Weekend Favs September 29

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Weekend Favs September 29 written by John Jantsch read more at Duct Tape Marketing

My weekend blog post routine includes posting links to a handful of tools or great content I ran across during the week.

I don’t go into depth about the finds, but encourage you to check them out if they sound interesting. The photo in the post is a favorite for the week from an online source or one that I took out there on the road.

  • Sociograph – Gather analytics on your Facebook groups and pages.
  • Feedier – Collect customer feedback and offer your users rewards to increase response rate.
  • Segment Protocols – Eliminate data quality issues.

These are my weekend favs, I would love to hear about some of yours – Tweet me @ducttape

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How To Throw A Killer Office Party

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Office parties don’t always get a good rep. They’re often boring and forgettable – something people try to survive, rather than genuinely look forward to.

But believe it or not, it is possible to throw a killer office party that people remember for years.

4 Things Every Office Party Has. 

When you think about office parties, your mind may immediately gravitate towards one of the unforgettable parties held in the popular TV show The Office. Perhaps you recall the Classy Christmas party when Jim leaves only to find that Dwight has set up a snowman army in the parking lot and is hiding inside one of them. Or maybe you enjoy season two’s Christmas party where Michael Scott exceeds the Secret Santa gift limit and buys Ryan an iPod, only to become disappointed when he gets one of Phyllis’ knitted oven mitts.

If you aren’t into The Office, maybe you remember a party or two that you attended in a previous job. Whatever the case may be, almost everyone has an idea of what a fun office party should look like. And if you’re in a position of hosting or planning a party, you certainly feel the weight of good execution.

Whether you have a tiny or generous budget, here are some of the key ingredients to an unforgettable office party:

1. A Clever Theme.

Every good office party has a theme. While the holiday may dictate the overarching theme, there’s plenty of room for making each theme unique. Take Christmas parties, for example:

  • A classy Christmas party is always a nice idea. You’ll have some people who will dress up in cocktail attire, as well as others who put a humorous spin on the idea and wear hilarious Christmas suits.
  • A holiday traditions party is a good way to get to know each other better. Ask everyone to contribute one holiday memory to the party. This could be a favorite dish, a holiday festivity, a favorite soundtrack, or a classic movie.

If it’s a general office party with no holiday theme, you have even more flexibility. For example, you could try:

  • A fair-themed office party with cotton candy, popcorn, ring toss, and other games is perfect for late summer or early fall. This also makes for a great opportunity to have employees bring their families.
  • A murder mystery party is always fun and can be a fantastic way to get people involved in something as a group.

You’ll obviously be limited in what you can do, but having a specific theme always makes an office party more memorable.

2. Good Food and Drink.

Every party needs some good food and drink. If you don’t have time to make food, bring in a local caterer or grab some pre-made items from a nearby supermarket with a good bakery and deli. As for drinks, be sure to have a nice mix of alcoholic and non-alcoholic beverages so that everyone is able to enjoy themselves. (If there is alcohol, you’ll want someone to play the role of bartender. This will help prevent employees from becoming too inebriated.) 

3. The Right Timing.

Timing is always important for an office party. Most people won’t want to attend on the weekend (since it’s their time away from work), but you also don’t want to host one in the middle of a workday when people should be maximizing productivity.

In most cases, the best time to have a party is during the last hour of the workday. This permits people to get their work done and then enjoy the event. 

4. A Social Activity. 

Every unforgettable party needs some sort of event or activity to bring everyone together. This could be a game – such as Secret Santa – a team-building challenge, or a competition. Just make sure it has elements of luck and skill. Otherwise, you’ll inadvertently ostracize certain people. 

Start Planning Today.

The key to a successful office party isn’t a big budget or lots of flashy decorations. Instead, it’s thoughtfulness and careful planning. By accounting for elements like theme, food and drink, timing, and activities, you can ensure people have a good time and remember the event for years to come.

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How to Manage Your Small Business Debt

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By Douglas Hoyes

Launching your own business is undeniably an exciting but challenging endeavor. You can expect plenty of surprises as you’re starting out, which is why it’s critical to manage your company finances with as much diligence as possible to avoid accumulating more debt than your business can handle.

Some debt will actually be a good thing for your business, but it is important to treat business debt as an investment that should provide a return, rather than as just another loan. Here are some tips to ensure you manage your business debts wisely when starting a new business enterprise.

Plan ahead for startup costs

One of the most common risks that new business owners make is they don’t start with enough cash to cover their expenses in the early phase. This results in debt accumulation before they even make any money.

