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Why Being a More Generous Leader Will Create a More Successful Business
Opinions expressed by Entrepreneur contributors are their own.
It’s a common perception of company culture; images of trendy startups with perks like swag, free snacks and nap pods often come to mind — a scene reminiscent of Google’s early days. However, for us at Market Veep, the value of “give generously” wasn’t initially formally part of our core ethos. It wasn’t until several years into our growth journey that we recognized something crucial was missing.
Here’s how we stumbled upon this realization: hiring experiences. We brought several individuals on board; it became swiftly apparent that their inclination towards generosity — be it with their time, knowledge or support for colleagues and clients — fell short of our expectations. It became a constant conversation, and we kept thinking, “shouldn’t this just be the standard of how people work with each other?” There was no denying that their values differed greatly from the company’s. It did not make them bad people, but they were not a company culture fit. That’s when it hit us: we needed to make “give generously” a core value formally. It’s now interwoven throughout our entire ecosystem..
One of my favorite interview questions is, “What is the last nice thing someone has done for you — and on the flip side, what is the last nice thing you have done to brighten someone else’s day?” Some things people have said that made my heart grow three sizes:
- Made homemade soup for their sick neighbor.
- They brought their roommate a lunch they had forgotten at home.
- Spent time with their elderly grandparents cleaning their house.
- Donating time to the local shelter.
For me, it’s not about the big gestures. It’s about the small details, the accumulation of many small “cares” that add to an embodiment of kindness and freely giving it. Similar to anniversaries, birthdays and holidays, they come around a couple of times a year — but wouldn’t you feel so special if every day felt like your birthday? Many companies we talk to say I’d love to do that, but I don’t have the budget for that. I’ll tell you a secret: it’s not about the money.
When we had no budget, we did things such as :
- Smiley balloons on employee appreciation day on everyone’s chair as a surprise when they come in.
- Post it notes on their computers.
- Take off your birthday paid time off.
- Bike rides around the complex.
- Pumpkin painting.
- Halloween contest.
- Valentine’s Day cards as a team to the people who lived at the senior center.
Here’s the beauty of it: many times, it’s the free things or minimal expenses that people end up valuing more, finding more profound connections with and building memories off of. There is a huge misconception about saving up to do one to two big things to show your team you love them, but think about all the time in between, months on end, without telling them you care. Would you not tell your kids you love them every day?
Now, things are different than before pandemic. We had a physical office, so the sky was the limit. Once the pandemic happened, it was a whole new evolution, and learning how to build a team, create happiness and give to them generously without physically being able to hand them something. It also introduced a new obstacle to measuring happiness through a computer screen. It’s a lot easier when you can read body language in person, notice if they are quieter throughout the day, etc., but when we started hiring all over the country, it made it a challenge. The pandemic taught us a lot about generosity and gratitude. As much as it was one of my most challenging times as a leader, it was also, by far, a period that taught me the most. I’ve seen the amazing character of people and their mental strength. Their ability to bind together to find solutions to difficult problems. Their kindness when there are difficult conversations. Their giving spirit when organizations barely had enough for themselves but still continued to support others.
Even when unsure of what would happen, we promised to continue giving generously because kindness always wins. Someone is always worse off, has more struggles, and needs something you may take for granted daily. Giving generously helps us stay humble and focus on others’ needs above our own. It reminds us we are fortunate.
- What it looks like now
- Flexible hours.
- 45 days off a year.
- Sabbatical and a bonus for longevity.
- Half-day Fridays.
- Cookies in the mail for spotlight moments.
- A 401k match.
- Bereavement.
- Personal time.
- Happy hour Fridays.
- Paid volunteer time off.
- Medical, dental, eye.
- Life insurance.
- Health advocate services.
- Work-from-home stipend.
- Paid training and certifications.
- Meditation as a team before the day starts.
It’s not always about presents — it’s also about understanding where someone is in life. Your team shows up to help each other and the company, but it is not the driving factor of their life. When you see someone struggling, it’s more impactful to say, “Hey, how can I help? It seems like you have a lot going on. It’s just work. We’re not heart surgeons. Please get offline and take care of XYZ.” We’ve had people want to come in a day after a family member passed away, work from their family vacation or take meetings from a hospital. Respect and protect your team’s time, mental health, and boundaries. Give generously to them, and they give generously to your company, your team and your clients. Be their advocate even when they think work is more important.
Have you considered what your team needs to live a generous life? What makes them feel appreciated? How can your company build deeper relationships and help them live their best lives? Think about the moments in your life where you felt the most cared for, supported and ultimately most appreciated. Because no one ever says, “I want to work someplace where I don’t feel appreciated.” Then, take it one step further and ask your team. Start a dialogue, and you’ll be amazed at how creative and thoughtful the ideas will be. Keep your focus on giving generously, and you can’t go wrong.
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Cut Costs, Not Features with This Microsoft Bundle Deal
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.
For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.
While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.
However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.
For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.
Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.
Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.
If you need a productivity boost without eating into savings, take a closer look at this bundle.
Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).
StackSocial prices subject to change.
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3 Trends That Will Change the Future of Entrepreneurship
Opinions expressed by Entrepreneur contributors are their own.
The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.
Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.
I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.
Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.
Related: 21 Success Tips for Young and Aspiring Entrepreneurs
1. Young entrepreneurs on the rise
For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.
These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.
However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.
2. Tech gender gap narrows
One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.
This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.
3. Optimistic outlook for Black and Hispanic entrepreneurs
Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.
Related: I Wish I Received This Advice as a Young Entrepreneur
A promising future
Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.
Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.
The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.
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These Are the Top Side Hustles to Work Less, Make More Money
In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.
A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.
The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.
The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.
The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.
Quicken conducted the survey online, gathering responses from more than 1,000 Americans.
Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.
Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know