October 2024

Across industries, there’s a lot talk about the importance of a “growth mindset” for entrepreneurs and managers of established businesses.

There are countless studies out there — such as this one presented by Harvard — that highlight how companies focusing on growth through innovation and investment often outpace those stuck in the status quo, which tends to stagnate or fall behind.

But what exactly does operating from a growth mindset look like? In an article titled Why Having a Growth Mindset is Critical for Company Success,” it highlights how Microsoft developed a culture around this mindset to prevent falling behind in the fast-paced technology world. In 2014, CEO Satya Nadella shifted the culture from one of bureaucracy to one of growth and worked to develop systemwide processes for a growth mindset to take off among all employees, from entry-level to top executives. In the article, one Microsoft employee summarized the company’s culture, saying it changed from “know-it-all” to “learn-it-all.”

“Learn it all” is the key here. It’s easy for entrepreneurs and others to think they have mastered all they need to and less often seek learning opportunities. In a world that moves as quickly as ours in just about every way possible, this is a self-defeating mindset. “Learn it all” does not mean just attending conferences and reading white papers that pertain to your business; it very importantly applies to “learning it all” about your own business.

Yet “learning it all” about the pros and cons of your current business processes, systems and growth programs can be daunting. Like looking under the car of your hood, you might be forced to see leaks, cracks and other issues you don’t realize you have because, like your car, your business is still sputtering forward. Yet you have to face the weaknesses if you want to get in the fast lane and keep up with your competition.

Facing that you don’t know what you don’t know is important for growth. You may understand your product category, but do you know how to set up lead generation and sales programs that bring you qualified prospects? Do you know how to nurture these to conversion and lifetime value? Do you know how to set up IT and operational processes that optimize productivity and enable you to achieve more with less?

The key to growth is to face your weaknesses and your strengths — and to get help when you need it. Business managers seem at ease signing up for SaaS products that enable them to manage payroll, HR needs, account management, customer relationships and communications with monthly subscription fees. But how likely are you to subscribe to growth-focused services or set aside time each month to focus your time on growth initiatives? Continuous focus and activity are key to success.

What does a continuous growth plan that you execute and monitor monthly look like? Here’s a glimpse.

1. Audit your status quo

As no one is a master of all things, you need to find experts who can audit the areas of your business about which you can and need to learn more. This can include auditing your digital brand presence, offerings, business model, sales processes, customer onboarding and success programs. Your systems for information technology, financial management, customer transactions, project workflow, systems monitoring and so on. Experts can quickly identify where you are losing money and efficiencies, as well as identify opportunities.

Your audit should include identifying expectations and aspirations from customer groups and looking for ways to add value, both tangible and emotional to your products and brand experience.

2. Stay on top of trends

Make the time to stay on top of technology and other changes that impact your industry. Monitor consumer attitudes toward your category and brand to identify issues that may change purchasing behavior and loyalty toward your brand.

3. Invest in your business

To succeed in any category, you need programs and systems that enable you to operate with high levels of efficiency so you can focus on innovating new products, services, and systems to increase your efficiencies and competitiveness. You need to lead with new ideas and not always try to catch up with others who move faster than you do. To do this, you need to invest in systems and technology that allow you to automate processes for workflow, customer and account management, accounting, and more so your time can be used innovating.

4. Prioritize marketing and sales

If no one knows about your brand, it’s fair to assume you won’t get a lot of new leads and sales. Marketing is more than awareness. Marketing helps define your brand’s values and build relationships that drive sales, loyalty and referrals. It also communicates your values, like CSR and ESG, that matter to consumers, leading to stronger relationships. Consumers choose brands with like values. Check out a McKinsey study that backs this up.

All of these processes enable you to continuously learn about your business, strengths, opportunities, risks and weaknesses.

The most important element of growth? Continuity! Setting up your company for growth is not a one-and-done initiative. It is a constant process that crosses over all systems, such as those identified above, and has to be monitored, managed and executed daily. As Microsoft illustrates, it has to be the foundation and core of your company culture. Every employee and contractor you use needs to be obsessed with growth, which means always looking for ways to stand out competitively, add more value to customers, imagine new ways to do old things better,

Setting up regular processes or finding partners that can do this for you with growth as a service model to keep you moving forward should be a top priority. You can read about these and other growth strategies in a new book released by Entrepreneur Press, “Market Your Business – Your Guide to Do It Yourself Marketing.

