What is an intrapreneur?

Intrapreneurs are employees of a company who are assigned to work on a special idea or project. They are given the time and freedom to develop the project as an entrepreneur would.

However, they are not working solo. Intrapreneurs have the resources and capabilities of the firm at their disposal.

What is a difference with an entrepreneur? 

Intrapreneurs and entrepreneurs have different objectives. An entrepreneur envisions creating a company from the ground up. An intrapreneur has a broader vision for an established company. This vision may involve radical changes to company traditions, processes, or products. The intrapreneur typically has directly applicable skills and experience to bring to the job.

An entrepreneur starts a company as a means of providing a good or service. An intrapreneur explores policies, technologies, or applications that will help improve the performance of an existing company. Inevitably, as an intrapreneur develops the skills needed to recognize and solve important problems, that intrapreneur may turn into an entrepreneur.

An intrapreneur can expect to be given the freedom and autonomy needed for such a project. Day-to-day deliverables are generally not demanded. The intrapreneur is expected to analyze and understand the trends necessary for planning the company’s future. Intrapreneurs synthesize their findings and make proposals for staying ahead of their competitors.

Intrapreneurs often become a company’s executive leaders over time. They move the business forward and rise to the top with a deep understanding of the business from all levels.

When intrapreneurs work at solving problems, they foster the growth of other talented intrapreneurs and integrate more new ideas for the good of the entire company.

How to fidelize your customers?

The easiest way to grow your customers is not to lose them. The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships. We can introduce you to a number of simple customer retention strategies that will cost you little or nothing to implement.

1. Reducing Attrition

Virtually every business loses some customers, but few ever measure or recognise how many of their customers become inactive. Most businesses, ironically, invest an enormous amount of time, effort and expense building that initial customer relationship. Then they let that relationship go unattended, in some cases even losing interest as soon as the sale been made, or even worse, they abandon the customer as soon as an easily remedied problem occurs, only to have to spend another small fortune to replace that customer. 

2. Sell and then sell again

So many people do an excellent job of making the initial sale, then drop the ball and get complacent, ignoring the customer, while they chase more business. Your selling has actually only just begun when someone makes that initial purchase decision because virtually everyone is susceptible to buyer’s remorse.

3. A complaint is a gift

A system for unearthing complaints can therefore be the lifeblood of your business, because customers who complain are giving you a gift, they’re still talking to you, they’re giving you another opportunity to return them to a state of satisfaction and delight them and the manner in which you respond gives you another chance to show what you’re made of and create even greater customer loyalty.

4. Extraordinary Customer Service

The never-ending pursuit of excellence to keep customers so satisfied that they tell others how well they were treated when doing business with you. Moving the product or service you deliver into the realm of the extraordinary by delivering higher than expected levels of service to each and every customer.

Leadership Styles: Which type of leader are you?

While all small-business owners have their own particular method of inspiring employees, most use one or more of the following five leadership styles. Identifying how you lead can help you more effectively run your company. Which of the following leadership styles sounds most like you?

1. Participative

Also known as democratic leadership, the participative leadership style focuses on culling opinions from all employees in order to make a decision that reflects the majority’s opinion and desires. While the leader offers guidance and support, the decisions are primarily consensual among all involved, and the leader makes final decisions based on the majority’s vote.

2. Authoritarian

Authoritative leaders inform employees of a common vision and goal for the company and detail employee responsibilities designed to make reaching that goal a reality. There is a clear division between employees and the employer, and the employees are clear on the desired result. They are often given guidelines but allowed to fulfill their obligations as they see fit.

3. Laissez-Faire

In French, the term laissez-faire means “let it be,” which best describes this leadership style. Such a method involves leaders delegating decision-making and tasks. They keep abreast of what is occurring in the company and are available when advice and input are needed, but take a hands-off approach and let the employees work on their own.

4. Transformational

The transformational leadership style focuses on the leader that actively communicates with employees to motivate them to increase productivity and efficiency. The leader focuses on the big picture for the company, such as corporate goals—leaving the day-to-day details to management.

