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Have You Entered the World of Social Commerce?
Dec 3rd
The importance of social media to your small business is nothing new, of course. But the tips we’ll cover in this post take the effort to a whole new level. Are you doing all you can with your social media efforts? If not, here’s a way to do more.
Social Sales & Marketing
Have you entered the world of social commerce? Possibly the most important trend in social media today is that you no longer need to use this tool just for marketing. Here’s a look at how to convert all those fans to customers with an approach that is becoming popular with businesses large and small. DIY Marketers
Facebook engagement ads can build your business? If you plan to advertise on Facebook, what better way than to use that advertising to increase your own fan base? Creating an army of fans and potential customers for your brand has never been easier. Here’s how. The Rise to the Top
Social Influence & Effects
If you follow no other Twitter accounts, follow these. Small Business Trends is proud to be on the list, but we share that honor some other very worthwhile tweeps. Please take the time and check out these awesome resources. You won’t regret it. Buzz Small Business Magazine
Social media and your employees. Social media can empower customers and small businesses alike, but what limits are you permitted to put on the social media activity of your employees? This important report looks at what employees can and can’t say about your business online. WSJ
Another kind of social business. With the focus on social media for business these days, another social business idea sometimes gets lost in the shuffle. As his article suggests, even in a tough economy, social ventures may make good business sense. NY Times
Social Media Tips
Social media: tool or trouble? We’ve probably all read the positives about what social media marketing can do for our business, but what about the flip side? Yes, social media has a darker side leading to distraction and loss of productivity. Fortunately, there is a way to avoid the potential risks. Annemarie Cross
Is social media really working for you? You’ve engaged in social media marketing to benefit your business. But are you really getting all the benefits possible from your efforts? Use this checklist to decide whether there are things that might make your efforts more effective. Fox Business
Targeting & Branding
The rise of the niche community. While Facebook, Twitter and LinkedIn may still be the big kids on the block, the rise of the niche social network specially targeted to a specific interest group can be another important tool for marketing your small business. BBC
Using blogs to boost your brand. In this video, branding and business coach Isabelle Mercier shares a tip about using other peoples’ blogs to promote your brand. Blogs are the original social media, and getting others talking about your product or service can be a great social media benefit when marketing your business. LeapTV
Final Thoughts
It’s all about relationships. In the end most online social marketing serves the same purpose as social interaction in the face-to-face world. It’s maintaining those relationships with customers that’s really important. Here are some steps toward successful online relationships. PitneyBowes
Have You Entered the World of Social Commerce?
View full post on Small Business News, Tips, Advice – Small Business Trends
Self truth (and the best violinist in the world)
Nov 17th
The other day, after a talk to some graduate students at the Julliard School, one asked, “In The Dip, you talk about the advantage of mastery vs. being a mediocre jack of all trades. So does it make sense for me to continue focusing on mastering the violin?”
Without fear of error, I think it’s easy to say that this woman will never become the best violinist in the world. That’s because it’s essentially impossible to be the one and only best violinist in the world. There might be 5,000 or 10,000 people who are so technically good at it as to be indistinguishable to all but a handful of orchestra listeners. This is true for many competitive fields–we might want to fool ourselves into thinking that we have become the one and only best at a technical skill, but it’s extremely unlikely.
The quest for technical best is a form of hiding. You can hide from the marketplace because you’re still practicing your technique. And you can hide from the hard work of real art and real connection because you decide that success lies in being the best technically, at getting a 99 instead of a 98 on an exam.
What we can become the best at is being an idiosyncratic exception to the standard. Joshua Bell is often mentioned (when violinists are mentioned at all) not because he is technically better than every other violinst, but because of his charisma and willingness to cross categories. He’s the best in the world at being Josh Bell, not the best in the world at playing the violin.
The same trap happens to people who are coding in Java, designing furniture or training to be a corporate coach. It’s a seductive form of self motivation, the notion that we can push and push and stay inside the lines and through sheer will, become technically perfect and thus in demand. Alas, it’s not going to happen for most of us.
[The flipside of this are the practioners who bolster themselves up by claiming that they are, in fact, the most technically adept in the world. In my experience, they're fibbing to themselves when they'd be better off taking the time and effort to practice their craft. Just saying it doesn't make it so.]
Until we’re honest withourselves about what we’re going to master, there’s no chance we’ll accomplish it.
View full post on Seth’s Blog
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The Jedi Masters of Today’s Business World
Oct 21st
“You stay in the game, play it right and don’t give up.”
I find so much inspiration from people who are going through great personal or professional challenges and difficulties with grace, poise and perseverance.
They are today’s Jedi Masters to me. They put one foot in front of the other, stay in the day, stay in the game and don’t go too far out. The times are choppy and stormy, but not impossible to navigate. It just requires different skill sets and a flexible mindset.
