Tips for Productivity
NCAA’s March Madness Lessons for Business Owners
Every year since 1939 the NCAA college basketball tournament, now affectionately referred to as March Madness, has been a highly celebrated event in American popular culture–mostly because of school pride and the bragging rights that come as a result of being deemed the best in the sport. In more recent years, however, as the total number of teams playing in the tournament has increased, and subsequently the competitiveness of the sport, its popularity has grown significantly, and it is now broadcast across on at least four major networks, and watched by individuals even outside of the United States.
For businesses owners in particular, there are some things to learn from this global, annual phenomenon. The level of excitement and energy surrounding it doesn’t come easily. To get to the level of “madness,” here are a few you should note:
- 1. Don’t Be Afraid To Grow
When the tournament first began nearly eight decades ago, there were just 8 teams playing against one another. 40 years after its launch, the organization had expanded to include 48 teams across the division in total. Today, that number has grown to 68 different colleges and universities, which has provided a space for the inclusion of those that were accomplished but previously excluded because of the limited number invited to participate. The ability to evolve and recognize a need has payed off for the organization, as well as for teams that have grown as a result playing against greater odds, and those which have defeated the odds altogether, which fans of the game refer to as the “Cinderella Team.” - Get Active Participation from Outsiders
The only bigger than your team winning during March Madness is accurately predicting that they would. Americans love brackets, and seemingly everyone from school campuses to corporate offices get in on the action. It has become tradition, and in many instances, is bigger than the game itself. This type of participation from the outside world is welcome PR for the organization, and keeps the conversation going, even for those who don’t otherwise watch the events. Any business or organization that can have millions of other people equally invested in its efforts is in a great position. - Marketing Is A Must
Which brings me to my next point. The NCAA could assume that if they merely make the game available, those with brackets would be involved and the popularity, after 80 years, would be consistent. Yet, it actively promotes and uses every marketing tool available to not only maintain involvement but to increase the number of those engaged. On social media, television, and radio, the organization has actively made the public aware of the games and brackets, and will continue to do so through the rest of the month. The lesson in this is that you should always be marketing your products, services and/or events. There is always room for growth, no matter your place in the market.
Above all, March Madness is about fun, and about teamwork. Those two things should be a part of everyone’s business culture, as they are each a determining of factor of success. Most importantly, one should always strive to be the best, and continue getting better.
Should We Encourage Entrepreneurship as a Career?
Take a look in business magazine and you’ll run across a story about startups, or small businesses started by typically young, ambitious college grads, capitalizing off of the growing tech market. News about such frequently includes news about financing, huge investments from equally eager venture capitalists, ready to strike gold with the next Google or Yelp, and some businesses being valued at a whopping $1 billion just a few years off the ground. Those with such credentials have been labeled unicorns by industry experts, and there are quite a few of them in the U.S. and throughout the world.
As a result, it would appear that small business in the country is thriving. To a point, that is the case. In the last year, small businesses, which make up about half of America’s overall economy, have managed an official post-recession comeback. In 2015, small businesses appeared more optimistic about growth, experienced a surge in sales, and added a few jobs. However, research shows that small business in the U.S. as a whole has been steadily declining, not just recently, but since the 1970s. According the Kauffman Foundation and Brookings Institute the number of reported small businesses less than a year old has dropped by nearly half, more specifically, 44 percent, since 1978. The organizations pulled their information from U.S. Census data.
Add to that findings within the last year which also show that the number of businesses closing exceeded the number of those opening, beginning in 2008. So, we have a double issue in which a lack of growth from new companies is coupled with a rapid of failure of established businesses. Some have speculated that the impetus for such is a generational one. Inc. com, for example, sites the likes of Apple’s Steve Jobs, Microsoft’s Bill Gates, and TV maven Oprah Winfrey as an example of the gap in entrepreneurship today compared to that of the Baby Boomer generation, to which the aforementioned belong. Even for Gen X’ers, the percentage of young business owners exceed that of Millennials.
