Written by EO Puerto Rico member and business strategy and software engineering expert Carlos Meléndez. The original version of this article appeared on Carlos’ company blog. There’s been lots of talk about how artificial intelligence (AI) could replace workers in the not-too-distant future. According to Oxford University researchers, 47 percent of U.S. jobs could be replaced by robots, automated technology and artificial intelligence (AI) within the next 20 years. And Elon Musk even went so far as to say the threat of AI is greater than that of North Korea. Other notable business authorities concur that the threat of AI as a job-stealer is real, and will lead to massive company layoffs and unemployment.
Distinguishing Between AI and AutomationPart of the problem is the need for greater clarity between AI and automation. Automation involves using technology to handle repetitive, lower-level tasks previously conducted by humans, with a goal toward reducing workers and subsequently costs. AI, on the other hand, is smarter—it works to gather new insights and identify patterns to enable better performance, predict behaviors, enhance customer service and more—but at its core, it relies on data scientists and data engineers to create and continually refine algorithms. The greatest risk of technology replacing workers is through automation when workers carry out very specific repeatable processes, or operate machinery in a predictable environment. This might include plant operations, parts assembly or data entry of insurance claims. According to McKinsey Global Institute the technical feasibility of automating such activities is 78 percent. And the World Bank estimates that around 57 percent of jobs could be automated within the next 20 years. Understanding the LimitationsYet even with automation and its very real threats, there will still be a need for human intelligence to handle exceptions. While a robot may be performing the task, what happens when there is a discrepancy or change that occurs in the assembly line? A robot is not smart enough to handle something that it never was trained to handle, and leaving any critical task up to a robot can spell dire consequences or even catastrophe in some cases. Also, history shows that there may always be a need for humans. As a case in point, the first Automatic Teller Machines (ATMS), were installed 50 years ago, and there are now 420,000 in the United States. International Monetary Fund analysis shows the number of human tellers did not drop, but rose slightly. Once automation takes over, human jobs shift to do different more complex tasks. Once one job is mastered, new ones open up because that’s the nature of humans—to constantly reinvent, improve and advance. The Real ThreatWhen it comes to AI, the real danger is not in replacing the human workforce as we know it, but in letting AI take the lead, instead of simply supporting human functions. For example, autonomous vehicles may not always know how to make the right choice if they must choose between hitting a pot hole in the road, or avoiding the pot hole but hitting a person on the sidewalk. Or what happens when there is a malfunction at a nuclear power plant and the AI solution makes the wrong choice? Smart AI solutions will always need human oversight, and a new job for humans may be to make sure AI algorithms are doing the right thing. As is human nature, we tend to fear what is unknown or focus on the negative possibilities. Instead of worrying about the dangers of automation taking jobs away from humans, we should focus on freeing up our time to focus on more strategic meaningful tasks. And when it comes to AI, we can use the information that these intelligent apps provide to greatly improve our results. For example, if an AI program can scan all the relevant medical research and current clinical trials, doctors can then make the best recommendations for their cancer patients. AI isn’t something to be feared, but rather something to be appreciated as it brings new insights to complex problems and supports humans as we find treatments to diseases, build safer cars and continue to advance our quality of life. As COO and co-founder of artificial intelligence and software engineering services firm, Wovenware, Carlos Meléndez helps companies achieve customized digital transformation to propel their businesses to the next level. Carlos has been a member of EO Puerto Rico since 2016. Read more by Carlos Meléndez from the blog on his company site.
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Written for EO by Ashley Fletcher Frampton Anyone who has embarked on the entrepreneurship journey knows the risks are plentiful. One area of risk that cannot be underestimated is your company’s information technology (IT) system: It can impact everything from data security to business performance. The rise of cloud computing has lowered this exposure dramatically. Here’s how—and why—to take advantage of cloud computing for your small business. How Cloud Computing Reduces RiskCloud computing allows entrepreneurs to outsource the risks associated with data security, along with the responsibility of backing up files, updating software and maintaining costly on-site hardware. Here are some additional benefits of could computing:
How to Get Started with Cloud ComputingIf you’ve decided the cloud is right for your small business, here are some tips for getting started: 2. Do the math. Once you’ve identified the cloud services that can power your business, add up the costs. Many cloud services are inexpensive on a monthly basis and require no initial capital outlays. Just make sure you aren’t signing up for so many services that you rack up a bill you can’t afford. Know how your costs will rise as you add users. Consider starting with the cloud services you need most and adding more later. 3. Make sure you have the technical know-how. The beauty of many cloud services is that they are designed to be user-friendly with intuitive interfaces. Some options, however, might require more technical expertise on an ongoing basis or even just initially as you make the switch from legacy systems. Find out what tech knowledge is required for a customized cloud solution, if you need one. Also, assess what level of training your staff will need to maximize the cloud-based services you choose and plan for providing it. Your cloud vendor might offer online tutorials to help. 4. Know your vendor. Even the most user-friendly cloud service might present a challenge at some point. Maybe someone’s mobile device isn’t playing nicely, or you have questions about how to execute a nifty function and the FAQ page isn’t helping. Before jumping on board with a cloud vendor, make sure you’re comfortable with its reputation and track record. Understand how and when you can reach customer support. Read the Service Level Agreement to find out what standards a vendor promises for your business and which remedies you’ll receive if it falls short. 5. Assess your bandwidth. As you ramp up your reliance on cloud services, make sure you have sufficient internet bandwidth to accommodate the increased network traffic. If you don’t, you could end up with delays in workflow. Consider how many users you’ll have, how many devices they’ll use, and whether their work activities represent low bandwidth requirements like email, or larger demands like videoconferencing. Talk to your internet service provider (ISP) about an upgrade if you discover it’s needed.
