Category: Entrepreneurship

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Should you quit your day job to launch your startup?

Cul-de-sac startup is an interesting new model that gives us new perspective on the way we think about entrepreneurship and inspires many more people, despite of their age, to begin working on their ideas without to feel that they have to quit their jobs.

Cul-de-sac startup is an interesting new model that gives us new perspective on the way we think about entrepreneurship and inspires many more people, despite of their age, to begin working on their ideas without to feel that they have to quit their jobs.

“Get there early, stay late and enjoy the ride.” -Peter Lynch

During his TEDxMileHigh Talk, Peter Lynch, who is serial cul-de-sac entrepreneur and founder and CEO of Digital Fridge, introduces to us the main principles of the cul-de-sac model, which are as follows: Get exhausted – do not keep your capacity back; Get sticks – execution is the key to success, you need to start executing with what you have right now; Get to know your neighbors – you have to build strong community; Create longevity; and don’t forget the reason why you are doing all of this.

To learn more check out the video below and don’t forget to leave your comment in the comment section.

Image credit: http://thenextweb.com



This is why you need a co-founder for your startup

There are many things that you should consider before you launch your startup, but choosing should or should not embrace the idea of starting with a co-founder (in some cases even co-founders) is one of the essential decisions you must take.

As we like to check the examples set by successful companies and the choices their founders made, we see that there is no just one way to success, but there are certain similarities. Take a look at the tech giants like Microsoft, Apple, Oracle, Google, Facebook, Twitter – all of them started with two+ co-founders. It seems that co-founders are important, especially when we talk about venture funded tech startups.

We will talk about why it is good decision to have a co-founder for your startup and here we will have a look over some interesting aspects on the matter.

Same goals

The co-founders have the same interests and as they share everything related to their startup, they will share also the work load and will achieve better time-management performance. You share the same goals with the co-founder and this is what makes you stronger when it comes to achieving the set goals.

Two is better than one

Definitely two heads think better than one and this is great advantage because as a startup owner you need to take important decisions very fast, to monitor your business in every level of its existence and at the same time to work on the improvement of the business.



Trust

Any type of partnership is built on trust. The co-founders of the startup have the same interest in making the company successful. It is important to know that there is someone to watch your back and to share the fascinating, but otherwise lonely experience of the entrepreneurship. In a business world, ruled by sharks, it is good to know that there are people you can fully trust.

Team building

Your co-founder and you are the foundation of one stable team and your connection will be the example for all your startup employees. We all know that venture capitalists invest in strong, professional and serious teams. With the right co-founder you are one step closer to winning funding for your business.

Support

The pressure can be unbearable and the stress often takes control over the positive mindset of entrepreneurs. To achieve better balance and concentration in the workplace, having a co-founder is the most secure way to find your focus back and to get back on track.

Choosing to go solo or with a co-founder is a personal decision of the entrepreneur and depends on different factors – from personal qualities to the essence of the industry.

This article was originally published in startupist.com

Image credit: www.businessinsider.com.au





5 Things to know before starting a business with friends

Starting a business with your friends is incredibly rewarding, but it comes with its own unique challenges.

Starting a business with your friends is incredibly rewarding, but it comes with its own unique challenges.

You want co-founders who can push you, who can make you nervous — the sort of people whose intelligence and drive make you feel as though you’ve got to operate beyond your limits just so you aren’t playing catch-up. You also want them to know something you don’t. The right co-founders will have skills and expertise beyond the scope of what you know, which is what makes you a formidable team.

If you’re already friends with people like that, consider yourself lucky, but don’t think everything will be easy moving forward. Here are five lessons to know before starting a business with friends that should help you avoid some of the more obvious pitfalls:

1. Stay in your lane.

Define your roles, and do it early. When dealing with friends, taking a more collaborative approach toward everything feels natural. That may work to a point, but it’s better when everyone on the founding team can “own” a different portion of the business. Doing this right means understanding the strengths and weaknesses of the entire team, yourself included, and using that knowledge to clearly define everyone’s individual responsibilities. Once you’ve done that, don’t be shy about enforcing it. It’s OK to tell someone to back off of your work and to focus on their own.

2. Have the tough conversations early.

There can only be one CEO, one head of product, one head of sales, and so on. Once again, knowing your team’s strengths and weaknesses is key. What’s more, you can’t be afraid to have frank discussions about potentially touchy subjects like equity, salary, title, and job descriptions. The longer you put these off, the more challenging and uncomfortable they become.



3. Businesses are not democracies.

We’re taught as children to share and make compromises with our friends, and we’re also taught that democracy is the fairest form of government. News flash: a business isn’t a kindergarten classroom or a country, and fairness isn’t a priority for early-stage founders. “Benevolent dictator” is a much more accurate job description for you; when getting things off the ground, there isn’t time to run everything through a committee, and, frankly, some things just aren’t up for discussion. Take control and move the ball forward every single day. It’s safe and easy to put every little thing to a vote, but ultimately that’s a waste of time. You’ll get so bogged down in bureaucracy that your company will not accomplish anything.

4. New perspectives are crucial.

You probably have a lot in common with your friends. Similar backgrounds, personalities, and life experiences often make solid foundations for friendships, but can cause problems from a business standpoint. If you have a blind spot, chances are your good friends may share it, so make sure that your early hires are people who can give your business a shot of fresh ideas.

5. It pays to include everyone.

When starting a business with friends, your social life becomes a catalyst for innovation. A significant chunk of your idea sessions will end up taking place outside of the office, whether on the weekends, out at dinner, or at a local watering hole. This is a real asset to you and your team, but you need to be careful not to exclude newer team members who aren’t part of your longstanding circle — that’s just shooting yourself in the foot.

Here’s a sixth bonus lesson: Starting a business with your friends is worth it. Creating something from nothing and helping it grow is a fantastic experience, and it’s even better when you can do it alongside people you genuinely like. It isn’t always easy, and sometimes your strengths as friends can become your weaknesses as a business, but if you take that into consideration and plan intelligently you’ll be in a great position to succeed.

This article was originally published in Entrepreneur.com

Image Credit: www.yunicycle.com



7 ways to build a successful startup revenue model

A well thought out and credible revenue model connects the dots for potential investors.

Developing a revenue model for your business is perhaps the best step way to get and keep your startup financially healthy. A well thought out and credible revenue model connects the dots for potential investors.

How do you go about creating a solid revenue model? First, you need to figure out what revenues you can expect to generate. Even if you’re still at the pre-revenue stage, you should build a financial model that includes your revenue estimates. Financial forecasting can be done in one of two ways: projecting your numbers from the top-down or building your projections from the bottom-up.

Top-down forecasting definitely won’t generate realistic figures, but is still important to show investors when you are raising money. Top down forecasting starts with estimating total market size and then gauging the size of your target niche within that market. From there, you estimate the share you will capture at a ballpark figure for your revenue potential.

The better approach is to do a bottom-up projection. To do this, first decide which indicators will have the greatest impact on your revenue over the next year or so. Next, figure out how much you need to spend to reach your revenue and development targets and what your key revenue drivers are. This will give you a sense of how fast you can scale incorporating levels of staffing and upcoming milestones.

Here are the seven key considerations for creating an effective model:

1. Find the right fit for startup and expertise.

You may have a strong technology model with business-savvy engineers on staff. You may also know what research and development stage you are in and where you are heading. Use that knowledge to determine which revenue model works best for you.

Your revenue projections might need to be linear or exponential depending on your type of business. You might need to build to scale to prove your revenue model or first create a smaller model to reduce capital risk and then scale. The best model is the one that supports your development efforts.

2. Create a framework for expressing value

What differentiates your products and services from the competition? Your revenue model should communicate your unique value proposition. For instance, offering a distinctive service that people will sign up for is a unique a selling point.



3. Build a revenue model that helps you find the right investors.

You can strengthen your pitch by making development choices that show investors that you are worth investing in. Be strategic: focus your attention on finding investors who are a good cultural fit and will be in it for the long haul. Pick investors who have the patience to wait in order to realize long-term returns.

