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In my early years, I spent a decade in the restaurant business — owning several places and dealing with every challenge you can imagine. If I’ve learned anything from my time in the restaurant industry, it’s how to stay sharp, pivot fast and manage chaos calmly.

Years later, as a tech CEO, I still rely on the lessons I learned in those kitchens and dining areas. The restaurant industry runs on principles that translate seamlessly to any sector, and the smartest businesses are the ones that take a page out of their playbook. Three practices are crucial for success, no matter your business. Let me break them down for you.

Related: Your Definition of Leadership Is Outdated — Here’s How to Be a Better Leader in the Modern Workplace

1. Have a contingency plan

Always be ready. You know things may go sideways really quickly if you have ever worked at a restaurant. One minute, operations are running perfectly — then in the next moment, the fryer goes down mid-dinner rush, or worse, the point-of-sale system (POS) crashes.

Successful restaurant managers have mastered the art of managing panic. They pivot quickly. Handwritten orders are scribbled out, alternative cooking methods are deployed and the operation continues without missing a beat. This approach of adaptability is something every business needs to adopt.

In the tech world, we love to plan and strategize, but things still go wrong. Servers crash, products fail and teams get discouraged. How well your business handles these curveballs will define your success. I’ve brought the restaurant industry’s ability to adapt without losing revenue or customer trust into my leadership style. Whether it’s a backup system or cross-training staff, a contingency plan guarantees that you’ll always be ready for the unexpected.

2. Study your competitors

In the restaurant business, every thriving establishment keeps a close eye on its competitors. As they say, “Success leaves clues.” If the new place across the street is packed every night, you’d better believe the local owners are heading over there, taking notes. What’s their pricing strategy? How are they marketing? Are their menu items seasonal or trendy? Restaurants study this information not to copy but to adapt and innovate.

Paying attention to the reasons behind your competitors’ success is crucial, yet simply replicating their strategies will not lead to significant progress. The real value is found in recognizing opportunities for improvement. Maybe they’re attracting a large crowd, but is their service slow? Are their offerings limited? Spot opportunities where you can outshine them. Whether that means enhancing your customer experience, reinventing your product or differentiating yourself with what you stand for, take what works and build upon it.

Although studying the competition has statistical significance, too much attention to them can limit your own potential. You run the risk of moving from proactive to reactive. Use competitor analysis as a springboard for innovation. By studying their strengths and weaknesses, you can push your business in a direction they haven’t considered.

Related: Outlast Your Competition By Focusing on These 3 Areas

3. Work on soft skills

Soft skills are just as important as technical skills in the restaurant industry. It may sound like something that belongs in an HR training module, but in business, they’re essential for survival and growth. For instance, it is imperative for the cook to notify the dining staff and guests right away when a popular dish runs out to manage expectations. Real-time communication among staff, clients and managers helps reduce preventable errors, minimize frustration and preserve high standards of service.

In a more general corporate environment, relationships must be maintained by soft skills, including feedback, empathy and communication. Minor difficulties could develop into major issues if you struggle with effective team and client communication. Maintaining trust, loyalty and efficiency depends on handling circumstances as they abound, whether it means telling a client about a delay or providing a team member with constructive criticism. Leaders who master soft skills tend to have happier teams, lower attrition rates, and more satisfied clients.

Just like restaurants rely on direct communication to manage the customer experience, businesses need to apply the same approach to their past customers. Following up with a past customer doesn’t mean sending a generic email. It could be a personal thank-you note or a tailored offer based on previous purchases. Customers who feel valued are more likely to return, give positive feedback and recommend your business to others. Soft skills build these long-term relationships, turning one-time buyers into repeat customers and brand advocates.

Related: What It Takes to Grow Your Team in a Niche Service Industry

The restaurant mentality

Whether you’re managing a law firm, operating a retail business or running a tech company, these principles are my non-negotiables. Customers expect you to anticipate their needs; they expect exceptional service, so your operations need to run smoothly, and you must be able to adapt to changing market demands quickly.

