5 things to know before buying bitcoin for the first time

5 things to know before buying bitcoin for the first time

by | Jul 20, 2023

Business Insights

5 things to know before buying bitcoin for the first time

July 20, 2023

Everything you need to know before buying bitcoin for the first time

Today, almost everyone has at least heard of Bitcoin. This digital currency, once considered to be nothing more than a passing trend, has become one of the best-performing assets of the past decade and even became popular as a benefit for the business world. 

Its increasing popularity has driven countless investors to buy bitcoin by any means necessary. More recently, this interest has passed over to institutional investors, which drove crypto prices to new heights at the beginning of 2021.

This increasing popularity has spurred many governing bodies to impose tax regulations on the buying and selling of cryptocurrency—including Bitcoin! Therefore, buyers will have to upload the transaction into their favorite tax filing platform.

However, still many wonder what the big deal behind Bitcoin is. Why is this cryptocurrency so popular and what are its advantages? In this article, we go over things to know before buying bitcoin. 

The most important things to know before buying bitcoin

The things to know before buying bitcoin include the technology that helps run its network, its advantages, and how to store and buy or sell Bitcoin. So, if you ever searched for an article that gives you all the basics about Bitcoin in one place, you’ve found it!

What is Bitcoin?

Created in 2009 by Satoshi Nakamoto, Bitcoin was imagined as an alternative to our traditional financial ecosystem. It has the goal to be decentralized, away from the control of any government and central banks. 

As such, new bitcoins are created by a mathematical process called mining in contrast to FIAT money which is printed by central banks. This allows the network to be decentralized, without anyone being able to shut it down, control its governance, or issuance of new bitcoins. 

Every transaction on the Bitcoin network is recorded on a public ledger (the blockchain) that is freely accessible to anyone. This creates a trustless and transparent network, governed by the people using the network, instead of a central governing body. 

In short, bitcoin is a peer-to-peer digital currency, where users don’t need a third party to send coins to each other.

What are the advantages of Bitcoin?

Because it’s decentralized, Bitcoin offers some clear advantages over traditional currencies, including: 

  • Permissionless – no one needs permission to use the Bitcoin network. All you need to do is create a wallet and you can start sending and receiving coins. Moreover, Bitcoin is borderless, which means that this feature allows individuals from all around the world to participate in the growing internet economy. 
  • Highly secure – the distributed Bitcoin ledger is simultaneously present on millions of computers around the world. This allows for the network to be extremely resistant to change and doesn’t present a single point of failure like centralized server systems. 
  • Fraud resistant – because bitcoins are simple transaction records on the blockchain, they cannot be duplicated or counterfeit. Additionally, bitcoin transactions are permanent, which entirely eliminates chargeback fraud attempts. 
  • Deflationary – there are only 21 million Bitcoins that will be ultimately mined. This limited supply acts as a deflationary measure and acts as a hedge against FIAT inflation. 
  • Fast and cost-effective remittances – finally, because there are no costly third-parties handling the transactions, international bitcoin transfers are both fast and cheap compared to international FIAT remittances. 

These advantages have helped the price of Bitcoin increase by more than 1 million percent since it was first made available for purchase back in 2009.

How do you store Bitcoin?

The blockchain uses cryptography to be able to locate Bitcoins on the ledger and sign transactions. More precisely, the following codes are used: 

  • The private key – which acts as the PIN code to your coins and is used to sign the transactions on the blockchain. Because only the owner of the private key can spend Bitcoins, it’s imperative that this key is kept secret.
  • The public address – which acts as the account number for your coins. This is the address that you will be sharing online whenever you wish to receive bitcoins from another user or a trading platform. 

So, to store your Bitcoin keys, you will need a specialized piece of software called a bitcoin wallet. Consequently, there are different types of wallets, serving different types of Bitcoin users and purposes. 

  • Mobile wallets – these smartphone apps allow you to store your keys on your phone. They are handy for daily usage, but not recommended for storing high amounts of bitcoin because smartphones can be easily lost or stolen. Popular mobile wallets include Exodus and Mycellium. 
  • Desktop wallets – these software solutions turn your computer into your personal Bitcoin vault. They have handy interfaces to handle your transfers and can be used to store larger amounts of Bitcoin. The caveat is that your computer remains a vulnerable piece of hardware that needs to be updated frequently. Some popular choices are Electrum and Armory. 
  • Hardware wallets – these USB devices are specifically designed to store Bitcoin keys and use military-grade hardware to encrypt them. They provide the best of both worlds – high security and a great user interface for daily transactions. The only caveat is that, unlike their software counterparts, they aren’t free. Some of the best hardware wallets are the Trezor and Ledger devices. 

Where to buy and sell Bitcoin?

Now that you are familiar with the advantages of Bitcoin and know how to store it, we can finally give you some pointers on how to buy it quickly and safely. Keep in mind that if you are buying from a regulated exchange, Bitcoin purchases require that you undergo an identification procedure known as KYC. 

These have been made mandatory in most countries as they allow government agencies to track the usage of Bitcoin for money laundering, funding terrorism, and other criminal activities. 

