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Entrepreneur
an hour ago
- Business
- Entrepreneur
This Mindset Can Protect Your Business From Costly Mistakes
Opinions expressed by Entrepreneur contributors are their own. There is the old Russian proverb, "Trust, but verify," made famous by a former president's comment on a nuclear weapons treaty. To me, that particular verbiage signals a negative connotation, which is why I prefer the phrase "trust and verify." The desire to trust others remains an intricate part of business. Something within us wants to believe most, if not everything, that our employees, clients and vendors proclaim. However, one of the most valuable lessons learned in my 20-plus years as an entrepreneur involves verifying essential information that I instinctively want to trust. Based on most guidelines, we are a small company. That means our senior staff devotes considerable resources to recruiting potential employees and marketing our services to what we believe will be profitable and long-term clients. Fortunately, most of these relationships create productive employees and profitable clients. On the other hand, lies the reality that one poor hire or an underperforming account can hurt our bottom line. That's precisely why it's essential to verify key information before extending an employment offer or signing a contract with a client or vendor. While subjective, my new strategy delivers fewer disappointments and more revenue. Related: Protect Your Company From Resume Fraud Employment verification Applicants often submit pristine resumes that highlight their incredible experience and accomplishments. I am fortunate that so many excellent candidates desire to work for my organization. Yet, sometimes, that shining resume contains false, inaccurate or misleading information. An offer is extended and accepted, only to determine months later that the fantastic new hire did not or could not deliver. Do you or your staff routinely confirm employment timelines, performance claims or educational levels? If not, I recommend you begin immediately. A 2024 survey referenced in HRO Today, a leading human resources website, found that over half of employees admitted to lying on a resume. When discrepancies arise, ask the applicant to explain. Evaluating their reaction may offer insight into how they can handle pressure or difficult situations. Naturally, an outright fabrication doesn't deserve a second chance. Move on and devote your efforts to finding employees who fit your needs and the organization's culture. Customer verification The same holds true for clients and customers. You may spend months or years working on a list of prized prospects and finally land that big whale. Your team invested countless hours and valuable marketing dollars to deliver that sought-after signature. Then, the excitement may fade later when the prized account consistently fails to pay promptly or doesn't provide the promised business. Does someone on your team research prospects to confirm vital information regarding their reputation or financial solvency? How do their clients or customers rate the company? We once fired a Fortune 100 company when their accounts receivable hit 180 days. Becoming a lender isn't our forte, so severing the relationship made sense. Confirming our payment expectations can save both parties time and money. Related: The 7-Step Guide To Finding the Right Clients and Avoiding the Ones Who Waste Your Time Vendor verification Verifying vendor information hits home with me. As a CEO, I devote significant time not only to staying informed about my industry but also to keeping up with trends to increase market share and revenue. Some digital marketing firms I retained promised substantial website traffic or backlinks, but only provided dismal results and an expensive invoice. While some marketing strategies are subjective, performing due diligence on their claims and contacting other clients may have impacted our decision process. No one can argue that artificial intelligence remains a growing tool for both businesses and consumers. For example, hiring qualified human transcriptionists (labor cost) is our most significant expense. Does it make sense to employ AI platforms to transcribe client files and possibly reduce labor costs? To answer that question, I wanted to measure the accuracy rates of companies that offered AI transcription services against experienced and qualified human transcriptionists. Keep in mind that we strive for and guarantee a 99% accuracy rate. Can the great AI machines match or exceed such a high goal? The answer is no. For this exercise, we gathered 14 files from various industries, ranging from a single speaker (a short monologue) to a board meeting with more than 20 speakers, and compared accuracy percentages from the first 500 words. The mean average for AI transcription came in at just below 62%, compared to the 99% accuracy rate of human transcriptionists. Will advancements in AI technology eventually generate a 99% accuracy rate? Maybe. However, humans still maintain an accuracy edge when handling complex cases where human knowledge and expertise are crucial. Related: Authentication Technology Is Shaping Vendor-Partner Verification And On-boarding Trust is given and earned Employing verification practices makes good business sense. However, don't forget that trust remains a vital part of our business practices. I want my employees, clients and vendors to trust me, so I extend the same courtesy to them. It bothers me when I see companies within my industry make false or misleading claims. That's why I'm careful how I position our services. I not only want my clients to trust me, but I also encourage them to verify my capabilities. Confirming my ability and promises to perform only builds more trust and, hopefully, more long-term and profitable relationships. Make time to review your verification practices or implement some guidelines. Verifying information also provides valuable insight into a variety of subjects that should benefit your own business practices. Trust will always remain a critical part of our world's business culture. Implementing a "trust and verify" strategy within your organization benefits everyone. Do employees, customers and vendors trust your organization?
