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Cal Wilson / June 19, 2023

Combatting self-doubt as an entrepreneur

Self-doubt is a huge obstacle many face in their entrepreneurship journey. It can prevent us from taking important steps forward, impact performance, and can even negatively affect the way others view us. While a degree of self-doubt and insecurity is a part of being human, letting it hold you back from success helps no one.

What is self-doubt and where does it come from?

Doubt is a lack of trust, certainty, or conviction; in the case of self-doubt, that’s directed inward. Even if, on some level, you’re aware of your skills and assets, there’s an underlying nagging sense that you’re not going to succeed or you can’t accomplish your goals.

There are many potential culprits behind a person’s self-doubt:

  • Negative self-talk – even if it seems in jest, putting yourself down and focusing on your weaknesses can have a long-term impact on your confidence.
  • Past experiences – our brains pay more attention to negative experiences, like failures, than positive ones, like when things go smoothly.
  • Comparison to others.
  • Perfectionism – holding yourself to impossible standards makes achievable goals seem out of reach.

There are a lot of reasons why a person might be generally insecure,  but when it comes to someone’s career, these factors are certainly counterproductive.

How is self-doubt holding you back?

On top of it being simply unpleasant, there are a lot of ways self-doubt is holding you back when it comes to business. Here are just a handful of the consequences to self-doubt in business:

  • Reduced capacity for logical decision making, causing indecision, second-guessing, and potentially even missed opportunities.
  • Increased anxiety and stress.
  • Decreased confidence and self-esteem.
  • Hindered personal growth, due to fear of taking risks, trying new things, and having experiences outside your comfort zone.
  • Increased strain on personal and professional relationships.

All these facets are incredibly important to business success. Sharp, rational decision making is a crucial skill for any entrepreneur. Confidence and self-esteem are often needed to make successful pitches or stay afloat during hard times, while increased anxiety and stress can lead to the opposite. Personal growth is tantamount to growing your career and business, and fostering strong relationships is also critical in that process.

All of this to say, to thrive, you need to find a way to combat self-doubt.

First, identify the source of your self-doubt.

If you’re caught in a loop of self-doubt – maybe it’s about going into business, or maybe it’s anxiety before a pitch to a prospect – you have to stop and identify the source.

Are you focusing on a similar time in the past that went poorly? Do you not have enough information to move forward comfortably? Are you, in general, paralyzed by a fear of failure? All of these may be valid concerns – but can be addressed productively to move forward.

Arm yourself with information.

If the issue is that you just don’t feel like you have enough details to comfortably move forward in a given business scenario, then combat your doubt with information as your weapon.

Educate yourself on any relevant topics, seek details and clarifications, and answer any questions you might have that could contribute to your self-doubt.

There is always a risk of ‘paralysis by analysis’ so do identify that line if you can, where more information is valuable, or just your way of feeding your self-doubt. That’s not an easy task, but an imperative one.

Don’t dwell on negative memories.

Easier said than done, right? Well, chances are, if you were able to remember everything neutrally, there would be a higher number of times when things went well compared to when things went poorly. While our brains are easily drawn to the bad, if you take the time to list all the times things went well, where you succeeded and achieved your goals, you’ll find confidence comes a bit more naturally.

Take the leap.

If you’re stuck in the limbo of self-doubt and indecision, rip off the band-aid. Break the anxious thought loop and do what needs to be done. You can’t be successful without taking a risk.

Seek support where it is helpful, and not a crutch.

Dealing with self-doubt is a universal human experience. Chances are there are other people in your circle who have experienced the same thing. Whether it be a close friend, a family member, a peer, or a colleague you can trust, opening up and talking about your self-doubt can be the first step in resolving it.

The important thing to remember is to choose people who will be honest with you about your strengths and weaknesses, as well as challenge you to take those next steps and get outside your comfort zone, not hold you back. The world is full of naysayers, so take care here to consider opinions but trust yourself in the end to decide what’s best for you.

In conclusion…

Falling prey to self-doubt – while a normal human experience – only holds you back when it comes to your entrepreneurship journey, or any other journey for that matter. Finding strategies to combat it will improve your confidence and decision making capacity, all while opening you up to new opportunities.

