Member Since 2012
Money Crashers Personal Finance
Los Angeles Area
Andrew Schrage is co-owner of the Money Crashers Personal Finance website. He is an economics graduate from Brown University who previously worked at a Chicago-based investment fund. His passion for Money Crashers is rooted in trying to fill the personal finance education void worldwide. His hope is to provide top-notch education, tips, and strategies that Money Crashers readers can utilize on their way to achieving financial fitness. He is originally from Boston, and is an avid ice hockey and tennis player.
Learning how to speak up in a group and make your voice heard is an essential professional skill.
Being a business leader means being the boss. It means being at the top of the company, making key decisions that affect not only the business, but also those who work for it. But being a successful business leader also means being humble and understanding that you are not alone in your trials and that you can trust your teams to help you through the harshest of times.
A public relations crisis is a common incident many companies face at some point. The lasting impact of the incident is not so much about the crisis itself, but the way it’s handled.
Communication is extremely important in the business world, especially when it comes to customers and clients. Without transparent communication, customers might feel disconnected from your brand and like they lack any support from your business.
School looked very different for many students this past year and a half due to the Covid-19 pandemic. For recent college grads, the future of work may seem like it’s filled with even more of the same uncertainty as the job market evolves and heals in the aftermath of 2020.
The Internet of Things (IoT) has been gaining more and more traction over the past few years as connected devices and smart home and office gadgets dominate the market. According to Statista, the IoT market revenue worldwide is projected to climb to over 1 trillion dollars by 2030.
Scaling a business usually means employees will be taking on new tasks and responsibilities and new rules or processes may be put in place. Depending on how fast the company grows, the employees may become frustrated with all the changes, leading to disengagement and low team morale. If not addressed, this lack of connection with the business and its goals can be the first step to losing those employees.
Members of Young Entrepreneur Council explain how companies can better manage the safety of their customers’ data.
Fear is a paralyzing emotion and can stop even the most experienced business owners in their tracks. For entrepreneurs — who count on moving forward as a way to keep their businesses thriving — letting fear get out of hand can be debilitating.
With social media, businesses have a unique tool to get firsthand insights from customers in an environment which allows them to interact with their audience, ask questions, highlight new products and share information.
In any type of face-to-face or video meeting, your body language can set the tone for the direction of the conversation. Depending on how you present yourself, the other person may be able to tell if you’re tense, worried or even closed off.
Making thorough, educated decisions doesn't have to take tons of time.
It’s important for leaders to know that, when it comes to teams, just because the weekly team meetings are quiet or the suggestion box hasn’t seen a valid recommendation or criticism in a while, doesn’t mean no one has anything to say. In fact, more often than not, employees have thoughts, suggestions and criticisms to offer, but they don’t share because they’re not sure how their leaders will respond if they do.
There are some business leaders who instantly light up a room when they walk into it. They have this charisma that draws people to them and makes others want to listen. However, if you don't feel like you have this type of personality naturally, you don't have to give up on being able to make a positive impact on others. With a few simple techniques, you can be a business leader whom others look up to and wish to be.
While social media is a popular way for people to connect with friends and share entertainment, it’s also a great way for businesses to market their products and services. But for businesses that haven’t yet cracked the code on going viral, building a solid social media presence can seem like an unreachable goal.
Many employees are familiar with receiving feedback from their managers. However, few are as familiar or comfortable with giving feedback to their managers. Whether it’s because, as an employee, you don’t feel like it’s your place to offer criticism or because you just aren’t sure how to go about doing it, approaching a superior with a critique can be a frightening prospect.
Members of Young Entrepreneur Council share the best technology innovations they've seen recently and why each is so impressive.
Members of Young Entrepreneur Council predict which industries AI is likely to have a major impact on in the near future.
One of the best ways to learn how to manage your employees is to ask them questions. If you pose the right questions, you'll get to know what motivates your employees and what their goals are. You can then use this information to manage them more effectively and help them succeed in their jobs.