With that in mind, there are several great methods of acquiring Bitcoin including: 

  • Crypto exchanges – which usually offer a wide variety of payment methods, such as credit cards or bank transfers. While convenient, the disadvantage with crypto exchanges is that they use an online wallet to store your coins and keep custody of your keys. The most popular exchanges are Binance, Coinbase, and Kraken. 
  • Crypto brokers – these platforms offer a smaller choice of popular cryptocurrencies and offer a good range of payment methods like PayPal or other popular digital wallets. The main advantage of crypto brokers is that they will send your Bitcoin straight to your wallet. Popular choices are Coinmama and Paybis. 
  • Peer-to-peer bitcoin exchanges – these platforms act as a middleman between people that want to buy and sell bitcoin. Sellers can place their offers and buyers can find the best offer that suits them. The biggest advantage is that these require minimal KYC and offer the largest selection of payment methods, including credit, debit, checks, gift cards, and every digital payment processor you can imagine. Paxful and LocalBitcoins are the best p2p crypto exchanges. 
  • Bitcoin ATMs – for those that are lucky enough to have a Bitcoin ATM near their residence, these machines are similar to cash ATMs. In addition to traditional payment methods like debit or credit, Bitcoin ATMs usually accept cash as well Moreover, if the amount is not too large, they will require minimal KYC, allowing you to quickly convert your cash money to Bitcoins and vice versa. 

Wrap-up

Bitcoin is the original cryptocurrency that jump-started an entire industry involving blockchain technology. Even though its price can be volatile in the short term, one of the things to know before buying bitcoin is the fact that its value has been steadily increasing over the years. 

That said, its success is undeniable, both as a currency and a store of value. More and more people are adopting Bitcoin, and with institutional investors joining the financial revolution, Bitcoin is certainly here to stay and grow.

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23 important things successful people sacrifice to achieve greatness

23 important things successful people sacrifice to achieve greatness

by | Jul 10, 2023

Business Insights

23 important things successful people sacrifice to achieve greatness

July 10, 2023

All the things successful people sacrifice to achieve greatness

Many successful entrepreneurs like Bill Gates, Steve Jobs, and Marc Zuckenberg achieve greatness at a relatively younger age. Although you may think they were given some secret formula for success, the truth is they made a sacrifice for success. In fact, a lot of sacrifices for success.

That greatness requires sacrifice is nothing new. Any successful entrepreneur will tell you that achieving greatness isn’t a smooth road driven by a comfy Porsche. Instead, there are things you must sacrifice to have a better future, and that often includes losing your BMW or girlfriend. (Yep, true story, you can read below.)

What is the price for greatness?

Truth is, the sacrifices for success can’t be measured with any amount of money. More often than not, to achieve greatness you have to pay emotionally or socially. Don’t believe us? Read the testimonials of these 25 accomplished entrepreneurs.

Family

When I started Cirkled In, just like any other entrepreneur, I was very optimistic and thought we’ll be successful very quickly since our idea was so awesome. 

However, it always takes more time, more money and more resources. I have been doing Cirkled In for 5 years and the biggest cost I have paid and still paying is not being involved in my kids’ lives. They have grown from 12 years old to 17 years old and younger one from 9 years old to 14 years old. 

I have barely been part of their lives as I’m working non-stop for my company. Consistently 80-100 hour workweek is normal. In fact, I have used them to do tasks as well. We did not celebrate 13th birthday or even 16th birthday. Now the older one is applying to colleges but I have no time to spend with her. 

As an entrepreneur, I think, feel, sleep, eat, breathe my company. Everything else has gone on the back burner. Just recently we started taking one vacation as a family, driving to a beach after no vacation for years. Right now I’m on vacation with my family but still answering my emails and phone calls etc.

Was it worth it? I don’t know but I hope it was. When I’m on a deathbed, I didn’t want to say – I wish I had tried. So I’ll have that satisfaction. But I may have traded that with another regret – I wish I was there more for my daughters.

Reetu Gupta, Co-Founder and CEO of Cirkled In

Sleep

Along with my partner, we created our first e-commerce store 3 years ago. At the time we both were working full time at Deloitte as tech consultants and would work 6 hours a night after our day jobs on our site. We both sacrificed sleep to get the site off the ground running and making sure it was successful. Barely sleeping 3 hours a night and doing nothing but working (either on our day job or on our side project). We needed to do it to make sure that our side project succeeded. 

We realized we never looked forward to our day jobs anymore and was only doing it for the security of the paycheck. It was all worth it because after 6 months our site was consistently making more than our day job and we quit. Within the first year, we had made over $1million in revenue and was able to travel the world while we worked. 

Since then we’ve been able to use that money to start other sites, buy an investment property, start a new branded store Kimonol.com and created a personal brand for ourselves called Commerce Chicks with nearly 50k followers on TikTok.

Carmen Huang, Co-founder of Commerce Chicks

Health

The biggest sacrifice for success I had to make? I would have to go with health, hands-down, as the effort and time I dedicated to running my business was ruining my work-life balance. Some things I could deal with such as lack of sleep and having to be constantly alert, as I consider myself a high-energy person. What was affecting me the most was what I ate though, as I was overeating from staying up late and eating junk food to make the situation worse.

So finding myself with increasingly high fat and cholesterol levels after a checkup, I decided to flip the switch and go vegan a few years ago.

Stefan Smulders, CEO of Expandi.io 

I sacrificed my health in order to find business success. After setting up my website, my first few years were spent breaking even until several things happened in quick succession. I landed a book deal, scored a lucrative freelance contract, and wrote an article that went viral. Suddenly, I had more work offers than I knew what to do with, and I was too afraid to turn any of them down.

I was afraid that as soon as I said no, the opportunities would dry up. Instead, I began to work 18 hours a day, from 6 a.m. to midnight, for weeks on end, writing until I could barely function. I didn’t leave my house for three months.

