Andrew Munro

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From books to seminars to online articles, there's no shortage of advice for business owners. While some insights are invaluable, others are questionable—and then there are some which are downright disastrous. Following the wrong business advice can prove detrimental to the health and growth of a business. Here, members of Young Entrepreneur Council share some of the worst business advice they've been given and why ignoring that advice is often the best solution.

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When making a budget, entrepreneurs may account for some of the more obvious expenditures, such as payroll and production costs. However, some important expenses might be overlooked—which can significantly impact the health and longevity of a business. To help you create a more accurate business budget, members of Young Entrepreneur Council discuss some of the less obvious costs of running a business. From professional development to software upgrades, make sure your budget accounts for these key expenses.

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As more and more Gen Zers make their way into the professional sphere, businesses are presented with unique opportunities and challenges. For business leaders who have already hired individuals from this generation, several key lessons have emerged about effectively engaging and recruiting this tech-savvy and value-driven group.  To impart these lessons to businesses looking to hire the current workforce's youngest generation, a panel of Young Entrepreneur Council (YEC) members answered the following question:

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As the year draws to a close, small service-based businesses face the challenge of not only reflecting on their past performance but also positioning themselves for success in the upcoming year. But how can these businesses stand out in the crowd to truly distinguish themselves and set a solid foundation for the year ahead? Here, 15 Young Entrepreneur Council (YEC) members answered the following question to help small businesses rise above the competition and pave the way for a bright 2024.

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For many entrepreneurs , the prospect of a buyout offer can be tempting. However, amid the whirlwind of excitement and potential financial gain, it's important not to lose sight of critical factors that can significantly impact the deal. Here, Young Entrepreneur Council members share what they consider the most critical factors to consider before selling your business.

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From securing funding to handling growth, launching a new business comes with several hurdles that must be cleared. Failure to understand these challenges can cause a business to falter before it ever truly gets off the ground. However, with the right preparation, entrepreneurs can overcome (and sometimes, even mitigate) obstacles and continue on the path to success. To help new and aspiring business owners looking to launch, Young Entrepreneur Council members share 10 common hurdles startups face—and how to most effectively overcome them.

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There often comes a time in business when a sense of overwhelm can start to creep in—whether that's due to explosive growth or a lack of time and resources. Even with business going well, you can still be left scrambling if you don’t have the right processes in place or adequate staffing to help alleviate some of the burden. As business leaders, the members of Young Entrepreneur Council have faced many periods of chaos in their careers. Here, they share what helped them overcome these feelings of overwhelm and how you can regain order during a chaotic time in your business, no matter what the reason.

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For many businesses, the holiday season is a time of increased demand and heightened activity, necessitating the hiring of seasonal or temporary workers. While these short-term team members are invaluable in meeting customer needs, managing a sudden influx of new hires can be a daunting task. To ensure a smooth and successful operation, it's essential for employers to master the art of managing seasonal or temporary teams effectively. Here, Young Entrepreneur Council members offer practical tips and strategies for setting up these temporary workers, and the entire team, for success during the holiday rush. These tips will help employers navigate the challenges that come with seasonal staffing while maintaining service quality and customer satisfaction.

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Maintaining a disciplined life is all about practice.

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The way you start your day sets the stage for the kind of day you have ahead of you. Starting it stressed out or in a bad mood can put you in the wrong kind of headspace for the rest of the day, leading you to make poor decisions or lose focus on the tasks at hand. However, by making a few simple changes and taking charge of your morning, you can start your day off calm, rested and ready to tackle any challenges you may have ahead of you. Here, 10 business leaders from Young Entrepreneur Council discuss their own routines and how they maximize their time in the morning to not only get in the right headspace for the workday ahead but also improve as a person and leader at the same time. Try implementing one of these habits into your daily routine and see how effective you can really be.

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As job hopping becomes more and more common among professionals—Gen Z in particular—many business leaders are looking for ways to increase employee loyalty and retention. While some employees look for higher pay and better benefits, others are just looking for somewhere they feel like they’re making a difference and where their hard work is appreciated and noticed. That being said, there are a number of ways employers can entice their team members to stay, improving not only their individual work lives but the company’s overall culture as well. Here, 11 members of Young Entrepreneur Council discuss the advice they would give leaders looking to build loyalty and reduce turnover in their business.

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It can be said that no professional is ever truly done learning—even ones with years of experience. This is especially true for marketing professionals, as the interests and behaviors of consumers are constantly changing, meaning the way companies must market to them must change as well. In order to keep up, marketers must continue to hone a number of skills throughout their careers, whether that’s through online courses or continued on-the-job training. While not every skill or trait should be given the same amount of attention, there are a few that should make the top of your list. Here, the business leaders of Young Entrepreneur Council share nine skills or traits even the best marketing leaders should continue to work on and why.

