Create a business that works without you so that you can cash out and enjoy the fruits of your labor.

<ul><li>Design and structure your business so it can grow rapidly without requiring excessive founder involvement.</li><li>Implement systems, processes, training programs, and hire team members so that it does not rely solely on you being there.</li><li>Build something bigger than yourself that runs smoothly when you step away.</li></ul>

Building a Scalable Business Not Dependent on You

Focus your efforts on building proprietary products, systems, processes, and intellectual property that deliver recurring revenue streams and core value that stays with the company even when you leave.These transferable assets, like brands, patents, and customer relationships, are what buyers pay for.

Creating Assets with Transferable Value

<ul><li>Equity value comes from consistent profitability over time and proven capability to scale.</li><li>Structure your financials and operations to maximize this.</li><li>Manage cash flow carefully.</li><li>Seek high retention customers with potential for increased lifetime value.</li><li>Build your track record.</li></ul>

Increasing the Company's Equity Value 

<ul><li>Attract, develop and retain A-player talent who buy into your vision and complement your strengths.</li><li>Compensate them well, with bonuses for results.</li><li>Do not cling to average or problematic performers.</li><li>Put excellence into your culture.</li></ul>

Surrounding Yourself with A-Player Talent

Build standardized systems, documented processes, training programs, and templates so that replication and scaling of the business does not rely on founder tribal knowledge staying "in your head".Operational excellence should not depend on any one person.

Systematizing as Much as Possible

Reject complexity and stay focused on a simple, streamlined business model centered around a compelling and differentiated offer that has profitability baked in and is difficult to replicate.Stick to your core competency.

Simplifying the Business Model

<ul><li>Be obsessive about strengthening your brand image, promise and story.</li><li>Deliver on what you say consistently.</li><li>Craft a brand identity and experience that connects emotionally with your niche and stands apart.</li><li>Your reputation is priceless.</li></ul>

Strengthening Your Brand Equity

Research and create a list of ideal potential buyers for your business.Get on their radar early by speaking at their events, writing for their industry, seeking partnerships, finding shared values and organically building relationships without any ask.

Courting Your Ideal Potential Acquirers

The book Built to Sell by John Warrillow provides a strategic approach for entrepreneurs to increase the value of their businesses to prepare for an eventual sale. It focuses on creating scalable, saleable companies.

Run your company. Don’t let it run you. Most business owners started their company because they wanted more freedom—to work on their own schedules, make the kind of money they deserve, and eventually retire on the fruits of their labor. Unfortunately, according to John Warrillow, most owners find that stepping out of the picture is extremely difficult because their business relies too heavily on their personal involvement. Without them, their company—no matter how big or profitable—is essentially worthless. But the good news is that entrepreneurs can take specific steps—no matter what stage a business is in—to create a valuable, sellable company. Warrillow shows exactly what it takes to create a solid business that can thrive long into the future.

entrepreneurship

Entrepreneurship

books

Books

leadershipandmanagement

Leadership & Management

John Warrillow

Built to Sell

To create a rich dining experience, all of the basic senses should be engaged. <ul><li>Taste and smell play the largest role. Both senses identify and react to chemicals in food. This is known as flovour.</li><li>Flavour is a sensation that uses many senses at once: an amalgam of taste, texture, temperature, and smell.</li><li>Taste buds can differentiate between five basic tastes: salty, sweet, sour, bitter and umami (a savoury taste found in mushrooms or steak.)</li><li>Humans have 450 different types of smell receptors, each of which can notice slightly different smell molecules.</li></ul>

The brain plays a huge role in the rich sensory experience when we eat.

Smell's role in flavour is why food can call up memories. These processes seem to be related to where it is located in the brain structure. The many connections between the olfactory system and the regions responsible for emotion and memory tie these experiences together. Our brains lessen the risk of eating poisonous or rancid food through the storage of emotional memories. If you become sick after eating a particular food, that flavour can cause disgust when you try to eat it again. But, we can also recall positive emotional memories associated with food, creating a rich dining experience.

