Author: Paul Segreto

Passionate About Fueling Entrepreneurial Spirit; Entrepreneurship Coaching; Management & Development Advisory & Consulting; Franchises, Restaurants, Service Businesses; Thought Leader, Influencer, Content Creator & Author.

Turning Impossible into Possible

March 23, 2022 ·

How many of today’s mainstream brands are offering products and services that would have been considered impossible not all that long ago? Of course, Amazon immediately comes to mind…

Amazon rapidly grew from an unproven concept to one of the most valuable companies in the world within a relatively short period of time.

How many times do you think Bezos heard someone tell him what he was trying to achieve was impossible? Thinking back, how about Jobs, Gates, Walton, Dell, Disney, Ford, Branson? All were entrepreneurs!

Nothing is impossible provided there’s a plan and an unwavering commitment to excellence.

Want to be an entrepreneur? It’s impossible without these 3 characteristics

They go by many names: self-employed, 1099 Contractor, Side Hustle, CEO, Business Owner, or Agency Owner, but our favorite term is Entrepreneur. No more working for the “man!” Be your own boss, set your own hours, answer to no one is the cry of everyone that has ever had to punch a clock, ask to take a bathroom break or be elated with a 5% raise. Why would anyone want to work for someone else for 40 years when they can work for themselves and make millions?

If you could only will things into existence by belief, we’d all be the boss. With over 300 million people living in America today, only 15 million of those are self-employed full time.

We’ve all heard of the Pareto Principle, right? The 80/20 rule? In sales, business ownership, and entrepreneurship that means only 20% have the right skills, masteries and characteristics to succeed. The author of this article, Joshua Jones has personal experience in observing thousands of other entrepreneurs that makes him think Pareto might have under-promised and over-delivered. Seems as if only 5% have what it takes.

So what does it take to be a successful entrepreneur? Jones believes all the books, podcasts, blogs, webinars, and self-help seminars on this subject could be summed up in three simple characteristics found HERE.

“The way to get started is to quit talking and begin doing.” – Walt Disney

Today’s Entrepreneurs

March 22, 2022 ·

The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… job offers, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.

Well, technology along with our lost feeling of security, job and otherwise has provided us opportunities and reason that we must keep our eyes open, explore beyond our comfort zones. We must maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, and to think and act outside the box (of complacency, fear and procrastination).

We’re in an environment where the visionaries continue to create the playing field but it’s only doers who will win.

Acting swiftly, yet decisively, albeit deliberately, often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to not only succeed, but to thrive.

These individuals not only make things happen, but they also make them count, and in a big way.

They are today’s entrepreneurs.

Acceler8Success Cafe Small Business Weekly

March 21, 2022March 21, 2022 ·

Small Business Weekly is the weekly edition of Acceler8Success Cafe newsletter on LinkedIn. Moving forward, the newsletter will transition from a weekly to a daily publication. It will then be shared here on Acceler8Success Cafe blog for the benefit of our subscribers. We certainly do not want to leave our loyal followers behind. If you like what you see upon previewing this new content, please take a few minutes to subscribe so the blog will be in your email each morning. If you would, please also share with your friends & colleagues. It’d be greatly appreciated. Thank you.

Small Business Weekly

Number of Women in Franchising Has Grown Each Year Since 2016 (credit: 1851franchise.com)

There has never been a better time to be a woman business owner.

For Women’s History Month, Franchise500’s Jeff Cheatham offered a look at the impressive strides females have made in the franchising industry, which indicates a promising future for women in the industry.

First, Cheatham looked at how much the rate of women-owned businesses has grown in the last half-century. The U.S. Census Bureau started keeping records of female entrepreneurs in 1972, when just 400,000 companies were women-owned. Today’s statistics show over 13 million businesses owned by women, a staggering 3,150% increase. Women now account for about one-third of small business owners and franchisees, Guidant Financial reports.

When it comes to interest in franchise ownership, women are currently outnumbering men in exploring possible investments, Franchise Insights reports. And that trend shows no sign of slowing; the number of women becoming franchisees has risen steadily for the last five years.