This as-told-to story is based on a conversation with Zach Downey, owner and CEO at Distinctive Vending, which operates cotton candy machines in high-traffic locations such as resorts and amusement parks.

As a college student at James Madison University, Downey was approved to put a pizza vending machine on campus when a funding issue derailed the plan. That’s when he “discovered the world of cotton candy vending machines.” Downey got into the business, and now Distinctive Vending is on track for $500,000 in revenue in 2024.

^{Image Credit: Courtesy of Distinctive Vending. Zach Downey.}

Read on to learn what goes into building a successful cotton candy vending machine business — and how you can use it for passive income.

I didn’t know how many people were interested in starting this type of side hustle. I still receive calls from people asking about the specifics.

Related: He ‘Accidentally Discovered’ a Semi-Passive Side Hustle in College — Now He’s on Track to Make More Than $500,000 This Year

There are three main things that go into running a cotton candy vending machine business.

Decide on a location for the vending machine before you purchase it

First, I’ve talked to people who didn’t find the location for their machines before committing to the business. They just buy machines, and that’s not the smartest way to do it. Buying the machine first increases your risk. So, deciding on the location for your machine should be the very first step. In my experience, the best way to find a location is to go in person to the location you want and try to talk with the person in charge — that has the greatest chance of success. If you don’t want to do that, you can cold call and email; paid advertising doesn’t work too well.

Once you have your location, it’s time to purchase the machine — and it’s the No. 1 thing people usually ask about.

Related: Passive Income 101: A Beginner’s Guide to Building Wealth on Autopilot

How to buy a cotton candy vending machine — and avoid unexpected charges

I made a major mistake when I purchased my first machine. It had the wrong Incoterms, which determines how your package is shipped. If you order something from Amazon, it’s shipped right to your door. But when you’re ordering something from China, there are multiple ways to ship it; the main difference is when you take responsibility for the package. When we first shipped it, it was Free Carrier (FCA), which means we took control of the package when it reached our port. So we were responsible for paying import tax, getting it from the port to the end location, and that was an extra $3,000 we had no idea we would pay. So it’s important to ship Delivered Duty Paid (DDP).

When sourcing a machine, if you look for one online, even a quick Google search, you’ll get 20 different websites. If you go on Alibaba, the main source for Chinese manufacturers, and look up cotton candy vending machines, you will find essentially 50 different suppliers all listing cotton candy vending machines. Now the thing is, there aren’t actually people who are manufacturing 50 different types of vending machines.

In the market, there are basically five real cotton candy vending machine manufacturers, and everybody else is essentially just taking those machines, charging more for them and flipping cotton candy vending machines. Out of those five real manufacturers, there are basically two good ones. So unless you know who those five are and who the two good ones, you’re screwed. It’s like a game of chance, and you’re just picking randomly.

Related: I Turned My Side Hustle Into a Passive Income Stream That’s Earned More Than $1 Million — But Making Money Isn’t Even the Best Part

Of the five manufacturers, I recommend purchasing your machine from Red Rabbit or Sunzee Intelligent.

How to clean and restock the cotton candy vending machine, plus the importance of extra parts

The work doesn’t stop after your machine is set up in its location: You must be diligent about maintaining it.

The machine gets dirty very fast. In my opinion, you’re being negligent if you’re not cleaning after 100 servings maximum. The machine doesn’t technically have to be refilled until about 150 servings, and then you need to empty the waste water bucket. You should stick to a regular cleaning schedule; clean inside the cabinet to prevent sugar buildup and ensure the cotton candy stays fresh and particle-free. Wipe down the machine’s windows, too, to maintain visual appeal. Deep cleaning tasks, including cleaning the burner cover plate and furnace cover head, don’t need to be done every time the machine is cleaned but should be done bi-weekly or weekly.

Be sure to stock extra materials, like sugar and cotton candy sticks, to replenish the machine as needed, typically after about 300 servings.

You should also have extra parts for the machine on hand. Inevitably, the machine will break down, and it’s easier to have additional parts ready than to wait one to two weeks to receive them from China. Some basic recommendations include a replacement furnace, water pump and sugar motors.

