Author: Mikus Kins (Page 1 of 3)

Mikus Kins Entrepreneurial Children

Instill These 2 Entrepreneurial Character Traits into Your Children: Part Two

In Part One, Mikus Kins discusses how confident people are determined and fearless.  Mikus lays out how to teach children to embody confidence by speaking to the ideas of determination and fearlessness.

In Part Two, Mikus Kins describes how visionaries are organized and frugal.  Mikus lays out how to teach children to embody the mind of a visionary by speaking to the ideas of organization and frugality.

We are back with Part Two of “Instill These 2 Entrepreneurial Character Traits into Your Children!” So, let’s dive right in!

  • Category 2 | A Visionary is…
    • Organized and
    • Frugal.

Visionary: Someone who is a visionary has “visions,” or, “ideas,” floating around in his/her mind often.  They see the horizon; they get the big picture.  When someone can think this big, it means they can go deeper than just creating a singular idea; it means they can create a whole web of ideas in their minds that interconnect and benefit one another.

Teaching a Child to Be A Visionary: A simple way to teach your child to be a visionary is by teaching them how to not stop ideating after they have concocted one singular idea as a solution to a problem.  Encourage them to think outside the box.  Ask them tough questions.  Challenge their ideas.  They will start to grow simply from these types of discussions.

Once your child has come up with a solid solution to a problem, don’t let him/her stop their thought processes there.  In order to effectuate a solution, one needs to make a plan, formulated by goals, objectives, and specific tasks to see the solution through.

This is where being organized comes into play.

Organized: Organized people make information visually appealing.  They use timelines, outlines, charts, graphs, mind mapping, and the like.  You know it, and they’ve thought through  how to best organize the information at hand.

Teaching Your Children to Be Organized: To get to a fully fleshed-out idea on how to do something in one’s life, there has to be planning, thinking, ruminating, and debating.  There need to be rough drafts, numerous more rough drafts, and note taking.  Help your child to create plans of action for attaining different goals by guiding them through this process.  Teach them about how to organize information well, and they will take after you eventually!

Frugal: A frugal person understands money inside and out.  They understand cash flow, P&L statements, budgeting, and financial planning.  They can properly asses where money should be spent and where it is coming from.  In helping your child to be a visionary, they need to think of the cost, not only the reward, involved in completing a plan.

Teaching Your Children to Be Frugal: The cost is where you should encourage them to ask unlimited questions.  By knowing about the costs associated with specific courses of action, whether that be financial or other, children can grow up confident in their ability to make wise choices.  Teach your child to ask you for money to invest in what they want.  Teach them to pitch ideas to you.  Play the devil’s advocate to show them how to test for loopholes in their plans.

These are all entrepreneurial skills that should be taught to a child to help him/her become a well rounded visionary.

There are so many other characteristics of an entrepreneur that you could teach your child to embody, such as being passionate, positive, and flexible, but the character traits discussed herein are some of the most powerful characteristics a child can embody that have to do with entrepreneurship.  By thinking about what it means to be confident and to be a visionary, you can rest assured that you have what it takes to break it down for your child and help them to become all that they can be.

Mikus Kins Entrepreneurial Children

Instill These 2 Entrepreneurial Character Traits into Your Children: Part One

In Part One, Mikus Kins discusses how confident people are determined and fearless.  Mikus lays out how to teach children to embody confidence by speaking to the ideas of determination and fearlessness.

In Part Two, Mikus Kins describes how visionaries are organized and frugal.  Mikus lays out how to teach children to embody the mind of a visionary by speaking to the ideas of organization and frugality.

What parent would not want to teach their child how to be the following things:

  • Confident
  • Determined
  • Fearless
  • A Visionary
  • Organized
  • Frugal

These are nice thoughts, but at the end of the day, what does it even look like to intentionally teach a child how to embody these characteristics? It can be easy to look at this list and get overwhelmed by the amount of work it would take to teach a child to harness each of these character traits.  So, in an effort to “Practice what we preach,” I am going to help you break these characteristics down into doable actions.

Let’s reorganize these traits first, shall we?

When I take a deeper look into each of these character traits, I think they can be broken down differently than how I laid them out above.  Instead of each of them being their own separate category, I think two of the traits can best be used as umbrella topics for the rest.  Refer to the following to understand what I mean:

  • Category 1 | Confident people are:
    • Determined and
    • Fearless.
  • Category 2 | A Visionary is…
    • Organized and
    • Frugal.

