Author: Nibletz Staff

Diversity and inclusion are hot topics in the business world right now. As a business owner, there are plenty of advantages of embracing diversity that go way beyond the perception of inclusion as some sort of social experiment. We’re going to take you through some of the incredible impacts diversity can bring to your business, and hopefully, give you a few tips on how to make it work. Let’s take a closer look at the incredible advantages of creating a diverse workforce.

Breaking the language barrier

When you hire people from different cultures, you might also get new language skills and expertise in foreign markets or local minority groups. While a language translation company can help you create multilingual marketing materials, having someone in house to talk to customers directly can be incredibly beneficial. It can have an enormous impact on your ability to sell products in a new demographic, from appealing to people from other countries to attracting your local immigrant population.

Different skill sets

People with diverse backgrounds tend to have different skill sets. And that means that when it comes to problem solving and creativity, you will have a far larger set of ideas to work with than you would with a team full of people all brought up in the same culture and environment. All businesses need new ideas to survive and thrive, and if everyone looks, talks, and thinks the same, the reality is that different approaches to solving issues are unlikely to arrive. Look at every single innovative company out there at the moment, and you will see that all of them have a positive approach to diversity, and many put their success down to it.

Attracting and retaining employees

Having an inclusive working environment is important to attract candidates to your company. You want people to feel comfortable, become loyal, and know that they can be themselves while working for your organization. And when you open up opportunities to a diverse range of candidates, you are more likely to find the most suitable person for the job.

Better perspective

It can be hard to see the world through other people’s eyes if you have no experience of their situations. By embracing diversity in the workplace, however, your business has the opportunity to inform you and change your attitudes. Let’s say you are a retail store owner. While you might tick all the accessibility boxes, you might not have any idea of how someone with a disability might experience a visit to your store. If you were to hire an employee with a disability, they might be able to give you that first-hand experience, and give you the opportunity to change things around a little, and think about creating a better environment.

Creates a meritocracy

Finally, diverse workplaces enjoy an environment where everyone is rewarded for their work, regardless of gender, age, disability or nationality. This type of meritocracy is appealing to everyone, as it is a culture that recognizes performance based on results alone, and everyone starts with the same opportunities. The result is that every single person you hire knows that if they work hard, and give you their full value, they will reap the rewards in a high-performing culture.

There’s a trend right now, ironically on social media. It’s the idea of detaching yourself from the grid. People are slowly warming to the idea of leaving the internet and digital society behind, abandoning their social media accounts and instead living a simpler life. It comes from the idea that digital connections actually have an adverse effect on society as a whole. However, it is important to realize two things about this movement if you’re a business owner.

First, it’s not as widespread as people believe and as such will not dramatically alter the size of a customer base online. Second, it’s actually more important for business owners to not only stay on the digital grid but cement their position.

The role of the digital world in business grows every day, and we can look at an example of this on social media.

Updating Social Media

Social media isn’t just about staying up to date with the random updates of individuals. Instead, it’s become a key broadcasting tool for business owners. Clients and customers expect to be kept up to date on the changes with the company. One of the easiest ways to do this is to use social media effectively.

As such, business owners must make sure that they are constantly updating their social media with fresh content and new updates. To do that it’s best to hire a social media manager. They’ll keep your company in the spotlight and on top of the market. Here are a few other things you should do to make sure you don’t fall off the grid.

Keep Connection Speeds High

You must make sure that there are no delays between your business and clients who want to connect. If there are then this is going to affect their impression of your company. There is no excuse for businesses not being able to instantly connect with customers. Clients should never ring you up and find that the employee they are calling has no signal. That’s why you should look into using tech such as commercial signal boosters by Wilson Pro in your office. With equipment like this, you can make sure there are no dead spots in your office and employees always stay connected.

Similarly, you should never have to tell customers that they’re going to have to wait a little longer for the transfer of an important document. You can avoid that by using a cloud server in your business model. With a cloud server, everything will be accessible to clients and employees at all times.

Find New Ways To Connect

Lastly, you should be looking for new ways to connect and reach your target audience. One of the ways to do this is to keep track of the latest tech hitting the market. For instance, you might want to look into the possibility of using VR tech. With VR tech, you can develop an entirely new way to market to customers and bring your product to life. In a few years, VR is going to become more important as a lot more people will have this type of technology in their home. As business owners, it pays to get ahead of the curve here and start looking into ways to market with it right now.