Obviously, it was an unsustainable way to live and my prolonged stress levels unfortunately led to me developing an auto-immune disorder and suffering a breakdown. 

Was it really worth the sacrifice? No, it wasn’t. But it taught me an important lesson on prioritising your health above all else — I’ll never make that mistake again.

Lauren Juliff, Founder of Never Ending Footsteps 

Sanity

Entrepreneurship is a brutal road that has been much more stressful than when I worked for other companies as an employee. As an entrepreneur, all responsibilities, decisions, and stresses fall on you. And usually, failure has enormous consequences, such as financial peril for you or your family.

I was much more relaxed and less stressed as an employee of someone else’s company, but I don’t regret becoming an entrepreneur. It was absolutely worth it because of the benefits of successful entrepreneurship, such as financial freedom and unmatched autonomy and flexibility. I’ve learned to cope with the stress and how to manage my mental health.

Jayson DeMers, CEO at EmailAnalytics

Freedom

In the early stages of a startup, as a business owner, you tend to sacrifice your own freedom for longer-term success. Initially, you are unlikely to have a large or established team and as such, you have full accountability and responsibility. In turn, this can often mean that you are always on call to an extent. Taking days off or going on holiday is problematic due to the lack of someone to replace you during this period.

As the business grows and the team becomes more established, you can then start to transfer some of this accountability and responsibility to relevant managers when required. You get your freedom back! That initial sacrifice is necessary though. Tight margins and a sink or swim situation can be a monthly occurrence. As such, you sacrifice your freedom (and time and sleep) in order to transition out of your self-made captivity. It’s worth it in the end!

Simon Ensor, Founder & Managing Director at Catch Works

Games

My biggest sacrifice was certain hobbies that I’ve had for years – mainly playing video games. It’s very easy to lose track of time when video games are in the picture, and I think that in the long run it definitely helped increase my productivity as I have more time to get work done, as well as maintaining a schedule for other important activities such as exercise.

Itamar Blauer, Founder of Itamar Blauer

Social life

One thing I sacrificed while growing my business was my social life. I believe you need uplifting and ambitious people around you to be a successful person, but it’s easy to become distracted by social events. I limited how often and what I did with friends. This allowed me to grow my business faster with the saved time and focus on doing only meaningful activities socially. In the end, I’m happy I did it and now that my business is thriving I can use the freedom to spend more time with friends and family.

Carmine Mastropierro, Founder of Mastro Commerce

Fun

The one thing I sacrificed was my time for everything that you considered fun. Growing a business, especially a successful one requires your full attention and focus especially during the stages of growth. Most of my time is reinvested into spending on marketing, budgeting, and creating processes for hiring and training employees.

The business requires most of my time and to be there when things don’t go right. If my time was spent elsewhere besides my business, I would get lost and will have to try and catch up and fix a lot more problems.

Over the years and the time sacrificed to making the business work has paid off. We have systems in place for the business to run smoothly and adapt to recurring problems. We want to continue expanding and growing and sacrificing time is always a must.

Benjamin N., Founder of Full Color Cleaners 

Love

I think the most painful or symbolic sacrifice I made to become a successful entrepreneur was selling the Xbox my first love saved (for 3 years and 4 months) to buy for me. I sold it to get the SEO course that transformed my career. Most of my friends tried to discourage me from taking that step, specifically advising me that there was an endless pool of SEO tutorials for free on YouTube. 

But I knew that, unlike the popular saying, the best things in life were no longer free. I knew that the key to having lucrative information was having rare information. My girlfriend was hurt, she felt I disrespected her, leaving me for my friend.

You won’t see Tim Cook coming to YouTube to teach you how to create an iPhone 11. I was very sure that vital content is never viral content! Turns out I got 204x value of my investment – and still counting!

Lotus Felix, Founder of Flawless Content Shop

Vacation

The one thing I sacrificed to succeed was personal vacation. When I worked my full-time job, I sacrificed my personal vacation for two years to grow my accounting firm and write a tax book.

It paid off greatly. After releasing my book in 2016. I was able to leave full-time employment in 2018, tripling my yearly salary. I am a full-time Small Business Tax Accountant and Business Strategist and help other employees become bosses.

Yvette D. Best, Founder of Best Services Unlimited 

Time

When someone mentions things successful people sacrifice to achieve greatness, the first thing that comes to my mind is sacrificing my time. Before I started BroutonLab, I worked a part-time job as a data scientist to leave time and finances to build my business. Building up the finances and courage to launch a data science company, time was the most significant sacrifice. With Michigan’s Virtual CFO, I can manage my company’s financials more efficiently and have more time to focus on growing my business and achieving my goals.

However, with good time management, I was able to succeed on both business and private ends, and I know it would all be worth it in the end. I became super productive and efficient but some personal hobbies and interests were indeed pushed to the side.

I worked hard for several years, but I was able to see the results. When I started my business, working hours stopped relevant as I had to be available pretty much the entire day to communicate with our clients from all around the world.

Now I regret nothing. I learned a lot from this experience, even when I was working long hours. Today I have more than 15 top data scientists working with me, and the business runs like clockwork. We carry out exciting projects for clients worldwide and can see how our technology can transform businesses and the lives of people. What can be more satisfying?“

Michael Yurushkin, Ph.D. in Physics and Mathematics, CTO & Founder of Broutonlab

Colleagues

I left a great career in product management in Silicon Valley to start the company, and while leaving the paycheck was certainly a sacrifice, the biggest sacrifice was the camaraderie of my colleagues at work. I’m entirely on my own now – I have some freelancers helping me with a few things, but it’s just not the same as being part of a

team. I’ve been lucky enough to always work with people who I really liked and respected, and I miss that both from a social perspective and just a shared responsibility perspective. The entrepreneurial life can be lonely!

