4 Industries That Are Being Disrupted by AI

The widespread disruption of AI is summed up best by Andrew Ng, the former chief scientist of Baidu, who views AI as the new electricity: "Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don't think AI will transform in the next several years."

While most large corporations are undergoing technological transformations to use, support or offer AI technologies, the real magic takes place in the AI startup arena. According to CB Insights, the top 100 AI startups of 2017 have raised $11.7 billion in aggregate funding across 367 deals, thereby making the market rich with innovations plus financial backings.

Related: How Investing in AI is About Investing in People, Not Just Technology

The most surprising AI startups and applications are those that are paving the way towards more unconventional verticals, such as insurance, background checks, real estate, health and retail. The unique application of AI in areas that aren't traditionally high-tech is particularly fascinating for multiple reasons. For instance, it proves that with AI, all industries can be enhanced for greater efficiency and streamlined processes. When AI takes over time-consuming and tedious jobs, human counterparts are given more time for impactful contributions with greater value and tacit knowledge. Although many may argue that AI removes the human touch, it's also important to bear in mind that it drives strategic and creative thinking at a larger scale.

Here are four industries being disrupted by AI:

1. Insurance

Insurance companies and their leaders have a lot to deal with lately, as reported by Deloitte's latest market research report called Fintech by the numbers. As reported by Deloitte, "Political and regulatory upheavals around the world are changing some of the ground rules about how carriers are allowed to operate. An accelerating evolution in the way business is conducted is being driven by innovation and higher customer expectations, while disruptive newcomers are looking to take market share from incumbent insurers in the insurance industry." 

Upheaval and changes create opportunities for savvy entrepreneurs, which is exactly what Lemonade is capitalizing on. Without relying on legacy players in the space, Lemonade blends insurance with tech and digitally transforms the user experience by appealing to consumers of all ages, removing costs and expediting claims. The data that is gathered helps drive efficiency and quantify risks.

In December 2016, Lemonade set the world record for settling a claim in three seconds using its AI-powered claims bot, which ran 18 fraud algorithms simultaneously. Its technology understands the nature, severity and urgency of most claims. If any claim is too complex, it gets handed over to human counterparts for further manual analysis.

2. Background checks

As President Donald Trump's legislative agenda continues to be debated and laws are modified, employers need to keep a close watch on the reaction of the states to the administration's federal employment law decisions. Changes made at federal regulatory agencies such as the Federal Trade Commission (FTC) result in new business laws that can affect taxes and hiring practices.

State and local legislation will continue to be big issues in screening in the next year. In 2017, there was an increase in legislation that bans asking for salary history in cities and states across the country. There will be more of these laws introduced in cities, municipalities and states in the next year. Ban the box laws have been sweeping the country for the last few years. The newest ban the box law went into effect in California on Jan. 1, 2018. The California law, which involves both the public and private sectors, states that employers cannot make a criminal history inquiry until after a conditional offer has been made to an applicant. State and city ban the box legislation will continue to pass in the new year.

Related: Why Smart Cities Are a Golden Opportunity for Entrepreneurs

Thanks to the above, the background industry has seen a spur in innovation and growth. Intelligo is leveraging AI and machine learning to conduct background checks on people and companies in just minutes. This reduces the wait time and frustrations that are traditionally associated with the backlogs of federal agencies and large financial corporations that rely on human analysts to manually conduct granular research across multiple mediums.

Their solution quickly combs through thousands of data sources without concern of manual labor and offers a user-friendly interactive report, which presents actionable insights in a manner that is insightful yet easy to understand.

3. Real estate

In 2017, real estate accounted for about 13.4 percent, or $2.6 trillion, of U.S. GDP, as reported by BEA.gov. That's more than any other industry, including manufacturing at $2.2 trillion. Real estate, as a whole, covers a number of market segments, including commercial industries such as construction and rentals to residential with consumer housing. Real estate construction alone contributed more than $1 trillion to the economy last year, while apartment rental properties are worth north of $1.4 trillion.

The real estate industry provides a huge market for opportunity. An example of AI in this space is from Compass, a startup that uses AI to connect potential homebuyers and renters with properties that best meet their needs. Though it is safe to say that there are multiple websites that offer a similar service, Compass perfected the art by breaking the mold and standing out. According to a representative of SoftBank Vision Fund, which invested $450 million in Compass, it is well positioned for future growth for building a "differentiated end-to-end tech platform that aggregates across diverse data streams to support agents and homebuyers through the entire process."

