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All, Business Education

How Successful Entrepreneurs Stay Calm Under Pressure

There’s one thing that’s certain about starting and running a business, there will be challenges. Some are mere annoyances, while others are minor and easily dealt with, then, there are times when it seems the earth moves. It can happen in the blink of an eye, a simple error demonstrating much to your chagrin the butterfly effect. One tiny mistake or misstep makes a larger-than-life impact, and, your team looks to you to deal with the situation.

We are told our whole lives that when faced with a challenge to remain calm. While it’s easy to do so as an exercise, things get a lot more complicated in real time. It starts with a stark realization, your heart drops into yours stomach, and, you begin to look desperately for answers. For most of us, that’s a normal reaction, however, for successful entrepreneurs, there’s a different approach.

How Successful Entrepreneurs Stay Calm

You’re not alone if you believe that stressful situations wreak havoc on lives and cause physical damage, particularly because it’s backed by science. Dr. Travis Bradberry helped to conduct a research study on more than one million people. As the nearby quote states, the analysis revealed that a whopping 90 percent of those categorized as top performers were able to stay calm, manage their emotions, and remain in control.

The ability to manage your emotions and remain calm under pressure has a direct link to your performance. TalentSmart has conducted research with more than a million people, and we’ve found that 90% of top performers are skilled at managing their emotions in times of stress in order to remain calm and in control. —Forbes

What this teaches us is that people learn to deal with stress, and other neuroscience research has found this to be true. One of the secrets revealed is that staying calm and under control is not an inborn trait. In fact, we also know this because of our instinctive fight-or-flight response–both can make a bad situation a whole lot worse. So, how is it that successful entrepreneurs stay calm under pressure? Well, they do these things:

They take a breath and step back. Okay, we all know to do this, but, how many of us actually practice it? Too often, we let our gut instinct fly, which in most instances, isn’t a path to solve the problem but exacerbate the situation. Taking a deep breath allows you to breathe, in other words, calm your nerves, and your brain.
They solicit and seriously entertain ideas. Look to some of the most successful people in business, and, you’ll definitely find a common trait: trust. We’re not talking about self-confidence, but trusting in others, or, put another way, giving serious consideration to the ideas and suggestions of other people. Behind every successful business person, there’s a team of people they trust and rely on for advice.
They think carefully but don’t fret the outcome. Rather than focus on the moment and allowing it to become an exercise in fear and doubt, look to the future. While what you face might be heart pounding at the moment, it’s quite helpful to see the good that will come from it. Fear produces poor decisions but hope gives you options and a sense of peace.
They stand by their beliefs and principles. When confronted with a problem, rather than give into the pressure, successful people choose to stand by their beliefs and not compromise their principles. While this might cause a setback, it serves a higher purpose and makes a statement.
They relabel their emotions. Though not easy, this is very helpful. Instead of giving into fear, reroute the feeling into anticipation. You can turn frustration into desire, and transform dread into wise caution.

It takes practice to do these things, but becomes more natural over time. That’s a good thing, because you’ll learn a lot on your journey and different constructive coping mechanisms that produce real results.

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5 Biggest Entrepreneur Time-Wasters

September 28, 2018 No Comments

An entrepreneur is a very busy person. There’s always so much to do and so little time. It’s an old, familiar complaint. But, there are probably ways you’re wasting time here and there. And, these can add up to a lot, over the course of a week or month. The problem is often identifying what actually wastes time and what’s really worthwhile. So, let’s take a look at the top entrepreneur time-wasters to make you a more productive leader. Yes, Time is Money First, let’s revisit an old cliché — “time is money.” Now, it’s undoubtedly true. We all know that it’s an inescapable conclusion. However, we too often let time get away from us in a number of ways. It’s not that we don’t necessarily stick to a schedule. It’s more about what we don’t commit our time to. In other words, the biggest time-wasters are things we don’t expressly plan for. We all wish that we could be more productive. But, how is that possible when assignments keep piling up, the latest season of Orange is the New Black just appeared on Netflix, and you have a flurry of emails, texts, and social media notifications distracting you? —Inc.com Just let that sink in for a moment. If you aren’t dutifully working on this or that, and don’t have a commitment at-hand, you’re quite likely to waste time meandering about. Of course, it’s not possible to plan every minute of every day. But, it does mean it’s worth the effort to fill in those gaps, when possible. Use some of that time to take a break. Also, use some more of that time to just reflect or think about the next step. Then, try to make the rest of that “free time” productive. 5 Biggest Entrepreneur Time-Wasters So, what are the biggest entrepreneur time-wasters? Well, a few just might surprise you. Let’s just get the most obvious out-of-the-way to start — social media. It’s easy to lose track of time on social media. Since most entrepreneurs know this, they try to avoid it. But, there are still other huge time-waters: Unplanned mornings. Take a few moments at the end of the day to plan the next. If you don’t, you’ll probably fall prey to disorganization or at worst, chaos. Make a prioritized list to follow with the largest challenges at the top. Redundant work. There’s probably more than one way you’re duplicating your efforts or essentially doing unnecessary work more than once. Try to automate as much as possible. It’s surprising just how much more time you can squeeze out of a day when you’re not as redundant. Business travel. With all the available technology, in-person meetings are easy to accomplish, even if you’re physically hundreds or thousands of miles away. Sure, there are times when it’s absolutely necessary but delegate what you can and telecommute when possible. Multitasking. You might have heard that women are better than men at multitasking. While this is marginally true, it’s also now known humans aren’t good at multitasking. Even if you are able to multitask, you’re still dividing your attention. And, that’s a sure-fire way to make mistakes. What other time-wasters would you add to the list? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

When Should Your Business Start Charging for a Free Service or Product?