About 33% of all female business owners and franchisees have been running their operations for more than a decade, the Guidant Financial data shows.

As gas prices rise, small business owners slam Biden’s ‘shortsighted’ energy policies: ‘Out of touch’ (credit:foxbusiness.com)

The pressure that the coronavirus pandemic put on small business, coupled with the historic inflation and spiking gas prices as the Russia-Ukraine war wages and relative inaction by the Biden administration, is creating a rapidly deteriorating situation for small business owners and operators.

Gas prices have reached historic levels amid soaring inflation in the wake of the pandemic and Russia’s war on Ukraine. In an effort to combat soaring gas prices, the Biden administration has already released tens of millions of barrels of oil from the Strategic Petroleum Reserve, but it has not been enough to have an impact. Meanwhile, the administration’s ban on Russian energy imports further tightened supply.

Some of the hardest hit have been small business across the U.S., who told Fox News Digital that they are struggling to keep their doors open and are demanding the Biden administration take immediate action to help them.

Read more HERE.

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From unemployment to entrepreneurship (credit: yourstory.com)

Over a million Indians move to the US each year, but finding a job can be a tough task. Priyanka Botny found herself in such a situation.

Unwilling to give up, she decided on becoming an immigrant entrepreneur and started Playonomics — an online experiential learning platform for employees to improve their emotional intelligence.

Priyanka says often focusing on IT infrastructure takes away attention from employee wellbeing. “We help in bringing that intelligence to build emotional skills, along with digital transformation at organisations,” Priyanka explains.

The startup focuses on decision-making and using human emotions to further digital transformation.

Read more HERE.

Fast Food and Quick Service Restaurant Market Development, Trends, Demand and Forecast Till 2022-2027 (credit: marioniniversitysabre.com)

According to IMARC Group’s latest report, titled “Fast Food and Quick Service Restaurant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 232.3 Billion in 2021. Fast food and quick service restaurants (QSRs) serve fast foods that are cooked and packed in advance. They are commonly a part of a franchise or a food chain, wherein standardized ingredients are available for food preparation. These types of restaurants have minimal table service and generally offer takeaway options. Some of the widely available foods and beverages in these restaurants include pizza, pasta, soft drinks, coffee, tea, juices and burgers.

The global market is primarily driven by significant growth in the food and beverages industry. Along with this, the inflating disposable incomes, changing dietary patterns and the shifting lifestyle preferences of the masses are creating a positive outlook for the market. Additionally, the hectic schedules and busy lifestyles led by the working professionals have resulted in a rise in the consumption of on-the-go food items, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include the increasing penetration of social media, easy food availability via online delivery options and innovative marketing strategies adopted by numerous players. Looking forward, IMARC Group expects the global fast food and quick service restaurant market to reach US$ 308 Billion by 2027, exhibiting at a CAGR of 4.9% during 2022-2027.

Read more HERE.

Have a great week. Make it happen. Make it count!

Learn about Acceler8Success Group services & resources for current and aspiring entrepreneurs by visiting our website at Acceler8Success.com.

3 Key Questions to Consider Before Becoming a Franchisee

March 4, 2022March 4, 2022 ·

The dream of owning your own business is alive and well for most Americans. The only problem is that many people don’t know where to start on the journey to becoming self-sufficient. There are a million different options, but first and foremost each potential entrepreneur must decide if he or she wants to become a franchisee or start a business independently.

Each route has its benefits; therefore, it’s critical to take the time to consider both options before making a decision. What it initially comes down to is asking yourself the following questions:

1. Do you understand every aspect of the business or do you thrive in one area?

When starting a business from scratch, entrepreneurs should be well versed in every single element of the enterprise. They need to create systems and procedures and test whether these work for that particular business. This process of ironing out the details deters some from choosing to own an independent business but excites and challenges others.

Conversely someone who buys a franchise knows that someone else has already done the “dirty work” and found the most effective systems for that particular business. A franchisee must simply thrive at correctly running the system while adding their own personal management touch.