Related: This 20-Year-Old Student Started a Side Hustle With $400 — and It Earned $150,000 Over the Summer

What the investment of time and money looks like

If you do it right, you can get a machine to your door for $7,500. On top of that, you’ll probably bulk order supplies, too, which will cost about $500. But you can start this for under $10,000, no question. And then, as far as ongoing monthly expenses, depending on the location, most of them will want you to have general liability insurance. It depends on the policy, but expect it to cost anywhere from $100 to $150 monthly.

This business can be entirely passive if you’re not the one cleaning and restocking the machines. We hire people to clean the machines, and most locations get cleaned one to three times a week. We pay about $50 a visit. So $50, if you’re restocking every 100 units, that’s $1,000 in revenue for $50 in cleaning expenses, which is like 5% in revenue just to have the machine clean. That’s nothing — that is an amazingly good margin. Your cost of goods is 30 cents. You can sell for as high as $15. There’s basically no other business where you can buy something for 30 cents and sell it for $10. Almost no other business. It’s crazy. So, as long as you’re outsourcing the cleaning part, you can make it completely passive.

Related: How to Start a Passive Income Side Hustle That Uses Assets You Already Own, From 3 People Who Make Thousands of Dollars Doing It

This business is for people who don’t mind working with machines because a part will break sooner or later. That’s just how machines are. And if you’re uncomfortable with going to the machine and fixing it yourself, I don’t think you should do it. If you’re not comfortable with at least learning how, you should not start in the first place. When I started, I thought I could just plug the machine in, let it go, visit it once a month, and it’d be fine. But that is not even close to how it is.

The rise in artificial intelligence (AI) in the franchising world may seem like a fairly recent phenomenon, but it first began to have a noticeable impact on the industry five years ago. Since that inflection point, AI technologies have rapidly matured in areas like machine learning, data analytics and language processing. And so, like many other industries and business sectors, franchise-related businesses began to take notice.

From an adoption standpoint, it made perfect sense to embrace AI’s ability to streamline operations, enhance the customer experience and vastly improve decision-making processes. Today, increased data availability and the quest to discover more efficient, scalable solutions have led to AI becoming a cornerstone feature of the franchising industry’s digital transformation.

What follows is an in-depth look at the most common applications for AI in the franchising industry, how brands are increasingly leveraging the technology for their own benefit, and three practical ways these technologies are positively impacting both franchise development and workflow processes.

Related: These Days, Everything Is ‘Powered By AI.’ Here’s How to Tell Hype From Real Innovation

Common applications for AI proliferation

Most, if not all, of the thousands of franchisors have discovered how to apply AI to improve their operational efficiencies and workflow processes. One of the most common usages can be found in customer service automation. Brands have begun experimenting with their own AI-powered chatbots and virtual assistants to handle basic inquiries and schedule appointments for their franchisee networks. This solution is less cost-intensive than call centers and exponentially reduces the human workload. And because the responses are so timely and readily available, everyone wins.

Predictive analytics is another commonplace application, allowing franchisors to analyze large datasets, consumer behavior, market trends, and operational metrics – all of which enhance sound decision-making processes. AI can now predict favorable locations for franchise growth, optimize inventory levels across the franchisee network, and even identify ideal candidates. Another key area where AI is impacting is the personalization of marketing campaigns.

Again, customers can be analyzed and targeted using the large datasets available according to their purchasing habits, online behavior, and individual preferences. This is having a noticeable impact on driving sales and customer loyalty.

Related: AI for the Underdog — Here’s How Small Businesses Can Thrive With Artificial Intelligence

How franchise brands are using AI

Brands in the franchising industry are increasingly finding ways to leverage AI to separate themselves from the competition, as illustrated in these three specific examples:

• Enhanced Decision-Making: By utilizing AI-driven analytics, brands are now making smarter decisions about where to open new franchise locations, which products to promote, and how best to optimize their supply chains – all of which are leading to improved profitability and efficiencies
• Operational Efficiency: Because AI is so effective in automating routine tasks, such as inventory management, customer service, and scheduling, franchises are increasingly operating more efficiently, with less risk, and at lower costs. From a personnel standpoint, these newfound efficiencies are increasingly allowing human employees to focus their attention on higher-value activities
• Improving Franchisee Support: Automation and AI tools are helping franchisors provide better support to franchisees by offering insights and recommendations based on real-time data. This can include everything from marketing strategies to operational adjustments, all of which help franchisees succeed

Related: You Can Fear It and Still Use It — Why Are So Many American Workers Shy About AI?

