If you have ever shopped for a coworking space, you would notice that it is not a perfect competition type of market, and not all coworking spaces are made equal. In San Francisco alone, there is a wide range of what coworking spaces offer. The environment, vibe, and price are all very different. The owners of a coworking space could range from just a yogi to a small business owner to a corporation.
Coworking Spaces vs Large Corporate Spaces
Coworking originated in San Francisco by Brad Neuberg with the idea of combining the freelancing with a structure of a community of office space for freelancers to feel as if they belong somewhere. A coworking space is an environment that allows a different set of people to work on their desired project at an independent level. Since then coworking spaces have sprouted everywhere, not only in the Bay Area but also internationally. Smaller and independent business owners were first onto the idea of gathering other freelancers. And if you think about it, freelancers have a lot in common with small business owners. First of all, they all work independently and they don't belong to a large company who gives them directions on their work.
Once this movement gained tractions, larger corporations joined in. Corporate coworking spaces started sprouting everywhere. Large corporate spaces are normally larger and specially designed to accommodate larger companies. In truth, a large corporate space is the enterprise version of the smaller coworking space environment.
They both usually offer private offices for companies and the main area for independent workers.
Which Choice Is Best For You?
There are numerous points essential for consideration when picking out your preferred coworking space. But you should pick one that fits your vibe, energy, and budget. As relative as choices can be, here are some of the important points to consider while choosing between coworking spaces.
Picking a smaller coworking space could provide an environment with fewer people and less noise.
If you are in any type of environment that requires you to put in the work, you might need to consider going for the smaller coworking space for this advantage.
In a smaller space, it is easier to manage this with the fewer set of people in the same coworking space. People who opt to use smaller coworking spaces are also normally a set of more down to earth people.
It is very important to pick the coworking space that will facilitate your productivity and provide you with a comfortable environment to work in. If budget isn't a constraint, of course, you should sign an office lease to work in your workspace. However, you could always do cooler things with your money than renting an office space.
Come check out why Treehouse Society could be a great choice for your team's productivity, budget, and space needs.
The ideal dream team is the one that works together and promotes positivity to create a learning and growing environment that can help in flourishing the company and its profitability. While the research always for such employees who can work in a team and lead it to prosperity however sometimes you might even encounter a toxic employee who basically drains the employee happiness and productivity and hinders the profitability of the company as well. No HR manager ever wants to hire a toxic employee as it is said: “One bad berry can spoil the whole basket.”
Effects Of Toxic Employees On The Organization:
A toxic employee can damage the company daily as well as in the long term. The research has shown that 56% of employees tend to leave a job because of a toxic co-worker. The toxic employee can blame the other workers for the failures of his own, bullies other workers around, or creates drama where other teammates feel annoyed and humiliated. These things make the working conditions hard for the other employees and they tend to leave the job to find a much peaceful one.
Identifying Toxic Employees:
So now, the question arises: How can one identify a toxic employee? Mostly in organizations, the toxic employees are pretty much visible if there is any. However, some of them are too clever and know how to keep themselves low key or their manipulative nature leads people to believe that it was others' fault. The basic traits of toxic employees are that they are defensive and aggressive with other workers, they do not take responsibility for their faults, and they tend to resist growth or change. You can even find them bullying and gossiping about others. No matter what they do in the organization, the result is that they damage the efficiency and morale of others on the team as well.
Dealing With Toxic People:
It is easier said than done that toxic employees should be weeded out during the hiring process especially when the core team is being built. However, some toxic people make the hire because of their resumes. They sell themselves well on a piece of paper and they are even better during the interview process as sometimes the toxic people are charismatic. However, their toxic personality often shows up after they are given responsibilities, left with coworkers or given challenges. Although, still the best way to counter such toxic employees during the hiring process so it needs to be aligned accordingly.
The interviewers should be sharp enough to ask questions which can show how civil the candidate is and what can be achieved by asking them how they will resolve conflict instead of asking them how they will handle the difference in opinion with other teammates. Make sure that during the interview you have investigated the candidate about their previous experiences at other companies and how they handled different conditions and personalities there.
It doesn't matter what kind of organization you are running, from nonprofit to startups. It is quite important for you to not allow toxic teammates to enter from the start as it can create a blockage in your growth and productivity. The best way to tackle it is during the hiring process to prevent negativity. If it still surfaces, then take action upon it as soon as you get to know. Once the employee is in your organization, you need to provide honest feedback. Maybe the toxic employee doesn't even know that he is being toxic. However, if the behavior continues, you should figure out a strategy to rid him/her ASAP.