Any startup in the hospitality, leisure and tourism industry knows the power of local knowledge. It is essential if you want to successfully sell an experience or accommodation in a particular town or city. It’s also essential that you have agents available globally who can relate to your overseas customers. This can mean that your simple vacation apartment business is already operating on a global scale.

So how can a small business manage to reach international customers as well as providing the local knowledge they’ll need? Your power is in the people you recruit. As your property portfolio grows, it will reach new destinations that you may not be familiar with. You need people with local knowledge that can advise you on the unique selling points you should focus your marketing on. They’ll guide you along the journey of reaching the customer in their favorite places and in their tone of voice.

Having reliable members of staff all over the globe can be challenging. Most, if not all of your employees are remote from you. You may never meet them face to face. You may have to outsource your global payroll to meet the challenges of local laws for each employee. Most challenging of all could be coping with the time zone differences. Live conversations could be difficult to coordinate in an emergency. How can you make sure your customers are looked after if you’re not there to manage your reps?

Customer surveys are really useful to gauge how they rated their experience and the service your rep provided. You can use them to feed back to your employees and refine the function they perform. Even your order system can help provide useful insights about what customers really want. A couple of extra questions on the order form can help you refine your marketing efforts to deliver the most effective messages.

You might ask which leisure activities they plan to enjoy while staying with you. Or you might add a question about the importance of historical attractions. When you know what your customers are really looking for, your local reps can ensure they find that straight away.

How can you better manage remote or distant workers? They may need as much contact and interaction with you as you desire from them. You want to be sure they’re putting in the time and effort to effectively provide for your customers. They also want to know you value their effort and that you’re willing to reward them going above and beyond in their duties. Schedule a time each day when you can check in and exchange customer details and events.

Once a week, schedule a video call so you can talk about successes and challenges. This is the next best thing to face-to-face meetings. You can see that they are well and enthusiastic about their work. They can see that you take the time to care about their performance and success.

Relying on others to provide such crucial information and services for your business is challenging enough. Managing that from the other side of the world can be even harder! How do you take care of your overseas workforce?

Have you ever considered investing as a way to make money? There’s so much more to invest in than stocks, shares, and precious metals. Investing in startups is actually one of the best ways to make money. Here’s 4 reasons you should invest in them!

Be A Part Of Something Great

When you decide to invest in startups, you can become a part of something great. Depending on how much you invest, you might actually begin to have a say in the company and the way they run things. Even if you don’t play a big part in how they do what they do, you still get to put your name to it.

Make A Good Return On Your Investment

Investing in startups allows you to make a good return on your investment. Of course, even investing in startups isn’t without risk. However, if you believe in the idea and the people behind it, you can feel pretty confident that you’re going to make more than the money you invested back. It can take time to do this of course, so make sure you’re patient.

Help A Business To Get Off The Ground

It can feel really good to help a startup business get off the ground. Most startups don’t have the capital that they need to get going, but you can help them to make their dreams a reality. You’re going to feel great about it too!

It’s Really Simple To Do

Investing in startups is probably easier than you think to do. The below infographic explains everything!

credit to The Fortunate Investor

Online business is a growing industry, but that doesn’t mean that it’s easy to make an online venture a success. If you’re considering taking your existing business online or you have plans to invest in an online startup, here are some tips to help you find a winning formula.

Spotting a gap in the market

If you’re eager to expand an existing business or you want to come up with a new product, you can take a massive step forward by identifying a gap in the market. Products that serve a purpose usually sell well, and if you can find a solution to a problem or fulfill a need, you’ll give yourself every chance of success. Research the market carefully before you invest in an idea or start thinking about mass manufacturing. What is already out there? How much are people paying? Who is buying products that are similar to what you want to produce or sell? If your idea has already hit the big time, there’s little point in trying to compete in a saturated market.