There are three areas that have been impacted by great external change that has forced us to go through great internal change. Slowly people are shifting, getting into motion and accepting reality.
1. Being in Business
Consumerism is consistently changing and being shaped by demographic shifts, culture trends and technology. Boomers are still consumers but their prime time has passed. Generation X is 11 percent smaller than Boomers and they are bogged down with raising families and debt. Generation Y is looming and aging up but they don’t have the the jobs yet to give them more income clout. Regardless of these dynamics, people continue to buy, spend and create trends. Businesses need to be fluid, innovative and fun today.
2. Careers and Jobs
Unemployment of 9.1 percent and 14 million people out of work may not seem like all that much, but it is having a much greater impact because even the people who are working are making less and spending less. The idea of having a career has changed dramatically. Having a career now means having a job, regardless of what your expertise is or what you studied in college. Work of any kind where you can use your key skills, learn new ones and make a difference is better than no work.
3. Family and Community
We live in a multicultural, extended family world today. What families and community looks like now is diverse, open and nontraditional. People are finding new ways to connect to each other. Traditional families, single parents, no kids, extended families, and families of friends are all unique and working.
People who go with the flow, find ways to get through and make the best of each day with what they are given are today’s Jedi Masters to me.
Here are 10 commonalities I see in the mindset and approach they take to their lives and businesses:
1) They see the silver lining and focus on the lesson.
2) They are proactive and take thoughtful actions.
3) They surround themselves with a support system that they use and tap into.
4) They serve others and get outside themselves.
5) They allow themselves to embrace and go through the uncomfortable emotions.
6) They see how their experience can benefit others.
7) They take actions they may not yet believe in.
They have faith and spirituality.
9) They focus on what they can control.
10)They exude an intangible energy that impacts others and attracts people to them.
Thank you to all of the Jedi Masters of life and business who continue to inspire me daily.
Image from AlexeyRumyantsev/Shutterstock
The Jedi Masters of Today’s Business World
View full post on Small Business News, Tips, Advice – Small Business Trends
10 Richest Heads of State in the World
Oct 19th
They say that being in the top job of any organization is stressful, but that the pay is worth it. It seems the same is true when it comes to the government — as these super-rich heads of state show. Who says working in the public sector has to pay badly?
10. Sebastián Piñera ($2.4 billion)
The incredibly rich but strangely robotic-looking Sebastián Piñera is the lowest in our set of billionaires, with a “mere” $2.4 billion in his pocket. The head of state was originally involved in managing a number of major companies, such as Apple Chile, broadcaster Chilevisión (which he owned 100%) and Chilean airline LAN — with investment in the latter greatly contributing to his personal fortune. In 2010 he graduated to become the “CEO” of his entire nation after being elected President, and in the same year the country’s economy grew by 5.2% — proof that his money-making abilities carry over into the political arena, as well? The Chilean numero uno also currently ranks at number 488 in Forbes’ list of the world’s billionaires. Now, if only all his money could do something to make him look less like the Terminator.
9. Hamad bin Khalifa Al Thani ($2.4 billion)
Sheikh Hamad originally came to the throne after deposing his father in a bloodless palace coup in 1995. The Emir of Qatar represents his country on state visits and is responsible for leading its development of oil and natural gas resources. The results can be seen in his $2.4 billion bank balance. The military-focused emir, who was educated at England’s Sandhurst Military Academy, has also served as his county’s Minister of Defense, and previously brought in an extensive program of modernization to Qatar’s armed forces. He also has three wives and twenty-four children. A good thing he has plenty of money to pay for babysitters!
8. Mohammed VI ($2.5 billion)
The King of Morocco, Mohammed VI, made his billions through inheritance of his family’s vast fortune and his country’s massive reserves of phosphates. As the ruler of his country, he wields vast executive powers, which he has used to undercut the sacredness of the monarchy and increase the power of the prime minister. He has also introduced reforms to make the more corrupt sections of his government more accountable to the public — although some people think these pro-democratic measures have not gone far enough. Mohammed also has a pretty hefty bank balance: he’s reputed to be worth $2.5 billion dollars, and has the sharp suits to prove it. Some people must just be born lucky.
7. Hans-Adam II ($4 billion)
Despite being the head of state of the tiny European country of Liechtenstein, Hans-Adam II is one of the wealthiest rulers in the world and easily the richest in Europe. He beats more famous monarchs like Britain’s Elizabeth II and Beatrix I of the Netherlands hands down, which has got to be pretty embarrassing for them. Despite being royalty with vast inherited wealth, Adam worked hard for his money: not only does he own the LGT banking group; he was put in charge of the family’s finances at the age of just 27, and did such a good job that today their total wealth amounts to over seven billion dollars. As of 2004 he has formally turned over many of his powers to his son, Prince Alois. Let’s hope the kid makes as good a job of it as the old man.