Remembrance of past flavours

Scientists are investigating why the taste of food you love (or hate) can conjure up such strong memories.

scienceandnature

Science & Nature

Savor the Moment: The Peculiar Connection Between Taste and Memory

People with Highly Superior Autobiographical Memory (HSAM) have an extraordinary capacity to recall specific events from their personal past. They also spend excessive time thinking about occurrences from the past. HSAM has puzzled researchers since 2000 when the first person with such superior memory reached out to professor James McGaugh.

Highly Superior Autobiographical Memory (HSAM)

Past studies show that HSAM individuals remember information that is relevant to them. They can remember daily events but not lists of words or stories told to them by another researcher. Researchers think that, during sleep, memories that you've acquired before you went to sleep get recapitulated or reactivated, and that reactivation then helps strengthen those memories. This mechanism can help develop treatments for people with memory problems or memory disorders.

The Resting State

Researchers look into how those with Highly Superior Autobiographical Memory can remember almost everything that’s happened to them.

mindfulness

Mindfulness

Understanding the Basis of Superior Memory

The misinformation effect is when information received after an event interferes with one's memory of the actual happenings. Research shows that subtle details later on can dramatically change how people remember. This effect shows how easily memories are influenced. It then questions the reliability of the memories of eyewitnesses to determine criminal guilt.

The misinformation effect

In a famous experiment, participants were shown video footage of a traffic accident. Then participants were asked several questions about what they had seen. <ul><li>Some participants were asked, "How fast were the cars going when they hit each other?"</li><li>Others had a subtle word change introduced, "How fast were the cars going when they smashed into each other?"</li></ul> When participants were asked a week later if they saw broken glass, the first group correctly answered no. The second group were more likely to believe they had seen broken glass.

Misinformation effect example

There are different theories why the misinformation effect happens, potentially leading to false memories.<ol><li>The original facts and information after the fact get blended together in a person's memory.</li><li>Misleading information replaces the original memory.</li><li>Since misleading information is more recent, it's easier to retrieve.</li><li>The original details may not have been encoded into memory. Misleading information is then mixed into the mental narrative to fill the memory gaps.</li></ol>

Misinformation effect theories

Factors that make it more likely that event happenings will be distorted and lead to false memories:<ul><li>Discussing the event with other witnesses. Conflicting reports might reshape or distort a witness's original memory of the event.</li><li>Reading or watching news reports. People often forget the original source of information and believe they observed something personally when they really heard it in a news report.</li><li>Repeated exposure to misinformation.</li><li>The passage of time.</li></ul>

Factors influencing the misinformation effect

<ul><li>One strategy is to write down your memory of an important event immediately after it happens. Keep in mind that subtle errors can still slip in and further cement them in your memory.</li><li>Another is to be aware that your memory can be influenced and that everyone is susceptible to the misinformation effect.</li></ul> If everyone is saying the same thing and it is different to what you remember, the misinformation effect may be at play.

How to reduce the misinformation effect

The things we learn after an event can interfere with our original memories and lead to false memories. This is called the misinformation effect.

Understand yourself and those around you.

psychology

Psychology

artsandculture

Society, Arts & Culture

How Does Misinformation Influence Our Memories of Events?

Herzberg’s Two-Factor Theory is one of the most prominent theories regarding motivation factors in the workplace. Psychologist Frederick Herzberg based his theory on some elements of Abraham Maslow's theory of motivation and needs. Herzberg’s theory broke down workplace needs into two categories:<ol><li>Motivation factors ensure employee satisfaction</li><li>Hygiene factors determine the basic level of stability and job security. Job dissatisfaction arises from a lack of hygiene factors.</li></ol>

Herzberg’s Two-Factor Theory of motivation

The theory holds that job satisfaction and dissatisfaction are two separate categories with very different contributing factors. To ensure workplace harmony, employers must increase employee motivation factors and increase workplace hygiene.

