Archives 2020

Importance of Role Models to Entrepreneurs

Do you think you have the capability to become an entrepreneur? There are lots of successful entrepreneurs present in this world today. It is very important to find the right kind of qualities that are required to become successful in this field.

Some people try to begin from the scratch but it is quite difficult to reach the top fast in this way. This is the reason why the young generations of entrepreneurs try to model their behavior on people who have already achieved success in this field. Guy Galboiz is one entrepreneur that is admired because of his leadership skills and knowledge of business. He is one role model that would-be entrepreneurs should emulate.

There are various role models for entrepreneurs. It is very important to choose the right kind of model. When you hear of a role model the first thought that comes to your mind is of people who have reached heights are very popular all over the world.

These people too surely had their own role model who they used to follow. A role model is actually meant for following. Your model can also be a person who belongs to your family or even or your friend circle.

The person might not be well known and popular all over the world but he has made something for himself. You can look for such people in your family. If you have someone very close to you who has already made it to the top then you can even get good suggestion as well as tips from the person.

You must understand the importance of the role models. They will help you learn how to become a successful entrepreneur. The most important thing that entrepreneurs must have is the will to win.

The entrepreneur role models usually help the budding entrepreneur to learn about the various qualities that are necessary to become successful and reach the top. One of the things that you need to find out is the common trait between all the successful owners.

You must always remember that owning and managing a company is not too easy. You need to have enough guts to take proper decisions and also be ready to take risks. Role models for entrepreneurs might differ from one person to the other but the characteristic traits of these successful people usually remain the same.

You need to follow these traits. People who are successful as entrepreneur are always good leaders. So you must also make sure that you become a good leader and manage your team in the best possible way.

Team work is very important because you alone cannot take your company to the top, you will need help from the employees. This is the reason why you also need to learn how successful entrepreneurs deal with their employees. This is why role models are so much essential.


Implications of E-Mail Use to Business

We will look at how the Internet has changed overall patterns of business communications, but what about the practical realities for employees? Many of the issues involve e-mail. What is the main sort of problems that arise which need to be managed?

Guy Galboiz, a technology CEO as well as internet expert, outlines implications of using emails.
First, the issue of legal liability which in several high-profile cases, employees have criticized competitors or made unrealistic comments about their performance in e-mails which have later been forwarded outside the company. When the competitors have found out they have successfully sued other companies for hundreds of thousands of dollars. When companies send out commercial e-mails, they are subject to data protection law and they must follow guidelines.

Second, there are the resourcing implications. Search the BBC News site on e-mail overload and you will see the extent of the problem. It is now very common for employees to receive and send hundreds of e-mails per week. A worker may spend hours each day just answering e-mails. It seems that the ease and lower cost of communicating electronically has led to more messages being transmitted, many of which are unnecessary news circulated around everyone in the company, or alternatively, employees spending time socializing on the company’s time. The growth of SPAM or unsolicited commercial e-mail, which we will look at in the next section, also increases the amount of time needed to manage e-mail. With millions of messages, many with multimedia components, needing to be held on companies’ servers the hardware resources needed have also increased.

Third, there are the privacy implications. Companies may monitor their employees e-mail. Is this a breach of trust, or is its legitimate analysis to ensure that employees spend time on company business and sensitive information does not leave the company?

Finally, there is the problem of flame mails or flaming spirals where a manager may send an abusive e-mail, saying things which they would not dare say face-to-face rather than confronting a colleague face-to-face. Naturally an abusive e-mail is often followed by an abusive response and the situation deteriorates as the parties become further apart.