5. Servant

As the name implies, servant leaders tend to stay out of the limelight, often leading from behind and allowing the focus to be on the employees. Such leaders make service a top priority and often highly value integrity and generosity. Decision-making tends to be a group effort in such environments.

The servant leadership model tends to work well for organizations such as nonprofits that are committed to a particular cause, because the mission becomes the center of attention. Such a leadership model does not work for all types of businesses—especially those with tight deadlines.

What Would Be a Good Investment?

Think of the various types of investments as tools that can help you achieve your financial goals. Each broad investment type—from bank products to stocks and bonds—has its own general set of features, risk factors and ways in which they can be used by investors.

1.Stocks

When you buy shares of a company’s stock, you own a piece of that company. Stocks come in a wide variety, and they often are described based the company’s size, type, performance during market cycles and potential for short- and long-term growth. Learn more about your choices—from penny-stocks to large caps and more.

2. Bonds

A bond is a loan an investor makes to an organization in exchange for interest payments over a specified term plus repayment of principal at the bond’s maturity date. Learn how corporate, muni, agency, Treasury and other types of bonds work.

3. Bank Products

Banks and credit unions can provide a safe and convenient way to accumulate savings—and some banks offer services that can help you manage your money. Checking and savings accounts offer liquidity and flexibility. Find out more about these and other bank products.

4. Saving for Education

Funding education begins with savings. Learn smart ways to save, including 529 Education Savings Plans and Education Savings Accounts. We’ll help you navigate your savings options.

5. Property

Property is also considered as a growth investment because the price of houses and other properties can rise substantially over a medium to long term period. However, just like shares, property can also fall in value and carries the risk of losses.

It is possible to invest directly by buying a property but also indirectly, through a property investment fund.

5 Tips To Improve Your Productivity

How to increase labor productivity is one of the issues that most concern companies and organizations that want to maximize their investment in personnel. Knowing certain tricks or tips to increase labor productivity can be the key that opens that door to a profitable future professional. 

1. Wake up early 

Start working early is a great technique to make better use of the day. If you are one of the first to arrive at your place of work you can start your day with less distractions (unnecessarily long greetings, inopportune phone calls, among others), which will allow you to concentrate on what you need to do. Certainly, it is difficult to put into practice, but be confident in its effectiveness.

2. Plannification

The best way to take advantage of your work day is to plan it. Dedicate between 20 and 40 minutes a day to this task and, for no reason, think it’s lost time. Quite the opposite: the definition of a good work agenda will allow you to prioritize with certainty and advance on the really important issues.

3. Resting 

When you plan your day, leave some blank spaces to rest. Your body and your mind will need pauses to recover energy.

Rest a few minutes between homework and task, stretch your arms and legs, have a coffee or take a little walk is not a time thief, it is a necessity. Making short breaks during the workday will not only improve your productivity, it will also prevent back pain, headaches, irritation, nervousness, stress. 

4. Have your place of work ordered

Your work space, most likely, has two faces: a real one (your office, the plant, etc.) and a virtual one (your computer). And it is impossible to be efficient if this environment is messy, you can lose tens of minutes looking for a file or that important document that someone left on your desk.

5. Delegate tasks

Those tasks that do not generate profits or that only take time away from somebody from your team or hire outsourcing services. Do not see it as an expense, but as an investment.

10 Reasons Why Good Customer Service Is Your Most Important Metric

1. Customer retention is far less expensive than customer acquisition.

On average, it costs approximately five times more to attract a new customer to your business than it costs to retain an existing customer. That logic on its own should highlight the importance of providing excellent customer service. Why risk losing a customer? It’s costly enough to locate new customers in the first place, and every business should do whatever it takes to ensure they stay happy and continue doing business with them. 

2. Existing customers are more likely to buy for you than new customers.

Aside from simply trying to retain your existing customers for sake of it being less expensive to do so, it’s important to note that selling anything to anyone new is also far less likely. For the most part, the probability of selling to a new customer hovers in the range of 5-20 percent, whereas selling to an existing customer resides in the range of 60-70 percent. 