4. Retail

In an age where many claim that we are experiencing the retail apocalypse, Inturnproves that is not the case at all. If anything, we are only experiencing the latest shift in retail trends. According to Business Insider, by 2021 most retailers will invest in AI and IoT technologies for supply chain automation, location-based marketing, customer traffic sensors, machine learning, asset tracking and big data solutions. Inturn uses AI to empower brands and retailers to use automated workflow tools, a pricing optimization engine and business intelligence to gain visibility of their business and simplify the buying and selling of excess inventory...

https://www.entrepreneur.com/article/320353

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by Idham Azhari

7 Tips for Early-age Startups to Get Traction that Multiplies!

There are two restaurants side by side that serve the same cuisine. One of them is swarming with customers, and the other is relatively empty. Where will you head for lunch?

You might have a great product or service that you're proud of. You might have well-optimized processes, clear goals and a great team in place to help you get there. But nothing is more attractive to customers and investors, than seeing TRACTION. In order to fall in love with you, people need to see how much you're already loved.

So what can early age startups do to get a good momentum in market adoption?

Here are 7 tips that worked for us!

1. Offer a Pastry, Build the Trust: Since our days as cave-men & women, we have been averse to taking risks. We are no different today. Reducing entry-barriers to trial is a great way to get your first customers on board. Actively look for ways to take out the RISK of trying you out. They don't have to buy the entire cake, maybe they can choose to buy a pastry first? Lower budgets are also easier to get approvals for in big companies! Proactively recommend that they start with a smaller bite of whatever it is that you're offering, and build their trust with it! It doesn't matter if you don't make any money from your first set of clients. Be hungry for more work and more opportunities to show the world the value you bring.

2. Put a Garland of Money around Your Clock: Okay, not literally! But remember that TIME is the most important currency you have, especially in your first year of life. Focus all processes and people to optimize the time taken to do things. As your company grows this gets tougher to do. The secret to getting traction is to remember that the real money is in people coming back for more! The sooner they complete the process of trying you, the quicker they will be able to return for more! So keep trial-periods quick to close.

3. Stop Focusing on Results: Yes, you heard that right! Truth is, we can't always control results. What we can do is control our everyday actions and processes that are most proven to deliver those results. Disappointments will come and go. Happiness will come and go as well. It's important to not let either of them distract you from ensuring consistent actions. Actions could be as small as ensuring you make 3 follow up phone calls, send out weekly newsletters, or do something special for 1 customer every day! The actions just need to be well-defined, measurable, and consistent! Even map your Team rewards to behaviours you want to see, vs. just results delivered. It keeps the focus on Growing at the speed of the actions you complete.  

4. Catch Tadpoles First: Don't overlook smaller companies that can truly benefit from the value you bring, but may or may not be able to afford you at market-price. For starters, they make a great playing ground to test and learn on various ideas and processes. But more importantly, you can take the success-stories of work you have done here, to attract the big fish who constantly need proof of concept before investing.

5. Make ONE bigger than five: With a limited amount of resources and time at your disposal, you are better off showing tremendous growth in ONE segment of choice, vs. average growth across segments. So no matter what you're offering, narrow down your focus on a certain set of consumers, or a particular industry - and maximize your efforts for it. Getting one client in a certain segment leads to a lot more clients within that same segment. You only need to showcase traction in the playground you voluntarily choose to play in.

6. Don't forget your Free Marketing Coupons: Nothing is more powerful than a recommendation from a peer you trust. Don't hesitate to ask each of your clients or customers for at least 5 recommendations they can make to other colleagues and friends. Think of every time you close a client or customer, as 5 imaginary 'free marketing' coupons in your kitty that you need to remember to use. I call them coupons to make them feel more tangible than they otherwise are. For each referred client that comes on board, you get 5 more marketing coupons that you need to remember to activate. This is how traction multiplies.

7. Believe in the Power of Good karma: Doing Good attracts more good! Look to see if you can integrate a good cause to the proposition you offer. People love to be part of a larger purpose, and especially a cause they care about. Girl Child education? Pet Adoption? Senior homes? Find a cause that resonates with you and ties into the proposition you offer. Re-directing some of your funds to a meaningful cause starts an energy-cycle in your favour. Nothing drives momentum to a business, more than the right energy pumped into it.