In order to teach your children how to embody these traits, we first need to break down each category on its own and analyze it.  Let’s start for the “confident” category.

  • Category 1 | Confident people are:
    • Determined and
    • Fearless.

People who are confident are determined and fearless.

Determined: People who are determined won’t be stopped.  With respect to the phrase, “Go big or go home,” they “go big” most of the time.  They are convinced to follow strategic courses of action that they conjure up and will always find a way to accomplish what they set out to do.

Teaching Your Child to Be Determined: Ask yourself, “Are they timid? Do they hold back in any areas? Do they shine in any areas?” Find out what makes them tick.  Ask them specific questions that get to the heart of things.  Do they have fears? Insecurities? Obstacles? Help them to logically work through them.  Do they shine without fear of certain subject areas? Point out how well they are doing and positively reinforce it.  Show them how they can apply the same determination to other areas of their lives.

People who are fearless are oftentimes educated.

Fearless: Someone who does not fear what is ahead vaguely knows what is to come.  They do their research.  They study things in depth and find ways to overcome them.  Being an overcomer is the name of the game for them.  Problem areas for most people are not a problem to them, because they have taken the time to find a way to deal with them.  They are solution finders.

Teaching Your Child to Be Fearless: Ask yourself, “What strengths do my children have? What are their problem areas?” Talk to your child about each of these and let them talk it out.  Let them be wordy and speak all over the place.  View their talk like a plate of noodles.  Then, help them to take each noodle and lay it out flat.  If they are young enough, you can even use a plate of jumbled noodles to help convey your message to them.  Lay it out flat on the counter for each topic you discuss and help them to organize it in their mind.  Then, let them sit in the discomfort of not knowing how to handle certain subject matter.  Then, ask them enough strategic questions–such as, “What do you think you should do about that?”–to get them to come up with a powerful solution.  This will teach them to own their fears, solve them themselves, and follow through on overcoming them, fearless.

Come back in two weeks for Part Two of “Instill These 2 Entrepreneurial Character Traits into Your Children!”

20 Myths About Entrepreneurship: Part Two

20 Myths About Entrepreneurship: Part Two

We are back in Part Two of myths about entrepreneurs. Below, find ten more myths about entrepreneurs and why they are not true.

11) Entrepreneurs are Happier and More Fulfilled in Their Work
Entrepreneurs have to work exceptionally long hours and need to be responsible for others’ salaries when they employ people. Entrepreneurs have a tremendous amount of stress on their backs to meet the needs of their company, as well as the needs of their investors by certain deadlines. One can be happy as an entrepreneur, but it is no easy task being an entrepreneur.

12) Entrepreneurs Rarely Stay in One Job for Long
Entrepreneurs usually use their experience in corporate jobs to give them the edge they need in developing their own businesses. People will take years to learn certain business practices and skills in order to be able to lead others in their own businesses. This point relates to the point above, in that entrepreneurs are made not born. It takes time to learn all the business skills necessary to succeed in one’s own business.

13) Entrepreneurs are Always Their Own Boss
Because entrepreneurs have investors, investors can control how entrepreneurs spend their time. The investors are not entrepreneurs’ bosses, but they do have some control over the entrepreneur. This can provide the entrepreneur with much stress and pressure.

14) Venture Capitalists (VCs) are the Primary Source of Funding for Entrepreneurs
It is actually quite the opposite. Because VCs require a lot from an entrepreneur in order to invest in them, it is easier to use other sources of funding for a small business. Often, people will use bank loans, credit cards, government assistance, or crowdfunding.

15) Entrepreneurs Are Often Uncompromising and Misleading
Entrepreneurs need positive relationships in order to succeed. “The truly ruthless or deceptive entrepreneur will often alienate others and be forced to waste time and energy repairing relationships with employees, customers, and suppliers, or simply fail.” By working with people, and not against them, one will develop a business that has great values, mission, and vision. These types of businesses last and grow, instead of wither and die out.

16) Entrepreneurs Know How to Get Exactly What They Want, When They Want It
Entrepreneurs may see a gap in the market where a business could thrive, but often, they do not know how to make a business succeed in that niche. It often takes plenty of time with potential business partners and investors to figure out how to make a business successful with a strategy and steps to get there.

