Employee Satisfaction: Why Your Startup Should Invest In Your Team

Originally published on Tom Leydiker's website.

Your startup will never reach its maximum potential if you don’t cultivate a positive and inspired community within your office. Your team is as important to the future of your business as cash flow and clients are. If you do not invest in your employees, how else can you foster a team that challenges themselves to exceed even beyond their own expectations of themselves?

The more involved an employee is within the company, the more dedicated they will be in helping propel your business forward because they are equally as invested. Implement these practices into your workplace and start prioritizing the growth of your employees:

Professional development and continuous training.

Before a potential employee comes in for an interview, there is a list of things they are looking for in a company that will often determine whether or not they accept the position. For some, on that list is reoccurring training and development. This education gives employees the opportunity to learn new skills and hone in on their strengths, allowing them to further expand on their talents, which could help them better shape their professional career path.

Curating a welcoming environment.

As your team continues to grow, you want to make sure that the environment your employees are walking into every day is welcoming. Your team spends the majority of their day working alongside one another; creating a welcoming environment is good practice in inspiring collaboration and prosperity.

Encouraging a balance between work and personal life.

If your company is still fairly new, both you and your team will be constantly preoccupied with ensuring that everything is getting accomplished in a timely manner. It’s important that you set boundaries with your employees at the onset that there needs to be a balance between work and personal life. Even if they are adamant about extending their work hours, it’s important that you reset their expectations. There is no quicker culprit for employee burnout than an imbalance of work and personal life.

Make your employees a top priority. When you showcase their importance to the company by investing in them, in turn, they will become invested in the success of the startup, wanting to bring about growth as much as you do.

Sustaining Startup Culture: The Biggest Challenges To Overcome

Originally published on Tom Leydiker's website.

This is an exciting period of time to be an entrepreneur. There has been an increase in the number of entrepreneurs who have successfully turned their passions into a fully-functioning, thriving business – some even managing to do it in short periods of time. Funding for startups is also more substantial than ever before, with more alternative options that are replacing the traditional small business loans of the past.

It has been said that we are in the “golden age” of entrepreneurship. What this means is that there are more opportunities available for entrepreneurs to build startups that actually have a significant chance of being successful. This is not, however, to imply that entrepreneurship is easy. It is still a very challenging pursuit, filled with hard work, dedication, sacrifice, and unpredictability. Many small businesses still don’t make it past their first year.

There are so many positive things about startup culture to embrace, but it’s important to recognize the challenges that we still have yet to overcome. If not acted upon, these 3 issues could ruin the progress we have seen so far:

1. A lack of diversity.

There has been some progress in entrepreneurial diversity over the years. For example, since 1997, the number of African American women starting their own businesses increased by over 322 percent, officially recognizing them as the fastest growing group of entrepreneurs in the U.S. While this growth showcases that more minorities are creating a place for themselves within the entrepreneurial world, the numbers are still very disproportionate when compared to the number of white male entrepreneurs.

This is dangerous because it limits the perspectives that are available to the community, which also limits growth.

2. A focus on repeating ideas rather than creating new ones.

After reading the success stories of certain companies, there has been an onslaught of people who, instead of using that inspiration towards their own business ideas, have chosen to piggyback off of the prosperity of others by repeating their success stories. This hinders their growth because they are now competing to grow in a territory that is already full of similar companies. This void in new, innovative ideas being brought to the forefront is dangerous because we are not creating additional products or services that are serving to help sustain our culture and benefit us as a country.

3. The negative connotations around the word “failure.”

Failure is a nasty word and we use it with such negativity. People fear failing because they believe that it defines their worth. Some entrepreneurs are hesitant to even attempt to build their own companies, while fear causes others to take very few risks. This is because the meaning of failure is associated as being permanent. Failure should be celebrated because it provides us with lessons that allow us to propel ourselves forward. Learning from these mistakes is how we can continue to grow and prosper.

As entrepreneurs, we need to come together to combat these challenges that our startup culture currently faces.

Social Entrepreneurship: The Bond Between Business And Community

Originally published on Tom Leydiker's website.