Alex Willen, Founder of Cooper’s Treats

Travel

The one thing that I sacrificed for success when I first became an entrepreneur was my travel hobby. For the first several years after I launched my business all of my travel was business related, with no time for sightseeing or taking in the local culture. Prior to becoming an entrepreneur I would take several trips a year to new destinations. This was something that I highly valued, as it helped me gain a deeper appreciation for the world and it developed my global perspective. 

Looking back it was certainly worth it, as I view this sacrifice as temporary in my life. Now that my business is more established my personal travels have come back to an extent, although not to the same level as before.

Stefan Chekanov, Co-founder and CEO of Brosix Instant Messenger

Lavish lifestyle

The biggest sacrifices we had to make as a family was taking a step back and downsizing our lifestyle. Gone was the BMW and we went from a 2 bedroom luxury apartment to a 1 bedroom. We sold extra furniture, artwork, clothes, and anything else of value. Best decision we ever made.

Dan Alexander, Founder of UptownShowroom

Work-life balance

The lines between my work and personal life blurred. I always think about work even when away from the office – day and night. Responding to emails and calls from clients that urgently need attention has been the priority. At the end of the day, it’s been always important to balance work priorities and personal life, and make time for my family and mental health; however, making sacrifices for my business and providing the best customer service to our clients have been the main reason for our company’s rapid growth throughout the years and has absolutely been worth it.

Arash Fayz, Co-Founder and Executive Director of LA Tutors 123

Gym

Sadly to say, before starting my business I was an avid gym-goer, and there were weeks when I would go up to 5 times for at least an hour. When my business took off I found I had less and less time for going to the gym, so I gradually reduced the time in there. It took a few years, but I found myself not going to the gym at all anymore.

Fortunately, I’ve since realized that it’s not very healthy to go without any exercise for long periods of time and I have again started exercising, but this time by doing calisthenic exercises at home.

Mike Sheety, Founder of That Shirt

9-5 safety

One thing I have sacrificed to succeed as an entrepreneur is the mental safety net you get from having a real 9 to 5 job. In a real 9 to 5 job, you simply focus only on your tasks and you don’t worry about how to pay your taxes, how to structure your company, what happens if someone threatens to sue your company, what happens if you lose customers or search traffic, how to outsource work or hire others, how to strategize or take your company to the next level and then execute on it, or any of the other hard realities and tasks you have as a business owner. 

When you work for yourself you give up the mental safety net and security of having a job and take a lot more onto your own shoulders. It is 100% worth it for me even though it can be much more stressful at times, because of the unlimited upside and the freedom.

Stacy Caprio, Founder of Growth Marketing

Financial security

I sacrificed the ease of financial security. If you want freedom to do what you want to do, when you want to… you are likely your own boss…a business owner. An entrepreneur understands that no business has assured success tomorrow, or the next day, or the next. 

Was it worth it? Is it still worth it? Yes. I do not have the luxury of an assured paycheck, but I have discovered that as an entrepreneur and business owner I can identify opportunities and decide for myself how much I would like to make, how much freedom I want and what I will enjoy doing today and tomorrow. That will always be worth it.

Lissa Speer, Co-founder of Gigi Raffe

Preconceived notion of success

The one thing I’ve sacrificed in order to succeed was any preconceived notion I had that success, or even progress, would come quickly. I originally had a 5-year plan for the business – but I quickly realized that timeline was foolish and was based on nothing other than me succumbing to media clickbait headlines that tout speed, rocketship trajectories, hockey stick growth curves, blitz-scaling, etc. Those might work for some businesses, but it wasn’t going to work for ours. 

It’s now been 11 years since we started Fracture, and we’ve come such a long way since the beginning, but at least in my mind, we’re nowhere close to achieving true success. I’m confident that we’ll get there, but first I had to sacrifice this superficial need for speed that was more harmful than anything else.

Abhi Lokesh, CEO & Co-founder of Fracture

Oneself

One thing that I have sacrificed as an entrepreneur is me. Focusing on building my business with long hours, growing teams (the good and bad with that), accepting all the responsibility when things go wrong and the stress of being a leader is taxing but it’s worth it to be able to do what I love, creating generational wealth, building up my team, education/learning, taking care of my family and the flexibility/freedom that it provides is worth it.

Melissa Wyatt, Owner of MW Enterprises

Personal relationships

In order to succeed in business, the number one thing that I’ve had to sacrifice is relationships. It’s a hard reality to know that as you go up the ladder of success, your circle and friends and relationships get smaller and smaller. 

My life has changed so dramatically over the last year and I see time and time again why someone had to be removed from my sphere of influence because they did not belong. You can’t mix fear and failure. Your circle has to be one of a fearless pursuit for excellence which eliminates many people. 

All in all, it has been worth it because the people that I am aligned with are properly aligned with the vision and mission for my life and for that I am grateful because it allows me to grow into the person I desire to be so I am able to help others on their path to success.

Kristen Fenrick, Founder of Klearly Kristen

Professional relationships

When I decided to branch out and open my own boutique real estate firm, I had to sacrifice some professional relationships. As a Realtor most of us work under a brokerage umbrella and there is a familiar relationship that exists there. 

