Connect with us

Business News

Weighing opportunity costs as a business, Goldilocks style

Setting your business up for success may be more than just saying yes to everything that comes your way. Like Goldilocks, it is more advantageous to be selective and get it juuust right.

Published

on

Goldilocks enters the business world?

Sometimes when you least expect it, business ideas blossom. Even at lunch with dear friends, when you are sort of gossiping. Yeah. Don’t judge:

“He seriously wouldn’t help you move?”

“No. He said it wouldn’t benefit him. He was going to be working on his hedges this weekend.”

“Wow. It always seems like he weasels his way out of everything.”

“Nah, I think that he is actually really good at saying no and identifying things that are good for him. It might actually be a good trait. I’m impressed that he got out of this; good for him, right? No wonder he’s a lawyer now.”

When talking about a friend who seems to always have plans, or a way to get around everything you ever ask of him, be it a fun event at the park, or a quick assist in a one bedroom apartment move… a business concept was highlighted. Saying yes to the right things can be more valuable to a small business than saying yes to everything. Apparently my pal that I was chatting with thought that the opportunity cost of saying “yes” to everything is lost when you say “yes to things that bog you down.” The opportunity cost is won when you say no to everything except for the things that you really want to do and in things that will prove your value. 

The magic question is then, when do you say “no?”

Enter your inner business Goldilocks:

In a boutique business, you are in constant negotiations with yourself: Is the job too big? Is the job too small? Is the job just right? How do you ever really know if the value is there and if you should take a job or if you’re just starting to say yes to every little thing? No one wants to spin their wheels. That is why we assess things like our internal motivators, like what drives us in our business and what are our current business needs.

Saying yes to everything.

Maybe you are one of those people who can manage to take on every task and tackle it with brilliance and grace; however, what happens when you start to slip? People notice these things and business will start to go elsewhere. Are you saying yes because you can’t say no? Hmmm… Deeper issues maybe?

Things to think about to get to your inner Goldilocks

  1.     Bid… No bid??? Do I/we have the right skill-set to win this job and be successful?
  2.     Dollar bills, y’all. How much money will this project make your business?
  3.     You’ve got a problem? I’ve got a solution. Identify the issue and know how to fix the problem.
  4.     Time is money. How much man power do you need on this job?

Everyone wants to set their business up for success and a great way to do this is to identify projects that will show your value, just like the “weasel friend” who isn’t such a weasel after all… just a smart businessman who knows how to get what he wants, when he wants it. I think this job will be just right…

Genevieve Concannon is one of those multifaceted individuals who brings business savvy, creativity and conscientiousness to the table in real estate and social media.  Genevieve takes marketing and sustainability in a fresh direction- cultivating some fun and funky grass roots branding and marketing strategies that set her and Arbour Realtyapart from the masses. Always herself and ready to help others understand sustainability in building a home or a business, Genevieve brings a new way to look at marketing yourself in the world of real estate and green building- because she's lived it and breathed it and played in the sand piles with the big-boys.  If you weren't aware, Genevieve is a sustainability nerd, a ghost writer and the event hostess with the mostess in NoVa. 

Business News

Asking the wrong questions can ruin your job opportunity

(BUSINESS NEWS) An HR expert discusses the best (and worst) questions she’s experienced during candidate interviews. it’s best to learn from others mistakes.

Published

on

interview candidates answers

When talking to hiring managers outside of an interview setting, I always find myself asking about their horror stories as they’re usually good for a laugh (and a crash course in what not to do in an interview). A good friend of mine has worked in HR for the last decade and has sat in on her fair share of interviews, so naturally I asked her what some of her most notable experiences were with candidates – the good and the bad, in her own words…

“Let’s see, I think the worst questions I’ve ever had are typically related to benefits or vacation as it demonstrates that their priorities are not focused on the actual job they will be performing. I’ve had candidates ask how much vacation time they’ll receive during an initial phone screen (as their only question!). I’ve also had them ask about benefits and make comparisons to me over the phone about how our benefits compare to their current employer.

I once had a candidate ask me about the age demographics of our office, which was very uncomfortable and inappropriate! They were trying to determine if the attorneys at our law firm were older than the ones they were currently supporting. It was quite strange!

I also once had a candidate ask me about the work environment, which was fine, but they then launched into a story about how they are in a terrible environment and are planning on suing their company. While I understand that candidates may have faced challenges in their previous roles or worked for companies that had toxic working environments, it is important that you do not disparage them.

In all honesty, the worst is when they do not have any questions at all. In my opinion, it shows that they are not really invested in the position or have not put enough thought into their decision to change jobs. Moving to a new company is not a decision that should be made lightly and it’s important for me as an employer to make sure I am hiring employees who are genuinely interesting in the work they will be doing.

The best questions that I’ve been asked typically demonstrate that they’re interested in the position and have a strong understanding of the work they would be doing if they were hired. My personal favorite question that I’ve been asked is if there are any hesitations or concerns that I may have based on the information they’ve provided that they can address on the spot. To me, this demonstrates that they care about the impression that they’ve made. I’ve asked this question in interviews and been able to clarify information that I did not properly explain when answering a question. It was really important to me that I was able to correct the misinformation as it may have stopped me from moving forward in the process!

