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How to Effectively Form a Business Collaboration

Avoid these mishaps as you begin any dialogue regarding a potential deal.
CREDIT: Getty Images By Hillel Fuld Tech marketer and startup adviser@hilzfuld


At one point or another, you surely received that LinkedIn message from someone asking you if you'd be interested in collaborating. You might check that person's profile to try and establish if they are legitimate and if there is clear synergy, after which you might respond back with a message along the lines of "Sure. What did you have in mind?"


At this point, more often than not, you'll quickly discover that engaging with this person was a waste of time and that they are using the word "collaboration" way too loosely.

Don't be that person. If you want to reach out to someone to discuss a collaboration, here are some important points to remember:

Don't reach out, get introduced.

This is a good general rule of thumb. Whether you are reaching out to investors or potential partners, a warm introduction from a mutual friend or colleague is always more effective than a cold email or message. Asking for that intro is, in and of itself, an art, but it is worth it and will increase your chances of getting a response considerably.

Do your research, and a lot of it.

Before you decide to reach out to someone asking about a potential partnership, it is worthwhile to spend significant time researching what exactly that person does.


You might, for example, see from their LinkedIn that they write for some leading publications. But if you dig a tiny bit deeper, you might discover that they only contribute to those websites very rarely, and have no journalistic freedom to write what they want.


This information might make your request totally irrelevant and help you avoid awkwardness.

Truth be told, not only will this research help you avoid an irrelevant request, it might also save a relationship you would have otherwise damaged. I can tell you that when someone reaches out to me with a request that a little


research would have revealed was irrelevant, I find it offensive. While I might not blacklist that person, it sure does make a bad first impression.

Maybe first learn the definition of "collaboration"

This point is the most important one for you to remember. A collaboration is a two-sided agreement. Both sides need to benefit from your suggestion. If what you are really after is for that person to promote your business or introduce you to investors, that is not a collaboration, that is a request for assistance.


To be clear, asking for help is fine; there is nothing wrong with that. But calling it a collaboration, and thereby trying to hide your true intentions? There is most definitely something wrong with that.

Always err on the side of transparency.

Start with what's in it for them.

Once we've established that a collaboration means that both sides need to benefit, consider starting your message with the benefit for the person to whom you are speaking, and not your own. "Hey Hillel, I would love to talk to you about a marketing collaboration.



We have budget to pay you and would like your help with building our go-to-market strategy."

Do not write a message like, "Hey Hillel, I would like to talk about a collaboration and figure out a way to get our message out to your audience." A message like that forces me to ask the awkward question, "How is that a collaboration?"

Come prepared with the granular details.

Once you've done your research and concluded that there is indeed mutually beneficial synergy, try to work out the details before reaching out. Nothing screams unprofessional more than your target responding, "Sure, happy to collaborate.



Tell me more," and you having nothing prepared.

If you play your cards right, be prepared for a positive response by being ready to hit the ground running.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
PUBLISHED ON: JUL 24, 2020
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How to Hire--and Retain--a Diverse Team

It's about much more than just finding prospective employees.
Staff writer, Inc.@wheresKR
CREDIT: Photo: Getty Images. Illustration Maridelis Morales Rosado

When Steve Perlman, Matt Hall, and Dan Rubenstein decided to launch staffing firm Syfter in 2017, their focus was on building a team quickly. The co-founders, all of whom are White, tapped into their respective networks to find their first batch of employees.


The outcome: Of the first five hires, four were White men. They knew something had to change.

"We made the conscious decision to hire for diversity," Perlman says, "but we didn't have a plan.


We had no idea how to." The New York-based startup's second round of hires included a woman of color with a recruiting background whom they'd brought on for a joint marketing-HR position. They asked her if she'd want to take on the role of cultural manager and help with hiring. She agreed. To date, 10 of Syfter's 24 hires have been people of color, and 11 of 24 have been women.