As a new small business, engaging your community is crucial to getting your business off the ground. The goal is to nurture lasting relationships that will drive your revenue and increase brand awareness; however, forming genuine connections with members of your community requires strategy and patience.
Sometimes an employee just doesn’t work out within an organization and needs to be let go. Firing an employee is a task that needs to be handled with delicacy and care, and the process can be intimidating for someone who has never been responsible for terminating an employee before.
Newcomers to the world of business ownership may have a hard time navigating all the requirements and challenges of setting up their first company. If you’re just starting out, finding another founder who has been through it and can provide sound advice may be worthwhile. With industries evolving so quickly these days, though, it could be difficult to find someone who understands your target market very well.
Getting recognized by peers can significantly increase a business’s exposure, potentially resulting in increased visibility and more customers. However, not all awards are worth the time and effort to apply to them. Some of them don't carry a lot of weight with other experts in the field, some you may not even qualify for and others try to get businesses to pay them for consideration. But which ones are worth it? To offer their best advice, 10 professionals from Young Entrepreneur Council (YEC) respond to the following question:
Members of Young Entrepreneur Council share some important insights every entry-level tech candidate should know before joining the field.
When you've spent tens or hundreds of hours preparing for a deal, there's a distinct sense of relief when it gets to the point of closing. Yet, even in these situations, the deal still can go sideways if not handled carefully.
When a business posts a job online, it aims to garner the interest of the most qualified professionals in the field. Just like advertising, getting the job in front of the right eyes is crucial to its success. But with thousands upon thousands of job postings out there, what can a business do to ensure that their online job listing doesn't get buried under the clutter? To share their insights, nine experts from Young Entrepreneur Council (YEC) answered the following question:
Members of Young Entrepreneur Council explain how to craft SEO content that will withstand trends.
Effective task management can be quite a challenge for many professionals and businesses, especially when dealing with complex assignments or a large volume of projects, each with its own specific requirements, deadlines and deliverables.
Members of Young Entrepreneur Council explain what every prospective smart home system owner should think about before making an investment.
Motivating and guiding a team of employees toward innovation can be difficult even for the most seasoned leaders. You want to instill confidence in your employees, but giving up control and allowing them to embrace their creativity can be difficult.
Entrepreneurs can face obstacles from many different areas, but when you’re young and new to the business, there always seem to be extra hurdles to jump over. Both external and internal pressures can wear down on you, and before long, you can start feeling overwhelmed. But these pressures shouldn’t deter you from becoming an entrepreneur, and there are steps you can take to overcome them.
Building a brand is an essential part of starting a business. The brand should accurately reflect what the company is, what it offers, its values and more.
The face of social media has changed significantly in a short time, and today short video content is dominating user news feeds. While some social media platforms use video as a feature, like Instagram Stories, others, such as TikTok, use short videos as their main form of communication. Businesses can then leverage this content on their own social media pages to help improve their customer engagement and boost sales. To share insights on how to do just that, 12 experts from Young Entrepreneur Council (YEC) answer the following question:
As entrepreneurs start getting more involved with their businesses, it’s not uncommon that they find there's less time to spend on themselves. Unfortunately, being a successful business owner can often mean spending many hours engrossed in work without taking personal breaks. The result is almost always burnout, which can have negative effects on your health and well-being.
As it has with many other parts of running a business, technology has granted business leaders the tools that can make recruiting a much simpler process. Today’s tech can help gather and sort applications, offer communication tools to ensure recruiters have a safe and secure location to speak with their potential hires and many of them even provide contract services that can help speed up onboarding.
Members of Young Entrepreneur Council share their predictions for upcoming advances in encryption tech.
Members of the Young Entrepreneur Council weigh in on whether a long-term or campaign-by-campaign content strategy works best for brands.
With the advent of social media, companies are now closer than ever to their buyers' feedback. However, these buyers may or may not be charitable with their opinions. Occasionally, a business may encounter a consumer who wasn’t happy with their experience or the product itself.
Building positive relationships with your customers is essential to running a successful and sustainable business. That’s why many business owners rely on customer relationship management (CRM) tools to connect with clients and nurture ongoing interactions.
