Mike Parham

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No business is ever a total failure if you’ve learned something from it. It’s a sad reality that many businesses will fail — in fact, around 18 percent of businesses tend to fail within their first year of operation. However, a failing business doesn’t have to be a total loss for an entrepreneur. There are often many valuable lessons to be learned from a failed business — whether it’s your own or another brand’s. The key is figuring out what those lessons are and how you can apply them to your next business venture. As leaders in the culture space, the members of Rolling Stone Culture Council have seen many businesses come and go. Below, they share the notable lessons they've learned from the failure of a business and how that has impacted how they lead now.

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Cutting costs might mean adding smarter solutions. As the cost of doing business rises, more and more business leaders are looking for ways to save money across their operations. Whether it’s quick fixes like eliminating unused subscriptions and tech or more long-term plays like retaining loyal talent, there are seemingly limitless cost-cutting measures you can employ to give your budget a little more wiggle room. To offer up their own recommendations, the business leaders of Rolling Stone Culture Council outline the top money-saving tips that have worked for them and explain why other businesses should implement these strategies for themselves.

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Try out one of these expert-recommended tips for a more successful end of year. The holidays is arguably the most fast-paced season of the year for businesses, as customers are focused on getting great deals and finding the perfect gifts for their loved ones. For business leaders, it’s the perfect time to try to slow down and connect with customers on a different level — as well as remind them why they love your products or services.  Because determining how best to market your business during the holidays can require a little more creativity than perhaps other times of the year, eight members of Rolling Stone Culture Council chime in with their advice below. Consider implementing some of the following initiatives these business leaders found success with or use their ideas to inspire some holiday cheer of your own.

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By resolving creative differences, you can unlock the potential of collaborative leadership. In a dynamic culture space, clashes of creative visions are inevitable among leaders in the business. These differences can stem from varying perspectives, artistic preferences or strategic approaches, among other reasons. However, resolving such conflicts and finding common ground is crucial for maintaining a harmonious and productive work environment. Below, Rolling Stone Culture Council leaders explore practical tips and strategies to navigate creative differences and foster collaborative solutions that honor diverse viewpoints in the workplace.

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Leadership can be stressful, but these simple practices can help business leaders better manage their mental health.  Leading a company can be an exhilarating and fulfilling experience, but it also comes with its fair share of challenges and pressures. When you’re a business leader, maintaining good mental health is crucial for both personal well-being and effective decision-making.  To that end, 17 Rolling Stone Culture Council members explore some proven strategies business leaders can employ to manage their mental health amid the challenging demands of their roles. From regular exercise to setting boundaries to seeking support and fostering a positive work culture, these strategies can encourage a healthier and more resilient approach to leadership.

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With so much noise on social media, a strong and well-planned strategy is the key to standing out. Social media has revolutionized the way businesses interact with their customers and followers. Nowadays, it's not just about selling products or services, but also about building relationships and establishing trust with your audience. This is where an effective social media plan comes in. By implementing the right strategies, businesses can engage with their customers and followers on a deeper level, which can lead to increased brand loyalty and advocacy. Below, 10 members of Rolling Stone Culture Council share the different social media strategies any business can use to build better relationships with their customers and why they are so effective at doing so.