The advantages of a diverse workplace are well documented: Studies have found diversity is linked with better financial performance and higher rates of innovation.


The recent growth of the Black Lives Matter movement has prompted many companies to examine their own shortcomings when it comes to diversity and inclusion. Inc. spoke with several companies with diverse workforces about their own hiring and management practices, as well as advice they can offer founders trying to avoid a homogenous workplace.



For Syfter, and for other companies, creating a diverse workforce has been the result of a variety of practices. For example, the startup has staffers interview candidates informally without leadership present, then report back and vote on whether to hire the person.


Perlman believes this approach accomplishes two things: It ensures that voices besides the three White male founders are heard, and it demonstrates to candidates that the company values the opinions of its employees.

A sense of belonging

Hiring platforms that focus on people of color can help companies find candidates. San Francisco-based relationship-management software firm Affinity has partnerships with several such firms, such as Jopwell.



Finding those candidates is only part of the equation, says Stephani Martin, vice president of people at Affinity, which was an Inc. Best Workplaces 2020 honoree. "You also have to be a company that people want to join and remain at," she says. "It's diversity, but it's also inclusion and belonging."



Affinity hosts monthly sessions where employees can discuss issues on their mind. Attendance is voluntary but encouraged.


At the meetings, which had been in-person pre-Covid-19, employees start conversations using a product called the Thumball, a ball made of dozens of panels with questions written on them that address such topics


as times they've felt discriminated against or how they've responded to derogatory jokes that made them uncomfortable. An employee tosses the ball to a co-worker, and whatever question ends up under their thumb is used to start a discussion.



Conversation has become more challenging with employees working remotely. Recently, Affinity created a Slack channel called "Let's Talk About It" in which employees discuss topics like Black Lives Matter and post reading materials on topics like anti-racism and how white staffers can be allies to co-workers of color.

Messaging matters

Hiring diverse candidates begins with what your company puts out into the world, says Dolly Singh, head of talent innovation and inclusion at field service software company Service Titan, No. 486 on the 2019 Inc. 5000 list


of the fastest-growing U.S. private companies. Job descriptions with such terms as "coding ninja" or "rock star," for example, might seem fun, she says, but they can subconsciously communicate a desire to hire a man.



"Many things can have unintended consequences," Singh says. "Your messaging, branding, and language are very relevant when it comes to how people from underrepresented backgrounds


are going to perceive your company from the outside." She recommends having women and people of color at your company examine your job descriptions.



Inclusion is also important during the interviewing process, which is why Service Titan requires that at least one woman and one person of color participate on hiring panels whenever reasonable. That might be especially challenging at smaller companies,


Singh acknowledges, pointing out that a startup looking for a software engineer might have a 10-person coding team made up of all White males. If that's the case, Singh advises pulling in interviewers from other departments--or even from outside your company.



"Especially in startups," Singh says, "it's critical to try to bring as many different perspectives to the table as possible."

Hiring differently

Don't be afraid to rethink the way you evaluate candidates. To combat biases inherent to the traditional hiring process, digital mortgage company Better.com has reduced the importance of résumés


or eliminated them entirely for some positions, according to Arthur Matuszewski, Better.com's vice president of talent. Candidates instead are given cognitive tests that assess the skills


the role requires. Interviews for positions like sales and customer service involve simulated phone calls. Candidates are told of this ahead of time, which gives those without experience in the particular role--or those without friends and family members who have worked in similar positions--the opportunity to prepare.



"It helps us find the candidates who have the talent, but who no one else has given a shot," Matuszewski says. Better.com, a 2020 Best Workplaces honoree based in New York City,


has grown to 3,000 employees since its 2014 founding. More than half are people of color.

The effort to reduce the opportunity for bias continues once employees are on the job. Employee performance is measured through objective measures.

Better.com's practices are still a work in progress, says Matuszewski, noting that it's important to remember that diversity can and should touch every aspect of your business.



