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Top Entrepreneurial News of the Day

6 August, 2010
  • A Jump in Hiring—But Only Part-Time | BusinessWeek.com: More temp workers are being hired, but companies don’t trust the recovery— hence, they’re not making full-time offers.
  • Private Growth Is Tepid as U.S. Economy Sheds Jobs Overall | NYTimes.com: The unemployment rate held at 9.5 percent as private employers added 71,000 jobs in July, fewer than forecast, while governments cut their payrolls by 221,000.
  • Did the Recession Actually End? | CNNMoney.com: The National Bureau of Economic Research is known to be slow at declaring the starts and stops of a recession, but it looks as if it might have been right to hold off on any bold declarations this time around, potentially proving many policymakers and Wall Street analysts wrong.
  • Beyond the Sporting Life | Entrepreneur.com: Few athletes are able to achieve the levels of influence as Drew Brees or Dave Bing, but a growing number of pros is following an entrepreneurial path … and not always after their playing days end, either.

Categories: general

Tips for the Entrepreneurial Traveler – Australia Edition

6 August, 2010

Contributed by Gayle Cotton, an Emmy Award winner, communications expert and keynote speaker. This blog entry, which was first published on Gayle’s blog, www.circlesofexcellence.com, highlights how to effectively communicate with Australians. This will be an ongoing segment in EO Bold.

 Conversational Tips

  • Australians tend to be enthusiastic conversationalists and debaters. A wide range of topics may be open to discussion.
  • Don’t boast about yourself or your company’s accomplishments. Instead, Australians will judge your competence and abilities through your actions.
  • Cynicism is part of the national character. It may be directed at people who seem too wealthy or powerful. In this culture, there is greater respect for the “underdog.”
  • The work environment in Australian business culture tends to be collaborative. Before a decision is made, top management will consult subordinates and their input will be given careful consideration. Consequently, decision-making will be slower, so don’t rush this process.
  • Australians generally dislike aggressive sales techniques. Since they value directness, presentations of any kind should be straightforward, with an emphasis on both the positive and negative outcomes.
  • Point with your entire hand; pointing at someone with your index finger may be considered impolite.
  • Australian hospitality tends to be somewhat informal, particularly when you are invited to a home. Barbecues, affectionately known as “barbies,” are a very popular form of entertaining.
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Categories: general

Tags: bold cross cultural business cultural taboos cultural tips for countries gayle cotton

Work Teams: Internal and External Influences on Performance

5 August, 2010

Contributed by Dr. Todd Harris, a director of research at PI and an expert in industrial and organizational psychology. Todd has advised clients, ranging from small businesses to Fortune 100 companies, on leadership, personality assessment and talent management.

Organizations throughout the world have increasingly adopted team-based work structures. Consider the following points:

  • As many as half of the Fortune 500 companies use teams in some part of their operations.
  • Studies of managers show that they spend 30-80 percent of their time in team meetings.
  • As many as 11 million meetings occur daily in North America.

Most models of the organization of the future are premised on teams surpassing individuals as the primary performance unit in the company. Clearly, changes in the world of work—such as advances in information technology, globalization, hyper-competition, knowledge-based work, and worker empowerment—will mean the workplace of the future will be much more collaborative than its predecessor.

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Categories: general

Tags: advice bold business dr. todd harris meetings small business

Coaching is a Daily Practice

4 August, 2010

Contributed by Chuck Carey, the president and co-founder, Troika Design Group, based in Hollywood, California.

When the Los Angeles Lakers won the 2010 NBA Finals, why did celebrated coach Phil Jackson sit on the sidelines while his players celebrated on the court? Why does a baseball coach stay in the dugout when their team leaps onto the field after a win?

From Shakespeare to Eastern philosophy, great minds have said for centuries that true leaders operate behind the scenes, away from the fame. As the co-founder and president of a design and branding company, it is also my chief responsibility to quietly set up my team for success.

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Categories: general

Tags: advice bold business career chuck carey coaching employees leaders tips

Catch Them While They’re Young!

3 August, 2010

Written by Akhil Shahani, director of The Shahani Group.

In theory, all companies like to believe that they’re hiring the best people, and that it really takes talent to make it into their organization. But is that really true? Hiring two out of 200 job seekers doesn’t really mean a thing if they’re not the best among the entire universe of possible candidates. So, how do you go about hiring top quality people?

The real problem with hiring people once they’re through with college is that the best professionals are rarely found in the job market. They’re so busy making it big in their careers, or are so valued by their existing employers, that switching jobs holds very little incentive.

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Categories: general

Tags: advice akhil shahani bold business career hiring interns small business tips

Top Entrepreneurial News of the Day

3 August, 2010
  • Manufacturing Sector Grows for 12th Straight Month | Forbes.com: The manufacturing sector grew in July for the 12th straight month, providing a boost to the slowing economic recovery.
  • BP Spill Uncorked 4.9 Million Barrels of Oil | WSJ.com: Teams of scientists working with the U.S. government estimate that 62,000 barrels of oil a day—or a total of 4.9 million barrels—leaked into the Gulf of Mexico from the shattered well operated by BP.
  • Consumer Spending and Incomes in U.S. Stagnate | Bloomberg.com: Consumer spending and personal incomes in the U.S. unexpectedly stagnated in June, showing a lack of jobs is hurting the biggest part of the economy.
  • Don’t Worry, Working Moms | NYTimes.com: The study showed that, over all, children whose mothers went back to full-time work within the first 12 months after birth performed worse on a series of cognitive tests.