The best part about traction is that it's contagious. Work towards getting a good momentum started, and soon enough other pieces begin to fall in place on their own.

https://www.entrepreneur.com/article/320532

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by Idham Azhari

Will Amazon's Entry into Indonesia Change the E-commerce Landscape?

The e-commerce giant Amazon is reportedly entering the Indonesian market after its expansion in Singapore last year. The company's focus is currently on the Southeast Asia market to enhance the brand's presence in the Asia Pacific region.

The company was already in talks with the Government of Indonesia about the terms related to its planned investment, including tax and other regulations for about two years, which has finally reached to an execution stage.

In an interview with Indonesia's online research company, KataData, Finance Minister Sri Mulyani Indrawati says, "I'm now in discussion with Amazon, who is planning to enter Indonesia. I will make sure they comply with our country's regulation, especially their readiness to pay the taxes."  

Is it going to be Amazon v/s Alibaba?

Bezos' company will face the competition from the Chinese behemoth Alibaba and Bhinneka in Indonesia. A 2016 report by Kompass.com says that the global e-commerce giant will be bringing a whopping $600 million investment for its first year of operations in Indonesia. On the other hand, its global rival Alibaba has already made its mark in Indonesian market by leading $1.1 billion funding round into e-commerce unicorn Tokopedia.

Although the e-commerce market of Indonesia has active players betting high on it, the entry of global e-commerce company Amazon in Indonesia is expected to disrupt the e-commerce landscape of the country. Both the global rivals are trying to capture the Asia Pacific market...

https://www.entrepreneur.com/article/320410

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by Idham Azhari

Pitching 101: Reaching Out to the Media and Getting Them to Bite

The following excerpt is from Jessica Abo's book Unfiltered: How to Be as Happy as You Look on Social Media. Buy it now from Amazon | Barnes & Noble | iBooks | IndieBound

After spending so many years reading pitches from publicists, I can tell you there's a right way and a wrong way to pitch. To help you get the coverage you're looking for, I asked Jason Feifer, the editor-in-chief of Entrepreneur magazine, to share his thoughts on the subject.

Jason started as a community newspaper reporter and has worked as an editor for Boston magazine, Men's Health, Fast Company, Maxim, and now Entrepreneur. He has freelanced for GQ, ESPN the Magazine, New York magazine, The New York Times, The Washington Post, and more. And he has two podcasts: Problem Solvers and Pessimists Archive.

Jason says the hardest part of his job is also the most exciting part. "Media is an ever-shifting industry, so we have to be constantly thinking of new ways to be relevant to our audience and go beyond the basic content products we've relied on for so long," he says. "A strong media brand needs to be so many things. I think we're only at the beginning, which means when you send a pitch, you have to keep in mind what media companies are looking for today beyond just filling space in a magazine or airtime."

Since getting the right coverage can help you engage with consumers or sell products or services, here's what Jason has seen work best:

Sometimes you're not the story 

You may be pitching outlets hoping for an entire feature on you and/or your company. If no one's biting, you may have a better chance at being mentioned in a big­ger story. While fancy features are great, consider pitching trends in your industry that no one seems to be talking about and how you can contribute to that discussion. It's really important to know why you want coverage before going down the time-con­suming (and sometimes expensive) path to getting press. Identify your goal, and whether or not media can help you reach it -- then focus on the publications that make sense. Perhaps the bigger feature on your personal story or your company's success will come later.

Fascinating and compelling stories are always welcome 

Reporters are always happy to learn something fascinating, and if you have a compelling story to support your pitch, that's a win-win. Even if a reporter isn't working on that topic at the time, most save the really good pitches to revisit when they need a story that can run anytime. For example, have you failed and made a major rebound? If so, how did you do it?

Don't throw a dart in the dark.

Spare yourself the disappointment, and a reporter the agony, of having to go through pointless emails. Be specific and share one or two things that the journalist needs to know. Or better yet, try establishing a personal connec­tion with the reporter so you have an idea of the subjects they cover.

Repetition is an editor's worst nightmare.

You may be putting your best work forward by sending an email with a newsworthy sub­ject line. But if you're pitching a story that's been done a million times, you have to be more creative. Think about what really sets you apart. If you don't know, spend more time on that question before you pitch.