Three ways AI is improving the franchise development and workflow processes

AI is not only useful in streamlining and automating big data sets, but it’s also providing innovative advancements for both franchise development and workflow processes:

1. Enhanced Market Analysis: Determining the optimal location for a brick-and-mortar storefront, analyzing market trends, and accessing consumer behavior data at the local level are all becoming an exercise in predictive analysis. And these advantages are allowing potential franchisees to make much more informed decisions as they progress through the sales process
2. Personalized Client Strategies: AI-powered tools and resources are being applied to develop highly personalized strategies for prospective franchisees. Franchisee performance metrics, localized market demand analysis, and on-demand business data allow consultants to tailor strategies that better align with individual clients
3. Lead Generation: AI is increasingly impacting streamlining workflows in the lead generation process, readily identifying quality prospects much more efficiently. Many brands are also experimenting with predictive analysis to determine which candidates are more likely to proceed (and even succeed) as franchise owners

Despite all the technological improvements AI is bringing to the franchising industry, there are still concerns about its impact on employment and the workforce. But there are two ways to look at it. On the one hand, AI-driven automation can reduce the need for certain roles, particularly in administrative or repetitive tasks.

However, this shift also creates opportunities for new roles focused on managing, implementing, and optimizing AI systems. The demand for skilled workers who can work alongside AI, interpret data, and apply insights is growing. Additionally, AI can enhance job satisfaction by allowing employees to focus on more meaningful work rather than routine tasks. Overall, while AI may reduce the need for some traditional roles, it is also driving the creation of new jobs requiring different skills.

Related: Using AI Doesn’t Have to Be Unethical — Build a Values-Driven AI Policy in 3 Steps

As entrepreneurs, we pour our heart and soul into building something, often taking risks others would shy away from. But when things don’t go as planned, the feelings of disappointment, frustration and even shame can be overwhelming.

The truth is that failure is an inevitable part of entrepreneurship. While it’s never easy, learning how to cope with it is essential for moving forward. As Bill Gates once said, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” It’s often in failure that we learn the most valuable lessons.

Through my own experiences with failure, I’ve found a few key strategies that help manage the emotions and challenges that come with it. Here are four strategies that have helped me — hopefully they’ll help you, too!

Related: 10 Lessons About Failure That Every Entrepreneur Needs to Know

1. Feel your feelings

One of the first things you need to do after experiencing failure is to let yourself feel everything. You can’t make clear decisions if you’re pretending not to be upset. Acknowledge your emotions — whether they include frustration, sadness or anger — and give yourself time and space to lean into those feelings.

At the same time, it’s crucial to set a deadline for when you’ll stop wallowing and get back to work. The amount of time you need should reflect the size of the failure. For example, if your whole business failed, you might need a year. If your product launch failed, maybe a week is enough. Not all failures are created equal, so honor the time you need to get back on your feet.

When my first company didn’t succeed, I felt the weight of that failure deeply. I spent months obsessing over starting another company, frantically coming up with ideas that weren’t great because I was forcing it. Eventually, I realized I needed to step back and give myself space to learn. I decided to spend a year working at another startup, learning as much as I could before even considering starting another business. When I finally did, I ended up founding Lemonlight.

The takeaway here is to give yourself time to process, but also set boundaries. Once you allow yourself to feel your emotions fully, you’ll be clearer and more focused when it’s time to take action — and maybe your next great idea will find you!

2. Talk to other entrepreneurs who have failed

Failure can feel incredibly lonely. The shame and guilt that often come with it can make you doubt your abilities and your future. But you’re not alone, and there are other people (lots of other people) who have been in your shoes! Talking to other entrepreneurs who have also experienced failure is a great way to get back on your feet.

No matter how many articles you read or how many people tell you that failure is part of entrepreneurship, it still hurts when it happens to you. Hearing stories from others who have been there — and have come out the other side — can make the experience feel less isolating. It’s comforting to know that even the most successful entrepreneurs have faced failure at some point.

Reading books about entrepreneurship, failure and growth can also help. Whether through personal conversations or reading about others’ experiences, learning from those who’ve already been where you are gives you the perspective and tools you need to keep moving forward.