Job satisfaction and dissatisfaction are distinct categories

According to Herzberg, the two-factor theory holds that motivational factors and hygiene factors need to be addressed independently. The primary hygiene factors:<ul><li>Pay. Low pay will quickly cause dissatisfaction among employees.</li><li>Benefits. An employer should ensure that the benefits they provide are competitive.</li><li>Job security. Employers should let employees know they are valued and that their jobs are safe.</li><li>Work conditions. Employers shouldn’t cut corners when it comes to the welfare and safety of employees.</li></ul>

Hygiene factors in the workplace

Factors that motivate employees to work often have to do with giving them a greater sense of purpose and significance in their current position.<ul><li>Recognition. Job performance improves when employees are praised and recognized for a job well done.</li><li>Autonomy. Employees feel motivated when they feel that they have an important job with a large degree of self-direction.</li><li>Meaningful work. Employers should strive to help employees see how their work contributes to a greater end product.</li></ul>

Motivational factors

Give employees more autonomy. The more that employees feel that they are responsible and autonomous, the greater the sense of achievement.Provide feedback. Let employees know how they’re doing by providing meaningful and constructive feedback.Improve working conditions. A simple way is to provide a clean, safe, and aesthetically pleasing workspace.Poll employees to get a sense of what motivates employees.Take a macro view of employee welfare. Employers cannot choose between motivation or hygiene. They must strive to improve both.

How to use Herzberg’s Two-Factor Theory

productivity

Productivity

corporateculture

Corporate Culture

motivationandinspiration

Motivation & Inspiration

business

Business

How to Use Herzberg’s Two-Factor Theory to Boost Worker Productivity

Interested in becoming more efficient and effective in learning and recalling information? Whether you're in elementary school, graduate school or everyday life, using these mnemonic (pronounced ni-mahn-ik) strategies—think of them as very effective <a href="https://www.verywellhealth.com/tips-to-improve-your-memory-and-recall-98553">memory tips</a>—can make it easier to remember facts, and they can be applied to almost any subject.

Improve Your Memory Using Mnemonics

Multiple research studies have demonstrated that using the keyword mnemonic method improves learning and recall, especially in the area of foreign languages.Here's how this works. First, you choose a keyword that somehow cues you to think of the foreign word. Then, you imagine that keyword connected with the meaning of the word you're trying to learn.For example, if you're trying to learn the Spanish word for cat, which is gato, first think of a gate and then imagine the cat sitting on top of the gate.

Keyword Mnemonics

Chunking information is a mnemonic strategy that works by organizing information into more easily learned groups, phrases, words or numbers. For example, memorizing the following number: 47895328463 will likely take a fair amount of effort. However, if it is chunked like this: 4789 532 8463, it becomes easier to remember.Interestingly, chunking is one of several mnemonic strategies that has been studied in people with mild Alzheimer's disease. Results from these studies concluded that chunking can be helpful in improving verbal working memory in the early stages of dementia.2

Chunking as a Mnemonic Strategy

One way to successfully encode the information into your brain is to use <a href="https://www.verywellhealth.com/using-music-in-alzheimers-disease-97624">music</a>. A well-known example is the "A-B-C" song, but there's no end to what you can learn when it's set to music. You can learn the countries of Africa, science cycles, memory verses, math equations and more.Music is also an effective tool for people with <a href="https://www.verywellhealth.com/mild-cognitive-impairment-and-alzheimers-disease-98561">mild cognitive impairment</a> and <a href="https://www.verywellhealth.com/alzheimers-4581763">Alzheimer's disease</a>. Not only can the words of songs be remembered from their childhood even when other language ability is almost gone, but they can also learn new information more effectively if it's taught through music.

Musical Mnemonics

Acronyms and acrostics are typically the most familiar type of mnemonic strategies.Acronyms use a simple formula of a letter to represent each word or phrase that needs to be remembered.An acrostic uses the same concept as the acronym except that instead of forming a new "word," it generates a sentence that helps you remember the information.An often-used acrostic in math class is: Please Excuse My Dear Aunt Sally. This acrostic mnemonic represents the order of operations in algebra and stands for parentheses, exponents, multiplication, division, addition, and subtraction

Letter and Word Mnemonic Strategies

"Hey diddle diddle. The cat and the fiddle..." Can you finish the rest of this nursery rhyme?The ability to memorize and remember nursery rhymes is often due in part to repetition and in part to rhyming. Rhyming words can be used as a mnemonic to help us learn and recall information.Sometimes, you can rearrange words or substitute a different word with the same meaning to make them rhyme.

Rhymes as Mnemonic Strategies

One mnemonic strategy that helps encode new information is to connect it with something else that you already are familiar with or know. This gives it meaning and makes it easier to remember. Making connections is a type of elaborative rehearsal and can be applied to almost any subject or type of information.For example, imagine that you are just introduced to someone named Jeffery. Perhaps you notice that Jeffery is very energetic, and connect Jeffrey with jumping. The next time you see him. you'll think, "There's 'Jumping Jeffery' and you can say hello by name."