Also, questions that demonstrate their knowledge base about the role in which they’re applying for is always a good sign. I particularly like when candidates reference items that I’ve touched on and weave them into a question.

A few other good questions:
• Asking about what it takes to succeed in the position
• Asking about what areas or issues may need to be addressed when first joining the company
• Asking about challenges that may be faced if you were to be hired
• Asking the employer what they enjoy most about the company
• I am also self-centered, so I always like when candidates ask about my background and how my current company compares to previous employers that I’ve worked for. Bonus points if they’ve actually looked me up on LinkedIn and reference specifics :)”

Think about the best and worst experiences you’ve had during an interview – and talk to others about the same topic – and see how that can help you with future interviews.

Continue Reading

Business News

AdvoCare MLM was painted as a pyramid scheme! Well color me surprised

(BUSINESS NEWS) AdvoCare is the most recent case of an MLM being called out as a pyramid scheme by FTC, but there’s plenty more MLMs where that came from…

Published

on

AdvoCare business structure

It’s always a good day when an MLM (multi-level marketing business) actually suffers legal repercussions. Granted, these days don’t happen nearly as often as we’d like – MLM CEOs have historically had deep pockets and a far reach – which means it’s all the more reason to celebrate when one gets called out.

Today’s culprit is AdvoCare, a Texas-based “wellness” company. AdvoCare has been fined $150 million by the FTC (Federal Trade Commission) for operating a pyramid scheme. The company, as well as a few of its top influencers, have been misleading people when it comes to how much money they could earn. This is pretty typical behavior for MLMs in general, though many are careful to couch your potential earnings in vague terms.

For the record, the majority of users lost money, and most who managed to turn a profit made a maximum of just $250. I say ‘just’ because it’s hard to know how long someone would have had to work to not only break even, but manage to turn a profit. MLMs make big claims about earning money, but when you have to pour a hefty sum of cash into the products, it can take a while just to break even.

That’s why many MLMs, including AdvoCare, push contributors to recruit, rather than sell the product. And if you’re thinking that sounds like a pyramid scheme, you’re totally right. This method of putting recruiting first is part of the reason AdvoCare has gotten in trouble with the FTC.

In response, AdvoCare is moving away from multi-level marketing sales and pivoting to selling products directly to retail stores, which in turn sell to customers.

Now, with AdvoCare’s downfall, don’t be surprised if other MLMs insist that they’re different because they haven’t gotten in trouble with the FTC. In fact, plenty of MLMs are quick to tell you that they’re totally legal and totally not a pyramid scheme. Sure, Jan.

First of all, if there’s a big focus on recruiting, that’s obviously a big red flag. There are plenty of pyramid scheme MLMs out there that just haven’t gotten caught yet. But there are other sneaky ways an MLM will try to rip you off. For instance, some companies will insist you buy tons of product to keep your place, and that product can be very hard to unload. Not to mention, many of the products MLMs tout are subpar at best.

AdvoCare getting called out by the FTC is a great start, but MLMs seem kind of like hydras. Cut down one and two more seem to spring up in its place. So be vigilant, y’all. Just because an MLM hasn’t gotten caught yet doesn’t guarantee it won’t still scam you out of your hard earned cash.

Continue Reading

Business News

Bose is closing their retail stores, but we haven’t heard the last of them

(BUSINESS NEWS) Over the last 30 years Bose has become so well understood by consumers that they don’t even need retail stores anymore. We hear them just fine.

Published

on

bose closing retail stores

Over the next few months, Bose plans to close all of their retail stores in North America, Europe, Japan, and Australia. The company made the announcement last week. With 119 stores closing, presumably hundreds of Bose employees will be laid off, but the company has not revealed exact numbers.

However, this shouldn’t be taken as a sign that the maker of audio equipment is struggling to stay afloat. Rather, the move marks a major change in how consumers purchase tech gear.

When the Framingham, Massachusetts-based company opened its first U.S. retail store in 1993, it was making home entertainment systems for watching DVDs and listening to CDs. According to Colette Burke, Bose’s vice president of global sales, these first brick-and-mortar locations “gave people a way to experience, test, and talk to us” about Bose products. “At the time, it was a radical idea,” she says, “but we focused on what our customers needed and where they needed it – and we’re doing the same thing now.”

When a lot of this equipment was new, consumers may have had more questions and a need to see the products in action before purchasing. Nowadays, we all know what noise-canceling headphones are; we all know what a Bluetooth speaker is. We’re happy to read about the details online before adding products to our virtual shopping cart. The ability for Bose to close its retail stores is probably also an indicator that Bose has earned strong brand recognition and a reputation as a reliable maker of audio equipment.

In other words, consumers are less and less inclined to need to check out equipment in person before they buy it. For those who do, Bose products can still be purchased at stores like Best Buy, Target, and Apple. But overall, Bose can’t ignore the fact that their products “are increasingly purchased through e-commerce,” such as on Amazon or directly from their website.

In a statement, Bose also said that it has become a “larger multi-national company, with a localized mix of channels tailored for the country or region.” While Bose is shutting down its retail stores in several continents, it will continue to operate stores in China, the United Arab Emirates, India, Southeast Asia, and South Korea.

Burke said the decision to close so many retail stores was “difficult” because it “impacts some of our amazing store teams who make us proud every day.” Bose is offering “outplacement assistance and severance to employees that are being laid off.”

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!