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4 Ways to Sustain the Mindset of Making More Money

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October 16, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.

Economic downturns make it more important than ever for entrepreneurs to secure the support they need to sustain profitability for their . Jennifer Kem, CEO of The Master Institute, knows from experience the pain of losing everything due to the drastic shift in the 2008-2009 financial crisis when she was forced to close her brick-and-mortar retail . Within a year, she was bankrupt, borrowing money from her mother, and knocking on literal and proverbial doors to see where she would find the next best opportunity to finance herself and her two daughters. 

Today, she is the CEO of two future-proof, eight-figure earning enterprises, both of which focus on brand strategy and marketing consulting for corporate and small businesses. As she watches the struggle and leaders pivot from the potential of profit loss, Jen feels passionate to offer both her story and the necessary tools that helped her to rebuild from a broke to a blockbuster business leader so that they can do the same. 

Related: Survey: The Top 9 Books Recommended by Millionaires

This is the Success Map, a four-part marketing strategy Jen has developed to keep business leaders increasing income and impact regardless of the state of the economy through mindset, messaging, marketing, and monetization. 

Step 1: Mindset

The first step of the Success Map is to master your mindset as a business leader. In challenging times you always have a choice: You can surrender to the struggle or approach it as an opportunity to lead. So many big brands that we encounter every day were born or became successful during recessions. was founded during the oil embargo of 1973. The marketing platform Mailchimp formed during the dot-com recession in 2001. The Great Recession in 2008 saw the creation of several startups like Uber and the popular vacation rental marketplace . If they can do it, so can you and here’s how: commit to a values-centered framework. 

There is a myth circulating the internet right now that the best way to discern business direction is to follow “what feels best”. But let’s be real, so much of the day-to-day workings of managing a business don’t feel like the most exciting things, but they are the necessary things. The key is to understand that if you’re going to put in the effort, it’s not about being “easy” or “hard.” Instead, it’s about being worth it. What makes work worth it is what Jen calls being “values-driven.” It’s a framework she uses to filter all her business choices around her values. Jen’s top values are autonomy, justice, generosity, leadership, and legacy. As she determines how she wants her business to grow, she ensures that every decision aligns with one of these top five values. 

Related: 10 Ways to Make Money During the Pandemic

Your core values are a commitment that allows you to stay motivated regardless of the state of the economy. Even if your return on investment is slowing, focus on your return on impact because when the economy improves, as it always does because it’s cyclical, your audience will remember you as someone who stood by your values and consistently supported them during the challenge. When you invest in your mindset, you go from sitting on the sidelines to being an active, energized entrepreneur, sharing, caring, and daring in a whole new way.

Step 2: Messaging

The second step to the Success Map is messaging. During difficult times, your audience needs support, so be sure to craft creative messaging that presents your brand as value-centered and community-conscious. During a number of economic downturns throughout history, we repeatedly have seen the success of businesses that provide for the needs of the community.

Here are a few content ideas to get you started: First, think of seven stories that highlight your approachability. What have you been through personally that that will help you to relate and empathize with your audience? Then, think of seven authority stories that emphasize your expertise in managing similar challenges, or, that offer a solution-oriented approach. In both your personal and professional experiences, what have you accomplished, learned, or achieved that shows your audience they can count on you as a source of support and invest in your offerings to meet their needs?

When you’re able to consistently craft empathetic and effective messaging, you’ll feel more confident in your marketing and your audience will better understand why they need you.

Step 3: Marketing

The third step to the Success Map is marketing. Believe it or not, in a bad or good economy, marketing always matters. During the pandemic, all businesses have been challenged to begin or build their business in the digital space. Even if you’re in brick-and-mortar retail, like she was back in 2008, you can sell online and/or market the expertise of your experience through courses, workbooks, virtual events, etc. (As we can all relate, she certainly wishes she knew what she knows now, back then!)

