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How to know your worth and command what you demand

It is not uncommon for people to ask for professional services to be discounted, but do you cave to close a deal, or do you know how and why to consistently command what you are worth, even if a deal slips through the crack?

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Did you know?
The American Association of University Women (AAUW) reports that Millennial women make 82 cents for every dollar a Millennial male makes.
Read more…


father daughter

According to a study by the University of Maryland and the Columia Business School, employees’ wages go up after the delivery of a first-born daughter. Female employees may see their salary grow by 1.1 percent, compared with a 0.6% gain for male employees. And even if the CEO has a boy, female salaries go up 0.8 percent while male’s actually go down 0.5 percent.
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One report unveils that Millennial businesswomen do not ask for raises or promotions as often as their male counterparts.  Read more...

One report unveils that Millennial businesswomen do not ask for raises or promotions as often as their male counterparts.
Read more…

Determining your worth in your industry

Every now and again, as independent business owners and entrepreneurs, we may question our services and value that should be attached to said services. Who is it that said that “my time is worth a million dollars an hour, but I haven’t found the person willing to pay that yet?” Was it Mr. Buffett? Am I just making that up, because it sounds like something awesome he would say?

He definitely said “Price is what you pay. Value is what you get.” Think about that, because it will make sense later…

Well, in a networking meeting two days ago, my colleagues were in a deep discussion about how much they should be billing for their particular trades. Should it be the industry standard? Should they do the work job-by-job? Should they consult with other folks within their particular trades so that if they are being put out to bid they are being compared apples to apples? Hmmm. So many questions. This made me think about a particular instance that happened to me, a Realtor who gives phenomenal five star service, just last week.

Flattery will get you nowhere

I was speaking with a referred potential client, and we were hitting it off, yet she was telling me of her woes and how the agent she has been dealing with for a number of years was incredibly unresponsive, apparently gave her “sass,” and even left her to wait sometimes for several hours for scheduled appointments.

This is unheard of in my book! This is just terrible customer service, and in my real estate industry and my personal business ethic, something that would not be tolerated. The potential client went on to go through some particulars with me about how she would absolutely love to work with me and that she had heard such rave reviews. I was thrilled and then… she asked through all of the flattery, “would you discount your service by two percent?”

Discounting Service from Discounting Pricing

Uhm, excuse me? Did I hear you correctly? You give amazing service. You are the person I would like to work with. I want you to do the work that the other person has not been doing for well, a discounted rate…

I don’t know you from anyone… and you are asking me to discount my service after you just told me how amazing I am, and you know what type of service I will provide for you- you practically did my job for me in the “selling of me.” Things were starting to make more sense as to what was probably going on with the other agent. She had gotten a discount agent who was providing discount service; this I don’t know for a fact, it is pure assumption, but it just started to make sense to me in my mind.

My point is… I don’t do that. I know my value. I know my worth, and I don’t discount my service to get a deal locked down. It was such a funny conversation, because she seemed genuinely shocked when I told her that I don’t discount my service like that. This particular potential client was a professional, and she has an amazingly successful business, and business mind- which I truly respect- and I asked her if she discounted her work. She doesn’t.

Interestingly enough, she still wanted to have someone give her a discount. Sorry. As a professional, with specific ethics that I uphold myself to, I would then have to extend that same offer to everyone, and still provide the same level of high-end service that as a one-person operation, isn’t how I operate. We went our separate ways, and she even sent me a very, very flattering note about how she appreciated my passion for my work and how it shines through and all that, but it was muddling.

Be the Master of you Craft- Command What you Demand

Let’s take this full circle, shall we? My networking friends who were trying to identify their own personal value for their business heard me pipe up and tell my “don’t discount yourself because you feel pressured or bullied into it” story.

Know your value. Remember what Warren Buffett said, too. Price is what you pay. Value is what you get. So, again, know your value. Research. Know your trade inside and out, and let people know your passion and why they need to actually pay you what you are worth because they will know that you deliver the best possible product, whether it is a consultant service, a marketing and branding package, or the customer service that goes along with personal real estate sales.

Some professionals will even charge more because they can command it, and people will give them that because those folks have learned how to master their field and earn the trust and respect of their clients and colleagues. These people are masters of their craft. Know your market, and know why you command what you demand.

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 Entrepreneur

Why receiving big funding doesn’t guarantee startup success

(BUSINESS ENTREPRENEUR) You finally got that big funding check that allows you to make your dreams come true, but most startups fail because they shoot for the moon.

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The first thing every startup needs to get off the ground is funding. It’s crucial to have enough capital to cover equipment, inventory, and employee salaries, along with other basic expenses unique to the industry. Most startups cover these initial costs through business loans and capital from private investors.

Some business owners perceive getting funded as the first milestone toward success. While receiving capital is critical for success, being well-funded doesn’t guarantee success. Plenty of well-funded startups have failed, gone bankrupt, and all but disappeared.

How could so many well-funded startups possibly go under? The 90% failure rate for startups is due to a variety of factors including bad timing, no market, and most of all – mishandling of finances.

