Stress: The Dark Side of Entrepreneurship

Entrepreneurship is a righteous and beautiful thing. There are innumerable joys affiliated with entrepreneurship, including but not being limited to being one’s own boss. Committing oneself to this new reality of being an entrepreneur involves incredible personal investment and dedication, and it can be rewarded with untold success.

Nonetheless, committing one’s life to being a business owner and thought leader requires composure. The stress of developing a startup that offers the public products, processes and/or services can be a terrific source of stress for the entrepreneurial minded. One of the worse things that an entrepreneur can do when feeling overwhelmed by stress is to simply allow oneself to become totally conquered by this self-assigned business.

Consider any potential stress-relievers to help defuse some of the stress associated with being entrepreneurial, and try to recapture what it was that set entrepreneurs on that particular journey. Walk away from excessive stress, which is responsible for cardiovascular disease, depression, and gastrointestinal complaints.

These stress relievers can be anything from beginning or ending your day with exercise, taking a break from the multiple screens that you interact with, reduce your commitments so that you’re only focusing on necessary projects and key engagements. It’s important to manage work-related stress.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

 

Business Acumen is a Necessity for Entrepreneurs

The power of a strong general business acumen is mighty and sure, and trends can’t rightfully unseat the need for this vital skill. Industry giants and newcomers alike have come to recognize the importance of being able to exercise judgment and present a breadth of understanding.

A quick and acute understanding of business, which normally results in a good outcome, is aptly recognized as business acumen. The high levels of keenness and applicable understanding known to business acumen are tools frequently used by strategic leaders who understand those features produce successful and proficient organizations.

Developing acumen is a matter of increasing knowledge about one’s industry. While gathering this knowledge, it’s also important to become a better listener in the process. Entrepreneurs who master relationship building, business intelligence, enhancement, decision-making, leadership, stakeholder engagement, strategy development people development and communication are primed for success. It’s necessary to organize targeted training and never forget that the importance of overall development and learning.

Business acumen is downright necessary for the next generation of supply management professionals. In the interest of acquiring leadership roles and demonstrating high levels of job satisfaction and engagement, it’s important that an understanding of business acumen if far-reaching, that it makes sense to older individuals in the C-suite, recruiters, and young business-minded professionals.

Read more on the subject by checking out an article on business acumen written by Jim Barnes, ISM Services Managing Director for the Institute for Supply Management, which is featured in Supply Chain Management Review.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

Building an Impressive Culture is Vital for Ongoing Success

Hefty corporations and smaller entrepreneurial outfits differ significantly, but they also have a great deal in common. They both deal with the promotion and sale of goods and services, and they, additionally, are invested in the development of a charming, warm and productive company culture.
Building a company culture that’s strong, close and creative requires a great deal from employees and employers. The size of a company doesn’t necessarily matter, nor budgets or industries. However, behavioral and environmental conditions are important factors that influence creative output, talent attraction and the overall outcome of a company.
There are multiple ways to develop an inspired workspace, particularly when a company is equipped with staff who are deeply engaged and attracted to their projects. However, one has to strike a balance between attracting energetic employees, developing constructive management and composing new strategies to effectively sway a company’s outlook, which effectively strengthens the core of a firm. Additionally, it empowers dedicated professional and improve product output.

Re-establishing and restructuring a company’s culture is a matter of making sure that top management creates the circumstances that allow for behavioral and cultural change within a place. An important step is to rid the company of any practices that erode an employee’s pride in a company, that includes hostile limitations and overzealous regulations. Instead, trust your employees to do the right thing and demonstrate what behaviors are expected by leading by example.

Companies such as Aetna masterfully did an about-face. Challenges with employees, customers and physicians plagued the company in the early 2000s, but they managed to change the culture of the company, which was once known for its tolerance of mediocrity and its suspiciousness of outsiders.

Today, Aetna has changed the conversation, they sought out employees at each level of the company, who helped to devise and input incredible strategy, leading to the design and transformation of a company culture. Because of those changes, Aetna was able to identify some of it’s biggest problems and greatest strengths. Importantly, the head honchos didn’t try to force this change overnight. Also, they didn’t describe their toward an impressive atmosphere as “cultural change,” instead, they continued to preserve the strengths while cutting away weaknesses. They encouraged employees to put customer commitment at the forefront of their minds and quietly worked to rebuild pride.

