by Samuel Gitukui

As an entrepreneur, the lightbulb suddenly lights up in your mind and you get that eureka moment, the time you finally get a business idea that could work.

Since you are a careful individual, you ran it past your friends and family and they all seem excited at the prospect.
And then the inevitable happens. You realize that you lack the required funds to actually turn the idea into a tangible business; you will need funding and crowdfunding; angel investors or venture capitalists are options that you must very well face.

Crowdfunding comes with platform fees and angel investors are not easy to come by. Even if you find one, there is no guarantee that you will get them to invest in your startup.

Then there is the third option that promises some hope, venture capitalists. However, it comes with a long process without any guarantees. In fact, self-funding and borrowing from family and friends are the two main ways through which startups are funded. Even still, VC funding remains among the most popular method to secure funds for business ideas.

Very few businesses manage to secure VC funding and the numbers get even lower when the business is at the seed stage.

The good news is, there are other options available that most entrepreneurs may not be aware of but offer great alternatives funding the business idea.

Let’s find out!

Incubators

Note that these do not actually offer funding but rather mentorship and guidance. Unlikely as it may appear, incubators are an invaluable source of launching your business off the ground.

Most will offer office space on tenure for between 3 to 6 months but the business enjoys the direction of more experienced individuals that will help avoid common pitfalls.

Corporate Venture Capitalists

No, these are not the same as VC funding. Here the startup is funded by large companies and has the benefit of offering entrepreneurs more freedom in running the business compared to getting the funds from a VC.

However, the company will expect to be involved in strategic decision making and the entrepreneur needs to be willing to accept the fact that their options are limited here.

Peer-to-Peer Lending

Here borrowers and lenders find each other through an online platform. The borrower creates a profile and receives an interest rate and rank. Lenders can then decide if they want to invest with the borrower.

This is another quick alternative to get funding for the business startup with loans anywhere from $1,000 to upwards of $35,000.

Taking a Microloan
​
Microloans are a simpler and effective method of getting funding for your startup. Most offer loans in the range of $500 to $50,000. However, in the US the average is around $13,000.

These loans can take the stress out helping entrepreneurs concentrate on actually getting the business running.

Purchase Order Refinancing

Here the startup is able to accept large initial orders. The funding company will send the money directly to the supplier and the profit starts flowing immediately to the business.

This type of funding depends on the company that has made the order with the business and is easier than bank financing.

by Samuel Gitukui

Everyone experiences off days when their motivation to work simply isn’t there. You might feel frustrated, groggy and while that voice at the back of your mind is telling you to get grinding, your body simply wants to laze.

For those who have the slightest will to push themselves to work, they won’t be operating at maximum efficiency.

But there is a way around this!

Let’s find out 5 top tips on how to boost our motivation to work.

1.      Remind yourself of your goals and visualize

Research has shown that reminding yourself of your long-term goals puts you in the mood to achieve them. However, our minds are designed to focus on small term goals.

To keep yourself motivated, visualize your long-term goals and work your mind backward to the small steps that are required to achieve the big goals.

2.      Simply begin

Once you start on a project, keeping the momentum going. it far easier than trying to convince yourself to do it when you haven’t already begun. Instead of thinking too much about the task ahead, focus on actually beginning the task ahead.

5 minutes into the project, you just might find that you are looking forward to seeing it complete. The sooner you begin, the sooner you will complete the task.

3.      Add a timer to your schedule.

Everything is so much simpler once broken down into smaller bits of tasks. You can do this by setting a timer where you will work for just a set amount of time and then take a break.

You will be looking forward to the breaks and by focusing on the short task ahead keep you motivated. Suddenly the task doesn’t look so huge anymore as you are only focused on the next bit of work time

4.      Let others know

One of the most effective ways to keep yourself motivated on a project is to speak about your plans to your peers. You will want to prove to them that you’ll indeed do what you said which will push you towards accomplishing your goals. Nobody, after all, wants to be looked at as a failure.

You can even take things a notch higher by letting the whole office know about your plans. This is sure to keep you motivated.