If you fail to embrace these principles, you’ll quickly fall behind. Customers will move on to competitors who can provide them with their money’s worth. Your operational inefficiencies will eat into your margins, and your inability to adapt will leave you irrelevant.

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From Spanish and French to less commonly studied languages like Turkish, Babbel’s got you covered. The short, interactive lessons focus on practical conversation, so you’re learning words and phrases that you can actually use in real business situations. Plus, Babbel’s course content is updated regularly, meaning you’ll always have access to fresh lessons and content as your skills grow.

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As weather patterns become increasingly unpredictable, staying informed and prepared is more important than ever—especially for business professionals managing deadlines, meetings, and travel plans. Weather Hi-Def Radar Storm Watch Plus is a high-definition weather radar app that gives you real-time updates, precise alerts, and future forecasting.

With a 4.6-star rating and over 75,000 reviews on the App Store, this app has earned its reputation as a reliable tool for staying on top of the elements. And now, through October 27, you can grab a lifetime subscription for just $29.97 (reg. $199)—the best price available online.

Whether you’re tracking incoming hurricanes like Helene and Milton or just trying to stay dry during a surprise rainstorm on your vacation, this app gives you the real-time data and notifications you need to stay safe and make informed decisions.

With Weather Hi-Def Radar, you’re not just looking at a forecast—you’re seeing it happen live. This app provides real-time radar images and future animations so you can track the development of storms, temperature changes, and precipitation as they unfold.

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Don’t miss this terrific price on a lifetime of weather preparedness with the Weather Hi-Def Radar Storm Watch Plus app for just $29.97 (reg. $199) through October 27.

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Leaders from Nvidia’s Jensen Huang to JPMorgan Chase’s Jamie Dimon have hailed AI as the technology driving the next industrial revolution. And while AI can lead to business impact and productivity gains, it can also be “unreal and dystopian,” one Apple Intelligence user discovered.

On Thursday, Nick Spreen, an app developer based in New York, posted that Apple Intelligence summarized a breakup text from his now ex-girlfriend. The summary simply read, “No longer in a relationship; wants belongings from the apartment.”

^{Credit: Nick Spreen/X}

Spreen told Ars Technica that the actual texts were more personal than the AI summary and that the summary “added a level of distance to it that wasn’t a bad thing.” Still, he said that “more than anything” getting an AI overview of a breakup text “felt unreal and dystopian.”

Spreen’s post, which was viewed over four million times, had been deleted at the time of writing.

Related: ChatGPT Is Roasting Instagram Profiles in a Hilarious New Social Media Trend — Here’s How to Get Access

Apple Intelligence is the set of AI features specific to Apple devices, like AI voice-activated search, AI emoji generation, and AI email and text generation. The latest iOS 18.1 update, which rolled out this month, brings a beta version of Apple Intelligence to the iPhone to perform tasks like summarizing texts.

While AI can be used in business contexts, it also has less serious use cases. In August, a viral trend saw Instagram users asking ChatGPT to roast their Instagram profiles.

Nvidia CEO Jensen Huang said in a conversation with Salesforce CEO Marc Benioff last month that he mainly used the paid version of ChatGPT as a personal tutor. Benioff said that he uses ChatGPT as a therapist, a purpose echoed by other ChatGPT users, including content creators on social media.

Using AI for emotional support is common — in fact, Meta CEO Mark Zuckerberg stated that it was one of the top ways to use Meta AI so far. People are using the technology to talk through complex social situations, he said.

Related: ChatGPT Finally Gives Businesses What They’ve Been Asking For

3 Benefits of Owning a Pokeworks Franchise:

1. Association with the largest poke franchise with proven popularity and high brand recognition.
2. Flexible space requirements (350-2,000 sq ft) allowing for a range of location types.
3. Comprehensive support including training, national marketing, and innovative menu development.

