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How to Leave the Startup Mindset Behind in a Transition to EnterpriseFeedzy

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Small businesses don’t become big ones overnight. Often, it’s a slow transition that’s the product of good operational fundamentals and a growth mindset. It takes a lot of work to establish the pieces of a growing business. Many entrepreneurs and startup founders are surprised to realize that one of the most difficult adjustments to make is all mental.

The transition from startup to full-fledged company happens when founders stop thinking like a startup and begin thinking like the CEO of a Fortune 500 company. You might not have the sales, revenue and customer base of these mega corporations, but that shouldn’t stop you from thinking like them! Adopting a forward-thinking mindset is what bridges the gap between where you are now and where you want to be as a growing enterprise.

The path to thinking bigger

Many founders get trapped in the survival mindset. As a small business, every dollar counts and every initiative is urgent. Startups are constantly scrambling to gain ground, capture market share and improve sales. But if you’re only ever engaged in firefighting, you’ll never have the time, energy or forethought to look ahead.

Looking ahead reveals the path to thinking bigger. It’s about realizing your current struggles and laying long-term foundations for overcoming them. More than that, it’s about setting long-term objectives for growth that give you a benchmark to work toward.

Take sales, for example. Every small business owner spends time and energy focused on growing sales. Did this month’s sales beat last month’s sales? What’s your year-over-year growth? What percentage of your sales are one-time vs. recurring? These are all good questions to ask, but they all have one commonality: they’re rear-facing. They already happened. And while looking back and having this data is important, it’s only valuable if you apply it forward.

•Based on your sales over the last four quarters, what should next quarter’s sales be?

•Based on last year’s recurring revenue sources, what should this year’s goal be?

•You’re at $X annual sales and want to reach $Yannual sales. What’s the growth precent?

Looking ahead enables you to set goals and build backwards from them. Instead of simply trying to beat your previous best, you’re charting a course to where you want to be. And it’s not just sales! Small business owners need to do this for every aspect of operations, to chart a course for something bigger.

The mindset of a CEO

As a startup founder, you wear a lot of hats. Today, you’re a CMO; tomorrow, an HR director. Next week? You might be a CFO. There’s a lot of responsibility to go around and very few people capable of assuming it. Hence, founders end up doing a little (or a lot) of everything.

While this jack of all trades mentality is an asset for startups, small business owners eventually need to phase out of it. Why? Because if you spend your time doing many things, you have no time to focus on anything. Instead, founders need to adopt a CEO’s mindset.

A CEO focuses on keeping the company on a growth trajectory. They right the ship and stay the course, handing down high-level direction to leadership to put into action. There comes a time when startup founders need to invest in leadership and delegate their many tasks to a concentrated team they can trust. If you need sales and marketing help, hire an experienced CMO. If your books are switching from cash to accrual and getting more complicated by the month, hire a CFO. If you need to hire consistently to staff a growing team, hire an experienced CHRO to handle interviews and onboarding. It’s a daunting task to hand over the reins of your business to different stakeholders. Part of leaving the startup mindset behind is learning how to delegate operations to people you trust—and empowering them to succeed.

Recognize your strengths and weaknesses

Perhaps the most important step in a transition away from the startup mindset involve having an honest conversation with yourself. Ask yourself what you do well. Then, ask yourself what you struggle to do. Then, leverage your talents to offset your weaknesses.

Some founders are great problem-solvers. Others are natural born salespeople. Some are team builders. For some, finances just make sense. Whatever you gravitate toward, make it a cornerstone of your leadership focus and stay involved on that aspect of the business. For all those things you’re not very good at or lack competency in, delegate. This isn’t to say you should hand off these tasks entirely. Instead, continue to educate yourself in the presence of someone who can do them better.

The bottom line? Good leaders know what they do well and where they struggle. They lean into the former to help the business grow.

Leave the startup mindset behind

They say you should dress for the job you want. You should also adopt the mindset of the position you want to be in. if you constantly see your business as a struggling startup, it’ll be difficult to break out. Instead, if you envision your company as the next big Fortune 500 enterprise, you’ll more clearly see the path to achieving that goal.

It all starts with mindset. We all start as entrepreneurs and founders with a vision. What makes us CEOs is our ability to think bigger. It all starts in your head, with a little perspective.

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Source: smallbusinessbonfire.com

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Will You Sell Your Dogecoin If It Reaches $0.50 (Again) in 2022? Over 75% Say…

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Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

This week, we posed the following question to Benzinga visitors: Will you sell your Dogecoin (CRYPTO: DOGE) if it reaches $0.50 in 2022?

Since early 2021, it’s no secret Dogecoin’s price has risen or fallen in sympathy with both the price of Bitcoin (CRYPTO: BTC) and tweets by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. Heavy support for Dogecoin, by Musk, might give the meme crypto a shot at reaching $0.50 in 2022.

Back on May 8, 2021, Dogecoin reached an all-time high of $0.7376 in anticipation of Musk’s appearance on Saturday Night Live. The meme crypto is since trading lower by 81.7%. 

