Posts Tagged: "Forbes"

The First Question Every Aspiring Business Owner Should Ask

- - Adam Kidan
Business Owner

Make sure you’re passionate about your business idea before opening your doors.

When starting a business from the ground up, there are seemingly innumerable things to consider.  Is there a demand for my product or service?  Is someone else already doing it?  If so, can I do it better?  At what point, if ever, will it become profitable?  These are just a few of the things any aspiring entrepreneur should think about before attempting to launch a business of any kind.  While these are all extremely important questions to ask, there is one you should ask yourself first.  Am I passionate about this?

Dave Lavinsky of Forbes.com recently wrote a piece on the subject, which makes some valuable points.  The example he uses is a hypothetical scenario in which you had two friends both trying to start a fitness company.  One has had personal experience struggling with weight loss and the other is simply doing it to cash in.  He argues that all things being equal, the friend with the personal connection and passion for the project will persevere.  This is an argument, that’s well, hard to argue with.

Starting a company takes a tremendous amount of time and dedication.  The early days of a new company are marked by long hours and heavily dosed with rejection, failure, and frustration.  Even though you may have an idea you think can make money, that doesn’t necessarily mean you are passionate enough about your project to dedicate the necessary time and effort to make it successful.

This is one of the reasons getting a business off the ground can be so difficult.  Not only do you need to come up with an idea that can make money, but it has to be something you are willing to spend almost every waking hour shepherding from your vision to reality.  In short, if you want to launch a business, start with what you’re passionate about.  Then, figure out how to make it profitable.  If you do it the other way around you’re likely to quit when the going gets tough.

The Modern Manager

- - Adam Kidan
Angry Boss

The stereotypical angry boss approach simply doesn’t work anymore.

The business world is changing. From workers preferring more flexibility to companies putting a greater emphasis on social media to companies implementing more and more information technologies, the business world is different from how it was ten years ago. As the world changes, the roles and responsibilities of people in business is changing.  Forbes recently shared an article about the qualities of a “modern manager.”

In particular, the things that made a manager effective fifty years ago, might not make him as effective today. Here are three qualities a good manager should have today.

1.The manager has to care more about their employees. As the country shifts toward a more service based economy, employee satisfaction now has a greater impact on the value of a company. Happy workers are exponentially better workers, especially when a skilled service is needed from them.

2.Managers need to understand technology enough, regarding how it affects their company and the competition. Being able to evolve and adapt to these technologies will allow them to stay ahead of the competition.

3.Instead of hiding information, managers should be willing to share. Because of the internet, losing workers can be quick and unexpected. When you share information about the company with your employees though, employees are more likely to feel like a part of the team. They will want to help out, and they will form an identity with the company, rather than go looking for the next best thing for themselves. Of course, not all information should be shared; but there should be a good amount of information sharing to make them feel like they belong.

The long and short is that a manager who might have been deemed effective 30 years ago, might not be able to thrive today unless they adapt to some of these changes.