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How Cultural Changes in the Workplace Can Grow Your Business

Does your business culture support and leverage demographic, cultural, and experiential differences? If not, find out how you can begin to do so and grow your business.

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Does your business culture support and leverage demographic, cultural, and experiential differences? If not, find out how you can begin to do so and grow your business.

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February 16, 2017 7 min read

Opinions expressed by Entrepreneur contributors are their own.

The following excerpt is from Glenn Llopis’s book The Innovation Mentality. Buy it now from Amazon | Barnes & Noble or click here to buy it directly from us and SAVE 60% on this book when you use code LEAD2021 through 4/10/21.

The Cultural Demographic Shift (CDS) is driving the fastest-growing part of our U.S. workforce, and shift populations represent the largest segments of America’s potential purchasing power. But they also represent some of the fastest-growing demographics of business owners in the U.S. You want them to be your customers, but they’re also fast becoming your competitors.

Related: What Magic Johnson Can Teach You About the Advantages of Cultural Demographic Shifts

Shift populations, like immigrants, have been compelled to use the innovation mentality to see opportunity and embrace an entrepreneurial spirit. This is part of the reason why black women are the fastest-growing group of entrepreneurs in the U.S. (up more than 322 percent from 1997 to 2015 according to the “2015 State of Women-Owned Businesses Report” commissioned by American Express Open) and why the number of Hispanic-owned businesses grew 15 times faster than other U.S. businesses (or at a rate of 7.5 percent from 2012 to 2015, according to a study by the consulting firm Geoscape and the U.S. Hispanic Chamber of Commerce).

Those shift population businesses present opportunities to reach the populations a business doesn’t have the talent internally to connect with. That’s how we come up with the three most visible areas where the CDS has created immediate and obvious opportunities for growth:

  • Workplace/workforce
  • External partnerships
  • Marketplace/consumers

Solve for the gaps in these three areas using the six characteristics of the innovation mentality, and you solve for high-performance teams through diversity of thought; authentic workplace cultures whose values are defined by individuals who are encouraged to breed continuous innovation; and intellectual capital and know-how previously unseen that enables the full potential in people. All this results in an intimate engagement that maximizes the full potential of people who are your employees and your customers. That’s sustainable ROI!

So ask yourself: “Does your workplace culture support demographic, cultural and experiential differences and leverage them in these three areas?” Probably not. Most current leadership in the U.S. is woefully unprepared or unwilling to see the opportunity gaps, let alone invest in them. Unfortunately, American corporations see all this activity as an initiative (cost center) and will see the CDS as the last remaining true growth opportunity (profit center) only when Latin America and other international regions begin seizing the previously unseen opportunities because they had the vision to see it first.

Related: 4 Steps to Profiting from the Cultural Demographic Shift

Solving for workplace/workforce

Do you celebrate differences and individuality in your workplace? Or are you like the hundreds of companies I’ve worked with that have said something similar to what senior executives from a major investment-banking firm told me: “Today, we’re afraid for the future of our business because our employees don’t relate with our emerging global client base. Many of our new competitors are now owned and operated by Indians, Asians, African-Americans and Hispanics. We continue to lose key diverse members of our workforce to these same competitors because we lack the cultural intelligence to keep them.”

Remember, you can’t develop this cultural intelligence, let alone define your business platform, unless you have leaders who own the experiences and influence their cultures can bring to how they think, act and are motivated to perform. This is part of their leadership identity. That’s why it’s important for you and your managers to spend time defining your personal brand value propositions and leadership identities.

When you’re in evolution mode, you have to create your own platforms. Otherwise you just keep substituting, which is exactly what workplace programs like Employee Resource Groups do. ERGs are growing initiatives in corporations as the CDS has required new, diverse talent in management, director level and senior executive management roles. I used to think ERGs could play this role and have a purpose beyond events, social aspects and focus groups that usually define what they do at most companies — in a strictly voluntary capacity, mind you. But I realized that they almost always have no real strategic value. They’re just initiatives. Even when they have hundreds of members, only a small percentage of ERGs are active. It’s difficult to recruit new members when these volunteer groups are not incentivized or properly invested in. And why should people participate when no one in senior leadership is active or sees any real strategic value in them, other than as initiatives that exist solely to check off another box on the “compliance” list.

