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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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Why You Should Make Twitter Spaces Part of Your Business Strategy

Twitter’s latest feature can help businesses grow their presence on the platform.

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Twitter’s latest feature can help businesses grow their presence on the platform.

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September 5, 2021 8 min read

Opinions expressed by Entrepreneur contributors are their own.

Audio content is all the rage these days.

From podcasting to Clubhouse, many businesses are making it part of their content strategy. However, they aren’t the only options for those looking to become part of the audio space.

What is Twitter Spaces?

Twitter Spaces is a place for users to host rooms where speakers can hold audio conversations. Listeners are able to tune in and can also request to speak, allowing them to step onto the virtual stage to share their thoughts and ask questions. And because there’s no video aspect to Twitter Spaces, you don’t have to worry about being camera-ready.

Beta testing for this feature began in November 2020. During this testing phase, all users had access to listen and speak within a Space, however only a small group was given access to hosting capabilities. It wasn’t until May 2021 that hosting Spaces became an option for all Twitter users that had at least 600 followers. Since then, many business owners are giving Spaces a go and figuring out how it fits into their overall content strategy.

Since Spaces has become available, Twitter has announced they are taking it up a notch by also offering a way to monetize the audio conversations you host on the platform. Ticketed Spaces are currently in the beta testing phase, allowing users the ability to charge anywhere from $1 to $999 for a ticket to attend a Space.

Why is Twitter Spaces beneficial for entrepreneurs?

As an entrepreneur, it’s important to put yourself out there online. These days, there are many different ways to do that. You can start a blog, a podcast, or a YouTube channel. You can also build your presence on various social media platforms. It’s all about knowing where your audience is and playing to your strengths. So, if you’re someone who loves to talk and you know your audience is active on Twitter, Spaces is worth considering.

Here are a few reasons why:

  • You stand a better chance at getting noticed. Our tweets have such a short lifespan, but when you’re live on Spaces, you’ll show up at the very top of a user’s mobile app. They’ll be more likely to see you and join the conversation this way.

  • You’ll have a built-in audience. With Clubhouse, users are really starting from scratch with building their audience on the platform. If you’re already on Twitter, then you have people who are there and ready to join your conversations.

  • Nothing is needed to get started. Having fancy equipment isn’t necessary. You don’t even need to put on your business attire. Instead, you simply need to open the Twitter app, start a brand new Space, and begin delivering valuable content.

  • It has accessibility in mind. While many platforms are stepping up to the plate in terms of accessibility, some are still lagging behind. Twitter Spaces has made their audio conversations accessible to those who are hearing impaired by offering live captions. This means you won’t be excluding members of your audience when you host a Space.

And with Ticketed Spaces on the way, many entrepreneurs will want to jump on board with Spaces now so they can establish their presence and prepare for monetization when it becomes more widely available. Everyone loves having multiple revenue streams, right?

Now, the question is, how can you best use Twitter Spaces as a way to grow your business? After all, implementing features like this into your content strategy won’t do much if you don’t have a strong foundation in place, outlining why and how you’re using it.

Here are a few tips for making Twitter Spaces work for you:

1. Know what you want to achieve with spaces

Your time is precious, which is why you want to ensure you’re reaping the rewards when you put time and energy into something. When it comes to Twitter Spaces, it’s smart to set goals for yourself so you know what you’re working toward. This way, you’ll be able to see if hosting Spaces regularly is working for you or not.

For example, you may want to use Twitter Spaces to grow your audience on the platform. In this case, you’ll want to monitor your follower count before and after your Spaces to see if you notice any growth. If you want Spaces to be a tool for promoting your offerings, you’ll need to see if people are taking action and purchasing after the conversation ends. Or maybe you just want to use it to establish yourself as a thought leader in your field. In which case, you’ll watch for engagement and take note of what people are saying about you and your content.

The point is, you want to use Spaces as a tool to drive specific results. If that doesn’t seem to be happening, then you’ll know that something needs to change about your strategy.

2. Host conversations that will appeal to your target audience

In order to entice people to tune into your Spaces (and keep them listening to the very end), you need to hold their attention. That means it’s up to you to figure out what they want and deliver it so they see the value in joining the Spaces you host.