"Diversity is not something that can sit in a silo, like a project," he says. "It has to be part and parcel with the way you manage your business."


Steve Jobs and Elon Musk: Brilliant or Brutal? Management Lessons From Two CEOs Bent on Changing the World

Why do genius CEOs like Jobs and Musk treat their people so harshly? The answer yields valuable lessons for anyone leading a team.

BY JUSTIN BARISO, AUTHOR, EQ APPLIED@JUSTINJBARISO
Photo: Getty Images/Illustration: Valerie Chiang
Few entrepreneurs have impacted the world as much as Steve Jobs and Elon Musk.
At Apple, Jobs influenced how the world would communicate, work, and entertain themselves for years to come. Musk has led Tesla to the forefront of the electric automobile industry, shooting up the company's share price and adding pressure on legacy automakers to keep up--all while running a separate company that's literally reaching for the stars.
But leading this type of innovation doesn't come easy.
For example, consider Jobs, who was perceived by many as arrogant and narcissistic. Wild stories circulated of how Jobs would speak down to others, some from his own family. When his biographer, Walter Isaacson, asked Jobs for the reasons behind his mean streak, Jobs simply replied: "This is who I am, and you can't expect me to be someone I'm not."
Musk has developed a similar reputation over the years. An extensive 2018 Wired piece shared details of Musk's tendency to fire employees on the spot if they didn't live up to his expectations. Tesla responded by calling the story and "overly-dramatic and sensationalized tale"; however, Musk himself has admitted to having extremely high standards, once infamously tweeting:
"There are way easier places to work, but nobody ever changed the world on 40 hours a week."
Over the past several years, I've spent a lot of time studying both Jobs and Musk, along with their respective management styles. I've analyzed their actions and messaging, through emails and company-wide memos that are part of the public record. I've pored over dozens of interviews, in video and in print. I've also spoken to former employees--some on the record and others off.
There's a lot of value to extract from studying Musk and Jobs. Both were known for having incredibly high standards, and for inspiring their colleagues to do brilliant work.
But there are also lessons to be learned from studying what I like to call the "dark side" of each of these leaders' management styles. And it has much to do with the concept of emotional intelligence: the ability to identify, understand, and manage emotions.