Once I decided to create my own brokerage for the betterment of my family and creating a legacy for them I realized that the relationships I had didn’t extend beyond the geographical boundaries of being in the same office. It was a hard thing to accept. Prior to opening my own brokerage I had a small team of Realtors and only one joined on this new adventure. 

Ultimately, it was the best decision for me and my family which allows me to be at peace with the decision. I’m able to create the environment and standards of operation that go with my values and beliefs. Plus I now have a business that can extend beyond me to my children and children’s children if they so desire.

Crystal Swearingen, Owner of Crystal Clear Realty

Comfortableness

Among the many things successful people sacrifice to achieve greatness is your sense of comfort. The path to success is fraught with obstacles, yet it can also be enjoyable and rewarding at times. The point is that you will never make a change if you are unwilling to leave your comfort zone and do something unusual. 

To become extraordinary, as the term implies, you must be willing to go above and beyond. You cannot do what the majority of people do and expect an exceptional outcome. To achieve tremendous success, you must do what the majority of people are unwilling to do. Yes, it will be difficult and at times it may seem crazy, but this is the route that will transform you into a different person.

Travis Lindemoen, Managing Director of Nexus IT Group

Conclusion

Nothing worth comes the easy way, least of all success in business. Making a sacrifice for success is inevitable. However, be careful not to lose the things that matter and make you happy along the way. 

Hopefully, if you are having a tough time and are feeling overwhelmed by everything you sacrifice, all the above things successful people sacrifice to achieve greatness are your consolation that everything is completely normal and you are on the right path.

However, keep an eye on the red flags that show you crossed a line with your sacrifices. You don’t want to wake up one day and realize that the sacrifices for greatness you made cost you happiness, health, and peace. Yes, it’s better to cry in a Lamborghini, but make sure you don’t cry too often. Otherwise, go and sell it.

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12 perks of unplugging from social media for entrepreneurs

12 perks of unplugging from social media for entrepreneurs

by | Jul 3, 2023

Business Tips

12 perks of unplugging from social media for entrepreneurs

July 03, 2023

Social media for entrepreneurs

Social media has undoubtedly become a huge part of our lives. Whether you are using it from your personal account or for growing your business, it’s time-consuming and it can easily become a focus of your everyday life.

Therefore, since we all know what are the benefits of using social media, lets see what good can come from unplugging from social media for entrepreneurs. What is more valuable in life than an amazing social media marketing strategy for your business? What will make you happier than turning your followers into customers? The simple answer would be – your mental health!

 1. Feel better about your business and ideas

 2. Focus on your own lane

 3. Good for mental health

 4. Stay away from shiny object syndrome

 5. Breaking the cycle of social comparison

 6. Increased concentration

 7. It helps you sleep better

 8. Network face to face

 9. Avoid the inevitable PR risks

 10. Work-life balance

 11. Vanquish your FOMO

 12. Keeping away from negativity

Benefits of unplugging from social media for entrepreneurs

Not convinced about the benefits of unplugging from social media for entrepreneurs? Lets have a look at how unplugging from social media can help you live a healthy life while bringing good to your business path. 

Feel better about your business and ideas

When you do a digital detox and put down the social media for a while you’ll start to feel better about yourself, your business, and your ideas. This is especially true if you spend much of your digital life in various social media echo chambers that encourage conformity and groupthink and punish dissenting opinions or new approaches.

Therefore, unplugging from social media for entrepreneurs means being safe from failing to reach goals they have set simply because they feel like they will be judged by the social media or have allowed self-doubt to creep in because of things they have heard or seen on social media.

Focus on your own lane

Unplugging from social media for entrepreneurs throughout launching their business enables them to focus on their own lane. Constantly keeping an eye on your competition will decrease your creativity and distract you from what you set out to achieve. 

However, it is vital to keep a close eye on social media to understand what is trending, what mistakes others are making, and how one can learn from them. Hence, there is an important balance needed between being unplugged to achieve individuality and creativity whilst remaining plugged in to learn from others and remain connected with societal trends.

Good for mental health

The internet has helped to remove much of the stigma associated with discussing mental health, but it can also exacerbate mental health difficulties for entrepreneurs. Attachment to technology has been linked to a variety of mental health issues. 

Occasional social media users are nearly three times less likely to be depressed, but most young people – who are heavy users – are much more likely to be depressed and have a bad mental health rating. Entrepreneurs who don’t spend as much time on social media are more likely to have strong mental health and feel good about themselves in the longer term.

In a world where people are becoming more nervous all of the time, it would be foolish not to believe that smartphones had something to do with this. Constantly staring at your phone might lead to a sensation of anxiety and stress. 

Stay away from shiny object syndrome

Unplugging from social media for entrepreneurs will help them stay away from shiny object syndrome. There are always new ideas on social media and those can often seem very exciting. Just looking at a tweet with a great hook was enough to make the wheels start turning.

But often, these are not proven ideas. They’re concepts that sound good to a mass audience. And chasing them blindly can cause entrepreneurs to lose time, money, and their original vision.

Breaking the cycle of social comparison

The majority of people who use social media compare their lives to those of everyone they know. The issue is that this might have a negative impact on an entrepreneur’s self-esteem. For example, if everyone you know is succeeding in business but you’re still having trouble as an entrepreneur, you may feel alone and lonely. 

For some people, this can even lead to significant depression. Break out from this harmful pattern by disconnecting from social media and reconnecting with all of the positive things in your life. Social media pulls out your competitive nature, even if you aren’t conscious of it.