17) Entrepreneurs with Great Product and Services Automatically Succeed
If you do not know how to be an expert marketing agent, it is extremely difficult to get one’s product/services out there for others to partake in it. One needs to have someone who is skilled in marketing in order to have his/her products/services reach the right customers who will purchase them. On that note, it can be difficult to understand one’s demographics who will purchase these products and services. If one does not understand who would be able to purchase the products/services, let alone who would be interested in purchasing them, one’s products/services, no matter how great they are, will not make the company any money whatsoever.

18) Entrepreneurs Never Quit
Entrepreneurs quit their “day-job,” so to speak, as well as companies that do not work out. An entrepreneur is not going to stay with a business that isn’t going to be profitable. Sometimes people take on a business as a side project and it ends up turning into a full-time business. Other times, people spend all of their time in their start up and it goes nowhere. A successful entrepreneur will be able to see the difference between the two.

19) Entrepreneurs Create Something Completely New with Each New Business They Create
There is a quote that says, “There is nothing new under the sun.” Most of the time, a product/service is not truly new and patentable. A company is often successful when they are able to offer a product/service to the right niche of people at the right price. Many products/services can be offered in a different way than they are normally offered, and it can make the company successful. For example, offering food to people is nothing new. Offering gasoline to people is nothing new. When you combine the two (e.g., a gas station with a food store in the same parking lot connected to it) you have a hub for people to rest and refuel in numerous ways. People are much more likely to stop off at this kind of rest stop than one that has just gas or just food.

20) Men are Better Entrepreneurs than Women
As we put more distance on the times when women and men were not at all considered equals, we are able to more clearly see that women are just as talented and able as men are. Women are naturally good at building relationships with others. This actually puts them at an advantage over men. Men will more often use connections only to their benefit. Women do the exact opposite. They usually use connections to be mutually beneficial partnerships.

Entrepreneurs are by far not perfect, but they are often looked down upon for reasons that are just not valid. If you are thinking of becoming an entrepreneur, take a look at this article for your first steps. So, what do you think of entrepreneurs? What are your thoughts on this article? Do you disagree with any of them? Tweet me @MikusKins with your thoughts and questions!

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20 Myths About Entrepreneurship: Part One

Being an entrepreneur is rather overlooked for what it really is. Entrepreneurs are often seen as hustlers who are willing to do whatever it takes to be successful. They are seen as people who are too risky to trust and people who have no idea how to have a good work-life balance. In part one of this article, I will give you ten out of twenty myths about entrepreneurs and their lives in business.

1) Entrepreneurs Take Outrageous Risks

Entrepreneurs tend to take calculated risks to test and see which effort and which method will assist them in accomplishing their goals. “Entrepreneurs tend to carefully seek the best risk/reward action.” Taking risks is a necessary part of being an entrepreneur, but the kinds of risks and extent to which they take them is a different story.

2) It’s Important to Always Follow Your Passion When Being an Entrepreneur

Just because one has a passion that can be turned into a business, doesn’t mean that the passion will pay the bills. One needs to see if that passion has a demographic to meet. One needs to see if that demographic would actually purchase the products/services s/he creates. One needs to see if s/he has the resources to run that particular business. Passion is important for stamina, but it will not keep a business alive all on its own.

3) Entrepreneurs are Born, not Made

One must become a student to the ways of entrepreneurship before becoming an entrepreneur. It takes time and effort to understand how to start one’s own business. It is not something someone is just born with.

4) When Entrepreneurs Give Away Their Products/Services, it “Dilutes Their Brand

While it can be highly beneficial to provide products/services for free when first starting off your business, it is important to give promotional material away that truly represents the entirety of what your products/services are. If you are a consultant, they offer a first free session. If you are a water ice salesman, give away small sample spoons of whatever water ice people want to try before purchasing. It can be simple to give things away for free, but don’t do so to the detriment of your business. These methods should help build your company, not tear it down.

5) Entrepreneurs Are in it to Get Rich Fast

Entrepreneurs are saving money at every turn. They understand that in building a business, one must make financial sense of what s/he is doing to impress investors and employees. Usually they will use the money they earn to break even that year. It usually takes anywhere from one to five years to earn a profit from all their hard work. Entrepreneurs know that building their business is not a way to get wealthy quickly.