Forbes
5 hours ago
- Business
- Forbes
3 Essential Questions To Ask Before Selling Your Business
What if a buyer showed up tomorrow with a serious offer to buy your business? Would you be ready or ... More would you panic? What if a business buyer showed up tomorrow with a serious offer to buy your business? Would you be ready or would you panic? Most small business owners say they'll sell 'someday.' But someday has a funny way of becoming urgent. A burnout. A life shift. A market dip. Or an unexpected email from a serious buyer. The truth is, big exits don't wait for perfection, they reward preparation. If you're a freedom-focused business owner with even a whisper of a future exit in mind, the time to get clarity is now. And it doesn't start with business brokers or complex spreadsheets. It starts by asking yourself the right questions. Below are three of the most important ones, designed to bring you out of fuzzy thinking and into powerful action. Question 1. How Much Time Do You Really Have To Prepare For Your Exit? This is the question most small business owners skip until it's too late. They assume they'll sell in a few years, maybe after they hit a revenue milestone or launch that one last project. But life doesn't wait. Burnout creeps in. Health issues show up. Or the opportunity of a lifetime knocks earlier than expected. It shapes what you can still fix, how confident you'll feel when selling your business, and the kinds of offers you'll be able to attract and negotiate. So instead of drifting toward an exit someday, anchor your thinking today: Why this matters: Many owners think they have years, but urgency often shows up fast. Buyers don't wait while you clean up your books, document systems, or finally delegate sales. The sooner you define your timeline, the more control you gain over the process. Question 2. What Is Your Business Worth Today And What Do You Want To Sell It For? Ask 10 owners what their business is worth, and you'll get 10 guesses. None backed by real data. Ask what they want to sell it for, and the answer is often a gut number tied to pride, how hard they worked or retirement goals. This is where the 'value gap' lives: the space between what you think your business is worth and what a buyer would actually pay. Here's how to bring clarity to your numbers: Why this matters: Knowing your business's value isn't just about the final price tag. It's a mirror reflecting how your business performs, how de-risked it is, and how attractive it is to outsiders. Your revenue doesn't define your value. Your systems, structure, and owner-independence do. So if your dream number feels far away, that's not a reason to quit. It's a reason to start optimizing now. Question 3. How Exit-Ready Is Your Business Right Now? Many founders focus on growth and profitability, but skip over sellability. They assume a high-revenue, well-known business will sell easily. But business buyers look for different things. They care less about your genius, and more about your systems. They want to know: can this business thrive without you? Valuable doesn't always mean sellable. That distinction is what separates an impressive business from a big exit. To assess your real exit readiness, ask: Why this matters: Buyers aren't just looking at how much money you make. They're evaluating how risky it would be to take over. The more your business runs without you, the more attractive—and valuable—it becomes. Exit readiness is a spectrum, not a yes-or-no question. Every improvement you make adds leverage, even if you're years away from selling. Final Reflection: If a Buyer Showed Up Tomorrow, Would You Be Ready? Let's imagine this scenario: You get an email from someone who wants to acquire your business. They're serious. They ask for your numbers, team structure, contracts, churn rate, and delivery process. Do you freeze, or flow? This one reflection cuts through the fluff faster than any spreadsheet: If a buyer showed up tomorrow, how ready would you truly feel to share your numbers, answer their questions, and let go? This isn't about being perfect. It's about being prepared. Because big exits don't just happen when you want them to. They happen when you've made them possible. Whether your ideal exit is two years out or ten, the time to start preparing is now. Not in a reactive scramble when you're tired or out of options, but from a place of clarity, leverage, and choice. If this article sparked something, don't let it end here. Use your answers to these questions as a roadmap. Turn insight into action, one small improvement at a time. Because you don't just deserve to sell your business, you deserve to sell it on your terms.