References and Citations
Different types of unique relationships exist between people, family, romantic, business, etc. Some people might not realize, but relationships take a lot of active work, especially the relationship of cofounders. It is a lot more than even a significant other, as cofounders not only need to share the same idea and dream but also need to manage finance and build a team together.
Smart cofounders are sensible enough to give their best and look great when the occasion arises. It is very unwise to reveal the cracks that may exist in their relationship during a pitch. Cofounders make point of fixing their strain to get the best productivity out of themselves.
Numerous reasons could cause sour development in the relationships that exist between cofounders. This could be one of the determining factors that determine if they are staying together or going their separate ways.
Below are some of the ways cofounders' relationships go sour and how to fix these issues:
Here, there has to be some level of compensation and a genuine understanding of your partner’s perspective. It could be the energy level or other commitment issues. It could be health issues or another side project. These differences have to be worked on to continue that positive desired relationship.
However, if you are already into the project for a long time and there still exist some level of differences, you should consider redefining and communicating your mind.
Having a detailed cofounder agreement is also useful to help keep everyone in line. The honesty and openness that exists between cofounders help in bringing out the best versions.
Interestingly, it is not always hinged on history. It depends on how well you think you know your cofounder and your dynamic as well. Irrespective of the time spent previously, there seems to be a correlation between a deeper friendship with your cofounder and the longevity of the relationship. Earmark out time to further bond with your cofounder to develop a deeper bond.
Interestingly, your business going well and the positive profit being made does not necessarily reflect that your relationship is working. Investors always have an eye in spotting any form of strain that might exist between cofounders. This may affect the business in the long run.
Wrapping It Up
Understanding your cofounder’s perspective and effective communication is very vital in preserving cofounder’s relationship. For a longer and more productive business, cofounders have to make it work through various practices in their cofounder relationship.
Mental health is such a taboo topic, especially in the startup world. However, it is one of the most important factors to consider in everything from personal life to business. Due to the immense pressure to reach a goal, most employees of a startup develop mental health issues, especially the founders. The level of stress from the fast-moving pace can affect their mental health.
What Is Mental Health?
The mental health of an individual is the psychological and mental well-being of the concerned individual. It can also be used to categorize the collective condition regarding the psychological and emotional well-being of an organization.
Having a positive mental health condition in and around a startup is one of the best things you can hope for as better mental health can lead to better products and better work. Taking care of mental health should be an active investment as poor mental health has its consequences. Poor mental health conditions often lead to a drop in the creativity and productivity of employees and the startup itself.
Symptoms Of Negative Mental Health In A Startup
Various symptoms manifest in the employees of a startup that must be monitored. Due to the high pressure, mental health can deteriorate quickly.
Often time, these people suffer from some of the highlighted symptoms below
Effect Of Negative Mental Health In A Startup
Venture capitalists who invest in startups are most times just interested in the returns of their investment. They are not interested in the sweat and turmoil went through by the founders and the team in getting the agreed results. Hence, there is immense pressure on the startup team to get the result or face the consequences. But startups are run by humans, not robots, and humans have emotions. It is ok to experience emotions.
Some mental health issues have been linked to the pressure developed through the tough conditions found in startups to reach set targets. Some of the known effects of these negative mental health condition in startups include
Starting up a business can be hard but it is important to pay careful attention to the mental health condition of its employees. A healthy working environment and a wellness program should be in place for companies for productivity.
To Wrap It Up
It is important to monitor the mental health of a startup and its employees. This can be monitored by taking note of symptoms that could be manifesting in its employees. Startups need to keep the mental health condition positive for a more productive environment.
The companies that come to mind when discussing artificial intelligence are Apple, VMWare, Amazon, Google, Facebook, and other big corporations. This is so since most of the artificial intelligence tools or technologies are used by the companies. The artificial intelligence trends of 2019 can be understood by first looking at the past. The 2018 artificial intelligence trends are the basis of accruing artificial intelligence trends of 2019. There are many other trends worth discussing in this blog post.
Enhanced Artificial Intelligence and machine learning through Enabled Chips
The years 2019 has been characterized by the need for top-notch model chips that could be used in boosting artificial intelligence to the next level. In 2019, some of the popular companies which have taken the challenge of designing and manufacturing AI chips for artificial intelligence include Intel, Qualcomm, AMD, and NVIDIA among many others. It is through the efforts of these companies with the ability to make an execution related to AI possible. With the availability of these particular chips, the application of AI application has been hastened by a great deal and this has changed the way AI operates.
