Posts tagged with "business advice"

Tesla Illustration by Alex Bogdan for use by 360 Magazine

Tesla’s Record High R&D

Tesla spends more on research and development (R&D) than any other automaker.  According to data presented by StockApps, the firm spends $2,984 on R&D per car produced. That’s thrice the industry average and higher than the collective R&D budgets of Ford, General Motors (GM), and Chrysler per car.

Commenting on the report, StockApp’s Edith Reads had this to say.” Tesla spends more than any other carmaker on R&D in order to maintain its lead in EV technology. And if you ask them about it, they’ll tell you this is the key to keeping their customers happy—which is what keeps them in business.”

Tesla’s investment in R&D is paying off

Its vehicles are not only making strides in environmentalism, they’re also safe, fast, and excellent at technology integration. Elon Musk‘s commitment to spending time developing new products and services is what makes Tesla successful.

Tesla is famous for its ambitious production goals. So if anyone is going to invest in making those dreams a reality, it’s them. And you can see why: while most carmakers focus on marketing themselves as a brand first and foremost, Tesla is focusing on making every car a piece of innovative engineering.

No Advertising Spending

Further, Tesla’s spending proves they are future-focused, unlike other manufacturers. While Tesla spends $0 on advertising per car, the industry average is $485. This further illustrates that consumers want to buy vehicles for their functionality and rely on testimonials for brand awareness rather than beautifully crafted commercials.

The company’s lack of an advertising budget is even more impressive than its R&D spending. Tesla’s unique business model becomes clear when we consider what its competition spends per vehicle on advertising. Ford and Toyota spend $468 and $454 per car respectively. 

Despite not spending anything on advertising, Tesla is technically a marketing magnet. That’s why it is one of the world’s fastest-growing brands. The firm dominates the press and social media engagements. Most of that comes from widely popular Elon Musk.

sara davidson business illustration for use by 360 Magazine

Lemonade Day – National Entrepreneurs’ Day

The Lemonade Day Youth Entrepreneurship Program is offering leaders, small business owners and teen entrepreneurs as resources for both the media and influencers regarding the topic of entrepreneurship and entrepreneur education. Lemonade Day has provided educational support to many other youthful, productive entrepreneurs and wishes to continue to spread entrepreneurial education through the country.

Lemonade day is a non-profit organization that aims to inform the youth about valuable business, financial and also character-building life skills that they describe as the “key ingredients of entrepreneurship.” Playing such a vital part in the educational and workforce ecosystem, the non-profit is in 84 licensed markets in the United States, Canada, Bermuda and six U.S. military bases. For more information, visit lemonadeday.org.

The following spokespersons are available for interviews and questions regarding National Entrepreneurs’ Day.

Nicole Cassier-Mason, Lemonade Day National CEO. She is based in Houston, TX.

Joe Daly, Lemonade Day National Board Chairman and Senior Partner at Gallup. He is based in Washington, D.C.

Brianna Garcia, 2021 National Youth Entrepreneur of the Year: Brianna, 9, of Harbor City, California, is the founder of Bri’s Frozen Lemonade and made a significant profit in her first year participating in Lemonade Day. She donated 80% of her profits to the Marine Mammal Care Center in San Pedro. Brianna plans on participating in the 2022 Lemonade Day and is excited to sell more flavors and variety of her product.

Erika and Diego Garcia, parents of Brianna

Heidi Butzine, President/CEO of Lomita Chamber of Commerce: Heidi brought Lemonade Day to Lomita and was a key player in its success. She helped more than 100 kids set up 37 stands in the small, diverse business community with a population of under 25,000.

Mark Waronek, Mayor of Lomita, California: Mark supported Heidi and the Chamber of Commerce in all things throughout the inaugural year of Lemonade Day Lomita. He personally visited close to 20 lemonade stands. He, his wife, and city council members collectively visited every lemonade stand in Lomita.

