December 2024

Ever wished you could achieve superhuman focus? In 2025, AI can make it a reality. In this video, I’ll show you how to use Google AI Studio to analyze your own behavior, identify your focus patterns, and unlock peak productivity. Discover how to pinpoint exactly where your focus breaks down and get actionable strategies to make it unbreakable.

You’ll learn how to feed this powerful, free AI tool your calendar data, journal entries, and even your email habits to uncover the hidden triggers affecting your concentration. I’ll provide you with the exact prompts to use, transforming Google AI Studio into your personal productivity coach. Imagine understanding precisely when you’re most productive, what tasks drain your energy, and how to structure your day for maximum impact. This isn’t just about getting more done; it’s about aligning your work with your natural rhythms for effortless focus.

Download the free ‘AI Success Kit’ (limited time only). And you’ll also get a free chapter from Ben’s brand new book, ‘The Wolf is at The Door – How to Survive and Thrive in an AI-Driven World.’

The company you founded is turning a healthy profit and has become a market leader, so you’ve decided to sell it and are expecting a respectable return. You could wait and keep growing it so it fetches a better price, but you need capital and a management team with the vision and resources to make it happen. Selling to a private equity firm while remaining involved during the growth phase could be the strategy you need — if you’re willing to lose everything to try to hit that mark.

Losing everything is always a possibility in business, but equity sales take the stakes even higher. These investors typically look for a return as much as seven times EBITDA (earnings before interest, taxes, depreciation and amortization) at the time of acquisition, in as little as three to seven years. If the bet pays off, everyone is happy. If it doesn’t, they can lose everything. What’s worse, you probably won’t have a say in how the new owners play their hand.

Private equity firms have become more discerning and particular about acquisitions, but there are always opportunities if your company is successful, has room to grow and shows it can realize its potential. They tend to look for companies in industries with a proven recurring revenue model. That’s what the equity firm Blackstone saw when it moved to acquire a majority share of Spanx from founder Sara Blakely in 2021.

After transforming the shapewear industry in the early 2000s, Spanx found its success stagnating during the pandemic and in the face of an expanding field of competitors. Blakely also wanted to develop more products and channel expansions but needed partners to help her. The deal she struck with Blackstone valued the company at $1.2 billion and put her personal worth back in the billions. Blakely remains a “significant” shareholder in the company.

Related: Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours.

Making the perfect equity match

Spanx may have lost some of its sheen before the deal, but its foundation must have been strong, or Blackstone wouldn’t have done more than glance at it. Most private equity groups look first for profitability, usually with at least $1 million in EBITDA earnings. But they also want a well-structured leadership team. After all, a private equity group is really just a group of investors with a lot of money and other financial resources. They don’t have staff who come in and help execute the business. So, they need people in the industry to continue to run it even if the owner steps out or steps aside. They can open some doors, but it’s up to the original team to walk through them and make the plan work.

You should also ensure that everyone has the same expectations for why they’re bringing on investors, the results they want to achieve and how they’ll achieve them. Lack of clarity can lead to unhappy endings.

One regional consulting company I worked with had grown significantly, and the owner wanted to go national but felt he had taken it as far as he could. He brought in a really well-known private equity firm that bought a major portion of the company. He and his partner planned for one to retire and the other to stay on and manage the firm. But they weren’t clear on what the metrics were for success at the next level of the exit, and worse, they didn’t align with the equity firm’s strategy. The company went out of business in only a few years. Both partners lost their equity and some money that was owed to them from the deal.

The lesson here: You’ve got to be clear across the board. Take these steps to get the clarity you need:

Understand what equity investment can and can’t do

Many business owners have the misconception that it’s the best thing in all situations — that it’s going to pay and grow them the most. It may not actually work in your specific case.

Be clear on your strategy for selling to the equity firm

Do you want to get out completely and sell 100% to the investors, or stay on to get “a second bite of the apple” in higher returns after the equity group grows your company?

Interview other entrepreneurs who have worked with this private equity firm

Most private equity groups have a full list of all the companies they’ve invested in and bought. You’re getting into a partnership with these people, so you want to vet them like you would when bringing on any other partner in your business.

• Talk to the founders of those companies and ask how well the investors executed their strategy. Did they have results? What was the process like?
• Ask about the company’s cultural transition. How did the founder feel moving from being at the top to being more of an employee or manager? Was it a good culture overall? Were the employees happy that they stayed?
• Find an outside advisor.