3. Great customer service results in a reduction of overall problems.

By treating your customers like gold, you are sure to reduce the overall problems associated with your business, sales and the potential for any legal issues that might arise. Treat your customers poorly, and you can almost be certain that you’ll run into problems at one point or another. And those problems can oftentimes lead to the ominous and untimely demise of your business. 

4. Excellent customer service improves public persona and strengthens your brand. 

If you’re interested in public perception, your reputation or the strength of your brand, you absolutely have to insure a high quality of customer service. Not only does this result in positive reviews, but it helps to solidify you in the minds of anyone searching for your type of products, services or information. 

5. You’re more likely to retain your customers for longer.

When you offer a great customer service experience, your customers are far more likely to stick around and use your business any chance the moment arises. Even when it comes to ancillarly services, consumers more willing to work with a business that they’ve had a great experience with before than to find someone new. 

6. Word-of-mouth advertising is the best kind of advertising that money can’t buy.

You absolutely cannot buy word-of-mouth advertising — the kind that can have a monumental affect on a business. It’s priceless. People are considerably more likely to listen to the advice of a friend than they are to heed the guidance from some online review or advertisement. Whether you’re trying to make money online or offline, great customer service will create an army of raving fans that will champion your business for you. 

7. It improves employee turnover in your business.

Employees pay careful attention to how a company treats its customers. That resonates powerfully with people. When they see an employer treating their customers like gold, it delivers a sense of endowment, making them proud to be part of the team and making them more willing to stick around. When employees, on the other hand, are taught to undercut and discount customers for whatever reason, it does quite the opposite. 

8. Great customer service opens doors for new partnerships and other opportunities.

Treating your customers like gold is infectious. It opens the doors for new partnerships, especially when other businesses see just how well you take care of your existing customers. It says a lot about a company and what they value when they care deeply about their customers. It’s something that you rarely find in business these days, but it most certainly paves the way for powerful parternships, collaborations and other opportunities. 

9. It conveys strong moral values and beliefs in the company’s mission.

Taking care of your customers conveys a strong set of moral values and beliefs in the company’s mission. It means that it’s transcending the necessity for profits by focusing on building its tribe. It also means that there are greater forces at work here than mere profits. It’s indicative of a deeper desire to build something of value, to help others, and to somehow, in some way or another, change the world a bit by doing so. 

10. It elongates the life of any business.

Today, only four out of every 100 businesses last through until the 10-year mark. That’s a massive 96 percent failure rate. When you ignore the needs of your customers, and you don’t focus on going out of your way for them, you’re cutting short the potential for longevity in business. With so many obligations and responsibilities, if you’re serious about your business, you have to focus on the core — your customers. Because, without them, you have no business at all. 

HOW POSITIVE ATTITUDE LEADS TO SUCCESS

The first step to enjoying success and a better life is to change your attitude. This means changing the way you see things, changing the way you interpret things, changing the way you deal with people.

A positive attitude helps you cope more easily with the daily affairs of life. It brings optimism into your life, and makes it easier to avoid worries and negative thinking. If you adopt it as a way of life, it would bring constructive changes into your life, and makes them happier, brighter and more successful.

Positive attitude manifests in the following ways:

  • Positive thinking.
  • Constructive thinking.
  • Creative thinking.
  • Optimism.
  • Motivation and energy to do things and accomplish goals.
  • An attitude of happiness.

With a positive attitude you see the bright side of life, become optimistic, and expect the best to happen. It is certainly a state of mind that is well worth developing.

If this attitude is strong enough, it becomes contagious.

Positive attitude can help in different ways:

  • It helps you achieve goals and attain success.
  • It brings more happiness into your life.
  • It produces more energy.
  • Positive attitude increases your faith in your abilities, and brings hope for a brighter future.
  • You become able to inspire and motivate yourself and others.
  • You encounter fewer obstacles and difficulties in your daily life.
  • You get more respect and love from people.
  • Life smiles at you.