Related: House Hacking for Extra Income? Here’s How You Can Make Money and Preserve Your Sanity

Begin to think about how you can shape what you know into online revenue. Then, market your new offering. Marketing is simply letting people who need you know that you can help them. Don’t limit your creative process to just one idea, instead think of a few offerings and beta test them on your audience, then scale whichever one has the highest earning potential. Use pre-built marketing systems on social media platforms to spread the word about what you know and how you can serve your audience.

Step 4: Monetization

The last step to the Success Map is monetization. Now that your mindset, messaging, and marketing are all in alignment, you can focus on maximizing income through bettering your sales conversations and close rates. Monetization is simply inviting the people who already like and trust you to play a bigger game in their lives, using your expertise and experience to guide them. As you prepare your monetization strategies, think about how you can serve your audience in both online and offline markets, as both verticals can contribute to your revenue goal. 

If you’re a business leader who wants to ensure that your income is predictable and your impact palpable while your audience’s needs are being met, then make sure to have a values-driven mindset, supportive messaging, consistent marketing, and clear online and offline monetization strategies. Then keep yourself focused and protect your confidence through self-care practices and getting support from mentors, friends, and family. These frameworks have been so effective in future-proofing Jen’s businesses and can support you too, no matter what the state of the economy or the world.

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These Are the Core Elements Needed to Successfully Pivot Your Business

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October 19, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.

The says that the may be facing its most massive contraction since the Second World War. The massive amount of job cuts in line with the slowing of the US economy has made one fact obvious. Businesses facing this dire situation have had to adapt or face their demise.

Companies looking at changing their models to adapt to the crisis have been using the term “pivoting” extensively. We already know that a pivot is a hinge point that allows you to exert less force to move a heavy object. Inc. notes that, in , it’s a point that a company can leverage to grow itself and explore a new market related to its core product. In essence, it allows a business to develop laterally in the market. Several well-known enterprises have successfully pivoted during the pandemic, demonstrating that it can be done quite successfully once a company has a plan. Extending a business’s capabilities with the aim of long-term profitability and is what has driven so many enterprises to consider pivoting into related markets.

Related: 3 Big Ways Companies Are Pivoting

Enterprises pivoting to adapt

Pivoting successfully relies on seeing that the business has a problem and addressing it head-on. Believe in Banking mentions that changed its business model from being a music provider to being a tastemaker and podcast distributor. Initially, Spotify’s business model depended heavily on free users listening to ads. However, as the pandemic worsened, businesses had less income to devote to an ad budget. As a result, companies like Spotify that relied on that revenue were left out in the cold.

Instead of fighting for an ever-decreasing portion of the ad revenue pie, they decided to shift their focus. The company already had an audio distribution platform. Now it was time to monetize those free users by building original content. In a move that mirrored a few years ago, Spotify started buying up the sole rights to popular podcasts and drawing in users because of this exclusive content. In effect, the company found it’s pivot and shifted gears, without even needing to rethink its business strategy extensively.

Successful small business pivots

Corp Magazine notes that that have been hit by the Covid crisis are also pivoting into the online sphere. Some of these entrepreneurs already had companies that were forced to close their doors. Instead, they decided to their focus to teaching others and giving them an online platform to showcase their goods.

Related: 4 Tips For Pivoting Your Brand in the Current Crisis

These small businesses rely on trade shows, and other in-person meets to sell their products and increase their distribution. Online platforms offer them a chance to share the connections they made before the US government’s economic halt, in the hopes they could help other small businesses thrive. Companies like Moxe that already have an online presence have invested more in promoting their storefront than distribution to real-world locations.

Other small businesses have realized that the need for specific products remains, but getting them is not nearly as easy as they used to be. Smart farmers that have lost access to their primary market of upper-class restaurants can pivot into supplying directly to customers. Restaurants that no longer have customers to serve can either invest in a mobile app provider for delivery or offer their services as a “ghost kitchen.” These are extensible and long-term adaptations that ensure the business still has an income while the pandemic (and the associated economic slowdown) lasts.