Private equity is a small specialty in the financial sector and doesn’t do a lot of deals, so news like the Spanx deal gets a lot of attention. Equity investment also gets a lot of informal (and often uninformed) word-of-mouth coverage; other business owners will sometimes make decisions based on this. An expert advisor can get you the right information to make the right decision for you. Going the private equity route could be a lucrative exit plan for your business, so it’s worth considering.

Related: Private Equity is Vital to Entrepreneurs as it Grows and Adapts to Changes on the Horizon

Begin with the exit in mind

Before you do any of this, have a full exit plan and succession strategy that spells out what the end looks like and how you can best get there. Don’t only consider the valuation you want but also look at how you want the transition to proceed – from details like how you want employees taken care of to big-picture goals like the legacy you leave. Sit down and give some real thought to your exit strategy.

Exhaust all your growth opportunities before you bring in outsiders, and they’re more likely to seek you out.

In today’s digital-first retail environment, smaller brands often face an uphill battle when competing with industry giants’ massive marketing budgets. Advertising costs on most platforms continue to escalate, making it difficult for smaller ecommerce business owners to drive sales and scale cost-effectively.

One effective and cost-effective strategy that empowers upstart brands to drive sales without the hefty upfront costs associated with traditional advertising is affiliate marketing. In this model, online retailers partner with website publishers that feature content and have an audience that is also relevant to the online retailer. The retailer only pays publishers when a sale is actually completed, typically as a commission represented as a percentage of that sale, making affiliate marketing a low-risk, high-reward marketing strategy.

Cashback rewards programs such as Rakuten, PayPal Honey and Capital One Shopping, which operate as publishers in the affiliate marketing model, incentivize customers by delivering a small percentage of their earned commissions as cashback on consumers’ purchases. These programs, and others like them, are used by millions of online shoppers. By working with cashback browser extension publishers through an affiliate program, smaller retailers can tap into the potential of this performance-based marketing channel, and reach value-conscious consumers without overextending their budgets.

But, smaller online retailers may have concerns about browser extensions and their impact on a brand. They may have concerns about margins or of losing control of pricing and the discounts they offer or if their customers will value their products less because they’re getting cashback. But if a brand offers an affiliate program, they are already paying commission rates on sales which should be reflected in their margin calculations. The cashback rewards are paid to the customer from the commissions the publishers earn on sales. And retailers concerned about whether customers will value their brand less for offering cashback rewards through a browser extension can take heart in knowing even some luxury brands are beginning to offer cashback rewards.

The truth is, cashback browser extensions have evolved into a powerful marketing tool that benefits both consumers and merchants. They can drive sales, increase average order values and help independently-owned ecommerce businesses reach new customers.

Related: How Brands Can Turn Short-Term Rewards Into Long-Term Loyalty

Why consumers love browser extensions

The consumer appetite for savings is bigger than ever. In a consumer survey commissioned by Wildfire and conducted by the research firm Big Village in May 2024, we examined consumer attitudes towards various savings tools, including cashback and coupon browser extensions, that online shoppers are using. In one finding, 77% of consumers said they are more interested than ever before in earning cashback rewards for shopping, and 72% said they are more interested in using online coupons and discounts for shopping.

These tactics were second only to shopping during sales and promotional events. In fact, these tactics were ranked higher than shopping at discount retailers or buying generic products.

Wildfire’s report also shows that nearly one in three consumers (27%) use browser extensions to earn cashback more this year than last, and that 70% of consumers who have ever installed a browser extension use it frequently for cashback rewards.

These findings highlight that savings-focused shopping tools are becoming integral to the online shopping experience. However, browser extensions are not just about discounts — they boost consumer confidence. Respondents in the Wildfire survey gain many benefits from cashback browser extensions, including:

• 86% find offers in their extension to be valuable
• 84% trust the offers they get through their extension
• 83% report they save time by getting coupons in their extension

For small to mid-sized retailers, offering deals through extensions can help ensure consumers feel they’re making the right choice in their purchases, which can translate into higher conversion rates.

Related: 11 Effective Marketing Strategies to Help Streamline Your Startup

Understanding the impact of browser extensions on merchants

One of the most common concerns among smaller, niche brands is that offering deals through cashback browser extensions will reduce the perceived value of their products. However, the data tells a different story. Cashback browser extensions don’t just deliver consumers discounts — they help merchants expand their reach and increase sales in several important ways. Wildfire’s 2024 survey, as well as a landmark 2023 study conducted by CJ and Namogoo across 67 million shopping journeys, focused on the business value of browser extensions, illustrating some of the impacts on merchants.

