Blockchain, Bitcoin basics and their place in the future of your business
The other day on Fox Business, Charles Payne noted how the Long Island Iced Tea Corporation changed its name to include the word “blockchain” – it’s now The Long Blockchain Corporation – and its stock price tripled overnight. Such is the power of blockchain. Okay, I’m kidding about the “power” of blockchain; what was demonstrated here was the weakness of investors’ minds. However, there are three things every business owner (and investor) should note here: Names can be deceiving. The ice tea company hadn’t fundamentally changed anything about its operation when it changed its name. They were still brewing tea. Blockchain technology has created a lot of buzz. This is because it’s essentially a computer network database system that is impervious to hackers. Blockchain technology does – or at least will – have practical applications for businesses of all sizes. Blockchain is getting well more than its 15 minutes of fame because it’s the data backbone of Bitcoin. It is secure because the entire array of Bitcoin computers across the globe has a copy of every transaction. Imagine the old days of keeping accounting ledgers in large books, ala Bob Cratchit working for Ebenezer Scrooge. Now imagine 100s of Bob Cratchits around the world instantaneously entering identical transactions. Further, these transactions can only be entered using a private secret code or key. Every computer on the network has to agree on the transaction and its results. These transactions, by the way, are grouped together in blocks and ordered (by time) like your kids would create a choo-choo train out of blocks. The coolest technology comes in at this point; A mathematical question must be solved to place a block in the chain and it isn’t easy. One computer would be too slow, but with many computers testing different solutions at the same time, it takes about 10 minutes to get a solution, according to what I’ve heard. In any case, the important thing to understand is that blockchain is a secure system, its weakness is in that it’s not scalable…at least not yet (people are working on it). Startups are busy brainstorming and developing applications that utilize blockchain technology. (Harold Stark has a good rundown on several blockchain startups in this Forbes article.) Businesses of all sizes will eventually benefit from its robust security. I expect you’ll soon see apps and cloud services available in areas where money, inventory, data, and contracts are involved, such as: Payments Financial markets (any marketplace really) Insurance Healthcare Record keeping Shipping and receiving Peer-to-peer exchanges If you look at this list, you’ll notice that there is an underlying similarity between most of them and it’s most obvious with my last entry. Anytime you have dealings between two individuals, two companies, or individuals and companies, blockchain could be part of the infrastructure that handles the process. After all, that’s really what’s happening when today’s cryptocurrencies are being bought and sold. I have no idea if the recent incredible increase in the value of Bitcoins represents a bubble or is an indicator of its long-term value – or even if cryptocurrencies are here to stay. I’ll let the market figure that out. However, creative entrepreneurs and technology experts will certainly find some great ways to use blockchain in coming months and years. I’m sure that...
read moreThis week in small businesses: Experts from all corners of business offer advice
A wide range of voices is heard from in this week’s collection of curated content. Eight members of the Forbes Business Development Council as well as seven members of the Young Entrepreneurs Council are among the contributors of advice. Leadership, management, and productivity Laura Emily Dunn covers topics from work-life balance to current career challenges when she talks to Erica Ruliffson Schultz, the executive New Relic VP of worldwide sales responsible for driving the company’s go-to-market strategy globally. Lara Galloway bills these 10 productivity tips as being for the overwhelmed entrepreneur, but I think any business leader can benefit from them. Seven members of the Young Entrepreneur Council offer their keys to success in today’s challenging business world. In this short YouTube video, Jason Swenk answers the question “Should I let my full-time staff freelance on their own time?” and discusses what safety measures to put in place. Marketing and sales We cover three great strategies for increasing sales – discounts, deals, and advance access – in this recent Success Tip. In this Forbes article, Joe Escobedo profiles Julia McCoy and how she attracted $4 million in client revenue through content marketing. Are you up to speed on the five important 2018 social media trends as outlined by Xavier Selman? Elevation Advertising’s director of digital strategy, Shade Wilson, offers five ways to kickstart your marketing plan. How much are you spending on SEO? You might find a way to save a few bucks by perusing Maria Jones’ article, 3 Smart Tactics to Make Your SEO Less Expensive. Eight members of the Forbes Business Development Council give us ways to measure sales team success and bean counting isn’t one of them. Entrepreneurship, startups, and innovation Want startup success? Adopting some of the habits of highly successful founders as chronicled by Brian Wallace is a good place to start. Matt Monday’s piece is titled The Hidden Steps to Startup Success, but since publishing this, I guess they are hidden no more. If you’re itching to start an Internet-based business this year, Manish Dudharejia offers three ideas in this article. Politics, government, and the economy In How Degree Inflation Weakens The Economy, Preston Cooper, discusses the growth of and problems resulting from demanding college degrees for positions that don’t really require...