Starting your own business is an exciting venture. Actually surviving as a small business is monumental – only 10 percent of entrepreneurs can actually say they have done this successfully. One would think that once these two accomplishments have been achieved that an entrepreneur would be satisfied, looking to the future to see the continued growth of their business.

For some entrepreneurs, these feats are simply not enough to keep them satisfied. While they are actively involved in growing their business, anticipating all of the milestones that lie ahead, they want to do more with their business than the typical entrepreneur. The business owners who possess this mentality are responsible for inspiring social entrepreneurship. They believe they have a social responsibility to give back to their community, so they use their business to develop and financially support solutions that address social, cultural, and environmental concerns on both a local and global level.

Social Entrepreneurship In The Workplace

When thinking about social entrepreneurship, you should be able to develop a lengthy mental list of all the businesses who have made it their mission to dedicate their time, energy, and funds to make a difference in the world. The most notorious company in the social entrepreneurial realm is perhaps TOMS shoes, known for their policy of donating one pair of shoes to a person in need for every pair purchased online. Warby Parker follows the exact same mission statement, but instead of shoes, they sell and donate glasses to people in need.

What are the benefits of social entrepreneurship?

The main benefit of social entrepreneurship is to know that you are responsible for bettering the lives of people who are in desperate need of commodities that are so readily available to us. However, in addition to these feelings of good will, there are a few other ways that social entrepreneurship can positively impact your small business:

Acquire funding.

Social companies often have an easier time acquiring funding for their ventures. Due to the nature of the company, there are also incentives put in place to help support social entrepreneurs through the government and other various organizations.

Marketing products or services.

Being a socially responsible business is extremely valuable in the eyes of consumers. People are more prone to support a company if they know they are also helping to support a meaningful cause.

Increased support.

Not only will your consumers support your efforts, being actively engaged in helping to bring about change, but other companies that fall within this group are more likely to lend their support in advocating for your company’s mission.

If you have ever considered becoming a social entrepreneur or want to incorporate this practice into your current business model, do some research into how you can be an entrepreneur who puts the needs of others at the forefront of their mission.

Ask Yourself: Are You Destined To Be An Entrepreneur?

Originally published on Tom Leydiker's website.

Entrepreneurs may not appear to be much different than the average person. And in a lot of ways, they aren’t. But in order to be successful in a world of individuals who are all pushing to make their entrepreneurial pursuits a reality, there are certain entrepreneurs who stand out above the rest, who will actually turn their ideas into a functioning business. And of these entrepreneurs, there are qualities they possess at their very core that are quite different from the average person. It is these character and personality traits ingrained within them that provide them with a strong base in order to propel their ideas into successful endeavors.

Are you destined to be an entrepreneur?

Not everyone is destined to become an entrepreneur. It takes more than just great ideas and capital to fund those ideas to be a successful business owner. If one of your life goals is to one day own your own company, ask yourself: do you have what it takes to be an entrepreneur? If you ask yourself the following questions and can confidently agree that you possess these traits, you are already well on your way.

Are you a problem solver?

Every day, there will be new challenges that you will have to mitigate in order to keep your business functioning smoothly. If you can survive the pressure of resolving a high number of unpredictable issues, and are continuously looking for underlying problems to address before they become unmanageable, than you are equipped to handle the challenges of entrepreneurship.

Can you recognize areas where you need to improve?

Just because you are a confident person doesn’t mean that there aren’t areas that you can improve upon. If you are too prideful to admit that you have weaknesses, then you will not succeed as a business owner. There will be many times you will be forced to reassess and restrategize in order to keep up with the demands of your business. If you are unable to be honest with yourself and flexible enough to make those changes, you could run a company into the ground.

Could you delegate tasks to other employees?

You are bringing your ideas to fruition. You have a vision of how you want your company to be, as well as how you want it to run. It’s okay to put effort into ensuring that it mirrors your expectations, but you need to be able to delegate the smaller tasks to your other employees and let go of that control. You are the mind behind the company, and you also shoulder the majority of the responsibilities, which means that you need to be available to deal with the larger aspects of the business.

Is everything you do done with purpose?