Get your website right

When you know what you want to do, it’s essential to get your website right. This is your online shop, your showroom or the office you take potential clients into to try and encourage them to choose you. It’s the same as operating in the real world. Your site needs to impress in the same way a shop window or a car or bathroom showroom would do. If you’re dealing in e-commerce, it pays to invest in technology that enables you to process orders, take payments, and keep an eye on your business on the go. If this sounds appealing, click here to find out more about your options. Whatever your business, your website doesn’t just have to look brilliant. It also has to be functional and reliable. If your site keeps crashing, it takes an age to load photographs, or it’s virtually impossible to make a purchase within minutes, you’re likely to lose out.

Marketing your business

Your website is up and running, and it looks fantastic. The next job is to drive traffic and let as many people as possible know about your new online business. One of the best ways to get people to visit your website is to use SEO or search engine optimization. This is a technique, which in very simple terms moves your website link up the results page when you conduct an online search. Take Google, for example. If you enter some keywords ad press return, you’ll get a host of results. Which link would you follow? The first one or one on page 7? You’re almost always more likely to go for listings at the top of the page. As an online entrepreneur, this is where you want your link to be. You can improve your SEO ranking by using content rich with adwords, backlinks, anchor texts and key search terms, and it also pays to use a customized domain name. Share optimized content, such as blog posts, on your website and your social media profiles.  

Are you ready to take on the world of online business? If so, bear these helpful tips in mind. Good luck!

When you read a blog, article or column that focuses on the best bits about being an entrepreneur, one of the things that always crops up is the fact you won’t have to do any more job interviews. But this isn’t strictly true because when you are looking to raise further funds – for whatever reason – you will need to look for investors. You’ll very quickly realize that this is your equivalent.

You’ll have to find the right one, say the right things, look the part, and you’ll have to tailor your pitch to suit each and every one of them because each and every one of them will be different.

That’s why it is so important to know how you can impress a potential investor. From the little things to the big factors; all of these variables will have a say in your growth potential. So, here’s how to start impressing.

Present Well, Present Clearly

Investors have been around for a while; they tend to be switched on, perceptive and impatient. That’s why you need to get straight to the point, which should be your promising margins. It is as simple as that. They are investing in you as a business because they want to make some extra money, and so your vision isn’t going to be enough on its own. So, show them the figures, but make sure you present them in a polite, professional and enthusiastic way too. Perception is reality, and so something as small as passion when you speak will help.

Your Team Is The Best. Period.

When an investor is looking at an entrepreneur, one who is selling them a promise of growth, they will want to see the team that they have pulled together; the team that is going to deliver this promise. They will want to see their talent first hand, their passion and belief, and their skill. They will want to see they are the best. Perception can go a long way here. Something as small as bringing on BCI Janitorial to help make your office space as clean and organized as possible will show that you are an organized unit, as will ensuring your team are correctly presented. Investors will be looking at other opportunities and so the smallest detail could make your dreams, or crush them.

Show The Problem And Solve It

The most successful companies ever made are the ones that managed to identify a problem and a clever way of solving it, whether it be a product or a service. The larger a number of people who then fall within this bell curve the better because, well, the opportunities as a business will be better. Sure, hitting a niche market is a great way of starting out, but it isn’t going to attract an investor when you’re looking to grow. Nonetheless, the clearer the problem and the clearer your solution, the better. And remember, business success is built on simplicity, so don’t over-complicate your solution. It could even be worth looking at it again to see whether there is a more direct route you can take. It will be bad news if a potential investor spots an easier way of doing things before you.

Achieving success in a startup company is difficult, especially in the early days when you need everything to align so you can pay your employees, get the website up and running, preparing the promotional materials and everything else that your business needs to thrive. Above all else, your employees need to be working to their strengths. Your employees are the backbone of your company, and you need them to be firing on all cylinders. If you don’t have engaged employees, mistakes are made, and you will pay the price. Finding the balance of developing them and keeping them engaged can be difficult, but here are a few suggestions.

Set Up Achievable Goals

To develop your employees at a reasonable pace is to set targets that are not too short in timescale, but not too long either. A lot of businesses give annual goals, but this doesn’t instigate any sense of urgency to complete the task, but instead, it is likelier to encourage a last minute rush to complete the task! By setting up a quarterly task to complete, the goals are easier to complete, and the results are easier to see. From the perspective of the employer, a quarterly goal is much more quantifiable, and you can see the progress easily.