Pokeworks is a rapidly expanding franchise offering poke and Asian fusion bowls, established in 2015 and operating over 70 locations by 2023. With a viral marketing boost, Pokeworks has positioned itself as a leader in fresh, quality, and healthy fast-casual food specializing in poke burritos and bowls.

Key Facts:

• Minimum Initial Investment: $308,455
• Initial Franchise Fee: $35,000
• Liquid Capital Required: $350,000 – $500,000
• Net Worth Required: $750,000 – $1,200,000
• Veteran Incentives: 15% off franchise fee

The average Social Security payment is increasing by $48 per month next year.

The Social Security Administration announced the 2.5% cost-of-living adjustment (COLA) for 2025 on Thursday, marking the smallest increase since 2021. The average COLA was 2.6% across the past decade, with the 2024 change at 3.2%, according to the administration.

The close to 68 million Social Security beneficiaries and almost 7.5 million people receiving Supplemental Security Income payments will see their checks increase by 2.5% on January 1, 2025, and December 31, 2024, respectively.

The increase is based on inflation across July, August, and September. The consumer price index for July showed that inflation reached a three-year low at 2.9%. August’s inflation rate was even lower, at 2.5%, and September’s was 2.4%. Based on lower inflation numbers, the Federal Reserve cut the federal funds rate, which impacts everything from mortgage rates to credit card interest rates, for the first time in four years in September.

Related: A Fed Rate Cut Finally Happened For the First Time in 4 Years. Here’s How the Decision Will Affect Your Wallet.

How is the COLA calculated?

The COLA takes the average inflation among urban wage earners and clerical workers from July to September and calculates the difference between this year’s average inflation and last year’s to arrive at a percentage.

Is there another way to calculate?

Some groups don’t approve of calculating the COLA as it is right now. The Senior Citizens League (TSCL) advocates basing the calculation on the CPI-E, which measures inflation for Americans ages 62 and up, instead of the CPI-W, which measures inflation among urban wage earners and clerical workers.

“This year represents another lost opportunity to grant seniors the financial relief they deserve by changing the COLA calculation from the CPI-W to the CPI-E, which would better reflect seniors’ changing expenses,” TSCL executive director Shannon Benton stated in a press release.

Is the COLA enough?

TSCL estimated that the average Social Security check will increase by $48 from $1,920 to $1,968. That may not be enough, says AARP CEO Jo Ann Jenkins.

“Even with this adjustment, we know many older Americans who rely on Social Security may find it hard to pay their bills,” Jenkins stated in a press release. “Social Security is the primary source of income for 40% of older Americans.”

Related: Are You Actually on Track to Retire Well? A Financial Expert Reveals the Critical Milestones to Hit at Every Age — Plus 3 Common Oversights.

It’s no secret that being an elite athlete in the U.S. is a badge of honor. The brands we all associate with the ultimate in human determination and potential aren’t just the Olympic and Paralympic rings anymore; it’s the leagues, teams and sports franchises — like Nike and The North Face, the NFL and the NWSL, the Denver Nuggets and the Texas Longhorns — that capture our hearts, minds and ultimately, our time.

But most athletes do not reach the fame and fortune that we, as Americans, assume they do. When the medals are tucked away in the guest room closet and the spotlight shifts, for too many athletes, what awaits is an unforgiving reality: meager pay, scant support and a precarious financial future.

In fact, 58% of athletes across 48 countries do not consider themselves financially stable. And, the average professional athlete’s salary in the U.S. is around $50,000 per year, but this figure is mightily skewed by a handful of big earners. Many pro athletes make far less, especially in sports like swimming, gymnastics and track and field, which, by and large, aren’t as lucrative as national fan-favorite pastimes like football, basketball and action sports. Take that down another notch for more obscure sports like handball, archery, fencing and cycling — and even worse for para athletes.

This means athletes have less control of their financial mobility than most working professionals, creating havoc inside their sport, their bank accounts and their minds.