Here’s why receiving big capital doesn’t guarantee success.

Getting investment capital provides false hope

Getting funded can make you feel invincible and cause you to be too relaxed about spending money. It’s a powerful feeling to have plenty of money and know an investor believes in your business. Investors are smart; they wouldn’t throw money at a startup unless they had every reason to believe it will succeed, right? Not exactly.

Startups in big tech areas like Silicon Valley and San Francisco often have an easy time generating large amounts of capital from investors who can’t wait to throw money at the latest startup. Many investors ignore risk and throw their money at long-shot bets hoping to invest in the next Facebook or Instagram. The size of the pot is too mesmerizing not to take the risk.

These long-shot bets carry similar odds to winning a “Pick 6” bet in horse racing. The Pick 6 is one of the hardest bets to win because you have to pick the winning horses for six consecutive races. What if the top horse becomes injured before the sixth race? Investors who toss money at random startups have to pick a startup that will continue to meet all the right circumstances to become profitable long-term. Some of those circumstances are unpredictable.

No business owner wants to view their startup as a long-shot bet. However, the reality is that many startups are. You can’t gauge your potential for success based on how much funding you receive.

Having plenty of cash encourages premature scaling

When you’ve got the cash to scale your startup it seems like a waste not to dive in. Just one look around the internet reveals plenty of videos and articles encouraging entrepreneurs to scale their business. Advice online gives the impression that if you’re not scaling your business, you’re falling behind. However, scaling too soon can tank your startup.

Research conducted by Startup Genome found premature scaling to be the number one cause of startup failure. Nathan Furr from Forbes.com explains this finding and what it means for businesses. Premature scaling is defined as “spending money beyond the essentials on growing the business (e.g., hiring sales personnel, expensive marketing, perfecting the product, leasing offices, etc.) before nailing the product/market fit.” Furr says any business is susceptible to premature scaling – not just startups.

The problem is that premature scaling depletes your cash reserves more quickly. This leaves you with less cash to fix mistakes and readjust as you go along. Failure is what happens when you don’t have the necessary cash to fix mistakes and move toward success.

How to make the most of your funding and increase your odds of success

To increase the odds of developing a long-term successful startup, here’s what you can do:

• Save as much money as possible. For instance, you don’t need a giant office with expensive furniture right away. Work from home and hire a remote team until an office is absolutely necessary.

• Make sure the cost of acquiring each customer makes sense. Know how much money you’re spending to acquire each customer. Track all marketing efforts and eliminate the avenues that don’t generate paying, loyal customers. If the cost to acquire a customer is more than what they spend with your company, revisit your marketing strategy.

• Aim for an order-of-magnitude improvement with your innovation. Skip Prichard advises startups to strive for a 10x increase in the value of whatever innovation is being provided to the world. For example, if your company is offering a lower price for a greater value, aim to increase the value 10x. Attract the early adopters who want big improvements and they will validate you.

Money is a tool – use it wisely

Celebrate when you get your funding, but keep that money in the bank for necessary expenses. Money is a tool that doesn’t guarantee success, but if you budget wisely, you’ll have a better chance at beating the startup odds.

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Business Entrepreneur

How to know when a candidate is a true fit for your startup

(BUSINESS ENTREPRENEUR) Knowing whether a potential hire is a good fit for your startup is a difficult one, so we suggest asking these 3 questions at your next interview.

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Hiring, in general, can be a daunting task. Knowing whom you like to fill the role can seem pretty ethereal until you put pen to paper. The struggle is even bigger for smaller companies, such as startups, as they’re not only looking to fill a role based on skills, but they’re also looking to find someone who will jive with their existing employees and culture. And while culture-driven corporations like Apple do this to a degree, too, it’s nowhere near as delicate as hiring can be for a startup.

Startups often struggle in bringing on new hires from beginning to end. A lot more is at stake when you’re hiring for a small company. Any missteps can be detrimental to profitability, productivity, efficiency, and even business projections. But if you’re a startup looking to hire, look no further.

Writer and former Google Vice President, Jessica Powell, has some great questions to ask your potential future hires to limit any possible setbacks.

It’s important to realize that Jessica’s experience is pretty limited to corporations and that she’s spent much of her time at one of the biggest of them all – Google. Therefore, as a seasoned businesswoman with vast experience in startup life, I’ll be adding some colorful insights that should help both employers and employees even further.

1. In her article, Jessica alludes that an employee’s resilience is a big part of being able to handle a startup, and I completely agree. Startups are typically very touch and go. Even if the startup appears successful, policies, processes, and even something as critical as re-allocation of budget are all subject to scrutiny – often until a time when the company sells or goes public. This is exactly why Jessica recommends employers ask resilience-related questions, probing for “weaknesses and missteps”.

Our favorite question related to resilience that she suggests employers ask in interviews is: “Some people tend more easily to put responsibility or blame on others, and some people tend to put it on themselves. Where would you see yourself? Can you give me an example of when this happened?”