If you want to lead, you may want to nurture these traits first.
Many entrepreneurs will concede that their worst problem is overthinking complex decisions. The issue with overthinking is not only that it stifles creativity and innovation; it also erodes your confidence as an entrepreneur and can make you second-guess yourself.
Video remains one of the most popular marketing formats that companies can use to reach out to their customers, and with so many online platforms adding live video capabilities, more companies than ever are able to interact with their customers in real time.
First impressions set the stage for how someone sees you. Most human beings draw conclusions about others from the first thing they do or say. In business, that means that initial meeting is especially important.
In business, time is money, and it can be easy for entrepreneurs to overload themselves with work. But with so many demands on their schedules, every task can begin to seem important and too much information can get out of hand. In these cases, it’s vital that entrepreneurs pause and take a moment to figure out how to best manage their time.
Entrepreneurship is an exciting and fulfilling career path, but there might be times when you’ll feel discouraged and riddled with self-doubt. Combating these emotions isn’t always easy and takes patience and continued practice.
Members of Young Entrepreneur Council explain the tactics they've used to encourage customer downloads of their branded mobile apps.
At a time when in-person meetups are typically off the table, virtual networking platforms like LinkedIn can be valuable resources for business owners. The opportunity to connect regardless of location can open doors that just aren’t possible without these online tools. But while LinkedIn has some of the same features as traditional social media sites, its purpose, and therefore its use, should differ.
Many companies set goals for the year, but can often lose track of them as other problems and priorities arise. Ensuring each department has its own goals to work toward is one way to help prevent this issue. But how can a leader figure out if each department is on track with its goals?
Email lists are fantastic tools for keeping in contact with consumers, sharing information and generating leads. But putting together an email list and figuring out how to attract customers to your list can take a lot of time and effort if not done thoughtfully.
Without the support of employees, a company’s branding efforts can only be so successful. It’s when the whole team comes together to promote the business, and your employees have all become effective brand ambassadors, that your business’s brand is able to truly shine. But forcing employees to take part in branding efforts can seem demanding and may not have the same result as when they contribute voluntarily.
Members of Young Entrepreneur Council share some basic how-to tips for small businesses that want to use cloud computing.
The goal of any recruitment effort is to find a candidate who would be a good fit for the company. This would mean that the hire would not only be proficient in their role, but would also do well within the specific company culture. But beyond an interview, how can leaders ensure new hires will be the right choice?
Entrepreneurs share their favorite tools, apps, and software for managing and interacting with customers.
The modern world has made it really easy for anyone to get started on a side hustle. In fact, most entrepreneurs get started with some sort of side gig. Transitioning those side hustles into standalone businesses that can financially support them usually begins with understanding how to make a significant amount of profit, but not all side hustle ideas are lucrative enough to evolve into something financially stable.
Young Entrepreneur Council members look ahead at consumer IoT device trends they expect we’ll see more of this year.
If you’re looking to expand your business, franchising your business could be a great option. Growing a company by franchising can offer many benefits—but you need to be aware of the drawbacks, too. To determine whether or not you should franchise your business, we asked members of Young Entrepreneur Council the following question:
Hiring for a senior position at a company usually requires a lot more time and effort than hiring for other positions. In many cases, business owners may have a hard time finding the most effective way to source senior talent for their organization. You don't want to lose out on great talent, but you also need to spot the best talent out of the field of applicants, because making a wrong hire at this level can spell disaster for the organization.
As the new year signifies new beginnings, most people come up with things they want to change as the January rolls around. If these resolutions stick, they could lead to an entirely new way of life. Yet so many people let these goals falter, and within the first few weeks of the new year, these resolutions are relegated to the proverbial garbage heap.
When posting a job listing, businesses generally have their go-to, established platforms that they know are frequented by potential candidates. Sometimes, however, a company needs to think outside the box when sourcing talent. Occasionally, the least obvious places to post vacancies may result in the most remarkable outpouring of candidates. That’s why these 12 entrepreneurs from Young Entrepreneur Council (YEC) reflect on the following question:
17 members of YEC share effective tactics for gathering together leaders in a way that will lead to actual productivity and strategizing.