4. Limit projections to a reasonable timeframe.

Investors will ask you when they can expect their investment to start paying off. They will want to know what your short and long-term milestones are. They will also want to know when you expect to become cash flow positive.

It’s tempting to project revenues many years out, but much like the weather: go too far out and your predictions become unreliable. Keep your projections to a 12 to 24 month timeframe.

5. Your revenue model is not static.

Over time, your model is likely to change even if your general approach remains the same. And the choice of model is up to you. As a service-based company, for instance, you could offer subscriptions or on a one to one basis. Don’t paint yourself into a corner by sticking to just one setup. If the model no longer reflects your business realities, adjust it and update your forecast accordingly.

6. Determine the critical variables that drive your business.

The variables that matter most for your company will change along with the stage of your business. But regardless of stage, look for the variables that most impact your revenue. Make sure that you define discrete variables so you can address them individually. Assess the inputs and research baseline values for each variable so you can track performance over time. A great way to isolate variables and view how each affect revenue is to chart them out on a sensitivity graph. This will show how changes affect them and resulting impact on your revenue.

7. Mitigate for variables.

Risk management starts with identifying and understanding your key risk factors so you can address them. Don’t try to sweep things under the rug — investors will discover your secrets anyway. Mitigating for variables increases transparency, builds confidence, and enhances understanding — both for you and for your investors.

There are lots of options when it comes to revenue models. But not choosing isn’t one of them. It’s a precondition for startup success.

Image credit: www.bothsidesofthetable.com



6 Critical steps to take before launching your startup

Here are six things you can do in the pre-launch phase to make sure your startup actually sees the light of day and winds up succeeding.

Entrepreneurs may come up with a winning startup idea overnight, but putting it into action takes much more time and plenty of mistakes. Each misstep can be a learning opportunity as long as it isn’t your nascent company’s downfall. Here are six things you can do in the pre-launch phase to make sure your startup actually sees the light of day and winds up succeeding.

1. Decide what’s useful, discard the rest

There are thousands of great startup ideas out there, but not every entrepreneur has the confidence to put them into action, and some of them get shot down by naysayers. There’s no startup founder who doesn’t encounter self-doubt or skeptics, but if you can overcome these obstacles, you’re on the right path.

Don’t waste time. Disregard nonconstructive criticism, and stay focused on your idea. One way to do that is to be meticulous about planning: Put together a strategic road map for your first steps, and outline all the possible situations where things might go wrong. You won’t anticipate all of them, but it’s an important exercise in those early days.

2. Know what works for your competitors

It goes without saying that you’ll need to thoroughly research the market sector you’re trying to enter. But don’t just look for your competitors’ blind spots—figure out what’s working for them, too. Once you do, you can begin thinking of ways to improve on what’s already working for customers in that space, even if the idea originally came from a competitor. Sometimes real disruption is just about doing things better, not dramatically differently.

3. Simplify your ideas

Make sure your ideas are clear—then make sure again. Muddled thoughts lead to muddled business plans, and that lack of clarity can be a huge stumbling block. There are already plenty of unknowns to navigate in the pre-launch period, so you’ll want to do everything you can to minimize them. Simplify your central business idea to its core components, then build upon it so that every feature serves that main mission.



4. Self-educate

Seek advice from other successful entrepreneurs. Through networking, I’ve built relationships with friends and mentors who’ve overcome some of the same startup challenges I’ve faced. Whenever I had a question, I had someone reliable to reach out to. You should also spend your pre-launch phase brushing up on the art of entrepreneurship itself. Even if you only gain a little insight and it still feels pretty abstract until you actually dive in, that’s still knowledge you didn’t have before.

5. Outsource work right away

Funding is usually minimal in the early stages of startups, so hiring full-time staffers is nearly impossible—it’s hard to get dedicated talent without offering a salary you can’t afford. Save that for later, and outsource the work as you take off. This is also a great way to find talent as your business grows.

6. Look past the money

Don’t focus on turning a fast profit, because chances are that you won’t. This actually goes hand in hand with the importance of clarifying your ideas: How can you possibly make sound decisions when all your energy is tied up in the financials? Of course, that doesn’t mean throwing those considerations to the wind. It just means that the stages before you launch should be devoted first and foremost to developing a sound business model and following it with a strategic plan for growth. Once you get those things right, the money will be there.

As entrepreneurs, we all make mistakes, but it’s those who learn from them that ultimately make it. You need to do that right from the get-go, otherwise your startup may not have a chance to launch at all.

This article was originally published in Fast Company

Image credit: www.steamfeed.com



10 things to know before you launch your startup

Here you can find 10 of the most important things that entrepreneurs must know before they launch their first startup.

Entrepreneurship is a path of constant learning and many startup founders learn the hard way that their expectations have almost nothing to do with the reality.You may think that you are absolutely prepared to launch your startup, but the truth is that you are not. First time entrepreneurs may know a lot, but the true teacher of business is the experience. Here you can find 10 of the most important things that entrepreneurs must know before they launch their first startup.

Execution is everything. No matter how great your idea is if you don’t have clear vision of the way it will be executed, you are most likely to fail at building successful startup.

Build your audience before your product. To create something great you need to know that there are people who need this product. Know your audience and create for them.

Finding good employees is hard… Venture capitalists invest not only in ideas, but in teams as well. In order to create strong company you need to hire skilled people and finding professionals is really, really hard.



…so don’t be afraid to hire people who are better than you. Don’t compromise with your hiring because you are afraid that somebody else will take your place as a leader. You should be happy if you can find better people for your team and try to keep them as long as you can.

Raising money is not easy and don’t happen overnight. You will hear “No!” more than you can actually imagine.

Details are really important and you will learn to pay the right amount of attention to them. You will learn to look at the big picture but never to forget the small parts of it.

Your understanding of success will change… many times. So will your perception of failure. Success comes after many failures and you need to be prepared for both of them. Failure is hard, but success is not easy either.

Stress will be unbearable. You expect that, but nobody is ever ready when it comes to working under so much pressure.

And your personal life may suffer. The clear line between your personal and professional life will get so blurry. Your time will be never enough and there will be always something that needs to be done.

You will think about quitting many times, but you will never actually do it. Natural born entrepreneurs never stop following their passion, no matter what happens and how rocky the way gets.

Image credit: pollockcommercial.com





7 Startup culture characteristics that make them so desirable

These are 7 reasons why startup companies are becoming popular and preferred places to work at.

There are so many startup companies that have made it big and made a difference in the world. Quickly becoming a trend, startups offer the most creative, unique and desirable work culture. These are 7 reasons why startup companies are becoming popular and preferred places to work at:

1. Try Your Hands at Everything

Multitask, you know!

That’s practically the way, a start up works. A start up company lets you take your game to the next level. The freedom to try out everything at work, where else do you find that adventure while getting paid for doing so? That’s some survival guide, that came along! Eh?

2. Right to Express Yourself

Speak up! That’s the bliss here at a start up!

Moreover, a startup is one of the best places you can let out your creativity without anyone’s restrictions imposed on you. Within a startup, you can just let yourself and your creativity free, and this is probably the best part about working in a startup.

3. Transparency

In a larger and established company, a lot of things will be kept hidden. Whereas within a startup, almost everything is known to everyone. Such an environment not only suggests an open and honest atmosphere to work in, but will also boost work performance. Everyone likes to know what’s happening!



4. Brainstorming sessions

Startups don’t favour scheduled meetings and conferences. If something needs to be discussed, it is done so impromptu. The motto is to do discuss less and do more. Startups are all for the doers!

5. Getting Noticed

You work and get the credit too!

There might even be a party to celebrate your achievement! Such attention is not common in a typical corporate workplace. Do a good job, get noticed and make it big!

6. No hierarchy

A flat hierarchy is one of the best things that can happen to you!

In such a climate, you might often find yourself working beside the CEO. This kind of order allows people the freedom to do their own thing and share their opinions too. Here, you are your own boss!

7. Relaxed Environment

Working in a startup is great if you don’t want your every action or word being judged. No dress codes, the freedom to be yourself and no fixed schedules are some of the perks of working at a start up.