We like this question because it’s incredibly important to know if a new potential employee has perfectionist tendencies and is incredibly hard on themselves, or if they are incredibly hard on their co-workers. If you’re speaking with someone who already puts the blame on themselves half the time, you may be looking at a self-starter who has the potential to lead – very important when considering future scaling, especially because many startups like to promote from within. If they’re more on the perfectionist side of things, you may also be speaking with someone who is incredibly resilient. Why? Because they’re already hard on themselves, which often times leads to allowing others to be hard on them. That means they’ve probably experienced a lot of defeat, but they keep on going, which, in my opinion, is exactly the type of employee startups need.

2. Jessica also goes over how ambiguity in the workplace (again, something very common for startups) can affect new hires, which is why she makes it a point to ask pointed questions that not only gauge the potential hire’s comfort with ambiguity, but also what they value their work environment and career and “to see how they approach complex problems”.

We actually have 2 questions we think startup employers should ask in the ways of ambiguity. The first is pretty basic: “Do you love your routines or do you like to do things on the fly? How much structure do you like in your work day?”

We love this question because startups are often moving so quickly that any employee needs to be accustom to changes be made on the fly. It’s a question that basically assesses whether or not something is a go-getter and can work with unknowns. Let’s say you’re an employer hiring for a sales role. What someone who has never worked at a startup might think is that they’re 100% supported with consistent documentation, training, and pay.

What they don’t realize is that startups often shift gears pretty quickly, so any collateral they may have provided you (I’ve worked for startups where this wasn’t even offered), for example, can quickly become out of date – and with the limited resources some startups have, it could be a month or longer before someone actually gets you what you feel you need to do well in your job. If that’s too ambiguous for you as an employee, you may consider working in a more corporate environment.

The second question is one that I see fit for anyone above entry-level, but mostly for those potential hires who are looking for an upper management or leadership role. Reason being, this question brings experience into question and obviously, if you are entry-level, you don’t have much yet. The question is: “Where was your favorite place to work and why?”

There’s a lot that an interviewer can learn about an interviewee with this question. Not only does the topic of past employment come up, but it also asks the potential hire to dig deep and explain why they liked their past role. This can often lead to other probing questions, such as “why are you looking to leave your current role” and “was there anything about this role you didn’t like?” Depending on their answer, an employer can quickly see if the interviewee’s past experiences, and their preferences, line up with what the employer is looking for.

There are many more great questions you can ask in interviews, but when it comes down to figuring out if someone is fit to work at your startup, starting with these questions can push you past the average, cliché questions at warp speed, making room in the often time-crunched interviews for solid and valuable data on the potential hire.

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Business Entrepreneur

Which city has your back when trying to start your business?

(BUSINESS ENTREPRENEUR) Have you ever wondered which city will support your big idea, and help you achieve your dreams? Well here are the top 10 entrepreneur friendly cities.

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So, ya want to start a business? (Even if you don’t, just play along.) Well, then it’s important to know the best city in which to start a business. Take a moment to come up with your top-10 predictions prior to seeing what Inc. Magazine and Startup Genome had to say are at the top.
The top 10 are as follows: 1. Austin (what’s up?!), 2. Salt Lake City, 3. Durham, 4. Denver, 5. Boise, 6. San Francisco, 7. Charleston, 8. San Diego, 9. Phoenix, and 10. Miami.

10. Miami:

  • is number One in rate of entrepreneurship
  • number 19 in high-growth company density
  • number 22 in net business creation.

Much like the weather, the startup scene just keeps heating up.

9. Phoenix:

  • is number 2 in net business creation
  • number 7 in population growth
  • number 9 in job creation.

Many have flocked to the Arizona city for warm weather and lower costs of living.

8. San Diego:

  • is number 7 in rate of entrepreneurship
  • number 7 in high-growth company density
  • and number 7 in early-stage funding deals.

Three rated sevens in a row? Somebody call Monica Gellar!

7. Charleston:

  • is number One in net business creation
  • number 6 in high-growth company density
  • number 10 in job creation.

In the Souths of Carolina, founding tops funding.

6. San Francisco:

  • is number One in early-stage funding deals
  • number 2 in wage growth
  • number 8 in high-growth company density.

All of this in spite of the pricey cost of living.

5. Boise:

  • The capital of Idaho is number 2 in population growth
  • number 3 in job creation
  • number 3 in net business creation.

According to the data, you can buy four houses in Boise for the cost of one house in San Francisco. Breaking that knowledge out at my next cocktail party.

4. Denver:

  • is number 2 in rate of entrepreneurship
  • number 4 in high-growth company density
  • number 8 in wage growth.

People have been moving to this Colorado city like crazy

3. Durham:

  • is number 3 in high-growth company density
  • number 8 in net business creation
  • number 10 in job creation.

This North Carolina hub was once known for big tobacco

2. Salt Lake City:

  • is number One in high-growth company density
  • number One in job creation
  • and number 3 in population growth.
  • This spot is popular with adventure seekers

    1. Austin:

    • is number 3 in population growth
    • number 27 in net business creation
    • number 4 in early-stage funding deals.

    The American Genius’s home town is leading the nation in job creation and high-growth company density.

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