Ashley Fletcher Frampton is a freelance writer and editor who helps businesses tell their stories. She covers the value of technology for today’s small businesses for Comcast Business. The post How Small Businesses Can Easily Adopt Cloud Computing appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2PWtB0d As founder of InfoTrust, a digital analytics consulting and technology company, and the company’s Basket Brigade, a program that delivers Thanksgiving meals to local families in need, Alex Yastrebenetsky thinks he’s on to something. Is it because the InfoTrust Foundation was approved as a 501(c)3? Sure. Or perhaps it’s because InfoTrust won the top spot on the 2018 Best Employers in Ohio? Yes. Or, just maybe it’s because he’s asking every one of his employees to decide which charity, if any, they wish to support—and he’s doing this as a way to support company growth and teamwork. Definitely. Alex has always believed in the power of a shared purpose—a Why—to fuel company growth. “The most important question any entrepreneur must answer is ‘Why?’ To run a successful company, you must have a compelling Why for yourself and your team,” he said in an Inc. interview with EO. In 2018, however, he’s taken this focus to a new level. Alex explains his theory like this: Fact: Based on an extensive study from Google, one of two characteristics of high-performing teams is social vulnerability—meaning that team members feel comfortable sharing what they truly care about and are open in conversations with teammates. Fact: All thought leaders in the world agree on one thing—the organization must have a shared sense of purpose, a “Why”, in order to scale and be a happy place for the team. Fact: The most effective way to accomplish global philanthropy is through a “plan globally, act locally” framework. Basket Brigade used to be my “thing.” That’s my Why. I also want children’s hospitals to be empty. But these are my Whys, not everybody else’s. I suddenly thought, what if we don’t have to separate what matters to me from what matters to every member of the organization? What if we ask every employee of the company to look deep inside themselves to discover what matters most to them. We all have a human need to contribute. What do they choose to contribute? So, our Basket Brigade now encompasses everything from Thanksgiving meals to school supplies for children and feminine hygiene products for women’s shelters. We also ask that employees share who they want to help—only if they want to—as a way to embrace social vulnerability (that key component in building a high-performing team). Aside from my personal feelings about contribution, I think we can make giving good business. After all, giving is not if we do not run a profitable business. We are up 62% YTD as a company. We are up almost four times from last year in terms of our Basket Brigade’s impact to families. Our charitable work has expanded globally, with shelters and food pantries in the Philippines, Sri Lanka, Ukraine, India, Dubai, and Nigeria receiving contributions from our staff. There is not enough hard data yet. My theory is currently built on passion, gut feel, and emotion, but from a business point of view, I hope the impact on employee retention and engagement and, most importantly, meaning and personal satisfaction, is going to be the driver that will help us improve our bottom line so we, as a company, can afford to fund this. The educated idealist in me hopes we can accomplish our goals on all fronts: Take care of our team the way we already do—free lunches, paid insurance, etc—take care of our community at the levels we have been and even more, and still run a profitable business. It’s a challenge, but it is also a goal worth pursuing. Alex Yastrebenetsky is the founder and CEO of InfoTrust, a digital analytics consulting and technology company helping marketers use data to make smarter decisions. He is also an EO Cincinnati member. Read more from Alex on topics ranging from women who code to supporting working parents on his Infotrust blog.