Here are a few ideas you can try out:

  • Teach people how to do something. What’s something that your target audience would love to learn how to do that you can teach via an audio conversation? You could offer simple tips and tricks so they can leave your Space and immediately put your advice into action.

  • Discuss the topics in your industry. This is a sure-fire way to grab attention and get a lively conversation going with others in your field. Share your thoughts and opinions, then open up the floor for listeners to join in as well.

  • Host value-packed Q&A sessions. This could be an opportunity to answer burning questions your audience has for you or you could invite an expert onto the virtual stage for an interview, podcast style. Either way, focus on the questions your audience wants answers to.

If you’re not sure what kind of format will work best, try out a few different options and see what interests people the most. Sometimes it’s just a matter of testing to see what works.

Related: 10 Ways to Learn About Your Target Audience

3. Go live regularly on Twitter Spaces

As an entrepreneur, consistency is key to your success. You have to show up regularly if you want to boost your return on investment (ROI). If you aren’t showing up often, you run the risk of your audience forgetting about you entirely. And that’s the last thing you want!

To stay top of mind, it would be smart to create a Twitter Spaces show that you host at a set time. It gives people something to look forward to and the more you put yourself out there, the better chance you have at connecting with new people.

Consider creating a show that you host every week, every other week, or monthly. Go with what works for your schedule. Just make sure you’re showing up and giving it your all if you want to see results.

Related: Live Streaming Video: What It Is, Why It Matters and How It’ll Quickly Grow Your Brand

4. Be willing to experiment with new things

You never know what will work for you until you give it a try. That’s why it’s worth experimenting with how you use Spaces. Try a few of the ideas listed above, but be open to testing out other ideas as well. If you want, you can even ask your audience what they’d like to see from you, which could generate a few new ideas as well. After all, there’s no better source to learn from!

Ultimately, you have to be willing to test and tweak your strategy. If something is working well for you, keep it up. If something isn’t working, figure out why and see if there are any tweaks you can make to improve the idea. If not, scrap it and move onto something else. It’s not time wasted if you learn something valuable about what your audience enjoys.

Related: How to Create a Social Media Marketing Strategy From Scratch

5. Use Twitter Spaces as a tool to better understand your audience

Done right, Twitter Spaces can be used as a tool to help you connect with your target audience and develop a deeper relationship with them. They’ll get to know you better, and in turn you’ll get to know them better. From there, you can take what you’ve learned about their interests and pain points and use it to create future content within your brand.

And as we all know, providing valuable content is key if you want to boost your followers, engagement, and conversions. Plus, it’ll establish you as an expert in your field over time. Before you know it, your brand just might become a household name.

Related: 10 Laws of Social Media Marketing

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2 Auto-Manufacturers Up More Than 6% in the Past Month

With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significan…

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With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significan…

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August 17, 2021 4 min read

This story originally appeared on StockNews
With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significant rise in sales in the first half of 2021. Given sustainability initiatives worldwide, the EV industry is expected to grow over an extended period. Hence, we think the shares of auto manufacturers, Tesla (TSLA) and Stellantis (STLA), whose shares have gained more than 6% in price in the past month, are well-positioned to move higher. So, let’s discuss.

The electric vehicles (EV) industry is expanding rapidly, bolstered by zero-emission initiatives worldwide. The near-term outlook for the EV industry seems to be bright, as governments around the globe place significant emphasis on accelerating EV production and sales to meet their sustainability targets. The EV market grew more than 40% during 2020, with a record 3 million EVs registered.

Furthermore, global EV sales rose by around 140% year-over-year in the first quarter of 2021. And auto manufacturers are now placing an emphasis on broadening their product portfolios and ramping up production to meet the increasing demand. The International Energy Agency (IEA) anticipates the EV industry will witness “healthy growth” during this decade.

The shares of two well-known players in the industry, Tesla, Inc. (TSLA) and Stellantis N.V. (STLA), have gained more than 6% in the past month and are poised to generate significant returns in the coming months also.