The writer has a point, but I don’t think the fault rests solely on millennials. I think we fail younger generations by teaching them to seek stable careers rather than risk or giving inspiration to establish their own businesses. Look no further than the increased pressure in recent years to attend college, and now, to seek an advanced degree. The message has been to work hard and set yourself up to find a stable career after college.
Nevertheless, there are some who do see the opportunity to impress upon their children the value of entrepreneurship, or to support, rather, the children in their endeavors and interest. Craig Zamary, an entrepreneur himself, began teaching his son about business ownership and management after his son expressed a desire to work for himself. His son was in the first grade. Eventually, Craig would end up teaching an entire class of second graders about entrepreneurship, and nurturing the children’s business ideas to become a reality.
This experiment proved successful for a number of reasons, which we can learn as adults, and use as a foundation for inspiring our children to lead their own way. Craig found that the children’s lack of fear was hugely beneficial as well their use of imagination. They were able to think creatively and about possibility rather than reality. Another reason for teaching entrepreneurship early is that it establishes good principles and allow the children to build on the practice they get from their experiences.
Innovation drives our culture, our way of life and the world. Fearless, imaginative entrepreneurs have contributed so much to our development. We could certainly benefit from more. Thus, it’s extremely important to begin teaching and encouraging entrepreneurship as much as we encourage becoming a lawyer or a chef. They all work together.
Social Media: Big Business for Small Business
Big box stores and franchises have all but erased the need for small business in the age of internet. Perhaps erased is hyperbole; small business is on the rise in almost all states in the U.S., according to a very recent study from the Kauffman Foundation. Yet, the abundance of options today has certainly has made it harder to simply “build it and they will come.” In 2015, just as in the late 90s and early 2000s, where it was imperative for businesses to create a website and email address, as more people began to communicate online, businesses of all sizes must establish an online presence through social media if they hope to thrive in today’s market.
More than 60% of internet users, 2.078 billion people, have an active social media account. Hence, it’s probably likely that most small business owners have a personal account, themselves, and are aware of how it works. In fact, it’s not uncommon to see personal profiles on social giants like Facebook and its subsidiary, Instagram, sharing information about their businesses or trying to sell products and services, using relationships with their personal networks as a business opportunity. While that has its place, for sure, it is not the optimal way to leverage social media for your company.
Not all small business are in the dark, of course. A study from LinkedIn suggests that 81% of small businesses have created a page on a social platform, most of them (94%) for marketing purposes. However, that means there are at least 5 million business not taking advantage of the opportunities available for everyone. Branding and advertising on social media are attractive to small businesses with comparatively small budgets, because unlike most other ways of marketing your business, social profiles are usually free, but reach large audiences. Of those audiences, majority of them are looking for products online, first, before deciding to spend money. If you’re not there, you’re not a part of that conversation.
Thus, it’s imperative to begin thinking strategically about branding your business on social media. This requires knowing how each site works, and what type of people use it most, to determine whether it makes sense for your business in particular. From there, create goals about what you hope to accomplish with your profile. It could be anything from creating brand awareness, driving traffic to your website, or building a community of people with whom you share information, as a reward for loyalty to your product. There are other steps listed in this comprehensive article, which include ways to engage your audience rather than merely gain a following.
Regardless of what your product is, what site you choose to be a part of, or what you hope to accomplish online, the undeniable reality is that your business should definitely have its own a social media account. The trends and use of such only continue to grow. Put your company in a position to grow with it rather than to be left behind.
Three Characteristics of Excellent Entrepreneurs
No matter how you conceptualize the definition of success, most experts agree that a number of common attributes are nearly universal among successful businesspeople. A lucky few are surely born possessing the perfect cocktail of characteristics to ensure success in the market of their choice, but never fret. Even if you do not believe yourself to be among that exalted minority, these traits are all more often learned than not. Practice and conscious effort to develop the right set of skills can transform any hard worker into the kind of individual more than qualified to helm their own business venture.