Read my mind 

Before sending a pitch, spend time looking at the pieces that publication publish­es and how their content is for­matted. Reporters really appre­ciate when you pitch something that will surprise and interest their audience and fills a need in their next issue or broadcast at the same time.

Now that you have a sense of what you need to do to get press from an editor, next are some tips from PR gurus who work with clients morning, noon and night.

Get the media to bite

If you do some research, you'll find most publicists cover different areas, so make sure the ones you choose have experience pitching your kind of company to the right contacts. You don't want a publicist representing your lipstick line who only works with home and gardening editors and reporters.

If you choose to pitch to journalists on your own, Gwen Wunderlich has some advice. Gwen's spent more than 20 years raising awareness for some of the biggest brands in the fashion, beauty, luxury, lifestyle and celebrity industries. The CEO and cofounder of Wunderlich Kaplan Communications, Gwen's an expert at crafting messages that gain the attention of the media, investors and retailers.

If you're not working with a PR firm, Gwen says, "Stop with the long, drawn-out stories. When pitching via email or phone, make it a fast, hard sell and straight to the point. Never lie, never falsify but sensationalism sells. So the question is, how are you giving a real wow factor to your story/brand or message?"

If you're working with a publicist, Gwen advises to sign on the dotted line only when you're sure you have the money to pay the firm's or publicist's retainer for six months to a year. "Sometimes press hits overnight and sometimes it takes a while," she says. She adds you must know why you're hiring a person or agency to help you: "Press is to build brand awareness -- not to generate sales. Don't expect your PR person to drive sales for you. This isn't their job. Make sure you give your publicist the tools they need to succeed. Whether this means books, clothes or beauty products to send to editors, many times the media needs to see the products before they review them. So send it. Make sure you allow for that in your PR budget. Also, get back to your publicist in a timely manner. Don't make them lose a story because of a tardy reply. Treat them with kindness and grace, and appreciate their wins. Don't you want them to be pumped up about you? Authentic excitement wins every single time," she says...

https://www.entrepreneur.com/article/318260

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by Idham Azhari

Becoming a Brand: Here's How to Market Your Startup Well Before You Launch.

You've awaited this moment for months, maybe years. You started with an idea for a highly useful product or service, then went through countless iterations of your idea, refining it to near perfection. Now, your product is waiting to ship, your doors are ready to open and you're crossing your fingers that your modest production speed and limited staff will be able to keep up with what you can only imagine will be an overwhelming demand.

Related: Why Some Startups Succeed (and Why Most Fail)

This is the point where you may run into a hardcore, even painful, reality.

The truth can be hard.

Turning your great idea into reality always feels like the most difficult step in getting your startup off the ground -- until you realize that nobody beyond your family and close friends knows about your amazing product or service.

This difficult lesson evades many aspiring entrepreneurs: The success of your startup is limited by the number of potential customers who know about it. About half of all startups fail after five years, according to the U.S. Bureau of Labor Statistics. To avoid that outcome, you have to grow your customer base.

Ideally, you'll market your startup well before you're open for business. Building a brand takes time and care, and it's much easier to construct a thoughtful strategy when you're not hemorrhaging money on rent, payroll, utilities and other overhead costs. In reality, however, your new business is likely strapped for cash...

https://www.entrepreneur.com/article/319744

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by Idham Azhari

It's Google v/s Alibaba in the Cloud Computing Gameplay in the Asia Pacific

As the competition intensifies in the cloud computing space of the Asia Pacific region, two major giants Google and Alibaba are giving each other a tough battle in the market. With the latest releases of Google in the Google Cloud Summit in Singapore, the company announced its plans of expanding the cloud footprint in Asia Pacific region and globally. While the tech company Google has disclosed its plans for expansion in the APAC region, Chinese firm Alibaba had announced its entry into the Southeast Asian market in August too.

Competitive Cloud in APAC

The already crowded cloud market has a stellar line of players operating in the segment, which includes Amazon's AWS, Microsoft, Google Cloud Platform, IBM Cloud, Oracle and Alibaba. A huge number of Chinese players like Huawei and Tencent are expanding their reach in the Asia Pacific cloud market.

Not just the big companies but the growing dominance in the market has driven the telecom companies to go beyond the traditional technologies like SaaS, PaaS, and IaaS suggests the report by Reports Web.