Extensive cloud technology use
In 2019, the AI has become one of the issues and this has further promoted the demand for cloud providers to deliver artificial intelligence through cloud technology. With this trend, the cloud developing companies have grown by a great margin. It is very crucial, therefore, to be aware of the fact that cloud platforms have expanded as a result of the introduction and growth of AI technologies.
Extensive use of Privacy and Policy Terms
With the rising AI apps, most companies have expanded their privacy and policy elements just to make sure that they cater to laws governing the introduction and use of AI. In that case, with the extensiveness associated with AI, we have seen the rise in which privacy and policy terms are being structured.
The adoption of facial recognition applications
The improvement and restructuring of AI have led to the promotion of facial recognition technologies. Such technology has taken a center stage in ensuring that users can be identified using their faces. With this particular trend, more and more companies are rapidly changing their security check by introducing facial recognition which is governed by the presence of AI technologies.
With the development of technology, artificial intelligence is getting more relevant than ever.
The majority of the startups we are aware of today are trying the best to have an idea on the amount of time they can keep the lights on before their businesses finally run out of cash.
The thing is, either a startup runs directly into a cash crunch at a point in time, or they are interested in accelerating their growth. However, there are times whereby startup founders may want to make use of their personal finance to keep the business floating.
Funding With Your Personal Finance
There are lots of entrepreneurs and even small business owners that have embarked in self-funding their startup with their personal finances for a significant time frame.
Sometimes, they do this until their funding opportunities that are outside become much more realistic.
Nonetheless, if you do believe in the vision you have and you have refused to take failure as an alternative, you should surely feel very comfortable investing your personal finances in your own business.
When making use of your personal finance, you will have to be very smart in this game and highly frugal. Also, making use of your personal finance can work in your favor sometime later.
This can work in your favor as your story can be strengthened when the time comes to seek extra funding for your business from investors that are outside.
Like we mentioned earlier, no one believes in your business as much as you do and if you are skeptical about using your personal finance on it, then that is a red flag. Well, unless you have other quick access to funding the business with a cheap capital cost.
Other Strategies For Funding Your Business
Some of the startups we can find today pieced together their funding from diverse sources. While no single source is better than the other, everything relies on your runway, access to resources, living expense, and even capital cost.
It does not matter if you are a startup that is searching for initial seed capital or you are already operating a small business and need money to grow, you have to be flexible and keep accurate financial numbers.
Some of the ways to fund your business without the use of your personal finance include:
Although there are risks linked with funding your startup with business cards, you can always explore it depending on the amount of money you need, how quickly it is needed, and your credit score. However, before you do that, you need to be sure that your startup will be profitable so you wouldn't be losing out on 15-25% APR of a credit card.
Crowdfunding will enable you to promote the vision you have for your startup products and even take orders plus pre-sale inventory before you begin manufacturing it.
With marketing and planning, crowdfunding may likely take months to raise the money you need successfully.
To Wrap It Up
From friends and family to crowdfunding down to angel investors, there are lots of ways to raise money for your startup. However, if you want to go through the route of personal finance to keep 100% of your company, it is not so bad either.
Try coworking today to save money so more of it can go to your startup.
The term “couples therapy” is very common and known to all. A counselor helps a couple, a husband and wife most of the time. When two individuals get married and living happily start having disagreements in their relationship. The small arguments start to pile up and become a complex problem that causes the relationship to fall apart, couples start wondering if they should live with their partner any longer or not.
You might be wondering, what has that got to do with the business world? A single entrepreneur who works alone might not be familiar but two or more cofounders might be able to find the similarities and know that most of the business relationships are the same as couples are bound by marriage.
Just like marriage, cofounders are the people who invest their time and skills in starting a business, they help by giving their expertise and financial resources to build the foundations of a company. The more the people working in a business and playing their part, the more successful the business is.
When different people are working together, chances are that there will come a point when there will be conflicts and disagreements among the members for various reasons. This can be lethal for a company and can be the cause for the business to fail. According to the study, the conflicts among the cofounders are 65% of the times the reason for new businesses to fail. It is better to find a middle path and bring conflicts to a stop to save the company. The profession of cofounder’s therapy is in demand nowadays.
Many licensed therapists focus especially on resolving the conflicts among the cofounders of different business partners and mediate between them so that the business goes on without an unhealthy environment.
