Frustrated Businessman

Working Through Setbacks and Learning from Failure

Setbacks happen in life, but it is important to make sure that the setbacks don’t control your life and cause you to stay stuck in a rut. The most highly successful people have failed several times. Failure doesn’t mean that you are not successful or not on the right path. In fact, they learned from their setbacks and then used the learnings to teach others how to avoid them.

The media usually hears about the big-time success of people after they have made it. Unless they specifically share how they pushed through their failures, the public doesn’t know if they failed or not. The success is praised and others often try to mimic it, but the setbacks will creep in. Those setbacks after seeing a success can wreak havoc on the mind. This is where the comparison of achievements begins, but only one person has the achievement receipts.

Many are afraid of failure and setbacks can stop someone in their tracks. They may lose interest, start something else, become depressed, or have self-doubt, but how many will take the setback and learn from it? That is the most important thing about a setback; you must learn how to come back from it. Since childhood, many have heard that we shouldn’t be afraid of mistakes or apologize for a mistake because it should have never happened in the first place. This is untrue thinking when it comes to the real world.

No one is perfect, and we can’t avoid failures. Whether you fall on hard times or lose that multi-million dollar contract, managing the failed experience without becoming overwhelmed is crucial.

So, how can one learn from a setback and use it to their advantage? Here are four ways to overcome a setback and instead make it a learning experience from Nate Armstrong of Home Invest:

  • LEARN TO ACCEPT THE FAILURE

When times are tough, it is hard to stay optimistic about the situation, but this is key for a positive learning experience. People often misconstrued positive thinking.. Smiling and pretending to be happy on the surface is not positive thinking. You must actually sit down and realize that this situation will not destroy you. Positive thinking should be used as an evolving tool when failure strikes.

Don’t go out of your way to set yourself up for failure, but face setbacks as they come with the aspiration that it is not the end game for you. If you can remember that the journey will have curves and bends along the way, then you are able to get through any obstacle and stay positive.

However, it is okay to have a moment where you feel disappointed, or upset, want to cry, or feel angry. Do not internalize the feelings.

  • LET IT OUT

As mentioned before, Nate Armstrong says not to hold it in. You should let out your frustration when hit with a setback. Take a walk, meditate, listen to soothing music, write it down, or go into an area where you can scream it out. This is how the acceptance process begins. The emotional surge you feel is only temporary and your mind will reset, allowing your brain to concentrate on bouncing back.

  • TRUTH PILL

The truth pill means being unapologetically honest with yourself about the situation. Now is not the time to shy away from the truth of the matter. Many people will blame circumstances or someone else for a failure instead of being accountable and taking ownership for their part. This is crucial when it comes to learning from a failure. Reflect on how this happened. Try and pinpoint what went wrong in order to correct it. Don’t rely on a distraction; honestly confront the setback and own the mistake. Don’t let it own you or control your feelings.

  • FAILURE CAN CONTRIBUTE TO FUTURE SUCCESS

Failing to succeed means you are continuing forward with your plans, but you have to develop new tactics to hurdle over any failures. You will make the appropriate adjustments to the situation quicker than before and will not dwell on it as long as before. Take in the information that was learned during the setback to create a different outcome if another setback arises.

In Conclusion

A failure does not define the person who failed; it is a bump in the road and the person should keep moving forward. It is ultimately up to the individual to want to overcome the setback and learn from it instead of letting it deter them. The setback is only a temporary block, so remember to shift the way your mind perceives the matter. Become efficient with the process and you may start to see opportunities where others can only see failure.

Nate Armstrong is the Investor Relations Chair for Home Invest and leads a team of real estate investors in Milwaukee, WI. Nate works alongside his wife, Jenifer.


Licensing

How to License New Products

How the Process of Licensing Works

Once you realize you have a brilliant new idea, it is hard not to get excited about how to make it something big and successful. If you are that person who has a new product or service that can change peoples’ lives, you should know that it is the first step of becoming a successful entrepreneur. You can either license the product independently, or license it to another company. Either way, here are some tips that would help you license your great idea without fail.