Related: The Secrets of a Former NFL Player’s Journey to Entrepreneurship

How athletes can thrive by thinking like a startup

Professional and collegiate athletes have long been trained to perfect their game, but in today’s ever-evolving sports landscape, athletes who think beyond contracts and scholarships and start operating like startup founders — running and owning their own one-person enterprise — fare far better in the long run.

In a way, athletes already have the core ingredients of a successful startup: a unique product (their athletic talent), an audience (fans, sponsors and social media followers), and market potential (endorsements, partnerships or post-career ventures). Yet, most athletes don’t realize they need to run their careers like a business.

Like any startup founder, the key is thinking about long-term brand equity, customer (fan and sponsor) retention and sustainable growth. By shifting to an entrepreneurial mindset, athletes can change this trajectory.

The power of the personal brand: From NIL to net worth

The advent of NIL rights in collegiate sports has given athletes the opportunity to monetize their name, image and likeness like never before. According to a report by Opendorse, the NIL market reached over $1.2 billion, and for 2024-2025, it is projected to reach $1.67 billion. This isn’t just about signing autographs or appearing in commercials — athletes can now create content, start businesses and develop personal brands that will last long after their athletic careers are over.

Take Olivia Dunne, for example. At LSU, she became one of the highest-earning college athletes, with an estimated NIL valuation of $3.5 million. Dunne didn’t achieve this by just being a good gymnast — she built a massive social media following and leveraged that to secure partnerships with major brands like Vuori and American Eagle. Dunne embodies what it means to think like a startup founder, turning her sport into a platform for long-term financial success.

Building emotional and career security through entrepreneurship

Athletes often face a harsh reality: Their careers are short, and the emotional toll of retiring from a sport they’ve dedicated their life to can be devastating. A study by the Journal of Applied Sport Psychology found that athletes who focus on entrepreneurial ventures during their careers are 35% more likely to experience emotional fulfillment post-retirement. This is largely because they’ve shifted their identity from just being an athlete to being a business owner, someone who is in control of their destiny.

Take Serena Williams. Sure, she’s one of the greatest tennis players of all time, but she’s also a startup founder, venture capitalist and brand builder. Williams has created Serena Ventures, which focuses on investing in businesses that promote diversity. By building this entrepreneurial foundation, she’s not only secured her financial future but also her emotional one — transitioning out of tennis didn’t mean the end of her identity but rather the evolution of it.

Related: 10 Things College Athletes Should Consider When Building a Business Based on Their Own Personal Brand

Making smart business decisions

In the entrepreneurial world, smart founders surround themselves with advisors and experts to help make critical business decisions. Athletes need to think similarly, treating themselves as the CEO of their one-person startup. Surrounding themselves with business managers, branding experts, financial advisors and legal counsel can ensure their brand remains protected and grows.

For lesser-known athletes, this strategy works just as well as for the A-listers. Paralympic track athlete Blake Leeper has developed a personal brand around inclusivity, activism and his journey as a double amputee athlete. Leeper has forged partnerships with companies like Nike, despite not having the mainstream visibility of some of his peers. His approach? Treating his personal narrative as a business with a unique value proposition.

Diversifying revenue streams: Why athletes need multiple “products”

In the startup world, diversification is key. A company that only relies on one product or revenue stream is often doomed to fail when market conditions shift. The same goes for athletes. While endorsement deals and prize money are great, athletes need to diversify their income sources — like starting a podcast, launching a line of merchandise or creating a YouTube channel.

The reality of the American athlete: Hustle harder

Platforms like OpenDorse and IconSource have emerged to help athletes secure more sponsorship deals, but these opportunities still require a constant hustle. It’s not uncommon for athletes to cobble together several small deals just to pay their bills, adding mental and logistical strain to their already demanding training schedules.

Get an agent to broker your sponsor deals? Easier said than done. In theory, sponsorships and partnerships give the financial power back to the athlete. But, in reality, those opportunities go to athletes who have agents — a scant 14% of athletes — or those who get a burst of attention or have a lucky media moment.

