Pratik Chaskar

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The business world is very different from what it was even just a decade ago. While many business best practices and principles remain the same, the roadblocks and problems entrepreneurs face are not. With major advancements in technology to a cultural shift toward online shopping, the landscape is becoming increasingly difficult to navigate, and many business owners are struggling to adapt. As business leaders themselves, the members of Young Entrepreneur Council have experienced—and are still experiencing—many of these same roadblocks. Here, they outline a number of common issues entrepreneurs are facing today and what they see as good solutions to overcoming them.

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As inflation continues to take its toll on the economy, many professionals are looking for ways to increase their income. While some may choose to take their talents elsewhere and seek a higher-paying job, or even add on to their workload by taking on a potentially lucrative side hustle, others are content with their current career of choice and would rather earn their bump in pay another way: a raise.  However, unlike applying for a new position at another company, the path to achieving a salary increase at your current job may not feel as clear. That’s why we asked nine members of Young Entrepreneur Council to share their best tips for how to successfully negotiate a salary increase and why doing so can help you get the increase in pay you deserve.

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As leaders of their respective companies, CEOs are naturally very busy, so often it can make sense to outsource tasks to a virtual assistant, or VA. From simple yet time-consuming tasks like scheduling meetings and managing emails to more involved tasks such as research and report preparation, VAs can help CEOs gain back a significant amount of time during their workday, allowing them to turn their focus back to vital decision-making and operational tasks. But not every task a CEO may have on their to-do list each day can be assigned to someone else, so what are the tasks best suited for a virtual assistant? Here, the members of Young Entrepreneur Council weigh in with 10 tasks they recommend CEOs outsource to VAs and why doing so will save them so much time.

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As a business owner, it’s easy to assume that you have to be a nonprofit in order to get involved in the world of philanthropy. However, your business doesn’t have to be centered around a particular cause in order to give back. By building a company culture that values generosity and doing good for the community, you can make a difference no matter what type of business you’re in. But how can you as a leader incorporate these kinds of values into your company culture? Here, nine business leaders from Young Entrepreneur Council offer their suggestions for easy ways businesses of any size can make philanthropy part of their company culture and the impact this has on your employees and your company overall.

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Tracking key performance indicators (KPIs) can be an excellent way to measure the overall health of your business and predict its future successes or failures. From customer satisfaction to the cash conversion cycle, there are numerous metrics business leaders can track that will give them valuable insights into the inner workings of their businesses. Ensuring you’re paying attention to the right metrics may even save you from making costly mistakes that could be difficult to recover from. With that in mind, the members of Young Entrepreneur Council recommend tracking these 11 KPIs if you want to dive deeper into the data behind your company’s performance.

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Getting started in any role can be intimidating, but this can be even more true for those new to marketing. In an industry that’s fast-paced and ever-changing, it’s essential to both keep up with the latest trends as well as understand the tried-and-true basics of the trade.  With extensive experience marketing their own businesses, the members of Young Entrepreneur Council have their own thoughts about how to succeed in marketing. Here, they each share one rule or guiding principle they believe all new marketers should follow right off the bat and how doing so will affect their success in their role.

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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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Running a business from the comfort of your home can be both rewarding and challenging. While a home-based business offers flexibility and convenience, it can also blur the lines between work and your personal life, leading to burnout and a lack of work-life balance. Here, Young Entrepreneur Council members share some of the strategies that can help home-based business owners set boundaries and maintain a healthy balance between both aspects of their lives.

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In a data-driven business landscape, leaders rely heavily on analyzing company metrics to make informed decisions. However, understanding the multiple factors and points to consider when interpreting these metrics is crucial for accurate analysis.  Below, 18 Young Entrepreneur Council members share their tips to help a leader ensure their analysis of company metrics yields accurate and actionable insights. Using these strategies, a leader can determine whether the data indicates they're on course or if they should be prepared to challenge initial perceptions, alter strategic courses or take proactive measures for future success.

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Every year, new graduates enter the workforce—each entering a different job market than the one before them. Navigating such a large change successfully can be difficult on one’s own, which is why it helps to consider the advice of those who have walked the same path before and who are achieving their goals. Here, 12 members of Young Entrepreneur Council consider their own journeys and offer up their best advice to new grads entering the workforce and looking to launch their own successful careers.

