Five Traits That Are Vital to Thrive As An Entrepreneur  

NY Weekly Staff on March 29, 2022

 

You are finally ready to go out and launch the business of your dreams. Congratulations! That is so exciting that you are on the course to be your own boss. Now, just like how certain traits (such as self-driven, goal-oriented, and accountable) help employees thrive while working for companies, there are a number of traits that will help new and veteran entrepreneurs succeed in their ventures. Are you wondering what these traits might be and if you possess them?

In my experience as the co-founder and Operating Partner of CiteMed and through my discussions with other business owners in my network, I have pinpointed some traits that are essential for entrepreneurial success. Here are five personality traits that will help business founders thrive and ways to cultivate them in your own life:

High Risk Tolerance

The only thing guaranteed in entrepreneurship is uncertainty — you will never know for sure if a new marketing initiative, sales tactic, or your entire business idea will flourish or flop. The entrepreneurs who succeed in the long run are the ones that take this uncertainty about the future in stride and understand that high risk can mean high rewards. They are willing to risk investing capital and effort into new sales and operational strategies because they know that staying comfortable and “safe” will not equal long-term prosperity. 

That all said, if you want to thrive as an entrepreneur and see your startup reach new heights, forge ahead with the confidence that you can always pivot your business’s operations to adapt to any changing circumstances you face. Our society and the world as a whole are always shifting, and your business can shift and change as well. One way you can build your risk tolerance and confidence is by reading inspirational books written by other successful entrepreneurs who were once in the same shoes that you are currently in. 

Sales-Savviness

If you want your business to take off, it is vital to be sales-savvy. So many entrepreneurs overlook the need to be able to successfully promote and sell what they bring to market — they are much more laser-focused on building their business, optimizing their website’s design, their products’ packaging, and then they think the sales will start pouring in. However, how will that happen if no one even knows about the business and its offerings? So sales savviness is absolutely key for business longevity.

If you’re wondering how you can cultivate this trait, it’s all about educating yourself. Check out local or online sales seminars, ask other business leaders in your network about their top sales strategies, or take an online course. There are also so many books available that are centered on sales tactics — check out top-rated sales books on Amazon and start reading!

Empathy

Coinciding with the last point, in order to be savvy in sales, you must have empathy. If you don’t have a true, authentic interest in how your customers feel and the challenges they face, you won’t be able to level with them and gain their trust in you and your business. Being empathetic is pivotal for delving into the “whys” of your target buyers, which in turn will help you sell more of your business’s offerings and boost brand loyalty. People are more inclined to give their business to companies or people that they feel really understand them as human beings and want to help them solve the problems they face. 

So how can you cultivate empathy in your entrepreneurial journey? It all boils down to striving to be of service to others and getting to know your customers as real human beings, not just consumers who can boost your bottom line. You can do this by volunteering in your local community, mentoring, or simply calling your clients to see if there are any challenges they are facing that you or your business can help them with.

Resilience to Rejection

Trust me when I say this — there will be many times that you hear “no” when you are growing your business. Potential customers will decide at the last minute to hold off on making a major purchase, investors or suppliers may reject your business proposals, other business leaders you want to partner with may say “no” to your ideas, and the list goes on. The entrepreneurs who are resilient to rejection will be the ones who thrive in the long run. They don’t let rejection bring them down, but rather, they see it as an opportunity to shift gears and take their enterprise in an exciting new direction. This is the kind of mindset that brings success. 

One way you can become much more resilient to rejection is by reciting daily affirmations that help boost your overall confidence. You can also swap stories with other entrepreneurs in your network, which will help you understand that you are not the only one whose ideas are shut down sometimes — having that support group can be very helpful for staying driven, inspired, and motivated when faced with adversity. 

A Still, Calm Mindset

In order to make the best decisions possible for your business, it is pertinent to have stillness of mind amidst the daily hustle and bustle of entrepreneurship. There will be crazy, hectic weeks, incredibly stressful deadline days, and moments where you feel completely overwhelmed with the workload — being able to maintain stillness of mind during these times will be critical for making clear and calculated decisions that bring the business closer to its goals. It is so important to do this rather than be reactive to the stresses of the day and make a hasty decision without considering how it coincides with the business’s long-term objectives.

