In the midst of the toilet paper panic, you might be wondering if there’s a way to profit from this madness of the crowd.

Of course, there is. But there’s a better (and perhaps more ethical) way of doing it rather than stockpiling hand sanitizer in your spare room. There are real needs that large markets of people will soon discover. If you can be the first to provide that need, the world will beat a path to your door.

Can you think of the new wants that will result from more people working at home, student classrooms relocating from physical plant to the web and leisure activities moving from arenas and theaters to gaming systems and online movie archives?

Perhaps to grease your creative gears, it will help to explore the quick history of invention through the lens of economic eras. As populations expanded and grew, the need for greater food production increased. To meet this need, creative tinkerers invented tools and machinery to enable greater agricultural efficiencies.

Soon, demand for these tools and machines created a need for greater industrial production. Imaginative logistical thinkers designed new and better manufacturing methods to meet this demand.

Voilà! Bye-bye agricultural age, hello industrial age.

After about a century, it became clear the manufacturing advantage would fall to those who could process data quicker. A need for a machine capable of handling this massive number crunching emerged; thus, the computer was created.

Soon, the industrial economy gave way to our current age: the information economy.

It is this new business of bits and bytes which saw an increased need for faster and more expansive delivery of data. This need allowed a generation-old invention—the internet—to find a niche that exploded the information economy.

As you can see, a specific need triggered each transition from one form of economic activity to another. The results of the conoravirus, and the social distancing policies put in place to prevent further spread of COVID-19, will likely produce a vast array of previously unknown necessities. Maybe some future economic historian will call this period the beginning of the “CoronaEcomony.”

Here is where your entrepreneurial acumen can serve all mankind. Necessity is, after all, the mother of invention.

Does this interest you? Do you suspect you’ll have idle time as a result of going out less? Would you be interested in seeking a way to earn money by delivering newly invented products and services that will benefit your friends, neighbors and perhaps the nation (if not the world)?

Consider how the three behavioral changes defined above may reveal new wants just waiting to be filled.

1: Telecommuting becomes the new norm.

Many suggest remote working will be just temporary. Thought leaders, however, realize the need to work at home will reveal the existence of inefficiencies that exist in the current way of doing things.

Here’s a simple example: the face-to-face directors meeting. This has been a norm since the beginning of the industrial revolution when the entity known as the “corporation” became the standard. Directors would gather together for lunch, dinner or some other activity and hold a meeting.

In the past this was a physical meeting. More often than not today, if you want the best directors, you better be able to allow them to videoconference.

Why? Simply stated, the cost in both time and money required of travel does not offset the value-added of meeting face-to-face.

Now translate this metaphor to the office environment. If your job has you working on a computer in a cubicle each day, why can’t that cubicle be in your home? It’ll reduce your cost of traveling to work, of buying lunch every day and the maintenance (and acquisition) of your wardrobe.

At what point do those costs outweigh the benefits of working in close proximity to one another?

Do you see why telecommuting can become the new norm?

What new wants will bubble up as a result of more people working at home? Perhaps a better understanding of how to make their Wi-Fi more efficient. Maybe they’ll want to learn how to cook meals quicker or more elaborately.

A few years ago, Sonja Nenonene shifted from working for an accounting firm to set up her own tax business at home. She expected to need to buy her own office supplies. “What I didn’t expect,” says Nenonene, “was the need for administrative services. I don’t have a big copier at my house, so I had to find an external provider for this. Normally, I would hand this off to someone else to do the printing and mailing.”

Will telecommuting produce an increased demand for virtual assistants, online tech support and web-based training?

To be honest, you shouldn’t expect to find the answer to “undiscovered wants” in a Forbes.com article. (Otherwise they wouldn’t be “undiscovered,” would they?)

#2: Distance learning becomes the new norm.

Online learning was a growing and evolving industry until regulations made it more difficult for the for-profit educational organizations advancing the idea. While the growth has slowed, it never stopped.