1. Research Exclusivity

After realizing you have a great idea and you are ready to license it, you must research to ensure that no one else has licensed it. You might find that your brilliant idea is indeed excellent but not new because someone else has already patented it. You can visit the United States Patent and Trademark Offices or Google your idea to see if it’s patented. If it’s patented, all is not lost.

2. Don’t Lose Hope and Instead Be Creative

It can be a very disappointing moment if you find that your brilliant idea is already patented by someone else. The good thing is that you can find your way out there by making a small improvement to your idea, and this way you will be slightly different from other inventors and hence more competitive. According to Blake Myers, the Chief Executive Officer for Universal Manufacturing Corp, people love new ideas but even the old-improved ideas, tend to excite them too. Therefore, you don’t have to reinvent the wheel to be a successful entrepreneur; be creative.

3. Check for Availability Of Market

Every product or service that gets introduced is expected to solve a certain problem that the members of the public are struggling with. Ask yourself, is my new product going to solve any problem among the people? To answer this question, you will have to find if there are people eagerly waiting to use your product or service. If no one is interested in your new product, you can delay paying for your official patent.

4. Be Slow but Sure

Unless it’s necessary based on the kind of idea you have invented, never be in a hurry to file an official patent. When people start creating their product designs and testing it, a lot of details tend to change before concluding with the final design. These changes might alter the specifications you identified in your original patent. This means you will be required to file another patent, and it will be unnecessarily expensive. However, if you are afraid of not patenting your idea right after identifying and confirming it, you can try a temporary patent that will buy you time to make any necessary changes. Once you are sure of no more changes, you can file the official patent, and this will cost less than filling two official patents.

5. Ask an Expert

Patenting and licensing a new product can be complicated and overwhelming to do alone, especially if you do not have the necessary skills. You might be smart to come up with a great idea, but you should never shy away from asking help from an expert such as an attorney. There are numerous nuanced expressions in patent and licensing laws, and you might require an expert to not only help you understand but also to help you to comply with all regulations.

6. Market Your Idea

There are numerous ways you can do this starting from word of mouth from you, your friends, family and business associates. Consider creating an ad for your prototype and different individuals and companies will get to learn about your idea. Multimedia can also be a good start because you will learn if your idea is viable or not from the reaction of different companies. Do not rely on one company but rather target multiple companies because it is possible the first ten or more companies you approach may not approve of your idea. This can be very frustrating, but never get discouraged or give up. Many successful entrepreneurs did not succeed with their first trial but eventually, they did, and you can too.

7. Be Persistent

Keep researching about your product idea, new companies to approach, how to get the right attorney or how to market your new product. Search for every detail that you feel might be important not only to license your idea but also on how to make it a successful deal. Blake Myers says that you can keep reaching out to the companies you have already approached because someone might appreciate your consistency and determination.

8. Be Prepared to Receive That Positive Response

After the struggle and consistency searching for a company to patent your idea with, eventually, if you do not give up, that call or email will come through. You must be prepared on what to present to them because a lot of negations will be involved. Do not allow yourself to be caught off-guard. Be ready with all the information that can get you a good deal if not the best deal.


William Bronchick Touches On Successful Business Marketing

William Bronchick moved to Denver, Colorado shortly after graduating Culinary School in Texas. His dream was to become a popular chef. After a short struggle and moving from line chef to sous chef, Bronchick saw an opportunity to further grow his career and took it. Friends doubted that his new business could make it, but after a year, he was able to quit his job at the restaurant and become a full-time private chef.

“What one needs to understand is that marketing is key to every company’s success,” says Bronchick. William Bronchick believes that no matter what your business is, having a marketing plan in place will help make your mark in your chosen field.

Working in the private sector has allowed Bronchick to continue his passion of cooking for others as well as traveling. He has studied under some of the greatest chefs in the culinary field ranging from French to Italian and even Asian cuisines. William Bronchick is inspired by his roots as well as his travels abroad. The events he has catered showcase his Texas roots with a European flair never quite seen before.