6) Having More Clients is Always Better

This can become a problem when your products/services are not clearly defined. If you are constantly trying to offer specific products/services to meet each clients wants, you can end up diluting your brand like we talked about above. This will hurt your brand and credibility down the road.

7) Entrepreneurs Have No Personal Lives

Entrepreneurs may work up to eighty hours in one week, but the one thing that they have control over is their time. If they need to go to a child’s soccer game, they can schedule their working hours around it. People who work in upper management in companies may work the same number of hours but have no control over when they have to work. This gives the entrepreneur an upper hand in controlling his/her personal time.

8) Being an Entrepreneur Will Give Me Control of My Schedule

On the other hand, entrepreneurs have to work exceedingly long hours in order to make the business successful. Entrepreneurs do have control over when they work, but they do not have control over how long they need to work. This can prove to be difficult for entrepreneurs.

9) Entrepreneurs Are Often Tech Savvy

In order to have a successful business, one needs “high profit margins, not high tech.” Does it help to be tech savvy when starting a business? Absolutely. Today’s technology has changed how we do everything in business. Do you need to be tech savvy? Absolutely not. People start and run businesses that have nothing to do with technology.

10) “Entrepreneurs Are Loners and Introverts

In order to be successful in a business, one must develop network contacts and utilize their experience to build on what one is already building. It usually takes one having a partner to be successful in creating a business. If not a partner, one needs at least someone who is able to be a sounding board for their ideas.

In Part Two, I will share ten more myths about entrepreneurs and reasons as to why they are not true. Do you think any of these myths are true? What is your stance? Tweet me @MikusKins!

3 Ways to Make Peace with Making Mistakes

Mikus Kins

As Albert Einstein once said, “a person who never made a mistake never tried anything new.” This adage is certainly true, especially in business, but taking it to heart can be far easier said than done, especially in a society where we are taught from childhood that failure and shame are deeply and inextricably intertwined.

The fact of the matter is, if you really want to achieve entrepreneurial success, you absolutely must teach yourself to view your mistakes as opportunities for growth, and nothing more. Here are 3 meaningful steps you can take to reframe the way you think about failure so that you can achieve greater success throughout your career.

  1. Realize that every mistake is a lesson in disguise. Instead of viewing the errors you make as being indicative of ineptitude, weakness, or a character flaw, take the time to remind yourself that there is intrinsic educational value to each and every mistake you make. Simply put, you must make mistakes if you truly want to learn what works and what doesn’t, both in business and in life. Long-term success requires you to take risks; even if a risk does not pay off, you’ll still end up learning from the experience.
  2. Start taking ownership of your mistakes. While your instinctive response to making a mistake may be to distance yourself from it or explain it away, this behavior is extremely counterproductive when it comes to professional growth. Instead, make a point of owning your mistakes by taking accountability and responsibility for the decisions you make and the actions you take. By admitting your errors in a frank and pragmatic way to yourself and to your colleagues, you will learn how to view your own behavior through an analytical lens, instead of an emotional one, and this will be tremendous boon to your entrepreneurial success in the long run.
  3. Don’t let your pride get in the way. It’s important to have a healthy sense of pride, but be careful not to let your pride prevent you from asking for assistance or advice when you need it. Being able to admit when you need help correcting a mistake you’ve made is a skill that will serve you well in all your interpersonal relationships, and as the saying goes, two heads are always better than one.

If you are hoping to learn how to make peace with making mistakes, I suggest using these 3 pieces of advice as your professional mantras for the next week – and if at first you don’t succeed, try and try again.

Create that Balance within your Life

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Various experts worldwide have resoundingly agreed that it is important to maintain a balance between your work life and your social life. While difficult as it may be to find that stability and level of control, you want to make sure you can establish that equilibrium so that you are mentality healthy and physically prepared for the next day.

Now, for many young professionals, they tend to make the mistake of overworking themselves at the office. Entering the workforce can be an incredibly difficult task. With adjusting the new rules, standards, and level of work, many individuals assume the ‘go-getter’ and ‘first to enter, last to leave’ mentality as their mantra for life. While I will never condone a person for working hard and investing in their job, overdoing this can lead to multiple physical and emotional damages in the long run.