Offer Individual Growth Opportunities

Everyone learns things differently, and for a lot of people, they would prefer to learn skills they can utilize in and out of the workplace. As the employer, you need to address what skills they would benefit from in the structure of the company. Sending everyone onto a skills course is not beneficial because it is not something that everyone would benefit from, which wastes company time, plus it is a cost you could do without! By addressing each staff member’s individual strengths and weaknesses, they can be guided towards a learning program that is much more tailored to their current ability but also to their long-term goals in the company. The University of Maryland offers an online mba program that can be completed in 21 months, and an online course is a useful way to help your staff develop. An online course doesn’t take them away from their work, and it can be done in their spare time.

Keep In Touch Regularly

A common approach to giving feedback is to do it once or twice a year. How can you expect anyone to improve if you only give them information on their progress once every 6 months? As well, the end-of-year or bi-annual performance review is likely to be something that each staff member would dread. It should be a useful session to address certain issues and discuss how best to approach them, it shouldn’t be an exercise in chastising the person! By keeping in touch on a regular basis, it gives staff members the opportunity to address smaller issues and build on them rather than trying to fix massive problems before the next annual review. Improving on smaller issues is much more attainable for everyone, and it is easier for you to manage.    

Do you know what separates business success and failure? A business’s owner. It is the work that a business owner puts into their venture which ultimately makes or breaks it. It is the calls they make on both the everyday and important aspects of their business that makes the business what it is. It is the ideas they have to take it forward, and the way they implement them, that does in fact take a business forward. And to stop a business going backward, its owner must be prepared to go further than the extra mile. They must be prepared to learn everything there is to learn about their business. If you own a business or are a prospective owner of a business then make sure to take heed of the advice below.

To run a successful business and dominate your industry you need to be knowledgeable. You need to know everything there is to know about your business and the industry it markets in. You have to know everything from the exact details of your business model all the way to the personal likes and dislikes of your customers. If you aren’t attuned to absolutely everything regarding to your business then you need to become so. One way to do so is to learn. And one way to learn is to take courses. Yes, going back to school may sound like a step backward. But if you do so, and you do so correctly, come your graduation you will be many steps ahead of your competition. And going back to the world of education in order to benefit your business doesn’t mean you have to take a Business Management degree. There are a whole host of different courses to take and degrees to earn out there. You just have to pick the one that will help you understand and run your business a bit better. For instance, you may take a degree in order to understand your customers a bit better. If the main percentage of your business’s customer base are of an older generation then why not take studies that will help you understand them a bit better? You could take a Gerontology degree and learn all about the behavioral and psychological habits of the elderly. In taking this kind of venture you will not only increase your chances of understanding your customers but you will show to them that you are willing to go the extra mile to make their custom special. Or you may go back to school in order to hone your skills with the hands on aspects of your business. You could take a degree in Project Management, for instance. A Master’s in Project Management online will leave you in good stead in your future as a business owner. Being professionally trained in this area will mean you become an effective decision maker. And every business needs an effective decision maker at its helm.

So, if you want be successful in the world of business make sure not to dismiss the idea of going back to school. In order to run a successful business you need to sharpen the best tool that is afforded to you: your brain. You need to make sure it is full of everything you need to know on a daily basis to make your business a success. And to fill it with these things, you need to be open to the idea of being taught.

Getting any startup off the ground is a serious undertaking, but tech startups are certainly within the right industry in this modern and digital age. Of course, your tech-based startup is going to face its fair share of competition. All the popularity and demand for technological solutions to the world’s problems means that thousands of other like-minded entrepreneurs had the same idea as you to pave their way into the technological sector with a strong and innovative business concept. If you’re wondering how on earth you can power up your tech startup to stand out from the crowd, here are some pieces of advice which might help guide you to success.

Understand the concepts.

Being an entrepreneur requires creative ideas and a strong grasp of business, but the boss of any company doesn’t always have the technical knowledge required to carry out every single operation within their company. You’ll likely be looking into either outsourcing work during your business’ early days or hiring developers to help if you have the money. Either way, you’ll want some form of team to help turn your business concept into a reality. Yet, as explained over at https://www.entrepreneur.com, that doesn’t mean you should have no technical knowledge of the finer details involving your industry at all.