Know What You Love
What you invest in your business is what you will get out of it. This extends from emotional satisfaction to financial gain and beyond. Therefore, if you do not love the work that you do, it is likely that you will struggle putting in the extra hours when that time comes. There is no substitute for sincere passion. Love what you are doing to increase your chances of success and guarantee that no matter what happens, at least you had a good time giving it your all.
Go All In
To be successful, you need to truly believe in the value of what you and your team are bringing to the table. Many entrepreneurs are easily side-tracked or lose motivation, especially in the beginning, when most of the future business they are aspiring to create is still just an aspirational dream. Know when it is time to keep your nose to the grindstone and get the work done. If you are not willing to take your business seriously, then why give a half-hearted effort at all? Drown out the skeptics (as well as self-doubt) and embrace that what you have committed to accomplishing is the only thing you need to worry about right now.
Be a Planner
Planning every detail of your blossoming business is non-negotiable. The most critical weapon in your arsenal, both in warfare and in the business world, is information. Proper planning demands that you compile as much relevant data as possible, analyze it accurately, and leverage your conclusions for the benefit of your company. It also will help keep your focus grounded in the stated goals. Use the plan as a gage for where you are in relation to where you want to be, and how progress is unfolding. Although even the best-laid plans are liable to run into unanticipated obstacles, the old adage remains to true – if you fail to plan, then plan to fail.
Three Tips for First-Time Business Owners
It is often said that nothing worth having comes easy. Although that might not apply to every one of life’s scenarios, it certainly does hold true when it comes to building your company. There are a truly tremendous number of obstacles to overcome between an entrepreneur and the business of their dreams. Furthermore, the skills necessary to tackle many of these challenges are not taught in class. An on-the-job education is always an enormous component of growing your presence within any given market, especially in the highest leadership capacity. It is therefore critical that you seek out mentorship from people you respect and from those who have accomplished the goals you now pursue. Additionally, having a voracious appetite for information will keep your mind sharp and your reflexes agile for when the going does inevitably get tough. There are several things to keep on the forefront of your mind as do embrace your new identity of an entrepreneur.
Keep Your Eye on the Prize
A large number of first-time business owners can be overwhelmed by the freedom that the role brings. Granted, it is better to be lost in an ocean of opportunities than to be incapable of finding some place to devote your efforts, but you absolutely must remain focused. Your excitement, enthusiasm, and energy will be exceedingly high, so you may be more easily sidetracked. As a result, you can become distracted or spread yourself too thin to adequately accomplish whatever your original vision for your company was. If you are building a business, you have a plan in place. It would definitely be folly to keep your head down and ignore unanticipated chances to take your company to the next level. However, it is equally dangerous to jump into so many new ventures or partnerships that your organization’s identity or path to success becomes diluted and unclear. When you are an entrepreneur, you need to know when to forego the chance to try doing 10 things well for the opportunity to do one thing perfectly.
Stick to What You Know
An entrepreneur is, in many ways, a dreamer. You need to be able to see a future that others could not, and then you need to the wherewithal to lead your team there. However, just as important as having that vision, is the discipline and skillsets necessary to lay out a path to success and follow it. Do not enter an industry or market because you like the way it sounds or you assume it could be lucrative. There is ample room in entrepreneurship for big goals but none for fantasy. You need to truly be passionate about what your work is. If that’s the case, then you will also likely be an expert. People love what they are good at, and they are good at what they love. Be certain that this is the case for you and your business. If your heart is not in your work, you will have a difficult time finding sustainable success.
Keep It Simple
If you cannot explain what your vision and purpose for your organization is in 30 seconds, there is a strong chance you are in the wrong business. A good gage for the extent to which you understand something is whether or not you can explain it to a child. Not only do you need to be able to communicate what your work is clearly, but you also should be able to inspire excitement. Between potential customers and investors, you should be prepared to pitch your business at a moment’s notice in a clear and concise way that caters to the audience. In these conversations, where you have one shot and a tiny window of time to make the right impression, quality will always beat quantity.