The post At the Intersection of People, Purpose and Profits appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2RdUGbD Written for EO by Jessica Thiefels, social media coach and organic marketing consultant. You probably know that only 20 percent of all businesses survive past their first year. (And that only half survive more than five years, according to Business Insider.) But did you know that the top reason why those businesses fail is capital? 82 percent experience cash flow problems. One of the largest challenges with managing cash flow is unexpected expenses. “A big issue is under-capitalization at the outset of starting a business. Business owners frequently underestimate how much money will be needed to fund operations,” Keith Speights, of Motley Fool tells USA Today. Whether you’re in year one or year five, unexpected expenses can pop up and eat away at profits, or worse, put your business in debt. Plan for the following unexpected costs in your 2019 budget to stay ahead of the curve. Freelancers or ContractorsMore than 70 percent of small businesses have hired a freelancer in the past, and 81 percent plan to in the future, according to LinkedIn. Even if you aren’t sure how freelancers would fit into your business model, if you set aside the budget for temporary skilled workers, you’ll have the resource available when the time comes. For example, you never know when an unexpected project requires more work than you can take on, and a freelancer or contract worker will be needed. This person can provide the perfect bridge to scaling your business or taking on new work prior to hiring full-time staff, but if you don’t plan for this expense, you could put your cash flow in jeopardy. To avoid this unexpected expense, look to your high-level plans for 2019 and then consider where specialist freelancers may be needed and estimate the cost. Use resources like this UpWork report for graphic design freelancers or this UpWork report for freelance project managers. Health InsuranceHealth insurance could make the difference in attracting and retaining talent, even for businesses with one to two employees. According to a recent survey, 46 percent of job seekers say that health insurance is a deciding factor in their job search and 56 percent of employees cite employer-sponsored health insurance as a key factor for staying at their job. Providing health insurance might seem like an insurmountable expense, but you also know how vital your staff is to overall operations, especially when there’s only a handful of them. HealthMarkets recommends that you seek out individual plan options, which can be as low as $82/month per person (with subsidies) instead of a group plan which is cumbersome to manage and can cost employers as much as $450/month per person. As you look to your 2019 expenses, consider whether this is something you’ll be taking on. If so, it may be wise to start your research now, getting a better picture of what you can expect to spend. Maintenance or RepairsWhether you have an office space that needs upkeep, company vehicles that require repair, or even a single laptop; you never know when an integral tool for your business might falter and require a tune-up. Tally these potential costs up and add them as a line item in your 2019 budget. For example, Brandon Turner, entrepreneur and real estate investor breaks for his potential maintenance costs as follows: “When estimating expenses for a rental property, I like to average these out on a per-month basis. For example, I might spend $500 this month, $100 next, nothing for the following 10 months (which is fairly typical). This means I spent $600 for the entire year. Divide that by 12, and you get $50 per month. If the property brings in $1,000 per month, that would be a 5% repair budget (because $50/$1,000 = 5%).” Consider how you can use similar reasoning to reach an estimated cost that you can add into the budget. A Shift in State or Federal TaxesIf you’re reading this in the US. then you know we’ve seen significant changes in tax law that affect American business owners of every size in recent years, which is why Julia Change, of Northwest Mutual, suggests: “Overall, as you’re thinking about ways to adjust your tax strategy, remember that there will always be an element of the unknown, such as what a future Congress may decide.” This is why it’s important to stay in touch with a financial expert or CPA. They’ll know the latest regulation changes and even those that are to come, allowing you to determine expected costs along with the ones you’re not anticipating. Plan for Unpredicted Business Costs in 2019Murphy’s law says that if something can go wrong, it will. As a business owner or manager, budgeting for unforeseen circumstances is a must. While this might seem like a general expense, an emergency fund is actually your entire operating budget for a certain amount of time. This will protect you if you need to cease operations in the face of catastrophic events that halt all incoming business, like health issues or a natural disaster. What’s the right amount to set aside? Treat it as you would a personal emergency fund. Most financial experts agree that you should have at least three to six months of expenses saved. Use this time to forecast your yearly budget and operating expenses, making room for these unanticipated expenses. In the end, whatever wasn’t spent can go back into the business. In either case, you’ll be less likely to experience cash flow issues and your business can thrive for years to come.
The post Unexpected Business Expenses to Plan for in 2019 appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2DCqjb6 Written by Alex Yastrebenetsky, an Entrepreneurs’ Organization (EO) member in Cincinnati, Ohio, and founder of InfoTrust, an award-winning digital analytics consulting and technology company that helps marketers use data to make smarter decisions. The InfoTrust Foundation undertakes charitable events quarterly, including its annual Basket Brigade, which is providing nearly 2,000 Thanksgiving baskets in 2018. In October 2018, Entrepreneurs’ Organization (EO) was honored by Nuway Foundation for the impact EO is making in helping the United Nations achieve its Sustainable Development Goals. EO’s FY17/18 Global Chair Brian Brault accepted the 2018 International Bridge Award on behalf of EO at Nuway’s annual Bianu Celebration in Cincinnati. It’s an honor for EO to receive this award, and in my opinion, that honor is amplified by the story behind the foundation that presents the International Bridge Award each year. What Is Nuway Foundation?Nuway Foundation is the culmination of hard work and the heart of Evans Nwankwo, a native of Nigeria who runs both his primary construction business and one of the most successful private charitable foundations in Cincinnati, Ohio. When you meet Evans, the first thing you notice is his smile. His eyes radiate strength and confidence—the confidence of a person who knows his “why” and who will find a way to win. His