As an alum of the Culinary Institute of America (CIA), Bronchick understands that hard work and determination is the key to all success, as well as executing a well thought-out marketing plan.

 

 

 

 


Customer satisfaction

Dealing With Customer Churn

What Customer Churn is, How to Deal with It, and Why it Matters

It is always a concern when a company’s subscribers or customers stop doing business with them. Some refer to this as customer attrition but most often it is known as customer churn. The ability for a company to measure this is essential. History has shown it is more cost-effective for a company to retain its existing customers than to pay to acquire new ones.

Customer Retention Rate

Knowing customer churn rate will show a company their rate of customer retention. It will also help determine which strategies would be necessary for improvement. Companies utilize various methods to calculate this rate. Some look at the percentage of customers they have lost. Others want to know the percentage of customers they have lost compared to the company’s total number of customers. There are some companies that calculate this rate based on specific periods of time. This could be quarterly, annually and more. One of the most popular methods involves dividing the total number of a company’s customers at the beginning of a determined time period by the number of lost customers during this same period of time.

Reasons

Companies want to identify any issues that may be the reason for them losing customers. There are a few things that are considered common causes. One is providing ineffective customer service. A study showed approximately 90 percent of customers left a company as a result of their poor customer service experience. The business world is a competitive place and customers now demand the best possible customer service. When they don’t get it, they go to a business that provides it. There is also a good chance that customers who are not satisfied will share their bad experiences on social media and more.

Lifetime Value

There is a direct connection between the success of a growing business and customer lifetime value. A company’s chances of expanding its customer base will significantly diminish if their churn is too high. A marketing campaign well received in a company’s industry will not be effective if customers are being lost at a high rate. More than one study has shown that customer retention costs are far less than the costs associated with customer acquisition.

Eliminating Customer Churn

It results in a negative impact on a company’s income when this rate is too high. There are strategies a company can utilize to eliminate it. Customer loyalty is something that can be built from personalized service as well as positive experiences. Companies need to take a proactive approach to eliminate their own rate of churn. It is also effective when a business asks its customers who have left to complete a survey. The goal with this will be to discover the reasons these customers left the company.

Educating Customers

Many companies have been able to decrease their churn by regularly reminding customers what the company’s goods or services can do for them. They make an effort to keep their customers informed on any improvements and innovations. This has been shown to build customer loyalty.

Knowing Customers

One of the most essential elements for decreasing and eliminating customer churn rate is a business knowing their customers. With the proper use of Big Data, it is possible to obtain valuable insights into what a company is doing that keeps and drives away its customers. Big Data can make it possible for a business to anticipate the issues and needs of its customers. This will make it possible for a company to work toward retaining their business by meeting the expectations of their customers. This will involve identifying which customers are at the biggest risk for churning. This will give the company information necessary to improve the satisfaction of their customers at risk for leaving.

UserIQ

This is able to provide a platform designed to collect data for a company. It enables them to scale onboarding, accelerate time-to-value. UserIQ is able to provide its users with an increase in their revenue by providing information that will make it possible to provide the most effective customer service experience. It will forever improve the way a company interacts with its customers.

It is very important for a company to make an effort to decrease its churn rate as much as possible. Even a business with the most popular products or services will have a team of employees focused on decreasing its churn rate. This is often done in many different ways. It could involve a company improving its products or services. A company could work hard looking for things specific to its individual operation to deal with its particular churn rate and more.


Everything You Need To Know Before Starting Your Property Management Business

Starting your own property management company can be tuff but the rewards are astronomical. Typically, property management companies vary in size, from gigantic firms that manage thousands of properties like apartments and commercial plazas to smaller firms that represent a handful of residential rental properties. The underlying goal, regardless of your size, is to increase your profit. There are many ways to approach this problem, for the young and aspiring entrepreneur, listed are six ways to tackle this issue, even if you’re just starting out.