With Start-up India along with Stand-up India winning the spotlight, start up companies are mushrooming more than ever. Cut through the corporate clutter and be part of the breakthrough! It’s time!

Image credit: breakroom.nora.com





10 Truths that sustain successful entrepreneurs

We have found that no matter what your goals are, the industry you are in or what you are looking to achieve, there are a few pieces of solid that always apply that help entrepreneurs succeed. Here are the 10 that we find most important.s

As an entrepreneur, you will run into a number of challenges along your journey. You will likely also run into advice from virtually every resource imaginable. We have found that no matter what your goals are, the industry you are in or what you are looking to achieve, there are a few pieces of solid that always apply that help entrepreneurs succeed. Here are the 10 that we find most important:

1. You can achieve what you thought was impossible

Along your journey, chances are you will have plenty of people telling you what you can’t do. In fact, you may be one of the people telling yourself that something is impossible. Aim big, you are capable of achieving anything, even what you thought was impossible, no matter what anyone says. Always trust this. Always believe in yourself and never give up. My years of experience have proven to me we are all capable of achieving more than we think.

2. There will be failures

We all fail, and chances are you will fail a lot before you find any measure of success. The key to finding the success you seek is not giving up when these failures come around. Pick yourself back up and keep working. It will pay off in the end.

3. Growth takes time

You aren’t going to double the size of your company overnight. In fact, you aren’t going to notice big growth at your company in a few weeks or a few months. Real, sustainable growth takes time and it happens slowly.

4. Freedom is the best reward for your work

There are many people who make a million dollars a year, but are slaves to a job or a boss they don’t respect. The best earnings from your work as an entrepreneur is the freedom to do what you want and get the most out of life.



5. It’s OK to lose

There will be times when you lose money and you will want to give up on your efforts. You may be in the entrepreneurship game to make money, but it doesn’t mean you won’t lose it as well. You can lose. In fact, you can lose a lot, just don’t lose everything and give up.

6. Successful entrepreneurs control their emotions

Being self-employed is tough, its overwhelming and its hard. Never lose control of your emotions. Keep them in check so a cooler head can always prevail.

7. Never be afraid to be wrong

You will be wrong at some point or another in your journey. No one is ever right 100 percent of the time. Don’t be afraid to be wrong, and take some risks. They may pay off in the end, or they may not, but either way it is OK.

8. Your success depends on you

The level of success you achieve depends entirely on your individual commitment. If you are not reaching the success you think you deserve, chances are you are not committed enough to your goals.

9. Never stop trying to improve

You must never stop learning and improving. Even when you think you have achieved a desirable level of success, there is always room to work more, achieve more and improve more.

10. Financial freedom can help you get the life you deserve

Financial freedom is a powerful thing, but it is important to remember it shouldn’t only be your end goal. No matter where you are from or what you are working for, people all over the globe, want one thing: to love and be loved. Love and happiness are the most important things in the world, and financial freedom can help you get there. Works towards financial freedom not so you can buy things but so you can have the time, energy and resources needed to find love and happiness and to spend quality time with those who matter most.

This article was originally published in Entrepreneur.com

Image credit: www.finanscapes.com



10 dirty little secrets of successful entrepreneurs

The most valuable lessons can be found between the lines. It’s not so much that they’re secrets as they are things left unsaid.

Entrepreneurs rarely have the opportunity to speak about their experiences without someone asking for their top tips or secrets for success. Over the years you might have heard about many such prescriptions for winning at the game of business. Words like “passion,” “persistence” and “initiative” are among the more common adjectives used to describe successful entrepreneurs.

Sometimes, though, the most valuable lessons can be found between the lines. It’s not so much that they’re secrets as they are things left unsaid. Here are such ten dirty little secrets of successful entrepreneurs:

1. People are lazy

This may sound harsh but, really, we are. Whenever possible, people will seek to accomplish whatever needs to be done with as little effort as possible. We also refer to this as efficiency, but it really amounts to the same thing. Think of the most successful innovations in the past year, or the past decade, or even the past century. Now ask yourself whether they involved reducing effort or made our daily lives harder and in fact required greater effort. Whether you thought of automobiles, computers, mobile phones or – my personal favorite – the TV remote control, reducing effort (or increasing efficiency) pays dividends.

Another way to think of it is to ask yourself why some innovations don’t succeed. A classic example is the Dvorak keyboard layout. It is much more “efficient” than the conventional QWERTY keyboard, but was doomed to failure because it required users to learn a new skill. Entrepreneurs should be cautious when trying to launch a new product or service that requires users to climb much (or any) of a learning curve. The magic of Apple devices has long been their intuitiveness. Easy-to-use doesn’t guarantee success, but hard-to-use is a recipe for disaster.

Laziness is also found in how we think. In a nutshell, thinking is hard work and we don’t do any more work than absolutely necessary (and often not even that much). Given a choice between exerting a bit more effort (mental or otherwise) or a bit less, how many of us choose to work harder? That’s right – we’re all a bit lazy.

Related Post: 5 challenges faced by women entrepreneurs in India

2. People are impatient

Just as we want things to be easier, we also want them to happen faster. As in, right now. Not later. How long are you willing to wait for a web page to load? How do you react to being put on hold? For most of us, the answers are: not very long and not very well.

One of the most famous experiments in psychology is known as the Marshmallow Test. Children were given the choice of one marshmallow (or Oreo cookie) immediately, or two if they could wait ten minutes. As you might expect, some took the immediate reward, while others were able to wait. The striking thing about this research came years later, when the research team was able to identify significant differences in the life trajectories of the now vs. later groups of kids. Those who were able to delay gratification at a young age were more likely to have finished school and obtained college degrees, had lower incidences of divorce, addiction, and obesity, and tended to be better off economically.

The lessons for us? If we can delay gratification, we can attain some significant advantages. But as entrepreneurs, we should be just as wary about launching a business that requires our customers to wait as we are about one that makes them work hard (as per point #1 above). The success of the fast food industry should tell us all we need to know about the value of instant gratification.

Related Post: 5 Things only entrepreneurs can truly understand



3. Everything takes longer than you think

Despite the tendency of people to prefer instant gratification, the process of starting and building a new business is slow and deliberate, without immediate rewards. There are always a few exceptions – Facebook is often cited – but the definition of an exception is that it isn’t normal. And the greater the degree of novelty, the longer it will usually take to educate and persuade potential customers. That’s not to mention the core activities of developing the product, building a team and raising the capital to pay for everything.

It doesn’t seem to matter how much time we allow for any given task – whether it’s picking up dry cleaning or writing an article. Time seems to evaporate, leaving us scrambling to catch up. Watch entrepreneurs working during the start-up phase of a new venture and you’ll find them working whenever they’re awake; they almost never sleep. They’ll tell you it’s because there never seems to be enough hours in the day.

Bob Nourse, founder and former CEO of The Bombay Company, notes that “running out of time is failing.” If you can’t generate revenue and/or profits fast enough to keep the business afloat, you fail. Half of all startups experience this outcome within the first five years. Failing to allow enough time to make things happen is a major reason why.

Related Post: 8 signs you might be cut out for entrepreneurship

4. One thing leads to another

Investors are fond of saying they’d rather bet on an “A” team with a “B” idea than a “B” team with an “A” idea. They know that business models change, technologies evolve, and customer tastes are in a constant state of flux. Those same investors will tell you that most business plans are obsolete the second they come off the printer.

Simply put, there’s no substitute for being part of a market (launching your product or service without exhaustive market research). There’s tremendous value in simply getting started and learning as you go. Accept that the first (or first 10) version of whatever you’re selling won’t be perfect. The process of trying, fixing, and trying again is how entrepreneurs figure out what their customers really want and what it will take to deliver against those expectations.

Netflix is an online entertainment company. It began life when CEO Reid Hastings mailed some DVDs to himself to see whether it would actually work. The simple act of doing something triggers a reaction – sometimes good, sometimes not so much. But the difference between a dreamer and an entrepreneur is that only one of them takes action. Businesses can’t grow if they never start in the first place.