Cal Wilson / June 14, 2023

You can’t have success without taking risks and making choices

Going into business is a calculated risk. So is moving to a new city for a new job, applying for a position outside your comfort zone, or asking for a raise you believe you deserve. When considering your future career goals and entrepreneurship, planning on taking calculated risks is critically important.

Opportunities for growth.

Canadian writer and motivational speaker Robin Sharma once said, “If you’re not failing a lot, then you’re not doing very much.”

That’s because taking risks, trying new things, and experiencing small failures, is all a part of the larger journey towards success.

Taking risks opens new opportunities for professional and personal growth. Any time we do something that puts us outside our comfort zone, we open ourselves up to acquiring new skills and valuable learning experiences, all of which increase our likelihood of future successes.

Failure isn’t failure unless you say it is.

Stimulating innovation and creativity.

Risks often involve trying new things, using new methods, considering new perspectives, and thinking outside your norm. This can lead to breakthroughs that inspire innovation and creativity. New approaches not only develop your own existing skillsets but could also lead to wins on professional projects.

Adversity is a terrible thing… to waste.

For example, trying a new method of completing a project or a new sales pitch may not only show you an alternative path forward to success, but can also offer valuable insights into what works for the future you want to build.

Increasing your professional visibility.

You’ve heard the expression, “fortune favors the bold?” Well, that’s because boldness and taking calculated risks can get you noticed, where others may fly under the radar.

Taking risks can help you get noticed by others in your industry or organization. When you take on challenging projects or roles, you increase the likelihood of gaining visibility and recognition for your work, which can lead to increased opportunities, networking, and career advancement.

Avoiding career regret.

No one likes being left with a heap of “what ifs”. We often regret the risks we didn’t take more than the ones we did. By taking calculated risks, you are giving yourself a chance to pursue your goals and aspirations, and you are less likely to wonder later in life what could have happened if you had taken that chance.

Entrepreneurship is a risk.

If you’ve ever dreamed of owning your own business, the factor stopping you from getting there might be the potential risk. Risk of failure, of losing money, of not enjoying it the way you thought; these are all variables to account for. However, to be successful, you need to take those risks.  You can’t have one without the other.

There will always be risks in your professional career – some worth taking, some not. However, the biggest folly can be to resign yourself to never taking any calculated risks. There are lots of reasons why a well-planned risk will be in your favor.

Cal Wilson / June 12, 2023

High-risk merchant accounts and your payment processing fees

If you’re a business that accepts card payments, especially online, you may have encountered the term ‘high-risk merchant account.’ This can be a nerve-wracking term to hear, especially if it applies to you and your finances. So, what is a high-risk merchant account, and how does being labelled as one impact your payment processing fees? In this article, we take a look.  

What is a high-risk merchant account?  

A high-risk merchant account is what your processor may require you to operate under, depending on certain characteristics about your business. These characteristics are what the processor would typically associate as a higher risk for chargebacks and fraud.  

What makes a business high risk? 

Ultimately, it’s up to the processor’s policies. Some processors base it off particular industries, marking firearm, tobacco, cannabis, and other kinds of sales as high risk. International sellers are often also marked as high risk.  Since there is no governing body deciding what is high risk, every processor’s rules are going to be a bit different.  

Some other common risk factors include: 

  • Subscription-style payments plans. 
  • Being on the Member Alert to Control High-Risk Merchants, or MATCH list — a list managed by Mastercard that monitors merchant behavior, like chargeback history. 
  • High average transaction sizes. 
  • High sales volumes. 
  • A large number of card-not-present transactions, such as online or over-the-phone purchases. 
  • Little to no business experience. 
  • Long fulfillment time frames. 
  • Poor credit. 
  • Past fraud or illegal activity. 

What industries are labelled high risk? 