It’s critical to have a business plan in place before starting. Determine your costs and how long you think it will take before your business starts to generate some positive cash flow. Prepare for unexpected scenarios, like higher than anticipated expenses and lower sales.

This will help you decide how much capital you need to have available as you launch your new business. Ideally you should aim to have financing in place for at least your first year of operation. Establish a budget and monitor that budget religiously. Running low on cash can force you to turn to high-cost debt options that are not sustainable.

Be prepared for no salary

With most startups, there is a high chance that you will not be able to pay yourself a salary for at least the first few months or even a year. The problem here becomes how to keep up with both your personal expenses and your business costs.

First, don’t mix personal and business finances. Open separate bank accounts, one for your business and one for yourself. It is even wise to keep these accounts at different banks. If you have a business loan where you bank, your lender may be able to withdraw payment automatically from your bank account by something known as the “right of offset.” Having your personal accounts at a different bank is safer. Related to this, keep business debts separate from personal debts. Apply for a separate credit card for your business to avoid racking up personal debts for business expenses.

It is a good idea to have enough money saved up for your personal life for at least six to eight months, or until your business can throw a little cash your way. If you don’t, you may be forced to rely on personal credit-card debt to cover your living costs, adding to your overall debt load. If you do turn to credit card debt, make sure you have a plan to pay it down aggressively when you start earning an income. Debt repayment should come ahead of a better lifestyle.

Remember your tax obligations

Another form of undesirable debt is tax debt. It’s an issue faced by many of my self-employed clients. Unlike when you work for a company where they withhold your income tax contributions and remit them to the government for you, as a self-employed person, those tax contributions become your responsibility. If you have employees, or collect sales tax, you are also responsible for remitting these payments when due.

One of the first things small business owners often do when they’re tight on cash is to postpone making their required tax payments. Eventually this practice will catch up to you, as will the tax man.

Other Articles From AllBusiness.com:

  • The Complete 35-Step Guide for Entrepreneurs Starting a Business
  • 25 Frequently Asked Questions on Starting a Business
  • 50 Questions Angel Investors Will Ask Entrepreneurs
  • 17 Key Lessons for Entrepreneurs Starting a Business

Use debt as an investment

While debt is generally viewed as a negative, if used wisely, it can be a great tool for your business—but only if you view it as a strategic tool and not as a way to sustain your company.

Before you borrow, make sure you have a plan. What is going to be the return on the debt you take on? For example, if you are short on cash, but need to make an expensive purchase like a new software program, think before you borrow. Have you done all of your research? Will this new program give you more in return than what you will be spending on it? Apply the same approach for buying new inventory by making sure you are getting just as much as you’ve calculated you can sell.

Explore different financing options like leasing or receivables financing that allow for more stability than using your line of credit. And always have a business plan that accounts for debt repayment.

Avoid relying on personal assets

As I mentioned at the start, launching your own business is definitely a challenge and sometimes financial hiccups happen. No matter how tempted you might be to tap into your personal assets, such as your home or registered savings, I would strongly urge you to avoid depleting your personal assets to support your business. This is particularly true if your business is struggling. If you feel the need to do this, then it may be wiser to seek help with your existing business debt and learn about ways to consolidate your debt, or if necessary negotiate a restructuring plan.

If you take calculated steps and plan before you borrow, you are more likely to avoid the financial speed bumps that come with debt when starting a new business.

RELATED: Does Your Business Need a Cash Injection? Here’s When You Should Consider Short-Term Debt

About the Author

Post by: Douglas Hoyes

Douglas Hoyes is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates. He has over 20 years of experience helping Canadians resolve their debt problems. Douglas is also the author of the personal finance book Straight Talk on Your Money.

Company: Hoyes, Michalos & Associates Inc.
Website: www.hoyes.com
Connect with me on Facebook, Twitter, and LinkedIn.

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6 Common Business Startup Fumbles and How to Avoid Them

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Businesses of all types and in all industries face challenges as startups. While some obstacles are out of a business owner’s control, others are avoidable. In the spirit of football season, let’s discuss some of the most common “fumbles” startups face and how to tackle them before they set back your end game.

1. Failure to choose the right business entity type

Sole proprietor, limited liability company (aka LLC), corporation—the structure you choose for your business will affect you from a legal perspective, financially, and in other ways, as well. Selecting the one that’s not a good match for your company could put your personal assets at risk, result in paying higher tax rates, or create other disadvantages.

