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How to Avoid Letting Emotions Control Financial Decision-Making

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As a business owner or entrepreneur, your success will, to a large degree, be determined by how well you  manage the financial resources  you have at your disposal. And, if there’s one mistake you don’t want to make, it’s letting your emotions control financial decision-making Emotions and Decision-Making Emotions can screw up your decision-making – that’s an idea that behavioral scientist  Francesca Gino explores and confirms  in an article published in the Harvard Business Review. Gino touches on a number of different aspects of emotion-based decision making, but one of the most interesting takeaways is a Wharton School study she highlights. In the study, participants were asked to estimate the weight of a person based on nothing more than a picture of the person. Participants were told they’d be paid based on accuracy, which provided ample motivation After providing estimates, they watched a short video clip. Some participants viewed a  Natio...

How to Make Better Decisions to Move Your Business Forward

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Inside of your business, there are three levels of decision-making. The problem is, most  entrepreneurs  are unaware of this, so they simply make whatever decision they think is best. In the beginning this is fine, because you build initial success and momentum through trial and error. It helps to be the entrepreneur who breaks things and innovates, but as you scale your business from six to seven figures, you need to evolve from an entrepreneur into a CEO. You need to own your business so it no longer owns you, which requires a  different level of thinking . Within your business there are three types: Reactive decision-making Proactive decision-making Strategic decision-making In the beginning, most entrepreneurs base their decision-making on reactive thinking. You move at a fast pace, so it's near impossible to strategize and come up with a plan. Your aim is to elevate through these three levels until you base the majority of your deci...

7 Factors That Make a Brand Stand Out

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Image credit:  Bloomua | Shutterstock.com The world is drowning in brands. There are  more than 28 million small businesses  in the United States, and even more mid- to large-size businesses that increase that number further. Even if only a fraction of those businesses compete with yours, that’s an overwhelming number to deal with in an age where information is plentiful and digital exchanges are commonplace. To make matters even more complicated, all those brands are competing with one other for visibility by using marketing and advertising campaigns to clamor for their target audience’s attention. If you want any hope of your own audience noticing your brand among this mass of competition, you need to stand out. How can you do that? By making sure your brand has, and demonstrates, these seven important qualities: 1. Originality First, your brand needs to be original. If you attempt to mimic a competitor’s brand, people won’t ha...

Why Fear Is Your Ally in Business

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Image credit:  Shutterstock In business, good decision making is critical to the bottom line. The challenge for every business professional, however, is that decisions of consequence summon  fear . But fear, although overwhelmingly characterized as a negative experience, is not all bad. When positioned as an adversary, fear frustrates progress. Yet, when recognized as an ally, it can offer incredible insight. Here’s the thing: How you decide to navigate fear will affect your success in business. Why not make it a powerful weapon in your arsenal? Position fear as your ally and capture these three levels of insight: 1. Heightened awareness. It’s true that the devil is in the details. But people often miss them. Distractions are everywhere. In the midst of chaos and confusion, however, fear sends this powerful message: Pay closer attention. If you submit, you are rewarded with new avenues of perception. With an expanded vision of what’s possib...

4 Ways To Use Storytelling To Build Your Brand

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Imagine  you are launching an innovative washing machine business; your revolutionary washing machines are small enough that even renters can easily utilize your product. Since renters are not accustomed to investing in their homes, you have the tough job of convincing young consumers to make the splurge on your expensive appliance.  What do you do? While data and specs will be an important part of your consumer education process,  stories are much more likely to get attention and build an emotional connection between consumer and product . Stories will help you close more deals, and grow your business.  Tell stories. If you don’t know where to start, keep it simple.  Look through articles and pictures that relate to your industry as well as your customers’ needs until something catches your attention; use that piece of inspiration to spark a fictional story, or to remind you of a real experience that could be...

7 Tips for Setting Goals for Success as an Entrepreneur

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DocuSign, one of San Francisco’s leading tech companies, offers an array of products and services that drive business transactions for its more than 85 million users worldwide. The former start-up e-signature company is now a major provider of cloud-based document transaction management platforms that allow instant access and interaction, anytime, anywhere. DocuSign currently assists almost a quarter of a million businesses in achieving their goals for greater operational efficiency. Much research has shown that business professionals who create a set of conscious, well-thought-out goals for themselves and their companies are more likely to achieve long-term success. Companies that fail to innovate through setting and following through on defined goals tend to languish while their competition pulls ahead. Here are a few pointers that many experienced entrepreneurs have cited: 1.   Be SMART in defining your goals. SMART goals are  S pecific,  M easura...

12 Things You Can Do Now To Improve Your Financial Life

A vow to improve your financial state is the sort of grandiose statement that usually accompanies New Year’s resolutions. Fortunately, however, actually achieving this goal could be among the most tangible objectives on this year’s list. Improve your financial life  today  by taking action on one of the following: Educate yourself. Do you know what an IRA is? What is the sales tax rate in your state? How often do you expect bank statements; do you know what all of the terms on your statement mean? You can’t make sound financial decisions if you don’t know anything about finances, so take the time to pick up the phone and call your bank, grab a book from the library or spend some time online regularly furthering your financial education. Save. Finish this sentence: “A penny _____ is a penny earned.” You guessed it: saved! A penny saved is a penny earned, that goes toward your grocery bill, to fund a trip, put gas in your car, or provide for a child. Pennies...