Microsoft will Ditch its Own Tech in Favor of Rival Google — Here’s What it Means to Your Business

If you haven’t heard this news, that’s okay. It’s really a niche story but it does make a very important point. Here’s the short version. Microsoft tried to create its own web browser to replace Internet Explorer. It’s known as “Edge.” And, the code behind it has proven too troublesome. So, the software giant will build a new web browser-based on the technology Google uses to power Chrome.

What it Really Means to Reinvent the Wheel

Let’s get to the real meat of this cliché. Like many other adages, it’s a truism. The reason people say it is precisely because it is an unavoidable fact. It makes a very blunt point. That is, the wheel already serves a purpose and there’s no need to try to come up with something better because it works so well.

The general public typically has a distorted view of entrepreneurship. They think of visionary leaders who created something no one had ever seen before and became household names in the process. While it’s true that some figures have achieved this level of notoriety, the reality for 99 percent of entrepreneurs is very different. Their success is based not on creating an earth-shattering new product from scratch, but on learning what their customers want, making user-centric adjustments to existing products or services and providing it for them.
Inc.com

We’ve all heard the saying more than one time. But, it still alludes business leaders who believe they can do “it” better, whatever “it” might well be. Call it hubris or stubbornness, it can get the best of the best.

How Entrepreneurs can Avoid the Reinventing the Wheel Trap

So, how does one avoid the temptation to reinvent the wheel in business? It’s not simple because the urge is so very strong to come up with the next big thing. Here are three ways to avoid the reinventing the wheel trap:

  • Take a step back. If you feel the compunction to try to reinvent the wheel, take a step back look at the big picture. Take a deep breath and think about how to incorporate what you need that already exists instead of trying to come up with something new.
  • Ask for team member input. Okay, here’s another cliché, “two heads are better than one.” And, it’s also a truism. Getting different perspectives and points of view can really work wonders.
  • Apply your existing resources. You might already have the tools on-hand to accomplish what’s needed. Put those to good use rather than putting a lot of extra time and effort into something which might not pay off.

How do you avoid the urge to reinvent the wheel? What practices work best? Which steps can other entrepreneurs take to avoid this mistake? Please, comment and give us your experiences!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Guest Post: The Best Advice for Retirees Aiming to Start a New Business

Written By: Jim McKinley There are many different reasons for starting a new venture after entering retirement. Maybe you want to pursue a business idea you never had a chance to realize before, or maybe you miss putting your knowledge and skills to work. No matter what’s driving you, your first priority needs to be keeping your financial future secure and intact. Check Your Perspective Your first step toward developing a successful business during retirement is developing a realistic fiscal outlook. As Inc. explains, thinking in terms of the financial future is a must. Even if you retired at a young age, are currently economically sound, and are in great health, you need a strategy oriented toward long-term success on all fronts. According to some statistics, nearly a third of all retirees must dedicate 40 percent of their retirement income toward existing debts, and if you have a situation where you’re starting out your business barely making ends meet, you are more apt live with stress and financial struggle instead of making good headway. Examine Debts Acknowledge any debts you have, including your mortgage. If you already owe money to creditors, make it a point to become debt-free as soon as possible. It might be a good time to downsize your home, and you should examine what you have in your retirement savings. Also, take a hard look at your credit report and examine it for any accounts that don’t belong to you, clerical errors such as incorrect dates, or old debts which should be removed. According to ConsumersAdvocate.org, investing in a credit repair service can mean entering into your new business venture with solid financial footing and better peace of mind for your golden years. Solidify Your Plan Once you have a good feel for your financial position, take an earnest look at what you expect to be doing. US News notes the largest part of success for small business owners is making a solid business plan, which includes recognizing an existing need and then finding a way to meet it. Are you offering the right product or service at the right time? Do you already have the abilities to fill that niche, or do you need to invest in special equipment or training? Some retirees turn a hobby into a small business, such as making handyman repairs, landscaping, or selling handcrafted items online. You might decide to be a real estate agent, in which case you should check the requirements where you live. Resources for Funds According to the Muse, if your business idea requires a substantial investment, you might decide to take out a loan or find investors willing to help finance your endeavor. You could reach out to friends and family members through crowdfunding, or connect with specific people you think might be as passionate about your idea as you are. Think about the need you intend to meet as well as who will be impacted and how. Be creative in your outreach, be ready to pitch your idea, and you might be pleasantly surprised at the outcome. Pathways and Exits How long do you plan to work at your new venture? Depending on your objective, you might only intend to work for a set number of years. For instance, some people work until they reach a particular financial goal or a specific age, while others develop their businesses with the intention of passing it along to someone else later. Have a plan in place for how you will later exit your business. Your business’s legal structure can help determine your exit strategy as much as your goals, and certain formats can also help protect your personal finances. You may wish to explore the AARP’s entrepreneurial resources when deciding how to proceed. Taking on a new venture during retirement is a big step. So, weigh your situation carefully to ensure your financial well-being. With some careful planning, you can start a new business without risking your future.