Carefully review your options before deciding on your business structure. I recommend enlisting the guidance of an attorney, accountant, tax advisor, and/or other qualified professionals to ensure you understand the pros and cons of each business entity type. 

2. Trying to do everything on your own 

New business owners often wear many hats (sales, operations, marketing, accounting, etc.) when launching their startups, but that doesn’t mean they’re all a good fit! While it can be tempting to undertake every aspect of your business, you might end up doing more harm than good if you perform tasks that you don’t have the expertise or time to do well. Although you might save money at face value, you could cost your business more in the long run if you make mistakes.

Carefully assess your skills and proficiencies, and be honest about your deficits. For example, if you’re not overly detail oriented or comfortable with using accounting software, you might save yourself time and headaches by outsourcing your bookkeeping activities to a trusted professional. 

3. Not having a strategy for achieving your goals

In business, as in the game of football, it’s not enough to recognize the goal line; you must also have a plan for getting there. Starting a business requires something akin to a football team’s playbook—you need to lay out “who” will have “what” responsibilities and “how” they will work together to score. Writing a business plan—even one that isn’t overly extensive—will help you chart your course.   

4. Not having any funds to fall back on

The pressures of starting a business can feel extra heavy when entrepreneurs need to worry about whether they’ll have enough money to keep the doors open from one day to the next. 

You can help avoid putting yourself in this uncomfortable position by carefully projecting your company’s financials and seeking funding, if necessary, to ensure you have enough working capital to support your day-to-day operations and backup capital to cover you in leaner-than-usual periods or unexpected emergencies. It could be advantageous to ask a business financial consultant or accountant to assist you with working through your projections, and SCORE offers a Financial Projections Template you might find helpful. 

Other Articles From AllBusiness.com:

  • The Complete 35-Step Guide for Entrepreneurs Starting a Business
  • 25 Frequently Asked Questions on Starting a Business
  • 50 Questions Angel Investors Will Ask Entrepreneurs
  • 17 Key Lessons for Entrepreneurs Starting a Business

5. Trying to make your business be everything to everyone

This is especially relevant to service-based startups. It’s terrifying to launch a company and not immediately have a full slate of customers on board to bring in revenue. However, when you take on any clients that come your way, without vetting whether they’re a good match for you, the results can be disastrous.

Clients that don’t fit your criteria for the “right client” will demand a disproportionate amount of your time and energy. When their needs aren’t well-served by your company’s established systems and processes, you may find yourself giving them far more attention, and giving your ideal customers less. Moreover, all the time you spend on the wrong customers will prevent you from having the freedom to look for more of the clients that are a desirable match for your business.

I suggest establishing the ideal characteristics you will look for in your clients. For example, a B2B software implementation company might set client criteria according to the vertical market, number of users, annual revenue, number of locations, types of systems that would need integration, etc.

Having a checklist of the required traits, and evaluating opportunities accordingly, may help you stick to your guns and turn less than desirable customers away.  

6. Not paying attention to your business compliance obligations

If you have formed an LLC or incorporated your business, there will be ongoing compliance requirements for keeping your company in good standing with the state where your business is registered. Companies that fail to fulfill those obligations or don’t take care of them by their deadlines may face fines, other penalties, or even dissolution of the business. 

Don’t let that happen to you! Find out what local, state, and federal compliance requirements apply to your business and track when you must accomplish them. Some of the many possible examples include:

  • Renewing business licenses and permits
  • Maintaining a registered agent
  • Filing an annual report
  • Paying quarterly taxes

When in doubt, contact the appropriate government offices and consider seeking the expertise of a business attorney, accountant, or another qualified professional who can offer insight. Also, an online business document filing service can help you complete and submit your compliance filings on time.

Kick off your business on the offense

As you launch your startup, I encourage you to play a clean, offensive game from the start—i.e., take action to avoid the common fumbles I have shared. It will reduce the amount of defensive effort you’ll need to put forth, and will better position your business for the win. 

RELATED: How I Turned My Hobby Into a Successful Business Venture

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10 Budgeting Tips to Keep Your Business Costs Down

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If you’re a small business owner, you know every dollar counts toward the success of your company. If you can keep your operational costs down, you can give your business the safety net it needs for when times get lean.

