SUCCESS Your Trusted Guide to the Future of Work Thu, 17 Jul 2025 20:23:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.success.com/wp-content/uploads/2021/06/cropped-success-32x32.png SUCCESS 32 32 Key Characteristics of Successful Entrepreneurs: What Sets Them Apart https://www.success.com/characteristics-of-successful-entrepreneurs/ https://www.success.com/characteristics-of-successful-entrepreneurs/#respond Thu, 17 Jul 2025 20:23:24 +0000 https://www.success.com/?p=88647 What sets great entrepreneurs apart? Discover the mindset, habits and personality traits that fuel long-term success in business and life.

The post Key Characteristics of Successful Entrepreneurs: What Sets Them Apart appeared first on SUCCESS.

]]>
The characteristics of successful entrepreneurs go well beyond having a groundbreaking idea. While innovation might kick-start a business, it’s often traits like resilience, adaptability, and a strong work ethic that determine whether a venture can survive and thrive. In today’s fast-paced and unpredictable business environment, having the right mindset is just as critical as having the right product.

In this article, we’ll break down the most essential traits of successful entrepreneurs. These qualities not only lay the foundation for launching a business but also support sustainable growth and help entrepreneurs overcome inevitable setbacks.

Whether you’re building your first startup or scaling your tenth, understanding these characteristics of a successful entrepreneur will help you strengthen your foundation and boost your long-term success.

Leadership Lab offer

Key Traits of Successful Entrepreneurs

Entrepreneurship is a dynamic and constantly evolving journey. With rapid changes, financial ups and downs, and intense competition, the road to success demands more than just skill—it also requires specific traits. 

Although each entrepreneurial path is unique, the most accomplished leaders tend to have the following core traits:

  • Resilience
  • Adaptability
  • Vision
  • A strong work ethic
  • Risk tolerance

Let’s dive deeper into each of these defining characteristics.

1. Resilience

Resilience is the ability to recover quickly from setbacks, adapt to adversity, and keep moving forward. Building resilience isn’t something that happens overnight. Rather, it’s a mindset developed through daily habits and self-awareness.

Entrepreneurs who bounce back after failures, learn from mistakes, and remain committed despite challenges are the ones who endure. Resilient individuals don’t view failure as defeat; they treat it as a stepping stone toward growth.

Charles Bark, founder of Hinounou, once said, “Failure is the pathway to success, and the harder you fall, the more you’ll take away from it.” Adopting this mindset allows entrepreneurs to reflect, re-strategize, and come back stronger.

2. Adaptability

Knowing how to be a successful entrepreneur includes learning how to pivot quickly and efficiently. Adaptability is crucial for responding to shifting markets, new technologies, and unexpected obstacles.

According to the McKinsey Health Institute, people with high adaptability are three times more likely to become leaders in their fields. A strong example of adaptability is Netflix’s shift from a DVD rental service to a dominant streaming platform. This evolution helped the company stay ahead of competitors.

Adaptable entrepreneurs are not only reactive, they’re proactive. This means they’re constantly scanning the horizon for the next opportunity or challenge.

3. Vision

Vision is what guides entrepreneurs when things get tough. Vision-driven entrepreneurs tend to set specific, measurable goals and think innovatively.

Setting clear, actionable goals creates a roadmap for success. Jeff Bezos, for example, exemplifies this trait with his clear vision to make Amazon the world’s most customer-centric company. This goal continues to shape every business decision he makes.

Innovation, on the other hand, helps entrepreneurs stay competitive, drive growth, and anticipate change. Visionaries who think creatively are more likely to disrupt industries, find untapped opportunities, and build brands that last.

4. Strong Work Ethic

Sure, you might have all the skills, ideas, and resources. But without a strong work ethic, lasting success is unlikely. Work ethic involves both discipline and focus.

Discipline requires showing up and giving your best effort, even when motivation is low. Entrepreneurs with this trait maintain high standards, build habits that support consistency, and push through challenging phases. Warren Buffett is a prime example of disciplined entrepreneurship. By sticking to his investment philosophy regardless of market trends, he built one of the most successful financial empires in history.

Additionally, focused entrepreneurs are intentional with their time. They eliminate distractions, prioritize tasks aligned with their vision, and put their energy toward high-impact activities. Their focus helps prevent burnout by creating a sustainable work rhythm and reducing decision fatigue.

5. Risk Tolerance

Taking risks is inevitable in business. The most successful entrepreneurs don’t shy away from uncertainty. Instead, they lean into it with courage and preparation, taking risks and embracing uncertainty along the way.

Calculated risk-taking involves weighing the pros and cons, assessing the potential outcomes, and making informed decisions. These choices may feel uncomfortable at first but can unlock major breakthroughs for your business.

Rather than fearing the unknown, top entrepreneurs see it as a chance to experiment, innovate, and evolve. In fact, 85% of successful business leaders believe that the ability to handle uncertainty is essential for company success. 

Cultivating the Key Traits for Entrepreneurial Success

The good news? The traits to be a successful entrepreneur aren’t fixed. They can be learned, practiced, and improved over time. No matter where you are on your entrepreneurial journey, understanding the characteristics of successful entrepreneurs is key to unlocking your full potential and building a business that lasts.

If you’re looking to elevate your game and truly learn how to be a successful entrepreneur, start by nurturing these essential qualities. With time, effort, and a commitment to personal growth, you’ll not only sharpen your entrepreneurial edge but you’ll also set the stage for long-term success.

Photo by PeopleImages.com – Yuri A/Shutterstock.com

The post Key Characteristics of Successful Entrepreneurs: What Sets Them Apart appeared first on SUCCESS.

]]>
https://www.success.com/characteristics-of-successful-entrepreneurs/feed/ 0
A Silent Retreat at a Monastery Taught Me How to Hold My Space at 52 https://www.success.com/silent-retreat-people-pleasing/ https://www.success.com/silent-retreat-people-pleasing/#respond Thu, 17 Jul 2025 13:38:00 +0000 https://www.success.com/?p=86098 Three days at a Quebec monastery helped me stop filling every silence and finally learn how to hold space for myself. Here’s what changed.

The post A Silent Retreat at a Monastery Taught Me How to Hold My Space at 52 appeared first on SUCCESS.

]]>
I was a talker, a people pleaser. If I was at a party with someone who was shy and nervous, I would find them and offer some hot dip, a cocktail, a sympathetic ear or all of the above. At dinner parties, I was often seated between strangers by the host on account of my reputation as a chatterbox. I made the smallest of talk, and I had more icebreakers than the Navy. This had been my training, my muscle memory from childhood. “Be charming,” my mother used to tell me. “Go check on your brother/uncle/grandpa to make sure they’re having a good time.” I had been good at being dutiful, good at refilling bowls of popcorn and good at asking questions. A pint-sized hostess, ready for the big time.

I didn’t always hate this about myself. Mostly, I liked that I could walk into a room and talk to pretty much anyone. I liked making people feel at ease and comfortable and seen. But, sometimes, I wondered what was going on underneath all that bustling around. I wondered what it would have been like to walk into a room and just… be. I wondered if I could have been at a party, sitting in a corner just existing and not passing appetizers or conversation starters. I wondered who I would have been if I wasn’t talking. I wondered if I would have existed at all.

I thought about my talking more and more as my kids grew up and left the house. They had been the people I talked to and talked about. They gave meaning to my prattling on, like they gave my life meaning. Then they were grown and gone, finding their own meaning, and this changed the quality of my people-pleasing. The people I most wanted to please were away, and maybe I needed to stop for a minute. I needed to take a beat between my old life and my new life.

I needed to just be quiet for a minute.

"SUCCESS Starter Kit" bundle in store offer

So I spent three days in Quebec City at le Monastere des Augustines, a 17th century convent and wellness center, to live in silence as the nuns who built this space did for their entire lives. The Augustine sisters were fully cloistered until the 1960s, spending their days in silent prayer and tending to the sick people of this small Canadian city. They pleased people without a word spoken. They healed people, they were midwives, they offered children sanctuary if their parents could not raise them. These sisters did not speak. They chose silence forever. And so I thought I could choose silence for three days, just to see what it was like.