Again, it’s going to be up to the individual processing company, but there are some industries that have a greater likelihood of making those lists. These include, but are not limited to: 

  • Adult products or services. 
  • Bail bonds. 
  • Automotive parts and accessories.  
  • Regulated industries, like tobacco, cannabis, liquor, firearms, etc.  
  • Debt collections and credit repair. 
  • Online dating services.  
  • Dropshipping.  
  • Weight loss and dieting. 
  • Pawn shops. 
  • Online gaming and casinos.  
  • Travel and vacation.  

The high-risk label might impact your bottom line.  

On top of annoying you with a lengthier application process, being labelled high risk by your processor also comes with potential financial repercussions. These can include: 

  • Higher card processing fees. 
  • Higher chargeback fees.  
  • Cash reserve requirements – where the processor might hold onto some of your revenue as a hedge. 
  • Processing volume caps. 

None of these are ideal for your business, especially if you’re a new company trying to get off the ground and become profitable.  

What can you do?  

Unfortunately, you need a card processor, and you can’t always control the variables that mark you as high-risk. If it looks like this might end up being you, there are steps you can take to reduce your risk level, such as implementing policies to reduce chargeback levels and working towards improving your credit rating.  

It’s also important to note that many processors will try to lock high-risk accounts into longer-term contracts. Why wouldn’t they if they’re charging higher rates, right? If you’re signing a new contract, or stuck in a contract you’re unhappy with, working with an independent professional to review your card processing environment could be extremely beneficial.  

In conclusion… 

Every payment processor has different rules for what makes a business a ‘high-risk’ account. Falling into that category, regardless of whether or not it’s in your control, can impact your payment processing fees, and therefore, your business’ profitability.  

Cal Wilson / June 6, 2023

How do you cultivate innovation in the workplace?

In any business or organization, innovation is important for a number of reasons. Be it creative problem solving, new marketing methods, strategies for employee retention, or any number of important leadership initiatives, innovation is key.  

In this issue of the Pulse, we look at ways employers and managers can cultivate innovation in their workplace.  

Innovation starts at the door.  

Hiring a wide range of applicants, from different backgrounds and experiences, is critical to fostering a culture of innovation. This brings a multitude of perspectives to your team, which is key in sparking innovation.  

It’s important to be aware of this because many of us unconsciously tend to hire people with similar backgrounds and thought processes to our own. But, as innovation strategist Alex Gonzalez told the World Economic Forum (WEF), it’s dangerous “not to bring a multitude of voices, values, thought mechanisms, needs, and belief systems to the innovation gallery.” 

Be committed to constant learning.  

According to Deloitte, “high-performing learning organizations” are 92% more likely to innovate. Meaning, along with having a Learning & Development team on staff, it’s important to be committed to the lifelong learning and skill development of each member of your staff.  

This includes ensuring employees have access to the necessary resources, such as time, tools, training, and technology, to pursue innovative ideas and skills-development.  

Foster openness, belonging, and collaboration.  

Innovation is a natural conclusion of inclusive, supportive teamwork. It can only result within an organization where belonging, acceptance, and collaboration are a priority. The security that comes with a sense of belonging and acceptance leads to curiosity, which then fosters innovation.  

Your organization can help foster this kind of environment by encouraging open communication and valuing and acknowledging employee input, ideas, and feedback.  

Resist micromanagement.  

The death knoll of innovation can often, unfortunately, happen when middle management micromanages their staff.  

According to the WEF, “micromanagers tend to use the authority of their position to control how work gets done, create unnecessary bottlenecks, and focus on employees’ weaknesses and failures. All of this has a negative impact on engagement, productivity, and teamwork.” 

Encourage risk-taking.  

Innovation can only happen when employees feel safe to experiment, make mistakes, adjust, and try again. That’s part of why micromanaging is so detrimental. If your employees don’t feel safe to take risks, they will never progress, innovate, or come up with solutions to new problems.  

Recognizing and rewarding this innovation is critical in encouraging more, as well. Celebrate successes and publicly acknowledge individuals or teams who have made significant innovative contributions. 

Establish cross-departmental collaboration.  

It’s important to foster collaboration and knowledge-sharing across different departments and teams. Encourage employees from diverse backgrounds and skill sets to work together on projects, as this can lead to fresh perspectives and innovative solutions. 