But learning how to effectively budget can be a challenge for many entrepreneurs, and is often the key reason small companies go out of business. To find out the best ways for companies to budget and lower their costs, we asked 10 members of YEC Next the following question:

Q. What’s one smart budgeting tip for small business owners to keep costs down?

1. Invest in smart employees

This answer might sound funny, but if you are running a small business, the smarter and more creative your employees are, the better off you will be. Rather than hiring people who can only work within the confines of their past experience, hire those who are versatile and able to learn to do tasks they have not done previously. Two or three versatile workers are better than five single-minded ones. —Bryan Driscoll, Think Big Marketing, LLC

2. Join an accelerator program

When starting a small business, it is important to surround yourself with mentors and resources that will help your business grow. By participating in an industry-based accelerator program, you will be aligned with mentors in your industry, gain assistance with perfecting your pitch to raise capital, and receive amazing networking opportunities in your line of business. —Jilea Hemmings, Best Tyme

3. Find yourself a coworking space

Push off the decision for permanent office space. There are a number of organizations offering office space for rent (some will include mail delivery, receptionists, etc.). Coworking spaces are rapidly gaining popularity, as they are a simple and affordable solution. Moreover, these environments are highly conducive to networking, and the organizations often hold events to support member growth. —Ryan Meghdies, Tastic Marketing Inc.

4. Outsource appropriately

The internet allows you to hire people anywhere in the world for various jobs. Identify high-value activities for the investment of your time, and delegate the rest. Figure out how much value your time is worth per hour, and if there is a task that someone can do for much less, then you know you should delegate it. —Shan Rizvi, Just Ads

5. Keep your processes simple

Don’t overcomplicate your business or get stuck paying high monthly fees by inflating your processes. The more you overcomplicate your processes—and the more products, attachments, plugins, and people you need to run them—the higher your costs. Keep things simple and effective, write down processes, and delegate as you grow. —Melissa Rautenberg, Latin & Code, LLC

Other Articles From AllBusiness.com:

  • The Complete 35-Step Guide for Entrepreneurs Starting a Business
  • 25 Frequently Asked Questions on Starting a Business
  • 50 Questions Angel Investors Will Ask Entrepreneurs
  • 17 Key Lessons for Entrepreneurs Starting A Business

6. Validate spend with data

As a small startup, it’s easy to believe that the answer to all of your problems is funding. In reality, most startups fail not because of lack of funding, but because of spending too quickly and misuse of funds. One way to overcome this is to first allocate a small budget toward testing and validating your assumptions. With this data, you can make better decisions on how to properly spend. —Kyle Wiggins, Keteka

7. Hire a bookkeeper

As a small business owner, you’re extremely busy. Oftentimes, keeping your books is bottom of the list—meaning it doesn’t get done. Hiring a bookkeeper ensures your books are current, as well as being done correctly. It’s near impossible to budget without having your books up-to-date. The small fee charged is well worth it so you can have accurate numbers and reports for accurate budget decisions. —Zack Hanebrink, HookLead

8. Use QuickBooks

Get QuickBooks and understand your finances. I’ve seen so many startups, too many times, not have a clear understanding on where every dollar is going in their early days. Capital and people are your lifeblood; track and understand metrics just like you do your product. —Ravi Kurani, Sutro

9. Audit regularly

All of the little charges add up. Spend time once a month reviewing charges and figuring out what recurring charges you’re not actually using. It’s easy to let these small charges slide, so try to stay on top of auditing and removing charges that aren’t necessary moving forward. —Ryan O’Connell, Boomn

10. Ask for discounts

You would not believe the number of products that have given us discounts just because we’ve asked. From time tracking to bookkeeping, to staple products like Sketch or Photoshop, it all adds up at the end of the month. So, we started asking for discounts on the tools we loved the most. It’s been amazingly helpful to get 10% here, 15% there, off products we couldn’t live without. —Justin Mitchell, SoFriendly

RELATED: The Best Ways to Finance Cash Flow Emergencies

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Sports Streaming Service Could Be On The Block After Company Splits

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The decision from Perform Group to split its consumer-facing DAZN streaming business from its largely betting-related content and data supply business could signal the latter unit is up for sale, according to industry sources.

Perform announced the split last week, saying it was forming “two distinct brands” out of its existing lines of business.

The business-to-consumer business, now called DAZN Group, will be led by original Perform founder Simon Denyer and will comprise the on-demand sports streaming business as well as consumer-facing websites Goal.com, SportingNews and Spox.com. These sites will now be more clearly focused on driving traffic to and acquiring subscribers for DAZN.

The remaining business-to-business activity, including sports betting data provider RunningBall and the Watch&Bet streaming arm, will continue under the moniker Perform Content with Ross MacEacharn continuing as chief executive of that business.

Brands will report to the same master

The group said the two brands will be run by separate governance structures but will report to one central board headed by long-term Perform chairman John Skipper.