2. Are you an expert at making a name for yourself or would you like to be associated with an already strong brand?

When purchasing a franchise, you are also inheriting the reputation of that brand. For example, if you open your own Dunkin’ Donuts shop, you will encounter customers who already recognize the pink and orange logo. Many people will know whether they like the brand and will expect speedy service providing them doughnuts and steaming hot coffee.

On the other hand, those starting a business from scratch have a chance to create a unique brand identity. But consumer trust and awareness don’t come easily; they need to be earned through time, consistency and excellence.

3. Are you the kind of person who likes to go it alone or do you appreciate a sense of community?

Owning a business — whether it’s a franchise or not — can be risky. Some people prefer to be self-reliant and want to manage potential problems using past experiences and premonitions as guides. An entrepreneur must solve the issues that arise.

Others prefer enlisting the support and help of others to ensure that their business runs smoothly. A franchisee has many built-in allies, including the franchisor and other franchisees within the system.

The most important factor for success is making sure that problems are identified, and steps are taken in the right direction.

Culture Is A Work In Progress

January 18, 2022January 18, 2022 ·

I do believe, in many cases, the level of business success contributes to the decision on whether or not a high performer is let go because their style is detrimental to the culture. In the case of a high performer in a business that is barely making it, that high performer probably stays. This situation works for the immediate time being but not for long-term growth. It’s difficult to build a team in this scenario. A high performer with a bad attitude in an environment with other high performers, probably should go. But not without trying to get the person in line first. Bad attitudes are detrimental to team building. However, often times a bad attitude actually develops as a result of how people are treated by management, or by a particular manager. There are various other scenarios as well.

Culture lives and breathes in all organizations. It must be nurtured – fed and taken care of. If sick, the virus causing the sickness must be addressed. In the case of cancer, it must be identified, isolated and removed – making sure to properly treat closely affected areas to be sure of total elimination. If healthy, it must continue to be fortified – an immune system built, and new well-being programs developed.

At the end of the day, Culture is a work in progress! It must be fluid. It must fill in the cracks and gaps and reach its own level. It must be understood by all. It must be allowed to grow. But it must be managed. The key is whether you do so reactively or proactively!

Recently, I read an interesting article about strategy and its effect on culture. Key paragraphs and link to the article follows…

Does strategy matter?

If you do not think that it matters, then you are in good company. There are many who question the value of strategy. And I see many companies where there is no formal strategy; the informal strategy is to keep doing what has worked in the past or to chase what is fashionable today.

Strategy v Execution

When it comes to questioning strategy there are two schools that are particularly prominent. First, there is the school of execution. The execution school which says that strategy is waste of time. Why? Because strategies are generic-obvious and what matters is execution. The ability to turn strategy into the daily live of the organization. Clearly, there is some truth in this school. Strategy which cannot be operationalized is waste of time-resource.

Strategy v Culture

Then there is the school that says, “culture eats strategy for breakfast”. Yes, culture is powerful. Culture determines what gets done and how it gets done. A strategy that does not take into account the fit with culture will meet lots of resistance. Getting people to enact such a strategy will be like fighting a guerilla war with an enemy who is patient and cunning. What is forgotten is that culture can be and is influenced-shaped-shifted through strategy.

To see strategy and culture as being separate and distinct is a gross misunderstanding. This misunderstanding arises due to our reductionist-analytical thinking. Strategy and culture are interlinked. Put differently, if you change strategy, you will take actions that will influence the culture. And if you change culture, it will eventually influence the strategy.

Read more HERE.

Entrepreneurial Mindset: Consultant’s Friend or Foe?

January 11, 2022January 11, 2022 ·

failure Sometimes, no matter what you do, no matter what you try, it just doesn’t work, or work to the level it needs to in order to help turn around a failing business. Not all consulting opportunities leave us smiling even though we gave it our all… and then some.

It’s sad, but we must learn from the experience to be better, even just a little bit better for the next time, for the next person, the next client, the next entrepreneur.