Entrepreneurs, especially when first starting out, often fall into the trap of overwork. While any successful business needs a firm hand to guide it, your body and mind have their own needs as well. Taking time off for relaxation and socialization in a non-work environment is critical to maintaining your health and the productivity you need to run a growing company.
Social media is a place for anyone to express their opinions and beliefs, and often that means talking about controversial topics. Sometimes, a business may post something that sparks a heated debate, or its social media followers might bring up these touchy issues on the business’s page, leaving the brand to come up with a response that won't offend or alienate its audience.
Members of Young Entrepreneur explain how hands-on CEOs can get more comfortable with delegation.
18 entrepreneurs from YEC look at the main reasons why an organization should get insurance.
Facing adversity can help you grow in ways you never imagined.
If 2020 has taught us anything, it's that the workforce can be adaptable and deal with many challenges as they arise. From pivoting into remote work to changing their priorities from real life to the digital realm, employees have had to evolve their practices to remain competitive.
Self-doubt can be debilitating for some individuals. If you're trying to advance your career, the belief that you’re not good enough can quickly put an end to those aspirations. It can make you feel less confident about your abilities, which in turn can make you seem less trustworthy and dependable to others. If you can't believe in yourself, will anyone else?
One of the worst things for a budding entrepreneur is to realize that the problem they're solving already has a solution. The business environment has diversified a lot, but the low cost of entry has now made it easy for others to develop similar ideas.
Programming is highly in demand in today's digital-first world. Try these tools, courses and platforms recommended by business leaders.
Whether it’s frustration from limitations in their current industry or being shaken by the instability of the job market during COVID-19, many professionals are starting over in their careers, possibly in a new industry entirely.
16 entrepreneurs from YEC share their favorite sales automation tools and strategies and explain why they work.
When you first start your business, every member of the “founding team” -- i.e. you and your first employees -- is crucial to its early success. As your business grows and changes, there may come a time when you feel yourself starting to outgrow your original employees.
Blogging is a great way to share information and valuable content with your audience. It also brings a great chance to send potential consumers your way based on your search engine optimization (SEO).
Trying to get people interested in your startup may seem like fighting a losing battle. The early stages of a startup have several challenges to getting customers involved in the business. Advertising to a large market can be expensive, and you have to figure out if your strategy will even work with your core audience. Standard marketing campaigns can be useful, but audience responses can be lackluster for something they've seen dozens of businesses try before.
New entrepreneurs sometimes fall into the trap of thinking that they can make their hobbies profitable through their business. When you're putting together a company, the first thing you may want to consider is whether you're doing this as a passion or for profit.
When you set out to pitch your idea to an investor, you usually go through the most common questions that they're likely to ask. Discerning investors are careful about where they put their money, but a well-prepared entrepreneur can quickly answer a surprising amount of what they ask.
Innovation is the key to a successful and progressive business, and your staff should constantly be looking for ways to grow your brand. As a leader, it’s your responsibility to keep your workers engaged and motivated.
Members of Young Entrepreneur Council share their best tips for getting things back on track when your business is going through a turbulent period.
LinkedIn is often thought of as the go-to social network for professionals, but it’s more than just a social media platform. It’s a powerful marketing tool for brands to engage with customers, employees and business partners.
Influencers are the newest way of reaching out to social media audiences. Unlike traditional advertising, these influencers have their own goals and ambitions. Influencers thrive on building relationships between themselves and their audiences. Microinfluencers tend to have fewer followers but an even more close-knit community. In many cases, this closer relationship makes it easier for them to convince users of their perspective. When dealing with micro-influencers, businesses should understand what makes this particular relationship work so well. To help, we asked 13 entrepreneurs from Young Entrepreneur Council (YEC) the following:
Members of Young Entrepreneur Council offer suggestions for entrepreneurs that want to change up their mobile ad campaigns.
