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Do You Have What It Takes to Hack It as a Female Founder?

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StrategyDriven Entrepreneurship ArticleWomen’s curiosity and interest in entrepreneurship is at an all-time high. Getty Images has seen a fourfold increase in searches for “woman entrepreneur” photos in the last year alone. With the popularity of television shows such as Shark Tank and The Profit, more and more women are wondering if they have what it takes to be a female founder.

It takes more than having a good idea to be a successful entrepreneur. While there are a vast range of personalities, educations, and backgrounds among female founders, there are a few personality traits that are paramount to hacking it as a woman entrepreneur.

Passion is one such trait. To be a female founder, you must be passionate about the product or service you have devised to solve a problem. Authentic passion is what helps women find the best employees, sell their customers, and sell potential investors. If you don’t believe in yourself and your idea, no one else will, no matter how good it is.

Having enough grit and self-motivation to overcome setbacks and disprove early nay-sayers is another important characteristic of successful women entrepreneurs. The women who use negative statements as fuel for success instead of self-doubt are the ones who build ideas into thriving companies. Entrepreneurship is a high-contact emotional sport. If you get knocked down or denied seven times, you need to stand up eight times and keep pushing to make your dream a reality.

Long-term vision is needed for women to make the leap into entrepreneurship. Our tendency to be risk adverse serves us well after we launch a company, but that same tendency can having us making lists of reasons why we shouldn’t launch our own businesses. Female founders typically have the ability to see the big picture and justify the risks and challenges that come with startups because they know they will be successful.

If you have an amazing idea as well as the traits outlined in this article, you have what it takes to hack it as a female founder. Take the time to validate your idea and market, map your business plan, and prepare for the ride of your life!

About the Author

Danielle Tate is the author of Elegant Entrepreneur and founder and CEO of MissNowMrs.com, a multimillion dollar online name-change company. As a female founder in her 20s she noticed that few business guides offered step-by-step advice to smart but inexperienced entrepreneurial woman.

How to Raise Revenue for an Entrepreneurial Start-Up

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StrategyDriven Entrepreneurship ArticleThe first step in raising revenue for an entrepreneurial start-up is to outline a detailed marketing strategy. It is important for start-up entrepreneurs to test their assumptions as soon as they can. A big reason for the success of established companies is that they never invest large capital or significant time on any project unless they have determined that it has an overwhelming probability of success. The corporate world taught me that most ideas fail in the marketplace. When this happens, it should fail quickly and cheaply. You just want to make sure that you are not overwhelmingly hurt when you experience this inevitable fact.

Complete the following exercise carefully before you launch your marketing campaign. Accuracy in this exercise will be crucial to your future business success:

1. Decide who is your ideal customer – Most entrepreneurs start with a great product or service idea, but fail in correctly identifying their ideal customer and instead will sell to anyone who buys from them. This is probably one of the biggest mistakes I still see today, especially in the online world.

There are two main reasons you want to determine who these ideal or dream customers are: first, your ideal customers will appreciate your offers and will pay for it based on your value, not price; and second, they are more likely to refer more business your way.

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About the Author

Ajay PrasadAjay Prasad owns GMR Web Team, a digital marketing agency dedicated to helping businesses maximize revenue from internet. He also invests in web-based start-ups. Ajay also operates a seven-figure web based business, GMR Transcription, which he built from scratch and grew it by using strategies that he uses for his digital marketing clients.

7 Interesting Reasons to Invest In Platinum Today

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StrategyDriven Editorial Perspective Article | 7 Interesting Reasons to Invest In Platinum Today

As soon as you start earning a steady income, people ask you to invest. Whether it’s in vintage cars, stocks, a business or even a house, investment is a huge part of a stable financial plan. Putting aside your money each year or month not only helps you save up for emergencies faster but also gives you a lot of profit on your earnings.

The investment market dealing with precious metals has barely made the cut in terms of popularity among people, and it’s not something many people tap into, if they do hear about it, it’s mostly for either gold, silver or palladium.

There’s a reason that highest-paid memberships in any category offer a ‘platinum card’ or make you their ‘platinum member’. The term ‘high value’ is greatly synonymous with platinum, and that automatically translates to better quality and reliable investment. Because of platinum’s unique characteristics and the growing demand in the global market due to its versatility, it makes sense that this should be a solid investment. But if you need some more convincing, here are seven reasons why you should consider investing in platinum today;

Solid Properties

Platinum is a soft white metal with a very beautiful sheen. Not only is it ductile but malleable too, which means that it can be industrially processed to make wires or sheets to be used in many things. The metal is pretty resistant to corrosion or rust where even the best give up. The biggest use of platinum is as a catalyst or controller in motor vehicles, jewelry or most importantly, in dental work where it can be yielded to make cast partial dentures etc.

Growth in Industrial Demand

One of the rarest precious metals in the category today is platinum. Its production is around 10% of that of gold (merely 7 million ounces a year), and during the world war, the US government banned any ownership of platinum and termed it as a strategic element. While the supply is only 7 million ounces a year, the demand has grown from 2.6 million in the 1970s to 7 million today and is expected to go even higher in the coming years. As diesel vehicles take up quite some space in the global market, platinum’s demand is only going up to be used in catalytic converters.

