Entrepreneurship Archives

Why Long-Term Goals for Business Equal Success

Do you have long-term goals for your business? Do you want your company to have a successful future? In Delivering Happiness, former Zappos CEO Tony Hsieh argues that prioritizing long-term goals over short-term goals will better benefit your company. He cites the reason that his store is successful because he focused on the long-term goals for his business. Learn more about why planning a business’s long-term goals is crucial for a successful future.

Underdog Advantages: Win Even When You’re Small

Are you the underdog? Do you feel out-gunned by the competition, whether in business or in life? When you first start out on any conquest, chances are that your enemies will have more resources than you. However, this isn’t necessarily a problem. Robert Greene points out that smaller armies are more mobile and easier to conceal. And, if you don’t seem large enough to pose a significant threat, your opponents might simply ignore you. Read more to learn about underdog advantages.

Leadership and Delegation: How to Strike a Balance

Are you nervous about giving your subordinates too much autonomy? Why is delegation important in leadership? Because a leader can’t do everything herself, the best way to take responsibility for your team’s success is to endow other people with responsibility. However, if you delegate all your responsibilities and assume that someone else is solving every problem, you could be unknowingly steering your team toward disaster. That’s why it’s important to strike a balance between hands-on leadership and delegation. Here’s how to find the sweet spot between the two.

What Is the Difference Between Rich and Wealthy?

Is being rich and being wealthy the same thing? If not, then what is the difference between rich and wealthy? Contrary to popular belief, being rich and being wealthy is not the same thing. Being wealthy means you have a lot of money in the bank while being rich means you have a high income. But, just because you have a high income does not mean that you use your money wisely—money can disappear as fast as it appears if you aren’t responsible. Here is why making a lot of money doesn’t mean you’re wealthy.

No Rules Rules: Review, Background, and Reception

Are you thinking of reading No Rules Rules? How well was the book received by critics? In No Rules Rules, Netflix CEO Reed Hastings and business professor and author Erin Meyer detail how the company achieved this level of success by implementing unconventional management practices that empower employees and promote innovation. Here is our No Rules Rules review.

3 Best Practices to Prevent Employee Poaching

Are you worried that another company will poach your best employees? How can you convince employees to stay with your company? Netflix CEO Reed Hastings wrote in his book No Rules Rules that there are three ways to prevent employee poaching: paying top-of-market salaries, eliminating performance-based bonuses, and giving raises that reflect market value. Some of these methods may be difficult but it’s important to remember that good employees are investments, not tools. Here’s an overview of each of the three methods.

4 Rules for a Decentralized Organizational Structure

The 3 Common Characteristics of a Good Business

Do you think your company would do well with a decentralized organizational structure? What conditions must your company meet for this structure to be successful? A decentralized organizational structure removes most rules and controls and gives employees the autonomy to act without approval. In the wrong hands, this system is risky and possibly costly. But, under the right conditions, this system can promote accountability and innovation. Here’s how to successfully decentralize power, using Netflix as an example.

Exceed Customer Expectations to Gain Loyalty

Does your business exceed customer expectations? Why isn’t it good enough to simply meet customer expectations? In their business fable Raving Fans, management experts Ken Blanchard and Sheldon Bowles say that, if you want to create “raving fans” of your business, you need to go beyond meeting expectations. It’s only when you exceed a customer’s expectations that they become loyal to your company. Here’s why you should aim to exceed rather than satisfy.

How to Create Loyal Customers in 5 Concrete Steps

How can you turn casual buyers into loyal customers? What does customer service have to do with loyalty? The book Raving Fans by Ken Blanchard and Sheldon Bowles is all about the importance of exceptional customer service when it comes to building a customer base. The business fable outlines the importance of going beyond what is “satisfactory” so customers will keep coming back. Here’s how to create loyal customers in five steps, according to Raving Fans.

Robert Kiyosaki’s ESBI Quadrant Explained

What does the ESBI quadrant represent? What does each letter stand for? Can you be in more than one income quadrant simultaneously? Robert Kiyosaki’s ESBI quadrant represents four ways of generating income: E (as an employee), S (as a self-employed or a small-business owner), B (as a big-business owner), and I (as an investor). The way you generate income defines your quadrant, not what you do to earn it. You can, and in many cases should, generate income in multiple categories. Keep reading to learn about the key characteristics of each quadrant.