The Core elements needed to pivot successfully

When a company intends to pivot, it needs to be aware of three key factors:

1.     Understand a pandemic-fueled trend

Because people have changed how they work, play, and shop, the only way a pivot would be successful is to consider the new trends in these areas. Remote work, along with an increased dependence on technology due to social distancing, provides ample opportunity to businesses who want to find new, exciting ways to capitalize on their market. Companies have shifted to using online storefronts and mobile apps to interact with customers. Those that embrace this new digital lifestyle stand to outpace their competition that is patiently waiting for physical meeting spaces to reopen.

2.     Extend the company’s existing business model

Successful pivoting doesn’t rely on entering a brand new space. Some companies are associated with doing certain things. Prada, for example, is known for making fashionable accessories. If a company needs to be successful in their pivot, they should look at related areas to their primary product. Prada’s new line of designer face masks shows that they leveraged their brand awareness to produce a viable product that appeals to a post-pandemic world.

3.     Pivots must be profitable and sustainable

If a business intends to pivot, it needs to be both profitable and sustainable. The product or service the company offers must preserve and enhance brand value, and encourage customers to buy into the new idea. Over time, the business will be able to switch over from its initial profit generation business model into a new one that’s sustainable over the long term in a Covid-affected world.

Related: The Pivot That Helped This Founder Get Into 10,000 Stores

Getting rid of inflexible businesses

While the economic depression the world will face is a scary prospect for businesses, it also offers a ray of hope. Inflexible companies will be the first ones to fold. Those that can’t adapt to the “new normal” will end up paying the price for building a rigid business model based on the idea that change will never come. The changing world will reward businesses with the foresight and the ability to change how they do business quickly.

Times of crisis tend to favor small businesses that can change their configurations quickly. Larger businesses that have to go through layers of bureaucracy tend to be much slower when they have to change. Pivoting allows a company to redirect itself while maintaining its momentum. During this pandemic, it’s the most effective method of ensuring that a business remains profitable over the long term.

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Ne-Yo Banks on Partnership With New Streaming Music App

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The R&B superstar talks about why he joined forces with LÜM and how it differentiates from the pack.

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October 19, 2020 4 min read

Opinions expressed by Entrepreneur contributors are their own.

Making it in Hollywood requires an entrepreneurial tenacity similar to that of Silicon Valley. Yet while both cities are in California, they’re worlds apart. The music industry is continuously being disrupted by new technologies innovated by entrepreneurs in Silicon Valley. Instead of swimming against the stream, Grammy-winning R&B star Ne-Yo has decided to jump in and work hands-on with a newly launched music app that’s getting artists paid.

The multi-platinum performer has announced his partnership with LÜM, a streaming and discovery application that enables emerging musicians to grow their fan base and make money with its in-app currency feature called called virtual gifting. It’s a model whereby greater community participation leads to greater rewards, allowing artists to leverage the service as an entrepreneurial tool.

Ne-Yo’s collaboration with LÜM differentiates from, say, Jay-Z’s approach to launching Tidal, which swam upstream by pulling the rap mogul’s music from Spotify (though he later reversed course on that). And it’s been informed by other music-and-tech cautionary tales, such as when U2 had their album pre-installed on all new iPhone 6 devices, to much consternation.

But those were early days. Today, the transition from successful recording artist to tech tycoon has become much more sophisticated. And by linking up with LÜM and its virtual-gifting platform, Ne-Yo has set out to be a leader amidst the hottest trend in technology, cryptocurrency, which is set to disrupt a financial services market that’s expected to reach $26.5 trillion by 2022.

Related: Wyclef On Staying Creative in the Pandemic, and Why He Loves Working With Women

“Tech has come to play a huge role in our lives, sometimes for the better, but sometimes disrupting systems that might have been better off left intact,” Ne-Yo told me in a recent interview just prior to LÜM rolling out its web and Android platforms. “Rather than complain about the challenges we’re facing as artists, it’s important for us to find new opportunities and embrace those tools that can help us rewrite the rules in a way that preserves the arts.” 