Now it may accelerate as not-for-profit institutions are compelled to deliver their product via the internet. Once the genie is out of the bottle, it usually proves difficult to force the genie back into its captivity. These institutions may realize the benefit of accommodating more students by offering online programs.

This has the potential to broaden the availability of the program to students who are less able to afford higher education because online classes will be offered at a lower cost. In addition, by living at home, students would not burden themselves with the cost of room and board and they’ll be able to continue working at home.

Who knows, with the right part-time job, students won’t have to worry about college loans and may even show net earnings as a result.

The trickier aspect is at the secondary school level. While everyone might not be able to be homeschooled, what if school districts offered students the option to go to school at home?

For smaller school districts, this might make more classes available to students. In the past, if not enough students enrolled in a particular course, that course would not be offered. By making the course available online to multiple districts, the chances are greater that the class will meet the minimum enrollment requirements.

Where is the entrepreneurial opportunity for you?

If you have a niche hobby that represents a small slice of a broader curriculum, you might be able to provide online sessions, workshops and even interactive learning experiences. For example, astronomy is but a tiny subset of Earth Science, and few high school teachers have a formal education in the subject.

If you do, and you can get your hands on the curriculum requirements of your state, you can create a package teachers can use (assuming their districts will allow them to buy it).

#3: New types of sports, entertainment and leisure activities.

Despite the safety of social distancing, humans, being human, will always have a need for human interaction. Think of how you socialize (outside of work). You watch sports, go to movies and go out with friends.

Social distancing has cancelled and postponed sports and made attending social events a risky proposition.

It is in this category that we find the highest potential as well as the most relevant existing examples.

Here’s an idea you can’t do but might offer you a template. The NCAA’s March Madness basketball tournament has been postponed.

What if the relevant colleges and broadcast networks got together with Take-Two Interactive and created a customized version of their basketball video game. They could then air simulated games as if it were the actual tournament.

You could do the same thing with an online game that allows you to play and record. People are already doing this, but it doesn’t yet have the broad appeal that the NBA and NHL have. If you can package even a neighborhood league, you can begin to attract your own audience.

Have you always wanted to own your own sports team? Now’s your chance.

The same thing applies to your long-standing desire to produce TV shows and movies. With live TV shows going dark and movie theaters empty, get your director’s chair ready!

It’s easier now than it has ever been to start your own YouTube channel or podcast.

Do you see a market that you enjoy and no one is yet serving? This represents a prime-time opportunity for the budding entrepreneur.

Yes, you aren’t alone if you see the current reaction to the coronavirus as socially disruptive. It is.

Don’t look at this period as a “glass half-empty” time.

Put your thinking cap on and see it as a “glass half-full” occasion.

Remember, “In the midst of chaos, there is also opportunity.”

Seize this day. Become a Coronapreneur.

source: forbes

Never do you forget that sinking feeling like an executive, treading water as the tide keeps rising.

The painted picture of what it was supposed to be like, the natural career progression; however, the reality of the speed of change within that role is so real for new time executives.

Harvard Business Review reported that 50 percent of executives would leave within the first 18 months of their appointment.

Executives feel like they carry the weight of the world in a turbulent and complex environment.

Ron Carucci in his Harvard Business Review article reported that “38 percent of executives said they didn’t expect the loneliness and isolation that accompanied their jobs and 54 percent said they felt they were being held accountable for problems outside their control”.

The pressure to produce results is never-ending and at times, unforgiving. Sometimes, executives need a guiding light to walk alongside them to illuminate the path forward, establish credibility and sustain their results. 

Like an elite professional who engages a sports coach to develop and strengthen capabilities, skills and mindset, successful executives access tailored-made advice to reveal their blind spots, leverage their strengths and support them to carve a way forward.

When organizations invest in accelerating the learning curve, they build influencing skills and minimize the risk of mediocre team leadership.