Add to that the physical and emotional toll of elite competition, and it’s no wonder so many athletes experience post-career depression. The excitement of the international stage is fleeting, but the financial pressures and media invisibility between events remain.

A blueprint for athlete entrepreneurs: How to start building you as the startup

Sure, the system may be stacked against them, but athletes who choose to take control of their personal brand and financial future have a massive upside — stable income that can withstand the ebbs and flows of the global competition media cycle.

If you’re an athlete, here are five key steps to take to take ownership of your future:

1. Leverage social media:

Athletes are now indisputably the face of sports, teams, leagues, brands and organizations. Storytelling has become the top skill that brand partners seek out in every athlete partnership. Additionally, athletes have direct access to fans like never before. Giving fans access to behind-the-scenes training, personal anecdotes and unique perspectives keeps fans interested — and sponsors invested.

Pro tip! Offer exclusive content: Creating a paid membership model or exclusive content for fans allows athletes to monetize their experiences and foster a more engaged following.

2. Create a signature story:

Athletes who focus on storytelling and developing an off-the-field brand during their career are four times more likely to secure media or business roles after retiring (McKinsey & Company). This is why authenticity is a buzzword. Crafting a narrative that aligns with who they are — beyond just their sport — can attract partnerships with brands that resonate with their personal journey.

Pro tip! Sharing their journey in a longer format helps athletes become thought leaders in their sport, opening doors for speaking engagements and more immediate opportunities. Platforms like podcasts and public speaking engagements are a great way to tell their full story, not just the one the media has written. Also, schools, corporations and conferences are always on the lookout for powerful voices.

3. Collaborate with emerging brands and partners:

Big-name sponsors may be difficult to partner with, but smaller, niche brands are often eager to partner with athletes to reach new audiences. Get this: 94% of top-earning athletes globally attribute most of their income to endorsements, with storytelling as a key differentiator.

Pro tip! Partner with cause-driven organizations: Aligning with charitable causes or social impact initiatives can increase an athlete’s visibility while supporting causes they deeply care about.

4. Maximize platforms like OpenDorse and IconSource:

While platforms like these can feel overwhelming, they can also be leveraged strategically to create sustainable, meaningful partnerships both on and beyond the app.

Related: 6 Ways Olympic Athletes Can Leverage Their Journey to Build a Profitable Brand

The lines between athlete, entrepreneur and influencer are more blurred than ever before. With the rise of NIL, social media and athlete empowerment, there has never been a better time for athletes to operate as their own business. Whether you’re a high-profile star or a lesser-known athlete, thinking like a startup founder can open the door to long-term financial stability, emotional fulfillment and career longevity. In the end, athletes are more than just their sport — they’re a brand, a business and, with the right mindset, a startup waiting to thrive.

Nvidia CEO Jensen Huang rarely lays off employees and the people he hires seldom choose to leave the company, which is the second most valuable in the world. Though joining Nvidia’s 29,600-person workforce isn’t easy, Huang recently revealed how he approaches the hiring process — and it turns out that acing the interview isn’t the most important part.

“I think that the interview process is not an excellent way to judge whether somebody is a good fit,” Huang said on a Wednesday episode of the Tech Unheard podcast. “I mean, obviously, everybody could pretend to have a very constructive conversation.”

Candidates could easily hone their interviewing skills by watching YouTube videos, and they could look technically proficient by finding the technical questions beforehand, Huang stated. So instead of emphasizing the technical or behavioral interviews, Huang looks more closely at references.

Related: ‘Everybody Wants to Be First’: Nvidia CEO Says Demand for Its Blackwell AI Chip Is ‘Insane’

“My method is always I go back to reference checks and I ask them the questions that I was going to ask the candidate,” Huang said. “And the reason for that is you could always make for a great moment, but it’s hard for you to run away from your past.”

