Category: Leadership

Why Recruiting Is Vital For Startups

On June 28, 2021

In Career, Leadership, Nicholas Fainlight, postgraduate

Although the recruitment process is a challenging and demanding task for startups, it helps them get the right people for the job. The success of the business is dependent on the initial team brought on board. They also define the company’s culture as it grows and develops over the years. Below are reasons why recruiting is vital for startups.

It Helps the Employer Understand the Employment Laws

Employment laws give the employer information about employment requirements to follow when recruiting. Ignorance of these laws introduces other risks in the business that may cause a closure. If one is not sure of recruitment laws, hiring a professional recruitment team can help employers understand the process.

The Right Team is Selected

Recruitment helps the employer select the right people for specific jobs. A startup may experience challenges due to budget limitations and the need to minimize the cost. A strong team will know how to deal with them and come up with an amicable solution—finding people with the same mindset for the company helps in establishing trust with the management that no matter what happens, the team is intact and focused.

Recruitment Acts as a Marketing Strategy

A startup can sell its brand to the public through recruitment. Taking this opportunity and publicizing job opportunities and their requirements to the people shows the organization’s transparency for people to build trust. In the end, the business grows as the brand is gaining popularity.

It Provides Consistency

The recruitment process in the early stages of a business paves the way for the following recruitment. The management should have a standardized recruitment process to ensure every individual work in the company is measurable. A consistent criterion removes biases, discrimination and reduces risks for security.

It Helps Organizations Write Accurate Job Descriptions

Recruitment helps the management clearly and accurately write the job description indicating the primary and the secondary duties, qualifications, and salary range. This information makes it easy to recruit employees that fulfill the job description.

Startup recruitment is a process to ensure the business has the right team to move to the next level and become competitive in the market. Although the process may be challenging and costly, it is worth it in the end. Take time and go through the highlighted reasons why recruitment is essential and search for more online.

A Few Reasons Why Some Startups Fail

By Nicholas Fainlight

On February 19, 2021

In Career, Finance, Investing, Leadership, Nicholas Fainlight

Every new startup faces risks of failure, but, as an entrepreneur, it’s up to you to minimize those risks as much as possible. One way you can do this is by taking the time to understand why startups do fail. In doing so, you can take steps to avoid those common pitfalls.

Failing to Fulfill a Need
While your product might be fascinating or utilize the latest technological advances, it will gather dust on shelves if it’s not fulfilling a need. Products that solve problems in new and more efficient ways are the ones that attract consumers. Your goal should be to convince consumers that they can’t live without your product.

Failing at Providing Good Customer Service
Another weakness of new entrepreneurs is failing to recognize the importance of providing good customer service. In today’s digital world, customer experiences are instantly shared and consumed online. This creates a force for developing brand reputations over which businesses seemingly have no control. In fact, your only control over your business’ reputation is in how you promote customer satisfaction.

Failing to Hire the Right People
You can’t be present for every interaction each consumer has with your business. Instead, your own employees will collectively become the face of your business. Employees that seem uninterested or rude will lead to customer dissatisfaction and fewer consumers will visit your business. Your goal should be to hire individuals with a passion for your products or for the field of interest your business operates within. Additionally, they should be knowledgeable about your industry and passionate about performing well in their jobs.

Failing to Generate Capital
From the moment you launch your business, you’ll have to create a cycle of growth and reinvestment. This requires generating enough capital on a continuous basis to provide you with surplus cash to invest back into your business. Whether the capital is used for marketing, enhancing the business, or meeting growing customer demands, you should continue to reinvest in your business. If you’re not generating the capital to meet these demands, your business will likely fail in a very short time.

While addressing these issues won’t guarantee success, your actions can increase your chances for success. In addition to avoiding these common mistakes, you must also dedicate yourself to succeeding. While talent will take you far, perseverance has the power to take you all of the way.