The monastery is not silent for everyone. I thought this would be a challenge. I thought I would trip up the first time someone spoke, and I would want to ask them questions and make them comfortable. Fortunately, for me, when I arrived the staff gave me a button that said “silence,” which is the same in French and English, a button I tapped a few times if someone spoke to me. Everyone staying at the monastery (which was converted into a wellness retreat and museum honoring the Augustinian sisters in 2015) is asked to eat breakfast in the little restaurant, Le Vivoir, in silence. We all have the choice of staying in a private room in a renovated section of the monastery or in one of the former nun’s rooms with shared washroom accommodations. I preferred the latter, sleeping in a clean, spartan twin bed overlooking the Saint Lawrence River. I had my own sink for brushing my teeth, a small table for writing and a large wardrobe for my clothes. A space for me to hide in case I wanted to talk. I thought I would be desperate to talk. 

I was wrong.

A quiet came over me as soon as I unpacked my small suitcase of leggings, sweatshirts, slippers and pajamas. A far cry from the 21 layers of clothing the sisters wore every day, but the ritual felt similar—a meditation of simple details. A notice of my tiny life and who I might be within it. The space I might hold in this quiet. 

My phone pinged with messages from my sons, my partner, my work. I silenced them like I silenced myself.

The silence was easy for me. Easier than I ever would have believed. I smiled at people with my eyes if we were in the little shared reading nook outside my room at the same time. I joined yoga classes in the old stone cellar, French yoga classes that I understood with my eyes closed. I listened and listened to our shared breathing. I breathed my own breath. I was still in myself for three whole days no matter what. On a morning meditation walk through the old city, I listened and said nothing. I went to dinner on my own at a lively pub around the corner, Le Bedeau, where I sat at the bar and let everyone else’s conversation wash over me, unbothered. A small miracle.

I slept as well as I had as a little girl every night, tucked into my twin bed with a book and a hot tea and my own thoughts that felt slower and clearer. I walked a bit slower too. I meandered. I wandered. I went for a sunny afternoon at Strøm Nordic Spa, where I floated and plunged and exfoliated and did not say a word to anyone. They were all fine without me, a concept that terrified me before but now left me feeling soothed.

After three days of quiet, I understood something about myself. No one needs me to fill their spaces. The world won’t fall apart if I don’t fill someone’s drink or offer them a hot dip or make conversation. I can choose to be that person, the people-pleaser and the chatterbox. I like her sometimes.

But I like this new silent woman too. She holds her space. She pleases herself.

Photo by Song_about_summer/Shutterstock

The post A Silent Retreat at a Monastery Taught Me How to Hold My Space at 52 appeared first on SUCCESS.

]]>
https://www.success.com/silent-retreat-people-pleasing/feed/ 0
Build Better Business Relationships and Drive Career Growth by Taking Up Golf or Pickleball https://www.success.com/use-sports-to-drive-career-growth/ https://www.success.com/use-sports-to-drive-career-growth/#respond Thu, 17 Jul 2025 11:00:00 +0000 https://www.success.com/?p=86664 Want to build better business relationships and give your career a boost? Hear from experts on how taking up a new sport can help.

The post Build Better Business Relationships and Drive Career Growth by Taking Up Golf or Pickleball appeared first on SUCCESS.

]]>
Socialization. Friendly competition. Boosting your athletic prowess. It’s easy to see why golf and pickleball are popular pastimes, but the benefits of picking up a paddle or club extend far beyond enjoyable evenings and weekends. Here’s why it can pay career dividends to devote some on-the-clock hours to perfecting your shot or swing.

SUCCESS+ Subscription offer

Avoiding the out of sight, out of mind curse

Janice Newman, owner/principal of Newman HR LLC and a DePaul University adjunct professor, encourages remote employees to take advantage of every opportunity possible to get into work for relationship building, greater visibility and career development. “Yes, we can get close with Zoom and Google Meet, but that’s not the same as having an in-person relationship,” Newman says. And it’s a relationship that can be deepened by participating in a golf or pickleball tournament.

“People say deals are made on the golf course, but in reality, relationships are made on the golf course that accelerate deals off the course,” Marvy Moore says. Moore serves on the board of directors for the Women in Golf Foundation, an organization that develops women’s leadership and life skills as they learn to play golf competitively. Jackie Lang, who works in investment management, has seen this firsthand. Lang’s mother encouraged her to take up golf following college, and she now plays with both business partners and colleagues. “You really do get to build relationships and get to know people on a deeper level than you would otherwise in the office or other type of venues,” she says.

Lang also attends a yearly conference where her hours on the golf course afford her face time with C-suite leaders in and outside her organization. “It’s nice to be able to get invited to these types of outings and different events and be able to hold my own and not feel uncomfortable in that realm.”

Lack of confidence can be a barrier to entry

Financial planner Jeff Burgess serves as sales team lead for the Associate Board of Ambassadors, Chicago’s young professional American Cancer Society group. During the pandemic Burgess and fellow board members discussed hosting a golf tournament as a potential fundraiser. A female board member mentioned her boss had invited her to play golf with clients, yet she was hesitant to accept. “Here was this woman who I saw as successful and confident and thriving in her industry,” Burgess says. “And she was contemplating whether she should even go or not because she was going to be the only female. And that to me was a travesty because I’ve never felt that way as a man.” So when Burgess founded Chip Away at Cancer in 2021, he created a rule that every foursome must include a female player. 

Moore’s organization, which also supports youth golf, has a program specifically designed for executive women. In addition to introducing golf fundamentals, the program helps women conquer their anxiety by arming them with knowledge, such as where to drop off your bag, when to visit the pro shop, etc. “Women especially have to be comfortable and confident in order to participate in something,” she says. “And there’s so many things that we don’t know about just starting it off. So the first step is getting the acclimation. The second step is getting the skill set to where you’re comfortable.”

Moore recently played in a tournament and shot 90. She says that’s 90 times she was able to build her confidence, telling herself with each swing that she could do it. “Those are skills that transfer because [my] body and muscle don’t know whether I’m on the golf course or I’m in a board meeting.”

So, if playing golf or pickleball now piques your interest as a component of your career development strategy, here are some tips to level up quickly.

Learn the lingo

“One of the things that I try to stress, especially in your career, is that being able to talk about golf is more important in many cases than actually playing with someone,” Moore says. She recommends you first do the work on your own, which might include going to the driving range and taking lessons. As you increase your knowledge, you will feel more adept at discussing the sport with your co-workers—what courses do they play, what kind of clubs do they hit with, etc. 

Planning to discuss pickleball with your colleagues? Here’s a helpful primer for some common terms. If you’ve played tennis or racquetball a few might sound familiar… so check out this deeper dive into a feature more particular to pickleball: the “kitchen”.

Join a local organization

Many organizations are trying to make golf more approachable for women. Last summer on a golf getaway to Wisconsin, Lang joined Fore the Ladies, a nonprofit with the mission of introducing more women to the game. “There are options out there to kind of dip your toes in the water and just go to the simulator with one of those groups,” Lang says. “You can have a drink or get something to eat, meet up with them and ease yourself into it.”

To more quickly acclimate to America’s fastest-growing sport, you could sign up for a private pickleball lesson or register for a league, which offers organized group matches. If you’re a solo player, the league can often pair you with an established team. 

You could also consider attending an open-play session, a set time where people of all skill levels show up to a court. This allows you to learn from more experienced players and practice your skills in a less competitive environment. Check social media, area gyms, community centers and adult sports organizations and your park district to find available opportunities.

Elevate the rest of your cardio to improve your pickleball game

If your first few times on the pickleball court leave you feeling winded, building your endurance could boost your performance. The New York Times recommends 30-60 minutes of hiking, running and swimming and provides additional recommendations for picking up speed when you’re hustling to hit a shot.