You can cultivate stillness of mind by implementing a meditation practice into your everyday routine. Scheduling just 10 minutes of meditation every morning can help you start the day with a calm mindset. Another way to practice stillness of mind is by taking five minutes to write down three hopes for the day and three things that you are thankful for in a journal. Taking this “me time” can help clear your mind and start the day on a positive note. Also, I advise making a rule to not check your personal social media channels until your lunch break — starting your day off with a bombardment of messages can really distract your focus and raise stress levels.

To Wrap It All Up

Many traits are paramount to maximize your potential as an entrepreneur, but I have found that business founders truly thrive when they have a high risk tolerance, sales-savviness, and empathy. Other traits that are crucial for entrepreneurial success are a resilience to rejection and stillness of mind. Business leaders who cultivate these traits are the ones who will have great longevity in their ventures.

Ethan Drower is the Co-Founder and Operating Partner of CiteMed, which is revolutionizing the European Union Medical Device Regulation (EU MDR) process. Literature Search and Review is the cornerstone of medical device companies’ Clinical Evaluation Report, and CiteMed has made this process more streamlined and optimized than ever. The CiteMed team was formed to deliver a high volume of beautifully written and formatted Literature Reviews on timelines that will enable companies to meet their EU MDR goals. CiteMed’s top goal is to help companies get their medical products to market as quickly as possible, all while maintaining state-of-the-art compliance with the European Commission regulations. A renowned business expert, Ethan educates others on the fundamentals of launching a successful software product, tips for aspiring entrepreneurs, and more. www.citemedical.com

How Remote Business Owners Can Prevent Burnout & Stay Sane While Working from Home 

NY Weekly Staff on March 29, 2022

 

Do you manage your own business from home? If so, you likely love all of the many benefits of the work-from-home lifestyle: not having a long and inconvenient commute to and from an office, lower overhead costs from not having to pay for a workspace, the ability to wear pajamas every single day if you wanted to… the list goes on. However, there is one big issue that plagues many home-based business owners at some point or another: dealing with burnout.

In my journey of managing both the Live Lingua online language school and Podcast Hawk (a SaaS product that helps people get booked on podcasts) from home, I’ve seen firsthand how vital it is for home business owners to take preventative measures to keep themselves from getting burned out. I, myself, have experienced a huge bout of burnout in the past and know how much it can negatively impact a business owner’s motivation, inspiration, and entrepreneurial fire, ultimately posing a threat to their company’s growth and progression.

That all said, here are my tried-and-true tips on ways to prevent burnout while managing your business from home each day.

Stick to a Daily Work Schedule

Understand that there will always be more emails to respond to and a mountain of tasks to complete. However, this doesn’t mean you should work 10-12 hours a day or late into the night to try to get more things done — overextending yourself is a recipe for burnout! In order to keep your morale, motivation, and entrepreneurial spirit high, it is vital that you set a schedule of your daily working hours and make it a priority to stick to it. Shut down your computer at a certain time each day so that you can recharge and maintain a healthy life balance. 

Take Breaks — You Deserve It!

In an in-office environment, coworkers will want to take lunch breaks with you or meet you in the break room for coffee and a quick chat. You will also sometimes leave your cubicle or office for in-person meetings with colleagues. However, while working from home, it is so easy to spend hours staring at your computer screen without getting up to take any breaks. There is also a high probability that you don’t even take a real hour-long lunch break to relax and regroup — you just eat a quick meal at your desk while sending emails to your team members.

To get a productivity boost in the middle of the work day, take a much-needed break! Go into the kitchen to make a healthy and delicious lunch that you will really enjoy and then go for an invigorating walk around your neighborhood. You can also go grocery shopping or run another quick errand to give your brain a break from staring at your computer screen. Or, simply take half an hour to sit outside in your backyard, meditate, and breathe in the fresh air! Breaking up the day will help re-energize you and prevent an afternoon slump in productivity. 