That’s irresponsible. ERGs and workplace groups like them have value only if they matter and have quantitative influence — and that happens at such a small percentage of companies, it’s almost statistically irrelevant. Until then, ERGs will likely make an organization more divisive until that organization can recognize the value that comes from different types of people. Which is why, like job descriptions, I believe they should be eliminated until organizations clearly define what their ERGs are solving for. Before it makes sense to reinstitute ERGs, organizations should view these groups as profit centers not cost centers, pay active members a small bonus to remain active and quantifiably contribute to business growth. Without that, ERGs will continue to play the role of “diversity checkboxes” that unknowingly create more tension and widen engagement gaps among their members.

So what’s the solution? Instead of large groups of inactive members, I’d rather see small “idea labs” led by subject matter experts who serve as examples of how their unique differences cultivate innovation and initiative. You can’t come into the group unless you’re a subject matter expert or have a desire to be one, because as experts, you know what you can solve for, see the opportunity gaps and identify them quickly to build a plan around them. This group and its plan then serve as examples of how their unique differences cultivate tangible change and growth that impact the bottom line.

Related: 6 Characteristics of an Innovative Leader

That’s how ERGs become smarter about defining what they’re ultimately trying to accomplish for themselves and the business, and then create a metric to enforce accountability to assure their objectives are being measured and attained. ERGs must view themselves as formidable advancement platforms for talent and market development activity. They must be focused on defining a value proposition that is more strategically aligned to seeing and seizing business innovation and growth opportunities that are directly related to a person’s cultural, gender, sexual-orientation and societal identity. They must be more forceful and encourage different points of view and perspectives that translate into solutions to meet corporate growth objectives and initiatives across channels, brands and business units. Until then, they will do little to alleviate the fact that the changing face of America is being met with tremendous resistance. That’s how and why the “old guard” remains uncomfortable with the CDS; it still represents uncertainty and change for those who are uninformed about what diversity means to enabling business growth, which brings us to external partnerships.

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Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/-IJAcjxdkXI/288144

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How Success Happened for Josh Harris, Co-Founder of Apollo Global Management and Co-Founder of Harris Blitzer Sports & Entertainment

Harris has a knack for building and growing forward-thinking ventures.

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Harris has a knack for building and growing forward-thinking ventures.

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July 13, 2021 5 min read

Opinions expressed by Entrepreneur contributors are their own.

Josh Harris has a short resume. For nearly his entire professional career, he has held only one job, sitting at the helm of Apollo Global Management.

Since co-founding Apollo in 1990, Harris has spent the last 31 years building and shaping what has become a leading alternatives asset manager. But even with 15 offices globally and over $460 billion in assets under management, Harris has found time to pursue passions outside of the financial industry. With an eye for uncovering potential value, the investor maintains a robust family investment office, is an active philanthropist through family foundation Harris Philanthropies, and has successfully launched a premier sports and entertainment platform, Harris Blitzer Sports & Entertainment, which has grown to include the Philadelphia 76ers, New Jersey Devils and Prudential Center in Newark New Jersey.

Related: Check out recent guests Josh Harris and Thomas Tull on the How Success Happens podcast

Harris credits wrestling for unlocking his internal drive. After participating in wrestling at summer camp at a young age, he was hooked. The intensity of the sport and raw physical strength it demanded was motivating and compelling to his innate competitive spirit. But he quickly learned that without preparation — a healthy diet, cross-training and time on the mat — you get physically dominated. Once a struggling student, wrestling helped Harris turn his academics around and earned him acceptance to the University of Pennsylvania — and a coveted spot on the wrestling team there.

It was at Penn where Harris first got a taste of finance. An introductory economics class ignited a similar spark within him, compelling him to go to the fast-paced world of Wall Street. He transferred to Wharton and dove headfirst into finance.

“I was allured by [the idea of] helping companies grow,” Harris says. “I was a sponge for knowledge and wanted to learn everything I could … from the best people.”

The decision was made. He bought his first suit and headed to Wall Street.

“This is what I would recommend to [anyone just starting their career]: Treat your life like an investment,” Harris says. “Do something you are passionate about … look at the upsides, the downsides. What is your competitive advantage? … Really look at it analytically.”

Harris used that same lens when faced with an even bigger decision, several years into his career. After cutting his teeth at Drexel Burnham Lambert and attending Harvard Business School, Harris accepted a position at Blackstone. A few weeks in, he got a call from former colleagues Marc Rowan and Leon Black, asking him to join a new firm, the fledgling Apollo. Harris had worked only weeks at Blackstone — and used his signing bonus to pay off his student loans — but he was enticed by an opportunity to build with people whom he knew.