Categories: general

Nine Reasons to Reconsider Funding

2 August, 2010

Contributed by Bill Liao, the co-founder of XING.com, a business social networking site.

I was the CEO of a company that had just closed a €7 million deal, and then six months later we were bankrupt because of my choices dealing with funding. Here are nine things to consider before resorting to funding:

9. Look at how the money is going to affect your team. When my company received money, my team was not as crisp and tight as they used to be. They all began to want pay raises and our projects started wasting more money. I learned that money can make productive, well-intentioned people sloppier, greedier and less focused on getting to market.

8. Investment cash is only a distraction for you and your team. Investment cash does not allow your company to become better at what it does.

7. A false sense of achievement is a hazard of raising capital. You and your team just worked your butts off to get more cash for the business, but without creating any value for yourself or your team. What’s more, how you did it did not teach anything of real importance regarding how to make the business run better.

6. A real sense of failure is what comes when you go out, bang on door after door looking for cash and it does not come. If entrepreneurs had put the effort into building a team of people who are working for equity and focused on the product, they would have been far better off.

5. Incentives do not work. It quells creativity and innovation. Incentives force your company to be a certain way, to not focus on your team building or your intellectual property.

4. Innovation comes from desperation. From my experience, when times are tough people always figure out ways to do more with less.

3. Once companies receive funding, they start becoming “Bozoville,” hiring only “experienced” people, but the “experienced” person is not always the best decision. Employees who are in hungry, innovative companies figure out great ways to get things done on a shoe-string budget; however, with the “bozos,” everything that made your company unique gets diluted by the ideas of people who are only there for the money.

2. Money can make you stupid. I know from personal experience that when I focus on money, I often make the worst decisions. When I focus on value, my teams and having fun with what I am doing, I make much better choices.

1. It is not your money. It may feel like you can use that cash investment for whatever you want, but money always comes with strings attached. Just this small freedom should make you think twice before putting your hand in the funding cookie jar.

None of these reasons say you should never go for funding, but I hope they make you think hard about whether you really need to.

Categories: general

Tags: advice bill liao bold business business idea career entrepreneur funding investment small business

Top Entrepreneurial News of the Day

2 August, 2010
  • Six Must-Have iPhone Apps | Entrepreneur.com: Want to stay on par with the technology trends? Looking for a few good iPhone apps to make running your business a little easier? Look no further! Here are the top six must-have iPhone apps for entrepreneurs everywhere.
  • Restoring the BP Brand Name | FastCompany.com: In the wake of one of the worst man-made disasters in US history, FastCompany.com steps in and talks about how to restore the BP brand name.
  • Seven Reasons Why You Shouldn’t Send Your Kids to College | DailyFinance.com: Looking for ways to beef up your retirement account? Here’s an interesting, albeit controversial, look at the many reasons why you shouldn’t send your kids to college.
  • How the Mighty Fall | BusinessWeek.com: Jim Collins, author of Good to Great, talks about how to stay on top in business, how some companies give in and how to prevent yourself from falling.

Categories: general

Top Entrepreneurial News of the Day

30 July, 2010
  • Tips For Small Business On Getting Media Attention – Resources – Portfolio.com: If you are trying to get your business in the news or some kind of attention here are the best ways to do it. And no it does not involve social media, just some good media relations skills.
  • Body Language: You Say More Than You Think | BusinessBlogs Hub: When you focus on yourself and how you react you become self-aware and see how your actions contribute to the overall end result. This is also true in how your body reacts when conversing with other people. This article goes into a few different body language positions and explains how to analyze them.
  • Banks Increase Small Business Lending: Looks like US banks are taking the hint to lend to small businesses and are finally doing it. The banks becoming more active in small business lending are Bank of America, Wells Fargo, Citigroup and JP Morgan Chase.
  • Are You Selling the Wrong Product?: When you are an entrepreneur, your business is to build your business, not to sell your product. Make sure you’re focusing on that key aspect and hiring others to sell your product.

Categories: general

Four Phases of Your Business

30 July, 2010

 

Contributed by Jason Fry, the president and CEO of Zotes Products, LLC.

As entrepreneurs, each of us faces myriad challenges. These challenges not only stretch our capacities, patience and ability to keep employees focused on the company vision, it also allows for alternate ways of thinking to begin creeping into our company culture. One of the most important business lessons I learned was the four-phase approach to business taught to me by my grandfather Don Pickett, a very successful entrepreneur. He taught me that every company has four phases, and your ability as a leader will be judged on how well you keep your company in Phase 1.

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Categories: general

Tags: advice blame stage burial stage business career creative stage entrepreneur four phases jason fry management stage small business

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