The executive learning curve, moving from operational to strategic thinking and leadership, alongside rapid change, can be one of the most significant challenges for a new leader.

Many executives do not make a successful leap. Here are eight ways to set up new leaders for success.

The same qualities do not lead to success

When executives transition into their first-time experience, they must invest in consciously separating themselves from the day to day decisions to be more comfortable with ambiguity.

Executives who embrace the uncertainty, leverage ambiguous environments, are in a prime position to launch new ideas and try on new approaches and behaviors.

By transitioning from technical responsibilities to a strategic leader that invests in forward-facing thinking, allows the executive to paint a picture of what is possible and graciously pull people along. 

Engage the hearts and minds of people

Moving to a new level of leadership demands an ability to influence others to accomplish what is needed. Executive leadership involves facilitating people through risk and change; therefore, trust is vital to building the bridge.

No leader is an island and cultivating the power of networks will identify people who will lead and execute the vision.

When executives do not invest in building and nurturing those relationships, there will be a lack of buy-in and commitment to bring the vision to reality. 

The adaptative leader

In today’s climate, executives must quickly adapt and make decisions when needed. The rate of change continues to speed up. Executives must lead with transparency, consistency, take action to create stability within the environment and continue to deliver quality services despite the level of disruptive change.

The adaptive leader builds skills for unlocking the potential in people, mobilize collective wisdom and lead collaboratively innovative solutions to drive change. This new type of leader is the catalyst for real transformation this decade.

 The slippery slope of overconfidence

The overconfident leader can negate the leadership qualities you want within your organization and can cross the line into the danger zone.

Executive overconfidence has been blamed for company failure and financial distress within organizations.

Overconfidence can hinder a leader’s authenticity, be the enemy of humility and stain the fabric of an organization by putting them at risk. 

Self-confidence plays a role in leadership. When executives understand their strengths and areas for development in a balanced way, they can break through obstacles as challenges, lead their inner critic and create the right environment for problems to be solved. 

Shut up and listen

The best advice l was every given when transitioning into a new executive role was to “shut and listen”.

The evolution of a new role may be unlearning everything that you know to step into the position of listener and learner. Executives must create a different type of operating system to interact and communicate within and external to the organization. 

Calm within the storm

Executive presence is a vital leadership characteristic that costs nothing, but everyone gains. When an executive comes from a place of inner clarity and conviction, it evolves from what matters most to you.

Executives that have presence look for the best in people acknowledge that everyone has faults and make mistakes, including themselves and they, focus on what matters.

What l mean is that they don’t confuse urgent for necessary and remain committed to the priorities. They are the calm within the chaos because they know their best emotional state and remain fully present.

Delve deeper

Executives must know who they are. There strengths, passion and areas of development are foundational pillars. The “I can do anything” mantra doesn’t work in the world of executive leadership. Buying the delusion that you can do everything is a false economy.

Instead, a 360-feedback process opens the door to explore how others experience you on your leadership abilities. Behavioral profiling tools, such as Extended DISC, will also provide insight into how you are naturally wired, foster opportunities to adapt your thinking and behavior to be more productive, appreciate your motivators, strengths and developmental areas.

It also improves opens conversations within teams in terms of how effective communication is flowing up and down the organization and creates a platform to understand and reshape organizational culture. 

Invest in executive coaching

The first 90 days of an executive’s transition is critical. Engaging an executive coach can unlock a leader’s potential to maximize overall performance and the bottom line. By investing in executive coaching, you can build your skills, a strategic plan to ensure growth and a bright future path. Successful leaders continuously improve and develop their skills and are committed to having a safe place to grow, learn and be challenged. 

In a case study, Harvard Business Review reported that one financial services company approached the execution of the new schedule in simple ways – “articulate a hypothesis. Go out and experiment. And if it doesn’t work, then why not? What did you learn? Add to it. Capture your learning. Share it with other people.” 

