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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How Entrepreneurs can Get Off the Hedonic Treadmill

May 20, 2021 No Comments

The hedonic treadmill is a trap that too many entrepreneurs (and others) fall into without actually realizing it. This perpetual cycle of returning to the same relative state of happiness is a phenomenon that was first officially recognized in the 1970’s. However, since that time, there’s been very little public awareness about it. Although, people of all kinds continue to experience it to this day, in particular, the most successful executives and business owners being among them. Fortunately, there are ways to escape this mindset. The Hedonic Treadmill Explained The hedonic treadmill is fairly easy to understand. It simply means that individuals return to their baseline of happiness after big accomplishments. Put another way, when someone reaches a worthwhile goal, he or she will only feel the euphoria of the accomplishment for a short period of time, and then return to his or her previous level of happiness. As soon as we hit a goal, we’re happy for a few days (or seconds) but then we quickly focus on the next (and bigger) thing we want to achieve. I’m totally guilty of this myself as well. And sure, there’s nothing wrong with that. But if you do, make sure it comes from the right place of mind. Make sure it comes from a place of abundance and not out of scarcity, or else it might just do some serious damage. Whenever you find yourself on the ‘hedonic treadmill’, it’s quite hard to get off. In fact, it’ll never stop until you consciously make it stop yourself. —Medium.com While that seems completely logical and understandable, it creates an ongoing cycle in which people attempt to return to that feeling of happiness time and again. In other words, the happiness of achieving the goal wears off and therefore, other goals must be reached to continue to feel that sense of reward. Obviously, this can easily lead to very unacceptable behaviors, including things that are ethically and morally wrong. Effective Ways Business Owners can Avoid the Hedonic Treadmill Like any other type of harmful cycle, one must recognize one’s own behavior in order to make the necessary corrections. As with other unhealthy practices, with a few strategic changes, it’s possible to step off the hedonic treadmill by doing the following: Practice gratitude. This is a very simple way to not only recognize, but relish accomplishments and put them into perspective. For instance, opening a new location in order to serve a growing customer base is a huge win for any business. However, there will be challenges with doing so and it certainly doesn’t mean there won’t be any obstacles to deal with in the future. So, feeling a sense of gratitude when it is deserved but understanding that there are still future challenges is essential. Be more optimistic. Most entrepreneurs are optimistic by the very nature. Still, there are going to be instances when even the most optimistic person lets their emotions turn pessimistic. Again, putting your thoughts and feelings into perspective will greatly help you deal with issues that arise in the course of doing business. Adopt a balanced life. Obviously, all work with very little or no play will certainly feed into someone being trapped on a business-centric, hedonic treadmill. If you are willing and able to strike a better balance, you’ll feel more satisfaction in your life overall. Accept certain limitations. Everyone has their limitations. While most entrepreneurs don’t like to accept their shortcomings, the ones who do and partner up with people who excel in areas where they lack, tend to be the most successful. So, know your limitations and play to your strengths. Set truly meaningful goals. There are many types of goals you can set as a business owner. But, the bottom line doesn’t have to revolve around all of them. For example, if you create a pleasant working environment, your employees will be grateful, which improves morale, and ultimately, makes it a great place of camaraderie. Our Client’s Top Salesperson is on the Treadmill. One of our clients has a top sales person that functions on a Hedonic Treadmill, so she has little empathy for others. As long as she keeps winning the next big deal, it reinforces the ongoing cycle of what seems to make her happy. Consequently, when deals are not closing, her demeanor causes challenges with our clients technicians and staff. What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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My Best Salesperson Keeps using a Company Credit Card for Personal Expenses – How can I Handle this Situation?

July 6, 2022 No Comments

Make no mistake about it, this is a very serious situation, no matter the dollar amount. Regardless of what was spent and for which items, this is theft. It is essentially stealing company funds for personal use. Now, if this sounds way too stringent, that’s because you’re probably not thinking of it in a more dire manner (you likely have a very good relationship with this employee). However, if you strip all that aside and look at it in pure dollars and cents, along with personality traits like integrity, this ought to infuriate you. So, let’s take a look at what to do if an employee is using a company credit card for personal use. Common Company Credit Card Risks Obviously, putting company credit cards in the hands of employees assumes a certain level of risk. While you may have strict policies regarding their proper use, it’s still ultimately up to the individual to obey those rules. Of course, every employee with a company credit card must be trusted to a large extent. And even though he or she may have acted responsibly in the past, that certainly doesn’t guarantee he or she will continue to do so in the future. Corporate credit cards are an important tool for many companies. Using the company credit card is often the ideal way to manage individual expenses like entertaining clients and business travel. However, company credit cards are also one of the most notorious leaks of company funds to bad employee decisions. From simple bad budgeting decisions to outright fraud and theft, these cards create undue opportunity and temptation for employees to misuse company funds. Fortunately, you can keep these incidents to a minimum… —Business.com Company credit cards are given out as a matter of convenience, but they do not come without a substantial risk factor. For instance, an employee could get into a personal pinch and use the card for emergency situations at home and you’ll only find out about it after the fact. Then, there are a few incidental mistakes. It’s entirely possible that your employee has a similar-looking card and accidentally makes a purchase with the wrong one, using the company credit card rather than their own. In the latter example, it’s entirely understandable, but if he or she does not take a proactive attempt to reimburse you or simply says nothing and hopes it will slide by, you have a problem on your hands. How to Deal with an Employee Who uses a Company Credit Card for Personal Expenses There are really two different scenarios that could play out. Someone who uses a company credit card for small, inexpensive items and someone who routinely misuses the card for personal expenses. Here are some suggestions for how to deal with an employee who uses a company card for personal use: Know exactly what the purchases were. Before you say anything to this employee, be sure to go through the monthly statement line by line to identify the purchases and their amounts. It would also be wise to go back through the last few months’ worth of previous statements to see if this is a pattern or not. You might just discover this has been going on for quite a long time. Know the laws in your state. This is where it gets serious. Even if the card was used for small purchases over a long period, that could add up to a substantial amount of money. Depending on the laws in your state, this could constitute a criminal act. At the very least, if it isn’t considered criminal, it is certainly a fireable offense. Obviously, if the charges were extraordinarily large, you’ll probably want to recoup that money and possibly prosecute the offender. Speak with HR and/or an attorney. Here again, the amount spent and the timeline will be extremely pertinent. If these are large expenses, they could mean something like grand larceny or another crime. Conversely, if the amount spent was small, you might just ask the employee to reimburse the company, what you need to know is if this is severe enough, and what legal options you have, including the possibility of withholding part of their pay. If you do discover an employee has been using a company credit card for their personal expenses, it is very important to take action, regardless of how much was spent or on what and/or over what period of time. If you don’t deal with the situation directly, the behavior will likely continue to happen to the detriment of the company. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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