1. Improved merchant preference: The use of cashback browser extensions influences online shoppers’ choice of retailer: 88% of respondents in Wildfire’s survey who use a cashback browser extension choose to shop at merchants that offer deals.
2. Increased conversion rates: Conversion rates are critical for any ecommerce business. Wildfire’s survey showed that the use of cashback browser extensions can positively affect merchant conversion rates. In fact, 93% of respondents using extensions are more likely to complete their purchase. The CJ/Namogoo report illustrated that extensions increased conversions by 25% even for shoppers whose carts contained no discounted items;, and further, that shoppers who received a pre-checkout alert from their cashback browser extension were 64% more likely to complete a purchase compared to extension users who did not see an alert.
3. Higher average order values: Perhaps one of the most significant benefits of cashback browser extensions for merchants is the increase in average order value (AOV). A total of 60% of consumers in the Wildfire survey reported spending more when they knew they were getting a deal through their extension because they believed they were maximizing value through cashback or coupon offers. Further, the CJ/Namogoo report showed shopping browser extensions resulted in a 38% increase in shoppers’ “add-to-cart” rates, and 65% more revenue per shopping session when an alert from the extension appeared.

The upside to understanding browser extensions

It’s understandable that independent retailers might be cautious when it comes to allowing their affiliate offers to be featured in browser extensions. Concerns about pricing control and margin compression often arise. However, cashback browser extensions are not about slashing prices or devaluing your brand — they’re about creating a win-win situation for both brands and the consumer.

Three key reasons why browser extensions make sense are:

• Increased visibility: Being featured in a cashback extension can introduce a brand to new customers who might have otherwise shopped elsewhere. Many extensions can trigger notifications on a Google search results page, helping retailers in the results stand out with a cashback offer alert.
• Low-risk: Unlike traditional advertising, retailers only pay when a sale is made, ensuring they get tangible results from your marketing efforts.
• Ability to compete with larger brands: Cashback browser extensions help level the playing field. Larger brands often have more resources for extensive marketing campaigns, but smaller retailers can leverage extensions to display their own cashback offers, too. This can help smaller retailers enter the consideration set for value-minded shoppers.

Conclusion

The ecommerce landscape is increasingly competitive, and retailers that don’t have the global customer reach of a Walmart, Target, Amazon or Temu need every advantage they can get. Embracing cashback browser extensions as part of an affiliate marketing strategy can be a smart move that not only boosts the bottom line but also builds long-term customer loyalty. In a world where shoppers are continually searching for the best price and value, your brand can be the one they turn to when their browser extension alerts them to your next great offer.

According to Downdetector, it appears that ChatGPT is down for most users in a mass outage. As of press time, more than 15,000 users have reported issues with the chatbot.

Does OpenAI Know ChatGPT Is Down?

OpenAI acknowledged that ChatGPT was not working on Thursday, with its latest update on December 26, 2024, at 12:06 p.m. PST saying, “We are continuing to work on a fix for this issue.”

Related: OpenAI Just Released Its Text-to-Video Generator, Sora. Here’s How the New AI Could Impact Small Businesses and Creators.

The popular chatbot began glitching Thursday afternoon. At 11 a.m. PST, the company wrote: “We are currently experiencing an issue with high error rates on ChatGPT, the API, and Sora. We are currently investigating and will post an update as soon as we are able.”

Less than 20 minutes later, at 11:18 a.m. PST, the company followed up that the issue was caused by “an upstream provider and we are currently monitoring,” the company wrote.

This is a breaking news story and will be updated.

Whether you’re pitching your business in a boardroom, elevator, or the “Shark Tank,” there are a few key tips that can help make your appeal shine—and increase the odds for an investment.

In a recent behind-the-scenes post on ABC’s “Shark Tank,” three investors gave their do’s and don’ts for getting a deal.

First, venture capitalist Kevin O’Leary said it is important that you can articulate your business and the opportunity for investors “in 90 seconds or less.” And dont even think of approaching O’Leary without “knowing your numbers,” or he will “send you to hell,” he says.

Related: A Billionaire Founder Admits He Had ‘Horrible Habits’ — Then He Started a Morning Routine That ‘Transformed’ His Life

New full-time cast member, Kind Snacks founder Daniel Lubetzky, said it is important to “be authentic” and not try to hide important information or news, even if it’s unflattering for your business.