In conclusion… 

Innovation is crucial for the longevity of any business or organization. There is a lot you can do, as an employer or manager, that unintentionally stifles innovation. Proactively taking steps to foster curiosity, problem-solving, and collaboration among your staff will greatly aid overall innovation.  

Cal Wilson / May 29, 2023

Is textile recycling a future business standard?

A common material to end up in landfills, despite its recycling potential, is textiles. In fact, fewer than six percent of large cities in the United States accept discarded textiles in curbside recycling bins. It’s not a service that is widely available to the public, despite a pressing need to keep textiles out of landfills.  

For businesses that deal with textiles, recycling these materials might become a consumer expectation sooner rather than later, as the push for sustainability impacts shoppers’ decisions.  

How are textiles recycled? 

Textile recycling typically follows these steps: 

  1. Collection, where used textiles are gathered from various sources, either via drop-off points, curbside pickups, or dedicated recycling centers. 
  2. Sorting, where the collected textiles are sorted based on their material composition, condition, and potential for reuse. Items in good condition may be sorted for resale, while damaged or unusable textiles are set aside for recycling. 
  3. Cleaning, where the textiles suitable for reuse are washed or dry-cleaned to remove dirt, stains, and odors.  
  4. Reuse and resale, where the cleaned textiles are sold for reuse in secondhand stores, consignment shops, online platforms, or exported to other countries where there is a demand for used clothing. 
  5. Recycling, where the textiles not suitable for reuse are processed for recycling. 
  6. Manufacturing, where the recycled fibers or materials are transformed into new textile products, such as clothing, home furnishings, insulation, automotive textiles, or industrial materials. 

There are three main methods of recycling: 

  • Mechanical recycling, common for cotton, wool, and synthetic fibers, where textiles are shredded or torn into fibers and then spun into new yarns or fabrics. 
  • Chemical recycling, where chemical processes are used to break down textiles into their basic components, such as fibers or polymers, which can then be used to produce new textiles, plastics, or other materials. 
  • Fiber regeneration, a special technology that can regenerate fibers from old textiles. 

Companies are beginning to invest in textile recycling.  

As sustainability efforts become more important for the planet, and for brand reputation, more and more companies across the textiles industry are investing in recycling programs.  

Most recently, athleisure wear brand Lululemon invested in Australian recycling company Samsara Eco. According to PYMNTS, Lululemon and Samsara Eco “will collaborate to make recycled nylon and polyester from the apparel waste generated while producing Lululemon’s athletic apparel and use it to create brand-new apparel.” 

Other examples include: 

  • Swiss sportswear brand On has a subscription program where customers get an endless supply of running shoes, provided they return worn-out pairs to be recycled. 
  • H&M offers a program called ‘Close the Loop’ which allows customers to bring clothing to any in-store recycling bin and receive a coupon to use toward their next purchase. 
  • Zara-owner, Inditex, has a sustainability initiative called ‘Zara Preowned’ which lets customers prolong the life of their clothing by either having it repaired, reselling it, or donating it. 

With more big names adopting these kinds of incentives, it seems reasonable to assume that textile recycling is going to continue to be at the forefront of the apparel industry.  

Textile waste is on the rise.  

The push for more textile recycling options is incredibly timely, as textile waste rates are only rising.  

In the United States alone, textile waste has increased by 80% over the past 20 years and is the country’s fastest-growing waste stream. That amounts to over 30 billion pounds of textile waste being burned and dumped every year. 

In conclusion… 

Textile waste is a growing problem, and consumers don’t always have easy access to recycling solutions. Some apparel brands are leading the charge to offer textile solutions to their customers, as a part of a rising cultural shift towards sustainability. As green initiatives become more and more present in shoppers’ minds, these recycling incentives may become a standard expectation.  

Cal Wilson / May 23, 2023

The importance of self-investment

“One of the best pieces of advice I ever received from a business advisor was to always invest in myself,” Candice Georgiadis, founder of Digital Day, once told Forbes. “This meant continuing my education and learning new things in order to stay ahead of the competition. Not only did this advice help me professionally, but it also helped me grow as a person.” 