Around more than 20% of consumer goods use platinum, while more uses are still being discovered. Majority of the industries like medical, glassworks and dies, dental applications, chemical processing and petroleum refining now use platinum as a catalytic controller or a major component. It is also readily used in transport applications to lessen global warming and exhaust waste to a much greater degree.

The beautiful sheen, ease in malleability and gorgeous luster also makes it a star of the jewelry industry.

Growth in Platinum Investment

Investment funds have bought platinum in significant amounts, and the numbers are only expected to increase. Private businesses with pension funds have increased their commodities investment, especially through Exchange-traded funding. One such example is that of a large Swiss-based pharmaceutical company that invested around $11.3 billion in platinum and other metals as well. The establishment of EFT is slowly growing, and with its increase, the mining companies dealing with the extraction of platinum say that there will soon be a considerable increase in platinum demand soon in the global market.

Limited Supply Sources

Most Platinum reserves and mines are concentrated around the areas of South Africa and Russia. More than half of the world’s platinum comes only from these countries. With such a limited and short supply and only finite resources for platinum, there is a huge amount of uncertainty that lies regarding its supply in the future which makes it even more precious to own now. Holding greater importance in the industrial and the military sector, the difficulty in mining and the lack of a number of resources makes platinum the most precious of the precious metals. In case of any disruptions in Russia or South America, the global market would be affected severely, and the prices will break records. This makes platinum a very smart and stable investment.

Price Performance in Recent Years

Platinum has proven to be one of the most top-performing assets over a period of a few years. In 1971 platinum was sold for $90 an ounce and by 1980 it was $1000 an ounce. The increase in platinum prices has been much more significant than the increase in prices of other precious metals. Platinum has almost sold premium to gold for much more than 25 years, and though there have been divergences in the over-all selling point, it is important to note that these falls were mere anomalies, but in the market, these anomalies do not change the fact that such investments are long term opportunities of the greatest kind.

Liquidity

Liquidity, in business, refers to the ability of an asset like stocks and bonds to be turned into cash with ease. The higher the liquidity, the easier it is for a certain asset to be turned into cash. In the global market, while gold has been termed more liquid than platinum, Platinum has had the advantage of playing it’s cards right and turning its less liquidity into its own favor which means that in an environment with rising platinum prices, it will take fewer buys to raise the prices further.

Current Volatility

While platinum’s less liquidity may play to its advantage, the opposite might be harmful too thus making it more volatile, but as history has been great at reminding us why platinum has done wonderfully in the past three decades, the current low price of platinum can be a huge plus point for the investors. They can very easily seize this opportunity before the market realizes that platinum’s decline as compared to gold in nonsensical on a number of levels.

Conclusion

In conclusion, it is safe to say that while the supply of platinum remains affixed with respect to rising industrial and investment demand, platinum is one of the safest investments out there.

Bridging The Business Gap Between Office And Production

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No employer wants to deal with workplace divides that impact everything from efficiency to general atmosphere. It’s no wonder, then, that the majority of modern employers implement anti-bullying and discrimination policies, as well as taking fast action when disagreements do arise. Yet, despite your efforts, there may be a divide within the workplace that you’re forgetting to account for.

In businesses that deal with both office and production-based staff especially, resentments can often build due to discrepancies in the way different colleagues are treated. Production staff, in particular, often end up on the outside of an otherwise happy office bubble, especially as we increasingly focus company efforts online. But, this can cause all manner of issues considering that you rely on your production team to create the very items you’ll be shipping to your computer-based consumers.

With this in mind, it’s worth nipping resentment here in the bud before it grows, and we’ve got some pointers to help you do it.

Provide the same perks to both teams

StrategyDriven Talent Management Article | Bridging The Business Gap Between Office And Production

Resentment is inevitable if your office colleagues enjoy a decent aircon and the latest tech while production staff  are stuck next door in a cold factory that relies on outdated machines. Your first step for overcoming adversity and keeping morale strong across the business board is, therefore, to take time providing those same perks to your production staff. By this, we mean that you should implement heaters in the factory, and even invest in cutting-edge machine equipment as offered by companies like https://www.ceratizit.com/. Equally, making sure that break rooms and other such benefits are available to all can go a long way towards making sure no member of your team feels forgotten or pushed aside at any time.

Encourage integration

Departmental separations can be hard to overcome, hence why many managers implement open office and collaborative working to avoid them. Still, few company heads think to integrate warehouse and office staff in the same ways. They work in entirely different spheres, after all, so why bother? Actually, there’s a very good reason, and it again comes down to employee happiness. Failing to connect with every face in the workplace can cause a disconnect and a generally fragmented workforce that you don’t want. Make sure that doesn’t happen by arranging meetings that always include your entire staff and encouraging office-production nights out, etc. as much as you can.