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Knowledge is the key to success. This is especially true for entrepreneurs, as the wisdom shared in books can prove to be invaluable for both the budding startup founder and the seasoned business owner. From time-tested strategies for growth to profound insights on leadership and innovation, these literary gems have the power to shape the way entrepreneurs approach challenges and opportunities. Whether you're seeking inspiration, seeking to hone your leadership skills or simply looking to expand your entrepreneurial mindset, books are a must-have resource to empower and guide you on your entrepreneurial journey. To recommend a few of their favorites, Young Entrepreneur Council (YEC) business leaders answer the following question:

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No matter how focused your business is on customer satisfaction, the occasional complaint is inevitable. Whether they occur in person at a physical store or through online channels, these complaints present a unique opportunity to turn the situation around and deliver a positive experience. By actively listening to the customer's concerns, businesses can demonstrate empathy, foster trust and find effective solutions that resolve the issue at hand and encourage that person to keep coming back. To that end, Young Entrepreneur Council members share a few key actions you can take to address negative feedback and create a positive outcome for the customer—and ultimately, your business.

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Being an entrepreneur requires a unique blend of creativity, vision and innovative thinking. To stay ahead in the ever-evolving business landscape, entrepreneurs need constant inspiration and fresh perspectives. Luckily, podcasts have become an invaluable (and readily available) source of knowledge and motivation for ambitious business minds. Whether you're just starting your entrepreneurial journey or are a seasoned professional, the members of Young Entrepreneur Council (YEC) offer their suggestions by answering this question:

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As artificial intelligence continues to revolutionize industries across the globe, it is crucial for young professionals entering the workforce to develop skills that will keep them relevant and adaptable in the face of rapid technological advancements. While the integration of AI may raise concerns about job displacement, it also presents abundant opportunities for those equipped with the right skill sets. Below, Young Entrepreneur Council members explore several key steps young professionals can take to not just survive but thrive in an AI-dominated work world. By honing their skills, they can position themselves to leverage AI as a tool and remain competitive in the ever-evolving job market.

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The rise of artificial intelligence is revolutionizing various industries, including content writing for businesses. However, the use of AI tools to generate content has sparked a heated debate in recent times. Advocates argue these tools offer numerous benefits, such as increased efficiency, improved productivity and cost savings. On the other hand, critics express concerns about the potential drawbacks, including the loss of human creativity, ethical issues and the risk of bias. Below, 14 Young Entrepreneur Council members contribute to the ongoing discussion surrounding AI content writing for businesses, examining both the positive aspects and the challenges associated with using these tools. By learning and weighing the pros and cons, businesses can make informed decisions about integrating AI into their content creation processes.

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In the age of e-commerce, brick-and-mortar businesses face increased pressure to remain relevant and competitive. However, these businesses also have the unique advantage of being able to provide customers with an immersive in-store experience that cannot be replicated online. To help businesses innovate and attract more customers to their retail stores, a panel of Young Entrepreneur Council members share their best customer experience tips.

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In today's digital age, data privacy has become a top priority for individuals and businesses alike. Small businesses in particular need to ensure that they are taking the necessary steps to protect their customers' personal information. By doing so, they not only comply with data protection regulations but also build trust and loyalty with their customer base. While implementing robust data privacy measures can be challenging for small businesses with limited resources, even small steps can make a significant impact. To that end, the members of Young Entrepreneur Council (YEC) weighed in on the following question:

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The field of marketing is a broad one, encapsulating nearly every aspect of promoting a product or service. It's also an industry that continues to evolve rapidly, particularly in the era of digital and content marketing. As new professionals enter this world, they may have an incomplete understanding of what it takes to be successful. Here, the members of Young Entrepreneur Council share nine common misconceptions new professionals have about what it takes to be a good marketer and what they should be doing instead.

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With a little bit of planning and some smart marketing strategies, you can easily step beyond your core industry and set foot in a market that you haven’t previously explored.

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For businesses, TikTok is a platform with potential beyond participating in the latest dance craze or humorous trend. With over 1 billion monthly active users, TikTok is full of potential customers for your brand, and its easy-to-use video-sharing capabilities make it the perfect platform for increasing transparency with your followers and building the trust necessary to attract new consumers. But how should you get started? Here, eight members of Young Entrepreneur Council offer a few of their recommendations. Consider implementing one or all of these creative ideas into your video marketing strategy to build a better relationship with your current customers and draw in new ones as well.