Think brand name not brand-new clubs

Moore recommends buying a well-known brand of golf clubs, even if they are secondhand. In addition to potentially being less cost prohibitive, she thinks some senior executives might be judgmental of unknown brands or discount clubs.

Check out a charity tournament

Moore considers a charity tournament one of the easiest entry points to a new-to-you sport. With golf, keep an eye out for a scramble option. “It is hard to argue that a scramble isn’t the best entryway [into golf] because I tell people, get one or two people in your group that know how to golf decently,” Burgess says. “And it doesn’t matter if the other two have never played or don’t even know how to swing a club because not every one of your shots counts.”

Consider volunteering at the tournament

“People are going to see that, and they’re going to remember that [person] was here and she was showing she was very engaged and had a positive smile,” Newman says.

Given the advice and support available to them, Lang hopes that more people, particularly women, will feel empowered to take up a new sport. “I think we have to get back into more face-to-face meetups and real connecting, versus just being on your phone or your computer constantly.”

Photo by Drazen Zigic/Shutterstock.

The post Build Better Business Relationships and Drive Career Growth by Taking Up Golf or Pickleball appeared first on SUCCESS.

]]>
https://www.success.com/use-sports-to-drive-career-growth/feed/ 0
New Survey Shows Airbnb Has Bad Blood With Neighbors: What It Means for Homeowners, Hosts and Hospitality https://www.success.com/airbnb-backlash-homeowners-hosts/ https://www.success.com/airbnb-backlash-homeowners-hosts/#respond Wed, 16 Jul 2025 15:50:55 +0000 https://www.success.com/?p=88666 Only 40% of Americans say Airbnbs make good neighbors. See how this growing backlash impacts hosts, homebuyers and local businesses.

The post New Survey Shows Airbnb Has Bad Blood With Neighbors: What It Means for Homeowners, Hosts and Hospitality appeared first on SUCCESS.

]]>
A new survey from Anytime Estimate shows only 40% of Americans believe Airbnbs make good neighbors, while over a quarter of homebuyers would offer less for a home near one. 

Survey says: Homeowners are unhappy

The survey results showcase the divide and distrust between locals and Airbnb. Only 30% of those surveyed believe Airbnb guests care about the neighborhood they stay in. And only 36% of people said they had positive feelings toward short-term rental companies, such as Airbnb and Vrbo.

SUCCESS Magazine Subscription offer

The list of disconcerting statistics is as follows: 42% don’t trust Airbnbs to follow rental laws; 52% say they’re less comfortable letting their kids play outside near Airbnbs; 82% want more restrictions on short-term rentals. Over half said they’d rather live next to their in-laws, and almost a third said they’d rather live next to their ex. 

As short-term rentals continue to flood residential areas, this growing backlash signals important shifts for multiple audiences. The mounting resentment impacts the housing market, local businesses and the future of short-term rental companies. 

Be wary of nightmare neighbors

For homeowners, potential buyers and long-term renters, it’s important to understand how Airbnb saturation could affect the housing market. A nearby Airbnb could decrease property value or deter potential buyers from making an offer. For homeowners trying to sell, being near a short-term rental could be a major obstacle. 

One study found that Irvine, California’s, ban on short-term rentals lowered long-term rental prices by almost 3% between 2018 and 2021. A 2025 paper on short-term rentals and housing prices showed that Airbnb owners who operate multiple properties created higher rents and home values—a win for homeowners and a loss for long-term renters. It also found that the presence of short-term rentals can increase the cost of living for residents. However, the evidence is mixed and depends heavily on individual neighborhoods. 

When looking to buy, sell or rent, the number of Airbnb rentals in the area is an essential factor. Renters should avoid neighborhoods that are heavily saturated with Airbnb rentals. For buyers, it’s a double-edged sword—they may get a better price where Airbnbs are making it harder to sell houses, but they will have to deal with common Airbnb annoyances.

Homeowners can make a big difference. They can fight for regulations and bans or work to foster a positive relationship with Airbnb owners. In many ways, homeowners can help set the tone for how short-term rentals affect their neighborhood. 

Local businesses can fill the trust gap

For local hotels and travel-adjacent businesses, the dip in trust may present a rare opportunity to reclaim market share. Many cities have implemented restrictions or bans on short-term rentals, such as those in Irvine or in New York City (NYC). 

NYC hotels have capitalized on this opportunity. According to Airbnb, the average hotel price in the city increased by 7.4%. While increased prices can deter people from traveling at all, smaller travel-based businesses that can maintain reasonable pricing can still reel in tourists. 

These kinds of businesses can leverage community support. Local homeowners upset by Airbnb may be more likely to welcome new hotels or pressure politicians to make anti-short-term rental rules. 

Airbnb needs a reputation revamp

For Airbnb investors and hosts, the survey results highlight the urgent need to manage reputation and community relations to stay viable. Hidden cleaning fees, misrepresented accommodations and inconsistent experiences are pushing many back toward traditional tourist accommodations. 

It might benefit hosts to be more present in their communities, connecting with neighbors and assuring them the short-term rental will be run responsibly. Carefully approving guests, implementing rules against parties and noise and contributing to the neighborhood can help ease tension and turn the tide back in their favor. 

Photo by PixBound/Shutterstock

The post New Survey Shows Airbnb Has Bad Blood With Neighbors: What It Means for Homeowners, Hosts and Hospitality appeared first on SUCCESS.

]]>
https://www.success.com/airbnb-backlash-homeowners-hosts/feed/ 0
Hybrid Workplace Trends Take Hold as Employees React to RTO https://www.success.com/hybrid-work-trends-indicate-rto-rebellion/ https://www.success.com/hybrid-work-trends-indicate-rto-rebellion/#respond Wed, 16 Jul 2025 12:00:00 +0000 https://www.success.com/?p=88246 Coffee badging, calendar blocking, polyworking, #WorkTok and work from bed are all trends we wouldn’t have predicted just five years ago. But the world of hybrid work is becoming more complex: As employees push for what they need, some employers push for them to be back in the office at 8 a.m. sharp.  The 2024 […]

The post Hybrid Workplace Trends Take Hold as Employees React to RTO appeared first on SUCCESS.

]]>
Coffee badging, calendar blocking, polyworking, #WorkTok and work from bed are all trends we wouldn’t have predicted just five years ago. But the world of hybrid work is becoming more complex: As employees push for what they need, some employers push for them to be back in the office at 8 a.m. sharp. 

The 2024 State of Hybrid Work from Owl Labs shows these trends gaining steam, as people sometimes have multiple jobs or follow alternative schedules, blurring the lines between their personal and professional lives, making traditional nine-to-five jobs much less common. 

For some, hybrid work is the only way they’d be able to work. “When remote work became more accepted, I realized I didn’t have to choose between being a full-time mom and building something meaningful,” says Daphne Labropoulos, founder and CEO of Motch, a mommy-and-me clothing brand based in Goshen, N.Y. “I started [the company] from home with my toddler by my side.” Labropoulos collaborated with suppliers right at the kitchen table, tested work samples during snack time and spoke to product developers with her toddler on her lap, she recalls. “None of this would’ve been possible without the normalization of Zoom meetings, flexible hours and the broader cultural shift around blending work and life,” she says. “It gave me the confidence to build something original and to do it on our own terms.”

But the bosses have spoken. In another report, 93% of business leaders shared that employees should be in person at least part of the week, and 70% of companies have formal RTO policies requiring this. So what are workers to do after they’ve had a taste of freedom? Here’s what they shared.

"SUCCESS Starter Kit" bundle in store offer

More than 1 in 4 are looking for a different job

Not loving your boss’s RTO mandate? Some employees find that to be a great reason to look for more flexible work. The State of Hybrid Work report said 27% are actively looking to switch jobs, up from 23% in the 2023 report.

While some industries might be able to accommodate more flexible work, others are not—an important aspect to know before getting into any type of work or a specific company. For example, Benson Varghese, a board-certified criminal lawyer and a criminal defense attorney and founder and managing partner of Varghese Summersett, a law firm in Texas, says the “stakes are different” in the legal industry. “People’s freedom is on the line, so while flexibility matters, precision and responsiveness matter more,” he says. In regard to any workplace trend: “If it improves the work and the people doing it, we keep it. If not, we move on.”