Never do something for the sake of saying you did it. Think about why you are doing something and if it makes sense for your business. Trust your gut and if these decisions are made with purpose, it will be the driving force behind whether your small business succeeds or fails.

3 First-Year Lessons To Learn From Successful Entrepreneurs

Originally published on Tom Leydiker's website.

Have you ever thought about what your life would look like as an entrepreneur? Gone are the days of having to work for someone else, especially someone who you may have conflicting ideas with. Being an entrepreneur allows you the creative freedom to bring your own ideas to life, rather than working hard to bring to life the ideas of someone else. It also gives you more control of how you balance your personal life with your business life.

But entrepreneurship is not something that everyone can excel at. While there are obvious benefits of becoming your own boss, there are substantial challenges that will present themselves over time, especially throughout your first year in business. While, in the moment, these hurdles may seem significant and impassable, they will also be the lessons that will prove the most beneficial to your future success.

Straight from the experiences of fellow entrepreneurs, these are the top 3 first-year lessons that you will learn as you begin your business venture:

1. Be flexible with your expectations.

Many entrepreneurs spend years thinking of how to start their own business. With a pressing passion to get their business off the ground, they often set high expectations for themselves and all they will accomplish in their first year. This drive is what sets entrepreneurs apart, yet it’s important not to do too much at the onset. You want to build your business for success while also not burning yourself out in the process. Set goals for yourself but don’t hold too tightly onto these plans. Unpredictable changes are going to occur and you need to make sure you are flexible enough to run with the punches.

2. Learn how to say “no” when necessary.

Financial stability is at the forefront of every entrepreneur’s mind. There will be a lot of financial sacrifices that will need to be made in order to not only support yourself, but your business as well. While it may be tempting to say “yes” to every opportunity for the sake of revenue, this could be very dangerous to your future success. You can’t take on every single project or else you will work yourself too thin, which could have a detrimental impact on your mindset towards your business.

3. Create a schedule that works in your favor.

One of your strengths at your current position may be time management, but prioritizing your time when you are working for yourself can prove to be extremely difficult for those not accustomed to it. One of the reasons you chose to become your own boss was so that you can be more in control of your schedule. Don’t let work control your life. There needs to be boundaries set in place to ensure that you give yourself a break so you can focus on your personal well-being as well.

Ways To Finance A Growing Business

Originally published on Tom Leydiker's website.

One of the most challenging areas of a growing business is finding the right funding. If your business is doing well, you will need to acquire the funds that will help you continue to expand. Or, there are times when businesses just need extra capital to help them get through a financial slump.

How can you finance your business?

There are a variety of ways to seek out money that you can put towards building your business. Before you pursue one of these options, but sure to sit down and dedicate time to figuring out what your goals are, calculating the necessary amount you will need, and, then, compare these options to find the one that would make the most sense for your specific needs.

Ask family members or friends.

Ideally, the best way to borrow money would be to seek out extra funds from family members or friends who have the financial flexibility to temporarily part with money with no affect on their personal stability. While you will eventually need to pay them back, it eliminates the weighted stress of having to follow a stricter timeline. Family members and friends will be more lenient about how quickly they are reimbursed, however, you could risk destroying personal relationships if you were to completely lose the money.

Apply for a bank loan.

This is the option that most businesses pursue, typically because it seems like the most obvious one. Depending on the type of financing you need, banks offer a wider variety of funding options. However, the approval process of acquiring a bank loan has become very strict, which means that a lot of smaller businesses won’t pass beyond the approval process.

Consider equity funding.

Obtaining money through equity funding means that you are putting forward a portion of your business in return for investment. Venture capital is one of the most common types of equity funding. This is a great way to raise capital for your growing business, but it also requires that you have planned out exactly how you are going to make a return on investment within a specified period of time.

Acquiring a Small Business Administration (SBA) loan.

These loans are available to any small business, but, to prevent everyone from applying, your business must first meet a list of qualifications. These qualifications often eliminate many small businesses from the running at the onset. If you do happen to meet the qualifications, you will still need to go through another financial institution because the SBA does not actually provide loans directly to businesses. The standards of this other institution may be even higher than the other financing options available to you.