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. Cofounder’s Therapy: 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. Precautionary Measures: 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. Avoiding Conflicts: 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. In Summary: 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.
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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. Cash Reserve: 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. New Costs: 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. Financial Statements: 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. Supreme is a streetwear brand that has a cult-like following of up to 13 million dedication consumers on Instagram. The interesting question is how did Supreme reach this outstanding status? The founder of the brand, James Jebbia, started the brand in April of 1994. At first, it was merely a skateboarding shop located in New York. Now, people line up as soon as the new products are announced to be in stores to buy Supreme apparel and accessories. It is almost mind-boggling that people would go out of their way to spend their nights on the street and a high amount of fortune on a brand that has fairly simple designs compared to other high-end brands.
Is it about Fashion? The first thing that comes to mind is the place of Supreme in regards to fashion. Someone who might not have seen the designs might conclude that it has stunning and gorgeous pieces that are irresistible to the point of hype. However, Supreme offers almost identical clothing, footwear and accessories with slight variations in every collection. It can be stated that Supreme is not so much about staying in fashion as much as it is about following a certain trend. In the words of the business owner, Jebbia, “We don’t want to get stuck with stud nobody wants.” The Streetwear Hype Streetwear culture has significantly grown in the past few years to a point that everyone feels like they must own at least two products from famous brands like Nike, Adidas or Supreme, etc. However, Supreme remains the leading choice among people of all age groups. Whether it is fashion bloggers on Instagram or young teenagers learning about the hype, Supreme is popular among all equally. Other factors that might have played a role in the growth of the business are the association of hip-hop artists and rappers with the brand. We have all seen Drake and Kanye dressed in Supreme in Paparazzi pictures. This kind of celebrity association simply stresses the consumers’ minds that they must own similar objects to look trendy and fit in. The Individual Representation Another important thing that can be credited for Supreme’s huge success is the focus of consumers on authenticity and representation. Fashion has remained a personal statement for centuries. Wearing Supreme, similarly states a person’s association with the streetwear culture along with their relationship with the brand and what it stands for. From a Startup to Huge Success It is quite easy to interpret, given the reasons, the reason for the Supreme to be a huge and successful business. The products re-sell for up to 1200% more for their original retail price because of the popularity and demand. The owner of the Supreme startup, Jebbia, has the net worth of $400 million now. It is safe to assume that the numbers will continue to grow because, despite the transition of generational values, the place that Supreme has earned in the heart of consumers keeps expanding with every new collection. The way artificial learning is utilized is what differentiates it from every other thing. When you make use of the data you can collect, you will be in an appropriate position to construct products that customers will care about.
With artificial intelligence, it is evident that our world is changing and we will be looking at why product managers need to make use of this technology. Why Product Managers Need AI Some of the reasons why product managers will need to make use of artificial intelligence include:
A chatbot will be a convenient tool as it helps in answering questions swiftly. However, the human alternative should never be underestimated. Users will always remember you for how easy it was to work with an actual human.
Have it in mind that the bigger the product manager gets, the most likely for his or her data to get broader and longer. The product manager will be able to make use of the additional information s/he collects. S/He can then click through diverse rates, page time, search history, and preferences of products. All these are used to know what users spend time on, and it aids in showing them that your option is the best thing they need.
Additionally, machine learning can go a long way in helping the product manager to fine-tune his product offerings to meet the needs of the users.
According to what they select, the manager can adjust the product so that the users can see how the manager resolves issues better than other competitors. What Product Managers Need To Know For the product manager, he or she should be aware that there are diverse advancements in technology that are making their way into various fields. The basic thing to do is not to fight them but accept them. Furthermore, artificial intelligence is not here to replace anyone but to improve what businesses do. It is just an avenue to make jobs more productive and effective. If the product manager wants to get the most out of AI, he or she will have to collect data continually. To Wrap It Up Artificial Intelligence keeps on growing at a very fast pace, and it seems like, with every passing month, a new technological product is introduced. If you want your product to stand out, then AI is your best bet for a more productive business. In 2018, we all came across many hashtags and long posts about net neutrality and how to stop it from being repealed. Social media was concerned with the privacy factor that would be implied as a result. However, a lot of us lacked proper information about net neutrality and why the hype around the topic was created.
