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Lessons from Ted Lasso on leadership

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October 13, 2020 5 min read

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

Opinions expressed by Entrepreneur contributors are their own.

I have always believed that film and television provide very good lessons for entrepreneurs, both in our personal and professional environments. When I saw the new Apple TV Plus series , Ted Lasso , it immediately made me want to write about it. It is a comedy produced by and starring Jason Sudeikis ( Saturday Night Live ), whose plot revolves around Ted, a football coach who is invited to England to coach a Premier League team. In addition to being a light and funny story (which will be liked by fans and not soccer fans), each episode has elements that we can take up for the leadership of our companies and projects. These were the ones I found:

1. You have to enjoy the process

For Ted, the objective is not to win (something that, clearly, is not well seen among managers), but to enjoy each training session, each game, each defeat and each triumph. If the only mission of your business is to make money and all efforts are aimed at it, it is likely that you will not be successful.

2. Motivation changes from person to person

Ted knows that Jamie (the young star) doesn’t respond to the same motivators as Roy (the veteran). He knows each of his players and knows what moves them. Not all employees are motivated by money or position, there are those who prefer greater freedom, others greater decision-making capacity. If you want to keep everyone on your team motivated, identify the interests of each one.

Image: via GIPHY

3. Learn to listen to EVERYONE

Nathan is the team’s water carrier, but he has very interesting suggestions on how to work with the players, as well as proposals for plays. Ted not only listens to you, but values your opinion and executes your recommendations. This can happen in your company: you never know where the best ideas can come from.

4. In a team, the “I” does not exist

Great teams are not made of a few stars, but of groups of people who know how to trust each other. Jamie is a great player, yet he is always looking for personal glory. When Ted gets her to understand, not only does his vision change, he even wins the victory.

5. Humility gives you greatness

Ted arrives in England without understanding about soccer and its rules. This generates a lot of criticism from his team and the media. But his attitude is never arrogant, he knows his limitations and understands that he must seek the support of others. As an entrepreneur, you will never be an expert on all issues, don’t pretend that you can solve everything alone; lean on those who know about it.

6. Look for the meeting points between your team

Before the arrival of Ted, the AFC Richmond had several disagreements between its members. Little by little, Ted finds points where everyone feels identified and gets to know each other better. This happens in all teams: there are people who get along, and others who don’t, but a good leader manages to minimize differences and enhance coincidences.

Image: via GIPHY

7. The key is in the people

Ultimately, the reason Ted becomes a loved and respected leader is because his true interest is in the well-being of the people, and that includes everything from the principal, to the assistant, and every single player. When an entrepreneur understands this is when he succeeds.

8. New talents + experience

Young players infuse AFC Richmond with vitality and energy; while the “veterans”, the experience. Try to put together a team that can give you both: young people learn a lot from the more experienced and vice versa.

9. Surround yourself with people who are not afraid to tell you the truth

When Ted is wrong, his assistant isn’t afraid to confront him and give his opinion. Don’t add people to your team who always tell you what you want to hear; look for people who complement you, add value and are honest with you.

10. Never underestimate the element of surprise

When AFC Richmond takes on the far superior Manchester City, Ted uses several surprise plays to confuse them and lose their confidence. Your best tool as an entrepreneur to face the big competitors is to innovate, to try different things from what others do. By imitating what is already being done, you will get nowhere.

11. Bonus: Create

From the first day Ted has been a coach, a sign with the word ” Believe ” hangs in the locker room. This is a motivating message for everyone on your team: When there is self confidence, there is no impossible.

Image: via GIPHY

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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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