Fast forward thirty years, Apollo has become the second-largest alternatives and largest alternative credit manager in the world. Harris has been the architect of some of the firm’s most successful deals, including the historic LyondellBasell transaction, one of the most profitable deals in PE history.

In 2011, Harris applied skills from his day job to a new venture — joining forces with David Blitzer to purchase the Philadelphia 76ers from Comcast in a corporate carveout. One of the most rewarding aspects of owning sports teams, Harris says, has been serving as a steward of the city.

“[Sports teams] are public assets…you take on a real obligation to help the communities where you are playing,” he adds.

Related: Check Out These Top Sports Podcasts

Giving back to the communities where HBSE operates — namely Philadelphia, Camden and Newark — is of top priority for Harris. In our conversation, it was clear how deeply he believes in the power of sports to change lives, just as wrestling had changed the trajectory of his life. Through his many charitable endeavors with HBSE and Harris Philanthropies, Harris is focused on creating opportunities for kids to experience sports who might not otherwise be able to, providing access to sports programming and pairing it with academic resources and other support. More broadly, Harris Philanthropies is focused on catalytic giving and creating equitable opportunities in the communities where the Foundation has a deep connection.

In the past year, however, Covid-19 was front and center, requiring the Foundation to adjust their strategy to address needs brought on by the pandemic. We [immediately] had to pivot [our strategy] and lead,” says Harris, who through HBSE and Harris Philanthropies, set to work distributing food, medical supplies, frontline equipment, laptops and other resources to local communities.

Now Harris is starting a new chapter, returning to his entrepreneurial roots. Having recently announced that he’ll be stepping back from his day-to-day role at Apollo, Harris is excited about continuing to expand HBSE, as well as his multi-asset class investing business and diving deeper into social impact. But he hasn’t lost touch of what has driven him throughout his career — building and investing in success.

Related: Let us Help Your Brand Create Its Own Podcast

Related: Check out recent guests Josh Harris and Thomas Tull on the How Success Happens podcast

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/j7fh3NY-vQE/374991

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Virgin Galactic Cleared by FAA For Passenger Space Travel

Will billionaire and founder Richard Branson beat Jeff Bezos to space?

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June 25, 2021 2 min read

Opinions expressed by Entrepreneur contributors are their own.

Richard Branson’s Virgin Galactic, in a statement, announced the FAA has upgraded its existing license to include passenger flights.

The company also says the approval is the first of its kind. Shares jumped 12% in premarket trading.

The journey, however, has been somewhat bumpy, Engadget reports. In December 2020, the company’s test flight ended in a motor ignition failure. In February of this year, Virgin Galactic delayed its tourism flights until 2022 saying more “technical checks” were needed.

Related: Virgin Galactic’s VSS Unity Completes Human Spaceflight

The company then had to complete dozens of verification and validation requirements to clear the final two steps for the FAA’s approval. CEO Michael Colglazier says the crewed test flight on May 22 was a success:

“We’re incredibly pleased with the results of our most recent test flight… [which] performed flawlessly, and the results demonstrate the safety and elegance of our flight system. [We’re confident] as we proceed toward our first fully crewed test flight this summer.”

Related: Elon Musk’s SpaceX signs alliance with Google Cloud to offer satellite internet with Starlink

The company, which began working on its mission to space in 2004, says it’s preparing for the remaining three test flights.

Unconfirmed reports also suggest Virgin Galactic is working to send Branson on a suborbital flight during the July 4 weekend, according to Business Insider. That’s two weeks before Jeff Bezos is scheduled to board his Blue Origin’s New Shepard for space on July 20.

Related: Blue Origin Is Challenging SpaceX’s Artemis Lander Contract From NASA

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/MOGXdxbDu3A/375771

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10 Deals for $20 That You Won’t Find on Amazon

After all, Amazon doesn’t have everything.

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After all, Amazon doesn’t have everything.

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June 21, 2021 4 min read

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Despite diversifying its options over the past few years, Amazon doesn’t have everything. One of its biggest shortcomings is its lack of educational resources. If you’re looking for a more substantive purchase, consider investing in your own professional development. We’ve rounded up a collection of courses you won’t find on Amazon and, for a limited time, they’re all just $20.

The Professional Microsoft Excel Certification Training Bundle

The Professional Microsoft Excel Certification Training Bundle

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Microsoft Excel is the world’s most ubiquitous office software, used in just about every industry. You may think you know Excel, but after this eight-course bundle from Excel Maven, you’ll understand just how little you knew. You’ll cover advanced formulas, data visualization, PivotTables, and much more.