company, Megen Construction, is synonymous with some of Cincinnati’s most iconic landmarks, including the Fountain Square renovation and Underground Railroad Museum. While Evans always gave back, his life changed in 2004 when his team built the National Underground Railroad Museum. For Evans, it wasn’t just another project. Being a part of it was one of his proudest moments. Before the museum’s grand opening, he took his wife and business partner, Catherine, for the final walkthrough and saw these words on the wall that changed his life forever: “If not you, then who? If not now, then when?” Taking these words to heart, his passion became his life’s mission. He launched Nuway Foundation shortly thereafter. Thirteen years later, Nuway continues its dedicated mission of HOPE for the people of Nigeria: H – for health. Nuway builds hospitals in Nigeria, pays doctors and nurses and provides medical equipment including the country’s first incubators to save premature babies’ lives. O – for opportunity. Microlending programs provide zero-interest loans that help entrepreneurs. Repaid funds go toward supporting more entrepreneurs. P – for pure water. Nuway installs water pumps to provide access to drinking water, so people no longer need to walk miles to bring home a few gallons. E – for education. Nuway renovates schools and pays teachers’ salaries. Evans’ dream is for the kids, especially STEM students, to come back to these schools 20 years from now and teach the next generation. How hard would you work as an entrepreneur if you knew that your success directly translates to saving lives? Not in theory, not hypothetically speaking, but on a daily basis. One village at a time. On that memorable October night when EO was honored, I kept hearing facts that made me feel both sad and proud: “We survive because of Nuway.” “Nuway provided us with our first newborn incubator machines which saved countless premature babies.” “Nuway provided my family with access to clean drinking water.” The EO ConnectionSo, how did this connection between EO and Nuway Foundation happen? For years, Evans Nwankwo and Tim Rettig, president of EO Cincinnati, played together on a local recreational soccer team. Through the years, Tim attended many fundraising events held for Nuway and served on its board, so he had an intimate understanding of the good the organization is doing in the world. On a historic day in September 2017, EO formally committed to supporting the United Nations’ Sustainable Development Goals that are aimed at eradicating the world’s most important social issues, including wiping out poverty. EO’s delegation, led by then-Global Chair, Brian Brault, later presented EO’s vision at a UN special session in May 2018. “We have a need, an obligation, a desire to look beyond the walls of our businesses and make a bigger impact in the world.” –Brian Brault, from his speech at a UN special session dedicated to entrepreneurs in conjunction with the International Council for Small Business. EO’s vision of global entrepreneurs coming together to transform our world has a lot in common with how Nuway Foundation is tackling socioeconomic problems. Tim saw the video of Brian Brault at the UN and sent it to Evans. He also asked Evans to be the chapter patron for EO Cincinnati. When Evans watched Brian’s speech he felt an immediate connection to an organization of people like him, people who share his values and most importantly, an entire organization committed to the same outcomes that drive Nuway Foundation. “Our chapter’s theme for the year is Local Connections. Global Reach, and Evans’ story is a perfect example of how that works,” explains Tim. “All of Evans’ local connections support him in both his business efforts and his foundation’s efforts, allowing him to improve the lives of so many people in his native home of Nigeria. Now, with his involvement in EO, we are able to amplify what he is doing to make an even bigger impact. It is really exciting to see all these new connections being made.” Every year at the annual Bianu event, Nuway Foundation gives an International Bridge award dedicated to connecting this country with countries that are less fortunate economically. EO is honored to be the recipient of the 2018 Nuway International Bridge Award. We here in Cincinnati were very excited to host Brian Brault and hear his speech. As he accepted the award on behalf of EO, Brian shared that after speaking at the UN, our organization was flooded by people expressing interest in engaging with and helping our cause. “When we share stories, we create momentum. There are thousands of stories of how entrepreneurs are making the world a better place to live. Nuway and EO both believe we can make a more significant difference by paying attention to local issues, opportunities, education, clean water and healthcare,” Brian said in his acceptance speech. EO supports all of these initiatives by supporting the UN’s Sustainable Development Goals. Together, we can make a greater difference. Evans is ideally suited to making an impact in the world because, like Brian and all EO members, he is an entrepreneur. He created Megen Construction company, which he has successfully led for 25 years.
Entrepreneurs Can Make a Difference Like No OthersMy mentor and the founder of EO, Verne Harnish, once shared a gem of wisdom at the Entrepreneurial Masters Program (EMP), EO’s flagship executive education-style program: “The most important lesson of entrepreneurship is to commit to something really important beyond yourself because you can fail if you are doing it for yourself, but you cannot fail when you have committed to giving to others.” Why do I say entrepreneurs are so well-suited to making an impact in the world? We enjoy finding answers to tough questions. We are problem solvers. We drive change and transform mindsets. We love being disruptors. Most importantly, we are stubborn. We don’t take no for an answer. But sometimes, we make the mistake of thinking we can affect change from afar. It is critical to understand the local component. That’s why Nuway is so impactful in Nigeria. The organization understands the country and the people. This is a wonderful example of why it is so critical to think globally but act locally. Marianne Williamson said, “As we let our own light shine, we unconsciously give others permission to do the same.” We, as entrepreneurs, have an incredible opportunity. At nearly 14,000 members strong, not only can members of EO make our individual lights shine, but we can focus them to shine more brightly together. Most of us started our businesses because we were unreasonable enough to truly believe that there is a better way. And reflecting on the wisdom of Verne Harnish, we are now joined by an incredibly powerful “why.” Our lights are shining together to support the least fortunate all over the world, and because we have this why, we are equally unstoppable in our businesses. It’s a powerful combination. Being unstoppable for a good cause. What could be better?