5.      Improve your “self-talk”

Self talk is the internal dialogue that you make with your mind. It can be positive or negative and this has a great influence on your motivation.

If you are not used to telling yourself things like “I can do this” then start now and you'll quickly notice how effective it is.

6.      Make a list
​
Write down a list of all the things you want to accomplish during the day including small tasks. Then set out to complete them one at a time. Each time you finish a task, cross it off the list. the feeling of accomplishment of finishing one task will motivate you to finish the next task.

by Samuel Gitukui

When you first hear the world co-working, the thing that comes to mind is a group of freelancers sharing office space on second hand furniture.

Think again!

Modern co-working has seen great improvements with amenities such as a fitness center, coffee and tea places, bars and cafes and high-tech security.

Freelancers and remote workers now come together to share working space that is also comfortable. Some of the best services can be found here, something that has caught the attention of large companies and enterprises.

This is why.

1.      It is now possible to recruit form anywhere in the world

Companies may not be in a position to have all their personnel working at their headquarters. Coworking provides an alternative where the organization can still find the best services from anywhere in the world and hire.

As opposed to a freelancer working from home, co-working provides a similar social setting to that found in the office which has been showed to improve motivation.

Regular interaction with peers and like-minded individuals is fun and enhances the quality of their work life. There are also amenities similar to those found in at home.

2.      There’s better creativity

Research has shown that co-working can boost creativity. Stepping away from a bureaucratic setting to a freer and more relaxed atmosphere breathes new ideas and life into the work.

And by interacting with others with different skills sets, co-workers learn how to do things better and more efficiently. Updated companies are aware of this and its one of the reasons they seek the services from a co-working environment.

3.      Companies can expand with minimal hassle

Think of a company that seeks to venture into a new market place. How simple would it to start of with co-working facilities and employees? The answer…very simple.

There’s a lot saved as opposed to renting office space and conducting the recruitment process.

In fact, moving to a new geographical area often begins with a few individuals who then grow to 5, 7, 10 and so on. Co-working takes advantage of available space until the number of employees grow to where getting office space is inevitable.

Often a team of co-workers will include 2 to 20 people.

4.      Its cost effective

Okay granted, co-working is more expensive in terms of office space compared to more traditional settings. However, it is cost effective as many an organization has found out.

Normally a commercial lease is between 3 and 5 years. This can prove beneficial for organizations that are not sure how long they will need the space. Often companies rent more space that they initially require which is inefficient.

Co-working is flexible. Most co-working organizations have memberships between 30 days and a year. Companies get the chance to easily scale down or up as need be.

And remember what we said about coworkers being comfortable in their work environment? They are more productive and can be retained for longer which saves the company the expense of recruiting more workers.

by Samuel Gitukui

Social media has revolutionized the way we interact and communicate with one another. And with technology, it is now possible to access data on different areas.

Social network platforms can be a great way to develop a large fan base which provides you with a business opportunity by directing sales to your followers. And this is how…

1.      Make Sure All Your Profiles Are the Same

Whether its Facebook, Twitter or Instagram, it’s prudent to maintain the same handle on all of them. it may seem like something small but this is a significant branding strategy that over time produces big results.

Customers are able to find you through the different platforms and associate content with your individual brand. Once you have gained the trust of your followers, your business can reap massive rewards.

2.      Re-post Testimonials and Content About the Product

Trust is something that is not very easily established especially with the advent of social media due to a lack of physical presence. It is also one of the most important things that drive sales and helps to maintain a loyal customer base.

By re-posting what other people are saying about the product or service you are selling, you develop trust and are actually getting most of the work done by other customers.

Clients simply love reviews and will actually seek them out. You can even create an incentive for customers to leave reviews by providing giveaways.

3.      Target Your Customers

While maintaining a social presence on most of the main platforms such as Facebook is great, it is even better to have a strong presence on the ones where your clients are most active on. It’s all about focusing on the right platform by creating messages that will resonate well with your customers.

In other words, in order to drive sales, you need to speak to those who mainly buy your products and this means finding them first.