Click here to checkout our Electric Vehicle Industry Report for 2021

Tesla, Inc. (TSLA)

TSLA in Palo Alto, Calif., designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems globally. The company operates in two segments: Automotive and Energy Generation and Storage.

TSLA’s total revenue increased 98% year-over-year to $11.96 billion in its fiscal second quarter, ended June 30. Its income from operations grew 301% from its year-ago value to $1.31 billion, while its non-GAAP net income improved 258% year-over-year to $1.62 billion. The company’s non-GAAP EPS increased 230% year-over-year to $1.45.

Analysts expect TSLA’s revenues to increase 49.3% year-over-year to $13.10 billion in the current quarter, ending September 2021. A $1.38 consensus EPS estimate for the current quarter indicates an 81.6% rise from the same period last year. TSLA has an impressive earnings surprise history as well; it beat the consensus EPS estimates in three out of the trailing four quarters.

Over the past month, TSLA gained 6.5% to close yesterday’s trading session at $686.17. The stock gained 107.8% over the past year.

Stellantis N.V. (STLA)

Based in the Netherlands, STLA designs, engineers, manufactures, and sells passenger vehicles, pickup trucks, SUVs, and light commercial vehicles worldwide. It offers luxury, premium, and mainstream vehicles, as well as financial services, and parts and services, and also provides retail and dealer financing, leasing, and rental services.

On July 6, STLA announced its investment in Vauxhall’s Ellesmere Port manufacturing plant, which will become the first STLA plant to produce a solely battery-electric vehicle, in both commercial and passenger versions, by the end of next year. This is in line with the U.K. government’s decision to stop sales of pure petrol and diesel engine vehicles from 2030. The project is expected to garner significant returns for the company amid sustainability initiatives worldwide.

In May, STLA and Hon Hai Precision Industry Co., Ltd., together with its subsidiary FIH Mobile Ltd., formed a non-binding memorandum of understanding to form Mobile Drive, a joint venture aimed at accelerating development timelines to deliver innovative in-vehicle user experiences. Through this partnership, the company expects to push the boundaries in connected car technology and provide immersive digital experiences to its customers.

STLA’s net revenues increased 270.2% year-over-year to €72.61 billion ($85.55 billion) in the fiscal six months ended June 30. Its net profit stood at €5.80 billion ($6.83 billion), up 627.7% from the same period last year. Its cash flows from operating activities came in at €5.62 billion ($6.62 billion) over this period.

A $182.87 billion consensus revenue estimate for the fiscal period ending December 2021 indicates a 12.8% increase year-over-year. The Street expects the company’s EPS to rise 202.8% from the prior year to $4.02 in the ongoing year.

STLA gained 18.4% over the past month to close yesterday’s trading session at $21.68. The stock has gained 32.8% over the past six months.

Click here to check out our Automotive Industry Report for 2021

TSLA shares fell $1.91 (-0.29%) in after-hours trading Tuesday. Year-to-date, TSLA has declined -5.66%, versus a 19.54% rise in the benchmark S&P 500 index during the same period.

About the Author: Subhasree Kar

Subhasree’s keen interest in financial instruments led her to pursue a career as an investment analyst. After earning a Master’s degree in Economics, she gained knowledge of equity research and portfolio management at Finlatics.

More…

The post 2 Auto-Manufacturers Up More Than 6% in the Past Month appeared first on StockNews.com

Furthermore, global EV sales rose by around 140% year-over-year in the first quarter of 2021. And auto manufacturers are now placing an emphasis on broadening their product portfolios and ramping up production to meet the increasing demand. The International Energy Agency (IEA) anticipates the EV industry will witness “healthy growth” during this decade.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/6v3ry11KSOw/380514

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Why Steve Jobs’s Passion for Calligraphy Is an Important Example for You

By intentionally exercising your creative muscle, new opportunities naturally follow.

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By intentionally exercising your creative muscle, new opportunities naturally follow.

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August 8, 2021 5 min read

Opinions expressed by Entrepreneur contributors are their own.

In 1972, Steve Jobs took a calligraphy class at Reed College based on campus posters he saw after dropping out. The poster fonts themselves were artistic enough to catch his eye, and he audited this class, despite knowing the class would earn him no credit towards a degree.