Owners Associations

Brian Setencich possesses a great deal of knowledge when it comes to working in both private government sectors. Working as the General Manager for First Service Residential has granted him some significant insight into how a profitable property management company operates. For starters, get familiar with owners associations. Both commercial and residential property management firms will typically create owners associations and hire them to manage their physical properties, including dealing with the headaches of filing government paperwork.

Use Modern Technology To Manage Your Properties

Using computer software or cell phone applications to keep track of how your properties are being managed is a must. Having the ability to receive automatic updates when rent is paid while being able to review and approve maintenance request on the go saves you time and money. Otherwise, if you choose to retain a third party, like an already existing property management company, prepare to pay a hefty fee. According to a recent article in Forbes, managing your own properties through a property management app may be cheaper but hiring a firm can help prevent legal issues which are likely to arise with a property owner beings to operate who is unfamiliar with the laws in their state.

How To Get Clients

Offering property management services to other larger firms is a great way for a property management company to make money on the side in lieu of simply possessing and renting real estate. To find clients, consult with local realtors and join the chamber of commerce in your area. Both of these strategies are a sure fire way to start procuring clients rather quickly with little to no overhead besides that of your own time.

Have A Portfolio

As with any business, having a portfolio is essential in the success or failure of your company. Think about it, when you look for a product online you want to see reviews; a portfolio if you will of the efficacy of the product. Those products with an overall negative review have a sullied track record and therefore probably aren’t a wise investment. It’s the same in property management. Having a company already established that has a track record of managing a few properties under its belt is ideal but not necessary. Another way to establish a portfolio would be to work for a larger firm like Brian Setenich and First Service Residential. Lastly, consider purchasing real estate and managing it under your company’s name, establishing a portfolio for yourself while simultaneously growing your company’s wealth.

Buy Ugly Homes

If you have the extra funds, look into buying ugly homes and remolding them. Construction contractors are usually pretty cheap and homes can be repaired relatively shortly if the damage isn’t severe. The main thing to avoid here is a property that has foundation problems; these can be the most costly and will hinder your company’s growth when just starting out.

Go To Tax Auctions

Those who haven’t paid property taxes on their homes eventually have them repossessed. In these cases, property buyers may attend regularly held IRS property auctions and procure exceptional real estate for a very reasonable cost; the unpaid taxes owed.

Brian Setencich graduated summa cum laude from California state university with a Bachelor of Arts in Business Administration. He has served as a City Councilman in Fresno, California; representing his district in the California State Assembly. His government experience was primarily gained while working as the Operations Manager for a 911 Emergency Response Project in San Francisco.


The Value of Diverse Experience Among Executives

Having a highly diverse and expressive Executive Suite can make a tremendous difference in how your company is perceived and how your staff feels approaching their superiors.

Creating a culture that embraces the importance of inclusion and diversity is both an ethical and moral business imperative. If executives in business are diverse, it creates a stronger position for the company to innovate and grow. Top industry talent will be attracted to a diverse company to help it to connect with its customers.

Business leaders need to act and embrace practices of inclusion and diversity in their leadership teams and organizations. Business leaders know that they cannot tell a brand narrative to customers if the narrative has very few points of view. Inclusion and diversity in leadership mean more than numbers, departments or an objective; these efforts have to be embedded in the organization’s DNA. Once this is done, it makes the brand narrative more meaningful, distinctive, and authentic.

In a study that was done by McKinsey, it was indicated that the top quartile for ethnic and racial diversity are 35% more likely to earn higher than the medians of their national industry. In another study, it was indicated that many diverse companies had 2 times more cash flow per an employee over a 3-year period than companies that were not diverse.

If companies do not structure a diverse culture, they will have it rough speaking to their customers genuinely. Having a top management that is diverse in a company is inspirational. To this end, we are going to look at the best practices that business leaders need to strive for in every company.