When this happens, the individual is not the only person who suffers. In fact, the company as a whole suffers tremendously. With burnout rates gradually increasing, many business leaders and hiring managers are looking for new and innovative ways to establish that much needed positive working environment.

But why does this burnout rate happen? What can be done to alleviate this situation?

To put it simply, the position and responsibilities of a job can weigh down on an individual. Unlike the college life where you have various breaks in between classes, corporate and private sector demands more of you. That sense of responsibility and pressure can eventually lead to self-doubt and stress. But as much as we can try and find other ways around it, work will always be stressful. In order to grow and take control of the situation, you need to start by taking control of your schedule.

For many individuals who experience this burnout rate, they tend to have an unhealthy balance between their work life and their nonexistent social life. Now, I cannot wholeheartedly say that there will never be nights where you need to stay late at the office or work on the weekends. While those days will come, it is important that you establish a strong and logistical schedule that allows you to enjoy life and relax for the next day. One of the best ways to do this is by creating a well-organized schedule. By having a schedule in place that separates your work life and your social life, you will be able to find the time to enjoy the things you love to do outside of work. Make sure you fill out your calendar in its entirety. This will help you iron out any and all logistics and provide a stronger sense of open slots in which you can take advantage of for either work or fun.

In addition to your calendar, you want to make sure you are staying active. One of the biggest mistakes many young professionals make is scheduling their entire lives around their jobs. To prevent that toxic schedule, try looking at various ways in which you can increase your activity within your lifestyle. Try joining an extracurricular group or a club that sparks your interest. Try and look at various gym memberships or athletic sports groups that you can partake in with your friends. Whatever is the case, the more socially active you are, the better. This will help ease your mind and prevent you from over-stressing about the workplace. It will even come to a point where once these activities are embedded within your routine, your days will no longer seem that long.

The Importance of Leadership and Communication at the Workplace

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Leadership is a compelling intellectual trade that moves people to action. It requires an individual to go beyond the standards of their day-to-day and seek various opportunities that challenges the overall status quo for the betterment of their company. But in order to inspire, in order to motivate, you as a business leader need to establish and foster a strong line of communication. That foundation will set an overall precedence for the goals you are looking to achieve each and everyday.

Now to further understand this trade in the most efficient and effective manner, you need to define your own personal and professional leadership by understanding yourself. By having a deeper internalization of your vision, goals, beliefs, and strengths, you will be able to communicate every task on a stronger and deeper level. For all business leaders, this type of skill is transferable. The real challenge is what you can do with it to help further accomplish your objective on a consistent basis. To accomplish this, you need to, of course, take responsibility for the process. Make sure you understand the ins-and-outs of your business and the variety of different departments and people you will be interacting with throughout the course of a week. In addition, be sure to ask probing questions to your group and listen to their answers. This will allow you to take action and spark progress either individually or within a framework of a team. But to take this on the next level, it is important that you demonstrate a strong level of consistency to your commitment. Small talk and networking is a fine practice, but communicating in a way that meets the wants and needs of an individual will push you to the path of success.

Once you have developed that keen external awareness for those people around you, you as a business leader will have to build a sense cohesive thinking in order to execute at the highest level. Just take a look at some of the world’s greatest leaders. They are not just exceptional communicators by trade. Instead, they are also leaders that can sympathize their vision and goals in a more open forum. If your message is unclear in any manner, you will be unable to deep root your message with your audience. Remember, the objective of communicating at the highest level is for your audience to internalize and understand your goals and aspirations. Any type of derivation or misunderstanding can lead to extreme unfavorable results.

To help prevent any type of miscommunication, I have highlighted several types of interactions you should practice consistently throughout the office. These principles are meant to aid you so that you can educate, inform, and inspire your employees on a daily basis. Keep in mind that everyone perceived the world differently. Your job is to bridge that gap.  

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Know what you are Talking about

We have all heard that infamous saying that, “It’s not what you say, but how you say it.” While there is some truth to that, I am telling you that what you say does matter to your audience. Yes, you may be in a position of power, but that does not mean you have all of the answer. Some successful people have little interest in specific topics, but try to force their two-cents into the conversation just to hear themselves speak. While it is great to get involved, not adding anything of value does not put you in a better position. Instead, for situations like this, make sure you know what you are talking about. The more value you can add, the better. Remember, the underlying goal of a strong and effective line of communication is to educate and inform. Do not allow your ego to jump ahead. This can only lead to a negative attachment to your overall image.