Related Post: 5 ways to boost self-confidence as an entrepreneur

5. There is no free lunch

Most of us learn early in life that you can’t get something for nothing. It’s a lesson we sometimes forget and have to re-learn (more than once). Choices are necessary, if not always pleasant. There’s only so much time and money and talent available. Spending an hour on one thing means that you can’t spend this hour on something else. A dollar spent on a cup of coffee in the morning is a dollar no longer available for pizza later that night.

Harvard Professor Michael Porter describes the essence of strategy as “deciding what not to do.” Leaders who aren’t able to make tough choices doom their organizations to mediocrity when they do too many things in an adequate way and nothing with excellence as the desirable standard. The hardest thing for a new company to do is say “No” to a customer. But if you chase every shiny penny you see on the sidewalk, you shouldn’t be surprised if you end up somewhere you didn’t want to be. Businesses evolve, but they can’t be everything to everybody. Recognizing when trade-offs have to be made, and having the mental discipline to make hard choices often separates the winners from the losers.

Related Post: How to get better at leadership?

6. Stuff happens

And sometime the stuff that happens is wildly outside our set of expectations. There are a number of labels for this: The Black Swan Effect, Tail Risk, or, the more prosaic, Shit Happens. We have different mental models to explain why things happen, including luck, karma, fate, destiny, chaos theory, and the law of unintended consequences. But whatever phrase or rationale we might use, there’s no denying the fact that we can’t plan for everything. Moreover, sometimes the very thing we expected least is the very thing that comes to pass.

Sometimes the surprises are predictable. But when we are caught by the unexpected, how do we react? In some ways, our ability to respond depends precisely on the nature of the trade-offs we’ve made in the past. Committing to a particular technology, for example, can lock a company into a dead-end trajectory if a new technology displaces the old. But failing to commit, which increases our options, may be too costly and lead to an uncompetitive position.

One type of “unexpected” event that is both common yet sometimes hard to imagine is the dissolution of a partnership. Just as newlyweds find it difficult to envision divorce, so too do entrepreneurial founders struggle with the notion that their partnership might not last forever. Building a “shotgun” clause (also known as the buy/sell provision) into a shareholders agreement is not unlike a pre-nuptial agreement in a marriage. A tough conversation to have, but well worth the effort.

Related Post: 10 Inspirational quotes that will help entrepreneurs handle criticism



7. We’re all animals

We are biological machines and we don’t work well if we neglect our bodies. If you don’t believe me, try a simple experiment: fast for a day or stay up all night and see how well you make decisions and get along with people. Research is continuing to show how closely our minds and bodies are connected; fatigue and low blood sugar are just the tip of this particular iceberg. Yet how often have you pushed far beyond the point at which you can think and function effectively? Don’t underestimate the value of a light snack or a power nap when it comes to making good decisions.

Taking care of our organic selves results in a lot of business opportunities. For example, what percentage of our incomes is allocated to the basics requirements of food and shelter? As population demographics begin to shift, the nature of those needs will also change; entrepreneurs are pursuing those opportunities as you read these words. So start treating your own body well and begin to think of yet-to-be launched businesses that can cater to our animal natures.

Related Post: 3 attributes required to be a successful entrepreneur

8. Sweat the details

Understanding the intimate details of a venture is necessary. Not sufficient to ensure you’ll wind up on the cover of Fortune, but necessary to keep your head above water. Forensic analysis has revealed how poorly corporate leaders understood the nature of the risks they were taking. Unfortunately, the consequences of their actions affected far more of us than those who made the decisions.

The example of a buy/sell clause in a shareholders agreement is another example of a detail, which, if overlooked, can literally destroy a business. When it comes to cost and revenue drivers, lacking a crystal clear sense of what influences each one, and how costs and revenues move together (or don’t) can be catastrophic. This is not meant to encourage micro-management (see point #10 below). Knowing the details is important. What you do with that knowledge is another thing altogether.

Related Post: 8 stress busters that will help entrepreneurs in dealing with distress

9. Learn from everything

We can learn from success. We can learn from failure. We can learn from our own experiences and from what happens to others. We can learn from what we see and hear today as well as from history. The title of this paragraph really says it all. But just because we can learn from everything doesn’t mean that we actually do.

Ask yourself what really new thing you’ve learned in the past 24 hours or the last week. And if you can’t, watch a TED talk, pick up a magazine you’ve never read before, or find a blog that sounds interesting. It might not help, but it’s hard to imagine how learning something new will do you any harm.

Related Post: 7 ways in which an entrepreneur can keep himself motivated

10. Don’t be a jerk

Just because this is the end of the list, don’t think that this is the least important. If you want to build an organization with great people, you need them to want to be part of your team. And, since we all know life is too short to work with jerks, it’s a certainty that the best people will exercise their options to work with the best other people they can find.

You might be a technical genius, a visionary thinker, and/or a world-class salesperson. But that doesn’t mean you can’t also be kind, considerate and empathetic. The best organizations in the world (armies or companies or churches) are made up of volunteers – people who passionately believe in what they’re doing and choose to be there. If talented people are in your organization despite you rather than because of you, sooner or later they’ll be somewhere else.

Laziness. Impatience. Unpredictability. These are hardly virtues and it’s a list unlikely to appear in anyone’s advice column on how to get ahead in life. We don’t have to be proud of these particular aspects of human nature, but we should at least acknowledge them. And, if we’re willing to learn, pay attention to what matters, and be decent to one another, things might just work out all right despite our collection of dirty little secrets.

Related Post: 7 Lessons from Ramayana for every entrepreneur

This article was originally published in Ivey Business Journal

Image credit: www.lifehack.org



Are you an entrepreneur, technician or manager?

Wondering how to be an entrepreneur? This video uncovered just what it means to be an entrepreneur and how to start a business if it turns out you’re not one. Now we’re breaking it down for you Epipheo-style!

 

Wondering how to be an entrepreneur? This video uncovered just what it means to be an entrepreneur and how to start a business if it turns out you’re not one. Now we’re breaking it down for you Epipheo-style!

You are amazing at your job. And so one day you had an epiphany: Why am I working for some dude who I don’t even like that much when I could start my own business? Congratulations–you’re ready to be an entrepreneur!

Hold it right there muchacho – starting a business doesn’t actually make you an entrepreneur. And like many so-called entrepreneurs, you’ll soon find yourself working 15-hour days. You’ll be hiring the wrong people and getting frustrated trying to manage them. And you won’t know how to fix the systems that make a great business grow. Suddenly you’ll realize you didn’t create a business – you just created yourself a new job, and this new job kinda sucks.

Are you an entrepreneur, technician or manager? Let us know in the comments!



10 Great ways to generate business ideas

You know it’s time to venture out on your own, but what to do? Find the business of your dreams with these ideas.

Great business ideas are all around you. Just open yourself to the possibilities, and you’re bound to find a winner. To start your search for that drop-dead idea that’s going to set the world on fire, start with the following sources. These can be the first steps in your search for the business of your dreams.

1. Start with family

Tapping family for great business ideas may not seem like an obvious first step. Sure, you’ll hit them up for cash once you’ve developed your idea, but what can your aging father or cousin contribute this early in the process? Plenty. Donald Trump certainly wasn’t bashful about learning the real estate business from his dad, Fred, who ran a thriving real estate development company, says Ries. Trump had the good sense to get some priceless training before going off to become one of the country’s foremost builders and real estate developers. “If his father hadn’t provided the foundation and training [he needed] to create a profitable business, Trump wouldn’t be where he is today,” Ries explains. “Unfortunately, many people insist on [creating a business] themselves without any help from their family. That’s foolish.”

2. Get a little help from your friends

Ries says you are severely limiting yourself if you rely solely on your own ideas–especially when your creative juices run dry. This is reason enough to listen to ideas others may have. If you have 15 or 20 friends, chances are a couple of them have some incredible business ideas.

If it weren’t for Steve Jobs’ good friend Steve Wozniak, there would be no Apple Computer today, Ries points out. “Jobs didn’t know anything about computers,” he says. “Wozniak, on the other hand, was the computer genius who developed the first Apple.” Jobs had an eye for great business ideas and saw the marketing potential for developing a new type of computer. The important lesson is to keep your antenna up at all times so you can retrieve good ideas when you stumble across them. Ries insists you can make more money recognizing someone else’s idea than creating one yourself.