Tips to Launch Your Side Hustle

By Nicholas Fainlight

On February 6, 2021

In Career, Finance, Leadership, Nicholas Fainlight

It seems that every year, the marketplace becomes more amenable to side hustles. With the digital revolution democratizing many industries, you can make some money on the side without quitting your day job. This ability to pad your earnings without sacrificing your main source of income represents a truly irresistible opportunity. If you’re lucky, your side project could even become more lucrative than your current job, allowing you to focus on the new venture exclusively. You never know when an entrepreneurial venture could be the start of something truly special.

Launching a side hustle is an appealing option, but it certainly isn’t easy. Keep these tips in mind to maximize your chances of success.

Make Sure You Have A Profitable Idea

Before you actually start your business, you need to make sure your idea can actually make you money. Do some market research to see if the product or service you’ll offer is really in demand. Then, do a quick analysis to determine whether you’ll be able to consistently cover your expenses.

Identify Your Potential Customer Base

Once you’ve got your general idea in place, it’s time to determine who you customers will be. If you’re planning on running a food truck, determine what sorts of people would be most interested in your food. After you’ve developed a general buyer persona, you can build your marketing strategy accordingly.

Approach Potential Clients In A Professional Manner

When starting a business from scratch, you need to be aggressive about pursuing potential clients. If you hope to be a freelance writer, for example, you can’t simply wait for companies to reach out. You’re the unknown entity, so it’s up to you to initiate contact.

Don’t Fear Failure

Nothing paralyzes a new entrepreneur like the constant fear of failure. In order for your business to succeed, you’ll need to remain an optimist through thick and thin. Only by keeping your eyes on the prize will you overcome obstacles and resist the urge to quit.

Avoid Burnout

Starting a business is a lot of work, and it can be especially taxing when you’re working another job at the same time. Give yourself plenty of time to relax, and prioritize the maintenance of a proper work/life balance.

Overrated Business Tips to Forget

By Nicholas Fainlight

On January 28, 2021

In Career, Education, Finance, fitness, health, Investing, Leadership, Nicholas Fainlight, postgraduate, Technology, Uncategorized

Wherever you go, people provide unsolicited guidance on how to grow, run, or start a business. Out of the pointers they offer, some are valuable, and you must observe them. However, others are misinterpreted, outdated, or just plain wrong for the business you’re running. Here are some overrated business tips to forget.

1. Your Service or Product Must Be Unique

Businesspersons are often advised to outline what makes them stand out. However, it is not necessary to find an exclusive approach to achieve corporate success. A subtle change may improve the entire experience.

2. Customers Are Always Right

Do you need to make the customers happy? Yes. However, if your main goal is to please people, you may end up in a world of unnecessary suffering. It’s best to pay attention to the things that bring you a long-term profit, not the things that take your energy and time.

3. Do Not Start a Business With Your Friend

Many people think it’s a bad idea to start an enterprise with a friend, but that’s not true—friends whose expertise supplements each other may build a thriving business. Establishing a company may be straining to the relationship; however, the benefits of operating with a person you trust may be worth it.

4. Promote Your Business on Facebook

Companies have acknowledged that paid advertising is the only path to increase your Facebook image, which is still one of the world’s best social platforms. However, it is not always the top place to use up your advertising budget. There are other more effective means to reach your audience for a much lower price per lead, for instance, on platforms like Pinterest.

5. Concentrate on Your Site Instead of Building the Brand

It is important to have a brand that reverberates with ideal customers. However, investing all energy and time in the “perfect” site is not how to make it.

6. Never Reject an Opportunity

It is tempting to “do it all” and take all opportunities that cross your path at the beginning of your business. Saying “yes” to all opportunities in your corporate encounters will stifle your time and dilute your brand.

7. Gather as Much Cash as Possible

Each business needs cash to start and grow; however, not all businesses must seek that through financiers. While funding may help some companies grow significantly, other lifestyle corporations are at an advantage without it.
Finally, despite all the advice that entrepreneurs receive, they should filter what is right for their business.