Making Connections as a Mnemonic Method

The method of loci (pronounced low-sigh) is arguably the earliest identified mnemonic in history. In the method of loci, the learner visualizes a room or a familiar path through a building and mentally associates facts or information with specific locations or objects along the way. In order to recall what he's learned, he re-visualizes moving through that room or along that path and each stop along the way triggers another piece of information. This method is also called the journey method, creating a "memory palace" or the mental walk strategy.

Memory Palace: The Method of Loci Mnemonic Strategy

The peg method is an especially useful mnemonic for remembering sequenced information. If first requires that you memorize the following list in help you order the facts:<ol><li>one = bun</li><li>two = shoe</li><li>three= tree</li><li>four = door</li><li>five = hive</li><li>six = sticks</li><li>seven = heaven</li><li>eight = gate</li><li>nine = vine</li><li>ten = hen</li></ol>After you have memorized this list, look over the new information that you are trying to learn. Then, connect the first word to "bun," the second word to "shoe," the third word to "tree," etc. The goal is to make a memorable connection with each new piece of information you need to memorize.

Peg Method Mnemonics

The mnemonic linking method consists of developing a story or image that connects together pieces of information you need to remember. Each item leads you to recall the next item.For example, imagine that you need to remember to bring the following things with you to school in the morning: homework papers, glasses, gym shoes, wallet, lunch money, and keys.Using the linking system, you can think of the following short story to help you: Jack's homework papers put on their glasses and gym shoes and ran over to his wallet where his hungry keys were eating his lunch money.

The Mnemonic Linking System (Stories or Images)

Using mnemonic memory strategies can give you that boost in your memory that we all need, and it can improve your efficiency in learning as well. Keep in mind that you may need to practice a few of these strategies before they come easily, but once you have them down, they should clearly benefit your learning and recall of information.

The Bottom Line

Mnemonics help us more easily learn and remember information. Here are 9 research-backed types that improve effectiveness and efficiency.

personaldevelopment

Personal Development

health

Health

9 Types of Mnemonics to Improve Your Memory

It is where the leader continuously adapts their style of leading to the changing environment in which they work. If a specific style works in one situation with an individual, that doesn’t mean that style is suitable for all people or situations.

Situational leadership

<ul><li>Directing works for workers who need specific guidance to complete a task. “Here is what I’d like you to do, step by step. I need it done by this time.”</li><li>Coaching is for employees who need more guidance to complete the task. “Here’s what I’d like you to do. What do you think?”</li><li>Supporting is for employees can complete a task but lack the confidence to do it independently. “Here’s the task. How do you think it should be done?</li><li>Delegating is for employees who can work independently. “Here’s an assignment. If I can help, just ask, otherwise you’re on your own.”</li></ul>

The four leadership styles

We tend to be excellent planners but inferior doers when we lead ourselves. For example, consider the recent plan you devised but never executed. A great leader won't give their employees a great plan but then walk away and hope for the best. Instead, he would check in, look for obstacles to remove, and give feedback. We know all of this, but we don't manage execution when it comes to our own lives. So when we consider our goals, we need to step into execution mode and out of planning mode, just as a good hands-on leader would do.

Leading yourself

We often don't reflect properly on many of our past experiences or failures because the planner is convinced that we will do it differently this time. Yet if we don't understand why we failed, we likely will repeat it.

Learning from past mistakes

We all come equipped with multiple modes of leadership, to manage ourselves and others. Being cognizant of our modes helps us lead much more effectively.

career

Career

Leaders and Followers, Planners and Doers - Farnam Street

The most effective way to find freelance projects is to use job boards and contact clients directly by email. Ensure to follow email etiquette. <ul><li>Use a clear subject line. Keep the subject line short and to the point. E.g. "Regarding your Craiglist Ad."</li><li>Don't send to multiple recipients, as you may end up modifying the content for a group.</li><li>Personalise your mail. Address by name and ensure you spell the name correctly.</li><li>Include your signature at the bottom of your email, contact information and links to your LinkedIn profile and websites.</li><li>Keep follow-up emails to a minimum.</li></ul>