read moreHow to win by putting ‘social’ back into your social media
Are you a big sports fan, or do you know any? If you’re a sports fan, you probably know that the real pleasure comes from seeing an event as it happens. Recording a game and watching it later just doesn’t create the same excitement. Even some of the shine is taken off Olympic events when you know that they happened 12 hours earlier. The same psychology applies to your social media posts. I’m very grateful to have apps like TweetDeck, Hootsuite, Buffer, and the others that let me schedule social media posts. However, I notice something interesting every week when I review my statistics: My “live” posts are always among the posts with the best engagement rates – and they usually are at the very top of the list. The lesson here is to not rely 100 percent on “canned” posts. If everything you post is planned and scheduled well in advance, you take the “social” out of social media, and platforms like Facebook, Twitter, and Pinterest just become “media.” For me, one of the best ways to engage my followers is to post an occasional live update about what I’m doing. No matter what your daily routine looks like, people like to get a behind-the-scenes view of your life, both personal and professional. Another way to inject the social back into social media is to make a point of having conversations via your social media channels. There are a number of ways you can accomplish this: Twitter chats. Organize and schedule a Twitter chat on a topic that would interest your followers. These are a great way to communicate with and strengthen your relationship with a wide swath of your followers in a condensed period of time. Pro tip: Study the transcripts of your Twitter chats. They can reveal problems your customers are having that you might be able to solve! They can also lead to relevant blog topics. Responding to comments. Take the time to read and respond to comments made on your posts, or even on other people’s posts. When I see a post with a lot of comments, I always read them because I want to know what has sparked so much interest. Further, even a short reply to a comment on one of your posts will demonstrate that you’re involved and care that people take the time to follow you. Working hard to keep “immediacy” in your social media posts is another important strategy to adopt. Social media was designed to “connect” people, and connections need to happen in real time. Here are some way to achieve this: Retweeting or sharing. While these tactics don’t sway large groups of followers, they go a long way toward strengthening your relationship with the original poster. Take the time to review your feeds on the social media platforms where you have a presence. When someone makes an insightful remark, honor it by sharing it with your following. This will also help you to keep up with trending topics, which brings me to my final point. Leverage the happenings of the day. Another way to show that your posts are personal and not the output of artificial intelligence is to make good use of trending topics. This strategy doesn’t do a lot to strengthen your engagement, but it...