6. Silvio Berlusconi ($9 billion)
There’s a joke that the official unit for measuring political corruption is called a “Berlusconi.” Shady dealings (Berlusconi has been accused of embezzlement, tax fraud and bribery of judges amongst other things) have certainly helped the Italian leader and entrepreneur get ahead in the world: he’s not only officially the fifth richest head of state but the longest-serving leader of a G8 country, the owner of Italian football giants A.C. Milan — not to mention an investment company that controls Italy’s largest private TV stations — and is constantly seen on the arm of women decades younger than him, to boot. If that’s bad behavior, we’re not sure we want to be good. Mind you, with a list of gaffes that includes passing laws solely to slow down prosecutions against him, referring to Obama as “tanned” and comparing a German MEP to a concentration camp guard, maybe being in his shoes wouldn’t be worth the $9 billion.
5. Mohammed bin Rashid al Maktoum ($12 billion)
Mohammed bin Rashid al Maktoum is perhaps surprisingly low on our list at number five. In 2009 Forbes put his fortune at $12bn, but the ruler of billionaire playground Dubai used to be even wealthier, with a fortune in excess of $18 billion. When the late-2000s recession struck, however, the Sheikh lost a lot of money and was even forced to ask neighboring Abu Dhabi for a handout when the markets tumbled. Through investment firm Dubai World, Al Maktoum has control of companies such as port operator DP World Ltd and real estate developer Nakheel Properties, and through the latter has helped to craft the landscape of Dubai, including the distinctive fake archipelago, The Palm Jumeirah. His official website summarizes him as a “Leader,” “Equestrian” and “Poet.” We’d add “staggeringly wealthy Sheikh” to that, as well.
4. Khalifa bin Zayed Al Nahyan ($15 billion)
The President of the United Arab Emirates and Emir of Abu Dhabi acquired his considerable wealth from a combination of real estate investment, inheritance and oil. Due to his father’s ill health, he had been forced to be acting president before assuming the post proper in 2004. He is widely regarded as a pro-Western modernizer by the US, although he is also seen as “distant and uncharismatic” (according to communications published on Wikileaks). Mind you, the head of state is also the third wealthiest monarch in the world, with assets totaling over $15 billion. Who needs charisma if you have that?
3. Abdullah bin Abdul-Aziz Al Saud ($18 billion)
The current King of Saudi Arabia isn’t quite the King of this rich list, coming in at number three. Still, with a massive family fortune of $18 billion behind him — built on the back of his country’s unprecedented oil reserves — he isn’t exactly short of a penny either. The former Saudi Arabian National Guard commander has always had a close relationship with the US, making frequent state visits to its presidents and expressing support for George Bush, Jr. on the second anniversary of the 9/11 attacks. He’s also apparently a big fan of America’s current president, saying “Thank God for bringing Obama to the presidency,” according to private communications revealed by Wikileaks.
2. Hassanal Bolkiah ($20 billion)
The Sultan of Brunei comes in second on our list with a personal fortune estimated at $20 billion. With wealth gained from his country’s vast reserves of oil and natural gas, he has a dynasty behind him believed to be one of the oldest still in existence. The absolute monarch has also used his riches to ensure that citizens of his country have no personal income taxes, free education and universal healthcare — making him pretty much a one-man national healthcare service. Imagine if Obama were able to do this in the US.
1. Bhumibol Adulyadej ($30 billion)
With a fortune estimated at $30 billion in 2009, King Bhumibol Adulyadej is the richest head of state on the planet. The King of Thailand is revered as a demigod in his own country — where he is deemed legally “inviolable” and any criticism aimed his way can lead to a lengthy stretch in prison. The king’s personal fortune is massive: he owns large stakes is several private companies — including Sammakorn, SCG and Thai Insurance PLC — and also has vast land holdings (although government suits stress that the latter do not form part of his personal wealth). In 2008, Forbes estimated that Adulyadej was worth $35 billion, but declines in real estate and stocks meant the figure had dipped $5 billion by the following year. Evidence that the king does return some of the love he receives from his people comes in the form of the various donations he has made to Thai development projects, in areas ranging from agriculture and public health to water resources and public welfare. See, it’s not all take.
Bonus: Vladimir Putin ($40 billion)
Former President (and very probably President-to-be) Vladimir Putin claims his net worth is a relatively modest $150,000, but the Russian head of government is strongly suspected of being far richer. Whistleblowers like former fellow government member Ivan Rybkin and political scientist Stanislav Belkovsky have claimed that the President controls secret assets in oil and natural gas companies like Gazprom and Gunvor… to the tune of more than $40 billion. These allegations have not been proven, but if they are true he would be richest by far of the guys on this list and certainly deserving of a place at the top — even if he has acquired his fortune by means fouler than they are fair.