Everyone wants to be successful, but not many people understand what success brings with it or what it means exactly. Success is a personal thing -- where one person may see achievement, another may see settling for what they can get. Success is a goal, and there are many roads to get there, but not everyone's version of success is the same.
These 20 entrepreneurs from YEC discuss their favorite market research tools and why you should be using them.
An effective internal communications strategy is essential when trying to build a cohesive team working together toward the same goal. Especially when it comes to announcing important news to your team, using the right internal communications approach is of utmost importance. The right communications strategy ensures the communicated message is clear and easily understood, leaving no room for error. That’s why we asked 15 entrepreneurs from Young Entrepreneur Council (YEC) the following:
Artificial intelligence is an extremely valuable tool that can save your business time, energy and money. However, implementing AI can be a big challenge for any company. From choosing the right AI-powered tool to setting up the right data inputs and workflows, the process of adopting AI can be stressful and cumbersome, especially if you’re unfamiliar with the inner workings of this technology.
A truly timeless brand sticks with people for a long time, no matter how many trends emerge or how the world around them changes. Not every business ever reaches this stature, but it’s something your brand should work and strive toward if you want to be memorable.
Young Entrepreneur Council members share some upcoming tech trends they believe will have an important impact on business leaders.
When you set up your startup and start hiring your first few people to staff, not all of them will be tech workers. Non-tech professions such as sales, marketing, etc. are also crucial to the success of a product. Some companies don't offer these hires any equity, but this may be a huge mistake. You can lose talented professionals if you don't sweeten the deal enough.
As a business owner, you know your company can't remain stagnant and stuck in its ways if it hopes to grow. That growth requires innovation and creativity, both of which are best sourced from everyone on your team.
Having the right clients can make all the difference in your business’s success. Of course, finding those ideal clients isn’t always easy. You don’t want to be too selective and turn down a good business opportunity, but you also don’t want to overextend yourself for a client who won’t stick around in the long run.
Motivation works cyclically. There are moments when you feel as though you can take on the world, punctuated by moments when you feel like it makes no sense to do anything. If you've been feeling unmotivated at work recently, you're not alone. Workers worldwide go through the same moments of "boom and bust" when it comes to their motivation.
Despite the numerous digital communications channels available today, email is still one of the best ways to get and stay in touch with your customers. Email marketing is notorious for its high return on investment, and with nearly 4 billion active email users, there’s a huge potential audience waiting to receive your messages.
Each company gauges the contribution of its employees differently. Some focus on deliverables, while others rely on employee loyalty and worked hours to determine a worker's contribution to the business.
Members of Young Entrepreneur Council explain how companies can optimize their mobile shopping experience.
Many businesses see a major shift in their success once they establish a website that lets them provide new information and tools to their customers. However, some may see even greater success if they develop a mobile app.
When you're negotiating a deal, misinterpreted tone or poorly-chosen words could ruin an otherwise-successful conversation. Sometimes you may not know even which phrases might turn a deal sour. That's why we asked 16 members of Young Entrepreneur Council the following question:
These tools and strategies can make email marketing more efficient and less time-consuming.
Electronic wearables were an exciting new concept just years ago. Now, they’ve slowly become the norm, with gadgets like smart watches and sleep trackers overwhelming the market.
Business legal matters can be intimidating, but these tools can help you understand and streamlining the process.
As a budding young entrepreneur, you're likely to meet a lot of people telling you, "no." While some of these people are well-meaning, the constant negativity will eventually impact your self-confidence.
One of the most significant elements in helping a business get to know its customers is their data. Over recent years, consumers have started to take notice of how businesses use their data. While many aren't bothered, a few are against a company getting its hands on their information. As a result, they are averse to sharing access to their data.
The internet of things (IoT) has given consumers and businesses the ability to make their homes and offices "smart." Because IoT devices can communicate and exchange data with one other, they have vast potential for streamlining workflows and making us more efficient. However, with all the data each internet-connected device collects, stores and uses, there's also an inherent security risk.
