#AskPeshev 182: Here's An Open Invitation (For Now)

#AskPeshev 182: Here's An Open Invitation (For Now)

March 01, 2023

If the reason why you wanted to be an entrepreneur is that you wanted freedom by being your own boss and managing your time yourself, chances are that you have the wrong idea about entrepreneurship.To be an entrepreneur means to have to hustle twice as much, if not more.This week's featured articles are about navigating entrepreneurship, dealing with changes, innovating sales and marketing, and handling stress. If you want to approach the biggest business problems and the core topics that need to be refined holistically, be a part of my community.It's an open invitation for now but I suggest you waste no more time to get first dibs on the most generous community perks we have in place.Why?Early adopters get access to more answers and strategy from me. As much as I'd like to be able to allocate endless time to everyone, helping 10-30 people is a lot easier than supporting 300+ people as the community grows.Starting early will benefit that. Just saying!Mario My Take Post Status: The WP Agency Journey With Mario Peshev Of DevriX — Post Status Draft 138In this episode, Mario Peshev, founder of DevriX, joins Cory Miller to discuss WordPress retainers, entrepreneurship, and the future of WordPress. Mario encourages agency owners to chase recurring revenue to build in the freedom to do quality work with the capacity to lead into your future vision for your business.Read more…

 Business Strategy 

  • DOW: 32,656 (-0.71%)

  • NASDAQ: 11,455 (-0.10%)

  • S&P: 3,970 (-0.31%)

*Economy numbers as of March 1st*

Nokia announced plans on Sunday to change its brand identity for the first time in nearly 60 years, complete with a new logo, as the telecom equipment maker focuses on aggressive growth.Read more… Management 

  • US GDP Q4 2022: +2.7%

  • January personal Income increased 0.6% ($131.1 billion), consumer spending  increased 1.8% ($312.5 billion)

  • US International Transactions: -$217.1 billion

* Statistics taken from the US Bureau of Economic Statistics *CMSWIRE: The One Marketing Metric That Keeps CMOs up at NightMarketing is an increasingly data-driven field, and the importance of metrics and KPIs (key performance indicators) can’t be overstated. But with so much available data, it can be difficult to determine which metrics are the most important.Read more… Recruitment 

  • UK Employment rate estimated: 75.6%

  • UK unemployment rate estimated: 3.7%

  • UK Economic inactivity: 21.4%

*  Statistic taken from UK Governemt's Office for National Statistics  *BBC: Are We Done With The CV Gap Taboo?One of the major shake-ups in the changed world of work has been huge swathes of the workforce leaving their posts, voluntarily or not. Furloughs and layoffs through spring 2020 left many employees out of full-time jobs, while The Great Resignation saw 47.8 million US workers quit their jobs in 2021 alone – many of them without other positions explicitly lined up. In the UK, by June 2022, there were 1.7 million economically inactive people looking for work.Read more…

 Breaking News 🚨

  • Chicago voters deny Mayor Lori Lightfoot another term as Paul Vallas and Brandon Johnson advance to an April runoff for the city's top job

  • At least 26 people have been killed and dozens are injured after two trains collided in northern Greece, authorities say

  • President Biden will nominate Julie Su to serve as Labor secretary, according to sources

 Marketing 

  • Ad spending in the Social Media Advertising segment is projected to reach US$268.70bn in 2023.

  • Ad spending is expected to show an annual growth rate (CAGR 2023-2027) of 9.40%, resulting in a projected market volume of US$384.90bn by 2027.

  • In global comparison, most ad spending will be generated in China (US$96,030.00m in 2023).

*Statistics taken from Statista's "Social Media Advertising - Worldwide" *

In the early days of direct-to-consumer (DTC) brands, we saw companies engage in innovative tactics to earn media and PR to help them achieve organic (as opposed to paid) marketing. Casper, the online mattress seller, created Nap-Mobiles which allowed potential customers to try out their beds. Airbnb (then still AirBed and Breakfast) created special edition cereal boxes that generated buzz and revenue. 

 Sales 

  • Salesforce Inc. (CRM): $163.61 (+0.29%)

* Statistics relevant to February 28th close *

Selling is the one thing Salesforce CRM 0.29% has long excelled at. Until recently. The company founded by salespeople to make software for salespeople is in the midst of the worst sales slump in its history. Revenue growth for the fiscal fourth quarter ended January is expected to fall below double-digits for the first time since Salesforce went public in mid-2004. 

 Featured Story of the Week 

The average tenure of a CEO is under 7 years. 😲 SaaS companies take 9 years to exit - and B2C businesses take around 7 years as well (per Crunchbase research and S1s before IPO.) A Harvard Business Review survey suggests that CEOs should step back/down after 9.5 years on average - when productivity plateaus. 🤔 There's a lot to unpack here.