HOW TO RECOGNIZE BUSINESS OPPORTUNITIES?

Entrepreneurship brings with it several falls, which is why an entrepreneur must learn to recognize the business opportunities that life gives. Any inconvenience has its answer and it is at that moment when the business starts.

Recognizing this type of business has nothing to do with a skill, it requires a lot of analysis and practice. If you want to achieve it, you must increase your imagination, vision to the future and versatility when it comes to evolve.

Knowing that it is not easy to learn, we show you several methods that could help you in your preparation. It is time that you read each one and use it on a day-to-day basis. Keep in mind that every entrepreneur is not born with the skill, but must learn to track business opportunities.

Brainstorming

Within business it is fundamental to change the perspective. The brain has an essential role, it has the ability to make us skip valuable opportunities. Therefore, you must re-adjust your brain routine. The first thing is to leave your comfort zone, change the habits you have been using. This type of change will help to obtain the ideal change.

Understand the world of companies

It is extremely important to know what product is getting positioned in the market, how and when they sell it. That’s where you can create a business idea. In case you see a business opportunity, you can recognize it and you should not let it go.

Data update

It is important to keep updated at all times because it is a key factor when creating successful businesses. As you know, every trend changes continuously and what at the beginning is considered unique and fascinating, maybe the next day it is not anymore. You should have a good eye to choose the themes.

9 Tips for Growing a Successful Business

To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.

 

1. Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.

 

2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.

 

3. Analyze Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

 

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

 

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business.

 

6. Stay Focused

The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

 

7. Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

 

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

 

9. Be Consistent

Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

 

Whatever type of business you want to start, using these nine tips can help you be successful in your venture.

3 Ways to Discover a Business Idea That Works

There are plenty of good business ideas floating around, and not all of them are unique. In fact, new companies successfully go to market in saturated industries all the time, and most aren’t especially disruptive.

Some just take advantage of a humongous market. Entrepreneurs in the food and beverage space, for instance, know that people will always be hungry and thirsty. Most consumers have countless options to choose from when they want to meet these basic needs, but if a new product stands out, whether because of superior taste, branding or nutrition, they’ll often reach for it.

Or take the multibillion-dollar market for razors.

1. Listen in on social media chatter.

Social media is a great place to discover consumer pain points and needs. You may not be ready to pursue a business idea tomorrow, but you’d be wise to insert yourself into social media communities related to areas you’re passionate about today. Join or start a Facebook group, or look for a subreddit in your area of expertise. Search hashtags or keywords associated with your industry and interests. Instead of scrolling past people’s complaints on social media, stop to read them. You never know when a trend could become visible or an idea could strike.

2. Dwell on your own problems.

Restaurants and grocery stores relieve hunger pangs, and entertainment companies banish boredom. People’s lives are full of needs and problems, so entrepreneurs looking for a business idea should spend some time contemplating everything that’s wrong with their lives — seriously. Write a list of all your daily woes, and ask your friends to contribute theirs as well.

 

3. Do future you a favor.

Elon Musk is probably the most recognizable entrepreneur on the planet. Love him or hate him, no one can deny he’s prolific when it comes to starting companies. You’re probably not the next Elon Musk, and you don’t have to be. But you can learn something from the way he approaches business.

 

Musk thinks about the biggest challenges humanity will face in the future and brainstorms solutions. This colossal-picture approach led to PayPal, SpaceX, Tesla, and other mind-boggling ventures, and it has also made him a pretty wealthy man. If trying to wrap your head around the fate of the human race makes you feel a little dizzy, start by just thinking about your own future. What problems is the world likely to throw at you down the road? If these same problems seem to apply to more people than just you, they might be the ones you need to begin solving.

Entrepreneurs should take comfort knowing that viable ideas can come from anywhere. Most of these ideas won’t be earth-shattering, but some may be. Follow the steps above, and you just might discover the one that could launch your business.