Be Personal

Some of the most passionate conversations and speeches are those that connect with their audience, and rightfully so. The more personal and engaging your conversations can be, the better. Many business leaders are able to leverage this style of empathetic communication. Communicating on that deeper level will help display a strong level of authenticity and transparency that can help establish a sense of trust between you and the prospective party.

Be Specific

Some of the biggest flaws for many managers and business leaders within the office are that they are a bit too ambiguous with what they are saying. Make sure you are as specific as possible. Learning to communicate with that type of clarity and conciseness will help nullify any type of confusions or misunderstandings in the future. On a side note, try to keep things as short as possible. As much as you want to be specific, you also want to avoid the opportunity of overstating things on a granular level.  

Listen and Stay Open-minded

To be a strong and effective communicator, it is imperative that you create a safe and secure space for open dialog. When another person is talking to you, make sure you are listening. This type of engagement between parties is something that can help challenge and develop new ideas for the betterment of your company. In addition, this type of open forum communication can establish a meaningful trust and respect between you and your workers, which can inevitably benefit you later on in the future.

Why Branding is Important for your Company

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Regardless of what field you are in, branding will always be the theme and essence of your company. While the rest of the world may adhere the term to marketing, branding, in itself is its own entity. In fact, the overall concept and field will always play an integral role within the overall success of your business. But before I go further of how to best brand your business and organization, I have to address the million-dollar question: What is branding?

When we think about branding, many businesses and organizations usually associate it within the realms of marketing. While they are not inherently wrong for thinking that, the general public needs to understand the vision and goals between the two completely different sectors. When we are talking about marketing, we are ultimately talking about the strategy and promotion of a company’s products and services with the goal to grab the attention of the general public and sell them on said-product and/or services. This intent to sell is, at the end of the day, what makes marketing a necessary need in the financial aspect of your business. It also represents the single defining difference from its counterpart, branding. For branding, the overall concept revolved around the identity of your company. It is that identity that represents the vision, goals, beliefs, and future growth that your business looks to accomplish each and everyday.

Now, while branding may utilize similar business tactics that are often found in marketing, the overall story and end goal is to highlight the essence of the company. It tells the intended market what your beliefs are, what your plans are for the future, how you differentiate from your competitors, and most importantly what your customers can expect from your products and services. These logos and phrases are, in themselves, the name and face of your business. That type of representation is something that is everlasting with your business. Just think about the great logos and phrases that are out there and how we automatically think of various themes and niches that fit their profile. For example, when we think of Under Armour, we think of the performance, athletics, action, and sports. In comparison, when we think of Apple, we think of creativity, technology, music, computers, and entertainment. With just that simple brand, you are able to capture the principle that represents what you and your company stand for.

So how do you create a brand that is representative of your company and their ideals? What logos and phrase can be associated with your brand to show the growth, development, and overall vision of your company?

To create a brand, you have to first and foremost understand that this process does take time. Apple’s “Think Differently” and Nike’s “Just Do It” slogans did not automatically attach themselves with the general public. Instead, both companies had to foster their mentality and products to associate themselves with bigger concepts that are now known today. But, during their creative process, they did have an underlying idea of what they wanted. When creating a brand for your company, you want to make sure you are aligning all of the ideas under one theme. It is that theme that will represent those overarching questions of what your business stands for and what you are looking to accomplish. To do this effectively, make sure you come up with a list of characteristics and adjectives that represent your company. These concepts will help identify the right message and image you will want to associate with your brand.

To help with this process, try setting up various controlled studies. Go even as far as to seek specific feedback in whether or not your brand is representative of the ideas and concepts it is trying to achieve and sell. Remember, at the end of the day, your brand wants to highlight a particular message. If you are finding that the response is not hitting what you are looking for, regroup, strategize, and redesign.

Now before you publish your prototype, try comparing your logo against your competitors within your field. For many of these companies, they have already perfected a specific idea and message that has reached the general public in the best possible way. Now I am not saying to replicate or refurbish their logo. Instead, analyze and understand how their logos and phrases were able to capture their market and how representative it is to their company values. This may give you some insight on how to better improve your logo in the most marketable way possible.