The post EO Honored by Nuway Foundation for its Work Supporting UN’s Sustainable Development Goals appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2qTNG8A In this interview with Eitan Chitayat, EO Israel, he shares how a personal email led to a video viewed 6 million times, a Tedx talk, and a renewed drive to make the world a better place. OCTANE: You’re the creator of a very personal video about your identity that has garnered more than 6 million views worldwide. In your TEDX talk, you express surprise that the video went viral. Can you describe the process of how it went viral? EITAN: The video started as an email I wrote to a friend, and later posted as a blog. What I wrote resonated with people and was being shared so often that a friend suggested I turn it into a video. The process of transforming it into a video took quite a while, but I am fortunate to have a cousin who’s a video editor and took great care in choosing precisely the right video clips to illustrate each point with great attention to the detail and timing of each clip. Once the six-minute video was complete, I posted it on my public Facebook page. I chose that outlet because, on Facebook, the interface enables people to see the video playing, so I hoped people would be intrigued by the active clip changes every few seconds and click on it. I had a few thousand followers, and the video gained traction with my audience. It probably helped that I posted the video right after some heinous terrorist activity, when people were angry and sad about those events and likely looking for comfort and support. Shortly thereafter, I put the video on YouTube because viewers were requesting translations into other languages, and YouTube makes it easy to add subtitles. This all happened organically—viewers would say, “Do you have this in my language? I’m French. I’ll translate it for you” and “I’m Russian. I’ll translate it for you,” and “I’m Spanish. I’ll translate it for you.” All totaled, the video garnered more than 6 million views. What, in your opinion, went right about the entire process of creating, posting and sharing this video, that led to such success? It was very good timing when we posted it. But the actual video—it was a lot of work. It’s six minutes long, which everyone told me was far too long, but I couldn’t cut any of it. As we went through each statement to find a person who represented it, we came up with a list of 10 people who fit the description. Then, after choosing the person, we came up with 10 to 20 video clips to choose from. It was an intense process. For the voice-over, I went into a professional recording studio to record it, but was never happy with the result. I knew I needed to release it but didn’t like my voice-over. I called my mentor, who is my creative muse, and asked if I could just read my words to him on the phone, hoping it would sound more authentic. He agreed. I recorded it on my phone in one take. He also provided the music soundtrack for the video. Three days later, we released it. What was the most surprising thing you learned from this experience? I knew that the video would likely resonate with people, because the blog post had a few thousand shares. But I didn’t know how humbling it would be to hear its effect on people. It’s amazing when people share how it impacted them. I had thousands of responses in the comment section, and when I went through and read them—the vast majority of them positive—I got goosebumps. I think the video basically empowers people to be proud of who you are. I shared what my religion means to me, and how I’m not just defined by that one thing, that I’m many things, and you can’t put me in a box, because I don’t want to be put in a box. How much it resonated still moves me. Hundreds of people have written to say thank you. But really, I’m just a guy who did something. People reach out to me and say that when their kids have been bullied or they’re feeling low, they watch the video and it helps. It’s become a parenting tool! Wow! I didn’t expect that. And, in the end, it surprises me that I actually did it. It’s all very humbling. What would you share with someone who wants to own their truth and tell their story, but may be afraid of the consequences? As we learn in EO, authenticity is critical, and I believe very strongly in it. Speaking your truth is not always easy, there are downsides. My field is communication, and the video is a communications piece at heart. I believe that people respond to things they can connect with, which are usually emotional things that trigger something deep inside. Things that are emotional are for the most part true. In terms of putting a message out there, whether you’re an individual or a company, it’s hard to argue with the truth. So, don’t shy away from expressing truths that you feel very strongly about. Don’t be afraid to rock the boat, challenge the status quo—people are drawn to action, even more so when you express deep truths. One caveat: When I say don’t shy away, I’m assuming that, hopefully, you’re coming from a good place and are expressing positive truths, with good intentions. How did your TEDx talk come about? A friend of mine, Guy Spier (a former EO member/friend of EO), organized it and asked me if I would come to Zurich and present a TEDx talk about my viral video. I had five weeks to make it happen. When you make something that personal, like my video, and then decide to do a TEDx talk to reveal the incredibly personal story behind it, there’s a lot of pressure. It’s a big deal. I worked with a coach and pulled it together in five weeks. I was nervous, but it went well. And it was an amazing experience. There were 16 total speakers. I was one of the first to speak, and then I got to experience all of the other speakers. It was an honor to be on the stage with them. One interesting aspect of giving a live talk: In the planning stage, we went back and forth about showing the video during my talk. We determined that just showing 20 seconds of it wouldn’t have had the same impact as the entire video, and there wasn’t time to show the entire six-minute video. However, after I gave my talk, one of the TED organization’s top leaders (the second in command at TED) wanted to see it, so the organizers carved out time during the event to show the entire video on the big screen, in front of a live audience of 300 people. I hadn’t ever seen it with that many people, so I got to watch their reactions. They gave thunderous applause and cheers afterward, which made me realize it isn’t just about my personal truth. It’s everyone’s personal truth. We’re all one. It made me realize again how glad I was that I put this out there. What do you hope to do, or continue to do, in the future? As head of a branding agency, my viral video experience and subsequent TEDx talk taught me a lot. I’d like to continue to try to make the world a better place. I think that if you have a talent for something, it’s irresponsible not to utilize that talent for the greater