read moreGoogle Googled ‘What makes a successful team?’ – here’s what they found
Outsiders have been trying to unlock Google’s secrets for attracting and retaining top talent for the last couple of decades. Is it the cafeteria food? How about the ping-pong tables or video games? Maybe it’s just that Google pays extraordinarily well. All of these factors certainly play a role, but when Google decided to carefully examine what makes their teams successful, five qualities were revealed: Psychological safety Dependability Structure and clarity Meaning of work Impact of work Items two through five on that list probably look familiar to anyone in a leadership position. But I believe it’s worthwhile to examine them in two contexts: How they relate to the group dynamic, and How they relate to individuals within the group. Let me start with that second point and make a statement whose truth is apparent to everyone, but is sometimes ignored: Individuals within work groups must shoulder their share of responsibility for the group’s success. Now let’s quickly examine those last four points in this light. Dependability. This is the most obvious attribute where individuals must take a great deal of responsibility. All of us have been in situations where we’re waiting for someone else to finish their work before we can begin ours. You have probably worked with someone whose inbox seems to be a black hole. Not only does this kind of behavior slow the process, it poisons the work group. It fosters an attitude of “Why bother?” within team members. On the leadership side, if teams can’t depend on follow through or implementation from management, it has an even worse effect on employee attitude. Structure and clarity. Teams need a healthy amount of structure and to achieve this, communication must be clear. Do you remember all the press Zappos received a few years ago when it bulldozed its org chart and implemented self-management through a system dubbed holacracy? I wrote about it here, ending my article with, “There are a lot of hurdles for Zappos to overcome as it makes this move and I don’t think success is guaranteed.” That Google found structure and clarity necessary for success goes contrary to the philosophy behind holacracy, and it turns out the Google is on the right side here. A follow-up article in Fortune revealed that after adopting holacracy, Zappos fell off the magazine’s yearly 100 Best Companies to Work For in 2016. The company had made the list for eight straight years. More testimony to the fact that Google’s structure trumps Zappos’ “flat management” system is evidenced in Google’s command of the number one position in the 2017 100 Best Companies to Work For list (Zappos is still out of the top 100). Providing structure and clarity doesn’t mean you have to burden your team with hidebound rules, regulations, and red tape. You should communicate goals, time tables, and provide direction. This could be as creative as “Bring back five off-the-wall, never-tried marketing ideas at the end of the month.” You may have some folks on your staff who are founts of innovative ideas. You might want to cut the loose and have them sometimes operate with little supervision. But remember that it can sometimes be difficult to distinguish between a mad genius and a loose cannon! Meaning of work and impact of work. I’m going to...
read moreExplore these new free business courses that start soon
Several new, free, online courses were recently announced. I’ve gone through them to find the ones that would benefit business owners and leaders the most. Many of these start soon, so don’t delay in checking them out. Of particular interest to me were the courses on intrepreneurship, computer science for professionals, innovation, and writing for social media. I think virtually every business owner would find at least one of these to be extremely helpful for supporting growth in 2018. Also, as you look at the list, don’t forget the others on your team. One of the best ways to build loyalty and strength within your company is to actively support and encourage your employees to grow within their roles and become prepared to take on greater responsibilities. Finally, who wouldn’t be happy to take a free class from Harvard or UC Berkeley? PS – If the timing of these doesn’t work out for you, look over this list of free self-paced business courses. School Course Title Provider, length Start date University of Virginia Innovating with the Business Model Canvas via Coursera: 1-2 hours a week , 2 weeks long 29th Jan, 2018 Politecnico di Milano ORG101 – Organization via Polimi OPEN KNOWLEDGE: 4-5 hours a week 1st Feb, 2018 University of Virginia Managerial Accounting Fundamentals via Coursera: 2-4 hours a week , 4 weeks long 12th Feb, 2018 Harvard University CS50’s Computer Science for Business Professionals via edX: 2-6 hours a week , 6 weeks long Self paced Australian National University Evidence-Based Management Capstone via edX: 4-12 hours a week , 2 weeks long 22nd Feb, 2018 mooc.house Intrapreneurship – Make your Business great again via Independent: 5 hours a week , 6 weeks long 26th Feb, 2018 Miller Center for Social Entrepreneurship Business Models for Social Impact via +Acumen: 2 hours a week , 5 weeks long 8th May, 2018 University of California, Berkeley Writing for Social Media via edX: 3-5 hours a week , 4 weeks long 21st May, 2018 University of Illinois at Urbana-Champaign Financial Reporting Capstone: Comprehensive Financial Statement Analysis via Coursera: 6-8 hours a week 1st Jun, 2018 University of Queensland Innovation: From Plan to Product via edX: 8-10 hours a week , 10 weeks long 2nd Oct, 2018...
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