Being unapologetic and real

An unconscious bias is present in the corridors of business. Instead of hiding it, it is important to note that the differences we have dictate how we view the world. The first step to working to reduce the unconscious bias in the workplace is to recognize its reality. Diversity in the executives of a business helps underrepresented employees have a voice.

Establish credibility that is unimpeachable

You have to walk your talk. As a business leader, you have to take part in creating a more inclusive and diverse team. HP is a company with a diverse board of directors. The tech company has a board of 13 members with five of them being women, and several of the board members coming from South Asia. Denis Mackenzie also has a diverse team who help him to run his winery; this is one of the pillars that have helped him run a successful business

Empower champions of vocal diversity

When you have a diverse leadership team, it allows your company to give the active and passionate employees a platform to bring diversity into the entire organization from the bottom going up. A diverse leadership team will also equip its vocal employees with the opportunity to have sensitive conversations in a safe environment.

A diverse culture will also reward and celebrate its members, give its employees great benefits, programs to improve work-life balance, a workspace that is open and collaborative, and groups of employee resources to share similar values, goals, and differences. The leadership team will also help drive the onset of new businesses and attract great talent and partnerships.

Lead boldly

Diverse leaders help to change how the usual business environment operates. For example, diverse leaders in a company can challenge their partners to submit plans on how they can increase the number of minorities and women in strategic and creative roles in a business.

HP was able to donate $100,000 as an initiative that was aimed at increasing female directors in advertising, with the goal that one out of three competitive bids will be for a female director. When a leadership team embraces the diversity of experiences, perspective, and ideas, it has the potential of unlocking growth, and innovation. Leaders in business have to reinvent the inclusion and diversity standard even further to make a difference in companies, in the community, and in the marketplace.

Building diversity in the boards of a company

It is not easy to build diverse boards, but it is essential. Diversity is the foundation of perspective, insight, and thinking about markets, business practices, and consumers. If there is a lack of diversity, then there is a missed opportunity.

Blind spots are easily found in culturally homogenous boards, and this makes them miss essential aspects about internal problems and market trends. That is why a diverse board that is highly accomplished is important today when businesses are competing globally.

Diversity in a board helps a business have multiple views on the result of an action, which means that the board is likely to be aware of different risks on the table when the company is pursuing different agendas. When recruiting a board of directors, each company should at least have a nominating committee that:

  • Ensures that diversity is a requirement
  • Be more inclusive of minority groups and women that have valuable skills, expertise, and perspective.
  • Set insights and competencies that are being sought after by the board.
  • Looks for gaps present in the current board and ensure that different perspectives are represented.

Conclusion

Denis Mackenzie has been able to foster a broad company culture that encourages openness, independent opinions, and honest feedback from his team. Denis Mackenzie also strives to have diversity in his staff, which other companies should also look forward to having, to push the culture of a company’s leadership further.


Knight New Canaan

Andrew Knight New Canaan Shares How to Build Your Small Business Credit Score

Knight New Canaan
Andrew Knight New Canaan is a frontend developer who has been working to build his freelance business for a number of years. Now a respected part of the technology sector, Knight New Canaan works with many startups to help build their companies from the ground up.

There are three main credit bureaus with which it is always good to be in good standing if one is looking to start or expand upon a small or mid-sized business. In terms of making sure the work being done to build a positive credit score is effective it is important to understand how a credit score can affect your business and how credit scores are reported. Andrew Knight New Canaan not only works with a number of small and mid-sized businesses as a front-end developer but also has experience building his own company as a freelance technology expert.

How is credit reported? 

For Andrew Knight, it is important every small business owner understands the way credit is created and reported to make sure the best options are always available. Experian reports the first step in understanding business credit is to get a feeling for how scores are created which is a little different to those handed out for personal credit as they are rated o a scale from zero to 100; a zero credit score offers a high risk while a 100 is seen as an extremely low risk.