The market intelligence firm International Data Corporation (IDC) says that China is the biggest spender in Asia Pacific's cloud market. Spending on public cloud services in the Asia Pacific region – excluding Japan – will hit $15 billion in 2018, representing an increase of 35% over the year before, according to IDC...

https://www.entrepreneur.com/article/320126

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by Idham Azhari

How Apple Has Advanced iPhone in The Last Decade

Intense competition in the smartphone industry has led to significant changes in terms of design, functionality, and price. The new players are trying so hard to increase their market share but tech giants like Apple have made it difficult for them to win the global race. A decade on, Apple is still going strong with iPhone being the most successful revenue generator for the company.

According to the latest Counterpoint research, Apple's iPhone X is on track to be the most successful revenue and profit-generating with 63 million shipments till August 2018. The company unveiled a new range of iPhones at its annual event held in California, San Jose.

The exciting new product lineup comprised of three new iPhone XS, XS Max and XR. The tech giant also unveiled a new Apple Watch Series 4. The new iPhone XS and XS Max will come in three variants — 64GB, 256GB and 512GB while XR will have 64GB, 128GB and 256GB variants. In India, the iPhone XS price starts at INR 99,900, while the iPhone XS Max price starts at INR 1,09,900. The cheapest model, iPhone XR, has a starting price of INR 76,900.

Apple every year releases new iPhone models. So, here's a look at some of the iconic features of iPhone that changed the smartphone forever.

Apple Multi-Touch Interface

The first generation iPhone introduced a multi touch interface for the masses in 2007. The company acquired Fingerworks and its multi-touch technology in 2005. Mainstream exposure to multi-touch technology occurred in 2007 when the iPhone gained popularity, with Apple stating that they "invented multi touch" as part of the iPhone announcement.

Safari Web Browser

You can install other browsers from the App Store, but the default web browser that is in built in every iPhone, iPod touch, and iPad is Safari web browser. On January 7, 2003, at Macworld San Francisco, Steve Jobs announced that Apple had developed their own web browser, called Safari. A Windows version, now discontinued, was available from 2007 to 2012. The iPhone, released on June 29, 2007, included a version of Safari based on the same WebKit rendering engine as the desktop version, but with a modified feature set better suited for a mobile device.

Speed Upgrade

In Apple's third handset iPhone 3GS, "S" stood for speed. The new features of this model were internal changes related speed. The iPhone 3GS was more speedy and is 2x faster than its predecessor. In addition to speed, various software features were also introduced exclusively to the model such as Video Camera, Voice Control and Digital Compass. All of its exclusive features were also incorporated into the iPhone 4.

World's Thinnest Smartphone

With iPhone 4, Apple regained the crown as the thinnest smartphone in the world. It was also the first iPhone model to have two cameras for making FaceTime video calls. The model received generally positive reception, with critics praising its revamped design and more powerful hardware in comparison to previous models. While it was a market success, with over 600,000 pre-orders within 24 hours, the release of the iPhone 4 was plagued by highly publicized reports that abnormalities in its new antenna design caused the device to lose its cellular signal if held in a certain way.

New Accelerometer And Gyroscope Technology

Steve Jobs gave a quick display of iPhone 4 to show off its new gyroscopic capabilities. Gyroscopic capabilities included keeping iPhone 4 competitive with new handheld gaming systems, along with other iOS-enabled devices that Apple produces in the future.

Since its inception, the iPhone and all other Apple devices had an accelerometer – a device that measures velocity, enabling devices to adjust automatically from landscape to portrait mode. This was designed to make the devices more sensitive, responsive, and powerful for gaming.

https://www.entrepreneur.com/article/320043

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by Idham Azhari

AI Carving The Niche Of Digital Advertising

Artificial Intelligence (AI) is one of the complicated terms of the modern age, many sectors feel intimidated by the concept of using machines to make decisions. People feel uneasiness in relying on machines to take actions and consider AI as a threat to mankind.

On the other hand, marketing & advertising industry is among those sectors who have utilized AI technology in creating better business opportunities. In digital advertising using data to make a decision isn't a new concept. The online advertising industry has been familiar with AI and has used the technology for creating better decisions to inspire innovation. Artificial intelligence has been a catalyst in the constant growth of digital advertising.  