3. Look at all the things that bug you

It may not sound profound, but this is fertile ground for great business ideas. How upset Kemmons Wilson was in the 1950s when a motel owner wanted to charge him an additional price for each of his five children. He was so ticked off, he launched Memphis, Tennessee-based Holiday Inn, today one of the world’s largest hotel chains.

If King C. Gillette hadn’t been fed up with the tedious process of sharpening his straight-edge razor, he wouldn’t have founded the massive disposable razor industry. When he took his idea for a portable razor with a blade that could be used several times to a research university for assistance, engineers questioned his sanity. Gillette followed his instincts and the rest is history.

4. Tap your interests

Thousands of clever people have taken up hobbies and turned them into a successful business. Tim and Nina Zagat, who launched the Zagat Surveys, a publishing empire that sells restaurant guides for many major U.S. and European cities, are great examples. In the early 1970s, the Zagats were high-priced corporate attorneys whose passion was dining out. For fun, they created a newsletter in which they asked their friends to rank popular restaurants in several categories. Each year, the newsletter encompassed more restaurants. Eventually it became such an expensive and time-consuming undertaking that the couple began charging money for it to allay their expenses. That was the meager beginning of the famed Zagat Survey, which is sold in bookstores worldwide.

When you’re doing something you love, it’s never considered work.



5. Travel

Traveling opens your eyes to a plethora of potential business ideas. Leopoldo Fernandez Pujals’ discovery of Domino’s Pizza on a trip to the United States from his native Spain. Pujals was so impressed with the fast-food operation, he went back to Spain and launched his own version, called TelePizza, in 1986. His company now registers $260 million in sales, and employs 13,000 people in eight countries.

6. Keep your eyes open

When you see something that piques your interest, ask yourself, What is it about this situation that’s special? The process of zeroing in on the idea often spawns important niche markets. “Blockbuster Video’s niche is renting videos, and Bulbs Unlimited’s niche is selling light bulbs”.

7. Examine old mousetraps-then build a better one

If a product doesn’t meet your own high standards, create a better one. That’s what put Ben & Jerry’s on the map. Ice cream fanatics Ben Cohen and Jerry Greenfield felt popular ice creams weren’t rich and tasty enough for their cultivated palates, so they created their own super-premium line of ice cream, which is a bestseller nationwide. Just think: If these ice cream gurus weren’t such picky eaters, there would be no Cherry Garcia, Chubby Hubby or Phish Food to enjoy.

8. Take it to the streets

There’s no better place to lock into up-and-coming trends than city streets. Street culture spawned punk, hip-hop, grunge and a number of other fads that rapidly evolved into multimillion-dollar businesses. Great ideas can often be found by just browsing happening inner-city neighborhoods in virtually any big city.

9. Sleep on it

Many people ignore their dreams, and some don’t remember them at all. But sometimes it pays to listen to those inner messages, no matter how strange or unintelligible they are. You never know, you might just find the germ of a great idea. The tough part is crawling out of bed in the dead of night to jot down those great ideas before they’re forgotten.

10. Check out the Net

Finally, Web surfing is a fun way to log on to potential business ideas. “Virtually every search engine has a ‘What’s New’ or ‘What’s Hot’ section, where it lists new trends, news tidbits and hot new Web sites. “Make it a point to check out various sites daily. It may trigger an idea or concept you never thought of.”

This article was originally published in Entrepreneur.com

Image credit: under30ceo.com





5 Signs that entrepreneurship is not your cup of tea

Here are 5 signs that entrepreneurship is not your cup of tea.

Do you want to become an entrepreneur? Entrepreneurship is like that drug which is wanted by everyone but only few have what it really takes to get it. If you’re thinking of becoming an entrepreneur, STOP!

Before you dive into water, you must check the temperature. Before you actually become an entrepreneur, you must know if it is right for you. While you would have read many articles that try to inspire you, this article will present the real picture in front of you. Here are 5 signs that entrepreneurship is not your cup of tea.

1. You look upon others for ideas

If that brilliant startup idea has come from what your friend is doing, there are high chances that the idea will fail when it would be implemented by you. Unless you have a way to make that idea better or in other words to make it unique, you must decide to stay away from it.

2. You don’t like to help people

Entrepreneurship isn’t about starting a business, it is about solving a problem. And you would want to solve a problem only if you like to help people. If you’re a person who just wants a business to buy a big penthouse like Bruce Wayne in Batman or anything expensive, entrepreneurship isn’t for you. Most likely, you’re going to fail. So, don’t try until you develop the feeling of wanting to help others.



3. You aren’t passionate

Maybe you have the most brilliant idea in the world which you know would work but if that idea doesn’t make you excited, restless and nervous, you’re not going to make a fortune with that idea. You must be passionate about what you plan to do. If you’re not, you would never be successful.

4. You are proud of yourself

Starting up a business takes more than an idea. Right attitude is super important. An entrepreneur needs to play different roles and needs to make sure that he/she plays each role perfectly. If you’re too proud to sweep the floor to make space for your first meeting, entrepreneurship isn’t your cup of tea.

5. You can’t handle a team

A business idea would never work unless the people working on it are under a good leadership. A good leader and obviously a good manager is what you need to bring out from yourself to make your idea work. If you think you lack with leadership and management skills, go work on some job and get the experience. Don’t think of entrepreneurship unless you have those skills.

Entrepreneurship is sort of buzzword these days. Everyone wants to be entrepreneur but seldom know what entrepreneurship really means and what it takes to be an entrepreneur. So, do you have what it takes to be an entrepreneur?



You may also like:

12 Ways To Avoid Startup Mistakes 

The 15 Characteristics of Effective Entrepreneurs

8 Things Entrepreneurial People Do Differently

This article was originally published in Startup Champ

Image Credit: startupconnect.co.in

10 Ways to become a millionaire in 20s

Here are some steps to follow in order to start your journey towards becoming a millionaire.

Imagine if you could become a millionaire. How great would it be to have the money you need to live the lifestyle you have always wanted? Now imagine if you could do this in your 20s?

Even if you think it sounds like a stretch, it is possible to become a millionaire at a young age. It didn’t require years of school or training, just hard work and the right approach. Also please note that these rules can be followed at any age. When followed properly, they can help you become a millionaire sooner than you ever imagined. Here are some steps to follow in order to start your journey towards becoming a millionaire.

1. Focus on profiting from boring niches

So many people today think that if they want to become a millionaire, then they need to do so by following boring, widely accepted niches. It will take ages for you to become a millionaire through traditional occupations like becoming a lawyer, doctor or banker (in fact, these occupations usually have earnings limits that are very difficult to break through). Push past these pre-conceived notions of what it takes in order to become a millionaire. You don’t need to spend years in school to be a millionaire.

2. College and graduate school are irrelevant

If your number one goal is to become a millionaire, not to hold a specific type of job, then college and graduate school are pretty much irrelevant. They cost money, they can put you in debt and if you want to be a millionaire, you can learn everything you need to know online about most things without the big tuition costs.



3. Sacrifice your social life to study

It can be really hard to want to sacrifice your social life, especially when you are in your early twenties. However, if you want to truly become a millionaire, you need to be willing to sacrifice your social life in order to focus on your career. Spend this time studying, perfecting your talent or working on your skills, product or developing your company. The more you can focus on working on your talents instead of being out socializing, the better your time will be spent on becoming a millionaire.

4. Accept defeats and mistakes along the way

No matter where you are looking to go with your career, chances are you are going to face a number of defeats and setbacks. These mistakes are completely normal. What is important is how you handle them. My first millionaire student Tim Grittani actually lost a lot trading stocks for the first few months until he got the hang of it. Mistakes are normal. How you handle them is what sets you apart.

5. Aim higher than one million

Money shouldn’t be your endgame. Rather, you should focus on making the best product or service possible, and the money will come as a result from that. Your goals should always be growing and you should never feel like you are done working towards your goals. If you want to make $1 million, the second you reach that goal, you should be looking to your next one.