Why Jobs and Musk can seem so harsh

While Jobs and Musk share a number of similarities--both extremely passionate about the companies they've run, both masters of reaching consumers on an emotional level--they're also different in many ways.
Let's start with Jobs. Although Jobs claimed to lack self-control, his biographer thought differently. Isaacson spent countless hours with Jobs in the process of writing his most famous work. He interviewed more than a hundred of the famous entrepreneur's friends, relatives, colleagues, and even competitors.
Isaacson's conclusion was that when Jobs hurt others, it wasn't because he lacked emotional awareness. "Quite the contrary," writes Isaacson. "He could size people up, understand their inner thoughts, and know how to relate to them, cajole them, or hurt them at will."
In other words, it seems that Jobs would often use his abilities to read emotions and push buttons to manipulate others, to help achieve his goals.
What about Musk?
If you watch countless hours of interviews with Musk and his employees as I have, two things stand out.
First, Musk is driven by a desire to accomplish big things. From inspiring the world to changing the way it uses natural resources, and from reaching the far depths of space to finding a way to seamlessly splice artificial and human intelligence, Musk finds purpose in trying to drive humanity forward.
Second, Musk strives to solve problems using logic first, emotion second. That's not to say Musk is immune to falling victim to his emotions. He's proven otherwise on multiple occasions.
However, it appears that Musk attempts to control his emotions to make decisions for the good of his companies. Is a process holding the company back? Change it. Is an employee's work less than extraordinary? Fire them.
The problem is, this approach easily leaves some employees feeling that Musk is unfeeling or uncaring--that he's a heartless CEO who is willing to cut hard-working employees over a single mistake.
Tesla argues the opposite is true.
"Elon cares very deeply about the people who work at his companies," a company spokesperson once said (in response to the aforementioned Wired story). "That is why, although it is painful, he sometimes takes the difficult step of firing people who are underperforming and putting the success of the entire company" at risk.
On the surface, both Musk's and Jobs's management styles have seemed to work. After all, Jobs managed to turn Apple around, transforming it to one of the most valuable companies on the planet. And Tesla has catapulted to the top of the automotive industry, having been recently named the most valuable car company in the world. (Not to forget Musk managed to do this while simultaneously serving as CEO of SpaceX.)
But there are important lessons here for business leaders.
Yes, Tesla is performing well. I attribute much of this to the fact that Elon Musk is a genius. But is Tesla's performance sustainable? Even Musk's most loyal employees admit that it's difficult to keep pace with their CEO without burning out. And the data indicates an extremely high turnover rate for executives who report directly to Musk.
What if Musk could build more trust and balance into Tesla's culture? What if he could encourage great minds to stay longer, allowing them--and him--to grow from the experience?
And while Apple made it to the top, Jobs injured a lot of relationships along the way. Was it worth it? Would Jobs have changed some things if he could go back and do them again?
There's no doubt about the brilliance of Musk or Jobs, no shortage of their accomplishments. But as much value as there is in learning from the way they've done things, there's even more in considering what you'd do differently.
The most comprehensive study of well-being in history, a Harvard initiative that spans over 80 years, has led researchers to conclude that it is good relationships--with family, friends, and other loved ones--that leads to happier and healthier lives.
And the happier and healthier you are, the more opportunity you have to do work that matters--for a much longer period of time.
So, ask yourself:
  • How would I describe my relationships with others?
  • How would they describe their relationship with me?
  • What kind of legacy am I building?
You may find the answers to those questions will greatly influence your own management style. Because before you try to change the world, you have to make sure you're headed in the right direction.
JUL 23, 2020
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The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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SLEEP

Why Sleep May Be the Secret Key to Your Success

Lack of sleep can hurt your health, as well as your ability to lead your team effectively.

BY MATT HABER, SAN FRANCISCO BUREAU CHIEF, INC.@MATTHABER
You may realize that sleep is key to productivity, but research also points to its importance for leaders.
Your sleep routine may be downright essential to your work and the success of your business. Eti Ben Simon, a neuroscientist and postdoctoral fellow at UC Berkeley's Center for Human Sleep Science, points to several studies that track sleep's impact on productivity, including one by Christopher M. Barnes and Nathaniel F. Watson published in February 2019 that looked at how sleep can help maximize employee effectiveness.
Team leaders' lack of sleep could even diminish their perceived charisma in the eyes of their employees, according to another study by Barnes, along with Cristiano L. Guarana, Shazia Nauman, and Dejun Tony Kong, published in May 2016.
"A good night's sleep is important for every system in our bodies from our brains to how we're motivated, to how we deal with stress, all the way down to our immune response--which is very relevant right now," says Ben Simon.
Sleep "is tied to optimal functioning," says Aric Prather, an associate professor at UCSF Weill Institute for Neurosciences, who has studied the subject for 15 years. Sleep plays a role in emotional health and physical health and is critical for a strong immune system, he says.
So, how can you get your best sleep? The experts have some suggestions:

Set a routine

Prather and Ben Simon each cite the importance of a more or less fixed sleep schedule, seven days a week. That means going to bed at the same time every night, especially when your body begins to signal that you're tired, and waking at the same time every morning.
To ensure you have a good transition into sleep, create a wind-down routine, Prather suggests. "Cue your body that night is here," he says. That may mean turning off your devices, stopping your intake of news and information, and taking a shower or bath to ramp up your parasympathetic nervous system and bring on sleep.
"The goal is to let your body let go of all the engaging and angsty things that happened throughout the day," he says.
"It's important to keep regularity in the hours you go to sleep and wake up," says Ben Simon. "When sleep corresponds to a rhythm, I like to give the analogy of riding your bike with the wind at your back: When you're in sync with your rhythm, the quality of sleep is better."