Threats to Information Security for e-Business

For all the opportunities that the Internet provides for business and consumers, it can also pose a great risk to information belonging to those businesses and consumers. The Internet provides a gateway to a range of information, but also provides a gateway for malicious programs developed by malicious people to corrupt and destroy information. A key role of the IT manager or e-commerce manager is to protect their business from these threats. Remember that the business is also custodian for customer data and if customer data such as credit card numbers are lost, then this will reflect badly on the business. “Fears over security used to be one of the main barriers to consumer and business adoption to the Internet, but this has declined dramatically over the last 5 years. “”, explains Guy Galboiz, an internet marketing consultant. Nevertheless, demonstrating security is still important to consumer confidence. Witness, the efforts that businesses take to reassure customers about security and privacy.

What then are the threats? General threats to information can be classified as follows:

  • Accidents – These are errors arising from mistakes by staff. For example, it is surprisingly easy for a webmaster to delete many key files of a web site.
  • Natural Disasters – These include fire and flood. If a company host their own e-commerce server or their ISP is affected by such a disaster, then it is possible that their web presence could be lost for several days in the event of a flood.
  • Sabotage (Industrial and Individual) – This is deliberate sabotage of a system possibly for commercial gain or due to an individual grudge such as an ex-employee.
  • Theft – This is theft of information such as credit card numbers, for commercial gain.
  • Unauthorized Use (Hacking) – This can be for the purposes of theft or sabotage, but sometimes it has no malicious intention – it is a challenge for technically minded people to try to break into systems.
  • Hijacking – A company’s web server may be used to mount attacks on other servers. For example, Denial of Service attacks to send a lot of unwanted traffic to major sites such as Yahoo! were mounted by sending messages from many hijacked computers. Similarly, Spammers can hijack a mail server and use it for sending SPAM. This could result in your web operations being shut down by the ISP if they believe you are to blame.
  • Computer Viruses – these are programs which spread between machines with, or without the intention of causing damage. As we will see in a later section, there are a great variety of viruses.

To prevent these types of problems, it is important that someone in the business is responsible. This is typically, the IT manager or e-commerce manager in a larger company, but if a business is small, there may not be an IT manager, so another manager will need to do this as part of their role. In fact, it may not be able to complete prevent these types of problems, since as we will see later there are so many hundreds of thousands of viruses, with a new one discovered every few seconds that it is likely that defenses may be breached. Given this, an approach based on risk management is a useful one. Risk management uses the following approach.

  1. Identify risks including their probabilities and impacts
  2. Identify possible solutions to these risks
  3. Implement the solutions targeting the highest impact, most likely risks.
  4. Monitor the risks to learn for future risk assessment

For all the opportunities that the Internet provides for business and consumers, it can also pose a great risk to information belonging to those businesses and consumers. The Internet provides a gateway to a range of information, but also provides a gateway for malicious programs developed by malicious people to corrupt and destroy information. A key role of the IT manager or e-commerce manager is to protect their business from these threats. Remember that the business is also custodian for customer data and if customer data such as credit card numbers are lost, then this will reflect badly on the business. Fears over security used to be one of the main barriers to consumer and business adoption to the Internet, but this has declined dramatically over the last 5 years. Nevertheless, demonstrating security is still important to consumer confidence. Witness, the efforts that e-tailers take to reassure customers about security and privacy.

 


Evaluating Technology Innovations

Managers need to assess different levels of technology innovation. On a large scale, managers in the mid-1990s had to assess the relevance of e-business and e-commerce to their organizations. For those that have accepted its relevance, there are smaller-scale, more detailed innovations to evaluate. For example, personalization technology is intended to enhance the customer’s online experience and increase their loyalty. For example, Silicon.com uses personalization to tailor information for IT managers. Online bookstores use personalization to tailor offers to past purchasers. While the benefits may be clear to media or e-tail sites, other managers will need to assess its relevance to them. A technique such as personalization requires a large investment in software and hardware technology such as Broadvision or Engage to be able to implement it effectively. How does the manager decide whether to proceed and which solution to adopt? Guy Galboiz, an entrepreneur and technology consultant provides insights that a manager may need if he has to evaluate several articles in the trade and general press which has highlighted an opportunity or need, and they then face a difficult decision as to whether:

  • ignore the use of the technique, perhaps because it is felt to be too expensive, untried, or they simply don’t believe the benefits will outweigh the costs.
  • enthusiastically adopt the technique without a detailed evaluation since the hype alone convinces the manager that the technique should be adopted.
  • evaluate the technique and then take a decision whether to adopt it according to the evaluation.

