8 Brilliant Ways to Create Great Business Ideas

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Story by Young Entrepreneur Council

 

Here’s how to come up with a successful business concept that stands the test of time.

Brainstorming unique ideas for startups is becoming more difficult as the years go by. There used to be an app for everything. Now there is a startup for everything.

So, how do you embrace these challenges and succeed? We asked several founders and CEOs to share their advice for generating startup ideas, and we’ve compiled their unique approaches in this article.

1. Join groups and attend seminars.

You may find one of the best ways to help yourself is to get involved with your community. By joining groups, attending industry seminars, and investing in continuing education, you can discover vacancies in services or products.

“That, in a nutshell, is where you will find ideas: filling voids,” says Matthew Capala, CEO of Alphametic, a Miami-based marketing agency. “Mistakenly, people often think startup ideas must be groundbreaking. The reality is that the best startups fill voids of other businesses or simply do things better. However, you are also going to need supporters and adoption for your idea. This is where being a member of a community or industry is going to be critically important.”

2. Identify gaps through awareness.

Great ideas often stem from improving existing concepts rather than creating something entirely new. According to Amy Volas, the founder and CEO of Avenue Talent Partners, an executive recruiting firm in Michigan, you simply have to maintain an awareness of the space around you. You’ll identify common challenges and recurring themes by immersing yourself in your business, marketplace, network, and ecosystem.

“For me, it’s about identifying gaps or blind spots and creating a business to bridge the gap while making meaningful enhancements,” says Volas. “I journal daily, asking myself what challenges and problems I face in my business and those of my customers and peers. I review my data monthly to identify patterns and insights. This reflective practice is the root of each business I’ve launched.” Continue reading →

What I Got Wrong When I First Grew Our Leadership Team — and How I Turned Things Around After Receiving This Advice

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by Hope Horner

 

When we first started hiring for more leadership positions at Lemonlight, I didn’t understand the difference between a manager, a director and a VP. I thought leaders were leaders, and the right people would figure out how to make things work.

It’s safe to say I was wrong! Because I didn’t understand exactly what I needed, our team made some early hires that weren’t quite right for what we needed. It turns out that different types of leaders have different types of strengths, and it’s important to get clear on exactly what you need so you can hire accordingly.

Not quite sure how that applies to your hiring? Here’s my favorite advice I was given about the difference between a manager and an executive.

Hiring leaders using the “evolution vs. revolution” framework

When you’re hiring for leadership, the first thing you’ll need to determine is whether you’re hiring for “evolution” or “revolution.” One leader will help you grow and expand on your current path, and the other will help you chart new territory altogether.

If you’re looking for evolution, you likely have the foundation of a great team or process, but you need someone to make incremental changes and help take you to the next level. Continue reading →

17 Inspiring Quotes to Fuel Your Ambition and Ignite Your Success in Business and Life

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by Peter Economy

When doubt envelops us, inspiration can be that inner fire that sets us back on track.

There will always be times in life when the challenges seem beyond our grasp. If the challenges are too overwhelming and our abilities are at their limit, a dose of motivation can be just what the doctor ordered. It’s a light that can give us a direction forward when the sky is dark.

Inspiration is the catalyst that sparks a renewed sense of purpose, willpower, and hope in us. When doubt envelops us, inspiration can be that inner fire that sets us back on track and helps us continue moving forward with a greater intensity.

These 17 quotes will surely give you the spark you need to ignite your success.

1. “Life is a daring adventure or nothing at all.” —Helen Keller

2. “What we think determines what happens to us, so if we want to change our lives, we need to stretch our minds.” —Wayne Dyer

3. “There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.” —Nelson Mandela

4. “Life is 10 percent what happens to you and 90 percent how you respond to it.” —Lou Holtz

Continue reading →

4 common-sense ways to get a promotion faster

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by Tracy Brower

 

Chances are, you want a promotion—and you want it faster than it’s likely to come. It is human nature to want to move up, get ahead, and advance your career as soon as you can.

Most promotions happen based on a combination of your length of service, experience, and performance. But there are also elements that are more subtle, such as your relationships, your network, and your visibility.

And while you can always wait and watch, you can also take proactive steps to get a new job title, increased responsibility, more decision-making power, greater salary, or a new leadership opportunity.

How to get promoted faster 

Many workers, especially those early in their careers, aim to receive a promotion about every three to five years. However, it is not uncommon for promotions to happen every couple of years. Interestingly, about 30% of people in a study by Nectar say they have received a promotion during the last year and another 30% reported they had achieved a promotion in the last two years.

There are all kinds of promotions, from a traditional vertical promotion in which you obtain a bump in your title, salary, and responsibilities to a horizontal promotion in which you move to another role with a similar spot in the hierarchy and salary range.

You might also receive a dry promotion, also known as a “quiet promotion,” which comes with an enhanced title and tasks, but doesn’t deliver more money or benefits. These types of opportunities are great for your résumé but may be tough on your morale.

Fortunately, there are strategies you can leverage to increase your chances of getting the promotion you want. Here are four that can help you get a promotion faster. Continue reading →

Effective Leadership Evolves Within People Who Take These Steps

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by MICHAEL MINK

 

President Dwight D. Eisenhower, also a five-star general, said effective leadership is like a string: Pull the string, and it follows wherever you wish. But push it and it goes nowhere.

Reaching even a top leadership position, though, doesn’t mean the journey is complete. Executives evolve by consistently improving their leadership skills.

Effective leadership is the blending of many skills including communication, motivation and empathy.

However, “You can’t make changes as a one-off,” said Chris Lewis, founder of Team Lewis, a marketing consulting firm. “It needs to be embedded as part of a routine. Excellence is not a single act. Excellence is a habit.”

Set High Expectations For Effective Leadership

Winning leaders are not passive. They exert pressure in a positive way to get people to act and commit to the right path, said Sarah Dalton. Dalton is a partner at Conchie Associates, a talent assessment and development firm.

“Talented leaders agitate for change, provoke thinking and never settle for average outcomes,” she said “That drives commitment and engagement.”

Hall of Fame basketball coach Phil Jackson was famous for being blunt with players. He’d even call them out in the media to make them uncomfortable. Jackson not only won 11 NBA titles, but earned the loyalty of his players, including such all-time greats as Michael Jordan, Shaquille O’Neal and Kobe Bryant. Continue reading →