Here are the full results from this week’s survey:

Yes, I will sell my Dogecoin if it reaches $0.50: 75.3%
No, I will not sell my Dogecoin if it reaches $0.50: 24.7%

This sentiment study was conducted amid another active week of trading, which saw the meme cryptocurrency fall by over 28%.

At the time of publication, Dogecoin was trading around $0.1338, down 11.2% in the past 24 hours.

See Also: Dogecoin Vs. Shiba Inu

This survey was conducted by Benzinga in January 2022 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.

Source: benzinga.com

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Apple Poised to Outperform Expectations in December Quarter, Analyst Says: How Will Shares React?

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Notwithstanding supply constraints, an analyst at Morgan Stanley is positive about Apple Inc.’s (NASDAQ:AAPL) December quarter performance.

The Apple Analyst: Morgan Stanley analyst Katy Huberty has an Overweight rating and a $200 price target for Apple shares.

The Apple Thesis: Cupertino is likely to post upside to Street forecasts for the December quarter and guide to a relatively in-line March quarter, thanks to improving iPhone production into year-end and modest Services outperformance, Huberty said in a note. Since hitting a low on Oct. 4, Apple’s shares are up 19%, suggesting the December quarter upside is largely priced in, she added.

The analyst models December quarter revenues of $122.3 billion, a 41.9% gross margin and $1.97 per share in earnings. Apple’s management will likely shed light on its active device and iPhone installed base, the analyst said.

Among products, Apple may have shipped 83 million units of iPhones, 7.6 million units of Macs and 14.9 million units of iPads, Huberty said. The analyst estimates total product revenues of $103.1 billion, which is above the consensus estimate of $100.3 billion.

Services revenue is likely to come in at $19.2 billion, also above the consensus estimate of $18.6 billion, Huberty said. The upside is due to stronger-than-expected App Store performance and Apple’s Licensing & Other segment, she added.

Given the sustained presence of COVID-19, management is unlikely to offer a revenue guidance range for the March quarter and instead will likely provide commentary on segment growth trends, she noted.

Related Link: Apple Becomes First Company To Top $3 Trillion Market Cap; Analyst Says Rally Has Further Legs

Apple shares have underperformed thus far in January after December’s outperformance, the analyst said. Apple is expected to release the iPhone SE3 in April/May this year, the iPhone 14 in Fall 2022 and a mixed reality headset in 2023, Huberty noted.

Morgan Stanley said it would be a buyer on any weakness post-earnings, as it views Apple as a more “defensive/quality outperformer” in challenging markets. The company’s 1.65 billion+ installed base with high loyalty/retention rates, underweight institutional positioning, along with strong capital returns and the tendency for it to outperform ahead of product cycles make the firm positive on Apple stock, Morgan Stanley noted.

AAPL Price Action: Apple shares were down 2.10% to $162.41 at market close Friday.

Original Article: benzinga.com

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Bitcoin May Be Plunging Hard, but Look Who’s Buying the Dip

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The sell-off seen in the crypto space is continuing into the weekend, and Bitcoin (CRYPTO: BTC), the apex crypto, is no exception. Bitcoin-backer and El Salvador President Nayib Bukele, unsurprisingly, is seeing the weakness as a buying opportunity.

What Happened: Bukele said in a late Friday tweet that the country has purchased an additional 410 Bitcoins for $15 million, the nation now holds over 1,500 BTC. The president also suggested that some current sellers are liquidating at throwaway prices.

The tweet was in reply to his own Jan. 14 tweet, in which Bukele indicated that he might have missed the dip at the time.

The tweet elicited mixed responses. One Twitter user said Bukele wasted over $36,500 per Bitcoin and suggested that if the president wants to make bad bets on Bitcoin, he should be doing so with his own money. He challenged Bukele to disclose his personal Bitcoin holdings.

Meanwhile, another user supported the Bitcoin purchase and said the president is seeing the big picture, while others don’t understand Bitcoin is a long-term asset.

Related Link: Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That’s Weighing

Why It’s Important: After seeing a downtrend since hitting a high in early November, Bitcoin has come under further pressure in the new year. Since the start of the year, the apex currency has lost over 20%, implying it is sinking further into bear market territory.

El Salvador has the distinction of being the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar, on Sep. 7, 2021.

At the time, Bukele reasoned the move would spur investment in the country and come in handy for 70% of its citizens, who don’t have access to traditional financial services. The country has also made plans to build a Bitcoin city, financing the construction by the issuance of a $1 billion Bitcoin Bond.

BTC’s trajectory in the near- to midterm will determine the success of the country’s Bitcoin strategy and whether Bukele will be vindicated. At last check, Bitcoin was seen down 7.56% in the past 24 hours to $35,486.19.

Related Link: How to Buy Bitcoin

Photo: Courtesy Blockzeit CH on Flickr

Source: benzinga.com

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