Depending on the attitude of the manager, this behavior can be summarized as:

  1. Cautious, ‘wait and see’ approach.
  2. Risk taking, early adopter approach.
  3. Intermediate approach.

Academics have identified a common process that occurs when new products are introduced to a market. This is the diffusion-adoption process and is represented by the bell-curve in the Those in trial new products were identified as innovators, early adopter, early majority, late majority, to the laggards.

Diffusion-adoption curve

The Diffusion-adoption curve can be used in two main ways as an analytical tool to help managers understand the adoption process. First it can be used to understand the stage at which customers are in adoption of a technology, or any product. For example, the Internet is now a well-established tool and in many developed countries we are into the late majority phase of adoption with larger numbers of users of services. This suggests it is essential to use this medium for marketing purposes. But if we look at WAP mobile phone Internet access we are in the innovator phase, so investment now may be wasted since it is not clear how many will adopt the product. Secondly, managers can look at adoption of a new technique by other businesses – from an organizational perspective. For example, an online supermarket could look at how many other e-trailers have adopted personalization to evaluate whether it is worthwhile adopting the technique.

Having the capabilities to respond to innovation are a strategic issue for businesses. For success these are some of the factors that have been identified:

Growth orientation – a long rather than short-term vision

Vigilance – the capability of environment scanning

Commitment to technology – willingness to invest in technology

Acceptance of risk – willingness to take managed risks

Cross functional co-operation – capability for collaboration across functional areas

Receptivity – the ability to respond to externally developed technology

Slack – allowing time to investigate new technological opportunities

Adaptability – a readiness to accept change

Diverse range of skills – technical and business skills and experience

 


New Business Channels Using the Internet

Channel structures refer to the way a manufacturer or selling organization delivers products and services to their customers. The simplest channel structure is a direct channel where the business deals directly with the customer without the assistance of any intermediaries. With more complex channel structures, intermediaries such as distributors and retailers are used. Think about buying car insurance – this may either be direct using the phone or the Internet, or indirect where it involves buying through a broker who will find the best deal.

“The Internet can dramatically alter the relationship between a company and its channel partners. This occurs because the Internet offers a means of bypassing some of the channel partners. This process is known as disintermediation or ‘cutting out the middleman’.” as explained by internet marketing consultant, Guy Galboiz.

Terminologies

Disintermediation

The removal of intermediaries such as distributors or brokers that formerly linked a company to its customers

Reintermediation

The creation of new intermediaries between customers and suppliers providing services such as supplier search and product evaluation

The other main options of changes to channel structures is reintermediation. Reintermediation is the creation of new intermediaries. One of the best known is Lastminute.com which sells travel and entertainment at a low price when suppliers such as hotels have inventory which they want to sell and are prepared to offer a discount for this. For someone buying insurance from a service such as ScreenTrade they can purchase by visiting a single web site to find the best price and offer rather than visit say 5 different insurers and then return to the one they decide to purchase. So here Screentrade is acting as a broker.


Understanding Human Resource Demand and Capacity

One way to survive in a no- to low-growth economy is to manage resources effectively at least cost. There are two options – one is managing the demand for resources and the other is how to guarantee that there is capacity and capability through the right and best fit resources for tasks or implementation. This knowledge is shared by Guy Galboiz, a top management consultant and entrepreneur.

Visibility into Resource Management Leads to High Value Return on the Investments

Top concerns of most executives are usually about the resources they have on hand – the lack of focus among the workers, improper utilization of manpower.  Management wants to gain better understanding on ways to maximize resources, minimize production losses and efficiently realize the goals that they set.