The entire group is owned by Len Blavatnik’s Access Industries, which also owns Warner Music.

DAZN has to date been launched in Germany, Austria and Switzerland. as well as Japan and Canada. It offers unlimited access to sports coverage for a small monthly fee similar to Netflix and Spotify.

A hint at the main driver for the split came from the public comments of Denyer, who suggested DAZN had displayed “exceptional growth and execution” and that he wished to “focus our efforts around our primary growth engine.”

According to accounts for the year to December 2017 registered with Companies House in the UK, DAZN saw revenues hit £90.8m ($119.4m) while website media revenues fell 7 percent to £58.9m. However, costs associated with DAZN also soared to £114.7m helping to push up operating losses for the group as a whole to £214m from £50.8m.

What elements make up Perform Content?

  • Watch&Bet
  • Watch&Trade
  • RunningBall
  • Opta
  • OmniSport
  • Scout7

The content business, which also includes the Opta sports statistics operation, saw revenues climb 41 percent to £278m ($366m) for the past 12 months.

“It’s an interesting move and very typical,” said Simon French, analyst with Bixteth Partners in the UK. “They have these two parts of the pie and when they were integrated, they were coming out as less than the sum of the parts.”

One industry source added it was “clear that (DAZN) is the major strategic focus now.”

“I would say it’s more likely about growth than value, although the two are linked of course,” the source added. “Clearly, they are seeing this as the growth opportunity.”

Said French: “On DAZN, what’s not to like. It’s a direct-to-consumer, cord-cutting sports-led media play that sounds exciting. Without saying the m-word, it appeals to that elusive, high-disposable income audience. It will generate a lot of interest on the public markets.”

How does this affect Perform Content and DAZN?

What this means for the Perform Content business is less clear, however, with the source suggesting that “one possibility” would be that the unit was now effectively up for sale.

There would certainly likely be a lot of interest in Perform Content given recent corporate activity in the sports data supply sector.

Both Sportradar and Genius Sports were the subject of private equity investment in the summer.

In early July, Sportradar saw the Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based growth equity firm TCV buy stakes in the business which valued the firm at €2.1bn ($2.5bn). Meanwhile, Genius Sports was bought by specialist buyout firm Apax Partners for an undisclosed sum later that month.

Another industry source confirmed the possibility of a sale of Perform Content. “I wouldn’t be surprised if they sell Perform,” they said. “All the money is in the DAZN side of the (business).”

However, whether any of Perform’s rivals would get involved in any deal is more uncertain. Depending on the identity of the buyer, competition concerns would likely be raised in multiple jurisdictions.

French suggested there would be competition concerns if the likes of Sportradar bid for the business. “But the likeliest buyer would be private equity,” he added. “They could back the current management team and plump it up for a float, maybe in the US, in a few years once sports betting has bedded down.”

A fight for rights?

Speaking at the Betting on Sports conference in London last week, Nathan Rothschild, co-founder and partner at the sports data supply business iSport Genius (which recently signed a deal with DraftKings for the supply of a consumer-facing sports data platform), said he could see the appeal of the split.

“There is so much interest in sports data right now, on both sides whether it is B2B or B2C,” he said. “The opening in the US will only fuel both, though right now it is in the supply of data products to US sportsbooks where we see the most interest.”

One big question if Perform Content were to be sold relates to the data and AV rights the combined company has amassed. One way of looking at DAZN is that it is a product of the cast-offs rights from Watch&Bet, consisting of rights to non-domestic leagues and other international rights for the like of the Women’s Tennis Association, NFL and Federation of International Basketball (FIBA).

The company said in its statement that DAZN would “remain the main rights holding company” for the entire group.

The post Sports Streaming Service Could Be On The Block After Company Splits appeared first on Legal Sports Report.

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Yes, You Can Still Burnout Even if Your Business Is Your Baby

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“Follow your passion! Your work will feel like play! We promise!” is what we’ve heard from countless motivators, life coaches, best friends, and even parents. Their support of your dreams and passion is so necessary to help you get off the ground. Even when you feel like you did it all yourself, there is still a sense that there were countless people who needed to do just this one little thing to get you where you are.

It feels like a huge let down when your work doesn’t light you up the way you thought it might. I know exactly what that feels like to be successful but unhappy and overloaded with trying to keep up with the success I created.

Just trying to keep up can weighed on me like a ton of bricks that were toting around an enormous student loan for the heck of it. I was getting praised from all sides but every time a new patient contacted me, I’d die a little inside knowing that I didn’t have the time or energy to commit to more work.