Often, we are instilled with the belief that we have to give everything we can to outside forces; organizations, jobs, causes, people. However, it is just as important, if not more, that we invest time and effort into ourselves. 

In this issue of the Pulse, we examine what that looks like, and why it’s important.  

What does investing in yourself look like? 

While this is going to depend on each individual person and their goals, investing in yourself generally means putting time, money, and energy into your present and future. This could mean advancing your skills, taking the time for therapy, participating in a hobby, or working towards fitness goals. It could also mean taking steps towards career advancement, whether or not that is at your current place of employment.  

It’s easy to rationalize yourself out of truly committing to self-investment. With so much going on in our professional and personal lives – and with evolving tech increasing productivity, less time away from our work – investing in ourselves often gets deprioritized compared to things that feel more urgent.  

Like a financial investment, the yields gain over time.  

While making the decision to alter your routine in order to practice self-investment may seem difficult, or like adding more to your plate, it can have some pretty significant returns. They include: 

  • Building self-confidence and self-esteem. 
  • Improving old skills or acquiring new ones. 
  • Developing a refreshed sense of purpose or motivation. 
  • Building connections with likeminded individuals. 
  • Strengthening your adaptability/resiliency to change. 

In turn, all these gains lead to new or better career opportunities, promotions, increased satisfaction, and financial success.  

How do you start? 

If you’re looking to invest more in yourself, here are some concrete ways to begin: 

  • Set goals, write them down, and stick to them.  
  • Dedicate specific time each week to learning new things – this could be via books, podcasts, online tutorials, or in person classes.  
  • Make small, meaningful changes to your routine that you can hold yourself accountable for.  

In conclusion… 

It’s easy to forget to prioritize yourself. However, in the long run, self-investment has better returns than giving all of your effort to external causes.  

For financial, personal, and professional success, begin investing in yourself as soon as possible.  

Cal Wilson / May 15, 2023

The food and beverage industry and compressed gases

Compressed gases are an expense you might not think about very often. However, for the food and beverage industry, compressed gases like liquid nitrogen and carbon dioxide ensure health standards are met and operations run smoothly.  

In this article, we look at how compressed gases help power the food and beverage industry.  

Carbon Dioxide (CO2). 

CO2 is the most common compressed gas used in the food and beverage industry. It has a multitude of different applications, including, but not limited to: 

  • Drink production – most obviously, carbonated drinks need CO2 for that fizzy quality many of us enjoy. Carbonation also prevents drinks from spoiling during storage.  
  • Preservation of grains, fruits, and vegetables – when these foodstuffs are harvested and stored, they are often susceptible to pests. Adding CO2 to the facility helps protect them by killing insects or pests without leaving any harmful toxins on the foodstuffs that could impact consumers.  
  • Atmosphere control – adding CO2 to a storage environment through Modified Atmosphere Packaging (MAP) or Controlled Atmosphere Packaging (CAS) also helps keep perishables like fruits and vegetables fresh for a longer period by preventing ripening, toughening, and mold growth.  
  • Livestock slaughter – CO2 is used to immobilize animals before slaughtering. Using CO2 increases the blood pressure of the animals, resulting in better quality meat. 
  • Cryogenic freezing – this method of refrigeration uses CO2 because it’s faster, ensuring that the meat is better preserved without losing taste or texture. Products like meat, fruits, baked goods, dairy products, and more can all be stored with CO2 freezing.  
  • pH level control – CO2 can be used to control the pH level of certain products, such as fruit juices and wines. When CO2 is dissolved in water, it creates carbonic acid, which can be used to adjust the pH level of a product. 

Nitrogen (N2). 

Nitrogen gas is an inexpensive, widely available option for various processes in the food manufacturing and packaging industries. These include:  

  • Atmosphere control – like with CO2, N2 can be added to packaging and manufacturing environments to preserve freshness, protect nutrients, and prevent aerobic microbial growth.  
  • Aeration – nitrogen gas is used in the aeration process, which gives certain foods, like chocolate bars, a special texture and consistency.  
  • Beverage processing – for alcoholic beverages, N2 is often used to regulate the fermentation process, which helps preserve the flavor and aroma of the final product. 
  • Pressurization – a food processing method that inactivates spoilage microorganisms and foodborne pathogens. 