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Email is a core component of many companies' marketing strategies, and its success depends on how effectively you can grow and maintain your subscriber list. The more people who opt in to receive your business's newsletters and marketing messages, the greater the number of potential leads you're reaching every time you send a campaign. To help, 10 members of YoungEntrepreneur Council share some creative and effective strategies to help small businesses gain (and keep) email subscribers.

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As your business grows, it's important to regularly assess whether your current software-as-a-service (SaaS) vendor is meeting your needs. Some factors you can evaluate periodically are whether the vendor is able to scale with your business, provide necessary features and offer the level of support that you require — and if the answer is “no,” it may be time to move on to a new provider. To help you understand whether you've outgrown your current SaaS vendor, a panel of Young Entrepreneur Council (YEC) members answered the following question:

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For brands that are trying to better their diversity, equity and inclusion efforts, there’s no better partner to help you than your own customers. Often a diverse group themselves, your customers are a valuable resource to help you learn what they’d like to see from your company, what you can do to ensure their happiness and how you might improve your initiatives moving forward.  To best tap into their insights, there are a number of different strategies you can use. Below, nine members of Young Entrepreneur Council discuss what companies can do to get their customer base involved in their DEI efforts and how this kind of engagement ultimately improves their relationship with their customers.

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A healthy company culture is critical for fostering employee engagement, productivity and overall success. However, creating a positive culture is easier said than done, and even the best efforts can fall short. When an employee comes to you with negative feedback about the company's culture, it's essential to handle the situation with care and sensitivity. To help you do this, 12 members of Young Entrepreneur Council (YEC) share their best approaches for addressing employee feedback by responding to the following question: “When an employee approaches you with negative feedback regarding the company's culture, what's the best approach for handling it? What should be a leader's first step?” Here’s how they recommend you turn this negative situation into an opportunity for growth.

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For many modern businesses, tech teams are the backbone of operations. Business leaders can support their IT staff in many different ways, from allocating an adequate IT budget to recognizing and acknowledging tech employees. Here, 10 Young Entrepreneur Council members share ways to set up your tech department for success.

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Everyone makes mistakes from time to time, and entrepreneurs are no exception. With so many  pressures and responsibilities that affect not only themselves, but also their employees and customers, it’s almost inevitable that an entrepreneur will occasionally make a bad decision. However, sometimes big mistakes can lead to big consequences that can tarnish the entrepreneur’s reputation. But that doesn’t necessarily mean there’s no possibility of redemption. Here, eight Young Entrepreneur Council members discuss what an entrepreneur can do if they’re looking to improve their personal brand after making a mistake and why these methods are so effective at turning things around.

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When it comes time to upgrade or replace your business's equipment—such as computers, vehicles, tools or anything else your team may use to get the job done—it would be quicker and far simpler to merely purchase the newest model or renew your subscription without much thought. However, to truly ensure you’re getting the best return on investment in terms of cost and team productivity, careful research and reflection is necessary. But what exactly should you consider before making a purchase? Here, nine members of Young Entrepreneur Council discuss just that, each offering up one factor you should consider first before upgrading or replacing your equipment and why it can ultimately help you make a better decision for your business.

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Many professionals look up to entrepreneurs for their determination, perseverance and freedom to have more control over their day-to-day lives. But even entrepreneurs have role models they look up to. Whether they’re other highly successful entrepreneurs, billionaires or simply inspirational people, the world is full of those with amazing stories who serve as inspiration for today’s business leaders. Below, members of Young Entrepreneur Council each share someone they look up to in the business world, an important business lesson they learned from them and how that lesson has impacted the decisions they make as an entrepreneur.

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For an introverted or shy entrepreneur, public relations may not be a favorite activity—but it's a necessary one. Without good PR, you can’t get a positive message out about your company or connect effectively with potential stakeholders, both of which are vital to growing your business.  If networking and speaking about your business don’t come naturally to you, the members of Young Entrepreneur Council have a few tips that can help you improve. Below, they discuss these tips and how they can help introverted or shy business owners successfully (and confidently) get through any public relations activities they may need to participate in for the good of their business.

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Making your investors happy can always be a tricky task, but the situation can grow even more complex when your investors are your friends and family. Those new to entrepreneurship may not have the experience or opportunities necessary to seek out investments from traditional investors, which means they may turn to their loved ones to help them fund their dreams. While this is certainly a viable solution, it’s not without its risks to your relationships. To help you avoid any bad feelings should something go awry, nine members of Young Entrepreneur Council each share one piece of advice they’d offer an entrepreneur for how to keep things cordial when the relationship with their family and friends is on the line.