Entrepreneur
a day ago
- Business
- Entrepreneur
Best Franchise Opportunities: Top-Tier Brands You Should Consider
This story appears in the July 2025 issue of Entrepreneur. Subscribe » If you want to buy a franchise, start by asking yourself: "What's my appetite for risk?" You could bet on a new franchise, join a small but stable one, or pick many other pathways. But if you want to shoot for the top performers, then this list is for you. On the following pages, we list the "best of the best" — which is what we call the brands that ranked at the very top of their industry categories in our Franchise 500 ranking. To put that into context: More than 1,300 companies applied for our ranking, and now we're showing you the most elite tier — the brands that outscored all their competitors. In this list, you'll find the top brand in every conceivable franchise category — from tried-and-true ones like Childcare, Pizza, and Restoration Services to new, emerging categories like Autism Services and Self-Pour Bars. Like every franchise brand applying for the 2025 Franchise 500, these companies were evaluated and scored based on more than 150 data points in the areas of costs and fees, system size and growth, franchisee support, brand strength, and financial strength and stability. Based on their scores, they were ranked against all other applicants, and their rankings placed them ahead of all other brands within their categories. Remember, as you peruse this list, that it is not intended as an endorsement of any particular company. These are the No. 1 companies based on our criteria, but you will have your own criteria for deciding what would be the best franchise opportunity for you, so it's important to always do your own homework before investing in any brand. Always carefully read the company's legal documents, consult with an attorney and an accountant, and talk to current and former franchisees. Related: Should You Franchise Your Business? Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Forbes
a day ago
- Business
- Forbes
Cultivating Leadership: Lessons From A CEO Who Started At The Bottom
Beth Forester is CEO of Animoto, a video creation platform, with 20+ years in marketing, leadership, and building customer-first products. As CEO, one of the most rewarding parts of my position is helping people step into roles they didn't initially imagine for themselves. My path to leadership wasn't linear or traditional. I started as an entrepreneur and small-business owner in the creative industry, and when I made the leap into tech, I had never worked in a corporate environment. I made a hard pivot into the tech world at age 46, after years of running my own creative business. I started at Animoto as an individual contributor in marketing, and over time, I grew into increasingly senior roles: from customer owner to product marketing manager, then director of product marketing, vice president of marketing, and eventually CEO, all at the same company. Fortunately, I had managers who guided me in learning how to gain buy-in for ideas I was passionate about. I was actively learning, constantly stretched and always engaged. That experience shaped a perspective I carry still, a deep appreciation for the quiet, steady kind of potential that doesn't announce itself. It's the kind that needs space to emerge, guidance to develop and trust to grow. These are the principles I return to when developing high-potential employees, especially those who may not see themselves as leaders … yet. Start By Listening Every quarter, set aside time for one-on-one conversations with employees who show sparks of potential. These aren't performance reviews or goal-setting meetings. They're real conversations: open, candid and personal. Ask what they enjoy, where they feel stuck and what they're curious to learn. Sometimes people have a clear path in mind, and sometimes they're figuring it out. Either way, these conversations reveal strengths that otherwise go unnoticed and let your team know their growth is on your radar, even if a formal opportunity isn't open yet. Takeaway: Spotting potential before someone raises their hand can be the start of their next chapter. Communicate The Vision And Connect The Dots One of the most valuable things you can offer as a leader is clarity. When people understand where the company is headed, why it matters and how individual work connects to that bigger picture, they show up differently. They take more ownership, make better decisions and start thinking like leaders, even before carrying leadership titles. Takeaway: Clarity builds confidence. Confident people lead. Share Your Process It can be easy to fall into the trap of giving directives, but that approach is disempowering and can limit growth. Sharing how you approach challenges, think through trade-offs and make decisions creates transparency and models critical thinking. Over the years, I've found that when you bring others along in your process, it does more than build alignment. It helps others learn how to do the same. It equips your team with tools to navigate ambiguity, build sound judgment and develop the confidence to lead. Takeaway: Teach people how to think, and you're not just building execution—you're building leadership. Replace Micromanagement With Asking Questions When a member of your team is stepping into something new, your instinct might be to keep