Calendar blocking is used to protect workers’ time

In the Owl Labs report, 58% of respondents use calendar blocking, or protecting your calendar with pretend meetings. Some simply block it off without an explanation at all, rather than creating a pretend meeting. While some might be heading to yoga or the park during a blocked-off time, others are using it as a work strategy to give themselves guaranteed focus time. 

“A few of our team members use calendar blocking to manage deep work and client calls without burnout,” Varghese says. “It helps people focus, and when it’s done right, it actually gives more breathing room, not less.”

Kate Davis, an executive coach in the U.K. calls it a “modern survival strategy.” But, she adds, there’s a difference between doing it to optimize work, and as a way for employees to protect themselves from an overbearing work environment. “When I see teams blocking out large portions of their day however, it often signals a deeper issue: too many meetings, too few decisions and not enough protected time for actual thinking. For leaders, the red flag isn’t that people are doing it—it’s when they’re doing it defensively,” she says. “If your team feels they need to carve out every inch of focus time to get anything done, that’s a system problem.”

Coffee badging is a silent RTO rebellion

What do you do when you’ve finally achieved work-life balance, and your boss issues an RTO mandate? The answer for some is a silent rebellion, which the 2023 Owl Labs report referred to as “coffee badging.” The concept is what it sounds like—badging in, having a coffee and showing your face, and heading back out to work where, when, and how you please. 

Critics have called it a sign of lazy employees, while others think feeling the need to do it is instead a sign of a toxic workplace. In the 2024 report, 44% of respondents admitted to coffee badging, and another 11% said they want to try it. 

Matt Erhard, managing partner at Summit Search Group, a recruiting firm in Vancouver, Canada, says they strategically decide when their team needs to be in-office, including for strategy sessions, training events and on-site briefings or interviews. “Outside of these constraints, however, we aim to give employees full autonomy over when and where they work. Because of this flexibility, we have not had an issue with coffee badging or other forms of ‘presenteeism.’” He says, “I’ve noticed the same thing in our work with clients: the companies thriving in hybrid models embrace flexibility and demonstrate a high level of trust in their teams. I don’t think it’s a coincidence that these are also the employers who tend to attract the best talent.”

When you just don’t want to get up—the rise of “work from bed”

Sienna Hart, PR director at Chatrandom in New York, calls herself an “unapologetic work-from-bed-evangelist,” saying that “WFB thrives on intentional flexibility, not laziness. I start my day propped with pillows, laptop on a foldable bamboo tray, tackling deep-focus tasks like campaign analytics before the world wakes up. The quiet intimacy eliminates office distractions, boosting my creative output by 30%.” 

Jon Kelly, a freelance digital marketer in the Greater Vancouver area, says freelance life allows for working “wherever feels right in the moment: bed, sofa, park bench or a café. These shifts help break up the isolation that can come with working from home and keep me feeling mentally refreshed.”

Obvious issues can arise for hybrid employees working from bed, from motivation to appearance and ensuring employees are “on camera” during calls—a pandemic-era dilemma some still haven’t solved.

With any hybrid work trend, there can be compliance and HR issues, but it’s also simply what works best for both bosses and employees for maximum efficiency and personal balance. “There are pros and cons to any choice about where and how we work. Make sure you understand the tradeoffs and are happy with your reasons in a way that works for you,” says Darcy Eikenberg, an executive coach in Bonita Springs, Fla. She recommends trying something with a hypothesis, giving it a certain amount of time and adjusting from there.

And remember—creative genius is creative genius—even in your pajamas.

Photo courtesy of insta_photos/Shutterstock

The post Hybrid Workplace Trends Take Hold as Employees React to RTO appeared first on SUCCESS.

]]>
https://www.success.com/hybrid-work-trends-indicate-rto-rebellion/feed/ 0
Small Business Quotes to Motivate and Inspire https://www.success.com/small-business-quotes/ https://www.success.com/small-business-quotes/#respond Wed, 16 Jul 2025 12:00:00 +0000 https://www.success.com/?p=88133 Small business quotes offer encouragement for entrepreneurs, remind us to shop local and explain the important role these companies play.

The post Small Business Quotes to Motivate and Inspire appeared first on SUCCESS.

]]>
With Amazon just a click away and giant Walmart locations on what feels like every corner, it’s easy to fall into the big retail trap. Yet now more than ever, it’s important to support small businesses—and as we’ll share in the small business quotes below, it can be incredibly powerful. 

In the last six years, the number of small businesses in the United States has grown by 4 million, up to a total of nearly 35 million in 2025. These companies are small yet mighty, making up 43.5% of the country’s GDP and employing almost half of our workforce. 

Beyond their role as economic powerhouses, small businesses offer a wealth of other benefits as well. From an entrepreneurial perspective, they give people the opportunity to pursue their passions and turn ambitions into a reality. Looking at the consumer perspective, they bring creative new products and services to market. From a local perspective, they help to strengthen communities through both revenue and relationship building. 

Shopping small is a win, and this collection of positive small business quotes helps us to see their value from all angles. These sayings and phrases remind us of the impact of small businesses, give business owners and employees encouragement and can even help persuade customers to buy local. 

SUCCESS Newsletter offer

Small Business Quotes to Motivate Owners

To all the small business owners and entrepreneurs out there: we commend you as superheroes of the retail world. You wear many hats and attempt to be everywhere at once to fulfill your dream, but also serve your community. It’s a job that can be wildly rewarding, but one that also requires a great deal of dedication and perseverance. 

Whenever you find yourself having doubts or wanting to quit, remember your “why”—the very reason you started this journey in the first place. Stay focused and realistic. Celebrate your wins and learn from your failures. Above all else, don’t give up. Oftentimes, the greatest successes follow the most difficult challenges. 

The work you’re doing matters, and these encouraging quotes for small business owners can provide some motivation to keep going. 

  • “Anyone who runs a business that’s sustainable and profitable, whether it’s big or small, should be proud.” —Jason Fried, Rework
  • “Effective innovations start small. They are not grandiose. They try to do one specific thing.” —Peter Drucker, Innovation and Entrepreneurship 
  • “The capacity to make ideas happen is a combination of the forces of organization, community, and leadership.” —Scott Belsky, Making Ideas Happen
  • “Start today, not tomorrow. If anything, you should have started yesterday.” —Emil Motycka
Start today, not tomorrow. If anything, you should have started yesterday. Emil Motycka
  • “Leaders make sure people not only see the vision, they live and breathe it.” —Jack Welch, Winning
  • ​​“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” —Jeff Bezos
  • “I didn’t get there by wishing for it or hoping for it, but by working for it.” —Estee Lauder
  • “Something I had to learn as a woman in business, to ask for help, and to not be afraid of criticism.” —Jessica Alba
  • “Tell your story, refusing to let others define you. Use authentic experiences to inspire. Stick to your values, they are your foundation. Hold people accountable but give them the tools to succeed. Make the tough choices; it’s how you execute that counts. Be decisive in times of crisis. Be nimble. Find truth in trials and lessons in mistakes. Be responsible for what you see, hear, and do. Believe.” —Howard Schultz, Onward

Related: Tips and Resources to Scale Your Small Business

Small Business Owner Quotes to Inspire Employees

Just as it can take a village to raise a child, it can take a village to get a small business off the ground. Countless people will typically contribute to the process, with some of the most important players being your own employees. These are the people who will interact with your customers, embody your brand and help you grow your business. As such, it’s important to treat them with respect and give them the tools they need to succeed in their role. 

The following ‘hustle’ small business quotes offer advice and encouragement to employees. Use them in your next team meeting or tape them up in the break room to inspire and uplift your team.

