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5 Worst Pieces of Business Advice From Hollywood Movies

5 Worst Pieces of Business Advice From Hollywood Movies

    There are some movies that give great business advice. And there are some movies that give, shall we say, questionable advice for the sake of advancing the plot. If you’ve been taking your business advice from movies, you’re probably already in rough shape. But if you’ve been taking guidance from these quotes in particular, then you’re really in trouble. Here are some of the worst pieces of business advice from movies.

    1. Wall Street (1987)

    “The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA.” -Gordon Gekko (Michael Douglas)

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    Wall Street is the classic movie about business and investing. But while some of the advice fits perfectly with the story line of the film, a lot of it doesn’t necessarily work in the real world. Everyone knows Gekko’s “Greed is good” speech, but looking at the last few years in investing news, it’s clear that greed, while necessary for a functioning capitalist system, can still do a lot of damage.

    Let’s take a look at AIG just a few years ago to illustrate this point. After the “great September bailout”, AIG execs seemed to be driven by an insatiable greed. The week after the September bailout, AP reported that AIG executives traveled to California for a decadent company retreat which cost a reported $444,000 and featured spa treatments and golf outings. Then on the 17th of October, AP reported that AIG executives spent $86,000 on a hunting trip in England. News of this spending spree came just days after AIG received an additional $37.8 billion loan from the Federal Reserve, on top of a previous $85 billion emergency loan given to them the month before.

    Is greed good? I’d say, like all good things, it is only good in moderation.

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    2. Office Space (1999)

    “Michael, we don’t have a lot of time on this earth! We weren’t meant to spend it this way. Human beings were not meant to sit in little cubicles staring at computer screens all day, filling out useless forms and listening to eight different bosses drone on about about mission statements.” -Peter Gibbons (Ron Livingston)

    While this may be a valid point, this conversation ultimately leads to Peter and his friends stealing over $300,000 from the company they work for. And while we were not designed to stare at computers all day, that doesn’t mean that embezzling money is a good way to get around that draining business requirement.

    3. The Godfather (1972)

    “It’s not personal, Sonny. It’s strictly business.” – Michael Corleone (Al Pacino)

    Business is always personal. It is the decisions of people that direct the paths of companies, and it is always people who make the mistakes attributed to a specific company. It’s important to make decisions based on what’s best for the company, and not just what’s best for you, but if you’re going to take the advice from Michael Corleone, make sure you keep the other side of the coin in mind. There is no business without people, and can be no people without businesses to support them.

    All that being said, let’s not forget what happens to Sonny.

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    4. Working Girl (1988)

    “You can bend the rules plenty once you get to the top, but not while you’re trying to get there.” -Tess McGill (Melanie Griffith)

    Some of the most successful entrepreneurs in recent memory made their millions by being innovative and bending the rules. If Mark Zuckerberg had tried to make his fortune “the traditional way”, would he have had such a high net worth so early in his life?

    Sometimes, bending the rules can backfire. But thinking outside the box and pursuing an entirely new business concept can be what sets you apart from the pack. So feel free to bend the rules on your climb to the top. As she says later in the film, “I’m not gonna spend the rest of my life working my ass off and getting nowhere just because I followed rules that I had nothing to do with setting up, OK?”

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    5. How to Succeed in Business Without Really Trying (1967)

    “I realize that I’m the president of this company, the man that’s responsible for everything that goes on here. So, I want to state, right now, that anything that happened is not my fault.” -J. B. Biggley (Rudy Vallee)

    Personal responsibility is what keeps corporations successful, honest, and in touch with their shareholders. The higher up you get in the corporate food chain, the more important it is to stay in touch with that need to be personally responsible for your work. Sure, when something goes wrong, you will have to take the heat. But if something goes extremely well, don’t you want to make sure you get full credit? You can’t have it both ways, you know, so you’ve got to take responsibility for what happens on your watch.

    Oh, and a word to the wise: it’s probably not the best idea to take business cues from anyone in a musical.

    What other Hollywood films feature dubious business advice? Tell us in the comments below, follow us on Twitter, or take the conversation over to Facebook.

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    Tucker Cummings

    Writer and social media professional sharing productivity tips on Lifehack.

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    Last Updated on September 29, 2020

    How to Start an Online Business That Will Grow and Succeed

    How to Start an Online Business That Will Grow and Succeed

    Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.

    This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.

    So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.

    1. Becoming the Master of ‘ONE’ Trade

    Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.

    A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.

    Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:

    What Speaks to Your Heart?

    This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.

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    Decisions Based on Knowledge

    The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.

    Undiscovered Potential

    Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.

    2. When Is Your Idea Valid?

    All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.

    Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.

    Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.

    This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.

    3. Crafting the Map to Success

    Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.

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    To help you out, here’s a list of all the information online business plans must include:

    • An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
    • Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.

    4. The Virtual Storefront: A Process of Development

    The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.

    What does that perfect business website look like? Let’s follow these steps to create an effective business website.

    Choose Your Approach

    There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:

    • Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
    • Creating a new website –  A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.

    Design Can Bring You Maximum Success!

    For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.

    The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.

    To create a truly amazing design that reflects new online business concepts here are a few matters to consider:

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    • Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world.[1] Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
    • Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
    • Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.

    Where the Website Becomes Reality

    Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.

    A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.

    Here are some development issues you have to pay attention to while building the business website:

    • The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
    • How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.

    5. Some Tricks to Increase Online Sales

    Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.

    So, what are these tricks?

    Utilize the Magic of SEO

    With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.

    When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.

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    With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.[2]

    Entice With Free Value

    Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.

    Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.

    Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.

    A Killer Customer Service Is Everything

    Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.

    It’s an Easy Process: All You Have to Do Is to Start

    And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.

    While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.

    More Tips on How to Start an Online Business

    Featured photo credit: Austin Distel via unsplash.com

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