Real estate pioneer Barbara Corcoran, meanwhile, recommends that you keep your pitch succinct (“Don’t talk too much,” she said) and make sure you dress the part, or else she is “out right away.”

“Sell me on you, sell me on your dream, let me fall for it, taste it, feel it, and want to come along for it,” Corcoran said.

Lubetzky outlined the responses on Instagram and added more context.

1. Know your numbers.

“If you can’t clearly share your numbers, you’ll likely walk out without a deal,” he wrote.

2. Be authentic.

“Share both the good and the bad,” Lubetzky writes. “Don’t hold back on your struggles just because you’re worried they won’t sit well with us. We’d rather hear the honest truth about where you need to improve.”

3. Dress the part.

“First impressions matter, so make it count,” he wrote.

Related: ‘It’s Not About You’: How to Fire Someone Effectively, According to Kevin O’Leary

4. Sell us on your vision—quickly.

“Get to the heart of your pitch so we can dive into questions right away,” he continues.

5. Sell us on you and your dream.

“Paint a vivid picture of what it would be like to join you on this journey. Inspire us to come along for the ride,” he concludes.

Related: This Is the Worst Time of Day to Make a Deal, According to Barbara Corcoran

Searching for a job that doesn’t ask for a college degree?

A new report from AI interview firm Final Round AI, based on Glassdoor data, ranked the top 10 professions—from No. 1 commercial pilot to No. 7 hearing aid specialist—that don’t require a traditional degree.

Related: These Are the Best Jobs for Every Personality Type, According to a New Report

Though becoming a commercial pilot doesn’t require a degree, it is costly to obtain a commercial pilot’s license, which is required to get paid as a pilot. According to Indeed estimates, obtaining a commercial pilot’s license takes anywhere from $55,000 to $100,000.

The second best-paid job on Final Round AI’s list is a dental hygienist. Even though only 12.63% of dental hygienist jobs ask for a degree in their job postings, New York State requires a high school diploma in addition to the completion of a dental hygiene licensure program accredited by the American Dental Association. State requirements can vary depending on the profession.

So though the high-paying jobs on this list don’t explicitly require a college degree in many of their job postings, they may still have unwritten time and money-intensive requirements to meet.

Related: Looking for a Remote Job? Here Are the Most In-Demand Skills to Have on Your Resume, According to Employers.

Here are the top jobs with the lowest percentages of listings asking for a traditional college degree. The jobs are ranked by the highest average yearly salary.

1. Commercial Pilot

Average yearly salary: $176,000

Percentage of listings requiring any degree: 36.18%

2. Dental Hygienist

Average yearly salary: $169,000

Percentage of listings requiring any degree: 12.63%

3. Ship Mate

Average yearly salary: $158,000

Percentage of listings requiring any degree: 26.24%

4. Diagnostic Medical Sonographers

Average yearly salary: $146,000

Percentage of listings requiring any degree: 24.87%

5. Radiation Therapist

Average yearly salary: $125,000

Percentage of listings requiring any degree: 30.46%

6. Massage Therapist

Average yearly salary: $119,000

Percentage of listings requiring any degree: 4.04%

7. Hearing Aid Specialist

Average yearly salary: $113,000

Percentage of listings requiring any degree: 35.03%

8. Physical Therapist Assistant

Average yearly salary: $109,000

Percentage of listings requiring any degree: 32.14%

9. Aircraft Mechanic

Average yearly salary: $89,000

Percentage of listings requiring any degree: 12.99%

10. Avionics Technician

Average yearly salary: $89,000

Percentage of listings requiring any degree: 26.73%

What’s worse than running late for work or an important client-facing meeting? Running late, only to find you’re adding to the delay by not being able to find your wallet or office swipe. Instead of panicking and turning your home upside down to look for them, you could save time—and stress—by tracking where they are.

All you need is the KeySmart® SmartCard for extra peace of mind. It’s a sleek, rechargeable tracking device that slides into your wallet like any other card and integrates with Apple’s Find My app to track your items when you’re in a rush. Now, this nifty device is available for only $29.97 (reg. $39) with free shipping while supplies last.

Track your wallet from your iPhone

Imagine entering 2025 with the ability to know exactly where your belongings are, just with this tracking card and your iPhone. Just slide the SmartCard into your wallet, office swipe holder, or another compartment in your bag so you can hunt your items down with the Apple Find My app when they simply can’t be found.