Admitting that this happened to you is the hardest part.

It’s like telling everyone you’re getting a divorce from your high school sweetheart even though you two have always been known as ‘the couple.’ It’s breaking up something that other people have learned to believe in and rely on.

It’s inspiring to watch someone build a business and it’s crushing to watch it being torn down, even from afar. How do you admit, even to yourself, that this just isn’t it, even though you thought it would be? Even though it matches other people’s view of success from the outside? You stop for a moment and congratulate yourself on building something successful. Seriously, no matter what it feels like, building a successful business deserves a pat on the back.

Take a moment to soak it up. You recognize the hard work that got you where you are and you say thank you graciously when someone compliments you. You pay attention to harmony. Then, you use the information that you’ve gleaned from building this business to make your next move.

“The last 10% it takes to launch something takes as much energy as the first 90%.” – Rob Kalin

As an entrepreneur, forward movement is in your blood.

Instead of falling into a shame and blame cycle with yourself or anyone else involved in your business, you transform. You follow the breadcrumbs of what could come next and you take action to see what it will feel like.

You learn to follow your emotional reaction to your business building instead of the dollar signs. Your business transforms or is completely closed down and built back up as something different, and then you use your burnout story as inspiration.

You can share the process after it’s transformation, as a new part of your business practice and as a driving force for the good that you are now creating in the world. There is nothing more inspiring to people than a hero’s journey and every hero’s journey has a major challenge followed by a transformation. The thing that no one tells us about passion is that it grows and changes with us.

My focus went from medicine to Chinese medicine to burnout coaching – in my mind, all things on a continuum of the way that I like to talk to and help people. My passion of connecting with people and helping them heal is alive and well, but I don’t want to do it the way I used to nor the way I originally planned to.

Passion adjusts and grows as you learn and change.

I want it to grow with me, to transform alongside me as I mature and age. I realized when I don’t allow this, I burnout, over and over. Your commitment to one particular passion should last only as long as it lasts.

Everyone knows the longer you drag out a relationship, the worse the breakup is. Don’t propose to your business if she’s not the one you want to marry. Be honest with yourself about where you are and where you’d like to be. Make a list of the things that are working the way you like and the things that drain you.

“I have no special talents. I am only passionately curious.” – Albert Einstein

It’s always time to take the next step.

Maintain your forward progress, and keep your passion alive. At those first signs of boredom, take some action. Get a coach or coach yourself – but stay on top of your emotional reaction to your work.

Keep the fire lit by tending to it, and be sure there is enough wood already prepped to be thrown in. Have the tools ready: a poker, a shovel, whatever you might need but keep this at the forefront of your mind: once you let it extinguish, you have no choice but to build it up again from scratch.

It’s easier to keep a fire going than it is to build one.

This process can happen no matter how much you originally love your work. It’s easy to put on horse blinders and ignore the signs. The effort to build a business is gargantuan.

Keep that fire going by allowing it to change when it needs to and making sure you’re taking care of your business as much as your people. You weren’t wrong about your passion, you simply can’t know ahead of time how you’ll feel about doing anything in life. Clarity comes from action, as Marie Forleo likes to say.

If you’re at that point where you’ve found yourself to be successful but unhappy, don’t fret. You aren’t alone. I don’t know any entrepreneur who hasn’t been through this. The good news is you can use this as fuel, your passion can be reignited, and you can go on to recreate your business or create something new that is better than you could have even imagined.

How do you manage stress and the possibility of burning out? Let us know some tips below!

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The 6 Step Process You Need to Use When You Fail to Reach Your Goals

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Nobody wants to fail and everyone wants to succeed. Failure is a painful event and one that almost all of us work tirelessly to avoid. However, no matter who you are, failure is unavoidable. Not only that, as much as you hate to fail, failure is still necessary for your success. There can be no success without failure.

This is because when we fail, we tend to ponder, we search for the deeper meanings, and we grow in the process. Hence, do not shun failure. The key is not to avoid failure, but to learn how to manage it when it comes.

So when you fail to reach your goals, here is the 6-step process you can use to bounce back higher:

1. Failure is just your perception

The first thing you need to understand when you fail to achieve your goals is that failure is just your perception. Like what Henry Ford famously said, “Whether you think you can or you can’t, you are right.” You have to understand that there is no good news or bad news, it is just news.

Hence, when you fail, don’t treat it as a failure, instead, choose to look at it as an opportunity to learn and a lesson for growth. The difference between successful people and unsuccessful people is that successful people look at things from a positive perspective while the unsuccessful people look at things from a negative point of view.