You likely have some interest in technology if you wanted to create a startup in the first place, and perhaps you have some coding skills or understanding of computer hardware, depending on the specific area in which your company will be based. If not, you should be furthering your knowledge so that you can explain how you want your ideas and concepts to be developed into real systems to your developers. You need to understand the language so that you can efficiently communicate what you want to be done. As explained on https://www.theguardian.com, an idea is only as good as its realized form.

Be vigilant when faced with security threats.

Security threats are something which which every modern day business must deal, whether it’s a threat to the physical premises in which your company is based or the virtual aspect of your business accessible through the internet. Security threats are unavoidable, but their damaging effects are preventable. As a tech startup, this should certainly be a priority for you. You could even head over to http://online.maryville.edu/cyber-security/bachelors/ for qualifications in cyber security if you’ve always had a penchant for safety precautions when it comes to technology.

As the owner of a startup, there’s a lot that you’ll have to do yourself in the early days of your company. Your organization is going to be vulnerable on so many levels, and it’s vital that you protect your company from potential security threats to your data and the overall system, as such attacks could damage everything you’ve built before you’ve even properly built it. It’s important that you take extra precautions with digital security, considering that your tech company likely depends on its digital capabilities to run smoothly.

Mobiles are taking over.

As explained over at http://seriousstartups.com, mobiles certainly are taking over the world of technology. Whilst they’ve been popular since their inception, the new smartphone breed of mobiles has further pushed other technologies out of the limelight, as mobiles can do everything. Consumers spend their time on mobiles rather than laptops, and that’s why your company needs to focus on gearing itself towards the future. Google’s search engine favors websites which are responsive to mobile phones, so you know what your tech startup needs to do if it wants to remain modern and relevant.

There’s a whole world of things to consider when you embark on a start up. The chances are, you know that by now. But, even when you think you’re on top of everything, another issue needs attention. Of course, no one who jumps head first into the startup world thinks it’s going to be plain sailing. You only have to look at the kinds of people who embark on these projects to see that much. In general, startup front runners are motivated, hardworking individuals who go above and beyond to get their ideas off the ground.

But, with so much focus on your project itself, you may find that you’ve neglected to consider one thing. The costs. Okay, chances are you haven’t neglected them altogether. But, you may have neglected how much work you’ll need to put in to keep on top of accounts. The good news is, there are ways to make things easier. You could pay an accountant to keep track of things. Or, you could look into something like a UAB accounts course and take care of things yourself. Whichever option you settle for, you need to find a way to get on top. If not, you could find things spinning out of control before you know it’s happening.

The first step towards getting your accounts under control is to gain an understanding of your outgoings and income. This may be hard to predict, but there are some ways to get a head start on things. Think, first, about where money will be going out. You’ll need to think about the cost of product materials. No matter your product, the chances are you’re going to need to pay some money towards production. Do your research to find out how much we’re talking. It may also be worth looking at what you’ll be spending if things get off the ground. You won’t want to halt production because demand got out of control. That’s a sure way towards failure. Instead, it can help to predict customer trends if possible.

As well as the upfront material costs, consider extra expenditure involved. A lot of the time, how much this is depends on how far you want to take things. For the most part, though, few of us would say we wouldn’t like our business to go as far as possible. So, you’ll also need to consider the cost of employing someone to help out. You can’t take on a fast-growing business on your own, and things will soon start to slip if you try. How much could you realistically afford to pay? Bear in mind that your rates will need to be competitive. Yet, you don’t want to put yourself out of pocket here. Think, too, about the tech costs you’ll need to consider. You may want to provide company computers. And, you’ll certainly need to supply an internet network. The good news is, there are ways to save here. All you need to do is research what they are.

Are you made of the ‘right stuff’ to enjoy success? It’s a question on the lips of anyone starting out in business for the first time, and there are certainly a few habits, traits, and practices that can help you become a successful entrepreneur. But the reality is that even if you tick off every box on the entrepreneurial skills checklist, there are no guarantees you will succeed. There is a fine line between success and failure in business, and to enjoy the former over the latter, you should take the following principles to heart.