Once you start searching, you’ll get instant notifications on your iPhone, CarPlay, or AirPods. Plus, Lost Mode helps you recover it by displaying a message and contact info to anyone who finds it. But remember, it won’t work if it’s not charged. Be sure to pop it onto a wireless charger (it’s Qi-wireless compatible) every five months or so so your KeySmart® remains functional.

Wallets and office swipe holders aren’t the only items this tracking card works with. Since the SmartCard has a lanyard slot, you could attach it to another ID card, security badge, or even your car keys for extra practicality. Traveling for work or to meet with potential business partners? Slip it into your luggage so you can see if it arrives at your destination with you.

Make 2025 the year you never misplace your daily or office essentials ever again.

Know where your belongings are when you have the KeySmart® SmartCard, now just $29.97 with free shipping while inventory is still available. The price goes back up on December 29 at 11:59 p.m. PT!

KeySmart® SmartCard – Thinnest Card Tracker & Works with Apple Find My

Only $29.97 at Entrepreneur

StackSocial prices subject to change.

Entrepreneurship. Just the word stirs visions of innovation, freedom and the sweet taste of success. But for every dream of changing the world, there’s a fear gnawing at the edges of a would-be entrepreneur’s mind. These fears aren’t unique to first-time founders; they’re the silent passengers for anyone embarking on a venture.

The key difference between the successful and the stagnant? How they face these fears. Let’s dive into the five most common entrepreneurial fears and strategies to overcome them.

Related: Fear Can Hold Us Back – But It Can Also Drive Us Forward. Here’s How to Turn Fear Into Fuel.

1. Fear of failure: The ever-present shadow

The thought of failing is enough to paralyze even the most ambitious individuals. After all, no one enjoys the idea of public embarrassment, financial loss or wasted time. But here’s the truth: Failure is the proving ground for every great entrepreneur. Steve Jobs, Oprah Winfrey, Elon Musk — they all failed before they succeeded.

As the CEO of SetSchedule, I had to face this fear head-on. I vividly remember venture capitalists telling me that everything about the business was wrong — from the name to the concept — and that I should quit. Instead of retreating, I doubled down. Every new project or product we launched came with the same nagging question: “Will people even use it?” Without a budget for extensive testing, we made it a practice to ask 21 people for their honest opinions. Their insights gave us the confidence to move forward, and those small yet strategic steps paved the way for success.

How to conquer it: Reframe failure as feedback. Each setback is a data point teaching you what doesn’t work. Start small, take calculated risks, and build resilience. When you adopt the mindset that failure is inevitable on the path to success, it loses its sting. Remember: Each failure is just another step toward achieving your goals.

2. Fear of uncertainty: The fog of the unknown

Entrepreneurship is a leap into the unknown. Will the market respond? Will your idea gain traction? Uncertainty creates doubt, and doubt can lead to inaction.

How to conquer it: Embrace uncertainty as part of the journey. Entrepreneurs are problem solvers, and every unknown is an opportunity to innovate. Start by defining the variables you can control — your product, your messaging, your customer service. For the rest? Learn to pivot, adapt and stay curious. In an uncertain world, agility is your superpower.

3. Fear of financial instability: The bank account blues

For many, leaving the stability of a paycheck is the scariest part of starting a business. The thought of running out of money — or worse, going into debt — keeps countless dreamers tethered to the safety of the status quo.

How to conquer it: Plan your finances meticulously. Develop a realistic budget and set aside an emergency fund. Learn to live lean, focusing on necessities over luxuries. Many successful startups began with shoestring budgets. If financing is a major hurdle, explore creative funding options like bootstrapping, angel investors or crowdfunding platforms. There are tools and strategies available to manage your finances effectively — whether it’s budgeting apps like Mint or seeking advice from a financial mentor.

Related: 9 Ways to Conquer Fear and Realize Your True Potential

4. Fear of rejection: The ‘no’ one talks about

Whether it’s a customer, investor or partner, rejection stings. The fear of hearing “no” can stop you from pitching your idea, asking for funding or even launching your product.

How to conquer it: Understand that rejection is rarely personal; it’s about fit and timing. Use each “no” as a learning opportunity. What didn’t work? How can you refine your pitch? Remember, some of the most iconic brands — like Airbnb and Starbucks — faced countless rejections before their big breaks. Take each rejection as a stepping stone toward refining your approach and building resilience.