Also read: Why Following Your Own Dreams Is Not Selfishness

6. Don’t scam people

The key to making millions is patience and honesty. You need to be forthright when it comes to working with others, or you will never make as much money as you want to. Criminal or unethical money never lasts and it will never give you the type of professional reputation that you can use to create millions.



7. Take advantage of hot sectors

When certain sectors are really hot, you need to get in early to make your money. Take advantage of these hot sectors to start making your millions. Right now one of these hot sectors is social media, specifically Instagram, Snapchat and Periscope. These hot sectors can lead you to the millions you want to make.

8. You don’t need to focus on next generation technology

Many aspiring millionaires — especially young aspiring millionaires — think that they need to focus on next-generation technology in order to make their fortunes — this isn’t the case. Even merging something old and boring with a fresh take is what led to the creation of eBay.

9. It doesn’t matter where you live

One of the great things about the Internet is that it allows for sales, commerce and profits to come from anywhere. You can run your business anywhere that you have an Internet connection; you don’t need to physically live in a big market to make money. This is a great opportunity to live somewhere you actually want to live while still making a great deal of money.

10. Your business doesn’t need to profit for you to succeed

So many people are only focused on creating a business that has profits. Businesses don’t need to have profits — they just need growth, users and some edge. Many businesses are acquired just for their attributes other than profit margins (just look at how many Internet startups get sold). Focus on user growth rather than raw profits. No one pays for a good idea that’s lacking in users.



Also read: 12 Ways To Avoid Startup Mistakes

This article was originally published in Entrepreneur.com

Image credit: pfmag.com

How to start a business in India successfully

Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

India is the next big business flash point after China. Why? The reason is because of rapidly growing economy and a massive population; which is second only to China. Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

Choose an Industry: If you want to start your business in India, the first thing that is expected of you to do is to choose an industry where you would want to build a business in. There are several highly thriving industries in India and it is expected that you decide on the industry to build your business based on your area of strength. For example, the I.T. industry is one of the thriving industries in India and there are countless numbers of business opportunities available in the industry.

Conduct Your Feasibility Studies: Once you are able to make up your mind on the industry to build your business, the next step that you are expected to take is to conduct feasibility studies. India is a unique country when it comes to setting up businesses; a business that can thrive in one region will likely fail big time in another region. So, you are expected to conduct your own feasibility studies in the region you intend starting your own business.



Write Your Business Plan: Irrespective of what part of the world you intend starting your business, the norm is that you are expected to write a workable business plan before launching the business. Consequently, if you are starting a business in India, you are also required to write a business plan. The truth is that without a good business plan in place, you are likely going to struggle to build a business from the scratch in India. The competition amongst entrepreneur is much in India; every business owner would want to outsmart their competitors. That is the reason why you need to draft a workable business plan that has unique business strategies.

Register Your Business: As it is required in most countries of the world, you cannot legally operate a business in India without registering the business with the government. If you run a business that is not registered, there is a limit to the height the business can grow to. The ministry of corporate affairs is in charge of registering business in India, so you are expected to visit their office to make enquiry of the requirements needed if you want to register a new business in India. Basically there are four categories of company registration in India you will be required to choose from any of them when you want to register a new business in India. The categories are: Indian Company, Part 1 Company, Section 8 Company and Foreign Company. The various application forms are available for free download in the official website of the Ministry of Corporate Affairs, India.

Join Professional Networks: One of the means you would need to survive as startup in India is to join professional networks. Any business built in isolation will struggle to survive in India that is the reason why people look for professional organizations and enroll as a member. The benefits you stand to gain when you join a professional network in your industry are unlimited. Thus, ensure that you look for relevant professional organizations to join once you start your business in India.

Create a Professional Website for Your Business: The average Indians are internet savvy, so if you intend starting a business in India, you must ensure that you open a professional website for the business. When you have a professional website for your business, it makes it easier for people searching online for businesses to locate your businesses. It is also important to create a platform where people can purchase your goods online. E – Commerce is in vogue in India and if you must do pretty well with your business in India, you must create room for people to purchase your goods online and get it delivered to them.



Also read: 10 Things Entrepreneurs Must Avoid While Starting Their Ventures In India

Image credit: www.youtube.com

10 Motivation strategies for entrepreneurs

We asked around 75 entrepreneurs how they get their motivation back. Here are some of the most popular techniques.

Motivation is elusive. Some days we’re pounding the keyboard, brainstorming ideas, and jabbering on the phone well past dinner; others, we look at the clock only to discover that lunch is still two hours and four minutes away. Especially during the holiday season, it’s hard to stay motivated.

We asked around 75 entrepreneurs how they get their motivation back. Here are some of the most popular techniques.

1. Take a Break

Taking a break is an obvious fix, but effective. It clears your mind and can even increase your creativity: exposing yourself to new ideas can help you be more creative in your own field. And, of course, some people claim to have their best ideas in the shower, or when they’re not actively thinking about work.

In fact, the Pomodoro technique for productivity and time management revolves around breaks, which punctuate 25-minute intervals of focused work. The idea is that your thinking is elevated by short rests. Working nonstop, however, can bog down the brain:

“When I’m not feeling motivated I just stop working. Personally I can’t get anything done well if I’m feeling ‘out of it,’ says Well.io founder and CEO Arin Sarkissian. “I’ll go hang out with friends, play a game, meet up with other founders, etc. Anything but work – sometimes you just need a break.”

One common way to spend that break is exercising. “I go for a run, but everybody has their own tricks. I have a friend that used to do underground fight clubs. He is one of the most talented designers I know, and a complete wacko,” says BJ Fleming, a content specialist at Grubwithus.

You can also take a walk, watch a movie, or plan a mini-vacation. BestBuzz founder and CEO Carrie Layne rents a pontoon boat and reads a book in the middle of a lake, or heads to the casino for some poker. “You most likely work seven days a week, so don’t feel guilty about running off on a Tuesday afternoon,” she says.

And Fundable founder Wil Schroter turns to good old video games:

“I come home, tell my wife how I’m feeling, sit down at my computer, and play video games for three to four days straight without a break. My wife just puts food next to my left hand and leaves me alone until I reset. Is that weird? Yes. But boy it works every time.”



2. Think about Your Customers

One big difference between online businesses and brick-and-mortar stores is the customer interaction, and it affects motivation. While small business owners might see smiles and happy faces all day, entrepreneurs are (more often than not) staring at their computer screens.

But customers and users are so critical to a startup – they are the ones who benefit from what you create, and they keep you in business. So, many entrepreneurs turn their thoughts to their customers to get back their motivation. “When I lack motivation, I go straight to my store locator on my website! I remind myself of how many great companies believe in us and it fuels me to move forward and continue to grow the business!” says Christy Cook, the founder of TeachMy.

If you want something more tangible, take a look at customer reviews and feedback – or create a short survey to gather some. Anita Malik, CEO of BrideRush, even keeps a “kudos board” on the wall that includes reviews from brides and vendors. “It energizes our small team on slow or frustrating days,” she says.

3. Think about Your Team

If you forget why you’re doing this, your co-founders and employees might help remind you. Like your customers, they’re also benefitting from your work: they get exciting jobs and the chance to create something new.

As Julia Hartz, president and cofounder of Eventbrite, says, seeing the enthusiasm of your team can give you a boost. “It’s hard to lose motivation when I go into the office every day and see 200 Britelings. I spend a lot of time focused on supporting our Eventbrite culture, and that serves as a constant source of motivation for me.”

Remember, these are people who have chosen to follow you and your dreams – and if you don’t stay motivated and give it your all, you will be letting them down.

Also read: 65 of the best Time-Management tips that will work for you

“As a leader, motivation is essential because having it or lacking it is infectious,” says Christian Gurney, the CEO of Torsion Mobile. “I think of the team and how I am responsible to them to make each day worthwhile and rewarding.”