A good work/life balance

One of the myths that always occurs about becoming a successful entrepreneur is that you have to invest all your time, 24-7-365, in running your business. But this could be a huge mistake. Almost 6 out of 10 successful entrepreneurs state that spending time with their families is critical to the success of their businesses. And while virtually all of them would agree that you can never actually switch off, if you can’t strike the right balance, it can often result in business failure – not success.

A robust network

Don’t believe the myth that entrepreneurs work exclusively by themselves, and are entirely self-reliant. Nothing could be further from the truth. Yes, there is the odd entrepreneur that succeeds in going it alone, but the vast majority have a good support network surrounding them that contribute to their successes. And the DIY ethic is also a myth – successful entrepreneurs rely on delegating and other people to take on specific roles within their business. Whether it helps with accounts, marketing, or product development, there are usually huge teams of individuals working behind every great entrepreneur.

Love what you do

If you love what you do, there is a lot more chance you will avoid failure. Passion is a big part of the reason why Entrepreneur Steve Altimari succeeds, for example. It was a love of brewing practices and learning about the different methods used to brew beer around the world that inspired Altimari to give up a Silicon Valley career and start work on a highly successful, award-winning brewing company. If you have a passion for a particular industry or product, it can be a huge boost to your chances of success.

Failure to fail

The biggest difference between successful entrepreneurs and failed business owners is that the former keep going. When your business fails, you should see it as a good thing, learn from your experience, and either make adjustments or move onto the next project. Just because a business tanks doesn’t mean you have no future. It’s also worth pointing out that a failed business isn’t necessarily one that dissolves. In fact, many business failures still get bought by other companies who think there is potential and are willing to make changes – meaning even a failing company could provide you with valuable funds to put towards a new idea.

If you want to enjoy success in business, follow your passions, be dogged and determined, and build up a good team and support network around you. It will make the difference – and even make a success out of a failure.

Even though every single day you run your business is an opportunity for you to market yourself, you may find that certain situations arise where a full-scale promotion campaign is needed. Perhaps your business is embarking on a new branch, or maybe you have reached a celebratory milestone, and you want to do something special to mark the occasion. Whatever it is, a marketing campaign that is well-executed has no drawbacks – the only thing it can do is get people talking about you, and therefore pull in customers. However, it isn’t always as easy as just putting a few things out on social media and updating your website. A great marketing campaign has many different arms attached to it, all who need to work in sync with one another. Here are all the different bases you need to cover to successfully deliver your campaign to the masses.

Get a press release out there

With the steady decline of the printed media, you may wonder if sending out a press release is even worth it anymore. But the truth is, they are so much more than simply a way to get into your local newspaper. Press releases are now picked up by multi-faceted organizations. So, even if you send out a press release to an industry-relevant magazine, it could end up on their website and social media instead. Utilize your in-house writing team to craft a press release that ticks all the boxes. If you’re unsure what any of these boxes are, read a guide like http://theprauthority.com/how-to-give-an-online-press-release-and-do-it-well/. A good press release has the power to get your campaign recognized in many different media formats, so take the time to make sure you get it right.

Connect to your local network

Are you aware of the business events that are currently going on in your area? If not, why not? Connecting with other companies and your service users can be a great way to spread your message and get results. Treat it as a form of direct marketing. For example, you may head to a casual networking event that is being held at a local bar. You don’t want to overwhelm people by giving them too much of a hard sell, but you can certainly drop off a few business cards and some flyers to help promote a specific event.
Image source

Improve your visibility

No matter what it is you are promoting, good engagement with your marketing campaign relies hugely upon visibility. This relates to how much you are shouting about what it is you are doing within the public sphere. For example, is your event or latest news clearly advertised on the front page of your website, or do readers really have to dig to find so much as a mention of it? Make sure your website and social media platforms are all on the same page and all promoting the campaign – continuity will help to get the message across.