Data Learning System

In digital advertising, the term AI is closely linked with machine learning, where the computer system improves its performance by data analysis without any human intrusion. In digital advertising the technology is often used to observe the consumer online behavior and then create a personalized advertisement for the customer. For example, if the consumer makes 10 impressions on an individual product then ads featuring the same and similar products will appear on his wall. This form of artificial intelligence is also termed as data learning system which has played a vital role in generating sales.

Natural Learning Process

Natural learning process (NLP) is a technique that involves the learning of human language by a machine. Due to variation in language and accents, it often gets difficult for machines to understand the human language. Natural learning process improves machine learning for better communication and interaction between humans and machines.

Currently, the NLP in artificial intelligence can be found in multiple devices such as Amazon - Alexa, Apple -Siri, Google - Assistant etc. have shown how technology can make our lives easier and hassle-free. In the present world our life revolves around AI, such devices have transformed into a part of our day to day life.  Advertising and marketing industry has used NLP to improve the customer buying behavior.

Chatbots

In the present-day majority of advertisers use chatbots as another form of artificial intelligence to make customer shopping experience smooth and memorable. A chatbot is an automated chat system specially designed to help the customer with all his queries. Chatbots are fed with commonly asked questionnaires and data based on the user's online habit. In case the user asks anything out of their data then the chatbots forward the query to the advertiser. Currently, these chatbots operate in form of chat pop ups but in near future, we can expect chatbots to be designed with sensory techniques that show human-like features such as voice, touch capabilities that will imitate like a real person.

Augmented Reality

Augmented reality (AR) is the buzzword of present-day online advertising industry. The best example of augmented reality was previously seen in the Pokémon GO, an online mobile game that became a leading trend in the gaming sector. In present day many marketers use the technology for advertising purpose because they give real-life experience to the consumer. Augmented reality ads are immersive, it gives the user a realistic product experience without the physical presence of the product. Augmented ads have been a trendsetter in the e-commerce industry where the advertisers have used it to beat the offline retail market. Earlier there used to be a conflict between online vs offline market. Users felt more secured and trusted offline stores as they can feel and see the product which was not possible in online shopping.  It seemed like a risky job to invest money in an online product, but AR has totally changed the way consumer shopping behavior.

Ever since the involvement of artificial intelligence marketers and advertisers have been using it for monetary benefits. The present-day advertising methods are laced with latest AI innovations that not only allure consumers into taking actions but have also changed their perception of online purchase. The modern-day advertisers have transformed AI into a part of our day to day browsing experience that helps them to cater us the desired and most relevant product rather than catering anything irrelevant. Seeing this we can assure that the AI is the future of digital advertising industry and with its help, the digital industry will surely boom in coming years.

https://www.entrepreneur.com/article/319977

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by Idham Azhari

How AI can Diversify Human Thinking Rather Than Replace It

There is no shortage of debate when it comes to the use of artificial intelligence in the workplace. Some believe the technology will cost them their jobs, while others worry about security. A growing body of research, however, points to the narrative that intelligence will only diversify human thinking, not replace it.

A recent study by Tata Communications, which was based on the inputs of 120 business leaders from across the world, says nine in 10 respondents agree that cognitive diversity is important for management and 93% believe AI will enhance decision making.

Automation is Key

What's more, three in four business leaders expect AI to produce new positions for their workers. This is in sync with a December report by Gartner that said by 2020, AI will create more jobs than it eliminates.

"Using AI to auto-generate a weekly status report or pick the top five emails in your inbox doesn't have the same wow factor as, say, curing a disease would, which is why these near-term, practical uses go unnoticed," Craig Roth, research vice president at Gartner, had said in the report. "Companies are just beginning to seize the opportunity to improve non-routine work through AI by applying it to general-purpose tools. Once knowledge workers incorporate AI into their work processes as a virtual secretary or intern, robo-employees will become a competitive necessity."...

https://www.entrepreneur.com/article/319888

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by Idham Azhari

Why Valuing Your Business Can Enhance Its Value

There are many reasons why having your business valued makes sense; whether it is to inform sale price negotiations, your financial planning or even succession planning. But one, often underestimated outcome of the process is that it can act as an accelerator for enhancing the value of the business itself by enabling it to make better-informed decisions, helping to ensure that it has the right debt structure and identifying areas of strength and weakness which can then be addressed or enhanced.