them close and give hyper-detailed instructions, but micromanagement sends the wrong message. It says, 'I don't trust you to figure it out.' I try to be present as a coach—present for checking in, offering support and serving as a sounding board—but also step back to let people own their decisions and growth. Instead of giving people the answers, I ask questions that help them work toward a solution: • What outcome are you aiming for? • What are the risks? • How confident do you feel in your approach? This kind of coaching builds decision-making muscle. It encourages critical thinking, weighing trade-offs and taking ownership of choices. You're not hovering or micromanaging, you're creating space for people to learn how to do their best work. Takeaway: Growth doesn't come from knowing the answers. It comes from learning how to find them. Make It Safe To Share Unpolished Ideas Not every good idea shows up polished. Many don't. I remember times when I held back from sharing an idea until I felt like I had every answer, but solving hard problems in a silo doesn't lead to better solutions; it slows things down. Create a culture where people feel comfortable speaking up before they've figured everything out. Make space for early ideas through asynchronous brainstorms, open problem-solving sessions and regular cross-functional feedback. Research discussed in the Harvard Business Review (paywall) found that team members at high-trust companies (which likely includes those that create a sense of safety) are 76% more engaged, 50% more productive and 74% less stressed than those at low-trust companies. At Animoto, one of our guiding mantras is: 'There are no bad ideas, only learnings.' When it feels safe to contribute early, we hear more perspectives, better solutions emerge and trust deepens across the team. Takeaway: Innovation starts when someone feels safe enough to say, 'What if …' Remember, Empowerment Benefits Everyone Many of the strongest leaders at Animoto today started in roles without the 'manager' title. They were engaged, curious and consistently raised their hand to help. We gave them visibility, trust and growth opportunities, and they rose to the occasion. These journeys didn't just benefit the business. They showed everyone around them what was possible. When team members see peers grow into leadership roles, it makes that path feel possible for them, too. It sends a powerful message: 'You don't have to come in with the title. You can grow into it here.' Investing in people builds morale. But it also creates resilience, strengthens your leadership pipeline, and builds a culture where growth is expected, supported and celebrated. Investing in your people means benefits for everyone involved. Your next great leader might already be in the room. The question is: Are you giving them the chance to rise? Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Entrepreneur
2 days ago
- Business
- Entrepreneur
The Leader's New Year: Why September Success Starts Now
How not to get stuck in the 'simmering six' this summer. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. This article is co-authored with Jason Leavy. There's a historical obsession with the New Year period being a critical window, but if you're an entrepreneur in the Gulf, you know that it's actually September that hits different. As your increasingly brief summer hiatus soon becomes a distant mirage in the rear view mirror, the question is how you're going to show up - get it wrong and you'll find yourself on the back foot in permanent catch-up mode. Get it right and you'll be coming out of the blocks quicker than Usain Bolt. As any great entrepreneur knows, it's the prep work you put in in the shadows that makes the difference. The paradox we've observed at Prime Performance Labs is that the very intensity that drives your success can undermine your ability to perform at your best when it matters most. As an entrepreneur, you're not just managing your own stress, you're absorbing it from your team, your investors, your customers and clients. The bottom line is that the buck always stops with you. Your brain processes this constant stimulation by defaulting to what neuroscientists call your sympathetic state - your nervous system's 'always-on' mode. Stay there too long and you'll hit September having burned through your cognitive 'runway'. Here's what most entrepreneurs get wrong about summer: they treat it as a binary choice - either complete shutdown or business-as-usual. The fact is that both approaches miss the mark. The shutdown camp believes rest means switching off completely - no stimulation, no reflection, just pure escape. At the other end of the spectrum, the business-as-usual crowd can't resist the urge to keep grinding, treating summer like any other time of the year - for them it's 'game time' all day, every day. But there's a third way that has the power to be far more effective: intentional rejuvenation. This is all about having agency over your choices and understanding what you truly want out of this period. Think of it like building your vacation MVP - are you actually solving for what your mind and body need most? The Neuroscience Behind Why This Matters We often assume the brain thinks like a computer, either processing at full capacity or shutting down. This leads to that 'hustle or hibernate' mentality, where people think they need to