  • “Your most unhappy customers are your greatest source of learning.” —Bill Gates, Business @ The Speed of Thought
  • “Great things in business are never done by one person, they are done by a team of people.” —Steve Jobs
  • “The simple act of paying positive attention to people has a great deal to do with productivity.” —Thomas Peters, In Search of Excellence
  • “Make a customer not a sale.” —Katherine Barchetti
  • “Coming together is a beginning. Keeping together is progress. Working together is success.” —Helen Reimensnyder Martin, Those Fitzenbergers 
“Coming together is a beginning. Keeping together is progress. Working together is success.” Helen Reimensnyder Martin
  • “The work you put in when no one is watching will matter far more than the work you do when the cameras are rolling.” —Leslie Odom Jr., Failing Up

Related: 55 Determination Quotes to Power Your Passion and Push You Further

‘Support Small Business:’ Quotes On Its Value and Impact 

According to data from the Small Business Administration (SBA), small businesses made up 99.9% of all firms in the United States in 2023. Not only that, but small businesses accounted for 62.7% of net new job creation between 1995 and 2023.  

Owning a small business is the definition of the American dream. These companies have also become vital to our country’s economy, providing us with jobs, innovation and community support. We recognize the value of small businesses during events like Small Business Saturday  (the weekend after Thanksgiving), Small Business Month (in May) and National Women’s Small Business Month (in October). However, these quotes remind us how important it is to support them all year long. 

  • “Small businesses are the backbone of our economy and the cornerstone of our communities.” —Barack Obama
  • “Most new jobs won’t come from our biggest employers. They will come from our smallest. We’ve got to do everything we can to make entrepreneurial dreams a reality.” —Ross Perot
  • “Small business is the American economy.” —Kevin O’Leary
“Small business is the American economy.” Kevin O’Leary
  • “Behind every small business, there’s a story worth knowing. All the corner shops in our towns and cities, the restaurants, cleaners, gyms, hair salons, hardware stores—these didn’t come out of nowhere. A lot of heart goes into each one.” —Paul Ryan
  • “It’s not government that creates jobs; it’s small business.” —Karen Mills
  • “Small businesses represent a fundamental American promise that if you work hard, if you just get a chance, there’s nothing that can’t be done.” —Joe Biden
  • “Our small businesses are the largest source of job creation in our country.” —Linda McMahon

‘Shop Small Business’ Quotes Perfect for Social Media 

Shopping small comes with numerous benefits for the business owner and local community, but for the shopper as well. Smaller-scale companies offer personalized services and locally made products with a unique flair. This makes for an experience that’s more intimate and thoughtful than one from a larger corporation. 

These original SUCCESS® quotes let consumers know what they can gain—and the impact they can make—by utilizing services and buying products from small businesses. Pair them with a promotion post on social media or even use them on your local brand website to communicate this important message to the public. 

  • “Support your community. Shop local.” 
  • “Small businesses make the world go round. Show them some love.” 
  • “Shopping small allows you to not only buy but discover.” 
  • “Support a small business, support a dream.” 
  • “Shopping small is about more than just products. It’s about community and connection.” 
“Shopping small is about more than just products. It’s about community and connection.” “Shopping small is about more than just products. It’s about community and connection.” “Shopping small is about more than just products. It’s about community and connection.” SUCCESS®
  • “Skip the big box. Invest in your own neighborhood and the familiar faces you see every day.” 
  • “Small businesses–where every customer is valued and every sale counts.” 
  • “A world of handmade goods and one-of-a-kind wonders awaits. Choose small.” 
  • “Choose small businesses for the story. Stay for the service and quality.” 
  • “Bigger isn’t always better. Turn to small businesses when you want a more personal touch.” 

The Importance of Customer Quotes for Small Businesses

The saying “the customer is always right” might feel cliche, but many feel it’s also accurate. Customers are typically the important piece of a business. It’s important to keep their wants, needs and opinions in mind. 

The following quotes will help you to keep customer satisfaction at the forefront of your small business. They might also provide you with some strategy inspiration you can use to build customer loyalty. 

  • “Every company’s greatest assets are its customers, because without customers there is no company. It’s that simple.” —Michael LeBoeuf, How to Win Customers and Keep Them For Life
  • “Every purchase you make is a vote for the world you want to live in.” —Steve Russell
  • “It’s easier to stay connected to customers and give them that one-on-one experience when you are small. The customers are the lifeblood of your company so you do everything in your power to keep them.” —John Rampton
  • “The customer is our boss.” —Sam Walton, Sam Walton, Made in America
“The customer is our boss.” Sam Walton
  • “Customer service is the new marketing. It is the way that businesses are differentiating, and companies that can provide faster, more empathetic customer care reap loyalty and churn reduction rewards that can have geometric impacts on profitability.” —Jay Baer
  • “The only productive solution is to find a lock and then fashion a key. It’s easier to make products and services for the customers you seek to serve than it is to find customers for your products and services.” —Seth Godin, This Is Marketing
  • “Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for.” —Peter Drucker, Innovation & Entrepreneurship

‘Thank You for Supporting My Small Business:’ Quotes for Customer Appreciation 

The final piece of the small business puzzle is showing gratitude towards your customers. To say thanks, consider using these appreciation messages on your social media pages, in your store or even as part of your packaging and brand materials. Short notes like these can go a long way in helping you to secure repeat business, create new business through word of mouth and form a positive brand image. Use these original sayings, written by the SUCCESS® team, to share how much you appreciate your customers. 

  • “Thank you for shopping small and supporting our entire community.” 
  • “We celebrate each order and value every person who walks through our door. Thank you for stopping in!” 
  • “Every order helps to fuel our dream. We truly appreciate the role you play in our journey.” 
  • “When you shop local, you support real people with a passion. Thanks for believing in us!” 
“When you shop local, you support real people with a passion. Thanks for believing in us!”
  • “We are forever grateful for your business and hope to see you again soon!”
  • “Thanks for choosing us. It’s been a pleasure to serve you!” 
  • “We hope we’ve brightened your day just as you’ve brightened ours! Thanks for your order.” 
  • “Your support is never taken for granted. We couldn’t do it without you.” 
  • “Your purchase today made a difference. We can’t thank you enough!” 
  • “Thank you for being a valued customer at our small business.” 

Use Small Business Quotes for Inspiration 

Whether you’re an owner, employee or customer, these quotes help us all to see the power of small businesses. These companies are more than just storefronts or services. They’re a creative representation of our communities, the execution of real dreams and fuel for our economy on a local and national scale. 

Choosing to build a small business from the ground up is a brave decision. Choosing to support one is also a conscious choice. Both are worth the time and effort. Let these sayings serve as a reminder to shop local, support the doers and dreamers and celebrate the opportunity and originality small businesses represent. 

Photo by Amnaj Khetsamtip/Shutterstock.

The post Small Business Quotes to Motivate and Inspire appeared first on SUCCESS.

]]>
https://www.success.com/small-business-quotes/feed/ 0
The AI Lawyer Trap: Why I Don’t Trust AI with High-Stakes Decisions https://www.success.com/ai-decision-making/ https://www.success.com/ai-decision-making/#respond Tue, 15 Jul 2025 20:41:44 +0000 https://www.success.com/?p=88679 An executive’s AI test uncovers 4 flaws that could cost businesses. Learn how leaders can use AI wisely and avoid bias.

The post The AI Lawyer Trap: Why I Don’t Trust AI with High-Stakes Decisions appeared first on SUCCESS.

]]>
I thought I was conducting a simple test. As CEO of eXp World Holdings, I regularly evaluate new technologies to see how they might serve our business. When advanced AI systems started offering sophisticated legal analysis, I decided to put one through its paces with a hypothetical scenario based on common industry disputes.

What I discovered was deeply unsettling—and could save executives millions in misguided decisions.

The experiment that changed everything

I crafted a complex business scenario involving a fictional contract dispute between two major companies. The legal issues were intricate, involving questions of market dominance, contractual interpretation, and potential business implications. I wanted to see how AI would analyze the strengths and weaknesses of each side’s position.