5. Fear of success: The hidden saboteur

While it may sound counterintuitive, the fear of success is real. What if you can’t maintain the momentum? What if success changes your relationships or overwhelms your life?

How to conquer it: Define your version of success early on. Is it financial freedom? Work-life balance? Impacting a community? Staying clear on your “why” will help you navigate the challenges that come with growth. And don’t hesitate to delegate; success doesn’t mean doing everything yourself. You don’t have to face the burden of success alone — seek a support system, whether it’s mentors or a reliable team, to share the load.

The mindset shift

Fear thrives in silence and isolation. Surround yourself with a community of like-minded entrepreneurs. Share your fears, learn from others, and celebrate small wins along the way. The entrepreneurial journey is as much about personal growth as it is about business success.

Related: From Stress to Success — 6 Ways to Turn Your Fears into Resilience

Practical action steps

• Write your fear list: Identify your biggest fears and rank them by intensity. Awareness is the first step to overcoming them. Write them down and start facing them one by one.

• Create a game plan: For each fear, write down one action step you can take to confront it. For example, if you fear rejection, commit to pitching your idea to three people this week. Break down your fears into manageable steps and create a timeline for confronting them.

• Seek mentorship: Learning from someone who has already walked the path can provide invaluable perspective and encouragement. Find a mentor who has faced similar challenges and can help guide you through them.

• Educate yourself: The more you know, the less intimidating the unknown becomes. Read books, listen to podcasts, and attend workshops on entrepreneurship. Knowledge reduces fear.

• Visualize success: Imagine your future self looking back on these fears. How insignificant do they seem in hindsight? Visualization can rewire your mindset for positivity and action.

Fear is not the enemy; it’s the compass pointing you toward growth. Each fear you face — and conquer — is a stepping stone on the path to building something extraordinary. So, take the leap. The world needs more dreamers who dare to become doers.

The following excerpt is from Mark Siebert’s book Franchise Your Business. Buy it now from Amazon | Barnes & Noble | iTunes

To develop a sound training program, you need to start with an understanding of your franchisee. Is this new franchisee someone with industry-specific knowledge? Specific skills, such as sales or management abilities? Or will you need to treat your franchisee as if they were learning absolutely everything for the first time?

Ultimately, your training program must be good enough to ensure that the least-skilled new franchisee will represent the brand to the standard of quality associated with the concept.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

The best franchisors are huge advocates of training and invest heavily in it. Even though the training conducted by newer franchise companies is often fairly informal, the best new franchisors make it a priority to develop more formal programs as soon as possible. These programs will prescribe in detail exactly what each franchisee and their personnel must master. By specifying exactly what must be taught and how the instruction will be conducted on an hour-by-hour basis, these training programs provide knowledge in a manner that will foster consistency.

Once a new franchisor decides on the subject matter, they must then decide how to conduct the training. Generally, this training takes several forms:

Related: The Critical First 100 Days of Onboarding — What You’re Likely Overlooking That Could Make or Break Your New Hire

Training at the franchisor’s headquarters

For most franchisors, the hands-on portion of training starts at their home office. This training can last for several days or weeks and, for newer franchisors, is often held in hotel conference rooms or temporary office facilities to keep costs under control.

Generally speaking, home office training starts with a tour of the prototype operation and corporate offices, and an introduction of staff and their roles. Once the formal training session begins, most franchisors focus on subjects best taught in a classroom setting. Among the dozens of topics usually included in this portion of training are corporate history and philosophy, site selection, lease negotiation, pre-opening procedures, daily operations, insurance requirements, vendor relationships, and reporting requirements. This segment of training often involves hands-on training within your franchise prototype (or perhaps a special training prototype constructed for that purpose).

Franchise training classes should be lively and interactive. A mixture of training formats such as video (for example, showing a key supplier’s facility), lecture, discussion, and hands-on work (such as product preparation or how to provide the franchise services) creates an inviting training environment for franchisees. Moreover, various studies have shown that franchisees retain more information when the trainer uses a variety of training methodologies combining visual, auditory, and tactile learning. We often recommend that our clients involve their management staff in the home office training session as well. Exposing multiple staff members to franchisees energizes the process and helps build franchisee relationships throughout the organization.

Home office training, like all training, should be accompanied by testing, evaluation, and other procedures to ensure that franchisees are indeed capable of top performance.

Related: See Who Made This Year’s Franchise 500 Hall of Fame

On-site training

The next step often involves spending several days to a few weeks (or more, depending on the complexity of your operation) assisting franchisees and their staff at the franchisee’s location.