This is because the primary goal of social media platforms is to get others to notice your posts. Each like and comment is a barometer of how popular a post is, which might drive you to try to outdo others and even yourself. 

Increased concentration

Your phone can be a significant distraction in both personal and professional life. So, it’s best to switch your phone off and put it to the side so you won’t be inundated with emails and notifications while working. 

Social media is designed to keep you on there as long as possible because it uses algorithms and designers to keep you as addicted as possible. That’s why switching your phone off will help you concentrate on the project you’re currently working on and complete more work in less time.

It helps you sleep better

A good night’s sleep is essential for your overall health, both mentally and physically. The blue light emitted by our electronic gadgets can have a negative impact on our sleep because it interferes with the production of melatonin in our bodies. So you can start leaving your phone in another room and start enjoying your day without being tempted to go through your phone.

Network face to face

Unplugging from social media for entrepreneurs allows them to get out and network face to face. It’s true that virtual networking events are the new normal, but when you attend meetings and conferences, you get to socialize and vibe with others who could become potential clients or customers. This allows people to experience you in a different setting that showcases your expertise.

Avoid the inevitable PR risks

Unplugging from social media for entrepreneurs means being able to avoid the inevitable PR risks that come from being active on these platforms. Even if you’re careful to stay professional on social media, something as innocuous as liking a particular post or following a certain public figure can draw attention from the public or media.

These days, you have to assume that everything you do on social media is being screenshotted and shared. Staying off the platforms altogether is often the easiest route. You don’t have to worry about a one-off comment impacting your business’s bottom line. Plus, you’ll save a bunch of time that you can put towards growing your business and building viable strategies. It is truly a win-win. 

Work-life balance

Unplugging from social media for entrepreneurs helps to create separation between work life and personal life. If you are someone who uses social media heavily for your business, if you try to use it casually, you will probably end up thinking about work.

Vanquish your FOMO

When you first stop using social media, you can predict resignation syndromes. Experts say that this is because of the naturally inherent fear of missing out. After all, you could miss something entertaining or important if you step aside from your laptop or smartphone.

The notification amount makes it even heavier to stay away. But those who become addicted to social media can end up impairing their personal and professional relations. You can diminish this effect after your detox by appointing a once-a-day visit to your favorite social media sites. After that visit is over, do not seek social media for the rest of the day.

Keeping away from negativity

Social media is all about connection, but it hurts the way we connect. It significantly reduces the time for personal interaction and makes you get into a toxic environment where you tend to be rude, anxious, depressed, mentally exhausted, and emotional.

Therefore keeping away from negativity is one of the benefits of unplugging from social media for entrepreneurs. We often lose control over what we see while scrolling and we see posts that make us feel bad about ourselves. Entrepreneurs need to isolate themselves from those things by unplugging from social media or unfollowing the people who spread negativity.

Conclusion

The digital era surely shifted our priorities in life, but your mental health and unlimited creativity are still considered priceless things in life. Staying true to yourself and feeling fulfilled in life will definitely make you happier – which might mean you need to take some time as an entrepreneur and unplug from social media.

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Pros and cons of age diversity in the workplace in 2024

Pros and cons of age diversity in the workplace in 2024

by | Jul 3, 2023

Business Insights

Pros and cons of age diversity in the workplace in 2024

July 03, 2023

What are the benefits and downsides of having age diversity at the workplace

When we speak of improving the modern work environment, we can’t ignore that diversity plays a crucial role. Age diversity in the workplace is one of the most important sign of an inclusive and effective workplace.

Since the average workplace now includes members of at least four generations in the workplace, companies that embrace all ages are more likely to succeed. Nevertheless, it’s a fact that age diversity in the workplace can bring some challenges – however, when you compare the benefits you can claim vs. the challenges you need to overcome, it all pays off.

Benefits of having an age diversity in the workplace

Each generation contributes its own set of talents to your company. Although younger employees may possess a stronger understanding of technology, older employees may possess superior interpersonal abilities. Combining these abilities by having an age diversity in the workplace significantly improves your organization as a whole.

It can help reduce employee turnover

Employee turnover is reduced as a result of enhanced performance and productivity, which is a significant benefit. It has also been noted that workers over the age of 55 can contribute to decreased turnover because they are loyal employees who tend to stay in their positions for a longer period than younger employees. Employers benefit from decreased turnover expenses as well as more highly skilled and experienced staff.

Amber Morland, CEO, and Founder of WinCope

Boosts performance and productivity

Age diversity in the workplace can boost the overall performance of a business. In addition, studies have shown that organizations with mixed-age work teams have increased productivity among both older and younger employees. Furthermore, when groups are involved in difficult decision-making activities, age diversity within work teams is favorably connected to performance.

Adam Fard, Founder and Head Of Design at Adam Fard’ UX Agency

It increases the demand on a global basis

From my experience, age variety is vital in meeting customer requests and increasing efficiency. An organization with a diversified skill set and expertise is better able to address the needs of individuals of all ages. This enables the company to fulfill demand and provide service on a worldwide scale.

As they have more matured experience as well as the young potential to turn risks into possibilities, organizations with age-diverse employees will have more courage to perform a procedure. This will allow the company to make more money, expand its business, and execute its plans more quickly.

Bradley Bonnen, Founder and CEO of iFlooded Restoration

Making better decisions

Discrimination based on age is widespread, and that’s a shame. Having a mix of ages among workers provides several benefits, including cognitive diversity leading to better decision making. Although abstract reasoning may decline with age, experiential knowledge rises.