Certainly, we must be better for the next opportunity if we are to make a difference. In the end, we must not second guess. Instead, reflect upon the experience and move forward. It does leave me with a question, Does having an entrepreneur’s mindset help or actually hinder being an effective consultant?

#reflection #entrepreneurship

Organizational Skills All Small Business Owners Should Possess

January 8, 2022January 8, 2022 ·

Who hasn’t seen the phrase “organizational skills” listed as a requirement of a position? It might seem excessive that this vague term is so in demand, but the possession of organizational skills can make or break your career success.

While this is true for any role, it is even more integral for a small business owner.* Because there are so many tasks to juggle on any given day, keeping everything organized is the best way to ensure you’re getting the most out of your working hours.

Read on for a look at the essential organizational skills to propel your small business toward success:

Scheduling. More than just scheduling shifts and meetings, as a small business owner you’ll be expected to schedule every aspect that goes into running your business. From scheduling progress check-ins for projects to scheduling incentive programs for sales goals, the ability to create a schedule and stick to it is essential to running your business.

Delegation. It’s impossible for one person to handle everything that needs to happen to keep a business running smoothly—that’s why delegation is key. By delegating, you’re lightening the load on your own shoulders while empowering your team to tackle the difficult tasks.

Time Management. In many jobs, your time is managed for you. You’re provided with small goals on the way to larger accomplishments and project timelines are completed at your own manager’s discretion. However, as a small business owner, those project timelines and daily tasks are set by you.

People Management. Managing is commonly regarded as a “people skill,” but it takes organizational savvy as well. Planning evaluations, building a successful team and orchestrating group meetings may not be the leadership tasks that get all the attention, but they’re just as integral to being a respected and regarded manager.

Preparation. Being prepared is the key to staying on top of your business routine. Whether it’s taking notes before a meeting with your staff, franchisor, or banker or jotting down the next to-do list at the end of the day, starting off on the right foot will keep you from playing catch-up when you should be looking ahead.

*Note: Small business owners include small independent business operators (Mom & Pop), franchisees, restaurant operators, professional services providers (law offices, medical offices) and even solopreneurs with staff.

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Crush It!

January 7, 2022January 8, 2022 · 1 Comment ·

I’ve recently re-read for the umpteenth time a fascinating book, Crush It! by Gary Vaynerchuk. He has posted, tweeted, and videoed himself, and his business, to unbelievable success in a very short period of time. The book is a relatively short read, so there should be no excuses for not reading it asap, as it can only help you improve yourself and your business. The following is directly from one of the tabs from the book’s original website. Upon reading the book, I’m sure you’ll further explore Crush It!

Crush It!
By Gary Vaynerchuk

Everything has changed. The social media revolution has irreversibly changed the way we live our lives and conduct our business. There are billions of dollars in advertising moving online, waiting to be claimed by whoever can build the best content and communities. Despite this change, most people keep working at jobs that don’t make them happy and businesses continue to ignore the major marketing and public relations benefits that can be found online.

Myth #1

I’m not passionate about something sexy or popular like wine so these lessons don’t apply to me.

The internet has drastically decreased the costs of building communities around niche subjects, allowing for even the most obscure subjects to draw enough eyeballs to command advertising attention. Starting a video blog about tortilla chips may seem farfetched until Doritos gives you a call and offers $40,000 a year to sponsor and advertise on your blog.

Myth #2

My business already has a Twitter account and a Facebook page, we’re set in the social media department.

This is the equivalent of claiming twenty years ago that just because your business bought a TV spot and a few ads in the newspaper, you didn’t need to pay attention to your advertising department. Social media isn’t about joining in, it’s about being involved.

Myth #3

I’m happy at my job so this book is irrelevant to me.

First of all, congratulations on finding work that makes you happy! However, the lessons in this book are valuable to anyone, regardless of their employment status. Crush It will show you how to utilize high level and platform specific social media and marketing strategies that will improve your work. It will also show you how to build a personal brand so that even if you’re forced to leave your job, a situation that’s especially relevant today, you’ll be able to easily find employment elsewhere in a field you’re passionate about.