Work in New Environments

Every morning, do you usually just wake up, make a cup of coffee, and then start answering emails right away? This can definitely get monotonous and lead to burnout — consider switching up your environment once or several times a week by taking your laptop to work elsewhere! You can work in your favorite local coffee shop, in your city’s library, or even in a park if you have a portable wifi hotspot. Getting a change of scenery each week can help spark new ideas for client strategies — on top of this, you may end up connecting with other home-based business owners that you can partner with on future projects!

Make Time for Your Hobbies

The last thing you want to do is be a workaholic that constantly stresses over business tasks. To recharge and recuperate throughout the workweek, engage in your favorite hobbies on a regular basis. For example, make time for that weekly pottery class you’ve always wanted to do or plan to meet up with your friends at a hot yoga session every Wednesday morning. Or, if you love to read, take the time to relax on the couch with a fantastic book each day. Taking part in your favorite activities is a surefire way to prevent burnout and stay balanced.

Take a 1-Week-Long “Rest Vacation” At Least Once a Year

This has been absolutely pivotal in keeping me balanced and preventing burnout. Way earlier in my entrepreneurial journey, I was incredibly burned out and filled with stress from not taking a day off for years. My wife saw that I was struggling and then surprised me with a 1-week vacation at an all-inclusive resort — it completely changed my life and reignited my entrepreneurial passion! By the end of the trip, I was completely rested, happy, and excited to get back to work. This vacation was a total game changer for me. 

I recommend all business leaders to take a “rest vacation” for one week at least once a year. During a “rest vacation”, it is vital to disconnect from work entirely — let your employees and associates know that you won’t be available for calls and that you will have extremely limited time on the internet and for answering emails. Keep in mind, however, that this shouldn’t be a trip where each day’s schedule is packed with sightseeing tours! The goal is to relax and recharge by lounging by the pool, getting beachside massages, and simply resting.

After a few days, you should feel de-stressed, re-energized, and at ease. Also, by the 6th or 7th day, you will likely be excited to get back to working on your business! You may even realize that your productivity and work output is much higher than usual for months after your trip! 

Summing It All Up

Burnout can be drastic for home-based entrepreneurs, as it can cause them to lose motivation and forget why they started their companies in the first place. If you manage your own enterprise from home, prevent burnout by sticking to a daily work schedule, taking much-needed breaks, and working in new environments. Also, make time for your favorite hobbies and take “rest vacations” every year! These preventative measures will help you keep burnout at bay and always stay motivated and excited about your entrepreneurial pursuits. 

Ray Blakney is the CEO and co-founder of Live Lingua, a renowned online language school. Live Lingua offers a unique and immersive approach to mastering a new language, as it pairs users who want to learn Spanish, French, German, Chinese, and more with their own hand-picked, certified, native-speaking tutor for online teaching sessions. An award-winning, Filipino-American entrepreneur, speaker, and podcaster, Ray builds and helps others build 6- and 7-figure businesses on a bootstrap budget using SEO. www.livelingua.com

The Caregiving Shortage is Getting A Helping Hand from Health Tech and Digital Tools to Help Older Adults Aging in place

NY Weekly Staff on March 29, 2022

 

The 72 million Boomers in the US represent one of the largest generations. And, they are still the wealthiest generation, holding $3.2 trillion in direct spending power and more than 54% of household wealth. As they get older they will need caregivers whether hired, professionals, or family members. But even before they may be ready for these caregivers globally, we are already suffering from a caregiver shortage.

According to AARP, 77% of adults 50 and older desire to stay in their homes as they age. Yet, the American Health Care Association (AHCA) and National Center for Assisted Living (NCAL) report cites a steady decrease in workforce levels at nursing homes nationwide (a net loss of 220,000 jobs between March 2020 and October 2021) and in assisted living (a net loss of 38,000 jobs during that time frame). Many people agree that in many cases caregivers are under-compensated for the work they do. Yet, frequently the people needing these services can’t afford to pay more. When the financial burden is too great, caregiving falls on the nation’s 53 million family caregivers. Family caregivers provide an estimated $470 billion worth of free care—often at great personal cost. This is a problem that begs for a solution. The combined long-term care and home-based care for those aging in place totals $390B according to Pivotal Ventures research.

