AI-powered shopping, plus Starbucks stores are getting a redesign.

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BizTV

A roundup of entrepreneurial articles, business news, broadcast announcements, and columns by BizTV personalities. Happy reading!

 
 

Visa and Mastercard Unveil AI-powered Shopping

Artificial intelligence is not just infiltrating the startup world. Now, credit card giants Visa and Mastercard are getting into the AI game. Visa announced on Wednesday “Intelligent Commerce,” which it says enables AI “to find and buy". Click Here To Learn More

 

Starbucks Is About To Uplift 2,000 Stores With A New Design

Starbucks held its quarterly earnings call Tuesday, during which CEO Brian Niccol highlighted a slew of design steps the company is taking as part of its overall turnaround strategy. Click Here To Learn More

 
 
 
 
Dave Says

Dave, I have a cleaning and restoration business with 30 employees. Last year, we brought in $3 million. Things are going very well overall, but considering what we do, I can get calls around the clock, seven days a week. I want to be there for my team as much as possible, but I’m also trying to get them to take on more responsibility and ownership when they’re on job sites. Do you have any suggestions?  - Joe

Joe,

When someone brings me a problem, and drops it on my desk, I tell them to pick it back up. In other words, I want them to look at the problem as theirs—not mine. Then, I ask one question: Based on what you know about our company, what do you think we would do to fix this? Sometimes they’ll be right, and sometimes they’ll be wrong. If they’re wrong, I’ll tell them to go back to their desk, and just quietly think for a few minutes. After, I want them to call me back with three possible solutions to the problem. I’ll explain which solution is the right one, and why. I’ll also explain why the other two weren’t the best ways to handle things.

Do you see what I’m getting at? They’re not going to grow if you solve every problem for them. Make them think it through. Because by doing this, you’re training them to make decisions. Do you know what else this does? It will eventually relieve you of being jarred awake in the middle of the night by a ringing phone. Joe, you’ve built a $3 million company. You’ve got a big team working with you and making big things happen. You shouldn’t have to answer phone calls around the clock.

Transferring the fire in your heart, and the knowledge in your head, to your team members sets everyone up to burn brighter and be more knowledgeable and self-assured. But you’ll need to intentionally shift your mindset from stepping in and doing the work to leading it. Start seeing yourself more as a catalyst, a coach and a consultant, rather than the muscle for all the heavy lifting.

If this sounds hard, it’s because it is. Delegating, at first, is one of the hardest things you’ll ever do in your business. But if you slow down a little to put the best delegation and problem solving processes in place now, you’ll be able to move—and grow—even faster later.

Great question, Joe!

 
 
 
 
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Wednesday 8:00pm and 8:30pm ET/PT on BizTV.

 
 
 

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Student Loan Borrowers Would Have 30 Years Of Debt Under New GOP Plan That Guts Loan Forgiveness

WASHINGTON, DC - APRIL 10: A new GOP proposal would make significant changes to federal student loan forgiveness and repayment programs. Click Here To Learn More

 
 
 

Did You Know?

  1. Did you know that in India, there's a massive lunch delivery system called the Dabbawala that delivers over 200,000 homemade meals daily—with an error rate of less than 1 in 6 million? 
    Harvard even studied this hyper-efficient business model.

  2. Did you know that in Dubai, there's a business that offers gold from ATMs?
    Gold-to-Go machines let you buy real gold bars or coins just like a snack or soda.​

  3. The Impact of Initial Funding on Business Success A study analyzing 50 million American companies found that securing at least $1 million in funding before launch increases a company's probability of success by 25 percentage points.

 
 
 
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