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With the average user interacting with around nine to 10 apps a day, businesses are wise to create functional mobile apps to complement their existing digital presence. However, many companies make the mistake of creating an app that’s merely an extension of their desktop website and don’t take into consideration special features which may make the mobile user experience that much better. But if businesses are looking to increase not only customer retention but also overall customer satisfaction in the long run, they may want to consider including some of the following features, as recommended by the members of Young Entrepreneur Council. Even including just one of these nine features could greatly improve your app’s user experience.

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After many years of being a business leader, and after all the lessons learned and experiences had, sometimes there are those lessons that just stick with you throughout your career. These lessons often shape the way you run your business and make decisions on both a day-to-day and long-term basis.  This is often true when it comes to sales. One of the most important aspects of business, any lesson learned about sales is likely to have an impact on the success of your business. Below, 10 members of Young Entrepreneur Council each discuss one lesson they've learned about sales that sticks with them even today and why.

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With the U.S. alone exceeding $1 trillion in e-commerce sales in 2022, it’s no surprise that businesses are looking to innovate in the online shopping space. From more eco-friendly packaging options to implementing technology such as augmented reality and artificial intelligence, there are a number of growing trends that entrepreneurs and industry leaders are excited to see take off in the near future. To share their own insights into the world of e-commerce, 10 members of Young Entrepreneur Council discuss some of the top e-commerce trends or innovations they're excited about lately, as well as the impact they see those trends having on their businesses or other businesses in the future.

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Networking is a scary prospect for a lot of people. Seeking out events, speaking to new people and trying not to feel imposter syndrome while doing so can be intimidating for new entrepreneurs (and even seasoned ones). And while many entrepreneurs will give networking their best effort, they may end up accidentally sabotaging their efforts if they’re not careful. To help, 10 members of Young Entrepreneur Council discuss some of the seemingly harmless habits or actions that could actually be hindering new entrepreneurs’ networking success. Consider their advice for what to do instead in order to get the most from your networking experiences.

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Deciding to franchise your business is a big step in entrepreneurship and there are many factors to consider before doing so. Aside from ensuring that your main business has enough financing to support your overall brand, there are legal processes that need to be completed, hiring that needs to be done, and branding procedures that must be solidified. Here, 11 Young Entrepreneur Council members note some specific questions to ask yourself when thinking about franchising your company and why you need to do so.

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Convincing your employees to read through pages of dry policy and procedure—especially on a regular basis—is never the easiest of tasks. While documenting your business processes is important for consistency and clarity, this documentation only becomes valuable if your team members actually reference it. So what’s the key to making your standard operating procedures (SOPs) more interesting to your team? Below, 10 members of Young Entrepreneur Council explore this question and share their best tips for making your business's SOPs something your employees actually want to use and read.

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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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It only takes one unhappy customer leaving a negative review to damage a company's reputation and drive away future business. Therefore, it's imperative that customer service teams immediately resolve any customer complaints before they can snowball and turn into bigger problems for a company. To find out the best ways to keep customers happy, a panel of Young Entrepreneur Council members offer their best advice on how leaders can improve their customer service efforts by being proactive rather than reactive.

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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.

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Even if they manage to take some time off, many entrepreneurs can have a hard time actually relaxing during the holidays, and they may find themselves checking in or worrying about whether things are running properly in their business. To truly get some well-deserved rest and relaxation, however, entrepreneurs will need to find ways to unplug from business activities and step away from their day-to-day responsibilities—if only for a little while. To help, nine members of Young Entrepreneur Council offer their best advice for enjoying the holiday season without worrying too much about your business.

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Video is big for consumers—in fact, video watching has doubled since 2018—so those businesses that are not yet taking advantage of this key marketing tool are missing out on potential opportunities and leads. As the top video-sharing platform across the globe, YouTube is a great place to get started. But what exactly should businesses do? To offer some insight, the members of Young Entrepreneur Council discuss unique ways to use video-sharing platforms like YouTube that most companies are not doing and why taking advantage of these strategies can help grow your business.

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A toxic workplace can lead to lower-quality work, a decrease in productivity, and employee dissatisfaction—all of which may lead to staff turnover. When you’re a leader, it’s important to address the signs of a toxic workplace as soon as you notice them in order to avoid cultivating a negative company culture. To help you deal with a toxic work environment, a panel of Young Entrepreneur Council members explain what signs to watch out for and how to address issues head-on before they spiral into a bigger problem.