^{Nvidia CEO Jensen Huang. Photo by Chip Somodevilla/Getty Images}

Huang pointed out that Nvidia’s attrition rate, or the rate at which employees leave the company, is “very low.” Nvidia’s 2024 sustainability report places its overall turnover rate at 2.7% and the industry average at 17.7%.

Nvidia’s growth over the past few years has made long-term employees wealthy, though they’re still putting in long hours. A Bloomberg report from earlier this year that cited 10 current and former Nvidia employees painted a grueling picture of the work atmosphere at the company.

According to the report, the work hours could stretch past 2 a.m. and meetings were punctuated with yelling and fighting. The constant competition created a “pressure cooker” environment.

Still, the company continues to create products that customers want. Huang indicated earlier this month that demand for Nvidia’s next-generation Blackwell chip is strong and that “everybody wants to be first” to get the chip.

Related: Nvidia’s Immense Market Power Is Worrying Investors — Here’s Why

Success in sales isn’t just about meeting quotas. It’s about fostering a culture where teams thrive, customers are delighted and growth is sustainable. Yet, many organizations struggle to strike the right balance between scaling their sales operations while ensuring the happiness and effectiveness of their teams.

So, how do organizations cultivate happy, scalable sales teams and strike the right balance for success? Some core elements contribute to a fulfilling and successful sales environment.

Related: Don’t Scale Your Sales Team Until You’ve Done These 4 Things

Defining “happy” in sales processes

All too often, when we meet with prospects, we encounter salespeople who feel overwhelmed by the pressures of their roles. The stress of meeting quotas and generating leads can take a toll on their well-being and effectiveness. Salespeople without clear direction and support from leadership cannot succeed. They may struggle to navigate these challenges effectively without guidance. Happiness in sales extends beyond hitting targets and growing the bottom line. Here are some of the competencies we’ve seen in happy, successful sales teams:

Individual/team effort and efficiency: How much effort does it take to get the deal done? Minimizing manual tasks and streamlining processes can help alleviate stress and improve productivity across the organization.

Transparency and support: Are sales reps given the direction and support they need to succeed and maintain traction? Obtaining clear guidance and resources from leadership is crucial to growth.

Sales cycle length: Is the sales cycle overly prolonged and unnecessarily complicated? By shortening the cycle through efficient processes and effective lead management, companies can reduce stress and increase success rates.

Leadership satisfaction: Are leaders equipped with the insights they need to make informed decisions? Having visibility into the sales pipeline and performance metrics is essential for effective planning and resource allocation.

Related: 4 Ways to Stop Getting Distracted and Start Hitting Goals

Addressing common sales pain points

We work across a very wide range of industries, everything from manufacturing, distribution, SaaS, finance, healthcare, environmental, professional services and a long list of many others. My company has visibility into multi-departmental and cross-departmental alignment (teams from 1 to 500-plus people), and let it be known — no two sales processes are the same, even when it is within the same industry targeting the same personas. The irony is regardless of size, there is this misconception that because an organization is large, they have everything organized, mapped out and process-driven. Simply put, that’s not always true. Think of it this way: more people, more moving parts, more risk — more room for error.

We see sales teams structure across territories, business development representatives (BDRs) versus account executives, and sales teams focused on channel versus direct, all of which influence the sales process, hand-off and efficiency for the likelihood to close. One of the best parts is because we are exposed to so many business models and processes, we get to see the best of the best and also easily identify how to improve someone’s process through automation.

When we get down to the root of the issue, many sales teams face common challenges that hinder their ability to reach their full potential. The most common ones we see are:

Sales and marketing misalignment: Miscommunication and friction between sales and marketing teams can lead to missed opportunities and finger-pointing, and no one wants that. Open dialogue and collaboration are key to bridging this gap.

Lack of transparency and reporting: Without robust reporting systems, sales teams may struggle to track progress and identify areas for improvement or clear trajectories for closing deals faster. Transparency in reporting fosters accountability and enables data-driven decision-making on both the marketing and sales sides.