Artists can upload their content to the app, where fans can discover artists and circulate music by re-sharing songs with their friends so that the app becomes an ecosystem of digital assets traded and sold with its virtual currency, incentivizing artists to earn income. “LÜM is one of those rare tools — it’s totally changing the music landscape for artists who are struggling to make an income,” Ne-Yo added. “It’s laying the groundwork for independent artists and fans alike to see what the future of music can look like for them.”

LÜM’s virtual-gifting service is available without a minimum threshold of followers or video views. That’s in contrast to platforms like TikTok that maintain high thresholds, which makes this revenue channel unavailable to newly starting out/up-and-coming artists. As LÜM co-founder and CEO chimed in during our interview, “The virtual gifting feature has enabled us to provide tens of thousands of independent creators a new way to look at their careers — to help them build stronger relationships, network, collaborate and make real money.”

Related: Jermaine Dupri Talks New Role With The Beet and a Lifetime of Entrepreneurial Inspirations

Time will tell if LÜM meets Ne-Yo’s expectations, but the gambit is further proof that being an artist and an entrepreneur are two sides of the same coin.

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The Association of Entrepreneurs of Mexico will hold its annual summit on October 22

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The event will bring together entrepreneurs, investors, academics and representatives of the Senate and the Federal Government.

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October 19, 2020 4 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Next Thursday, October 22, the third Summit of Entrepreneurs of the Association of Entrepreneurs of Mexico (ASEM) will be held and this time they invite the country’s entrepreneurs to participate for free.

“Entrepreneurs are founders of companies that today are the country’s main employer and the engine of the economy. To the extent that we create conditions to promote entrepreneurship, we will be able to trigger the creation of more jobs, attract investment and contribute to GDP growth to accelerate economic recovery, ”says Jorge Corral, executive director of ASEM.

Each year, this summit will focus on the challenges that COVID-19 put to companies, the future of entrepreneurship and generating alternatives and support for the sector.

ASEM invites to attend the Summit all entrepreneurs and businessmen in the country, investors, representatives of accelerators, incubators and other entities that support entrepreneurship, and those who are considering undertaking. The transmission will begin at 6:00 p.m. through the WebinarJam platform. It will be a free event and those interested can register at this link .

The event will bring together entrepreneurs, investors, as well as representatives from the financial sector, academia, the Senate and the Federal Government. It will have three main activities:

  • Panel “financing alternatives for entrepreneurs”. As it is one of the priority issues for entrepreneurship, the current context of access to financing will be addressed, both for commercial banking and fintech alternatives, as well as expectations in the short and medium term and the actions that must be implemented from the beginning. public and private sector to guarantee greater access to financing.
  • Presentations of entrepreneurs overcoming the changes. Leading entrepreneurs from different industries will share how they have reinvented themselves and managed to grow in the current context.
  • Panel “programs and legislation for the economic reactivation of companies”. It will include talks with entrepreneurs, academics and representatives of the government and the Senate, since they are an important axis for economic reactivation through reforms or creation of laws and the implementation of programs. Best practices in these matters will also be shared globally.

Among the panelists and speakers will be Héctor Sepúlveda, co-founder of Mountain Nazca and investor in Kavak, the first Mexican startup valued at more than 1,000 million dollars; Dr. Ana Bárbara Mungaray, head of the Productive Development Unit of the Ministry of Economy; Ricardo Weder, founder of Jüsto; Senator Indira Kempis, member of the Economy Commission and of the Senate pro-entrepreneurship bench; Fernando Padilla, national president of ASOFOM; Diana Molina, Stripe’s Strategic Alliances Leader for Latin America; and Luis Ricardo Alvarez, executive director of Santander PYME, among others.

The purpose of having this plurality of voices is that the talks do not remain only in a conversation, but that they generate commitments and proposals to improve the environment in which business is undertaken and done in the country.

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