The executive coaching relationship can be a powerful catalyst to create a sustainable growth plan and in partnership, support you to navigate the challenges and celebrate the successes — an alliance to propel you and the organization for success. 

source: entrepreneu

It’s no secret that your people are the beating heart of your company.

Whether you’re a two-person pre-seed startup, or a 50-person strong Series B, a focus on people is vital.

With record-breaking FDI and increasing levels of M&As in the MENA region, there’s never been a more pertinent time to invest in your talent strategy. With that in mind, here are a few tips to get your talent strategy heading in the right direction:

1-BUILD A TEAM TODAY THAT’S FIT FOR TOMORROW

The team you put together now will be executing your key objectives for the next two, six, and 12 months.

Who you hire now dictates what your company is capable of achieving between now and its next significant phase of growth.

If you begin to hire incredible talent, you’re sending a signal out that you’re ready for growth.

2- BUILD A HIGH-SPEED, HIGH-QUALITY RECRUITMENT OPERATION
Top talent will have offers coming from multiple companies. Interesting startups with strong ideas can miss out on the best talent by making the recruitment process too long.

Build a process that will test the capability and compatibility of your candidates without making it tedious for them.

In the time you are deciding after your fourth-round interview, your candidate could be tempted elsewhere.

3- LOOK BEYOND INCREASING CAPACITY
When facing the need to hit growth targets, companies can go on a hiring spree to increase capacity. This can help you achieve your targets no doubt; however, you face a battle to maintain the growth that warrants these hires, and the potential disruption of having to part ways with recent hires once you achieve your desired growth- a real demotivator internally.

Being transparent with hires from the start is one way to alleviate the potential effects of such a strategy; however, looking further than the short-term and investing in talent to take you beyond this is a healthier option.

4- LOOK BEYOND THE SKILLS GAP
Look for people who will add value to your culture. Be honest if your team is lacking in a certain area that you might want to improve- for example, if you’re naturally risk-averse, look to bring someone who will challenge this.

Look to add value in areas important to you and your leadership team.

5- UP-SKILL WHERE POSSIBLE
Your business will turn from needing generalists to specialists. There will be tough conversations to have with people who have got you to a certain stage, but can’t take you to the next level.

Where one person may have been wearing multiple hats before, you will be looking to bring in experts in these separate areas that may make that original person unfit fit for a role.

If you see potential in these generalists, look to upskill them where possible so that they can remain in your company.

These founding people offer much more than their skills, contributing hugely to your culture, if you can lift them up to the level you need, it’s a win for everyone.

6- CREATE CLEAR PROGRESSION FRAMEWORKS
People join high-growth businesses because they want growth too– as such, design scalable roles for people capable of growing.

To avoid increasing attrition rates, make it clear where people could get to in your company. Making these roles visible is a big motivator, and it will help you retain current staff and attract new talent.

The rewards of investing in hiring and managing talent as you scale are vast. With both funding and exits on the rise in the MENA region, the impetus to invest in talent is clear.

These little tips outlined are part of a larger exercise to consider your talent strategy, and be thoughtful when you’re looking to scale.

source: entrepreneur

Here's what entrepreneurs need to do to avoid costly mistakes down the line.

Many people aspire to start their own business, but succeeding in the commercial marketplace is easier said than done.

Companies led by inexperienced people unfamiliar with the legal requirements they need to fulfill are particularly susceptible to failure. Nevertheless, many business owners jump into the competitive marketplace without doing enough research when it comes to covering their legal bases.

Don’t start a business without first thoroughly preparing yourself.

Here are eight legal requirements you need to fulfill when you start a business, and the costs associated with letting these important concerns fall by the wayside. 

1. Protect your personal assets

The most important thing to consider when launching your own business is how you intend to protect your personal assets. No budding business owner wants to think about failure, but the truth of the matter is that many new companies struggle to earn a profit and collapse.