Nowadays, Aetna’s employees are described as enthusiastic and reinvigorated. Simultaneously, the company has seen the financial growth that complements the company’s overall efforts. Building an impressive culture can undermine disasters and it can help create a workforce that’s interested in the company’s peak performance, not just their own paychecks.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

 

J.P Morgan Chase & Big Banks Embracing Startups

In the interest of facilitating online small-business loan access  for its customers, J.P.  Morgan Chase & Co. recently partnered with On Deck Capital Inc., a small-business financier with cutting edge technology. The auspicious decision suggests that the banking industry will continue to connect with independent, up-and-coming lenders rather than challenge them. However, J.P. Morgan didn’t spark this trend.

In late 2015, Regions Financial Corp. collaborated with Fundation Group LLC, which is one of the nation’s leading direct lenders. Regions sought Fundations out because of their transparent terms and their documented management of billions in loans and leases within lending markets. Additionally, five  years ago, a faction of Wells Fargo & Co. coordinated  with CAN Capital Inc. to assist customers who’d been declined a bank in loan past. Wells Fargo connect them with the online lender.

Big banks are drawn to small-business lending because it means that they’ll partner with potential Silicon Valley goliaths. By retooling the small-business process, banks stand to further occupy their pockets with cash. Newcomers to the business industry have emboldened the banks, contributing to post-recession recovery. While loan output is significantly lower than it was in 2006, the nation’s ten largest banks near extended nearly $45 billion in credit in 2014.

With that said, Bank of America has expressed no interest in partnering with alternative or online lenders, unwilling to allow one of the loan firms to sully its reputation. Independently, Bank of America offers an online portal connecting small-business leaders with resources and information. They provide banking, a business credit cards, and information about popular financing options, preferred SBA (Small Business Administration) lenders, health care practice loans and a small business online community for entrepreneurs to chat and exchange information.

OnDeck, J.P. Morgan Chase’s new partner, offers short term loans, long term loans and lines of credits to entrepreneurs and small businesses.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

6 Ways to Know if Your Startup Idea is a Bad One

“You might be business minded, but that doesn’t mean that you have good business ideas.” Those words, though harsh, could save you from a great deal of financial stress. The ability to discriminate between a good idea and a bad idea won’t only save time, it saves money. While the answer to the question “Is this a good idea?” may not be written on the walls, there are signs that suggest that your idea may not be the best idea.

You Can’t Quickly Describe Your Quirky Startup Idea

Perhaps, at the beginning… at the point of inception, your idea was great. But some time between then and now, your idea unraveled and collected features from Google, Amazon and Zappos. Thus, when trying to explain this idea, you have difficulty when trying to  keep your  listeners’ attention. Hone in on what you really want your business to do, and who you want it to serve. Then, sit down and write out a succinct 20-word explanation of your business. If you can’t, that’s a problem.

People Tell You it’s a Bad Idea

Forget the notion that the person listening to your business idea is a “hater.” Instead, consider why it’s been communicated to you that you reevaluate your startup idea. Critics are important because they’re potential customers. Try to listen to the constructive feedback that you’re receiving.

You Don’t Have a Market

Yes, people buy services and products that they don’t need, but that doesn’t mean you should be the mastermind behind one of those brainless ideas. Don’t construct products that are overly complicated, or endeavors to be two parts Facebook, one part food delivery service and one part music service… it’s not needed. Moreover, it’s not wanted. Be practical and consider what things will never go out of fashion, and focuses your attention on branding that product/service as your own.

Your Concept is Generic

If you ever hear the phrase, “been there, done that” when explaining your business concept to someone, figure out if your product is unique or if it’s just a bastardized carbon copy. While there is a market for producing improved versions of existing services and products, try creating something fairly original that clients want to pay for.

You Lack Passion

Like anything, your business requires passion if it’s to flourish. Even if your idea is spectacular, you have to have excitement or passion when presenting it. Otherwise, why would anyone else be excited about your business? Build a business around something you love and you’re proud of.

You’ve Founded a Business That Isn’t Scalable

You won’t make money with your business if your idea of return is rooted in immediacy, and there was no planning to secure investors or develop long-term success. Strategy is important for business creation, it’s the difference between shuttering your business and being ready when an opportunity comes knocking.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.