Today, designers and marketers alike have nearly unlimited fonts and creative user interfaces for our digital devices. In a world dominated by ones and zeros, we all owe Jobs a debt of gratitude for bringing creativity into the world of technology.

Jobs was certainly hooked on the creativity of calligraphy. But there were additional creative foundational elements the class instilled in his mind that many business owners can use to reshape their brand and compete at a higher level.

Related: 4 Ways to Unlock Your Inner Creativity

Creativity: It’s a muscle you can exercise

All human beings are born creative and have the ability to exercise and develop their creativity muscle.

We encourage our children to experiment, express and explore creatively. Drawing outside the lines is not frowned upon until you register for a class in architecture.

As we begin our journey into reading, writing and arithmetic, however, the outlets for creativity diminish. Without consistently expressing ourselves, like muscle atrophy, our creative muscles also lose their strength without exercise.

Jobs intuitively knew to expand his creativity muscle when he invested his time into a calligraphy class at Reed. In his 2005 commencement address at Stanford, he spoke about his calligraphy class, saying,

“I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can’t capture, and I found it fascinating.”

Taking a class or course that focuses on creativity for no other reason other than artistic expression can naturally cross over into creativity in business.

Related: The 4 Key Learning Styles and How You Can Use Them to Learn, Teach, and Grow Your Business

Processes: Learn from alternate industries

We learn primarily through our vision. Our minds are wired visually and with tens of millions of images vying for our attention, but we can only process a very small percentage of it.

Remember the last time you were going to buy a car? Before you decided on that Subaru, you may have never noticed them on the road. After you narrowed down your search, you see them everywhere. That’s our brain filtering content with our reticular activating system.

Unfortunately, with limited resources of time and visual acuity, we tend to only learn from leaders in our own industry. I’m pretty sure Jobs had no intention of creating wedding invitations as a calligrapher, but as he immersed himself into the art of calligraphy, the act of calligraphy opened up creativity in other areas. Calligraphy not only boosted his creativity muscle, but during the creative process, creativity naturally spilled over into other areas — computers.

In the book, I, Steve: Steve Jobs in His Own Words, Jobs famously stated, “A lot of people in our industry haven’t had very diverse experiences. So they don’t have enough dots to connect and they end up with very linear solutions without a broad perspective on the problem. The broader one’s understanding of the human experience, the better design we will have.”

If you are in the services industry, study manufacturing best practices. This can even be applied to segments inside your industry. If you are involved in marketing, study economics or history.

Experiential: Power off the computer

While drawing curves with ink and paper are a serious separation from the bits and bytes of the computer world, there is an unspoken element of creativity and muscle memory that is often overlooked.

Handwriting.

A recent study by John Hopkins University demonstrated the power of experiential learning specifically with the written word. While writing by hand is going the way of the Dodo bird by the ease of a computer keyboard, this study found we shouldn’t be so quick to discard the pencils and paper. In a study of 42 adults learning Arabic, handwriting helped the participants learn the language surprisingly faster and significantly better than learning the same material through typing or watching videos.

Jotting down ideas or journaling by hand has been shown to unlock increased creativity in our minds and in our work.

Flow: Power off your brain

Creativity, like losing weight, can’t be honed in a single session. Moreover, anyone who has had brilliant ideas in the shower knows, the removal of distractions opens up your creative juices.

There is immense value in emptying your mind, meditating or going for a walk in the woods. We can certainly glean ideas from other works of art, copy, and business models. But, modifying an idea is not the same as creating one. There is a clear distinction between evolution and revolution. Both have their place, but most significant breakthroughs in business and society come not from the evolution of an idea, but through revolution of a completely new way of looking at the world.

Switching off the distractions and putting yourself in a fresh environment creates fertile ground for exercising your creative muscle.

Being creative, mindful and curious can unlock hidden value in your brand. It wasn’t just the skill of calligraphy that Steve Jobs had picked — it was a mindset to think creatively and give something a unique touch.

Related: Steve Jobs and Albert Einstein Applied the Concept of ‘No Time’ to Boost Their Creativity. What Does It Entail?

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