4. Get Social

Talking to other entrepreneurs can be reassuring when you’re feeling down. In particular, it helps you realize that the ups and downs of startup life are perfectly normal. “I typically grab a meal or cup of coffee with other entrepreneurs,” says Jacqueline Jensen, cofounder and COO of Ticket Cake. “It’s refreshing to hear I’m not alone in the mountain-and-valley terrain entrepreneurs tackle each day. After some time with the community, I usually discover I’m ready to dive back in.”

For Brent Coker of Webreep, this is one good reason to mentor young entrepreneurs – their bright attitude is infectious and untempered by the harsh realities of failure. “Intense passion is contagious – unfortunately it gets diminished as you get older,” he says.

5. Get organized

If motivation is the drive to accomplish something, obviously we can’t feel motivated to do things we think are impossible. So when work starts to feel impossible, you can lose your motivation. To get it back, get organized and convince yourself that you can do it.

“I make a list. Sounds simplistic, but it works every time,” says Malik of BrideRush. “I usually get unmotivated when I feel overwhelmed, which is nearly daily when running a startup! The simple ritual of making a list in order of priority gets my brain moving again. I feel like I’m on top of it all rather than drowning in the details.”



6. Do something new

A lack of motivation can also come from a feeling of boredom, and shaking up your routine may be just the ticket.

“Entrepreneurism is a drug,” says Craig Negoescu, CEO of NAKA Media. “When things get routine, or safe, or tedious, you begin to slip. So you need to challenge yourself, get out of your comfort zone, and do something new with your business. To paraphrase a most interesting man, ‘Stay risky, my friends.’ The adrenaline of a new challenge will wake you up, energize you, give you a victory or a failure to learn from. And it’s cheaper than coffee!”

Also read: 20 Must watch movies for all Aspiring Entrepreneurs

7. Take responsibility

Many people are drawn to entrepreneurship because of the independence. When motivation wanes, remembering that everything is on your shoulders – your actions will determine the success or failure of your startup – can be a motivator. Deadlines and penalities can motivate, after all, even though they are negative incentives.

“The greatest thing that keeps me motivated and focused as an entrepreneur is that no one is paying the bills for me. Being the one in my company that is responsible for sales, it’s up to me to keep the company growing,” says Brian Bosscher of Condo Control Central.

To light the fire even quicker, take a look at a few of your metrics. “The typical motivation is looking at your fixed cost compared to revenue coming in. That’s the quickest slap in the face for motivation,” says Joel Gross, founder and CEO of Coalition Technologies.

Adds Rohan Hall, founder and CEO of Cool Mojito, “I look at my bank account.”



8. Count your blessings

“On my desk, I keep a picture of the old, drab cubicle I used to report to every day at my corporate job. Whenever I’m feeling unmotivated, I look at that picture and then look around me and see the vibrant and fun workspace I’ve created. It brings a smile to my face every time!” says Dale Burgham, owner of Revo Exotic Wood Guitar Straps.

According to Gallup, only 30 percent of Americans were engaged by their work during the first half of 2012. That means 70 percent of people spent their days bored, unchallenged, uninspired, watching the clock until 5 pm strikes. If you’re an entrepreneur, you’re probably not in that category – so consider yourself lucky.

“When I start to feel unmotivated I think back to my last ‘normal’ job and how much I hated it,” says Tech Cocktail contributor Danny Boice, cofounder and CTO of Speek. “It was a 9-5 corporate hell working for a large bureaucracy where posturing and politics mattered more than actual results. It was absolutely brutal and I really don’t think I could ever go back to a role like that. That’s not living.

“I make it a point to feel gratitude about the fact that I can do what I absolutely love with my life and there are very few people that can say that. It sounds trite but I really do force myself to stop and smell the roses. I know when I look back on this very point in my life it will be right up there with the birth of my kids in terms of happiness.”

9. Rediscover your inspiration

This is really the root. To get motivated, you need to remember why you were ever motivated in the first place: why you’re doing what you’re doing. Maybe you want to change the world, maybe add a little fun, maybe make people happy for 5 minutes per day – whatever.

“I try to go back to the beginning of my project. There was a reason why I started: passion, motivation, determination. I go back to the starting days of my business and rekindle my motivation in my company,” says 19-year-old Jeet Banerjee.

But inspiration can come from other places, too: quotes, the life stories of Steve Jobs or Thomas Jefferson, the Eminem song “Lose Yourself” (as one entrepreneur said), or a movie like Jiro Dreams of Sushi. Or, of course, your family:

“When I feel unmotivated, I close my eyes and think about (a) how hard my immigrant family worked to enable me to pursue my dreams,” says Sparkology founder Alex Furmansky.

10. Suck it up

If all else fails, a few entrepreneurs said, just suck it up. That basically means: tell yourself that being unmotivated isn’t an option. You chose this career, you choose this startup, and you’re the only one who can keep it going.

“Get tough. It’s important to remember that every minute of every day counts and you own your attitude and effort. There is always a solution to the problem. Staying motivated requires tremendous perseverance and creativity, but that’s what separates those who make it and those who don’t,” says David Rush, co-founder and CEO of Evzdrop.

You may also like: Why Following Your Own Dreams Is Not Selfishness

This article was originally published in Tech Co

Image credit: www.youtube.com

If you are looking for social media marketing or digital marketing service for your business or startup, email us contact@ourownstartup.com. You can also view all our services here.





65 of the best time-management tips that will work for you

Most important keys to personal and professional success lies in how you spend your time. Here are the best ways you can manage your time effectively.

Every day, each of us has 24 hours to spend. Some of us make better use of that resource than others. Learning to manage time and spend it wisely is among the most significant things you can do to build personal and professional success.

Here are 65 of the best ways to manage your time:

1. Know yourself.

First and foremost, you have to know who you are. You can’t structure your time effectively if you don’t understand your own dreams, strengths, challenges, and priorities.

2. Create an action.

When you plan to do something, create an action plan and give it all your focus.

3. Construct a system.

Whether it’s electronic or paper-based, centered on tasks or goals or events, something you purchase or develop on your own, find a system that works for you.

4. Focus on your goals.

If you have goals but you tend to get distracted, start by focusing on what you need to achieve and what it will take to make it happen.

5. Understand your patterns.

Maybe you get a burst of energy in the mornings, hit your stride after working out at lunchtime, or think best in the late-night quiet.

6. Structure your time.

Focus your energy on doing your most important activities when you’re most productive. Save routine chores for low-energy times.



7. Do the hard things first.

Difficult tasks require more discipline. If you commit to doing the hardest things first, you will end up doing them with greater consistency. There are tools like eisenhower matrix app that can help you priortize your tasks.

8. Lace it with passion.

Passion will move you beyond your limits and your shortcomings.

9. Create optimal deadlines.

It’s crucial to create deadlines for yourself to help you achieve your goals. Think through what you want to accomplish and make your deadlines challenging but realistic.

10. Overcome procrastination.

Procrastination is the top enemy of achievement, standing in the way of countless worthwhile goals. Get serious about becoming a person who gets things done.

Also read: 7 Sleep Habits of Successful Entrepreneurs

11. Overcome fear.

Fear, is False Evidence Appearing Real. Don’t let what is false keep you from getting things done. Convert it instead to Face Everything And Recover.

12. If it’s important, put it on a schedule.

It’s the best way to keep yourself on track.

13. Prioritize your to-do list.

You can’t do everything, so learn to prioritize the important and let go of the rest.

14. Don’t obsess over unimportant details.

Trying to make sure that every detail is exactly as you want it to be will bog you down.

15. Choose your battles.

You win some, you lose some. Pick what is most important to hold on to and be willing to let go of the rest.

16. Stay motivated.

Learn what keeps you motivated and inspire yourself daily.

17. Maintain momentum.

Learn what it means to stay in motion no matter what comes your way. Momentum is key.

18. Stop worrying.

Don’t waste time worrying about things that may not even happen. Focus instead on what you know and how you are going to be successful.

19. Manage your stress.

Stress management is life management. Whether it’s exercise, meditation, prayer, family time, or social life, find what destresses you and schedule it regularly.

20. Stop multitasking.

If you think you are being efficient by multitasking think again. Focus what you are doing, get it done and move on to the next thing.