Running a business in itself is already a hectic job and maintaining a relationship is also a difficult task. When these two are combined then the problems increase. Cofounders are different people and have different personalities, their levels of motivations are different and their visions for the company might vary as well. These differences between two people however small they are can cause problems for the business.
It is natural that when there is pressure at work, the relationships go south and you might not be able to ignore small conflicts. When the conflicts become too problematic then it can affect the business, decreasing the progress.
The cofounders now can approach the therapists to resolve the problems and can clarify their intentions. The problems mostly faced by these cofounders are a lack of communication and listening skills. The therapists help the cofounders and mediate between them so that they can be on the same page and build a successful business.
It is better to stop a disaster from happening than waiting for it to happen and then trying to fix it. Many lawyers do exactly that; they help the cofounders to avoid the therapy by making sure that the conflicts do not happen from the start.
What most of the entrepreneurs do is that they do not set the ground rules and rush into starting a business because they are very passionate. There is a class of lawyers is becoming very popular among entrepreneurs who want to start a business. The layers do their job by setting up the ground rules and regulations between the partners, the conditions are written down as an agreement that the parties sign before the startup of the business.
There are various reasons because of which the conflicts among the business partners can arise. The most common conflict that arises is the company spending but there are other problems too; for example, marketing tactics, managing the investors and hiring practices. These are some of the common disagreements that can be the end of a business.
The counseling can resolve many problems but these problems can be readily avoided by the cofounders so that they do not feel the need for therapy, can be done by learning how to avoid the conflicts from the start. As said earlier, the conflicts are unavoidable when there is an environment of the high level of stress but the cofounders learn a few skills then they can get cope with the issues before they get out of hand and fix the conflicts before they start mounting up.
What is the best way to avoid conflicts – you might be wondering? Communication! Communication among the partners and listening to each other can curb the conflicts. When you listen to other partners, you are practically telling them that you trust them and depend on them. It is better to listen to other partners and not interrupt them. Leave out your thoughts for a while and listen to your partner's first, try to empathize with them and put yourself in their shoes. The results will be astonishing as you will be able to avoid the conflicts by listening to each other properly.
Avoiding accusatory dialogue and seeking to truly understand your business partner’s perspective can make all the difference in finding a satisfactory resolution.
Another technique for reducing harmful conflicts is to focus on the big picture. What are the reasons you and your business partner decided to found your startup in the first place? Keeping the end goal in mind makes it easier to focus on why you decided to work with your cofounder. This can also make it easier to realize which sources of tension merit additional discussion and which issues aren’t worth arguing over.
Some cofounders prefer to seek counseling even before the conflicts arise. If you take one step at a time and calmly approach the problems then the entrepreneurs can avoid conflicts; avoid turning against one another and have a healthy relationship. Just like marriage.
While it is not possible to fix every relationship, there are times when the couples who go under couples therapy start their relationship anew which lasts for the rest of their lives. This is possible by bringing change within yourself; start from yourself and let go of bad habits and ulterior motives, communicating more clearly can solve everything. The business partnerships are like marriage, you need to be calm and collected in your approach, understand your partners and listen to them.
Running a business in today’s world is risky and one must always be ready for some kickback. Especially with the volatility of the market every day. With the volatility comes rumors, and the latest rumor is that the recession is coming. The best time to prepare for a recession is when the business is still running. You will have the chance to make your choices playing offense instead of reacting to circumstances playing defense to make sure that your business survives.
Because the recessions are unpredictable and can occur anytime without any prior notice, you will be learning the tips & tricks to get your business ready for recession. Currently, the yield curve is looking bearish, as in a bear market is coming. But judging from the current world situation, anything could happen.
One of the very first signs of a recession is that invoice payments of the companies become slower and start demanding earlier payment from their clients. The flow of cash is disturbed and without that, the survival of the company during a recession is not possible.
The idea of cash flow and cash reserves are two different things so make sure not to confuse those two. Of course, a business can be profitable even when the cash flow is not good and you do not have any cash reserves, but you do not want to do that when the economy is not going great.
If you want your business to build a cash reserve, then the idea is simple but acting upon it is not that easy. Make sure to store enough money in your bank account for the times of recession. The longer period your cash reserve covers, the better. It depends upon your business how much you can cut and put aside. Coworking can definitely help you save money so you can put more aside.
One disadvantage of putting money in a bank account is that the money just sits there without giving you any profit since you are not reinvesting that money. The money sitting there without being invested can hinder the growth of the company.