Resistance to automation: Some sales teams resist adopting automation tools for fear of added complexity or a belief that it will replace human interaction. However, automation can streamline processes, free up time for more meaningful interactions with customers and focus on things a machine cannot do, like close the deal.

Strategies for scaling sales success

It saddens me to see talented individuals facing such challenges because they are good salespeople. There is something special about sales. I love their ability to connect with others, come from a place of help in the sales process, and sell collaboratively as a team. They have a super special people-focused gift, and I love to see them flourish and thrive in their roles.

The concept of success is to remove any frustrating friction points or manual tasks that suck the life out of that salesperson’s main focus, closing the deal. They are measured and paid for this. If you want to lose a great salesperson, watch them continue to miss quotas, become frustrated because they aren’t reaching their financial targets and leave to go to another organization. Things like updating properties in a CRM, manually adding a new lead, sending a reminder email without automation, follow-up documentation, enrolling them in your marketing materials, and so, so many other things that quite frankly distract and wear down a salesperson.

I’ve seen thriving salespeople succeed in one organization with structure and move to another and miss quotas monthly because they were not given access to the same tools. To build a happy, scalable sales team, organizations should consider the following strategies to keep everyone focused on the big picture —happiness.

1. Start with setting clear goals: As an organization, defining clear, measurable goals and regularly communicating them to the team is by far the most common misstep we see in organizations. Many times, it can seem like two organizations are functioning within one organization if this is not followed. Teams should break down larger objectives into smaller, actionable steps to keep everyone aligned and on track.
2. Openly embrace technology: Teams and individuals should leverage automation tools and CRM platforms to streamline processes, improve efficiency and enhance visibility into the sales pipeline. This is not designed to replace humans but to augment activity.
3. Encourage cross-departmental collaboration: Foster a culture of collaborative team selling between sales and marketing teams. By encouraging open communication, knowledge sharing, and alignment on goals and objectives, organizations can reach goals faster, with less stress and greater rewards. Some examples include adding infrastructure that encourages shared reporting, dashboards, and weekly alignment meetings across teams.
4. Invest in continual training and development: Organizations should provide ongoing training and development opportunities to empower sales reps with the skills and knowledge they need to succeed. These can be done through internal resources or a third party. Training should not be one-and-done.
5. Prioritize personal well-being: It’s crucial to recognize the importance of work-life balance and prioritize the well-being of sales team members. Companies can do this by celebrating successes, providing support and offering resources for managing stress and maintaining mental health. It goes a long way in finding happiness inside and outside of work.

Remember, building happy, scalable sales teams requires a combination of clearly defined goals, effective ongoing communication, technological innovation and a supportive, open culture. Organizations that face addressing common pain points head-on and implementing proactive strategies can create an environment where sales teams thrive, customers are delighted, and business growth is sustainable (while still tracking up). It’s time to unlock the full potential of your sales team and drive success in the competitive marketplace.

The very definition of entrepreneurship implies many twists and turns. Founders start companies based on an idea, form a business plan around what they believe that concept’s future to be, press their foot down on the gas pedal and off they go. Along the journey, founders are forced to make many quick but impactful decisions with limited resources and foggy knowledge about how their outcomes will play out. Essentially, they are building the base of a house, having no idea what its roof will eventually look like.

Many of these early-stage decisions are foundational and become even more significant as the company itself matures. Due to arbitrary and self-imposed goals and timelines, founders may overlook critical components to building a lasting business. Haste can be met with regret later on in the company lifecycle, costing time, human and financial resources and, potentially, the company. In fact, according to the United States Bureau of Labor Statistics, approximately 10% of startups fail within the first year. However, that percentage increases over time, with an eventual long-term failure rate of 90%. Ultimately, the choices we make today could take years to manifest, and the results could prove detrimental.