[long-form emailed to Kelsey]
With so many remote working teams in the world today, productivity requires utilizing tools that can connect the team through voice, chat and video. Slack rules the roost as the team collaboration software, but it’s far from being the only reliable one. Dozens of team collaboration tools have gained growing popularity over the last two months. Some of them offer similar functionality to Slack and might even be better at some things. Others are sorely lacking in utilities to help a team get organized.
[long-form article emailed to Kelsey]
Entrepreneurs can be so busy in today's business world that they lose sight of themselves. Introspection has an essential place in an entrepreneur's mindset. Understanding one's goals and motivations can help one come to terms with what one wants out of life.
As the up-and-coming generation of consumers, Gen Z has become a hot target demographic for many brands. This generation of true digital natives is even more entrenched in the world of technology than the millennials who came before them. Therefore, companies that want to reach them need to go all-in on social media, Gen Z's preferred place to "hang out" online.
As an entrepreneur, it’s useful to have strong business acumen -- an almost intuitive skill that can and must be honed. However, good business sense alone isn’t enough; there are several other traits an entrepreneur needs in order to succeed.
As some of the top leaders in their respective industries, the members of Young Entrepreneur Council know what skills are required to succeed in the business world. Below, they share 10 underrated skills that all entrepreneurs should possess, but often don't.
Making a major spending decision in your business, whether that be a new hire or a new marketing campaign, is often intimidating. You want to make sure you’re investing your money wisely, in a way that will yield a worthwhile return. To help you, we asked a panel of Young Entrepreneur Council members how to make financial decisions with confidence.
Accessing capital is one of the biggest challenges many new entrepreneurs face. From loans to investments, securing the proper financing is a long and taxing process, but it can be overcome. Members of Young Entrepreneur Council explained how they worked through their funding challenges.
Each day is different for each person. For entrepreneurs, a string of disappointments or rejections can lead to a significant impact on your psyche and your confidence. Many business coaches maintain that the best way to keep motivated is to stay positive and to keep a firm sight of what your goals are and how you intend to attain them. Ensuring that this works hinges on your confidence. These three things are essential contributors to your overall motivation.
As your business develops over time, you may find its original purpose changing as well. Whether you’re incorporating a new service or changing industries completely, trying a new direction for your company can be risky.
Fortunately, taking the steps to ensure a smooth transition can set the stage for success, as well as make the process easier for all involved. Below, 10 members ofYoung Entrepreneur Council shares their best strategies for companies looking to pivot to something new.
Starting a business always comes with a certain amount of risk. You’re opening yourself to the possibility of both the successes and challenges that come with entrepreneurship, many of which are difficult to predict before you start.
As successful business owners, the members of Young Entrepreneur Council have experienced firsthand the unexpected challenges of starting a company. Below, they share 10 of the toughest obstacles they didn't expect to face, and how other leaders can prepare for them.
As digital payments evolve and become more commonplace, an increasing number of businesses are accepting them, with some businesses rejecting cash payments entirely. While digital payments can certainly be convenient for customers and businesses alike, it’s important to understand the process and avoid any potential pitfalls.
We asked the members of Young Entrepreneur Council for their takes on digital payments. They shared 10 things you should keep in mind as digital payment options evolve, and how those offerings will impact your business in the future.
How many of these essential team members are you planning to hire in the next year?
Prioritize user experience, networking and quality content to get your new business off the ground.
Self-care and self-reflection are important parts of everyday life.
Before turning your business over to cryptocurrency, consider the risks.
Money Crashers is a personal finance website designed to help readers make better saving and spending decisions and to fill the personal finance void in our education system. We offer tips and resources for an array of finance-related topics, including effective retirement planning, investing, budgeting for college, and generating more income. The site is centered on what we call our "Eleven Indispensable Principles," such as always spending less than you make, investing for the long-term with a simple strategy, and saving money for the unexpected. Our goal is to build a community in which our readers can learn from the information we put forth, share ideas with each other, and collectively work towards financial fitness. We also actively engage our readers through a variety of social media outlets. All of the content is 100% free and our readers have responded very positively to the value the site has provided them. We also strongly encourage reader feedback, which we use to improve the site and decide what topics are most needed.