The process of a business valuation can lead to a more forensic understanding of your business. It can highlight areas where revenues can be improved and expenses reduced, resulting in higher profits and improved cash flow. Equally, better knowledge means less uncertainty, and less uncertainty in business minimizes a company's risk profile. These two outcomes -- higher profits and cash flow, combined with reduced risk -- in time equals higher business value.

A valuation isn't a simple profit and loss "snapshot"; it is a question of the company's sustained profile over time. Therefore, a valuation can act as a health check; identifying areas of both strength and weakness in the business that can inform strategic planning moving forwards, ultimately enhancing the business' overall value.

A weakness could be identified simply as an area where the business is not performing at its optimum potential, where, for example, operational costs could be reduced or workforce productivity or effectiveness of sales and marketing functions enhanced. A weakness could equally be an area where the company is losing value, for example through poorly managed inventories or customer attrition...

https://www.entrepreneur.com/article/319484

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by Idham Azhari

Why Every Brand Should Be More Like DJ Khaled and Kim Kardashian

With over 100 million combined followers on Instagram, which is currently the most actively used social network among millennials and generation Z, it's safe to say that DJ Khaled and Kim Kardashian are two of the most watched brands online today.

Yes, brands.

Dating back to the rise of Snapchat only a couple of years ago where he was gaining 3 to 4 million viewers per Snap, DJ Khaled has gone from hip-hop DJ to A-list media mogul, author and spokesperson to the tune of over $20 million in 2017 alone while working with brands such as Weight Watchers, Turbo Tax and Ciroc.

Kim Kardashian-West, as well as younger sister Kylie Jenner, have taken a similar approach as DJ Khaled to engage fans online by turning them into customers and winning over their pockets through their personality.

For example, a recent Instagram post by Kim Kardashian, conveniently placed between photos of her with husband Kanye West and their children, has the caption "Peach lips available now at kkwbeauty.com" resulting in more than 500,000 likes and 6,000-plus comments.

It's no secret that celebrities and influencers today have discovered what the major key to success is to engage fans -- and get them to buy -- which is why every brand must be more like DJ Khaled and less like a brand...

https://www.entrepreneur.com/video/319531

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by Idham Azhari

8 Sneaky Sales Techniques to Try in Your Next Job Interview

When you think about it, closing a sales deal and scoring a job offer really aren't that different from one another. In both cases, you have to identify the right contacts, thoughtfully reach out to them and convince them that you, above all others, are the right person to help them solve their problems. The only difference is, while salespeople pitch prospects on a product or service, job seekers are pitching prospective companies on themselves as a candidate.

Given the parallels between the two, job seekers can learn a lot from salespeople. In fact, there are a number tips, tricks and best practices that have emerged in the sales world over the years that those in the market for a new job should keep in mind as they start submitting applications.

We reached out to a handful of sales and career experts for their favorite examples of sales techniques that can also be applied to the job search -- try them out today to set yourself apart from the competition!

1. Do your homework

Whether you're trying to sell a product or apply for a job, you need to take the time to do some research on the opportunity at hand first.

"No salesperson would ever call into a prospect without thoroughly researching the company and tailoring their approach. Your job search should be no different," says Jeff Monaghan, Marketing Lead at staffing firm Akraya, Inc. "Your resume, cover letter and any emails you send should have content specific to the company and position you are applying for."

Novice job seekers and salespeople often think this will take longer, but a generic mass blast will yield far less results than an informed, targeted approach.

"In my 20 years in the staffing business, I can tell you that you will get better results taking the time to customize 10 resumes and cover letters than submitting 30 that are generic. You might spend more time on the 10, but it will result in a shorter amount of overall time to land that perfect job," Monaghan adds.

2. Go to the decision-maker

Salespeople often talk about prospects in terms of gatekeepers versus decision-makers. Decision-makers are those who will have the ultimate say in whether or not they will purchase a product or service, while a gatekeeper is somebody who serves as an obstacle in the path to the decision-maker (think: an Executive Assistant compared to a CEO). In order to streamline the process, salespeople often try to reach out to the decision-makers from the get-go.

For job seekers, "recruiters are gatekeepers," Monaghan says. Sure, they source and screen candidates, but they rarely have the final say in the hiring process. For that, you need to reach out to the hiring manager (or above).

"Figure out who runs the department of the job you are applying for and email them directly. Can't figure out who that person is? Go even higher. Are you applying for a marketing position? Check the website to see who the VP of Marketing is and email them directly," Monaghan advises. "Chrome extensions like Hunter will help you find email addresses. Just make sure your email is short and to the point and really showcases why you'd be a great fit. The VP will likely refer you to the manager. You have now been referred to the decision maker and are on your way."