Even those that are successful might find themselves the victim of an unjust lawsuit that eats up time, money and energy.

To avoid a lawsuit being the end of not only your business but also your personal financial security, it’s imperative to protect your assets by forming an LLC. A limited liability company, as the name implies, limits the degree to which you as the business owner are liable for damages incurred by customers. Thus, a customer who sues your company after receiving a faulty product or inadequate service won’t be able to touch your personal finances or bank account.

Take plenty of time to research forming an LLC, as this is a lengthy process but an essential one that must be done by the books. 

2. Check if you must publicize your company 

Depending on where you live and where you intend to open your business, you may face extra hurdles when forming an LLC or similar legal entity.

Some states and cities require that you publicize news that you’ve formed a company by posting a statement in a local newspaper, for instance. Failing to take this step could result in a stiff fine or a refusal on behalf of state authorities to recognize your new business.

At least three states have newspaper publication requirements: Arizona, Nebraska and New York. Residents of those states should pay special attention to the rules. 

3. Understand you must insure your workers

In most states, business owners (particularly those with more than five employees) are legally required to insure their workers in a number of ways. Offering worker’s compensation insurance to those who are injured on the job and incapable of providing for themselves, for instance, is required in most of the United States.

Many amateur business owners attempt to cut down on the costs associated with running a company by mitigating their insurance rates, but understand that skimping out on worker’s comp could seriously backfire and cost you dearly. 

can have, as it keeps you safe from generic claims of wrongdoing and will ensure you can keep the lights on should you be sued. 

If a customer is walking between the aisles of your store before slipping and injuring their back, your general liability insurance is going to be what kicks in to protect you after they sue you for damages. Similarly, if one of your products is defective and harms the user, general liability insurance will guarantee that your business doesn’t have to close its doors while reworking its entire manufacturing and logistics process.

5. Ensure you’re not violating trademarks 

Trademark and copyright violations aren’t something that can or should be shrugged off, so every budding entrepreneur should take time to ensure that the name they’ve chosen for their business isn't already trademarked. If you launch a new company and begin advertising your operations without checking if your name is already taken, you could receive a cease and desist form or even a subpoena in the mail. 

Formally register your name with the U.S. Patent and Trademark Office if you want to sleep soundly at night, convinced that your business’ name is yours and yours alone. 

6. Don’t forget about taxes

Now that you’ve clarified that your name is permitted and you’ve purchased expensive insurance, it seems only natural that you should get down to business.

Before you can open your doors, however, you need to address the issue of how you’ll be paying federal taxes. Unless you want the IRS knocking on your door, you’ll need to apply for an Employer Identification Number online via a holding company, which will allow the U.S. government to differentiate between your business and others when collecting what it’s owed. 

Take some time to browse the EIN page on the IRS website if you’ve not taken care of this already. 

7. Check if your industry needs licensing

These days, there are few generic businesses left, as specialization is the key to success in the modern economy.

Certain industries require you to attain a license before opening your doors, however, so don’t think you can leap straight into a specialized area without doing your homework beforehand. 

Check out a list of professions that require licensing across the United States and ensure that your documents are up to date if you want to avoid legal trouble.

Medical professionals, legal experts and other professionals in important industries should take special precautions when checking their licensing requirements. Malpractice lawsuits can be ludicrously expensive, so don't skip this step.

8. Hire a good lawyer

Finally, every business needs a good lawyer to call upon when things inevitably go wrong. In this day and age, it’s only a matter of time until you're dealing with a lawsuit, and when the subpoenas arrive you’re going to want solid legal expertise to rely on. Thoroughly vet the lawyers in your area and don’t be afraid to ask them why they’re the best choice for your business. 

Always remember that lawyers who can’t answer your questions in a satisfactory manner won’t be capable of seriously defending your business. Invest plenty of time, energy and money in finding the right legal experts to help protect your business, and your new company will be up and running in no time.

 source: entrepreneur