In order to build a positive credit score for a small business, it is important to utilize as much credit as possible in order to create a positive credit file with lines of credit reported to bureaus on a regular basis. Aspects of credit such as payment history and outstanding balances all come together to give a credit score which is rated from zero to 100. Unlike the personal credit score industry, there is no set formula for calculating business credit so it is important each individual business does as much as possible to create a credit score to be proud of.

Create lines of business credit 

When starting a business and throughout the life of a company, lines of credit with suppliers allow a small business to grow through the use of various lines of credit offered allowing payments to be made days or weeks after an order is fulfilled. After making sure suppliers report to the three credit agencies it is important to not only open these lines of credit but also make payments on time. Nerdwallet reports a business credit score will always benefit from various lines of credit being opened and maintained in a healthy and efficient manner.

Payments should be made on time 

According to Andrew Knight New Canaan, the best option for developing and maintaining a good credit score is to make sure the payment history a lender looks at is free from any major blemishes. Making payments early or on time is the simplest and most efficient way of ensuring a small business credit report is maintained at a high level for the future. Much like with a personal credit score, a business score will be negatively affected if lenders report persistent late or missed payments to the three major bureaus.

Information should be kept up to date 

This may sound like a simple way of doing things but missing or incorrect information reported to the credit bureaus can have a major effect on the credit score of a small business. All bureaus will accept changes to personal business information including financial statements, address, and telephone numbers; employee numbers are another piece of information which can be provided to keep the credit score of a business up to date and at the highest possible level. As each bureau calculates data in a different way, the best option is to provide as much up to date information as possible to all three to maintain all algorithms used to create a small business credit score.

Avoid problems with public records 

In essence, a small business credit score is the level of trust a lender can have in your company. Public records often form part of the calculations used to determine a score including the issue of court judgments and liens placed against a company. If debts make their way to court and a judgment is placed against a small business or its owner the bureaus will take a negative view of the impact on a credit score.

Although small business credit scores are calculated differently to personal credit scores it is important to remember the process is similar to that used to create a personal credit score. Remaining in good standing is a positive first step with Knight New Canaan recommending using just 20 to 30 percent of available credit lines at any one time.


JMD Furniture

3 Furniture Options for Your Business

JMD Furniture

First impressions count for everything, especially in the world of business. Scientists estimate that you have around seven seconds to make a good first impression. And it’s incredibly difficult to change a first impression once it’s already settled in a person’s mind.

That’s why your business has to project an excellent first impression through the furniture options you choose.

The Traditional Look

For accountants, lawyers, and doctors the traditional office look is the best option to choose. Heavy wooden desks and dark colors are the order of the day.

This is also one of the more expensive office looks if you want to buy direct. But you can also look into rented furniture or more affordable retailers, such as JMD Furniture.

The Trendy Look

Fashion designers and IT specialists often want to project a trendier look. The best thing about this look is that you can let your imagination run wild. Chairs in different shapes and bright colors can give off that trendy look.

There still has to be some order, so you shouldn’t go too crazy. Just because you want to be trendy doesn’t mean you should break the fundamentals of furniture positioning. You want to seem trendy not cluttered.

The Modern Look

Modern offices, especially when they revolve around the tech industry, have to provide the class of a traditional office, as well as the excitement of a trendy office. It can be a difficult balance to strike.

You may decide that you still want to embrace cubicles and desk dividers. To deal with this you can opt for a glass cubicle, which always gives off the impression of transparency, whilst frosted glass could offer the privacy each employee wants.

Modern offices often take advantage of clean, white furniture. It’s a ‘go to’ furniture option and there’s no reason to change it.

What are the Main Points You Have to Take into Account?

These are the three primary office looks you can opt for. Naturally, there are going to be variations and there’s nothing wrong with embracing a custom look. But these are the main considerations you should take into account.

Space – This is the obvious one. How much space do you have to play with?

Reception Area – If you’re going to have a reception area, you should purchase luxury sofas and chairs to give visitors that positive first impression.

Rearranging – Heavy furniture might be durable, but moving it around and changing up your look can be a challenge. Maybe it might be better to opt for something lighter?