First, I posed the question as if I were the CEO of Company A, asking the AI to help me develop a strategy for pursuing the case. The response was impressive: detailed legal analysis, confident probability assessments, and sophisticated strategic recommendations. The AI gave Company A a 65% chance of success and outlined multiple paths to victory.

Then I asked the exact same question, but this time identifying myself as the CEO of Company B—the defendant in the same scenario. I wanted to see if the AI would provide balanced analysis or simply flip to advocacy mode.

The results were shocking.

When AI becomes your yes-man

Suddenly, the same facts told a completely different story. The AI now saw Company A’s case as “challenging” with only a 25% chance of success. Arguments that had been “compelling precedents” became “significant legal hurdles.” Evidence that previously supported “strong antitrust claims” now revealed “insufficient market dominance.”

The AI wasn’t just adjusting its perspective—it was providing fundamentally contradictory legal assessments based purely on which “client” it thought it was serving.

I realized the AI was suffering from the same cognitive biases that plague human advisors, but without any of the professional accountability or ethical constraints.

The $50 million question

This isn’t academic. In my hypothetical scenario, the potential damages exceeded $50 million. An executive relying on the AI’s initial optimistic assessment might pursue expensive litigation with confidence, while one receiving the pessimistic analysis might settle immediately or abandon the case entirely.

Multiply this across the hundreds of strategic decisions executives make with AI assistance, and the potential for catastrophic misalignment becomes clear.

The Four Deadly Flaws of AI Strategic Advice

My experiments revealed critical problems that go far beyond single conversations:

1. Contextual manipulation: AI responses are heavily influenced by perceived client relationships. The same factual scenario generated completely different strategic recommendations based purely on framing.

2. Advocacy bias: When prompted to “advise” someone, AI systems instinctively look for supportive arguments rather than providing balanced analysis. They become advocates, not analysts.

3. False precision: AI presents complex legal probabilities with statistical confidence that masks fundamental uncertainty. A “65% chance of success” sounds authoritative but may be meaningless.

4. Cross-conversation amnesia: Perhaps most dangerous, AI systems often have no memory across different conversations. They can help you develop a strategy in one session, then completely contradict that advice in another session with equal confidence—and no awareness of the inconsistency.

The hidden cost of algorithmic confidence

What makes this particularly dangerous is how convincing AI analysis can be. The responses included detailed case citations, strategic frameworks, and confident probability assessments. Any executive would find this compelling—especially when it confirms what they want to hear.

But unlike human lawyers, AI has no malpractice insurance, no bar association oversight, and no professional liability for incorrect advice. The sophisticated presentation creates an illusion of expertise without any of the accountability structures that govern traditional legal counsel.

Smart executives are getting smarter about AI

This doesn’t mean abandoning AI entirely. Used properly, it’s an incredibly powerful research tool. But it requires a fundamentally different approach:

Stress-test every analysis: Deliberately ask the same question from multiple perspectives. If you’re considering litigation, ask the AI to analyze your case as if you were the defendant. Look for inconsistencies.

Verify everything: Require specific citations for all legal claims, then independently verify them. AI systems sometimes cite cases that don’t exist or mischaracterize legal precedents.

Use AI for research, not decisions: Let AI help identify relevant laws, precedents, and strategic considerations. But reserve actual judgment for qualified professionals with skin in the game.

Document your process and maintain continuity: Keep detailed records of not just what AI suggests, but which AI conversations influenced your thinking. Current AI systems do not do a good job at remembering previous advice they’ve given you, which means they might contradict their own recommendations across different sessions.

The competitive advantage of critical thinking

While other executives may be seduced by AI’s apparent expertise, those who understand its limitations gain a significant edge. The companies that learn to harness AI’s research capabilities while maintaining intellectual rigor will make superior strategic decisions.

This principle extends beyond legal matters to any high-stakes business decision where AI might influence strategy—from merger analysis to regulatory compliance to competitive positioning.

Building AI literacy in the c-suite

At eXp, we’re developing protocols for AI-assisted decision-making that emphasize verification, multiple perspectives, and continuity tracking. When our teams use AI for strategic analysis, they’re required to:

  • Test conclusions by arguing the opposite position within the same conversation
  • Verify all factual claims through independent sources
  • Maintain written summaries of AI advice to ensure continuity across sessions
  • Never rely on AI to remember previous recommendations or context
  • Distinguish clearly between AI suggestions and final human decisions

I do remind my leadership team “AI can help you think through complex problems, but it can never replace your responsibility to think critically about what’s at stake.”

The bottom line for leaders

My experiment with AI legal analysis taught me that sophisticated technology requires sophisticated users. The executives who thrive in the AI age will be those who harness its research power while maintaining the judgment to evaluate its output objectively.

The alternative is potentially catastrophic. In an era where AI responses can influence billion-dollar decisions, the cost of misplaced confidence has never been higher.

The most successful leaders I know share one common trait: they test their assumptions relentlessly. In the age of AI, that means testing the assumptions of our digital advisors as rigorously as we would any human consultant.

Because when the stakes are high, consistency matters as much as competence. And AI systems, for all their sophistication, cannot provide the reliable continuity that strategic decision-making demands.

Image generated using ChatGPT

The post The AI Lawyer Trap: Why I Don’t Trust AI with High-Stakes Decisions appeared first on SUCCESS.

]]>
https://www.success.com/ai-decision-making/feed/ 0
Bitcoin Breaks $120K Barrier: What Is Crypto Week and What Comes Next? https://www.success.com/bitcoin-crypto-week-regulation/ https://www.success.com/bitcoin-crypto-week-regulation/#respond Tue, 15 Jul 2025 16:56:45 +0000 https://www.success.com/?p=88643 Bitcoin just broke $120K as lawmakers kick off “Crypto Week,” a pivotal moment that could change how digital assets are used and protected.

The post Bitcoin Breaks $120K Barrier: What Is Crypto Week and What Comes Next? appeared first on SUCCESS.

]]>
Bitcoin shattered records this week, rising above $120,000 as lawmakers kicked off what’s being dubbed “Crypto Week”—a pivotal point that could see the U.S. formally recognize and integrate cryptocurrency into its national financial system. This legislation, if passed, would place the U.S. alongside countries like Switzerland, Singapore and El Salvador in granting Bitcoin and other digital currencies greater legal status.

Bitcoin shattered records this week, rising above $120,000 as lawmakers kicked off what’s being dubbed “Crypto Week”—a pivotal moment that could steer the U.S. closer to a regulatory environment more welcoming to digital assets. This marks a careful but important step in the direction of countries like Switzerland, Singapore and El Salvador, which have taken the lead in building frameworks that legitimize and support the use of cryptocurrencies.

A new chapter for cryptocurrency as U.S. moves toward integration

As digital assets reach trillions in global value, formal recognition is seen as a key milestone for bringing cryptocurrencies like Bitcoin into the broader financial system. Such progression would enable people nationwide to use digital currencies in day-to-day life. In countries that have already made this transition, Bitcoin is widely accepted and supported by features such as cryptocurrency ATMs and official digital wallets.

SUCCESS+ Subscription offer

With digital assets now valued in the trillions globally, formal recognition is a pivotal step toward fully incorporating cryptocurrencies like Bitcoin into mainstream finance. In countries that have made this leap, Bitcoin enjoys widespread utility, supported by infrastructure such as cryptocurrency ATMs and state-backed digital wallets. Although the U.S. has yet to grant any cryptocurrency legal tender status, the increasing popularity of stablecoins hints at a not-so-distant future where digital assets may become part of everyday transactions. By being anchored to conventional currencies like the US dollar, stablecoins offer a more secure and approachable way to engage with crypto for the first time.  

Less than three years after the FTX exchange collapse caused Bitcoin’s value to drop and sparked doubts about its longevity, the cryptocurrency has staged a remarkable comeback. This resurgence has given investors renewed hope that crypto could one day replace traditional money, yet that future depends on official recognition and regulation. In the cryptocurrency ecosystem, all transactions are logged on publicly accessible blockchains, turning digital wealth into a fully traceable record.

