Business Education

Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example.

Why Businesses should Never Mislead the Public or Consumers

As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy.

One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review

Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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3 Biggest Signs of Early Startup Success

June 28, 2018 No Comments

It’s not always easy to know where you stand. Sure, you’ve made it this far and there doesn’t appear to be any big trouble on the horizon. In fact, things are going quite well. Yet, you wonder if it’s just a matter of perception. Or, is your startup really going to make it? Well, there is no guarantee. But, that certainly doesn’t mean you can’t size the situation up at all. There are a few ways to tell if your startup is on its way to success. Why Most Startups Fail Of course, you should first know what causes most startups to fail. Perhaps the largest reason is they run out of cash. Investors only give so much, both in money and time. If you’re burning through cash and there’s little or no profit, you’re obviously running a really big risk of going out of business. Another reason startups fail is due to a lack of clear strategy. Put another way, they don’t know the way and don’t have a concrete idea of how to go from one goal to another. Most startups fail. But there is a common thread among some of the most successful startups: Consumers, not investors or tech blogs, find them first. A few examples: Facebook, Instagram, Pinterest, Most recently: Snapchat. —Business Insider.com Then, there’s tons of bad advice. It’s out there and if you take the wrong advice, you’ll probably see the consequences quickly. That’s your chance to act and change course to make it a lesson learned. Another reason why startups fail is the market moves in an unexpected way. They just aren’t prepared for contingencies. Or, fail to make necessary adjustments when needed. 3 Biggest Signs of Early Startup Success But, how do you know when you’re on the right track? What tells you that things are not only going well, but likely to continue in a good direction? Here are the three biggest signs of early startup success to lookout for: Positive cash flow. It’s no mistake the first factor in failure is due to lack of cash. If your company is bringing in cash and making a profit (that is, your intake minus your expenses), then you’re definitely off to a good start. Customers find you. Take a quick look at the quote above and let that thought sink in for a moment. If customers are finding you without you having to identify and chase them down, you’re fulfilling a crucial need and that’s a really good thing. Rhythmic, rock solid team. Another sign a startup is on the right path is when it’s crew recognizes they work well together and work toward goals as a team for the good of all. It means the right people are in the right positions and that’s a huge factor in success. What other signs signal a startup will succeed? Or, what might happen which means there’s trouble ahead? Please share you thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Stop and Read This Right Now and Then, Quit Procrastinating

April 18, 2019 No Comments

It’s nearing the end of another deadline. And, you’re too far behind to finish comfortably. The rush is on and time isn’t on your side. If only you’d started earlier. You can’t afford to spend time reflecting. But, you can’t help but feel a strong sense of regret. How did this happen again? You’ve fallen victim to your own procrastination and you vow not to put yourself in this position ever again. Top Reasons We Procrastinate Everyone knows procrastination leads to trouble. So, why do we do it in the first place? What causes people, even the best of us, to procrastinate? Sometimes, it’s because we feel events are out of control and it leads to paralysis. Or, it could be due to a lack of energy. On a neurological level, procrastination is not the slightest bit logical — it’s the result of the emotional part of your brain, your limbic system, strong-arming the reasonable, rational part of your brain, your prefrontal cortex. The logical part of your brain surrenders the moment you choose Facebook over work, or decide to binge another episode of House of Cards when you get home. But there’s a way you can give the logical side of your brain the upper hand. —Harvard Business Review Of course, perhaps the single biggest cause of procrastination are distractions. Having attention taken away from the task at-hand can really undermine productivity. Other times, it’s just feelings of sadness or depression. Most Effective Ways to Deal with Procrastination If it’s so common, just how does one beat procrastination? Fortunately, there are a few ways to deal with procrastination. First, recognize when you’re procrastinating to start. Then, do the following: Commit to just one task. If you feel the urge to procrastinate, instead of doing nothing, do something, but something meaningful. Commit to just one task, even a small one that will give you a real sense of satisfaction and accomplishment. Give yourself a reward. Another way to overcome procrastination is to promise yourself a reward. If you tackle the task you’re tempted to put off, you’ll give yourself an enjoyable reward. You’ll be amazed at how you’re able to buckle down and focus. Act on things as they happen. Okay, so you might feel a bit intimidated by a particular type of task. That’s okay, deal with it by taking things in order, as they come. This way, you’ll build momentum. And, if it’s the first item on your plate, take comfort in the fact once it’s done, it’s out-of-the-way (at least, for the day). Minimize distractions around you. Alright, this is obvious advice. But, it definitely warrants inclusion. Get rid of any (or as many) distractions as possible to help beat procrastination. What other suggestions do you have to deal with procrastination? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Steps to Starting a Successful Side Business

May 16, 2017 No Comments

There’s nothing wrong with supplementing your income, or, to start on a journey to pursue a dream. A side business is an avenue for both, but, like most full-time employees, you’re wondering just how to get started. It might surprise you, but it’s not just about the logistics. While the nuts-and-bolts are certainly vital, you’ll also have to deal with other things. In other words, it’s not just about carving out the time, being able to deliver on your promises, but also, finding personal fulfillment. Too many people start side businesses, burn the candle from both ends, and wind-up burning out. What you do need to understand is that, especially early on, the right mindset is key to future success. You’ll probably start out on fire, ready to tackle whatever comes your way. Inevitably, there will be problems, whether big obstacles or temporary setbacks. If you keep in a positive frame of mind and learn from mistakes, you’ll go much further. You’ll also need a workable game plan that rewards each achievement step you reach. Steps to Starting a Successful Side Business First, you must consider a few things, such as: is this a needed service or product? Can I deliver on a tight schedule? What competition will I face? Is there room for scaling-up? Of course, the biggest question will be can the time invested turn a profit and if not immediately, when will it realistically do so? People’s initial motivation is often money – they want to save more, pay off debt or simply afford a better lifestyle for themselves and their families. But then, it often morphs into something deeper, as people realize that their side businesses allow for a creative expression and satisfaction that can be hard to find in their full-time jobs. —Entrepreneur.com Next, understand and accept that you’ll have two demanding jobs. That’s going to bring some stress, it’s just unavoidable, and, it will also zap your energy. The trick is to set your sights on your goals and be convinced they are within reach, it’s okay if it takes time to realize. Don’t make the mistake of rushing because you’ll likely sabotage yourself and be willing to give it a solid test run, knowing that it might not work out. If you’re willing to make the commitment, get past the planning and taking action, you can make it work. Getting down to the nitty-gritty, the following steps are what you’ll need to do in order to start a successful side business: Reframe your way of thinking. Don’t let your day job be an obstacle, instead, think about all the positive things it provides. First, it does put a constraint on you, but that’s a good thing because it spurs creativity. In addition, look at your full time position as a funding source and a place to sharpen your skills. Determine workable, key actions. You’ll need a written list of workable, key actions — things that will move your idea forward, but don’t just keep ruminating. Every step should move you in the right direction with purpose. Restructure your schedule. This probably sounds too obvious, but too many people who try to start a side business, fall prey into thinking their schedules are already set. Dedicate routine times to work your side gig and be willing to make adjustments as necessary. Network whenever you can. If circumstances allow it, you can network at your full-time position, letting co-workers know what you’re offering. If not, there are plenty of other venues: your child’s school, your church, your gym, places you volunteer and visit often. Entrepreneurs are one of America’s greatest assets! Whether you are starting a business part time or full time, now it’s your turn to be an All American Entrepreneur while achieving your goals and growing our economy one great business idea at a time! [shareaholic app=”follow_buttons” id=”26833294″]