Who says twenty something's feel entitled. I'm meeting with two of my marketing and communications staff who are 24 years old...and they are terrific. They ask for more to do...they think about solutions, not the problem...and they are happy and want to learn!!!
Nothing is more motivating than eager, hungry professionals with something to prove!
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According to a report conducted by the Harvard Business School, first-time entrepreneurs have only an 18 percent chance of succeeding. Why? Because many entrepreneurs today are naïve to the struggles and triumphs that accompany owning their own business. They underestimate the amount of time, energy, devotion and care it takes to develop a meaningful, successful organization.
Here’s what entrepreneurs need to know before they open up shop.
Pinch pennies: This seems obvious, but frugality is essential for entrepreneurs. The biggest area people spend foolishly on is technology. People buy huge servers for potential, yet technology changes so fast, that they bought too much, too soon and could have grown in to it. Companies can also save money when investing in an executive team. Entrepreneurs forget that they don't need to build the executive team of a $100 million company when they’re just starting out. The people they hire to start and build the company probably won't be the same ones they’ll need when they achieve certain milestones.
Go all in: Entrepreneurs need to be able to commit to working 60, 70, 80 hours a week, to being on call all the time and to taking a substantial pay cut (hopefully only initially). They need to be able to put their business first and themselves second.
Be resilient: Building a business is like having a child. You love your child unconditionally and are proud of all their accomplishments, but you know along the way there will be hardships. You don’t stop loving your child because of their mistakes or faults, instead you help them to grow and support them no matter what. This is how entrepreneurs should run a business. If something goes wrong, they need to do something about it. If their number one client leaves, they need to cold call and door knock to compensate for the lost business.
Build and leverage relationships:When an entrepreneur is just starting out, everyone should know about it, family, friends, former colleagues and acquaintances. Everyone is a potential investor or client. At the same time, entrepreneurs need to develop new relationships. They need to be transparent and honest with prospects, recognize the big events in their lives and show appreciation for their time and consideration.
Despite the recent Bureau of Labor Statistics report of slowing job growth (120,000 jobs added in March) and the nearly unchanged national unemployment rate, positive job seeker sentiment reigns in Chicago.
How do I know?
Because we recently conducted a survey of over 1500 Chicagoans who are either passively* or actively looking for work. Here’s what we found.
69.5% of people surveyed said they believed it would take 0-3 months to secure their next position
The fact that almost 70 percent of Chicagoans believe that they can secure a position in three months or less means one of two things. Either they have unrealistic expectations, or they believe there are jobs to be had. Any guesses?
There are jobs in Chicago and they can be secured by the right candidate in a short time frame…. Now that’s something to be optimistic about.
*Candidates that are passively looking for jobs are currently employed but job searching.
Did you ever consider that your teachers were onto something when they had you change desk locations and seat partners every few months?
They knew that sometimes who you sit next to can be as important as the topic at hand. It’s as true in business as it is in education.
Think about it. If an employee sits next to a “chatty Kathy,” they get less work done because they are distracted.If they share space with a colleague who hates their job, that negativity rubs off.
Having staff rotate desks can bring a new spark to the workplace, boost energy and increase moral.
I’ve seen it happen. Employees who were underperforming improved substantially once they were removed from the distractions of their neighbor. Workers who appeared burnt out were revitalized after relocating next to a staff member with seemingly inexhaustible energy.
I’m not saying this will work every time, but it’s a simple concept that’s easy to implement and carries measurable results.