When you fail, it doesn’t mean that you are a failure. You are only a failure when you choose to quit and give up. Remember, failure is just an event, not a person. Change your perception of failure and things will start to change.

2. Focus on what you can learn

The next step you need to do is to find out what you can learn from your failure. It is not easy, but once you switch your perception and look at failure as something good, things can change. A lot of people look at failure as the opposite of success, which is not true at all. Failure is not the opposite of success, it is part of it.

Tony Robbins said it wisely, “Success in life is the result of good judgment. Good judgment is usually the result of experience. Experience is usually the result of bad judgment.” Hence, when you fail to achieve your goals, ask yourself, “What does this mean and what can I learn from it?”

Focus on what you can learn and not the problem. When you treat failure as a lesson and you gained a new perspective from it, you become someone better and more worthy of the goal.

3. Remember your dream

The third step you can do is to remind yourself of your dream. When you see yourself achieving your goals and are living your ideal lifestyle, you feel motivated. This is important because one of the main reasons people fail to hit their goals is that they lose interest in what they want.

They started strong in the beginning, but as the days went by, their motivation started to fade and they were distracted by everything that is happening in their daily lives. As a result, they lose connection with their goals and eventually, they stop taking action and they give up.

Never let this happen to you. Make sure you think about your dreams and put your goals in your mind every moment.

4. Recall your purpose and rediscover your passion

The next step you should take is to recall your purpose and to reignite your passion. Remember, what gets you started is your purpose and what gets you going is your purpose. And you can’t go on without both. Your purpose is the lighthouse that guides you through the thick and thin. And your passion is the fuel that drives you to take action each day.

So rediscover your purpose. Why do you want to achieve the goals? Why do you want to reach your dreams? The stronger and the more emotional your purpose, the stronger the motivation.

5. Plan and recalibrate

Once you’ve reignited your passion, it is time to plan ahead once again and recalibrate your action steps. At this point, you should understand better why you fail in the first place. Maybe you are not taking enough action. Maybe your approach did not work. Or maybe you should just try again one more time.

Whatever you do, create a new plan and start over again. Never underestimate the power of planning. Like what Larry Winget said: “Nobody ever wrote down a plan to be broke, fat, lazy, or stupid. Those things are what happen when you don’t have a plan.” Your plan tells you what you need to do to reach your goals. And of course, the final step is about taking action.

6. Take action and bounce back

The final step is to bounce back by taking massive action. By now, you have only two options. One, you choose to sit and do nothing. This will never get you anywhere. If you are stuck in a rut, doing nothing is not going to help at all. You need to make progress, which leads you to option two: Take massive action.

Even if you are on the right track, you will get run over if you just sit there. Do understand that people don’t drown by falling into the water. They drown because they stay there. This is why you need to keep moving. Therefore, take massive and consistent action according to the plan that you have created.

Conclusion

Failing to achieve your goals is something common. Even Thomas Edison was said to have failed over 10,000 times. However, the difference was that Edison did not give up. He knew how to manage his failures and he did not see his failures as failures.

Like all successful people, Edison chose to look at failures as an opportunity to learn and grow. If you want to turn the situation around and bounce back to reach your goals, incorporate these 6 steps into your life.

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Mobile Payment Market May Hit $4.6 Trillion by 2023

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The value of the mobile payment market was $601 billion in 2016, and it will reach $4,574 billion (approx. $4.6 trillion) by 2023. These are the conclusions of an Allied Market Research survey. Incidentally, major companies in this market have enabled — or are planning to enable —Bitcoin payment features in their apps.


Survey: The Short-Message-Service Segment Will Continue To Grow

The payment for goods or services or exchange of money performed through smartphones and other mobile devices is surging exponentially.

The Allied Market Research study classifies the mode of the transactions into short message service (SMS), near-field communication (NFC), and wireless application protocol (WAP). And it concludes that the SMS is the segment that will grow the most. Specifically, “The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period.”

Global Mobile Payments Market
Although the mobile payment market is still in the maturity phase, customers rapidly appreciate how easy and convenient the method is. As a result, mobile phones are now replacing credit cards. Next, arguably, Bitcoin (BTC) 00 could eventually replace fiat money.

In effect, companies that dominate the mobile payment market today are already focusing on introducing Bitcoin and other crypto technologies for payment purposes.