Health care providers and Medicare rarely pay for long-term care in nursing homes or in-home help. Even private long-term-care insurance sometimes doesn’t cover all these costs. But the need for professional caregivers, caregiving skills, and tools will become greater with each year that passes. If something isn’t done to address this need not only will older people lack the care they need but it can put unnecessary health strain on younger caregivers and create more health problems than health benefits.

Technology can assist in caregiving

Technology can assist to help lighten the caregiving burden for caregivers. This will help with member retention and engagement too if caregivers can see health benefits and receive the necessary support to help fill the care gaps. Plus technology can help empower older people to manage some of their own care better. They can learn to monitor their health, manage their own care plans, and connect directly with medical professionals from their homes.

There are a variety of tech tools that can be utilized in one’s home to help address caregiving burdens. If health care providers encourage the use of these tools and help their members be educated on how to effectively use them to improve aging health, they can have life-altering impacts.

Smart Homes – Smart tech can help make older people’s homes more age-friendly. While smart tech requires an initial investment in the long run it can help you save money on bills, reduce travel time, and prevent needless worry.

  • Fall Prevention – Voice command or motion-detecting devices can allow you to turn lights on and off without risking a fall from walking in the dark.
  • Reduce Costs – Smart thermostats and other smart electronics can be connected to apps on one’s phone. Caregivers or older adults can turn devices on and off from anywhere to save on expenses, especially when no one is home.
  • Set Reminders – Voice assistants can remind people to take their medicine on time and not forget important medical appointments.
  • Monitoring Movements– Smart doorbells can let residents see who is at the door without opening it. Cameras can also be used to help monitor older adults when caregivers can’t be there.
  • Safety – Smart locks can lock doors automatically when people leave, allow for select people to come and enter a home without keys, and provide a simple solution to forgotten keys, especially when multiple people have codes.

Health Tech – People are paying more attention to their health from gadgets like smartwatches, monitors, and telehealth. These devices allow medical professionals, loved ones, and patients to monitor health around the clock. Some of these health tech options are even available free or at a reduced cost in select Medicare Advantage plans.

  • Smartwatches and other devices can help monitor health and send alerts to doctors and other people if there are complications. These services can alert to increases in heart rates, falls, and other shifts in health depending on the device.
  • Telehealth appointments can help allow for therapy and simple check-up visits or returns to be done from the living room without extra travel. This reduces costs for both patients and medical professionals. Plus it allows medical professionals to attend more patients in the same time frame than they could if they needed to relocate regularly.

Social Tech – More and more people are turning to virtual means to connect, make friends, learn new skills, and find a sense of purpose. Socialization is not frivolous as social isolation “increases the risk of premature death from every cause for every race,” according to a 2019 study. While many people remember to stay physically and mentally fit one of the key social determinants of health is the social and community context. Offering opportunities to address this virtually can help create health equity for many people, especially those with limited mobility, special needs, and who have other mitigating circumstances. Virtual learning and social interaction not only provide fun activities but can offer key resources for care management, health literacy, and health education to help assist in managing chronic diseases and adhering to both outpatient and long-term care plans.

  • Online Communities provide a sense of purpose and passion. Communities like GetSetUp offer a safe space for older adults to learn, share, and create with peers.
  • Virtual Learning can help those being cared for learn skills that can make them more independent like how to use Uber to get to doctors’ appointments or to make video calls to help make caregiving check-ins easier.
  • Brain and Physical Health – Virtual learning helps with brain health and virtual fitness classes can be tailored to include classes in seated positions for those recovering from surgeries who require specific outpatient activities.

Customizable virtual classes on topics like Health Tech or Digital Tools for Caregivers allow multiple members the opportunity to learn together how to age healthier and happier. This helps reduce cost for plans, offers health education, and assures the adherence of care plans. Ultimately impactful ongoing virtual care in an empowering environment can increase CMS star ratings and help to foster better relationships between healthcare providers, medical professionals, caregivers, and members.

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