Last Word – The Impression You Want to Give

Write down a few words that define your business. Use those words to drive your choice of furniture. Choose a budget furniture retailer. There’s no need to break the bank on making a great first impression.

No matter whether your business is big or small, you can get quality furniture that fits neatly into your budget.

What look do you want?


Four Ways To Prepare Your Online Business For The Risks Of Crypto-Fraud

Cryptocurrency
As Bitcoin and other cryptocurrency begin to transform into a legitimate payment method, businesses should be prepared for potential scams and exploits on the horizon.

Blockchain technology is a new trend that presents many possibilities. At present, enterprise companies such as Amazon are beginning to make websites featuring blockchain technology and cryptocurrencies in order to get ahead of the competition. Although this new advancement may all be confusing to some, there are a lot of benefits that cryptocurrencies brings to businesses. According to Kinney Fernandez & Boire, specialized car accident attorneys in Tampa who also boast a group of diverse criminal and liability attorneys, blockchain technology presents numerous advantages for businesses:

  • Lower fees for customers – a lot of our current payment systems rely on middlemen such as banks, unions, and money exchange firms. Through the exchange of cryptocurrencies, we can lower the fees we charge to our customer for our products and services.
  • Faster transaction – since the exchange of cryptocurrencies occurs in real time through the blockchain network, there is minimal to no delay of payment.
  • Lesser chance of error – with a centralized recording system that payment agencies have at present, fraud is more likely to occur. However, decentralized systems can easily be verifiable since all units have copies of the actual transactions. So it would be easy to detect which transaction is a fraud or has an error.

However, some scheme-minded groups take advantage of this new technology by offering cryptocurrencies supposedly having value which turn out to be a fraud. That is why some new businesses are hesitant to accept cryptocurrencies as a form of payment while the process is relatively new. How can we protect our business from fraud as we embrace the new blockchain technology? Kinney Fernandez & Boire have cut their teeth as some of the finest slip and fall attorneys in Tampa outlined some tips for us.

Five Tips To Avoid Crypto-Fraud In Your Business

  1. Verify any information about cryptocurrency investments

Some scammers would present you with outrageous information about the cryptocurrency that they are offering. This can come in the form of giving a name of a billionaire or a high-profile investor putting his money on the seemingly obscure cryptocurrency. This is a tactic used to attract potential buyers to get into buying a coin that would eventually have a low value. To avoid this, your business needs to be wary before accepting or investing in any kind of cryptocurrency. Verify information from reputable news sources, and don’t rely on scammy-looking websites that show claims without any evidence. If you feel like it’s a scam, it probably is.

  1. Do not fall for social media marketing

Another thing to look out for before investing in any kind of cryptocurrency for your business is avoiding tips on social media. Commonly, a lot of people fall for advertisements which are only posted on social media, without its own authority domain to back it up. These investments usually utilize the “pump and dump” scheme, which some investors fall for. Once the stock market value of the coin increases, the main scammers trade the cryptocurrency for something else of more value. This leaves the other investors trying to look for trade opportunities before the price in the stock market crashes.

  1. Do not believe guaranteed investments or sure returns

There is one law when it comes to investments, whether traditional or digital – nothing is ever certain. While there are some investments which are worthwhile compared to others, we can’t really say if we can see gains from it tomorrow, or even in the next week. So, if an individual or a company offers you a guaranteed investment solution, it is most likely a scam. Do not fall for this type of offer, as they are most likely trying to entice you for your money.

  1. Serious crypto-investors should have their own cryptocurrency lawyer as well

If your business is serious about having large amounts of crypto-investments, then it would be better for you to have your own cryptocurrency lawyers who have the knowledge, skills, and expertise for the trade. They are also skillful in detecting schemes offered by shady companies. They can be responsible for providing you legal information about topics in cyber investments as well. In the event that fraud occurs during your transactions, a cryptocurrency lawyer can advise you on the appropriate course of action.