A profit/loss plan is an important step that many investors unfortunately overlook. This is basically a set of limits that determine the maximum loss or gain that any given investor can take on an asset. Containing your losses is obviously very important, so the profit and loss plan is crucial to your strategy. Here’s how to form a solid plan for limiting your investment losses…

Devising the Plan

Devising a profit/loss plan may turn out to be a lot trickier than you might expect. First of all, you need to establish the maximum gain and the maximum loss you’ll accept from your investments, but these shouldn’t always be the same for every stock. For example, a small-cap growth stock is much more likely to rise and fall by 10% in a given year compared to a blue-chip stock. You need to analyze each stock on an individual basis, and make a good estimate as to how likely it is to rise and fall. A lot of investors use technical and fundamental analysis through high-end trading platforms to do this, which is one more reason why you need a Falcon trading computer! Another, albeit slower and less accurate way of doing this is modeling your plan on the performance of a specific benchmark, such as an index.

Putting It into Action

Once you’ve settled on your figures, whether they’re aggressive or conservative, it’s time to put your plan into action while avoiding as many hiccups as possible. Remember that there are two sides to this. You’ll need to sell your stocks both when they rise to a certain level, and when they fall to a certain level. Brokers won’t let you make two different selling orders for a single security, so you need to take some time to decide which one you’d like to enter first. In many cases, it’s wiser to start with orders that protect your downside. Consider using a stop-loss order, which will instruct your broker to buy or sell a certain stock once it reaches a given price. Precautions like this will ensure that you don’t get burned when the market is on a downturn, especially if you don’t have the time to keep tabs on your stocks every hour of the day. Still, when you’re first setting up stop losses, you should make a point of keeping an eye on the market’s swing. If your price winds up appreciating up to your upper parameter, you’ll need to change the price of your stop loss order.

Maintaining Discipline

Once you’ve put a well-thought out profit/loss plan into practice, all you need to do is stay disciplined, and remember that the whole idea behind the plan is establishing strict limits on when to sell. It can be painful to see a stock keep on rising after you’ve sold it, but it’s better to sell when it’s on the way up, rather than simply waiting until you’re forced to dump the stock due to its rapidly collapsing price. Don’t hold out for top dollar if the risk is too high!

When you decide to embrace the startup life, you need to be aware of the obstacles that might be paving your road to success. Startups are just like any business likely to make mistakes, even more, if this is your first step as an entrepreneur. Lack of knowledge and experience are often the main reason for mistakes. Besides, making mistakes is not the worst part. Not realizing that you are in the wrong can seriously damage your business model. Commonly, in the world of startups, most mistakes come from issues related to a lack of leadership skills, a lack of digital intelligence – or the understanding to use digital technology as a growth tool – and the lack of management rules. While this might seem a little confusing at first, for first-time entrepreneurs it is considered normal not to get things right immediately. The emphasis is not on choosing the wrong path, but on not managing to change your ways on time once it’s been established that they are damaging. So consider yourself warned and dive into the core of startup failures.

Poor Leadership

Leadership failures are common for inexperienced entrepreneurs who are keen to establish their authority. Often, narrow-mindedness is the biggest enemy of success, especially as the entrepreneur refuses to seek support or advice to improve their business structure and processes. While it takes a lot of confidence to launch a business, this also requires humility to be able to listen to experts and external advisors. More often than not, a startup collapses when the entrepreneur didn’t have the right intentions behind the creation of the business. In other words, wanting to get rich is called ambition, but launching a business only to increase your income with no interest in the quality of your product or service is pure madness.

No Digital Intelligence

Digital intelligence is the ability to make the most of the digital tools to support your business growth and generate cost- and time-saving solutions. In the world of business, this can relate to a variety of scenarios. For example, a business that prefers to waste employees’ time in clients meetings instead of organizing video conferences is lacking digital intelligence and also reducing its productivity. Another common example for digital businesses is when services are not monitored through a cloud load balancer to ensure that websites and online applications are available when users need them. To put it in other words, a business that displays a server error message reduce potential customership. Providing online network continuity enables all client connections to run smoothly, even during peak times.  

Lack Of Rules

Finally, nobody likes rules, but they are essential to keep the business running efficiently. For instance, when certain employees have the right to be rude or disrespectful towards others – which could be a possible risk in a family business – can be particularly damaging to the morale and the performance of the team. Also, as most offices have developed a mentality of interruptions, where individuals have acquired the right to interrupt the work day of other employees with no regard to their tasks and commitments, it is essential to train the team to reduce interruptions. Interruptions can be varied, from an email with a cute video to an unplanned meeting, but they are all time-consuming and counterproductive.