Oxygen (O2). 

Oxygen is an increasingly popular choice in the food and beverage industry due to environmental concerns and evolving regulatory standards. Oxygen is an alternative for several of the previously mentioned applications, including aeration and fermentation.  

Other gases commonly used.  

C02, N2, and O2 may be the most commonly used compressed gases in the food and beverage industry, but they are by no means the only ones used. Others include: 

  • Nitrous oxide as a pressure dispensing agent. 
  • Propane for aeration or propellant. 
  • Iso-butane as a propellant. 
  • Ethylene as a fumigant. 

In conclusion… 

Across all sectors of the food and beverage industry, compressed gases are integral in maintaining quality and safety.  

Cal Wilson / May 15, 2023

How to Help Employees With Disabilities Thrive

Did you know, companies that prioritize disability inclusion tend to be more profitable overall? The latest video from the TED series, The Way We Work, looks at some of the ways businesses and organizations can help disabled workers thrive, for the benefit of everyone. Watch below for some great tips and insights.

Cal Wilson / May 3, 2023

How to lead in a crisis

Humility, transparency and urgency are the keys to successfully steering an organization — big or small — through the challenges that come your way.

In this issue of the Pulse, we share a video from the TED series “The Way We Work” wherein leadership expert Amy C. Edmondson provides clear advice and examples to help any leader rise to the occasion.

Cal Wilson / May 1, 2023

Who is still faxing in 2023?

There is a whole generation of adults in the workforce who have never, or rarely, had to use a fax machine. Fax machines, or early iterations of them, have been around since the mid-1840s, and have been a critical technology in business communications and transactions ever since. But in the age of eSignature, 5G, and the cloud, why are we still faxing? 

In this article, we investigate the longevity of this crucial business technology.  

Faxes have standards. 

Since the 1980s, fax machines have been operating on an international technical standard. Meaning, fax machines (and other systems capable of fax transmissions) conform to all current and previous standards. Fax machines therefore never become too outdated to use, and compatibility is maintained across all models.  

Likewise, because these standards apply across the globe, fax is still useful in doing international business.  

Faxes are secure. 

Because faxing isn’t done via the internet, instead relying on the connection between two devices, it’s an incredibly secure way to send information. That’s what makes it the preferred method of industries like healthcare, legal, and more. In fact, as much as 70% of healthcare providers still choose to use fax, despite modern software alternatives.  

Faxes are regulation compliant. 

Because of the tight standards and security fax technology offers, fax is built into the regulations for some industries. Depending on the nature of the information being transferred, your organization may be required to use fax.  

They’re still included in many telecom service offerings. 

You may not think about faxes very often, but service providers and their business customers still do. Faxing – or an eFax solution – is included in modern VoIP service offerings. Businesses searching for comprehensive communications suites won’t have to look far to find fax solutions.  

Sometimes, it just comes down to habits.  

Whether it’s user preference, or a resistance to change established systems, some businesses use fax machines because it’s the way things have traditionally been done. If it’s not broke, right?  

eFax is an option.  

eFax is a service that allows users to send and receive faxes electronically over the internet. It eliminates the need for a physical fax machine and phone line, and instead allows users to send and receive faxes through email or a web-based interface. With eFax, users can send faxes as email attachments, receive faxes as email notifications with attached fax documents, or access faxes through a web portal.  

eFax services also often include features such as digital signatures, fax archiving, and the ability to send and receive faxes from multiple devices, such as computers, smartphones, and tablets. eFax is commonly used by businesses and individuals who still need to send or receive faxes but prefer a digital, paperless solution. While it provides convenience and flexibility, it may not be as secure as traditional faxing methods in certain aspects, due to the required internet component.  

In conclusion… 

The global fax services market is expected to grow at 11.03% per year until 2027. In other words, although faxing may seem antiquated, it shows no signs of leaving our business culture. Due to its consistent standards and practical uses, the fax machine is here to stay.