4.      It’s Time to Speak Their Language

One of the best and main ways to connect to your clients is to speak like them. This means using their language and vernacular.

It is especially important when asking someone to buy your products, tag friends or leave a comment.

Once you establish that connection, it makes your target audience more receptive to the marketing messages that you send.

5.      Always Leave a Link

Businesses should strive to make it simple for their following to make a purchase. Through social media, the best way to achieve this is by leaving a link that directs people to your products. If the process of making a purchase becomes difficult they will quickly move on to something else.

Put links in the content that seamlessly take your readers to your website with as few as one or two clicks. If it’s more than this, the conversion rate may be low. Features such as Instagram’s product tagging make it simple for businesses to perform well through social networks.

by Samuel Gitukui

Reviews are quickly gaining popularity as a strong determinant in making purchase decisions. You can find them from Google Star ratings to Amazon to pretty much everywhere you look. Even the testimonials on a website are a form of review.

But what fuels the need for reviews? To understand that concept, you will have to look at the numbers. Up to 92 percent of online business customers will go through reviews. Out of that number 72 percent will go ahead and make a buying decision after having read 6 or less reviews.

Without doubt reviews are important to customers which makes it incredibly crucial for business owners to manage them. But the real question is, why do customers value reviews so much in the first place.

Reviews Are Like Word of Mouth

More and more businesses are directing their marketing resources to digital methods of doing business. These include using tools like social media and SEO.

The main drawback with this method of doing business is that it has almost completely eliminated the human factor. Granted sending that add can catch someone’s attention but reading a personal statement about another customers experience with the product is the closest thing to word of mouth that you can find online.

Advertisements will mainly focus on a product’s strong points. Clients only see the good. But the reality of the situation is that all products have their own set of pros and cons. In a review, customers can learn about the downsides of the product and make a more informed buying decision.

Clients are aware that the person who left the review did not get any benefit from it, and that is what makes the opinions trustworthy. As the wall street journal puts it, the behavior of individuals is shaped by those around them and what they consider appropriate.

Word of mouth causes potential buyers to make a choice, one which they believe is the correct one based on the opinions of others.

What About Negative Reviews

It’s easy to think that bad reviews will drive away customers but this is usually not the case. In fact, customers are more likely to trust the review when it shows both the positive and negative features of a product as opposed to just the good points. This creates more transparency.

Not every customer will give a 5-star feedback and yes, too many negative reviews will indeed discourage customers. But a few negative points about the product will emphasize on the transparency of the business.

And for the business, responding promptly to any complaints will create an opportunity for even more satisfied customers which will help you form a loyal client base.

The Individuals Need to Belong

With Social platforms changing the way people communicate, individuals seem to want to have their own social ranking and thus lay out their views about a product.

Not only do customers crave reviews, they also want to voice out their opinions about a product.

by Summer Worsley

The world has expanded and globalised rapidly in the last few decades, to the point that the integration of certain social aspects has started to be the norm. What this means is that things such as culture and languages are exchanged continuously within the international community.
 
Languages particularly play a vital role in the exchange of information. In fact, multilingualism has never been as present in the international business community as it is now.
 
Here, we discuss some of the benefits multilingualism brings to business while highlighting some of its cognitive effects.
 
The English Myth of the Business World 

While English is considered by many to be the official language of business globally, this doesn’t mean that it is the sole competitor.
 
Many people believe that knowing English as their first language is a huge bonus, but in the business world, it can be damaging to think that way. All languages carry some useful clout in terms of business relations. This is in part due to the special economic value each country possesses.
 
Take into account the following situations, for example:
 
China’s economy has increased seven-fold between 2000 and 2015. The nation is considered an economic powerhouse and is home to over 1.05 billion Mandarin Chinese speakers.
 
Arabic is the world’s fifth most spoken language with around 300 million native speakers. This language can be used as a portal to conduct business in the Middle East, the Gulf nations, and in Northern Africa.
 
Japan is the world’s third largest economy with its main economic gains being main in technology and robotics. For anyone wanting a clear path into tech and electronics, learning Japanese is one of the best ways to get a foot in the door.
 