good. I’m working on other projects. I like helping people get their messages out there, and not necessarily just for business. As a creative person, I have a strong drive to do more. With social media and technology, it’s possible to sit in the comfort of your home and be an activist, to make a difference. I hope I’ve inspired people to do that. If I can continue to inspire in small ways, medium ways or even large ways, and help people know that when it comes from the heart, anyone can do it and you can make a difference. Eitan Chitayat is a global citizen and founder of the Natie Branding Agency in Tel Aviv. He is also a founding chapter member for EO Israel and was the Communication Chair for two years. A creative director, copywriter and brand-builder, Eitan’s been delivering branding campaigns for B2C and B2B clients for over fifteen years. He has lived in Hong-Kong, London, Tel Aviv, New York and Boston, and he was recently a judge for one of advertising’s finest global competitions, The One Show. The post When Your Personal Truth Goes Viral appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2DItm2f Cameron Mitchell is CEO of Cameron Mitchell Restaurants, which celebrates its 25th anniversary this month. In his book YES IS THE ANSWER. WHAT IS THE QUESTION?: How Faith In People and a Culture Of Hospitality Built a Modern American Restaurant Company, Mitchell shares the keys to his company’s 25 years of success: including a steadfast commitment to a nurturing culture, a “people first” philosophy, and the humility to recognize reckless and ego-driven decisions. Once a homeless drug addict, Cameron is now a nationally renowned restaurateur who runs a US$300-million restaurant empire, with 60 restaurants coast to coast. He shares the secret to his longevity and industry-leading retention rates below. You were a high school dropout and teenage runaway and are now a nationally-renowned restaurateur. How did your early life shape how you run your businesses and how you lead? My struggles early in life shaped me as a leader. All strong leaders have certain qualities such as perseverance and grit, but my rough start gave me an extra edge—a drive and determination to always advance and be better today than we were yesterday. I have overcome adversity and built a resilience that has gotten our company through some tough times. My rough childhood along with my life experience learning on the job has been incredibly valuable to my success. My story also is an important reminder that we cannot judge someone’s potential at such an early age and assume they won’t amount to anything. I have a compassion for my associates and others who are working to grow and improve their situations. That’s why I am so passionate about finding ways to help them succeed. You write that the title of the book, Yes Is the Answer: What Is the Question?, has been the cornerstone of how you’ve done business since your earliest days. What does this philosophy mean to you? Yes Is the Answer. What is the Question means an overarching attitude of “yes, we can do it.” To say “no” requires no action and no thinking. We want to empower our associates to think and find ways to serve our guests that fulfill any reasonable request. It is our culture of “yes” that creates raving fans, and it is the difference between service and true, genuine hospitality. I am reminded of an experience where wine-maker Michael Honig came to dine with us and he asked for a certain bottle of wine. We didn’t have it at the time, so the server took it upon himself to go to the store down the street and purchase the wine. Michael was blown away. This is a great example of our culture of “yes” in action. How has the culture of putting associates first helped you as a company? There are foundational values of our culture that we practice every day which have led to one of the highest retention rates in the industry. One of those values is communication. When you communicate with each other openly and honestly, people respect that and get on board with your mission. I believe that 95 percent of all restaurant issues can be traced back to poor communication. We treat our people like family and they, in turn, treat each other that way. At one point, our Ocean Prime Naples location passed the hat around to raise money for associates after the restaurant was closed because of hurricane Irma. It is times like this that our culture gets us through. We get through it together. CMR has some of the highest retention rates in an industry known for high turnover. What’s your secret? Many people believe that when you choose a career in the restaurant business, you are choosing a career of long hours and low pay, with a poor quality of life. CMR has debunked this idea by building a restaurant company for its people, by its people. In fact, the national average for management turnover is 50 percent. Ours is 5 percent. All one has to do is look to their left or their right and they will see an example of someone who has built their career with this company and has enjoyed the benefit of our great culture. I have been told by our associates that they feel like they are a part of something larger than themselves and that is very motivating. We take care of each other. In fact, when our Cap City Grandview remodel occurred, we decided it was the right thing to do to keep paying the associates even when the restaurant was shut down. We even placed some folks at our catering company, Cameron Mitchell Premier Events, to earn some extra money during that time. You write that leaders should regularly tell employees about the state of the company’s finances—especially when it’s bad news. Why? Open and honest communication builds trust. Bringing your people “under the tent” with you also underscores that you are operating with integrity. I believe people want to know what is going on in the company, good or bad. Understanding the whole picture creates tremendous buy-in. Our associates always have access to the executive team and exposure to the CEO through two roundtables each year as well as open forums and of course, an open door, policy. Also, our general managers participate in quarterly cabinet meetings with their staff. If people understand what is happening they are more likely to believe in the mission. Cameron Mitchell Restaurants celebrates its 25thanniversary this fall. What is your advice for entrepreneurs to achieve such longevity? My advice for longevity is to always stay tuned to your values. When developing a business plan, be sure to write down what your company culture and values are first. You will need them during the hard times. Be thoughtful about growth. It’s about mixing patience with your determination to succeed. The entrepreneurial drive is wonderful but not when it comes at the expense of your people. I have learned that mental capital is just as valuable as financial and physical capital. You believe that leaders should embrace their culture and values more deeply in a crisis and cite the 2008 