StrategyDriven Talent Management Article | Bridging The Business Gap Between Office And Production

Keep rules consistent

Workplace rules are essential, as is consistency when you apply them. You’ve heard the saying ‘one rule for one, another rule for the other,’ right? If you allow office staff to eat at their desks and get drinks when they want while your production staff are restricted by health and safety, for instance, you’re automatically going to ruffle feathers. Instead, make sure that office staff are in keeping with rules like no eating at work units, too. This small nod to equality might just be the final effort you need to keep both sides of your company on even footing at last.

Building a Reputation For Excellence in the Construction Industry

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When you’ve dedicated your whole professional life to working in the construction industry, it’s entirely reasonable to want to make your mark in the industry by starting a firm of your very own. That is, after all, the dream isn’t it? To take the skills you’ve spent decades honing and go into business with yourself, taking on the industry on your own terms and shattering the ceiling that your current job places over your pay and prospects?

StrategyDriven Managing Your Business Article | Building a Reputation | Entrepreneurship | Building a Reputation For Excellence in the Construction Industry

Yet while there are many who find success in setting up their own construction business, there are many caveats when it comes to starting out on your own. The construction industry is high in costs and low margins by nature. Cash flow equilibrium can be hard to come by and the inevitability of large scale borrowing can mean a great deal of money spent on interest in your early days. In order to find sustainable success, firms need to be securing contract after contract in rapid succession to stay afloat. Which is why reputation is so incredibly important in the construction industry.

Here are some tips to make sure that your nascent firm develops a sterling reputation which carries it to lasting success…

Never over-promise in the hopes of landing a contract

Bidding for contracts can be an extremely nerve-wracking process, especially when you’re throwing your hat into the ring alongside well established and seasoned construction firms with whom high paying business clients will already be familiar.

In such a context, it can be extremely tempting for hungry new firms to over promise in the hopes of beating their competitors to the punch… but such a tactic can often create more problems than it solves. There’s nothing worse than over promising and under delivering. As important as it is to be competitive, it’s also essential that you’re realistic about the capabilities of your team and your equipment.

Invest in the resources for outstanding project management

When you’re working on a construction project, it can seem as though every day is a battle for productivity. Not only do you need to keep close tabs on your plant, knowing where your equipment is and who’s using it at all times, you need to be sure of the whereabouts of every member of your team, know what they’re working on and make sure that they know what to focus their attention on next.

And this can be a real uphill struggle without the right project management solutions. Fortunately, there’s a plethora of software out there to help you to track your team’s progress as well as Internet of Things (IoT) enabled devices that can be attached to virtually any plant and allow for easier tracking. There are even new tools hitting the market that already have IoT technology built in.

Deliver solutions that will withstand the test of time

It goes without saying that compliance in the construction industry is enormously important. But in order to secure a sterling reputation in the industry, you’ll also need to be able to assure your clients that your firm will go the extra mile and deliver solutions that are guaranteed to withstand whatever time, the elements and the caprices of nature can throw at them for decades to come. Invest in great quality materials, having checks and balances in place to ensure consistent quality and outsourcing to other entities like seismic engineering contractors can all help you to go the extra mile and develop a sterling reputation. Even if your company is still in its infancy, clients will have confidence in you if they can see that you take every care to maintain the integrity of your work. That said, it’s also essential to…

Own your mistakes

No matter how many precautionary measures you take, there’s always a chance that things may go wrong either during or after the construction process. As tempting as it may be to bury your head in the sand, failing to own and respond to mistakes can do irreparable damage to your reputation.

Invest in your plant. Invest in your team

Your plant is an important investment. You need to be absolutely sure that the equipment you use will give you the same high standard of performance. And that’s not always easy to do when you’re first starting out, which is why hire purchase is often a favorable solution for nascent construction firms who need equipment of the highest quality but can’t necessarily afford to buy it outright.

But perhaps more important is the need to invest in a skilled and highly motivated team who you can trust to get the job done on time to a consistently high standard. Your work is only ever as good as your team. Fortunately, having spent years as a construction worker you likely already know exactly what to look for in your workforce.

StrategyDriven Managing Your Business Article | Building a Reputation | Entrepreneurship | Building a Reputation For Excellence in the Construction Industry

Maintain an outstanding safety record

The last thing any client wants is mishaps taking place on their site. And as a seasoned construction professional, you know how fraught with risk the average site can be. This is why it’s so important to maintain the highest standard of safety. When deadlines loom near, it’s all too tempting to loosen your standards in terms of safety checks in the name of getting the job done quicker.

Manage and meet expectations

It’s always frustrating when your best efforts fall short of clients’ expectations. It’s even more frustrating when this happens because your client’s expectations are inherently unreasonable. This is why expectation management in the early stages is so essential. When the client has clear parameters for what to expect there’s no room for them to perceive failure and all you can do is meet or surpass their expectations of you.

Construction firms rely heavily on word of mouth, but unlike other businesses they can’t use easy strategies like discount codes and referral incentives to facilitate it. That’s why it’s so essential to hold yourself to the highest standards and have an infrastructure in place to assure excellence in every job. When you’re doing this, you can be sure that world will get around.