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Many aspiring entrepreneurs seek to get into business because they're passionate about their idea. However, strong passion for an idea may not always be enough to ensure profitability, and in order to succeed long term in the business world, making enough money to both survive and thrive is vital.  But for those not willing to compromise their idea for another they’re less passionate about, the members of Young Entrepreneur Council have a few tips. Below, they each share one piece of advice they would give an aspiring entrepreneur for ensuring their passion will also be profitable and why you don’t necessarily have to give up your dream to make more money.

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Both social media and the internet as a whole are ever-changing digital landscapes—and that means the companies that advertise on them must advance alongside them. With new platforms, changing regulations and evolving user preferences, advertising is likely to experience a few changes in the coming new year—but to what extent? While no one is certain what changes will take place, nine members of Young Entrepreneur Council share their predictions for the future of advertising below, and explain why 2023 could be the year these new trends will start to take shape.

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The holiday season is a joyous time of year—but for many companies, it can also be stressful and chaotic. Backed-up workloads, increased customer pressure and a general sense of urgency can all start to weigh on leaders and employees alike, leading to reduced productivity and low team morale.  So when work starts to feel too chaotic and overwhelm sets in, fall back on this advice from the members of Young Entrepreneur Council. Below, they each share one tip they have for regaining order amid holiday chaos and getting your team and your company back on track for the new year.

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Whether they intend to promote them internally or simply want what's best for their careers, many business leaders make it a priority to develop their employees into leaders themselves. Doing so not only helps ensure the company has high-quality talent to run it, but it also ensures employee happiness as they see their leader caring for their personal and professional development. If you’re a leader looking to undertake this journey, consider the following advice from the members of Young Entrepreneur Council. Here, they each recommend one specific, actionable step employers can take now to help develop their employees into future business leaders and well-rounded employees.

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Naturally, the goal of any business leader is to achieve financial success. This can mean many things depending on the entrepreneur and their objectives, but it often starts with money left over at the end of every month. However, after achieving this goal, the issue then becomes what to do with the extra money. Whether it’s reinvesting in the business or supplying your employees with new benefits or perks, there’s no one way to use excess profit, which is why the members of Young Entrepreneur Council share their top tips for leveraging extra money below. When your company has grown and you’ve seen a certain amount of success, consider these next steps for improving your business and your peace of mind.

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Resolving conflicts in the workplace is imperative to a healthy workplace culture. Leaving conflicts unsolved builds resentment among team members and creates a toxic environment that can be distracting from the work that needs to be completed. As a leader, it's your job to help resolve any conflicts that arise and act as a mediator between employees when necessary. Properly handling conflict resolution can also help influence employees to better solve future conflicts on their own. To help get you started, 10 Young Entrepreneur Council experts share different ways they recommend approaching conflict resolution and the example that sets for your team.

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With so many companies competing for consumers' attention on social media, creating compelling, unique advertising campaigns is a great way to stand out. On Facebook in particular, there are a few key strategies that can help you target your audience effectively. As successful business leaders, the members of Young Entrepreneur Council have extensive experience developing and executing successful Facebook ad campaigns. Below, nine of them each share what they believe is the most important element of a great Facebook ad campaign and why it's so effective at capturing users' attention.

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One of the biggest challenges of getting a new business off the ground is gaining traction in your target market. Building awareness requires an effective public relations strategy that can create a steady stream of positive news about your company. When you're on a small startup budget, you may not have the immediate resources necessary to hire a PR firm. Fortunately, there are some simple strategies you can employ to drum up publicity yourself. Here are 10 ways to encourage positive press for your business, as recommended by the members of Young Entrepreneur Council.

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In an age when more and more businesses are moving to or being created online, one advantage brick-and-mortars have over online stores is their ability to create in-person experiences and atmospheres that can surprise and delight their customers. Experiences rife with human connection and sensory enjoyment simply aren’t able to be duplicated in the online space in the same way. The key to creating those moments, according to the members of Young Entrepreneur Council, is playing to your store’s strengths. Below, they share specific strategies you can use to awe your customers and give them a truly memorable in-store experience.

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As companies continue to face supply chain issues across the board, many are looking for solutions to help them get back on their feet and heading toward “business as usual.” Even when the current supply chain storm passes, savvy business leaders will be looking ahead and preparing for the next time processes go awry.  To help, nine members of Young Entrepreneur Council share their advice for how entrepreneurs can weather the current supply chain storm, and explain how these tips can help them build better processes for the future.