Great Recession as an example. Reflecting on the 10th anniversary of the recession this fall, how did this philosophy get the company through that rock-bottom moment? There were a few major things that saved our company during the recession. One is that we have fostered strong relationships with our vendors over the past 25 years, so they were more willing to offer extended grace periods for payments. We also were intentional about remaining open with our staff and communicating with them to ensure we didn’t spiral into a toxic work environment. At one point during the recession, I heard there were rumors going around about layoffs. I called an emergency staff meeting at the home office within five minutes. I told the team that I would cut the advertising budget before I would cut any people. And if we needed to cut more, I would leave the room and everyone could vote if we would all take pay cuts or lay some people off. It never came down to that, but if it did, I bet I know how our people would have voted. This is an example of our culture at work during the hardest times. We get through it together. You believe in the power of second chances, and you train your employees to follow the “Three As.” What are those “As” and why are they important? We all make mistakes. If I fired people for making mistakes, I’d be the first person to go. No one in our company has made bigger mistakes than me. I say all the time the damage is usually not the mistake that was made but how it was handled afterwards. When we make mistakes and use the 3 A’s—acknowledge, apologize, and act—with humility and honesty, 95% of people can find a way to forgive us. That said, there is a difference between mistakes of the mind versus mistakes of the heart. For example, when I heard that a chef was being verbally abusive to a server and calling her terrible things, that is a mistake of the heart and we have no tolerance for this kind of behavior. I escorted him off the premises within minutes of him admitting to it even though we had no one to replace him. This was a defining moment in our culture. You are investing time into training the next generation of leaders. What are your innovative and creative approaches to attract millennials and turn them into “raving fans?” Every human being wants to feel needed, wanted, important and valuable. Millennials are no different in that respect. We have programs in place to help our younger people learn, grow and see this industry as a great and rewarding career. We created a Young Leaders Initiative which is an innovative program with 24 associates selected to provide input and perspective on company operations and new projects. Several of last year’s participants have since been promoted to general manager or executive chef positions. In addition, I occasionally meet with our young leaders to break bread and talk with them about the industry. Honestly, I bet I get even more out of it then they do. I enjoy learning about their lives and budding careers. Our young people are really the reason why I decided to write this book. I wanted to leave a piece of what I have learned over the past 25 years with them. What’s next for you and for Cameron Mitchell Restaurants? I am in the fourth quarter of my career so I will be moving into more of a stewardship role. As our company continues to grow with new restaurants and concepts such as Harvey & Ed’s and the upcoming Budd Dairy Food Hall, I am focused on helping the restaurant leaders of tomorrow succeed. Food halls are a major trend in the restaurant industry and we are currently working to open the Budd Dairy Food Hall in the spring of 2019 in Columbus’ Italian Village community which will feature 8 to 10 entrepreneurial, chef-driven restaurant concepts. Central Ohio embraced me as a young restaurant entrepreneur and I want to do the same for the next generation. In addition, we have pledged $2.5 million to Columbus State Community College to go toward the new Hospitality Management and Culinary Arts building. Mitchell Hall is expected to be completed by fall 2019. It is an incredible honor to give back to the community that has embraced our company for 25 years and provided the foundation for thousands of our associates to build meaningful and rewarding hospitality careers. The post Yes Is the Answer—and Other Ways to Succeed in Business appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2PVYC3E Written for EO by Ken Boyd, a former CPA who creates accounting and personal finance content. “Opportunity is missed by most people, because it is dressed in overalls and looks like work.” This quote, attributed to Thomas Edison, captures the reality of being self-employed. Working for yourself allows you to capitalize on opportunities that may not be available to you as an employee. However, seizing the opportunity may require far more work hours and responsibility than you spend at a traditional job. That’s the trade off. So, before you abandon life as an employee in favor of launching your own startup or becoming your own boss, consider these top realities of self-employment. The RealitiesA recent study of 500 self-employed respondents conducted by QuickBooks Self-Employed reveals some interesting truths of being self employed:
How you would respond to these questions? How many hours are you working, and are you able to take time off? What is the quality of your vacation time? Do you have the personality, the drive, and the energy make it as self-employed person? What Does It Take?So, what personality traits does it take to succeed in the self-employed world? After 19 years as a self-employed person, I’ll give you my list of must-have qualities:
Ask yourself: do you have these personal traits? Now, you can develop some of traits over time. In my case, I think I’ve always had the first two traits, but the need to please was tough for me. It’s taken years of self-discipline to turn away work that wasn’t a fit for me. The PayoffWhile the work hours and responsibility are greater for self-employed people, the personal satisfaction of working on your own can be rewarding. In addition, you can jump into interesting projects that you could never take on as an employee. If an opportunity comes your way, you can take on an exciting project and reduce the time spent with other clients. Last, but not least, you have the ability to earn far more income as a self-employed person. Take Some TimeStriking out on your own is a big decision, both professionally and financially, so take some time to think. Ask the people who know you best if self-employment fits your personality and your strengths. Most important, realize that you’ll face more challenges as a self-employed professional. If you’re resilient and adaptable to change, working on your own can be rewarding. Ken Boyd is the author of Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies, and 1,001 Accounting Questions for Dummies. You can find his blog, YouTube channel links, and other information at accountingaccidentally.com.