Once you have done your research and created your first prototype, continue to test your brand with another controlled group. Remember, the more feedback you have, the better information you can utilize in created the most representative trademark, symbol and phrase for your company.

The Importance of Business Ethics

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Several factors play a role in the overall success of a company. As much as we can look directly at the finances, financial statements alone are not enough to represent the overall health of a business. Instead, we have to look at a variety of different factors such as organizational culture, company goals, company philosophy, work culture, and most importantly the organization’s business ethics. In the grand scheme of things, business ethics is the pinnacle point in developing the vision, beliefs, and goals of a company. Without it, the purpose for success is no more than just making a quick buck.

For entrepreneurs, they are incredibly unique in the business world because, more often than not, they put a stronger investment in the values and beliefs of their company ahead of their monetary gain. While financial gain is always a great evaluator, many businesses, especially the titans we see today like Google or Apple, are built with a philosophy in creating products and services that can benefit the everyday person. In fact, this type of ethical mentality shapes not just how customers and users view businesses, but how businesses view themselves.

Because of this, it is imperative that you as a business leader are able to foster and establish a strong sense of morals within your company. Before we continue, let’s understand what business ethics really means. By definition, business ethics are the moral principles that guide the way a business behaves. In fact, this type of mentality and approach helps cultivates the personality, culture, and work ethic passion that drives your employees each and every day. In addition, business ethics also dictates those overarching decisions by dichotomizing various actions as ‘right’ or ‘wrong’ for the customer. Having this type of clear and precise mindset not only improves work culture productivity, but also customer client satisfaction.

To explore this further, let’s look at how business ethics impacts a company in three different stages:

  • Ethics in the Product and Service
  • Ethics with Leadership and Management
  • Ethics with Employee Work Culture

By exploring these three avenues, you will be able to internalize and comprehend the importance of having a strong sense of business ethics within your company.

Ethics in the Product and Service

In any successful business, the product and service of a company is not just simply to sell. Instead, the overall mantra is to create a transitive change in how we see world. As an entrepreneur, you want to make sure that your product and services represent the wants and needs of their customers. Just take a look at Apple. Under Steve Jobs leadership, he felt that no matter what product they made, they can always and forever make it better. That business ethics of ‘for the customer’ than  ‘for the customer’s money’ is what helped set them apart from the rest of the herd. To help aid with your endeavors, go back to your vision and goals. Ask yourself those ‘why’ questions and internalize them. Once you are able to answer them, begin shaping that mentality for what it can do for the rest of the public.

Ethics with Leadership and Management

Management is not just the act of micromanaging a group of people. Instead, management helps to set the tone for an entire company’s day-to-day. To help enhance and perfect the logistics within your company, it is absolutely vital that you establish a strong and prevailing management philosophy for your team. This ethical practice and behavior will help shape those individuals of your organization as direct leaders and examples within the workplace. In addition, your business philosophy will be able to help attract and retain highly talented individuals to build and maintain your positive reputation so that you can reach your future endeavors.

Ethics with Employees

In most cases, your employees are usually at the front of the lines engaging and interacting with your customers. Because of this, it is absolutely important that you are able to instill the vision, goals, and ethical belief that your company has in each and every one of your workers. In many studies, employees who work for a company that demands a high standard of business ethics in all facets are more than likely to both perform their job duties and stay at a particular company. The reason why is simple. Many people want to know they are making a difference. By establishing that sense of value, your employees will be able to see the higher purpose of their work each and every day.

TedTalk: Alexa von Tobel and the Five Money Principles

Alexa von Tobel is the founder and CEO of LearnVest.com which she has been developing and growing since 2006. LearnVest is the leading personal finance and lifestyle website that brings financial literacy to women. Since launching LearnVest, Alexa has been widely quoted as a personal finance expert and entrepreneur in top tier business and consumer publications including: New York Times, The Wall Street Journal, New York Post, BusinessWeek, and Forbes Woman.

In this particular TedTalk, Alexa discusses her five money principles:

  1. Follow a budget and live beneath your means
  2. Be debt free and pay your cards in full
  3. Have an emergency savings account
  4. Negotiate for a higher salary
  5. Save for your future retirement

She does so by providing her audience with a specific yet relatable story that hinges on the idea of smart and strategic saving. Alexa believes that if we utilize her tips, we will be able to prepare ourselves for a long, fruitful, and secure future.

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