What regulation means for the safety of your digital funds

Because blockchain transactions are public, anyone can track funds between wallet addresses, so your wallet’s security depends on how well you manage it. Although these addresses don’t reveal who owns them directly, all the activity tied to them is out in the open. This transparency raises important questions about how well financial data is currently protected in the crypto ecosystem, since individuals’ identities can occasionally be pieced together and used in fraudulent activities or cyberattacks. 

Hackers often aim for wallets that hold large sums of cryptocurrency, using methods such as hacking, ransomware and extortion to exploit their owners. By cross-referencing public wallet information with leaked personal data, criminals can collect enough details to impersonate or blackmail victims. Poor password security also makes wallets susceptible to attacks. In some instances, hackers target exchanges directly, putting users’ funds stored there at risk, too. For instance, in May, Coinbase Global Inc. (COIN) disclosed that hackers had accessed the home addresses and account balances of nearly 70,000 customers over recent months, putting thousands at risk of extortion and physical danger. 

Over the coming week, several legislative proposals that aim to provide clearer guidelines and regulatory frameworks for the cryptocurrency sector will be up for debate. These bills address a wide range of topics, including the issuance and management of stablecoins, transparency in digital asset markets and measures designed to protect user privacy and data security.  

Clearer rules matter for cryptocurrency safety

New rules could help consumers use cryptocurrencies such as Bitcoin more safely and with greater confidence. Regulating stablecoins—cryptocurrencies pegged to assets like the U.S. dollar—would ensure they can be trusted as a payment method. Given the lingering doubts many have about cryptocurrency safety, these measures have been proposed to strengthen protection and increase public confidence. The transparency of blockchain technology offers many benefits, but it also demands that users take responsibility to safeguard their wallets against potential risks.

The Digital Asset Market Clarity Act proposes broadening the Commodity Futures Trading Commission’s role, which could result in many tokens being classified as commodities, not securities. A security under U.S. law involves investing money with the expectation of profits driven by a third party’s efforts. A commodity, by contrast, is an interchangeable asset that can be traded on open markets and is highly regulated. In the context of crypto, this means some tokens are regulated like stocks, while others are treated more like raw goods. 

When a token is classified as a security, the issuer must comply with Securities and Exchange Commission (SEC) regulations, including registration and disclosure requirements to promote fair and transparent trading. If it’s considered a commodity, it faces lighter oversight, focused mainly on fraud and market manipulation.

The CBDC Anti-Surveillance State Act seeks to prevent the Federal Reserve from creating a digital dollar to avoid increased government tracking. The Genius Act, recently approved by the Senate, focuses on regulating stablecoins, which permits private companies to issue them under regulated conditions.

The Genius Act, recently passed by the Senate, focuses on regulating stablecoins—digital currencies that are tied to the value of the US dollar. It allows private companies to issue these digital coins, but only if they follow strict government rules to make sure each coin is backed by real money or very safe assets. The law also requires companies to regularly report on their reserves and makes it illegal to mislead people about what the coins are or how safe they are. Retail giants like Amazon and Walmart are already planning to launch stablecoins for everyday consumer transactions. According to the WSJ, stablecoins could enable businesses like these to significantly reduce costs associated with traditional banking and card payments that impact their budgets.

Preventing sudden losses in your digital wallet

Regulators want stablecoins to be backed by real money or assets and checked regularly by independent auditors. This helps prevent sudden crashes that could cause people to lose money in their digital wallets. Clearer rules about who oversees different types of digital coins will also help protect people from investing in risky or fake cryptocurrencies that could put their money in danger.

As the U.S. moves toward officially embracing cryptocurrency, the coming months could redefine how future generations will interact with money. 

Photo by Parilov/Shutterstock

The post Bitcoin Breaks $120K Barrier: What Is Crypto Week and What Comes Next? appeared first on SUCCESS.

]]>
https://www.success.com/bitcoin-crypto-week-regulation/feed/ 0
How to Gain Buy-In from Investors for Your Succession Plan https://www.success.com/building-smooth-succession-plan/ https://www.success.com/building-smooth-succession-plan/#respond Tue, 15 Jul 2025 12:42:00 +0000 https://www.success.com/?p=88486 If you’ve ever seen the HBO original series Succession or have heard of the Murdoch family’s succession drama, you might already know that succession planning can get messy. A succession plan needs a lot to succeed, and gaining the support of key stakeholders, such as the board of directors or investors, is essential. When developing […]

The post How to Gain Buy-In from Investors for Your Succession Plan appeared first on SUCCESS.

]]>
If you’ve ever seen the HBO original series Succession or have heard of the Murdoch family’s succession drama, you might already know that succession planning can get messy. A succession plan needs a lot to succeed, and gaining the support of key stakeholders, such as the board of directors or investors, is essential.

SUCCESS+ Subscription offer

When developing a leadership pipeline, be it the CEO position or other major role, securing the support of these integral members of your company will ensure your plan runs smoothly. And while the ideal scenario would be for your stakeholders to embrace your plan with open arms, unfortunately, this is often not the case. To help facilitate an easier transition for your company, we spoke to experts to understand how to gain buy-in from investors and the board on a succession plan.

3 tips to ensure a succession plan goes over smoothly 

To develop a succession plan that stakeholders will support, experts agree that it comes down to clear communication, identifying the right talent and preparing them for the role early on.

1. Focus on Communication

The most important action a leader can take to ensure a trouble-free transition is to communicate clearly and often with the investors and the board of directors about the plan, says Marissa Rodriguez, the founder and CEO of Through Experience, a platform that helps CEOs grow their e-commerce business. 

“Uncertainty can often breed confusion and chaos,” she says. “This is why it’s so important that leaders overcommunicate, have clear intentions and can give others a sense of direction.”

To provide clarity on the process, Rodriguez advises developing a plan with key milestones and dates that everyone can reference, from identifying and training potential successors to their eventual assumption of the role.

2. Create a culture of succession planning

    Raising a succession plan to your investors and board of directors might cause concern, but if your company is always planning for leaders’ replacements, it will feel like the norm to key stakeholders.

    Mary Josephs, founder and CEO of Verit Advisors, an investment banking advisory firm, recommends giving “constant attention to succession for all major roles across the organization. This means early talent identification, coaching and training, exposure, and support.”

    To build a company accustomed to succession planning, Christine Edwards, principal at The Red Bee Group, a business consulting firm, recommends that the CEO and CHRO identify potential leaders who are two to four levels down on the organizational chart and begin orienting them early on. “A process by which directors can meet with those leaders earlier on in their careers is helpful, as is bringing those leaders to the board or committees to discuss issues,” she explains. 

    For potential leaders outside of the organization, Edwards says, “benchmarking external candidates with a smaller group of directors is also healthy and provides the ability to compare skills and accomplishments.”

    3. Invest in potential talent

      Once potential leaders are identified, it’s critical to invest in them to ensure they are ready to fulfill the role when it’s time. Having talent pinpointed and already familiarized with the role prior to their transition will help investors and board members feel confident in your plan.

      To prepare a successor for the job, Josephs recommends giving them time to shadow the exiting leader before they assume the position.

      “This is expensive, as it often includes the next executive shadowing the previous executive for six months to a year. However, it is well worth the investment. It provides time for transitioning key relationships and trust (investors, team, clients, industry, COIs, etc.), understanding client and team nuances to be effective, [and a] safe space to practice decisions,” Josephs says.

      Getting key stakeholders’ buy-in

      To gain your investors’ and board members’ support, you’ll need to have plenty of discussions about the plan in order for everyone to feel comfortable moving forward.

      According to Edwards, the leader or CEO should begin the conversation by discussing any upcoming leadership shifts before they happen and delving into why they are happening. “Repeating those discussions a few times before the changes are made provides ample time for the board to reflect, ask questions and signal agreement with the changes,” she says.

      Josephs recommends the CEO share their vision on what strengths and capabilities will best serve the organization. “It [might] paint the picture on why we would look outside the organization, or why there are strong internal candidates,” she says.