As with home office training, you should develop a detailed training agenda for this stage. Training should focus on assisting the franchisee in becoming more familiar and comfortable with the day-to-day operation of the business. Franchisees new to the industry will have different questions and expectations than franchisees with prior experience in related businesses. One of the key objectives of the on-site trainer is to identify and prioritize the franchisee’s needs during the first day or two so she can tailor the remaining training schedule to best meet those needs.

On-site training is an important extension of the franchisor’s pre-opening training program. New franchisees can easily become overwhelmed and can sometimes momentarily forget everything that has been taught to them. Having the franchisor’s representatives at the site — often in the form of an opening team — can ease this transition and ensure that customers get a good first impression of the brand and the franchisee’s operations. An opening team helps franchisees break into day-to-day operations slowly, so they don’t feel they’re jumping into the deep end alone, without assistance from the franchisor.

Within several days of the completion of on-site training, you should provide the franchisee with an overall written evaluation of his or her performance in the training program. The evaluation should reference both the franchisee’s strengths and areas in which the franchisee needs additional work, and it should include a specific action plan with a clear list of objectives for the coming weeks and months.

Related: The Largest Franchise Operator in the U.S. Owns 2,800 Locations — And He Just Added 83 Wendy’s to His Portfolio

Ongoing training

For the best franchisors, training doesn’t end once the startup period is over. It’s a vital ongoing part of the franchise relationship. For a franchisor to be competitive in the long run, its franchisees must remain current with industry trends and adapt to changes in the market, incorporating new products, services, marketing, and operating procedures into their businesses.

With this in mind, every franchise agreement should contain not only initial training requirements but also specific requirements for ongoing training. To minimize the erosion of system standards over time due to a lack of training, you may want to consider requiring periodic recertification on core competency issues for franchisees and their key staff members. Such a program might include regularly scheduled refresher training for these top positions, as well as detailed training for all staff on any new products, services, or procedures that are introduced from time to time.

Related: Greg Flynn Owns 1,245 Restaurants and Makes $2 Billion A Year. Here’s How He Did It.

Strategic planning, deliberation and technical know-how are no longer sufficient for leadership in today’s fast-paced, technology-driven corporate environment. Although these are essential, a new characteristic of effective leaders is their capacity to establish an emotional connection with their colleagues, build trust and face adversity with empathy. Emotional Intelligence (EQ) is useful in this situation.

A leader with emotional intelligence can strike a balance between seeing the big picture and being in the moment, which in turn fosters an atmosphere where ideas can flourish, people feel appreciated and businesses can succeed in the long run. Leaders who are able to tap into their emotional intelligence will be the ones to spearhead the transformation of their companies in the face of rising employee demands, technological upheaval and hybrid teams.

This article will go into the importance of emotional intelligence for contemporary leaders, how it relates to financial performance and how leaders may develop EQ to motivate their people and achieve more.

Related: Mastering Emotional Intelligence Is the Key to Effective Leadership and Team Building

What is emotional intelligence, and why does it matter?

The capacity to identify, comprehend and control one’s own emotions as well as to observe and impact the emotions of people around you is known as emotional intelligence, a term popularized by psychologist Daniel Goleman.

In leadership, EQ consists of five key components:

1. Self-awareness: Understanding your emotions and how they affect your actions.

2. Self-regulation: Managing emotional responses in a way that aligns with goals and values.

3. Motivation: Maintaining a drive for excellence even in challenging circumstances.

4. Empathy: Understanding and sharing the feelings of others, fostering deeper connections.

5. Social skills: Effectively managing relationships, conflict resolution and team dynamics.

In the face of complicated difficulties, leaders with high EQ are able to steer their teams through tough conversations, earn the trust of stakeholders and keep them motivated. Actually, research shows that leaders with high levels of emotional intelligence perform better than average. The fact that 90% of successful achievers have high EQ demonstrates the strong correlation between emotional intelligence and professional performance.

The link between EQ and high-impact leadership

1. Building trust and engagement

Trust is built through emotional intelligence. Workers appreciate it when their leaders are self-aware and empathetic. A high-performing team is built on trust, which allows members to freely express themselves, take calculated risks and work together without worrying about what others think.

For instance, leaders who possess a high EQ are able to identify when their colleagues are feeling anxious or uncertain throughout organizational transition and alleviate their concerns through open and honest communication. This improves team buy-in and decreases resistance to change.