Since Square, Inc. added Bitcoin trading features to its payment app, the value of its stock shares has skyrocketed. As of this writing, SQ is hitting a value of USD $100 per share, as shown in the chart below:

Mobile market

Square’s management remains optimistic about the penetration of Bitcoin and other cryptocurrencies into the mobile payment market. Consequently, the company relentlessly continues its efforts to expand the use of cryptocurrencies. For example, last August, the company tweeted that it was expanding the Cash App to all 50 U.S. states.

Additional Mobile Payment Company Jumps on the Bitcoin Wagon

On September 22, 2017, Square obtained approval from the U.S. Patent and Trademark Office (USPTO) for a new payment method patent that would allow merchants to accept any currency, including crypto ones. According to the filing document:

The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)

Likewise, USPTO granted MasterCard a patent for a method of speeding up cryptocurrency transactions, according to the document published in July 2018.

Glance Technologies Inc. is also enabling payments with Bitcoin. According to a press release dated September 18, 2018:

The new feature, Pay With Bitcoin, will enable Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin. Glance Dollars represent a credit that can be spent instantly at participating merchants within the Glance Pay ecosystem.

Headquartered in Vancouver, Canada, Glance Technologies plans to roll-out Pay with Bitcoin this fiscal year.

What do you think about the growth of mobile payment companies providing peer-to-peer and Bitcoin payment services? Let us know in the comments below.

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Images courtesy of Allied Market Research, Ameritrade, Shutterstock, Twitter/@CashApp.

The post Mobile Payment Market May Hit $4.6 Trillion by 2023 appeared first on Bitcoinist.com.

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Ripple Taking a Proactive Approach to Cryptocurrency Industry

Ripple Cryptocurrency Industry 2018

Ripple, Cryptocurrency–While Ripple is no longer the sole arbitrator of the XRP currency, the company has managed to find relevance in the cryptocurrency space in addition to being a primary driver for the shape of the industry.

Last week came the announcement of a new partnership with PNC using Ripple’s ledger-based software, a system that would provide international money transfer for a fraction of the current time and cost need to do so. While the particular program chosen for cross-border transactions by PNC does not involve the direct use of XRP for liquidity, the partnership does provide a strong marker of adoption for the overall field of cryptocurrency and blockchain. PNC represents one of the largest banks in the United States with over 2400 branches in 19 states, in addition to holding a 22 percent stake in the trillion-dollar investment firm BlackRock. Despite the lack of XRP being used directly in transactions, the currency saw a double-digit price appreciation in the days following the announcement, no doubt related to the growing recognition for both Ripple and the uses of cryptocurrency in fintech. Ripple was also careful to include XRP in the discussion of growing bank adoption, stating that the process of converting to banks to cryptocurrency for improved transactions required a nuanced and stepping stone approach–with the ultimate goal of moving towards use of XRP directly.

While Ripple has been no stranger to acts of philanthropy and spreading the more positive virtues of cryptocurrency, Thursday saw the announcement of yet another charitable project being spearheaded by the company. Called “Ripple for Good,” the new program involves a $105 million venture for education and financial inclusion projects, with $25 million coming directly from the blockchain startup company and the rest being raised via donations. Education is paramount in the areas Ripple is looking to affect with the new charity fund, particularly the fields of math, technology and science with an additional emphasis on financial technology (fintech).

As other cryptocurrency projects and members of the industry look for ways to grow their products financially, which has often involved the short-sighted pursuit of exchange listings and other esoteric features, Ripple continually finds a way to spearhead the evolution of the entire crypto landscape. By emphasizing education in a charitable manner, Ripple is signifying to the broader public that cryptocurrency is not one of scarcity or greed, and that the accumulated riches of a booming industry are going to poured back into the foundations of society. Contrary to the typical image of cryptocurrency, which has either been painted with the criminality surrounding online narcotic purchases and The Silk Road scandal, or via the incessant overnight millionaires being purported by mainstream financial outlets during 2017’s end of year bull run, Ripple is creating a new perception for crypto.

As if all of that were not enough, the company has also found a proactive approach for handling its relationship with XRP. Ripple may be the primary holder of XRP (with 60 billion coins locked in escrow) and undoubtedly has a hand in the direction of the currency’s adoption, but has managed to regain trust from the cryptocurrency community through its effort to decentralize the coin as much as possible. Ripple has managed to elevate the virtues of cryptocurrency, with decentralization being a necessity, without outright abandoning XRP. If anything, the company’s actions have helped the currency thrive over the last several weeks despite 2018’s catastrophic downturn in cryptocurrency valuation.

The post Ripple Taking a Proactive Approach to Cryptocurrency Industry appeared first on Ethereum World News.

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