Studies show that employees who are part of a mixed-age work environment are likely to be more motivated and satisfied in their jobs. Considering these benefits, why wouldn’t you leverage the advantages of having age diversity in your workplace?

Ryan Stewart, Founder of Webris

It can produce the most innovation

One of the biggest benefits of having age diversity in the workplace is the fact that diversity of experience is often what can produce the most innovation. Much can be said about the importance of racial and gender diversity, but age can be important as well.

People who lived and worked before much of our modern technology were ubiquitous possess certain skills and intuition that the younger generation hasn’t had to cultivate. Connecting dots between a wider set of skills and experiences is shown to lead teams to better decisions and more profit for companies.

Nikki Gonzales, Head of Growth and Partnerships at Quotebeam

Skills diversity

Maintaining a workforce with various talents and competencies, with people capable of working in conventional forms and those able to see beyond those forms into a new market and technical paradigms, is the only way to remain competitive in the global market. Older workers can teach new workers existing skills, while younger workers can teach older workers new technology.

Ken Olling, Co-Founder and Chairman of MELD

Different perspectives

One of the biggest benefits of age diversity in the workplace is getting different perspectives, which ultimately drives innovation. For instance, each generation brings their own experiences and point of view. These different perspectives become a source of innovation, and harboring their strengths often fosters creative and out-of-the-box ideas.

Arvind Patil, Country Manager at Selectra

The downside of having age diversity in the workplace

However, some companies still refrain from maintaining age diversity in their workplace, due to the challenges they have to overcome. Although the benefits exceed these challenges it’s good to be aware of them before they become a problem and create a toxic work environment.

Seniority in the workplace

Older employees are experienced but tend to ask for seniority. They have a solid knowledge base in their career that is vital for business growth. They can be difficult to work with if they deem the younger ones unworthy or if they feel threatened. However, it can be remedied by transforming your work culture and let senior managers lead an example.

James Idayi, CEO of Cloudzat

Lack of communication

A lack of proper communication is a potential challenge that age diversity in the workplace brings. The younger members of the workforce feel that they are overshadowed by the achievements and experiences of their senior coworkers. So they feel that their opinion or ideas may not be given as much importance.

This leads them to keep to themselves and resentment forming over time. The older generation on the other hand has more of an ego issue. They don’t think they are answerable to those younger than them or that the ‘young ones’ could have better ideas or solutions than them. This creates a rift in the workplace which eventually brings down productivity if left unattended.

Bradley Stevens, CEO at LLC Formations

Conclusion

Age diversity in the workplace brings value to your business, so as an business owner easier it is important to be aware of the benefits of that age diversity brings in the workplace. The key thing when it comes to dealing with age diversity in the workplace is starting to address it heads on. Start small and make everyone feel included. This can be initiated by identifying one common goal and shifting attention to the goal rather than the differences.

Once the members of various generations begin to work together and concentrate on the goal, the divisions between their generations stop being the focal point, which will make the cons of age diversity in the workplace negligible. When everyone is on the same page it’s easier to recognize the strengths of colleagues from different generations and how those strengths support the company goal and offer aspects to the project that another generation does not have.

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Advertising server: what is it and how does it work

Advertising server: what is it and how does it work

by | Apr 20, 2023

Business Insights

Advertising server: what is it and how does it work

April 20, 2023

Using advertising server to manage and store digital ad formats
Over time, companies have allocated substantial financial investments to advertising efforts aimed at improving their visibility, increasing brand awareness, and driving sales. Between 2018 and 2022, global ad spending was estimated to reach a substantial $160 billion.

As companies allocate considerable financial investments into their advertising efforts, ensuring that their messages effectively reach their intended audience becomes crucial. This is where the utilization of an advertising server becomes instrumental in delivering ads with precision and efficiency.

In this article, we will offer an in-depth overview of the concept of an advertising server and its functionality. With its ability to streamline reporting and tracking capabilities, among other essential features, investing in an effective ad server can potentially result in increased advertising success with reduced effort.

An overview and how it works

An advertising server is a software platform that main function is to manage and store digital ad formats, such as images, and videos across many channels, including websites, social media platforms, and mobile devices. Companies can upload their creations to the server and closely monitor their advertising campaigns, analyzes their performance, and make real-time optimizations based on valuable insights derived from user behavior and feedback.

Another crucial aspect of the server is its ability to target and deliver ads to specific audiences. By utilizing the capabilities of the server, companies can effectively define their target audience based on various criteria such as demographics, interests, location, and browsing behavior, thereby enabling them to more accurately reach their intended audience. Also, it tracks and monitors the performance of ads. The advertising server collects and performs analysis on data related to ad impressions, clicks, conversions, and other essential metrics, providing advertisers with invaluable insights into the performance and effectiveness of their advertising campaigns.

By employing a data-driven approach, companies can optimize their campaigns in real-time, making timely adjustments to enhance performance and achieve their advertising objectives, thanks to the insights provided by the advertising server.

Companies can leverage the functionality of the server to establish customizable rules, such as time of day, day of the week, or frequency capping, enabling them to set precise limits on the frequency of ad displays to users within specific timeframes. This helps companies control the frequency and timing of their ads, ensuring that their messaging is not overwhelming or repetitive for the audience.

Types of advertising servers

Various types of ad servers cater to different needs in the digital advertising landscape. Here are some of them.

Display Ad servers

These ad servers specialize in delivering and managing display ads, which are visual advertisements that appear on websites, social media platforms, and other digital properties.