Related: Why You Must Embrace Failure to Succeed in Business

3. Make a list of everything you’ve learned

One of the most important things you can do after a failure is to take stock of what you’ve learned. It might not feel like it in the moment, but every failure brings valuable lessons. Take the time to write down everything you’ve learned from the experience, no matter how small it seems. This list will serve as a reminder that your failure wasn’t for nothing — it was an opportunity for growth.

Documenting these lessons while they’re still fresh will be helpful later on. You’ll likely encounter similar challenges in the future, and having this list will allow you to identify patterns and solutions more easily. It also helps shift your mindset from viewing failure as something purely negative to seeing it as a resource that can lead to better decisions down the road.

For example, when my first business failed, I made note of the mistakes I made, the decisions I should have thought through more carefully and the areas where I could have improved. Those insights became invaluable when I started my next venture. They helped me avoid making the same mistakes and laid the foundation for smarter decision-making with Lemonlight.

4. Take contrary action

Contrary action means doing the things you don’t feel like doing — especially the things you want to avoid most. It’s natural to want to retreat after a failure, but this is when you need to take action. Doing things that feel uncomfortable, like attending a networking event or having a tough conversation about your failure, is essential for breaking through the fear and moving forward.

Taking ownership of the situation is key here. It’s easy to let failure weigh you down, but the fastest way to move through it is to face it head-on. Talk about it, be honest about what happened, and embrace the lessons you’ve learned. The more you hide away and pretend the failure didn’t happen, the more you’ll prolong the experience and keep yourself stuck.

When I’ve been at my lowest after a business didn’t work out, one of the hardest things was facing the people I felt like I had failed — explaining what happened and owning up to my mistakes. But those conversations, while difficult, were necessary for closure and growth. They also helped rebuild my confidence.

Every step you take, even the ones that feel scary, is a step toward regaining your momentum. Taking contrary action can break negative patterns, build self-discipline and ultimately help you grow as an entrepreneur.

Related: 8 Steps to Transform Your Failed Business Into a Success Story

Failure is an unfortunate part of the entrepreneurial journey, but it doesn’t have to define you. By using these four strategies, you can cope with failure in a healthy and productive way.

The next time you face a setback, take a step back, assess which of these strategies can help, and move forward with a renewed sense of purpose. You’ll find that each failure brings you closer to success, as long as you keep pushing forward.

As small and midsize businesses (SMBs) continue to face economic challenges, reducing software costs has become a significant focus for entrepreneurs and small business owners. According to McKinsey, approximately 60% of SMBs actively price shop for technology and software and are looking for cost-effective solutions without compromising on quality.

Going back to the software basics could be one way to cut costs. Through October 27 only, you can choose from Microsoft Office Home & Business 2019 for Mac or Microsoft Office Professional Plus 2019 for Windows for just $24.97 (reg. $229).

This lifetime license gives business professionals the essential tools they need, from Word to Excel, PowerPoint, and more, without ongoing subscriptions or unexpected renewal fees. For those not ready to upgrade their operating systems or who prefer predictable, one-time costs, this offer is a game changer.

While it’s not the latest version, Office 2019 is still packed with value and perfect for those who don’t need all the cloud-based features of Office 365. Whether you’re a small business owner, freelancer, or IT professional, this deal provides a robust suite of tools to boost productivity, security, and flexibility—all while staying offline and keeping your data on your terms.

For professionals on a budget, Office 2019 offers a lifetime license—pay once, use forever. Unlike Office 365’s subscription model, there’s no need to worry about ongoing monthly fees or surprise price hikes. For entrepreneurs looking to manage costs, this ensures you know exactly what you’re paying and when, with no hidden fees down the line.

For Mac users, Office 2019 is compatible with macOS Mojave (10.14) or newer—so you don’t have to upgrade to the latest operating system like Monterey or Ventura. On Windows, Office Professional 2019 works with Windows 10 or 11.

Pick up one of these lifetime licenses at this reduced price through October 27:

StackSocial prices subject to change.

More than quarter of all workers work in a hybrid environment, according to flex space and hybrid work software company OfficeRnD. That means, having the right tools to keep your data safe and accessible is a must. The Dual USB-C + USB-A 3.2 High-Speed Flash Drive is a terrific portable storage solution that balances compatibility, speed, and durability. It’s currently on sale for just $74.97 (reg. $109.99) for a limited time.