Myth #4

I need to quit my job to take advantage of this book’s entrepreneurial lessons.

While the entrepreneurial strategies in this book do take time, it’s completely reasonable to start the effort as an after-work project to build up until you’re able to replace your current income with the income from your online presence. While you may have to fall behind on the current season of Lost or let your Madden 2010 game suffer, because you’ll be doing something you love you won’t mind putting in the extra effort.

In Crush It, Gary Vaynerchuk shows how anyone can build a career around what they’re passionate about. He also delivers both high-level and platform specific strategy and analysis, allowing you to take advantage of the current business environment while preparing you to succeed as it changes and evolves.

This book isn’t interested in making unrealistic promises while glossing over the work involved. Making a living by building content around your passion isn’t simple and it doesn’t happen overnight. What it is, however, is fulfilling and in most cases just as profitable, if not more so, than your previous job.

Furthermore, a business can’t just pay lip service to social media and expect it to return results. The transparency and accountability inherent in its structure necessitates a comprehensive and dedicated strategy in order to reap its tremendous benefits.

By combining practical analysis and strategy with the same passion and humor that’s made Gary one of the most in demand keynote speakers in the U.S. as well as network television’s go to wine expert, Crush It is essential reading for anyone who wants to understand and harness the future of business and work.

Learn: Why social media has evened the playing field, destroying the “gate-keepers” who had previously dictated the distribution of content.

Learn: How to beat unemployment and create wealth-building opportunities by building and maintaining a personal brand.

Learn: Why storytelling is the most important business concept in the current marketplace.

Learn: How you can build an online business around your passion without quitting your day job.

Learn: Why Twitter and Facebook are just tools and not a social media strategy.

Learn: How to take advantage of the half-billion dollars in advertising that are moving to the internet

Learn: Why transparency and being true to yourself are now winning marketing formulas

Learn: How to build and maintain an online community around your passion and brand

Learn: Strategies for turning attention into money

Learn: Why the legacy element of the internet era is so underrated

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Lead, Follow or Get Out of the Way!

January 5, 2022January 4, 2022 ·

What Makes Great Leaders?

Everyone has their own opinions on what a great leader is and what makes one.

When it comes to great leaders, we believe that it’s not how rich or popular one is, but rather how they reach out to others, how they stand up for what they believe in, and the character they have.

For although society often wishes to glorify and put on a pedestal those who have fame, wealth and power, it is often the ordinary, common, every day people they overlook, the underdogs in life so to speak that rise above to become some of the greatest leaders…

..making some of the most important changes and biggest differences in the world.

From… Lifestyle By My Own Design

Leadership is a Habit That Requires Practice

It is probably fair to say that the argument over whether leaders are born or made has been settled. The fortune spent every year by organizations of all sorts and sizes on executive development is evidence enough for the idea that, while certain attributes of leadership may be genetic, much of what it takes to be a leader can be learned. However, that begs another question. How?

When Entrepreneurs Are Faced With Failure

January 4, 2022January 3, 2022 ·

Sometimes no matter how well we plan and how much effort we dedicate to something, we fall short of our goal and the end-result causes a variety of challenges and problems. Ultimately, it can adversely affect financial position, reputation, relationships, team spirit and much more. It can also start to spiral into personal life and affect family, health and overall well-being.

Unfortunately, such situations are often perpetuated by denial by placing one own’s head in the sand.

Well, when our head is in the sand, our most vulnerable ass-et is sticking out in plain view. Some will laugh. Others will point and snicker, definitely telling others. And a few will take advantage of the situation and current position of vulnerability. Sadly, we put ourselves in that position. Not because we swung and missed. Not because we didn’t see the forest for the trees. And not because we just flat-out saw something that wasn’t there. Instead, it’s because we didn’t keep our head high, accept the situation, learn from it and move on, and with laser-focus. That is exactly what entrepreneurs do when faced with failure.

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