Video Ad servers

Video ad servers are specifically designed for managing video ads that are served on websites, social media platforms, and streaming services. They often provide advanced features such as video ad tracking, targeting, and optimization.

Mobile Ad servers

With the increasing prevalence of mobile devices, the utilization of mobile ad servers has become a key part of effectively managing advertisements that are displayed on mobile apps and mobile websites. These ad servers typically offer features such as mobile ad targeting, device-specific tracking, and app store optimization.

Native Ad servers

Native ad servers specialize in managing native ads, which are ads that blend in with the natural content of a website or app. They typically provide tools for creating and optimizing native ad formats, as well as tracking their performance.

Programmatic Ad servers

Programmatic ad servers facilitate the automated buying and selling of digital ads through real-time bidding (RTB) or programmatic direct deals. These ad servers often integrate with demand-side platforms (DSPs) and supply-side platforms (SSPs) to streamline the programmatic ad-buying process.

Ad verification and fraud detection servers

These ad servers provide tools and technologies to verify the quality and legitimacy of digital ads, detect and prevent ad fraud, and ensure brand safety.

Ad server networks

Ad server networks are third-party platforms that connect advertisers with publishers and enable the management and delivery of ads across multiple websites or apps in their network.

The benefits of using an advertising server for businesses

Using an advertising server can offer numerous benefits for businesses engaged in digital advertising. Some of the key benefits include.

Efficient Ad management

Advertising servers provide a centralized platform for businesses to manage their digital ad campaigns. This allows for streamlined ad creation, scheduling, targeting, and optimization, resulting in improved efficiency and time savings.

Precise Ad targeting

These servers enable businesses to target their ads to specific audiences based on factors such as demographics, location, interests, and behavior. This helps businesses to reach the right audience with the right message, leading to improved ad relevance and effectiveness.

Real-time Ad optimization

They offer real-time data and analytics that allow businesses to monitor the performance of their ad campaigns and make data-driven optimizations on the go. This helps in maximizing the impact of ads and achieving better results.

Enhanced Ad tracking and reporting

Ad servers provide comprehensive tracking and reporting capabilities that enable businesses to measure the success of their ad campaigns. This helps in understanding ad performance, identifying areas for improvement, and making informed decisions for future campaigns.

Improved Ad delivery and user experience

They ensure efficient ad delivery across various channels, ensuring that ads are served quickly and reliably to users. This helps in enhancing the overall user experience and increasing the chances of ad engagement and conversion.

Ad fraud detection and brand safety

Many ad servers offer ad verification and fraud detection features that help businesses to detect and prevent ad fraud, ensuring that their ads are displayed in safe and reputable environments. This helps in protecting the brand reputation and ensuring that the advertising budget is utilized effectively.

Flexibility and scalability

These servers have exceptional scalability, capable of accommodating a substantial volume of ads, making them well-suited for businesses of all scales. Moreover, they provide flexibility in terms of ad formats, channels, and targeting options, enabling businesses to tailor their ad campaigns to align with their requirements.

How to set up and use an advertising server

Setting up and utilizing an advertising server involves several key steps. Here’s a concise overview.

Choose a reliable service provider. Research and select a reputable advertising server service provider that aligns with your advertising goals and requirements. Consider factors such as their track record, features, pricing, and customer support.

Set up an account. It is essential to adhere to the onboarding process of the advertising server service provider and furnish the required information, including your website URL, payment details, and contact information.

Create Ad zones. Define specific areas on your website where you want to display ads, known as ad zones. These can be banner spaces, sidebar areas, or other designated sections. Set up the ad zones in your advertising server account, specifying their size, format, and placement on your website.

Upload Ad creatives. Create or obtain ad creatives, such as images, videos, or interactive media, that align with the ad zones you have set up. Upload these ad creatives to your advertising server account, ensuring they meet the specified requirements and guidelines of the service provider.

Set up targeting options. Configure targeting options in your advertising server account to ensure that ads are displayed to the right audience. This may include targeting based on geographic location, user demographics, browsing behavior, or other criteria, depending on the capabilities of the advertising server service provider.

Monitor and optimize performance. Regularly monitor the performance of your ads through the analytics provided by the advertising server. Analyze data such as impressions, clicks, conversions, and revenue to assess the effectiveness of your campaigns. Use these insights to optimize your campaigns, such as adjusting targeting options, ad creatives, or ad placements, to improve results.

Adhere to advertising policies. Ensure that your ads comply with the advertising policies and guidelines of the advertising server service provider, as well as relevant industry regulations and standards. This includes avoiding fraudulent or deceptive practices, respecting user privacy, and adhering to copyright and intellectual property rights.

By following these steps, you can effectively set up and utilize an advertising server to monetize your website and deliver targeted ads to your audience. Always remember to choose a reliable service provider, create compelling ad creatives, target the right audience, and regularly monitor and optimize your campaigns for maximum effectiveness.

Conclusion

An advertising server is a versatile tool that can offer businesses a competitive edge in the dynamic digital economy. It allows companies to manage, monitor, and optimize their advertising campaigns more successfully, helping them reach their desired audiences faster. With the right setup and use of an advertising server, businesses can take advantage of the numerous benefits it provides. 

As technology evolves rapidly and the advertising world continues to change,  having a robust marketing strategy becomes increasingly critical for businesses. It’s an exciting time for businesses when they invest in this technology; it could be just what they need to increase their online visibility and drive more business their way.

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