Mikaila Ulmer, Me and the Bees Founder: At only 4 years old, Mikaila launched her first lemonade business in Austin, TX. From that early experience she started Me and the Bees Lemonade which is now commercially available throughout the United States in thousands of stores. Her product is buzzing off the shelves of Whole Foods Market, The Fresh Market, World Market, H-E-B stores across Texas and Kroger stores in Houston. Learn more at, https://www.meandthebees.com.

Rohit and Sidharth Srinivasan, Trashbots Co-Founders: The two brothers participated in Lemonade Day at the age of 8 and 7 which is how they caught the “entrepreneurial bug” and learned the skills needed to build their own company before even graduating high school in Austin, TX. They were featured speakers at the executive briefing “Business Startup Challenges and Youth Entrepreneurship Opportunities” that was co-hosted by Gallup and Lemonade Day at Gallup World Headquarters in Washington, D.C. in 2018. Learn more at, https://www.trashbots.co/about.

Katie Vonder Haar and Hailey Hertzman, Ooh La Lemon Founders: Starting when they were only 11 years old, Katie and Hailey from Louisville, Kentucky turned their successful lemonade stand into a multifaceted company marketed towards tween girls. They won the 2017 National Youth Entrepreneurs of the Year. The girls have spoken at national conferences and recently started the “Send a Smile” gifts and COVID care packages to help brighten up the day. Learn more at, https://oohlalemon.com.

2021 Illustration by Kaelen Felix for 360 Magazine

5 New Year’s Resolutions To Make Your Business Culture A Winner

New Year’s resolutions are not only for individuals but businesses too. Company goals leaders set for the year ahead are usually measured in data tied to categories like revenue production and expense reduction. 

After a difficult 2020 due to COVID-19, many enterprises’ bottom-line numbers will take on extra importance in 2021. And business culture will be just as crucial. Any resolutions that company leaders make are an effective way to measure their work environment and help their teams meet performance metrics, says Mark McClain, CEO and co-founder of SailPoint and the ForbesBooks author of Joy and Success at Work: Building Organizations that Don’t Suck (the Life Out of People).  

“Meeting individual, team, and company goals begin with employees and managers working well together in a vibrant environment,” McClain says. “And given the changes and challenges of these times, culture and how leaders pay attention to it have never been more important. 

“The bottom line falls into place when everyone is on the same page. But even if leaders have established a strong culture, it bears constant vigilance to ensure everyone is rowing in the same direction, especially now when a volatile world can threaten to throw even the most solid companies off course.”  

McClain offers these business culture resolutions for the New Year that leaders could consider:

  • Focus on shared values. McClain thinks it’s misleading to frequently state that a “family atmosphere” exists in a company. “The bigger a company gets or the more it grows in capability and value, the less it’s going to feel like a family,” he says. “Creative friction and disagreement on processes and concepts are inevitable. Smart companies leverage broader, shared values as common ground on which workers can connect. I’ve found one of the best places for doing that is through service to the community beyond company walls. If your culture encourages people to work together for some greater good, they’ll continue to appreciate each other as humans and fellow workers.” 
  • Avoid prima donnas. ”Talented people are essential for a successful business,” McClain says, “but don’t fall in love with a gifted person if they are constantly letting you know how special they are. Watching them work can be breathtaking, but not when they’re the ones sucking the air out of the room.”
  • Double down on integrity. “Large legacy companies are often loaded with people who are just taking up space and collecting a paycheck,” McClain says. “It’s a significant issue, and it goes hand-in-hand with integrity. Effective workers know the difference between busywork and producing value. Everybody in the organization must be clear on what success looks like. The role of management is to be clear on objectives and then let people run.”
  • Don’t stop innovating. McClain says many companies stagnate in this area and should learn how to expand their innovations while encouraging the cultivation of new ideas. “Innovation is an amalgam of product marketing and product management skills, of listening to the market, and of engineering people who can take a problem and figure out how to solve it,” he says. “But innovation should apply in every direction – in how a company contracts, how they sell, how they market.”
  • Be the first to own mistakes. “Anyone who has been involved in conflict directly knows there’s always the sense that both parties have some responsibility,” McClain says. “The sooner you own yours, the more likely the other person will own theirs – and the project can move forward.”