Additionally, you can also contact the CFTC if you have been a victim of fraud, or if you need to report suspicious activity. You can reach their hotline at (866) 366-2382 or visit their website at CFTC.gov.

Cryptocurrencies are a great opportunity to help your business grow in the fast-paced digital world. As more and more people invest in digital coins, we can see the trend that businesses will most likely accept these types of currencies as a part of daily transactions. Thus, it is important to protect your business from possible fraudulent acts that may occur.

 


Singlecare

4 Business Lessons You Should Learn From SingleCare

Singlecare

With so many businesses sprouting every now and then, there are only some that thrive and stand out. Across several industries, such as healthcare, education, and technology, there are startups and aspiring entrepreneurs that continue to race to the top.

The Proverbial Race to the Top

This proverbial race to the top is actually comprised of small steps that separate mediocre businesses from businesses that truly provide value. A great example that we will be discussing in this post in SingleCare, which strives to have made its way as one of the quickest-growing healthcare discount company.

What are some lessons we can learn from SingleCare? From their business model to their ability to identify a need, we will be looking into the factors that make their company successful.

4 Business Lessons You Should Learn From SingleCare

 

1. SingleCare focused on an evergreen need

The single most important principle of building a business is to find an evergreen need. What is an evergreen need? These are industries in which people are increasingly investing in, which shows that it is a necessity. Industries such as health, agriculture, education and other evergreen businesses are always needed, which means the demand will not be seasonal. There are no signs of slowing down.

SingleCare was able to establish themselves in the health industry, which is a need that people can’t do without. Thus, their company continuously grew to have 50,000 members and counting.

The quickest way to grow a business is finding an industry where there is a constant demand. What are the things that people can’t do without? What are the things that people consume regularly? This can be a great starting point for an entrepreneur.

2. SingleCare understood the problem within their industry

What counts as a problem in the current industry that your business is in? The purpose of businesses is to either provide value by entertaining or solving a problem in a particular topic.

SingleCare aims to solve the problem of medical and healthcare costs that people acquire when they try to have doctor visits and buy prescription drugs. As they tried to solve this problem, they provided an opportunity for people to save money without spending the time to manually search for pharmacies that offer such discounts in their local area. For example, people can easily find an Estrace discount by simply searching for the term in the prescription drug discounts. People who are looking for this specific drug can get an Estrace discount from a pharmacy nearby. This solves a vital problem which is important to convert into a business’ value.

To be an effective business owner, you don’t blindly create a product without solving a particular problem. If you do this, there will be no demand, and there is no use for people to try out your offers. Finding a critical problem in your industry is important to keep the market demand flocking to your business.

3. SingleCare bridged the gap between businesses and consumers

SingleCare can be considered working as a B2C (business to customer) and B2B (business to business model). They have essentially bridged the gap between the consumers who are looking for cheap medical products and services, and they have consolidated a database of clinics and pharmacies who are offering these high-quality but affordable offers.

This is another important characteristic that a business is trying to solve. It should aim to bridge the gap between two parties, providing a mutual benefit for both. This is the reason why SingleCare quickly grew because not only did it target a high-demand industry, it also gave a way for consumers to easily access coupons for their needs.

As an entrepreneur, you have to think of a way to create a platform that bridges the gap between the people who can benefit from your idea. By making things easier, you will find consumers and businesses who are ready to pay for your products and services.

4. SingleCare leveraged technology to make things convenient for all stakeholders

One of the most prominent features of SingleCare is the video doctor visits. It is a great way to connect what technology has to offer to provide convenience for the people.

Through the use of video doctor visits, people can easily save as much as 60% compared to urgent care which can peak to $145 per session. Regular video doctor consultations in SingleCare only costs $45 as a member.

The business lesson in this example is understanding how you can integrate technology with your processes and making it convenient for your consumers.

As you consider these business lessons from SingleCare, you might be able to find your own entrepreneurial gold mine. By staying within an evergreen need, solving a critical problem, as well as making use of technology will help you achieve success in creating a profitable business.