Related: I Made These 3 Big Mistakes When Starting a Business — Here’s What I Learned From Them

Here are eight critical actions that founders overlook when starting their companies:

1. Properly forming their company under the right structure

There are multiple structures that companies can take early on, including an LLC, C-Corp and S-Corp. Each has its own advantages and limitations, and it is important that founders match their company structure with their financing and tax goals. For example, an LLC would be a structure amenable to a convertible note and consisting of private investors. To properly determine the best structure for their enterprise, founders should outline their investment strategy and consult an attorney versed in company formation.

2. Protecting their IP

Intellectual property should be protected at the onset of company formation and certainly before a product is launched in market. Companies should solicit an IP attorney to trademark the company and product names, logo designs and any defensible product designs. In addition, especially for technology companies, patents should be filed prior to product launch. While the costs may seem expensive, especially early on, IP can end up being the primary source of value for a company later on.

3. Creating a proper board of advisors

While the foundation stage may seem premature to acquire a board of advisors, it could actually prove advantageous and even critical. The reality is founders alone cannot cover all of the skill sets and experience bases needed to ensure a positive future outcome. Even at the earliest funding stages, “team” is a core component to investors betting on a company’s success. Advisors can fill in the skill gaps that are initially missing and serve as an important determinant of an investor’s choice to invest. Therefore, founders should assess their teams’ competencies and deficiencies and officially onboard advisors to fill in those experiences/skill gaps.

1. Determining the right financing strategy. It’s commonly assumed that venture capital is the holy grail of investment and that the most successful companies build themselves by securing VC money. VC money is great for certain companies, but there are also restrictions — once a company secures VC money, it then has external entities owning a good portion of its equity, and those entities subsequently have a strong say in the decision-making process going forward. Some companies may want to grow at a different pace than VCs would demand, resulting in a mismatch. As a founder, it is important to properly identify how success is determined for the company — asking yourself what growth looks like and how much of the company you are willing to part with in the long term.
2. Evaluating founding team dynamics and identifying the gaps. While advisors may fill in certain near-term skill gaps, the reality is they are not working full-time at the company. Therefore, it is important to identify current and future skill gaps among the founding/executive team, outline the roles that are needed to fill them and create a timeline to hire. Some may not be necessary until the next round of financing, and others may be immediate.
3. Assessing the current macro environment. While a founder may have the most innovative idea on the planet, the current macroeconomic environment may not be amenable to supporting it. It is important to review the broader macro environment with regard to receptivity to your product or service and the environment in general. For example, the market may be ripe for an offering, but the funding environment as a whole may have dried up. A realistic assessment will enable a founder to create a more realistic growth plan.
4. Paving their path to market. Founders can become so enamored with their product or service that they forget to assess how they will let others know about it. It is important for a new business to clearly identify its core customer target and its total addressable market to understand how much it will cost and how much time it will take to acquire those customers.
5. Determining their long-term commitment/investment. Jeff Bezos stated, “All overnight success takes about 10 years.” This could not be more accurate. Entrepreneurs read the shiny social media accounts of the companies that immediately skyrocket and experience a rapid hockey stick growth curve and expect that success, but success takes time. So early on, founders need to assess their own personal time horizons and determine how long they are committed to their endeavors. Part of this may be their own personal commitment, especially if they have a family. Part of it may be financial —as a founder, knowing your personal financial runway is critical. Hiring an outside executive coach and even a therapist can help to better navigate these life waters.

Related: Don’t Overlook This Crucial Business Function If You Want Your Startup to Succeed

John Wooden, coach of the UCLA Bruins basketball team, who is considered the greatest coach in NCAA history, taught his players how to put their shoes and socks on in a very specific manner. When asked why, he stated, “The little things matter. All I need is one little wrinkle in one sock to put a blister on one foot and it could ruin my whole season.” Winning the entrepreneurship game starts with intention, founders doing everything they can to purposefully put themselves in the best position for success. Beyond that comes a bit of luck and a lot of fortitude, but it starts with proper preparation.