In a study conducted by Appleseed Partners and OpenSky Research entitled Resource Management and Capacity Planning Benchmark Study, the state of resource management and capacity planning was made.

The study surveyed more than 600 global executives and managers responsible for the planning and utilization of human resources. While the study examined results and factors against the maturity of organizations, there are key issues to address no matter what your maturity is. There is absolutely no question that increasing maturity in an organization’s effective application in project, program and project management has been proven to make a long and lasting impact. It should not be ignored.

The study highlighted many of the common pain points, causes and business risks. Personally, working with a few clients recently, these completely resonate with their own experiences.

Human Resources Demand and Capacity Pain Points:

These were the key areas of pain that topped the chart:

  1. Constant change in availability and assignment
  2. Ineffective demand prioritization and governance process
  3. Not enough visibility into demand

Causes of Human Resources Pain Points:

While causes were quite varied, these three causes really highlight the need for practices and standards in human resources management, particularly at the project level.

  1. Lack of process maturity – ill-defined, ill-used
  2. Challenges estimating in projects
  3. Incorrect granularity of information on resources

Business Risks of Ineffective Resources Management:

The risks of ineffective resource management and capacity planning are clear:

  1. Lost productivity
  2. Wasting high value resources on low value projects
  3. Delayed time to market

These powerful insights would make any executive want to get on with improving resource demand and capacity to deliver. The first reaction may well be to immediately acquire portfolio management software. The benefits of implementing the right portfolio management software include:

  • Better prioritization discipline,
  • Ensuring the right amount of granularity in reporting on resource information, and
  • Being able to play out what-if scenarios.

 Getting Resource Management Right needed to Succeed in Challenging Global Market

Getting resource management visible, actively managed and using the information to make smart portfolio decisions will increase the capabilities to navigate the choices required in a global and challenging market.

Keeping it simple, developing right fit practices and processes is a clear first step. Wading into the swamp means doing it in bite size steps – ankles first, then waist deep and finally swimming wi


Best Ideas for Small Business Marketing

What Emotions are Needed by a Leader?

“Leaders become great, not because of their power, but because of their ability to empower others.” – John Maxwell

“The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not arrogant; have humor, but without folly.” – Jim Rohn

If we think carefully, leaders from any field (like science, business, politics, social media) whom we admire most not because of their achievements but their actions inspire us to dream more and work hard to achieve the dream. Our leaders have reached us at an emotional level.

To learn more about other skills, watch this video:

Leadership Skills by Guy Galboiz

Leadership is an ability to touch and inspire people. Not everyone can be a leader. Some people have inborn talent to be a leader but many of us are short of being a natural born star. The leadership skill can be acquired, honed and perfected. Whether you learn from the wisdom of others or get insights from personal experience, becoming a more effective leader is about what you do, not what know.

Following are some guidelines to be a good leader:

Emotional intelligence: Great leaders can understand the unstated needs and desires of people. Therefore, they can empathize every easily and hence can inspire people. When people feel they are understood, they respond, and a bond is formed.

Continuous learning: A great leader always has a curiosity and a strong desire to do better. They are rarely satisfied with their knowledge and always eager to acquire new knowledge and explore new horizons. Leadership is all about investing in you.

Contextualize: Great leaders accept each challenge as new. Because they know all situations are not same. What worked in one situation may be useless in another. Therefore, they treat each situation differently.

Let Go: Most people think that leadership is about control. However, leadership is about influence, guidance and support. Great leaders inspire and then make way for new leaders they don’t stagnate. They stay away from interfering. They just offer guidance and support whenever needed.

Honesty: We always hear that so-called leaders are losing credibility because he or she was dishonest. We are now in the age of extraordinary transparency, which is reason enough to always be true to your core – your mission will be revealed, your motivations will show by your behaviors. There is always an issue to set example. If you have a reputation for honesty, it will be a lot easier to deliver bad news and face tough challenges. If you have an image of honesty, you can easily inspire people.