How To Balance Profit And Purpose In Business

By Nicholas Fainlight

On January 28, 2021

In Career, Education, Finance, fitness, health, Investing, Leadership, Nicholas Fainlight, postgraduate, Technology, Uncategorized

Entrepreneurs need to build business empires while still staying committed to their purpose. A significant number of business people struggle to commit to their purpose while still keeping their enterprises profitable. Businesses need to demonstrate their contribution to humanity while still growing their profit margins. Here are ways businesses can balance profit and purpose.

Go Green

In the past few years, many businesses have shown their commitment to adopting more sustainable production methods. No matter the size, every organization can play a role in reducing its environmental footprint. Surprisingly, the current generation prefers to buy green products. Therefore, companies that will demonstrate high sustainability credentials will gain numerous customers who want to buy green.

For instance, manufacturers can reduce carbon emissions by sourcing closer to home. When raw materials are transported for short distances, it helps cut both transport costs and carbon emissions. Besides, leaders who have a passion for conserving the environment can shift to renewable energy sources.

Find an Inspiration

Walk away from your comfort zone and start doing something new that challenges you. Learn from these things and find inspiration in them

Leverage Technology

Technology is changing every aspect of life, including how consumers interact with brands and how they buy products and services. For example, online sales have doubled in the past five years. Additionally, organizations are using machines to understand customer needs better. This means that businesses must stay on top of the latest innovations to remain competitive in their respective industries.

Share Your Success

Entrepreneurship is a murky journey characterized by ups and downs. Therefore, successive entrepreneurs should consider sharing their experiences with novice business people. When you balance profit and purpose, your impact is significant and tangible, and more consumers will want to be associated with your business.

Understand Your Purpose

Purpose goes beyond providing high-quality goods and services to consumers. It also means that your business prioritizes the common good of the community. For example, some companies such as Unilever have already developed a unique living plan to track their progress of minimizing their environmental footprint. Business leaders should devote time to learn about societal impact and how to improve it.

To change business operations to meet new expectations requires exceptional and visionary leadership. In today’s versatile business world, leaders who will adopt agility will be in a better position to achieve long-term success.

6 Communication Skills of Influential Leaders

By Nicholas Fainlight

On January 7, 2021

In Career, Investing, Leadership, Nicholas Fainlight

Excellent communication skills and impeccable leadership go hand in hand. Influential leaders connect with their audience at an emotional level. Their words are full of encouragement and inspire people to unleash their full potential.

Here are the secrets of effective leaders.

1. Know Their Audience

You can only communicate effectively after identifying who you are speaking to. Influential leaders know their audience, which helps them to choose the most suitable communication style. Identifying their audience doesn’t mean telling them what they want to hear. It means they relay essential information that the audience ought to know.

2. They Have Mastered Body Language

Effective leaders can tell people’s reactions to their message through body language. They are experts in picking on cues such as body language and facial expression because they understand that this is the only feedback they will receive from their audience. Great leaders use feedback to tweak their communication style.

3. They Are Listeners

Great leaders devote time to listen to the grievances and concerns of their audience. They listen and come up with the best response to their queries or grievances.

4. They Are Clear

Being precise in your communication increases the chances of the audience understanding faster. Great leaders explain things in detail to eliminate room for assumptions.

Whenever great leaders are delegating duties or asking for help from someone else, they strive to provide actionable, simple, and clear instructions. It is imperative to prepare thoughts in advance to provide essential details. Additionally, deliver these instructions in a friendly, calm way.

5. They Are Optimistic and Respectful

Everyone expects leaders to be respectful, but that is not always the case. Focusing on respectful, transparent, and fair communication within a team is an effective strategy for cultivating loyalty and enhancing team performance.

Don’t be tempted to use your status over your team or use fear or coercion as motivators. Instead, be honest and humble even when dealing with your juniors. Desist from being an autocrat and instead be a cheerleader who inspires people to be creative and quick problem solvers.

6. They Don’t Blame Others

When things go south in an organization, effective leaders don’t blame their team. They admit their mistake right away and focus on rectifying it in the future. They are accountable for their words and actions and are always striving to be better versions of themselves.