3. Use SPIN selling

One strategy savvy salespeople use is the SPIN technique: (Situation, Problem, Implication, Needs-payoff). This is a way of engaging a prospect by identifying what their pain points are, and discussing how you can address them.

"SPIN selling is a proven sales methodology and is based off a comprehensive study of over 35,000 sales calls," says life and career coach Nick Hatter. Hatter recommends that job seekers wishing to leverage this technique "ask the company what the situation is with the role, what are their key problems as a company and how those problems affect the company (eg. time, money, stress, etc.). Then ask them how the company could benefit if those problems could be solved. Finally, ask them that if you could help solve those problems, what would stop them from hiring you."

4. Mirror your interviewer

One thing the best salespeople and the most effective job seekers have in common: they both prioritize building relationships with others. As the old saying goes, it's not about what you know -- it's about who you know. One easy hack for developing an instant rapport with your interviewer is to "mirror" them.

"Mirroring is a technique in which one person actively adopts the behaviors and mannerisms of another person, attempting to become their mirror image. It is based on the premise that individuals subconsciously trust and like people that exhibit similar qualities," says Mollie Moric, career advisor and hiring manager at ResumeGenius...

https://www.entrepreneur.com/article/319208

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by Idham Azhari

How to Find Really Good Salespeople

In order to scale up quickly, a company needs to build a great sales team. The trick is to hire really good salespeople. But this is hard to do because salespeople are often really good at selling themselves! As a CEO friend noted: "It's really hard to pick good salespeople, and you won't know for six months to a year whether you made a good decision."

While he may be right about the time frame, there are some qualities to look for if you want to find really good salespeople:

They are Good Listeners who Can Take Rejection

Forget the fast talking, back-slapping, "Hail fellow, well met" persona. Good salespeople are good listeners. They are genuinely interested in others. They don't monopolize the conversation. Customers like them and want to do business with them.

Good salespeople have a good sense of humour, don't take rejection personally, and understand that "no" is not a rejection of them, but a signal that "this product doesn't fit our needs" or "I don't have budget," or "now is not the time for purchase,"—or any other number of reasons that are out of their control. Good salespeople look for the opportunities where they have the highest potential of winning the sale, but they know they won't be able to win every one.

 They Engender Trust

Really good salespeople understand that a sale is not a transaction; it's a decision by a buyer to trust the seller to deliver the goods/services promised. Great salespeople understand this.  For them it is not about pushing a product or service at a potential customer who doesn't need or want it. It's about talking with a customer, discovering their needs, and then deciding whether the company's products/services can meet that need—and if not, saying so.

They Care about the Customers

The best salespeople are focused on what customers need, want, and value. If they can't sell your product/service to the potential customers in your pipeline, the good ones will figure out who the potential customers might be, and then try to sell them. If that fails, they will come to you and explain what's wrong with the product/service and what modifications are needed to make the product or service more appealing to customers. Alternatively, they might try and convince the customer that your product/service can be "modified" to meet their specifications, in other words, sell something you don't have. They do this because they want to meet the customer's needs, and win the sale.

They Love to Compete

Good salespeople are competitors. They are driven to achieve goals, beat their last month's performance, and win. When you are interviewing someone, ask them to describe a time when they were in a competition (sport, music, cooking). Ask them to tell you how they approached the competition, whether they won, and if not, why not. If they aren't passionate about the competition, they aren't likely to be a good salesperson.

They Keep Score and Want Recognition

Salespeople like to score, and love the "roar of the crowd", i.e., recognition for scoring. Look for salespeople who continually measure themselves against their targets and are driven by the numbers. They want you to recognize their success, and will expect you to structure their salary with a fair share based on performance, with even more recognition for sales above and beyond their goal. If you want to keep a good salesperson, you'll need to measure, recognize and reward them. When good salespeople quit, it's usually because customers aren't buying what they are trying to sell, or they feel unappreciated by your lack of recognition for their sales outcomes.

Hiring the wrong salesperson, or losing a really good one can be a real impediment to scale-up, so look for people with these qualities, provide appropriate feedback, and watch your sales take off.

https://www.entrepreneur.com/article/319340

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by Idham Azhari