Don't toss and turn

Waking up in the night is normal--especially when worries may intrude on good sleep--but tossing and turning in bed as you try to fall back to sleep hinders restfulness.
"If you're not able to sleep, and you're awake for 20 or 30 minutes, you want to get out of bed," says Prather. Tossing and turning have the potential to counter the conditioned arousal that lets your brain and body associate your bed with sleep. To reset yourself, Prather suggests getting out of your bed. "Try to wind yourself down again. Read, watch a little TV. Something until you begin to feel sleepy again and then get back in bed," he says.
And try not to worry too much. Anxiety and sleep are bidirectional, Ben Simon notes. "If you've had a bad night, you're likely to have a worse day," she says. "If you have a bad day, you're likely to have bad sleep. If you get better sleep, that's enough to reduce anxiety the next day."

Make sleep a priority for yourself and your company

This is a big one for founders and company leaders to keep in mind: The way you help structure your employees' days can set the tone for their nights.
"I would recommend that employers let employees know sleep is valued here," says Ben Simon. She suggests not sending your team emails late in the evening with the expectation that they will respond immediately and not setting meeting times so early in the morning that they might cause your team to lose sleep. "The most important thing is to prioritize sleep," she says.
Supporting your team's ability to get good sleep can have a huge impact on your company's culture and bottom line.
"I do a lot of work on sleep and the immune system, and we really have shown fairly conclusively that when people get, say, less than less than six hours of sleep per night on average, they are significantly more likely to get a cold," Prather says. "It's very, very clear that sleep is a crucial piece to protecting you from infectious disease."
That has been important for long time, but now it's even more essential--and potentially lifesaving.
APR 23, 2020
BUSINESS CONTENT

Top 10 Cryptocurrencies for 2020: Safe Like Bitcoin + Users Like Ethereum? [NO BIAS]
Original link
Rating Cryptocurrencies - Martin Weiss
Original link

Two powerful forces are converging in the cryptocurrency markets.

As a result, Forbes says,
Many of them recall Bitcoin’s epic 2017 rally where early adopters became “overnight millionaires”. And they don’t want to miss out again.
But few investors know what is driving this new rally. Fewer still know which of the 5,392 cryptocurrencies available are a good investment, and which ones should be avoided like the plague.
That’s where Dr. Martin Weiss, founder of Weiss Crypto Ratings (the only financial rating agency that grades cryptocurrencies) comes in.
Forbes, CNBC, Fortune, The Motley Fool, and others consider Dr. Weiss one of the most trusted sources for crypto ratings and forecasts in the world.
In 2018, for example, Weiss warned investors to get out of Bitcoin. Just a few weeks later, during the Great Crypto Crash, Bitcoin sank by 80%.
Then he told investors when to precisely buy Bitcoin at the beginning of its new bull market. Since that call Bitcoin has tripled in value. Other cryptocurrencies with the highest Weiss Ratings have gone up even more.
Early investors have had plenty to be happy about.
As the next crypto rally is taking shape, however, he is warning those interested in this market to be very careful or they could regret it.
Dr. Weiss says,
“Some of the world’s biggest Bitcoin and crypto exchanges have reported an influx of new users.”
He mentioned eight specific cryptocurrencies to stay away from or you could lose big. Furthermore, he revealed three super cryptos that get his highest ratings.
Some of the savviest investors in the world are relying on his recommendations before the next crypto rally takes off. The good news is that Dr. Weiss has also decided to share the results of his research with the public for a limited time.
“We rate some of the most popular digital coins and tokens. The overwhelming majority get bad grades. Don’t touch those with a ten-foot pole. No matter what hype you may hear online.”


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View the full list of all active cryptocurrencies. Rank Name Symbol Market Cap Price Circulating Supply Volume (24h) % 1h % 24h % 7d