either push relentlessly or tap out completely. The reality is that the brain actually operates more like a complex ecosystem that requires different types of activity for optimal performance. True neural resilience comes from alternating between focused work, active recovery and restorative practices. But when this ecosystem gets disrupted by chronic stress, things go sideways fast, as it literally rewires the brain. When we are constantly in high-pressure situations, our brains adapt by creating a higher sensitivity to potential threats, therefore prioritising threat detection, while compromising higher order cognitive functions such as working memory, cognitive flexibility and strategic planning. What you need to be able to do is switch from your sympathetic state to your parasympathetic state as quickly as possible - think of this as like a 'powering down' of your nervous system, allowing you to shift into a state of replenishing and recharging. You've been hard-charging at a 10/10 pace, and you now need to switch to a 1/10 ASAP. Your summer break is a huge window of opportunity in this regard, but you need to be intentional here - one of the biggest dangers is that you end up in what we term the 'simmering six', that dangerous grey zone where you think you're rejuvenating, but in reality you're just burning through your energy at a lower pace. You know what that looks like - checking emails by the pool, doom-scrolling, eating and drinking to excess. To use start-up terminology, you're taking action, but not solving the core problem. The research here is proven: opt for the right kind of downtime and it doesn't just prevent burnout, it actively improves your cognitive health and performance. This means that when you're back in the game, you're better able to manage stress, better prepared to make complex decisions at speed and better placed to regulate your emotions. These are precisely the capabilities you'll need when September's intensity kicks in. We want to be really clear here, this isn't about stripping all the joy out of your well-earned time off, quite the opposite. Things like social connection and embracing new experiences can be huge cognitive health enhancers. What we're saying is optimize for the user experience - and in this case, you're the user. Are you actually getting what you need from this product called 'vacation', or are you just going through the motions? We believe entrepreneurs are akin to the athletes of the business world, so we want to give you the insights and tools that will ensure you have a great vacation AND show up in September on your A-game. Five Growth Hacks to Prime Your Performance 1. Analyze the Data You know the value of data in your venture, but are you bothering to check in on the 'data' from your body and mind? There's an increasing amount of evidence that how you feel is one of the best predictors of performance, so consciously tune in to how stressed you're feeling, what your energy levels feel like and how it makes you feel when you visualise aspects of your vacation. 2. Make Trade-Offs Life is about trade-offs. What worked for you last summer might not be what you need this year. Be willing to consciously choose a different path - reading over scrolling, reflecting over reacting. Consider the opportunity cost of blowing through your most precious commodity: time. 3. Disconnect… And Connect Neuroscience tells us that social connection is hugely important for your health and wellbeing, so take the opportunity to ditch the phone - be present, be engaged, be curious. Apply your amazing growth mindset to your social surroundings. 4. Do Some A-B Testing Your brain craves stimulation so lean into that and engage in an activity that stimulates different neural networks - explore an unfamiliar place or tackle a physical challenge that demands presence and focus. Novel experiences trigger neuroplasticity, strengthening the brain's ability to adapt and form new connections. They also release dopamine and reduce cortisol, naturally easing anxiety and promoting a sense of discovery that counters mental fatigue. Don't try to overload here, the key is balance. Adopt an explorer mindset and have fun. Your brain will thank you for it. 5. Prioritize Sleep Mode Sleep is when the brain literally cleans itself. Think of it like your phone - if you never restart it, it gets sluggish and glitchy. During deep sleep, the brain flushes out metabolic waste and toxins that accumulate during the waking hours, including proteins linked to cognitive decline. Simultaneously, deep sleep is required to strengthen synaptic connections that consolidate the day's learning into long-term memory. Finally, remember that choosing to rest and rejuvenate is an action, not an inaction. We live in a world where you're bombarded by distractions, but resisting the noise and focusing on yourself and those you're with? That's where the real opportunity lies. Don't Underestimate the Network Effect As an entrepreneur, you're 'on stage' performing a role nearly all year round. That can weigh heavy, and it's vital you feel empowered to shed that burden for a limited time. You owe it to yourself. You owe it to those around you. When you show up in September, rejuvenated and primed rather than depleted and drained, everyone benefits. You're not just investing in your own wellbeing, you're investing in your company's future.