View full post on Business Pundit
World 3.0 Global Prosperity and How to Achieve It
Sep 19th
Which one of these coping strategies sounds most like you?
- I’m putting my nose to the grindstone and working as hard as I can to get results that don’t seem to match the level of work and stress I’ve put in.
- I see myself as a rowboat in a vast economic ocean being swayed in the direction of the tide.
- I’m not going down with this economy! I’m going to figure out better ways of thinking about my business and the world that I’m competing in.
- I’m not sure what to think or do anymore!
Personally, I find myself somewhere in between all of these on any given day. Then, when I see the political left and right screaming and pointing fingers at each other, I get depressed because what I’d really like to hear is a little less criticism and a lot more even-handed analysis of the data and the facts behind this economy so that we can make better, sounder business decisions.
It’s with this mindset that I picked up the latest book from my reading pile, World 3.0: Global Prosperity and How to Achieve It. I received this book from the publishers and set it aside for a while. It seemed a bit overwhelming at the time; a hardcover with over 300 pages of heady text and another 100+ pages of references. It was written by Pankaj Ghemawat, a professor of Global Strategy at the IESE Business School in Barcelona who served as a faculty member of Harvard for over 20 years and is known as the youngest “guru” included in The Economist‘s 2008 guide to the greatest management thinkers of all time.
World 3.0 has some interesting insights that will inspire you to think differently about the world and maybe give you some fresh ideas on how to position yourself for success.
Are We Really as Globalized as We Think?
In World 3.0, Ghemawat says we aren’t even close to being globalized:
- Only 2 percent of students are at universities outside their home countries.
- Only 3 percent of people live outside their country of birth.
- Only 7 percent of rice is traded across borders.
- Only 7 percent of directors of S&P 500 companies are foreigners.
- Less than 1 percent of all American companies have any foreign operations.
- Exports are equivalent to just 20 percent of GDP.
- Some of the most vital arteries of globalization are badly clogged: Air travel is restricted by bilateral treaties and ocean shipping is dominated by cartels.
- Less than 20 percent of venture capital is deployed outside the fund’s home country.
- Only 20 percent of shares traded in stock markets are owned by foreign investors.
- Less than 20 percent of Internet traffic crosses national borders.
When I saw these statistics, it was clear to me that my “flat world” perception of over-globalization was a little exaggerated.
Ghemawat argues that instead of seeing the world through our lenses of the past–with a protectionist viewpoint or a “world is flat” viewpoint–we must start looking at our world through a new 3.0 view. This view more realistically incorporates the facts and acknowledges the opportunities and increased consumer choices opened up by technology.
Inside World 3.0
Ghemawat does a masterful job of clearly and methodically guiding the reader through his thesis. In fact, my fears of the book being too dull, boring and academic were completely unfounded. Ghemawat’s writing tone and style are easy to read, follow and comprehend. He uses analogies and references that are interesting and engaging.
I had the impression that Ghemawat uses more international references from different parts of the world than some of the writers I had been reading. This made me chuckle when I realized how ironic it was that my view of globalization was formed by the limited circle of writers I was following.
The book is divided into three parts:
Part1: The Possibilities: In this part, you’ll get reference points and context about the World 0.0, 1.0 and 3.0 worldviews.
Part 2: Seven Possible Problems: This section outlines the seven problems (I’d call them fears) that most people have about globalization and then puts them into perspective.
Part 3: The Choices: These last four chapters give you the perspective and the tools to start making better decisions for your business.
What I Loved About This Book
Ghemawat does a brilliant job of sharing his research and factual data in a calm, rational way. His tone and writing style didn’t evoke much emotion in me, freeing me up to actually process what was being conveyed in the material.
There is enough well-documented research in this book for you to reference and form your own opinions. With over 100 pages of references, this book is a virtual encyclopedia on the topic of globalization.
Ghemawat’s advice is rational and straightforward. He encourages business owners to take a step back from the emotional rhetoric and focus on their business goals. Then use the data references he provides to start making decisions based on the data that are relevant to your business.
Read It and Share It
This book is an outstanding description of how we’ve come to see the world and create our opinions and perceptions about globalization. It’s an ideal gift for the economic or business historian in your life and required reading for anyone running a business in today’s economy. And if you, like me, are looking for facts and data in an ever more opinion-heavy media, you’ll find this book a refreshing and interesting read.
World 3.0 Global Prosperity and How to Achieve It
View full post on Small Business News, Tips, Advice – Small Business Trends
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