Get The Professional Microsoft Excel Certification Training Bundle for $20 (reg. $1,600) for a limited time.

The Fundamentals of Real Estate Investment Bundle

The Fundamentals of Real Estate Investment Bundle

Image credit: StackCommerce

The real estate industry is booming, for both commercial and retail investors alike. In this five-course bundle, you’ll learn how to think like a professional real estate investor. You’ll explore pre-investing practices, wholesale deals, and much more.

Get The Fundamentals of Real Estate Investment Bundle for $20 (reg. $1,000) for a limited time.

The Google Analytics Master Class Bundle

The Google Analytics Master Class Bundle

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Google Analytics is one of the best tools for businesses to understand their web traffic. In this bundle, you’ll learn how to use GA to draw better insights from your traffic data and institute changes to make your webpages as strong as they can be.

Get The Google Analytics Master Class Bundle for $20 (reg. $995) for a limited time.

The Ultimate Financial Accounting & CPA Certification Training Bundle

The Ultimate Financial Accounting & CPA Certification Training Bundle

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Every business owner should have at least a functional financial skill-set. In this bundle, you’ll learn how to be the accountant for your business with the same education a Certified Professional Accountant (CPA) would get.

Get The Ultimate Financial Accounting & CPA Certification Training Bundle for $20 (reg. $1,592) for a limited time.

The Ultimate Candlestick Trading & Analysis Masterclass Bundle

The Ultimate Candlestick Trading & Analysis Masterclass Bundle

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Earn some extra money in the stock market by learning the trading techniques employed by the pros. This technical analysis bundle will teach you how to analyze candlestick patterns and use data to make more informed investment decisions.

Get The Ultimate Candlestick Trading & Analysis Masterclass Bundle for $20 (reg. $1,000) for a limited time.

The Premium 2021 Project & Quality Management Certification Bundle

The Premium 2021 Project & Quality Management Certification Bundle

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After a lengthy pandemic that hurt many small businesses, it’s important to hit the ground running in this hot economy with more efficient and productive processes in place. This bundle will introduce you to a range of project management methodologies, from Agile to PMP, to help you institute positive changes in your business.

Get The Premium 2021 Project & Quality Management Certification Bundle for $20 (reg. $4,400) for a limited time.

The 2021 Complete All-in-One Adobe Creative Cloud Suite Certification Course Bundle

The 2021 Complete All-in-One Adobe Creative Cloud Suite Certification Course Bundle

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Got a creative streak? Indulge it! This extensive bundle covers the entire Adobe Creative Cloud, teaching you how to edit photos with Photoshop, become a graphic designer with Illustrator and XD, edit videos with Premiere Pro, and much more.

Get The 2021 Complete All-in-One Adobe Creative Cloud Suite Certification Course Bundle for $20 (reg. $2,400) for a limited time.

The Complete Mobile & App Development Bundle

The Complete Mobile & App Development Bundle

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Got a brilliant app idea? Learn how to bring it to life with this nine-course bundle. You’ll get an introduction to building apps for iOS 14 using Swift 5, learn how to build apps for Android 11, get up to speed on Java programming fundamentals, and more.

Get The Complete Mobile & App Development Bundle for $20 (reg. $1,791) for a limited time.

The Create Your Own T-Shirt Side Business Bundle

The Create Your Own T-Shirt Side Business Bundle

Image credit: StackCommerce

You know a great T-shirt idea when you see (or say) one. If you have a tendency to say “that should be on a T-shirt” after saying something out loud, you might just want to start a T-shirt side business. This extensive bundle will teach you everything you need to know, from printing shirts to packaging.

Get The Create Your Own T-Shirt Side Business Bundle for $20 (reg. $1,393) for a limited time.

The Cryptocurrency with Ethereum & Solidity Blockchain Developer Bundle

The Cryptocurrency with Ethereum & Solidity Blockchain Developer Bundle

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Take a deep dive into one of today’s most exciting, innovative technologies. Across six courses, you’ll learn how to build web apps that run on a blockchain using Solidity, launch an Initial Coin Offering (ICO), and even build a decentralized exchange.

Get The Cryptocurrency with Ethereum & Solidity Blockchain Developer Bundle for $20 (reg. $1,200) for a limited time.

Prices subject to change.

Get The Professional Microsoft Excel Certification Training Bundle for $20 (reg. $1,600) for a limited time.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/qjaGMTjjFy4/375040

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