Understanding Net Neutrality With the obvious advancement in technology, the government has now the responsibility or control to regulate content. On the other hand, net neutrality means that online traffic will be treated the same by internet service providers without censoring any content. This means that just like any other utility considered important for survival, freedom, and privacy for the internet would be equally provided without challenging its premises. On the other hand, FCC ruled out that belief by stating that net neutrality is not so much a public utility. Besides affecting online business transactions, repealing net neutrality also impacts the use of the internet by the general public. Net Neutrality Affects Privacy The use of technology and the internet has always come with the promise of privacy to some extent for the users. However, repealing the net neutrality can also take away privacy. During the time of Obama’s presidency, net neutrality was a given factor that meant that users were not vulnerable to threats like hinging on privacy rights. However, there is not a provision applied called Title II which called for compliance with consumers’ privacy rules. Naturally, this means that the privacy of users is compromised under the Personally Identifiable Information (PII). Any of the internet service providers that you use can easily control the content that you will access. Moreover, they can even record your activity by saving which websites you access and how often do you use them. Along with this, since the ISPs will be charging per package instead of a one-off bill that you have to pay, you might have to opt for a package that mentions adult content specifically. This simply means that users can be generalized into categories including ‘porn users’. This control is not limited to adult content but political affiliations too. An internet service provider can decide to charge differently for liberal or conservative content. This can leave the users vulnerable to being identified or affiliated with a certain political stance. In other words, to some extent, net neutrality can certainly interfere with the privacy of the users. The Final Verdict While many people including activists believe that the ISPs should not be given this power over the users’ activity on the net, others don’t find it to be an abomination of rights. Business owners believe that the use of technology offers many alternatives. If one ISP tampers, the others might not and increase the business for the alternative. This is simply a matter of business for everyone. You can definitely learn more about internet service providers meddle with the content and to which extent in order to ensure a provider that is less interfering. Retailers are always looking for new and innovative ways to progress the buyer’s experience to boost sales. Exploring the evolvements in retail technology helps in advancing the customer’s knowledge, which ultimately increases sales. This has helped in shaping the retail industry quite a lot.
Back in the 1800s, several department stores were launched, which marked the emergence of the modern retail industry. From the small-town shops of expert -only stores, the department store provided an array of options for the customers giving a much extensive choice. With time, the department stores became popular as it marshaled in the progression of retail technologies. Moreover, cash registers also appeared for the first time during that time, though they weren’t that popular it did stop the extra effort employees had to put. Furthermore, purchasing items ‘on-credit’ is also part of the retail industry; however, the credit cards didn’t appear until the 1940s. By this time, the majority of the banks started launching plastic credit cards. This helped in the evolution of retail stores quite a lot. Here is an elaborative overview of the distinctive eras of retail. You’ll find out how it has evolved so rapidly over the past few decades. From the 1900s to 1940s: In the early 20th century, customers usually visited the local corner stores since there were no department stores at that time. The local stores were mainly family-owned small stores that were particularly located in a single physical position. Later, the revolution in technology occurred when the self-service model was introduced where the customers could touch and examine the items themselves without requiring any help from the associates at the store. This significant change eventually involved the customers more occupied in the process. In the early 1900s, the UK has the most ground-breaking department stores which had elevators and public washrooms there too. This attracted the customers even more and enabled the buyers to spend more time shopping. From the 1940s to 1970s: During this time the majority of the people owned cars and began moving to the outskirts of towns. This is one reason why enclosed shopping places began to appear. The first entirely-enclosed, climate-regulated mall was introduced in the United States back in 1956. The advancement in technology was seen in such malls since they had air-conditioners, escalators, and automatic doors which attracted the customers to a great extent. From the 1970s to 1990s: The primary category killers that are still seen today started to squash out several less critical businesses during the 1980s. This is one apparent reason why retailers began filing for bankruptcy. This happened because they were quite slow to amend the buyers’ progressing needs. From the 1990s to today: This was the time when the retail industry revolutionized entirely due to the establishment of e-commerce. This also removed the international borders that ultimately broached the bar of the purchasers' experience. The latest technology allowed ‘regular’ individuals to sell their products online on websites like Etsy, Amazon, and eBay. In fact, by 1999, even a small retail shop should already be on Amazon. By 2019, if the store doesn't have an independent e-commerce website searchable on the internet, its end was going to be near. Then came Alibaba, where Chinese manufacturers can distribute their goods all over the world. With the use of social media, the retail industry ads are more aggressive and targeted than ever. The use of artificial intelligence is also used in retail apps such as AliExpress for users to scan merchandise they like, which alert manufacturers and help them find the items that match the users' taste. With the evolution of technology, players in the retail industry need to evolve with it. Similar to every industry, the ones unable to adapt will not be able to survive and thrive. Stay up to date with the latest trends by coworking with us! Sign up for a trial week now! Elon Musk is a real icon and an inspiration for everyone. He is renowned for his work on the sustainability of humanity. Following are the five greatest lessons one can take from Elon Musk and his thriving journey.