January 16, 2020 No Comments

There comes a time when a business must start to charge customers for something it’s provided for free in the past. As consumers, we are all familiar with this phenomenon. Perhaps a local restaurant favorite, that previously furnished patrons with bread-sticks or chips, free of charge. Then, suddenly on one particular visit, that item was no longer provided for free. Why Businesses Start Charging for a Previously Free Product or Service Of course, there are a myriad of reasons for a business to transition from offering something at no cost to charging its customers for it. It could be due to a variety of situations, such as a lack in supply, an overall change in industry practices, perhaps a transition from one owner to another, or a simple revenue loss calculation. One of the secrets to business success is pricing your products properly. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome. —Inc.com Whatever the underlying reason for the change, it is usually out of necessity, rather than just a capricious decision on the part of the business. Perhaps your company is experiencing this and you’re wondering if it is feasible to charge for something you have previously provided at no cost to your customers. It’s a tough decision because you’re obviously worried that it might hurt your business, either in the short- or long-term. How to Know When it’s Time to Begin Charging for a Service or Product Previously Provided at No Charge Of course, there’s always a risk entailed in going from no cost to charging for something, be it a service or a product. So, let’s take a look at a few reasons when it is appropriate to start charging for a service or product you previously offered at no cost: There’s a change in your cost. Let’s begin with one of the most obvious signs, a change in your expenses. You might have experienced an increase in how you acquire a product or need to keep up with the industry and start charging for a particular service you offered for free prior. Other businesses already charged for the same thing. Here’s another fairly straightforward reason — companies in your line of business already charge for that certain product or service. Perhaps you did not in the past because it was a way to drive business. But now that you’re established, it’s time for customers to pay for it. The industry itself is changing. Sometimes, market forces simply dictate a change in the way some companies do business. This might be one of those circumstances, when others in the same industry are starting to charge for something that they previously provided for free. It’s simply time to make the transition. There are times when it’s necessary to take a loss-leader and transform it over to a revenue generator. It isn’t really all that uncommon for businesses to take a small loss on a product or service for some length of time, only to begin to monetize it at some point. What other advice would you give about transitioning from taking a product or service from no cost to charging? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

3 Common Long-Term Hybrid Workplace Challenges

February 17, 2022 No Comments

A hybrid workplace is one that employs a combination of traditional office workers and remote employees. This setup has become more popular in recent years as technology has made it easier for people to work from home. While there are many benefits to this arrangement, there are also some challenges that must be faced in order to make it work long-term. In this blog post, we will discuss three of the most common challenges: employee work time, fewer team interactions, and time-sensitive deadlines. Hybrid vs Traditional Workplaces Traditional workplaces existed for many decades before the introduction of hybrids, which of course, became ubiquitous during the pandemic shutdown. At that time, businesses hurriedly transitioned from tradition to hybrid. Of course, this triggered a learning curb. And, some businesses experienced mostly smooth sailing. But, others struggled to make it work. Regardless of how it started, what’s unfolding or about to happen unleashes some unintended consequences. One thing is clear about the future of work: At least in the near term — and possibly for much longer — hybrid work arrangements are going to be the norm for many organizations, in industries ranging from tech to pharmaceuticals to academia. There are good reasons why many companies and employees are excited about this mix of in-person and remote work — and equally good reasons why many feel trepidation about the shift. —Harvard Business Review Businesses always face challenges. From small to large, there’s no end to obstacles and issues. Going hybrid will solve some of those problems. Still, the transition and new normal will also breed new challenges. Fortunately, there are ways to cope and deal with those obstacles. 3 Long-Term Hybrid Workplace Challenges The great thing about a hybrid workplace is that it offers flexibility, freedom, and lessens commute woes and expenses. But, it does create unique challenges that weren’t likely present before its establishment. So, if your business is transitioning into a hybrid workplace or it’s already been implemented, here are three of the most common challenges facing hybrid companies: Employee work time. One of the biggest challenges faced by companies with a hybrid workplace is ensuring that employees are working the same number of hours. This can be difficult to do when some employees are in the office and others are remote. It can also be difficult to track employee time when they are working from home. In order to overcome this problem, managers need to have clear expectations about when their employees should be available for meetings or assignments and how long they are expected to work each day. This might include having regular check-ins with remote staff during normal business hours so everyone knows what is expected of them. Fewer employee team interactions. Another challenge faced by companies that have a hybrid workplace is that there are fewer opportunities for employees to interact with one another. For example, when people work from home they may not have as much time to talk about their day over lunch or exchange ideas in person during meetings. This can lead to feelings of isolation among employees which is never good for productivity levels. In order to overcome this challenge, companies need to find ways for employees to interact with one another even when they are not in the office. This might include using video conferencing tools or having regular team-building activities. Time-sensitive deadlines. A final challenge faced by companies with a hybrid workplace is that remote employees can sometimes have trouble meeting time-sensitive deadlines. For example, if someone is sick or has an unexpected emergency that requires them to be away from work for a few days then this could mean missing out on important projects which could lead to loss of revenue and customers. In order to avoid this problem, managers need to make sure they are clear about expectations when it comes down to deadlines so that employees know what needs to be done by when. This might include having regular check-ins with remote staff during normal business hours so everyone knows what is expected of them and how long they are expected to work each day. What other common challenges do hybrid workplaces face? Please take a few moments to share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.