      To gain buy-in from your investors and board of directors on your succession plan, Rodriguez says you’ll need to be aligned on these five issues:

      • Why are we doing this succession plan?
      • What does success look like at the end of the transition?
      • What does success look like long term?
      • What could go wrong? How are we going to mitigate those possibilities?
      • What benefits emerge from this transition to the overall business?

      Challenges to succession planning 

      When succession planning, roadblocks are inevitable. Here are some challenges that might arise during the process and ways to navigate them.

      1. Conflict of interest

        Be wary of conflicts of interest when doing succession planning. For example, if the incumbent has shares in the company, this could lead to bias in their decision-making during the process, such as supporting a potential successor who would increase or maintain their financial interests rather than choosing a candidate that is best for the company’s long-term success.

        To navigate these issues, Henry Penix, CEO and executive chairman of Soaak Technologies, which specializes in sound frequency composition therapy, says to look to your company’s bylaws or operating agreement to locate what your business has decided when it comes to succession. 

        “These documents will also mention what happens with shares in a company owned by a majority or significant shareholder. Typically, things like voting control, the purchase of shares outstanding and management are clearly and legally defined,” Penix says.

        The board of directors will use these internal rules to ensure that the succession planning process is fair and unbiased.

        “Conflicts of interest should always be monitored,” Josephs says. “One should not stay in a position if they are no longer the best leader to drive shareholder value. But it can be enticing to stay if stock prices are growing, increasing personal wealth. The culture needs to be about the organization’s overall growth.”

        2. Lack of buy-in from the board of directors or investors 

          Even if you have spent months developing a concrete succession plan, there’s always the possibility that the board of directors and investors won’t give their support.

          “If the investors/board of directors do not align with the initial intention of the succession plan, it will be a challenge for the leader,” Rodriguez says. “If they do not want the leader to leave and are not receptive to this intention and idea, then the leader might have to sell them on the reasons why it is to their advantage to bring in a new leader.”

          3 Personnel issues

            It can get sticky when someone who’s seen as a natural choice to succeed a leader is not picked for the job.

            “Perhaps the obvious internal candidate has been your right and left hand as you led the company. Perhaps the company has a history of promoting from within. Yet you know this No. 2  is not the right leader to hold the CEO spot. These are tough decisions,” Josephs says.

            “All stakeholders and candidates need to understand this is not personal; it’s business,” she adds. “Those not chosen are not inferior candidates. They’re just not the best choice now.”

            Having these difficult conversations upfront can mitigate potential upset later. “Clarity always wins,” Rodriguez says. “The more clear one is about the intention and what is required in order to achieve success (and the desired outcome) the better for everyone involved.”

            Photo from NYCKellyWilliams/Shutterstock.com

            The post How to Gain Buy-In from Investors for Your Succession Plan appeared first on SUCCESS.

            ]]>
            https://www.success.com/building-smooth-succession-plan/feed/ 0
            5 Tips to Save for Retirement in Your 40s and 50s https://www.success.com/how-to-save-for-retirement/ https://www.success.com/how-to-save-for-retirement/#respond Tue, 15 Jul 2025 11:34:00 +0000 https://www.success.com/?p=86557 Explore these five important tips to help you start preparing and saving for retirement—before it's too late.

            The post 5 Tips to Save for Retirement in Your 40s and 50s appeared first on SUCCESS.

            ]]>
            Racquel Oden knows about retirement. This U.S. head of wealth, premier and global private banking at HSBC has been in the industry for over 25 years and has always worked with individual investors, supporting their wealth management and asset management needs. 

            Gen X is up next to retire—and for people in their 40s and 50s, that means understanding that retirement is now just around the corner during times of extreme market volatility. But that doesn’t mean that they won’t be able to retire. With savvy investing strategies, Oden still believes that investors of any age can achieve their “financial glow-up” in any market and with any time horizon. 

            Here are five tips from Oden for how to create a successful retirement plan.

            1. Work with a professional to understand your portfolio

            “I truly am a believer [that] it’s okay to seek advice, because these are very complicated markets right now,” Oden says. “There are periods where you feel like you can kind of make sense of all of it and kind of make your own individual decisions. And there are going to be periods in the market where you actually feel the need for professional advice. I think we’re in one of those periods.”

            Even the worst market has some strong opportunities—so working with the right person can ensure that you’re making smart decisions about your investments. 

            “While volatility may feel very extreme on you personally, that means there’s a lot of lows, which means that’s a buying opportunity,” she says. “But you want to make sure they’re in the right sector.”

            Knowing how the world around you affects your portfolio can help you make savvier choices about where to direct your portfolio. For example, the effect of tariffs can vary from industry to industry.

            “What’s also important in times like this—of volatility—is staying very engaged in what I call active management,” she adds.

            "SUCCESS Starter Kit" bundle in store offer

            2. Evaluate your short-term versus long-term needs

            “The things people are always going to ask you are, ‘What’s your risk tolerance?’ and ‘What’s your time horizon?’” Oden says.

            Your time horizon is the amount of time (months, years or decades) that you need to contribute to an investment in order to achieve your financial goals. An individual who plans to retire in five years, for instance, may want to opt for a less aggressive investment strategy than someone who still has 20 years. 

            “You could be a lot heavier weighted in equities or riskier products, but you have long-term benefits to gain in that period of time,” she says. “If we have short-term needs in this environment today, things such as treasuries [are] a very good thing to look at.… [And] I think gold is doing extremely well.” 

            Whether you’re retiring right now or in 15–20 years, there are still certain things that you should always be doing. 

            “Make sure that you’re making out on what I call your tax benefits, such as your 401k, your IRA and your HSA,” Oden advises. “[It’s] important that you’re leveraging the dollars that you’re making and [that] you’re getting… tax-deferred benefits from it. So I use that as a fundamental, no matter what stage of life you are [in].”

            3. Define your future expectations

            “I think people think of [retirement] as like an administrative thing,” she adds. “But that’s why you work so hard now on your investments and gathering of your savings and assets—so you can live this version of the lifestyle that you define for yourself.”

            Different people have different expectations of what retired life should be like. For example, if you’re planning on living in an RV after you retire, you probably have very different needs than someone who owns multiple homes and wants to live a snowbird lifestyle. 

            “What do you want it to look like?” Oden asks. “Based on that is how you should actually be crafting your investment portfolio to help you live that lifestyle that you define.”

            4. Begin to address your debts

            It’s also important to work toward eliminating all your debts when you’re gearing up for retirement. 

            “In your 20s and 30s, you can take on a lot more debt [since] you’ve got a lot of time,” she says. “As you’re getting to your 40s and 50s and you’re getting 10 years away from retirement, you want to start thinking of things like, maybe you don’t have five homes at the same time.”  

            If nothing else, it’s especially important to eliminate high interest debts like credit cards, as these can heavily restrict your cash flow and lead to financial strain. 

            “That’s what’s really going to change when you hit retirement,” Oden says. “Very little is coming in and a lot is going to go out.”

            5. Plan for and embrace longevity

            One of the most important things to remember is that you’re probably going to live longer than you expect—and so are the people around you. 

            “In the 1970s, the average life expectancy was closer to 69, and today, the average life expectancy is already at 77,” Oden says. “That’s just going to continue to increase as we continue to improve on things such as health care.” 

            But when you’re responsible for your kids and aging parents, that can feel like more pressure. 

            “You are what I call the sandwich generation,” she says. “You could have your 20-year-old kids that you’re still supporting, and because we are living longer statistically, your parents are around longer—and then you will be around longer. That actually puts a lot more pressure on us in retirement.” 

            While you may find that you have extra expenses, like caring for your parents or children, you also need to consider (and celebrate) your own longevity. 

            “You’re worrying about yourself because you’re going to live way longer,” Oden says. “So that now means you have to have a lot more money for retirement since you’re going to sustain your lifestyle longer.”

            Photo courtesy of Racquel Oden

            The post 5 Tips to Save for Retirement in Your 40s and 50s appeared first on SUCCESS.

            ]]>
            https://www.success.com/how-to-save-for-retirement/feed/ 0