Payment and Invoice Management:
As mentioned earlier, during the recession your clients will take longer to pay and some may never pay because they went bankrupt. The times of recession are really hard and can impact your business even if you are stable. The best you can do is manage your invoice and collection more carefully.
Most of the clients may want an extension of terms, make sure that you check the credits of the client before you offer them a term. If they have been paying their other vendors on time then they might be worth giving an extension.
In the end, if you do not have any means to know the track the invoices then implement a system to do so so that you can collect the overdue invoices.
Another reason for having a good invoice and tracking system is that you will get to know when the clients will change their methods of payments. The change in habits of payments can be used as a measurement for the indication of recession. If the clients have not been paying immediately then it means they are getting ready for downtimes.
The mistake most of the business owners make is that they do not give any attention to the new costs, probably because the business is good and the cash is flowing smoothly. When not given any attention, new costs can pile up and cause a problem. The worst-case scenario is that this pile of costs can pose a threat during a recession and maybe too late to go back. This is the reason you must not spend the money on something unnecessary. You can spend the money on things that can improve the business but be fair with the cash.
Keep track of the financial statements of a company is crucial and it is a good practice to be followed by good company owners, does not matter if the times are good or bad.
Keep the reports and accounts updated while reviewing them regularly so that there is not anything missing from the picture.
If you want to prepare your business for a recession that you will have to expand your client base. A wise man once said not to put all your eggs in one basket. Most of the businessmen make the mistake of keeping only a few clients and only concentrating on them. This can cause problems for you in the future if you do not diversify your client base because with the few clients that you have if they start to leave then you can go out of business. This happens very often when the recession hits.
To make sure that you survive, diversify your client base to fix the situation. If the cash reserve is more important, diversifying the client base can become the second priority. During peaceful times, if you diversify your client base then you can have the chance to try different techniques and strategies to get a better hold of the business. Diversifying your client base can make the recession times easier for you and increase the survival chances of your business.
Similar to the diversification of the clients, diversify the means through which you acquire your clientage. Do not depend on a single channel through which you get your channels, it can pose a threat to your business if that single mean of getting clients ceases to exist. Diversification of your channel for getting clients shall be on your list of priorities. If you prepare when the times are good then you will not have to worry much when the recession hits.
Come to Treehouse Society to cowork and ensure to meet others so you can diversify your client base and get creative on how to tackle your upcoming project!
With the help of technology, we now have access to much of the information that we could not reach out to before. One famous platform to emerge out as a way of having healthy and thoughtful discussions about various topics is the podcast. There are many places to stream podcasts from Apple’s Podcasts to PodOmatic and several others. Podcasts have also made it easier to openly discuss sex and related issues through technology. Here are the top 5 sex podcasts you need to listen to:
These 5 podcasts are hit among the listeners this year because of how much of intimate life they encompass with honesty. They also cater to diverse groups of people from different racial backgrounds with varying sexual preferences.
The concept of artificial intelligence is no longer referred to as a distant reality. AI is here, and it is doing a great job in transforming how businesses function.
Specifically, it is shifting gradually into the field of human resources and changing now the HR team execute their duties like:
Similar to how texts transformed how businesses interact with one another plus their consumers, AI is stepping up to change how the human resource department functions.
Most people think that artificial intelligence is here to replace staff in some sort of futuristic Utopia, well, it has the prospects, but that is surely not what is happening or going to happen anytime soon.
Uses Of Artificial Intelligence For Human Resources
Artificial intelligence has proven to have diverse use cases in different fields, and now we will be looking at its use case in human resources. AI can be used in:
When every one of these functions is assigned to an artificial intelligence system, recruiters can easily save time in shortlist its candidates.
This implies that the company can easily draw applications from a very wide pool without the extra labor of determining which ten out of five hundred will be called for an interview.
Even though it is invasive, artificial intelligence bots can be used to go through the search history of staff, messages, documents, etc. All these are done just to have an idea of the staff may want to quit.
Artificial Intelligence will be capable of helping with this through the help of facilitation courses that will guide the staff through the new materials.
Also, the AI system will be able to create assessments tailored to the person in question.
While these tasks may seem vital, they can also be responsible for the consumption of valuable time. With AI, the tasks will be performed, and the HR department will focus on other tasks to save money.
To Sum It Up
AI is not here to replace our staff. Instead, it is here to take off some of the work's weight from our shoulders.
Advancements in AI will continually transform the way the HR department operates from recruiting to onboarding to managing company's policies and expectations.