The Benefits of Multilingualism in the Workplace 

There’s been a lot of attention given to multilingualism and the benefits to businesses and workplaces recently. Here are just a few examples of how building a team with multiple languages can give your company the edge.
 
Engage an International Community 

Languages are a vital part of working on a global scale. Language skills facilitate not only ... your competitors but allow for the exchange of products, infrastructure, and assets. If you’re unable to observe or conduct meaningful business relations because of a language barrier, chances are that you could be missing out on a great deal of knowledge; knowledge capable of benefiting your business.
 
For example, from 2004 to 2011 the UK value of Chinese exports quadrupled to 12.5 billion Euro. The takeaway here is that Mandarin Chinese is a highly valuable skill to have when conducting business in the UK.
 
Satisfy Your Clients
 
It’s common knowledge that all of a given business’ clients won’t speak the language of that business. But by having a trained multilingual staff on hand, clients can be satisfied easier.
 
This perk eliminates the presence of language barriers while opening the pathway to long-lasting and mutually satisfying business contracts.
 
Sales Can Increase Exponentially 

The Common Sense Advisory board conducted research on the localisation of sales in global business. They surveyed a total of 10 countries, with each represented by 300 people. The countries being Brazil, China, Egypt, France, Germany, Indonesia, Japan, Russia, Spain, and Turkey (they were selected by economic value). To summarize the report, the following results were discovered:
 
Statistics show that 82 per cent of people are likelier to buy promotional material if the content is in their language.
 
Furthermore, 75 per cent of online shoppers are more inclined to buy from websites that have content and products displayed in their language.
 
While 74 per cent is more likely to re-purchase the same brand if they are provided with after-sales care in their native language.
 
Facts about Multilingualism 

• It is estimated that between 60 and 75 per cent of the world can speak at least two languages. Bilingualism (speaking two languages) is the norm while monolingualism (speaking one language only) is the oddity.

 

• Some people in the world can speak dozens of languages, they are known as hyperpolyglots.

 

• In the early 20th century there was a commonly held belief that bilingual children would be intellectually hindered by their language skills due to the increased linguistic activity. However, In 1962 the Peal and Lambert study proved that bilingual individuals actually have an improved sense of “mental flexibility”.

• If you’re looking to increase your salary, you’ll be glad to know that knowing a second language was estimated to be valued at $128,000 over 40 years.

 

​The Cognitive Benefits a Multilingual Team Holds 

Does it matter if your team members don’t speak more than one language? It might. Here’s why:
 
More Grey Matter 

Multilingual individuals have more grey matter in their brains than those who are monolingual.
Grey matter plays a role in muscle control, emotions, sensory perception, memory, and speech.
 
Having employees with these qualities enhanced may prove to be particularly useful in the business environment.
 
Better Problem Solving Skills 

Multilingual individuals can think in multiple languages. Having the ability to think in more than one language means also having the ability to process solutions in more than one way. This cognitive benefit can lead to improved problem-solving skills and enhanced rational thought processes.
 
Powerful People Skills 

Working as a part of a team in a large business corporation is something a lot of people do in today’s society. Having experience in a second language can grant you better people skills through the exposure of different cultures and societal mores.
 
Plus there’s evidence pointing to the fact that people who speak multiple languages are better at commanding executive control of situations through flexible reasoning skills.
 
  
Languages are a critical part of human history, and they are necessarily an integral part of daily life; business is no exception.
 
If you’re questioning whether to pick up a second language to give you an edge in the industry you’re working in, then you’re on the right track. If you’re an employer, consider diversifying your team’s language base.
 
Multilingualism can boost cognitive functions, foster enhanced mental ability, and encourage a healthy flow of information in the international community.
 
Good business requires good communication – but at the end of it all, foreign language skills will determine the limits of your world.

by Samuel Gitukui

Very often when starting a business, limited resources forces owners to perform most of the tasks themselves such as sales, marketing as well as some day to day operations. They also do their own accounting and take part in customer service.