Writing better emails

Hi [Client’s name], I came across your job posting on [name of the website] where you said you're looking for a web designer. I've worked with great brands and small businesses over the past [number] years, including [mention names of your previous clients with links to websites]. You can check out some of my work on my portfolio at [link to your portfolio]. I have a few ideas on how to approach your job on designing the website. If you're interested, I'd love to discuss more details. Kind regards,[Your email signature]

Freelance email template for web designers

Hi [Client’s name], I saw your job opening [name of the website], where you are looking for [ ]. I’ve been doing graphic design work for [number] years. Recently, I designed a logo for [name of the company]. You can see it at [link to website]. Have a look at some of my previous designs on my portfolio at [link to your portfolio]. I read through your job description and the business website, and I already have a few good ideas for the logo design. If you could send in more details and the requirements, I’d be happy to [list what you can do]. Kind regards,[Your email signature]

Freelance email template for graphic designers

Hi [Client’s name], My name is [ ], and I was browsing [name of the website]. I’ve been using your online tool, and I love how it allows users to [mention a good feature about the tool]. The one thing that frustrated me was that I couldn’t access your service on my phone. I came up with a great design and a plan to develop an Android app for your service. If you’re interested, I’d love to share some of the details. My most recent work was [link and name of an app]. Check out my portfolio for more info [link to portfolio website].  Kind regards,[Your email signature]

Freelance email template for developers

No need to spend hours trying to write the perfect email to pitch to your freelance clients. Just use these email templates.

marketingandsales

Marketing & Sales

Email Templates You Can Use To Pitch To New Clients

Freelancers face some universal issues such as getting paid on time, navigating taxes and managing a career. One of the biggest challenges for freelance writers are contracts and terms of work. One missing piece for many freelancers is what a standard contract can and should look like.

Freelance writing challenges

Freelance writers should pay attention to three main terms: <ul><li>Indemnity: Most contracts state that you will indemnify the publication. However, it should be the other way around. The publication should agree to indemnify you, especially if your reporting can ruffle some feathers.</li><li>Graduated payment: Don't settle for only being paid when your writing is published. It could take up to a year before it is published.</li><li>Copyright and intellectual copyright: Ensure the agreement hand over the copyright to the contributor instead of a publication keeping it for themselves.</li></ul>

Vital contract considerations

Freelance writers should be aware of the following red flags when reviewing agreements: <ul><li>"Work for hire": It means that the copyright and publishing rights belong to the publication, not to the author. It means the author may miss out on the opportunity to option their work for something else, or even report about the same thing again. </li><li>No kill fee: If a publication decides not to publish your work, you will be paid an amount for the work you've already done. Without a kill fee in place, you will be paid nothing.</li></ul>

Contract red flags

writing

Reading & Writing

Issues facing freelance writers in 2021: Contract standards

Freelancing is the single easiest way to start a new business. A freelancer gets paid for their work charged by the hour or by the project. Freelancers write, consult, advise, do bookkeeping. The goal of a freelancer is to have a steady job with no boss. Entrepreneurs use money (preferably someone else’s money) to build a business greater than themselves. Their goal is to sell out for money, or to build a long-term profit machine.

The freelancer and the entrepreneur

Freelancers that hire other freelancers to work for them is not the same as being an entrepreneur. Investors won't invest in a freelancer because you can't sell out if you're a freelancer at heart. <ul><li>If you're a freelancer, then freelance. Focus on your reputation.</li><li>If you're an entrepreneur, don't hire yourself. Instead, build a business that works and thrives with or without you.&nbsp;</li></ul> It's possible to switch hats, to have two 'jobs'. But we can't wear both hats simultaneously and can't freelance our way to entrepreneurial success.

Decide what you are

A freelancer is someone who gets paid for her work. She charges by the hour or perhaps by the project. Freelancers write, design, consult, advise, do taxes and hang wallpaper. Freelancing is the…

Built to Sell

Savor the Moment: The Peculiar Connection Between Taste and Memory

Understanding the Basis of Superior Memory

How Does Misinformation Influence Our Memories of Events?

How to Use Herzberg’s Two-Factor Theory to Boost Worker Productivity

Joshua Phillips