many business owners understand the value of persistence and the fact that  hard work will beat talent, but the key point here is to also make time to enjoy the process as well as the journey. Lastly, know that defining what it means to “do it all” should be done by you. #mompreneur #business #equilibrium #balancing #freedom #startup