Never Give Up No matter what our aim in life is, we should never give up. We learn this from Elon Musk’s journey that no matter how disastrous a thing may seem now, give it time. Set unrealistic deadlines for yourself, work hard and keep striving. Elon Musk does not believe is losing hope. In the initial stages when Tesla seemed like a disaster and people were already giving up on it, he stood by his dream. He worked day and night and made it a giant in the automobile industry. This did not take place overnight, but countless days and nights were spent in making efforts to make things right. Patience and effort is the key to success. Face your Fears When Elon Musk decided that he wanted to be an entrepreneur, he challenged himself to survive each day with only $1. He did not give this challenge to himself because he was poor or dealing with paucity, he did so because this was his greatest fear before being an entrepreneur. He was conditioning himself to deal with this situation so that if he ever has a major loss in his business, he knows what is at stake and how to survive it. Similarly, the only way to get rid of our fears is to face them HEAD ON. Keep Working on Yourself Elon Musk made sure that he keeps improving himself. Someone who has achieved so much in life, but he still questions himself. He believes it is very important to get feedback from yourself first. If you have done something, you have to see how you could do it better. Never settle for less and always keep improving. If you settle at when you have only given your 50%, you will never work hard enough where you will give your 100% and you will never know how that turns out. So always push yourself towards greatness and never settle for less. Keep Working Hard We all dream and wish, but we get to experience them in real life only when we are working on them. Elon Musk worked day and night, he worked as if there was no tomorrow and this is the reason he is so successful now. We need to remember that hard work pays off, the result of hardworking is always fruitful and sooner or later it comes to our feat. It’s OK to Fail How many times have we stopped ourselves from doing something because of the fear of failing? We don’t start a business because we fear we might lose all our money and fail. We are scared of approaching someone because of the fear of getting rejected. But what if, we win? If we will not even try, how will we know for sure? Elon Musk was scared and afraid of failure too. But he had made a proper plan for that too. These might look like some basic tips, but sometimes, the most advanced structures start with the basics. There is no specific formula, be it secret or otherwise, that explains in detailed terms what it takes actually to be successful. However, there are lots of signs and even indicators that point to some typical factors.
So many people can predict if a startup will flourish or not. Nevertheless, we will be looking at some factors that will help determine this. Some of the factors include: Personal Finance Background of the Founder Some people say that if you are incapable of leading your family on a responsible path, then why should you think you can lead those that are outside your circle of influence. This notion has been taken to finances as well if you are not able to manage your finances, who can testify that you will do a fine job in managing a whole business. If you have shown yourself as a good steward of money, it means you have a sound monetary head on your shoulder. Should you be struggling with poor credit, you will need to get a grip of yourself and solve it. As a startup, you may need to put in your personal finance from time to time, and this is why you will need a good finance background before assuming the position of a founder. Team diversity A very huge prediction of startup success depends on the diverse team. Many people come across the word diversity and suddenly think about race, gender, and religion, but age is a factor as well. In a bid to give your startup the best opportunity of being successful, then you will have to try your best to account for age diversity as well. Studies have shown that female-founded startups outperform those that are completely male. However, as for the age, conventional wisdom suggests that experience is better, but the startups with older founders of about forty years upwards do not always perform better. Business Model The business model is always in a finished alignment with the market trend that is current, and it plays a much more definitive role in building growth platforms that can align with the vision of the company. With a very good business plan, the entrepreneur can map the future of the company, along with the sources needed to achieve all of its goals. The process of identifying the business model for your startup is among the first responsibilities that you will be faced head-on with. However, note that these investors are more attracted to the type of business models that align with the needs of the current market as well as the trends. To Sum It Up To run your startup successfully, you should avoid running out of cash flow. If you can do this then you have a much better opportunity to be successful. Try ditching the mindset that says debt is good and embrace the mentality that positive cash flow is very healthy. Start saving today by coworking at Treehouse Society! Coworking is not only a good way to save money, but also a great way to save the environment. |
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