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Hey Entrepreneurs, If You’re Comfortable in Your Role, You’re Probably Doing it Wrong

Comfort. It’s a wonderful feeling. When we’re comfortable, we feel secure, often content, and better still, in control. But, control is an illusion. Just like the security of a job or a long-established business. That is, until something goes seriously awry. Then, it becomes quite clear security is not forever. Comfort most definitely falls into the same category, but sometimes, for different reasons. So, if you’ve become comfortable in your role, chances are excellent you’re doing it wrong. Here’s why. Comfort Usually Leads to Complacency Isn’t it strange how the mind works? When someone thinks of “comfort,” he or she gets an entirely different feeling than when thinking about “complacency.” Sure, they are two different things. And, this becomes all-too apparent when compared with one another. Unfortunately, it’s at this juncture that reality sets in hard. Making a concerted effort to challenge yourself will inspire you and help prepare your business for the future. As a result, you will be able to lead your company with the confidence that you’re making good decisions — because you are. —Entrepreneur.com Someone who is comfortable is generally complacent. He or she typically doesn’t have any nagging concerns. It’s basically the manifestation of complacency. A point at which one’s guard is so far down, it might as well not exist. This state of mind is a precarious one because it can easily lead to bad outcomes. So, it’s best to be on one’s toes and that’s possible by stepping out of your comfort zone. 4 Big Benefits of Stepping Outside Your Professional Comfort Zone You’ve probably heard this philosophy before — getting out of your comfort zone will be to your advantage. Moreover, it will do so in more than one way. For instance, it will, at the very least, help you to break away from the ordinary. It breaks up routines. So, let’s start with the most obvious benefit. Stepping outside your comfort zone helps you to get away from routines (in other words, a disruption or end to the monotony). If you step outside your comfort zone, you can better reassess your schedule and inject a little (and much-needed) variety. It gives you more creative chances. Breaking away from your comfort zone also gives you the opportunity to indulge in creativity. That can be beneficial in a number of ways. For example, the ability to think unconventionally and entertain solutions to difficult and/or stubborn problems. It helps you effectively deal with stress. Another big advantage to stepping outside your comfort zone is that it helps teach you to more effectively deal with stressful situations. This lessens panic in uncertain times and that’s a very important trait to learn. It provides opportunities to build confidence. Last but certainly not least, you’ll feel more confident when you successfully step away from your comfort zone. This, especially if you return to a normal routine thereafter. In a short period of time, you can again step away to build even more confidence. What other suggestions do you have? Please take a brief moment to share your thoughts and experiences so others can benefit from your unique perspective! (You may never know who you’ll help out.) Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage

Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage Did you know your local service providers may not actually be part of an independent, small business? That’s right. The plumber you’ve called before, the electrician you’ve seen working down the street, or even the HVAC tech who has been at your neighbor’s house. While you may recognize their names and logos and think they’re a mom-and-pop organization, they very well be working for a large corporation. For people in the trades, this isn’t news. They’ve known about this for some time. It goes back to the COVID shutdowns when conglomerates realized the true value of “essential” services. These megacorporations recognized the potential earning power of local service providers and began to quietly acquire them. In order to maximize these new assets, the conglomerates allowed them to keep their existing names. But, when people call what they believe is their local service provider, they are really talking to a call center in another state or country. While many independent, small businesses use call centers, the difference is the technicians working for the acquisitions are no longer just trade professionals – they are now salespeople who push additional products and services. The individuals employed by these bought-out companies take the opportunity of their visits to upsell and their customers aren’t aware the familiar mom-and-pop business does not directly employ them. But, it’s not just the fact that these companies are ostensible fronts for selling additional products and services to increase profits for big corporations. It’s also the fact that legitimate small businesses must compete for the same customers. How Independent Businesses Can Take Advantage of Conglomerates Acquiring Competitors to Better Market Themselves Although it may be discouraging to compete against other companies backed by such deep pockets, there are some benefits you as a small business owner can tap into and use to grow your customer base. Yep, small, local businesses can use this trend to their advantage by emphasizing their authenticity and commitment to the community in their marketing efforts. Here are some strategies they can use you can copy in your own community: Highlight your local ownership. Emphasize your business is locally owned and operated by community members who are invested in the area. This can be done through website content, social media posts, and even in-store signage. Also, any vehicles, uniforms, and equipment. Engage with the community. Participate in local events, sponsor community initiatives, and collaborate with other local businesses to demonstrate your commitment to the community. This helps build trust and loyalty among local customers. Personalize your marketing. Use personalized marketing strategies, such as email campaigns, to connect with customers on a more personal level. Share the stories of vendors, employees, and customers to create a sense of community and belonging. Offer unique, local products or services. Highlight any unique products or services that are specific to your local area or that cater to the needs of the community. This can help differentiate your business from larger corporations and attract customers who value local products and services. Leverage online reviews and testimonials. Encourage satisfied customers to leave positive reviews on platforms like Google, Yelp, or social media. Share these reviews in marketing materials to showcase your support of the local community. Maintain a strong online presence. Ensure your business has a well-optimized website, active social media accounts, and accurate listings on local directories and review sites. This helps potential customers find your business and learn more about its local roots and commitment to the community. Offer superior customer service. Small businesses can often provide a more personalized and attentive customer experience compared to larger corporations. Emphasize this in your marketing materials and strive to consistently deliver exceptional service to build a loyal customer base. By focusing on local roots, community involvement, and personalized service, small businesses like yours can effectively differentiate themselves from larger corporations and attract customers who value authenticity and local connections. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

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Imagine Selling Your Business…

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

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