2. Aligning purpose with motivation

Leaders who establish an emotional connection with their people are able to comprehend what motivates them. These executives motivate their teams from inside by showing how their work contributes to the larger mission of the company. Leaders who are EQ-driven place an emphasis on purpose rather than performance measures, demonstrating how each contribution fits into the larger context.

Consider Satya Nadella, boss of Microsoft. Redefining Microsoft’s culture to prioritize growth, collaboration and empowerment, he achieved this by integrating strategic leadership with empathy and an emotionally intelligent approach. So what was the result? A re-energized staff and a dynamic, successful business.

3. Navigating conflict and building resilience

Any organization will inevitably experience conflict. The ability to control one’s emotions and empathize with others are tools that high-EQ leaders use to constructively handle conflicts and find solutions. They help teams communicate better, calm down tense situations and advance as one.

Furthermore, leaders can benefit from EQ by developing resilience in themselves and the people they lead. A culture of tenacity and creativity is fostered when leaders demonstrate optimism and emotional regulation in the face of hardship, thereby transforming obstacles into chances for progress.

Related: 11 Signs That You Lack Emotional Intelligence

How leaders can develop emotional intelligence

The good news is that emotional intelligence is not an innate trait — it’s a skill that can be developed and refined over time. Here’s how leaders can cultivate EQ to become more impactful:

1. Develop self-awareness

• Regularly reflect on your emotional triggers and how they influence your behavior.

• Seek honest feedback from colleagues and team members to better understand your strengths and blind spots.

• Practice mindfulness or journaling to enhance awareness of your thoughts and emotions.

Example: Leaders who regularly reflect can adjust their approach in high-pressure situations, staying calm and solution-focused.

2. Practice self-regulation

• Respond, don’t react. Pause before responding to emotional situations to maintain composure.

• Manage stress effectively through healthy habits like exercise, deep breathing or time management techniques.

• Lead by example: Show consistency, reliability and fairness in your actions.

Example: A leader facing tight deadlines can manage stress through clear prioritization instead of projecting frustration onto the team.

3. Cultivate empathy

• Practice active listening. Pay full attention to team members without interruption or judgment.

• Put yourself in others’ shoes to understand their perspectives and challenges.

• Be present during difficult conversations, showing genuine concern and support.

Example: When employees face burnout, empathetic leaders recognize the signs early, offering solutions like workload adjustments or resources for support.

4. Enhance social skills

• Foster meaningful relationships by engaging with teams authentically.

• Focus on communication clarity, ensuring your message aligns with team needs.

• Celebrate team wins and recognize individual contributions to create a culture of appreciation.

Example: Leaders who build positive relationships see higher levels of collaboration, engagement and retention.

The business impact of emotional intelligence

Investing in emotional intelligence pays dividends. Organizations led by high-EQ leaders see measurable improvements in key areas:

• Higher retention rates: Employees are more likely to stay in supportive, emotionally aware environments.

• Improved team performance: Trust and open communication drive collaboration and innovation.

• Stronger client relationships: Leaders with high EQ understand client needs and build lasting partnerships.

• Greater resilience: Teams led by emotionally intelligent leaders recover faster from setbacks and adapt to change seamlessly.

The role of EQ in the digital era

The importance of emotional intelligence in the workplace is growing as a result of the digital revolution. Even though they may be physically apart, leaders of hybrid and remote teams must show empathy and connection with their teams. Emotional intelligence ensures teams stay engaged, collaborative and purpose-driven while technology powers operations.

Emotional intelligence will also be the deciding factor in which leaders stand out when AI begins to automate more and more jobs. When it comes to propelling development and innovation, empathy, imagination and emotional connection will prove to be invaluable assets.

Related: These Are the 4 Emotional Intelligence Characteristics All Business Leaders Need

Leading with EQ for lasting impact

Emotional intelligence is not a “soft skill” — it’s a core leadership capability that drives trust, engagement and long-term success. Leaders who master EQ are better equipped to inspire their teams, navigate challenges and create positive, purpose-driven work environments.

In today’s evolving business world, the most impactful leaders are those who combine strategic vision with emotional awareness, leaving behind a legacy of growth, resilience and human connection.

Whether you’re leading a startup, scaling a business or guiding an established organization, emotional intelligence is the key to unlocking your team’s full potential and achieving sustainable success.

Final reflection: How are you harnessing emotional intelligence to inspire and empower your team? The journey to high-impact leadership starts with self-awareness and a commitment to connection.