While we can all agree that this is not the most efficient way to run a business, it’s not a wonder to pick on skills from one department and transfer them to another and improve on the general performance of the enterprise.

Take customer relations and sales for example. These two departments might seem different but skills acquired from handling customer complaints can really improve on the performance of the sales team to help build good customer relations. Let’s find out.

Modern Times Demand Modern Methods

Initially, but not in the so distant past, sales people relied on a simple strategy of cold calling and interacting with as many people as possible to drive sales in the hopes that some of them will make a purchase.

While this method did work, modern times are seeing well-informed customers who value the quality of service as much as making the purchase.

The difference between cold calling and offering good service, is that with the second method, the business is able to retain those customers ensuring they make repeated purchases.

In comes the sales team. These people are the initial point of contact with any new and potential customers. If they create the wrong first impression, it is likely that the customer will want to avoid the business. However, if they are engaging and display professionalism, the customers will be easily drawn in.

This is exactly why sales people need to view customers as human beings and not just another deal to close. And what better way of making this possible than by taking part in customer service?

Through understanding the needs of their clients, sales people are able to view them from a customer relations point of view. Customers are more than willing to share their opinions and complaints but may lack a listening ear.

By listening to the customers, the sales people express empathy and tailor their pitch to show how their product can help solve the customers’ problems as opposed to aggressively trying to get them to buy.

Empathy is one of the most important skills that a customer service rep can have in his arsenal and is the motivation to ensuring that the customer’s issues are met and that they leave satisfied.

Better Customer Relations Equals Loyal Customers

Think about it for a second, what would you rather have, a one-time purchase from a customer or a client that keeps coming back for more? It’s pretty obvious that the second type of customer is best isn’t it?

It is one thing to get someone to buy your product, but it is a completely different thing to have a buyer become an advocate for your business. With a few customers, word will get out of the amazing benefits of buying your products increasing sales and revenue.

This can be made possible by providing the sales team with customer relations skills.

Remember, you don’t find customers for your products, you find products for your customers.

by Samuel Gitukui

Technology—we embrace it for all the benefits that it offers, making our work easier, helping us connect and offering entertainment. However, great as it may be, technology has a downside, it is harder to make personal connections.

All of us can think of a way in which technology helps boost business and sales. Take communication for example. It is possible to automate things and send emails in bulk. But the main question is, is this what customers really want?
The simple truth is, personal connections are important as they build trust. Having a large client base that trusts in the service and products that you offer means that they will get the word out allowing your business to enjoy free marketing.

When it’s all said and done, it is not the latest up-to-date technology that will keep your business running, it is the relationships that you build with your clients.

And there are 3 main people that every business should focus on building strong and healthy relationships with—the customers, the competitors and the influencers.

The Customers

While it may sound obvious that a business should have good relations with the customers, making this possible is actually harder than it sounds. Customers are clever. They know inauthentic when they see it after many bad experiences with companies that trying to close a quick deal.

These experiences also make them skeptical and what they are really looking for in a business is a long-standing relationship.

But how can business owners ensure good relationships with clients? There are two main points to note and practice. First, listen to what the customers are saying and second, provide them with what they want.

A good way to show appreciation to customers is sending them an email after they’ve made a purchase or through gift cards.

The Influencers
There will always be influencers in every industry. These are the guys that know how to drive sales and make trends. Aligning your enterprise with influencers can bring with it massive rewards.

These organizations or people have a large following who trust in their lead. To build a relationship with them will also mean that customers will trust in your products as well.

But to create a long-standing relationship with influencers, you have to show them that you can do something for them as well. The relationship should be mutually beneficial. One of the ways to do this is to share content, ideas and information.

There is a massive sales potential once an influencer starts to recommend your products.

The Competitors
 
Business owners view competition as something that needs to be avoided or somehow gotten rid of. However, the competition can turn into an invaluable resource. By connecting with your competitors and making friends, you can learn something new which you can use to your advantage.

On the other hand, bad-mouthing competition proves to your customers that your business lacks integrity, which will take the customers focus off the benefits that your products can offer.