“New Year’s resolutions are often easily discarded because of a person’s lack of commitment,” McClain says. “For business leaders and their workforce, they reflect company core values and can create or improve a culture that everyone will appreciate and aspire to uphold and deepen.”

About Mark McClain

Mark McClain, ForbesBooks author of Joy and Success at Work: Building Organizations that Don’t Suck (the Life Out of People), is CEO of SailPoint, a leader in the enterprise identity management market. McClain has led the company from its beginnings in 2005, when it started as a three-person team, to today, where SailPoint has grown to more than 1,200 employees who serve customers in 35 countries.

Digital illustration for 360 Magazine

Brand Building In A Recession

Building Your Brand During A Recession

By Lauren Howe and Teri Uyovbievbo, co-founders of up-and-coming South Bay marketing start-up, The Social Block

The onset of COVID-19 has ultimately ended a decade-long trend of economic growth in the United States. In it’s place, we now have the highest rates of unemployment since the Great Depression. The unprecedented economic downturn has also ushered in the swift demise of formerly successful corporations.

Although COVID-19 has brought difficulty to many businesses, the high rate of unemployment has left many to focus on what was previously their side-hustle or freelance work. A small percentage of job prospects has left us with gig work, using our marketable skills and furthering our educations.

While this is a difficult time to build a brand, it isn’t impossible. In lieu of attending meetings, speaking on panels and networking in the community, placing the focus instead on the company’s current messaging, graphics, website, public relations, social media and marketing efforts is essential. In order to get your brand in the spotlight, you’ll need to create a memorable logo so that people recognize your brand as soon as they see your awesome logo. COVID has thrust the world into a work-from-home, online shopping, and food delivery reality. Building your brand during this time is not only the smartest move for your start-up or business – it is the only move that will keep you competitive in a post-COVID world. The following steps are what we at The Social Block do for ourselves to build our brand, as well as what we would always suggest to clients.

Take relationship building digital

We know that nothing can replace face-to-face interactions and networking, but in a digital world, it’s not enough to just do one. Looking out for media opportunities, offering discounted services to local non-profits to support your community, participating in roundtables, panel discussions and curating a well-managed social media presence are all essential ways to build your brand online.

Social media has been, and is continuing to be, a method of providing customer service and increasing brand loyalty. Although the recession may be limiting those buying or product or using your service, communicating with your target audience, asking for their success stories or feedback, and showing that you listen, care and are engaged, will keep your business top of mind and keep business flowing when the economy stabilizes.

Don’t stop marketing

Depending on your product or service, you can choose from email or mail campaigns, utilizing ad space in relevant publications, or targeting your audience directly through Facebook, Instagram, Twitter or LinkedIn ads. It’s not enough to leave your growth to organic views, shares and customer/client reviews. Getting new traffic in the door and fresh eyes on your business will increase your brand awareness.

Even if COVID may cause a delay in conversions or results, you want to be one of the services or products on your target audience’s list to try after your area has reopened and the economy begins to repair itself.

Assess where your brand is at currently

It may be time to take a hard look at what branding you had going on before COVID, and determine if it is time to make a change. Is your website difficult to navigate wit outdated items? Is your social media active, and is it used to build relationships with potential clients or customers, or is it used almost as a “personal” account, full of successes and company outings? Are you participating in speaking engagements and interacting in you community? Are your graphics, presentations, business cards and logo truly representative of what you do?

Take a hard look at where each area stands, and be honest about what could change. At first glance, are you truly giving off the impression you want?

Times are tough, but it’s an opportunity to pause, reflect and rethink the way you do business.