Kindness and respect: Nice leaders finish first repeatedly. Arrogance and ignorance are leadership killers. They are also a mark of insecurity. Treating everyone with a basic level of respect is an absolute must trait of leadership, and kindness is the gift that keeps on giving back. There are people who do not deserve respect and they must be dealt differently. However, that job will be made much easier, and will have far less impact on your organization, if you have a reputation for kindness, honesty and respect.

Partner with your people: People’s careers are a big part of their lives. Find out what are their career goals or goals in their life. Then do everything you can do to help them. This builds a mark of respect. Even if it means they will eventually leave you. People do not mind a tough leader if the leader has the capability to make them successful. You will gain happiness. This is an opportunity to brand your greatness.

Keep promises: Never make promises you are not sure you can keep. Nothing kills your credibility quicker than a breached promise or unfulfilled expectation.

Dress to influence: Do not dress to impress, dress to influence. That means making sure your appearance is consistent with your personal and professional brand. Begin by asking yourself how a leader with your aspirations should appear to others.

Leadership is both an art and a science. Above mentioned are guidelines, not rules. Everyone must develop his or her own individual leadership style.  Use them to reach people on an emotional level. Be Human. That is important.


The Biggest Challenges You Have to Face as an Entrepreneur

How to Fix Leadership Mistakes?

Sometimes leaders run into problems and do not know what to do next. They may do a different thing that does not tell good or seen to be the ways things are done. The following are five leadership mistakes and how they can be fixed.

Forget That You Have a Team Made up of People

People can have so many things to do. Leaders can become very busy too and forget that they work with individuals. These people get things done and do not and do not seek the help of a subordinate.

Suggested fix to the mistake: Make sure you as a leader, you regularly check your employees at least once a week. It will pay hugely, and you will be surprised when you see the result. Do not think you do not have time to do this. It is plans that you need. Make plans to see your employee for at least 30 munites in a week.

Do Things Yourself

It is very easy to start doing things on your own because that way, you can do them the way you want. If you think it will take less time to get it done by yourself, think of how many of those things you must do always.

Suggested fix to the mistake: Make sure you understand the task you are doing that some members of your employees can do. In getting those tasks done, be sure that you keep track of all the task you do and make up your mind to give them out to someone else. When you give the tasks out, constantly communicate with the person currently doing the task so that it is done the way you want it.

Missing Opportunities to Provide Feedback

People ask for feedback when they ask you to do a task. Leadership is not all about providing the remuneration to employees. There should be room for telling your employee the truth. When you think they did a great job, you should tell them. When you think they need to improve, you should equally tell them.

Suggested fix to the mistake: Saying ‘thank you’ is as simple as that. You should tell an employee that he did a great job. It has been proven to keep employees motivated. When you think they did not do the right thing, you should suggest what they would have done after praising them for what they did.

For additional tips on leadership skills, please watch this video:

Top 10 Leadership Skills Video by Guy Galboiz

 Not Knowing When to Hand On

Being a leader in an organization has a purpose. When you lead, you should not be total hands off. Some leaders just sit at their post and allow everything to run on its own. It is a show of a total hands off. Leadership has a purpose. There are specific things that a leader should do to keep an entrepreneur moving in the right direction.

Suggested fix to the mistake: You should know the capabilities of your employees. If your team members or employees are old, it will be easy to get along with them. But if your employees are new, it will take some more effort to know them and what they can do.

You May Forget to Hit the Target

As a leader, you may be the only contact between your entrepreneur and you customers. If you forget to message or contact the customers, no one will do that. It is because you have refused to delegate duties to your subordinates.

Suggested fix to the mistake: delegating duties to your subordinates is very important in any organization. You as a leader should not do everything alone. It is a major responsibility of the leader.