The post The Realities of Being Self-Employed appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2Fhbr49 Written for EO by Christina Sanders You’ve started a business, and it’s taking off. It’s a great feeling. Now, the next hurdle is quickly heading your way: scaling. Taking your business to the next level can be a challenge—but only if you’re not prepared for it. Here are a few lessons that I learned from scaling my own business, plus advice on avoiding the obstacles I experienced. 1. You Need a Plan“I want to scale my business” isn’t a plan. To scale successfully, you need a specific list of goals and tactics. Those goals should be reasonable and measurable (think SMART), and the tactics need to be customized to your business. For example, I was able to expand my business by creating a stronger presence on LinkedIn. That might not work for you. Take time to lay out a plan that’s well-thought-out and well-researched. You’ll save a ton of time in the long run.
2. Resources Don’t Manage ThemselvesWhile you’re planning your scaling tactics, make sure to keep your schedules, resources, and files organized. You’ll need to coordinate more employees, keep more projects and tasks aligned, and find a way to manage an ever-increasing amount of marketing materials. Invest in the tools to keep everything organized earlier rather than later. It’s a lot easier to establish superior organization practices before you grow. Investments like project management software, a marketing resource management system, and an effective customer relationship management (CRM) program go a long way. 3. Identify a Source for FundingScaling your business typically is not cheap. Determine if you’ll be hiring employees, increasing production, or investing in software. Yes, you’ll be able to pay for these things when you start bringing in more money. But most of that needs to happen before you scale, not after. That means you need to bring in capital. Will you get a business loan? Pursue funding? Put up your own cash? Any of those will work. But you need to set your plan and your goals for profit and paying off any loans. 4. Focus on Your CustomersIf you’ve gotten to the point where you’re scaling your business, you’ve clearly made a habit of delighting your customers. Don’t lose sight of that. It’s easy to get too focused on your business when you’re scaling. Remember that, without exception, successful businesses are customer-focused. It’s not about your financial goals or your growth roadmap—it’s about how well you’re meeting the needs of your customers. Customer focus is what drives business success, and scaling is no exception. 5. Invest in EmployeesYour employees drive your business. They’re the beginning and end of your scaling process. There’s a reason that big companies offer amazing perks and great pay—because they know their employees are the key to their continued growth and success. Find the money to make certain your employees are happy with their pay and involve them in the scaling process. They’re an invaluable resource. Scale SmartScaling your business is exciting—but don’t let that excitement get the better of you. Start with a solid plan and build from there. You’ll be glad you did. Christina Sanders is a marketing expert with nearly a decade of experience in digital marketing and communications. She is currently an associate manager at Lucidpress, a design and brand management platform. Connect with Christina on Twitter or LinkedIn. The post 5 Tips for Smart Scaling appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2JRTxnk Written for EO by Don Scott, who applies 35 years’ experience in business and finance with a master’s degree in psychology to explore the path to meaningful change. We equate being busy as being virtuous. When we’re maxed out, it feels safe. It must be productive. (Or is it?) It’s a badge of courage, honor or something … I work with successful CEOs, entrepreneurs and founders who typically have one thing in common: They’re all slammed. People who are successful in their careers often arrive innocently at this sense of busy being best. Many of them grew up with hard-working parents who encouraged putting in the time to do your best. You might see the problem, but keep doing it anyway. You know you need to change, but don’t know how. You are too busy to figure out how not to be so busy. I view it entirely differently.
I have lived the 3,500 hours-a-year work life. I have also lived the life of ease and grace. I’ll take the latter! It is not about giving up, copping out or not making money. To the contrary, it’s about gaining more of what matters.
Begin with these three recommendations to start making time and making change today.
Ultimately, the way you reach your ideal is to make it happen. You hire, delegate differently, pay up for more talent, and sometimes make different decisions. There are always workable solutions. It may take months or a year, but the results are worth the investment in energy and time. Don Scott was a partner at Arthur Andersen, office managing director with a National trust company, and COO and CFO at an oil company. Today he’s a business leader coach.
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