Whether you’re a business professional hopping between devices or simply needing to manage large files on the go, this versatile flash drive makes it easy to access and transfer your data. Its dual USB-C and USB-A interface offers seamless compatibility across devices—whether it’s a PC, Mac, or Android smartphone.

No more worrying about finding the right adapter or port; this flash drive has you covered with both modern and classic ports. And at 1TB, this high-speed flash drive allows you to store large files such as high-resolution photos, videos, and presentations without breaking a sweat.

With lightning-fast read and write speeds of 20-30MB/s, you can transfer and access your files in no time, making your workflow more efficient and productive. Say goodbye to slow, clunky file transfers and hello to streamlined data management.

Built for life on the go, this flash drive is not just fast—it’s durable. Featuring waterproof, dust-proof, and anti-drop technology, it ensures your data is protected, even in challenging environments. Whether you’re on the road for work or need extra peace of mind handling critical data, this flash drive’s rugged design keeps your files safe from everyday accidents.

With plug-and-play functionality, using the flash drive is as simple as plugging it into your device. No software installations, no complicated setups—just instant access to your data wherever you are.

Quantities are limited, so order this storage drive while it’s still available at this price.

The 1TB Dual USB-C + USB-A 3.2 High-Speed Flash Drive is on sale for just $74.97 (reg. $109.99) through October 27.

StackSocial prices subject to change.

3 Benefits of owning a Hi-Five Sports franchise:

1. Engages community with fun, developmental sports programs for children.
2. Offers flexibility with home-based or dedicated facility business models.
3. Access to a proven business model in the growing youth sports market.

Hi-Five Sports is a franchise that specializes in youth sports programs and facilities, offering an array of sporting activities aimed at fun and developmental experiences for children. Founded in 1990 and franchising since 2015, the business has innovative recreational youth sports programs, including summer camps, leagues, and exciting birthday parties featuring their mascot, Murphy.

Key Facts:

• Minimum Initial Investment: $28,450
• Initial Franchise Fee: $15,900 – $29,000
• Veteran Incentives: $2,000 off franchise fee

Artificial intelligence (AI) has been creating a lot of volatility across industries around the world. And in 2024, it is still creating so many waves that are rocking the boat for investors looking to ride the AI wave.

It’s easy to see the potential for AI to create massive disruption, but it can also create massive disasters if you don’t know how to sail the stormy seas.

My four rules here will help you cut through the noise and hype — in 2024 and beyond.

1. Mastering the regulatory context

These new developments will undoubtedly cause some turmoil in the industry, regardless of whether they coalesce into a full-fledged upheaval. In response, governments are rushing to establish new regulations to curb unchecked profiteering by weighing benefits against risks.

For instance, the AI Act, a proposed legislation for the EU, aims to taxonomize systems based on their riskiness, measured with social scoring, biometric ID and mass surveillance. These rules on transparency and accountability will therefore have a direct impact on the adoption of the systems, which in turn will affect the profitability of companies using them.

This would mean that countries with different policies would create challenges for firms operating across the world, however committed they might be to journeying with machine learning (ML) models. Given the variations in philosophical outlook and political frameworks, I suspect it could take a long time for the Global Partnership on AI(GPAI) and similar international initiatives to harmonize regulatory standards.

As an investor, it’s crucial to follow these international regulatory changes closely, as the rapid pace could lead to significant risks.

Related: AI Is Changing How Businesses Recruit for Open Roles — and How Candidates Are Gaming the System

2. Optimizing return on investment

Industries exist to be disrupted — efficiently and at scale. All the fashionable buzzwords promise substantial rewards that attract major investments.

However, you can’t discount the fact that it’s all about future rewards. Implementing AI technology requires very large initial investments—you need infrastructure, software, and all sorts of skilled talent. Take Nvidia, for example; its massive investment in semiconductors and AI technologies has led to a remarkable 239% increase in its capitalization by 2023. This highlights how initial investments can generate big returns, but only if adoption is widespread and competitive advantage is clearly demonstrated.

Indeed, that may still be wise so as not to fall into the trap of buying into hype and paying over the odds. That popped the bubble in the dot-com era in the 2000s.

Examining financials and market metrics — such as the P/E ratio, for example, to determine whether stock price reflects earnings — provides necessary navigational guidance. Additionally, analyzing technical indicators, such as candlestick charts to track trends, daily volatility and market sentiment toward the company can further enhance your understanding of market dynamics.

