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Profit Coaching Roundup: Leaders Commit to the Same Plan

BY Meghan Fleury In Profitability On Jan 30, 2015 With 2 Comments

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As part of our profit coaching efforts, we try to go beyond number crunching and help clients really grow their business. We weed through a lot of junk on the Internet, but we save the good stuff to share with you. Here's the 6 most insightful and inspiring bits we found on the world wide web this week:

Tips for Entrepreneurs:

01. Is Entrepreneurship Genetic?

Can entrepreneurship be taught, or is it based on your genes? One study, on Inc.com, sheds some light on this question:

  1. 37-48% of entrepreneurial tendency is genetic. 
  2. Identifying new business opportunities is genetic.
  3. Common characteristics of entrepreneurs are genetic, such as openness and extroversion.

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02. Business Lessons One Entrepreneur Learned Through Tragedy

Tragedy can either immobilize you or ignite you. This entrepreneur chose the latter. Here's the 8 lessons he learned from his crisis: 

  1. Stop working weekends.
  2. Stop wasting time.
  3. Double rates.
  4. Say no to pro bono work.
  5. Do a better job.
  6. Stop wasting money.
  7. Hire 2 personal trainers (yes, 2).
  8. Ask for help.

Tips for Leaders:

01. "How to Keep a Leadership Team in Sync"

A leadership team needs to fly in the same direction, but often can be composed of individual opinions and ideas. This helpful article, on Entrepreneur.com, provides advice for getting the entire team aligned. 

"Accountability means that everyone is committed to the same plan. Deviations need to be pointed out and quickly corrected."

02. Tweaking Your Hiring Strategy: More Builders, Fewer Movers

Good leaders learn to thumb through the stack of resumes and pick out the best possible applicants for their company's needs. This article, on Mashable, will tweak your hiring practices. You'll learn to bring on employees who are committed to the company's overall vision.

Tips for the Budget-Conscious:

01. Billionaire Mentor: Managing Growthprofit_coaching_joni_fedders

We're highlighting Forbes's "Billionaire Mentor" series again this week because it's that good. CEO of Pixelberry, Oliver Miao, sits down to discuss managing his company's growth, building a great product and striking a decent work-life balance.

It's the advice he receives from Joni Fedders that blew us away:

"People end up chasing revenue, thinking growth is great. But managing growth is even better. It's very difficult if you chase after markets and product at the same time." - Joni Fedders

02. How Businesses Shop for a Bank

The Wall Street Journal published a handy guide for finding the right banking institution for your business. Here's the questions you should ask when deciding:

  1. Does the banker have lending authority?
  2. Do you want a small, local institution or a large, national one?
  3. Do they work with Small Business Administration loan system?
  4. What extras are available?

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Marketing Specialist at Ignite Spot who is either in the middle of five books or on a mountain trail.

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