3. Technological infrastructure

Given AI’s substantial data demands, investments must establish robust technological foundations to fully capitalize on the technology’s potential.

AI relies on feedback from large-scale data sets, requiring companies to have the infrastructure to efficiently manage, store, and process this data. Is the hardware scalable and flexible? Is it secure?

Providing your own computing infrastructure isn’t always an option. AWS, the Amazon Web Services cloud computing platform, and Microsoft’s Azure can run basic AI-powered services. This allows organizations that don’t want to invest in in-house IT to exploit economies of scale, improving efficiency and innovation. Choose the right partners and review providers.

Data-hungry AI requires strong security, especially if it uses public networks. Ensure your AI systems incorporate advanced encryption, access controls and multifactor authentication to protect against potentially catastrophic cyberattacks.

In other words, your tech stack needs to respond to and be able to sustain AI’s data demands and nuanced needs, and this is where the toughest battles for future success will be fought.

Related: This All-Too-Common Communication Mistake Is Derailing Your Company’s Sales and Profit Goals — Here’s How to Fix It

4. Talent acquisition and development

Simply put, AI will only be as effective as the humans who help create it. In an era where specialist, hard-to-fill skills are in high demand, how are recruitment and retention being evaluated? Are efforts successful in attracting and retaining the best minds in specialized fields such as machine learning and data science?

By 2024, talent shortages in AI could make hiring highly competitive, with the AI recruitment market potentially reaching over $1 billion by 2030. To build your team, offering top rewards, captivating projects and a culture of innovation is essential.

Beyond recruitment, providing continuous education to develop skills is just as important, given the rapid changes in the world of AI. Investments must focus on ongoing training to keep talent at the cutting edge. Look for evidence of leadership in learning programs, mentoring, and other upskilling opportunities.

However, even the best human capital strategies can face challenges. Pay close attention to signs of personnel churn or skill set stagnation; these indicators can be as informative as the bottom line.

Today, wise investments in AI require assessing:

• Evolving regulations: monitor for compliance needs across geographies.
• Timelines to profitability: temper hype with realistic runway projections.
• Technical foundations: data, cloud and security elements should be robust.
• Human talent pipeline: recruitment, retention and skill-building are paramount.

When it comes to AI, the key is to be prudently evaluative, avoiding the extremes of pessimistic fatalism and blind optimism currently competing for attention. Through these lenses, you can act strategically and with a long-term focus. The future moves fast, but the insights above will help you time your investments in markets wisely.

Data storage is more critical than ever for business leaders and entrepreneurs. With digital files growing exponentially, having secure, reliable, and easily accessible storage is essential for staying organized and efficient.

The Complete 1TB Cloud and 1TB Hard Drive Storage Lifetime Bundle offers a powerful solution—lifetime access to 1TB of cloud storage with FolderFort and a portable USB 3.0 1TB external hard drive, all for just $89.97 (reg. $341).

Data management is no longer just about storing files—it’s about securely organizing, quickly accessing, and easily sharing them across platforms. Since many businesses rely heavily on digital content, from presentations and documents to high-definition videos and large datasets, having the right storage tools is a game-changer.

1TB FolderFort cloud storage

1TB of Cloud Storage gives you access to your files from anywhere, anytime. FolderFort is a user-friendly, secure cloud storage platform designed for professionals. It allows you to upload, manage, and share files easily with unlimited users, making it perfect for team collaborations. Need to share sensitive documents or large files with clients? You can create public or restricted-access links in seconds.

Unlimited Workspaces allow you to create specific environments for different projects or teams. Whether you’re a solo entrepreneur or managing multiple projects, FolderFort makes organizing easy. The cloud platform is also scalable, allowing you to upgrade if your storage needs grow—no downtime, no hassle.

Portable USB 3.0 1TB external hard drive

The 1TB external hard drive is perfect for offline access or physical backups. It’s ultra-slim, lightweight, and portable, so you can take it wherever your business takes you. Whether you’re backing up large media files or storing important documents, this hard drive delivers high-speed data transfers at up to 120Mbps read and 104Mbps write speeds.

Its wide compatibility ensures you can connect it to Windows, Mac, Linux, and even smart TVs and gaming consoles. Whether you’re working across multiple platforms or storing files for different purposes, the external hard drive is a secure, flexible solution.

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StackSocial prices subject to change.