21. Initiate a routine.

Routines increase productivity by making it easier to identify shortcuts and efficiencies.

22. Take notes.

Save time by taking good notes, electronically or on paper. Develop a system to flag things you need to remember or act on.

23. Have an accountability partner.

Communicate your schedule and goals with each other and meet regularly to keep each other accountable.

24. Think positively.

Where your attention goes, so goes your emotional energy. Don’t think about what might go wrong, think about what could go right.

25. Delegate tasks.

You may be able to do anything, but no one can do everything.

26. Pay people to do things which would cost you time.

For everything you don’t like to do, there is someone you can hire who will enjoy doing it well.

27. Take breaks.

Being busy doesn’t make you productive. Take a break to reset your energy.

28. Act now.

If you read an e-mail, respond immediately. If you open a letter, act on it or throw it away. If you need to speak to someone pick up the phone. There is great power in now.

29. Time yourself.

If you tend to get distracted or procrastinate, time yourself. Set a timer for 25-minute intervals and commit to work without stopping or distraction in each block.

30. Turn off notifications.

Every notification you get on your computer or phone is an interruption that diverts your attention from your work. They’re almost impossible to ignore, so turn them off.

31. Manage distraction.

Silence everything that distracts you so you can fully focus and be as productive as you can be.

32. Eliminate time wasters.

If there are things that you do that completely waste your time and are not productive, eliminate them.

33. Create an email system.

Use a system when you check your email. Once in the morning, once at lunch time and again in the evening. Being attached to your email and responding to messages all day interferes with your productivity.

34. Limit social media.

Unless you are using social media to grow your business, limit the amount of time you spend on such sites as Facebook and Twitter.

35. Value your time.

When someone asks for a block of your time, be clear on boundaries. Show others that you value your time and they will be more respectful of it.

36. Don’t start projects you don’t plan on finishing.

Don’t start a side project before you’ve learned what’s involved and identified the amount of time that it will take to be successful.

37. Take small steps.

All big things start with taking small steps. Breaking a big project down into smaller steps makes it achievable and easy to accomplish.

38. Plan for the unexpected.

Build some flexible time into your schedule so when the unexpected happens–which it will–you won’t be thrown off.

39. Leverage technology.

Make use of apps that can help you be productive. My recent article on 75 apps for the busy professional is a good place to start your research.

40. Be concise in your communication.

When you make a request, be clear and concise in your communication to make sure you get what.



Also read: 8 Things Entrepreneurial People Do Differently

41. Build proficiency.

Learn how to be more proficient in your daily tasks, because the better you get at them, the less time they’ll take.

42. Back it up.

Make sure all your files are backed up onto external hard drive. Anyone who has learned this lesson the hard way wouldn’t wish it on anyone.

43. Manage your meetings.

Poorly run meetings are time wasters. Show your respect for all parties by managing your meetings in a productive way.

44. Don’t stop everything.

If someone says it’s important, make sure it’s important before you drop what you’re doing.

45. Learn to do less.

Make a point of learning how to work efficiently. Can you learn a new skill? Can you ask someone to help?

46. Find a mentor.

Find someone you can learn from who has done it before so you can waste less time trying to figure it all out.

47. Solve a problem.

Be proactive and address problems while they are small and manageable rather than putting them off to deal with later.

48. Get into a flow.

When you get into a flow state, things get done in less time and the work goes easier.

49. Study best practices.

Learn from what others have done before and learn to do them yourself.

50. Know your limits.

When something is out of your expertise or skill set. find some help to get it done.

51. Stop obsessing over perfection.

Learn to work at your highest level of performance without obsessing and backtracking .

52. Refine the way you make decisions.

Establish a decision making process that allows you to accurately and authentically make good decisions.

53. Avoid putting off decisions.

When you have a decision to make, make it. Otherwise it will take up too much bandwidth in your mind.

54. Don’t keep revisiting the past.

If something didn’t work in the past, don’t keep revisiting it. Learn to move on and forward.



55. Have a nightly ritual.

Get everything ready for the next day by having a nightly ritual.

56. Do things that make you feel good.

Do the things that make you feel good, and you’ll also become more productive.

57. Reward yourself.

When you complete a set of tasks, give yourself a reward.

58. Take time to recharge.

A constant state of stress and overwork slows you down. Make sure you schedule time to refresh and recharge your batteries.

59. Learn to say no.

Saying yes to everyone is saying no to yourself. Know your priorities and your limitations and don’t commit to anything that doesn’t align with them.

60. Take pride in what you do.

Take pride in how far you have come, and have faith in how far you can still go.

61. Manage your energy.

Manage your energy, not your time. No car goes anywhere without fuel.

62. Get enough sleep.

Sleep is the foundational element that ties our health together. When you sleep enough, you have more energy and happiness.

63. Never renegotiate the time you spend with your loved ones.

Family time is off limits.

64. Enjoy your time.

Leave room for fun and play.

65. Become the best manager.

Don’t just learn how to manage your time, learn how to manage your actions, projects, distractions, attention and habits. Because either you manage your time or time will manage you.



Also read: Why Following Your Own Dreams Is Not Selfishness

This article was originally published in Inc.com

Image credit: www.youtube.com

Why following your own dreams is not selfishness

When people try to curb your dream, can you still forge ahead even though you’re called self-centered? Yes, you can and here’s why.

Do you ever dream of giving up your job and doing something worthwhile with your life? Ever think of travelling around the world, either for a few months every year, or for an extended period? Dropping out of the rat race and buying a house high up in the mountains, where you raise chickens and grow potatoes for a living?

Starting your own company, which will make use of new innovation to revolutionize the way business is conducted? Filing for divorce, so that you can put the past behind you and spend what is left of your life in the pursuit of real happiness?

So many people claim they want the best for us. Our parents, siblings, spouses. But try suggesting a bold new venture that might challenge your family’s way of looking at the world, and suddenly you’re being told to reign in your passions, to be more responsible, to listen to reason. So what if you quash your dreams ? So what if your idea could reap large profits after a few years of uncertainty? Stay on the trodden path, we are told. Don’t deviate from what society has established is the ‘correct’ way of doing things. Don’t only think about yourself, don’t be SELFISH.

I’m not going to name all the go-getters who burned the midnight oil so that they could find evidence to support what they knew to be true, even though the collective rationality of society told them that their ideas were baseless. From Edison to Steve Jobs, our lives have been enriched by visionaries who dared to follow their dreams and hold on tightly to their passions even in the face of tremendous odds; what if your dream has the same potential?

Also read: 10 Reasons why Entrepreneurship is awesome

And when people try to curb your dream, can you still forge ahead even though you’re called self-centered? Yes, you can and here’s why:

1. Because ‘selfish’ is a misnomer

It’s not selfishness to trust your own ideas and risk your future on an enduring belief. Maybe what they’re actually calling you is ‘non-conformist’. After all, if you’re a good human being, shouldn’t you stake your happiness on a secure job, a guaranteed salary, and the approval of every great-grand aunt? What, you want to do what your heart tells you?

If you examine their real reasons for wanting to stop you, you might be surprised to find that there is a great deal of selfishness involved–on their part. It’s not always your good they’re looking out for. Often, the family of a dreamer worries about how they will maintain their lifestyle or their place in society if you dare to be different. This isn’t you being selfish, it’s them!

2. Because in the final analysis, only you are responsible for what you make of your life

Make a success of your life and people around you will applaud. Fail miserably and people will criticize, whether you were following their advice of not. If I donate a portion of my earnings to the poor because it makes me feel good about myself, am I not selfish? In fact, selfishness goes hand-in-hand with self-preservation: today, it’s not the survival of the fittest but of the most open-minded. You have two options—to do as the crowd does and struggle for a slice of life, or to bake your own pie and live on your own terms.

Also read: 8 Things Entrepreneurial People Do Differently



3. Because the people who advocate mediocrity are ‘Average Joes’ who haven’t made anything of their own lives

They want you to do things the way they have done them. Who are you to dare to be different, who told you that you can go against your parents and think for yourself? Your elders know best; true knowledge can only be acquired by experience. One sure-fire way to counter these arguments is to find out whether they ever lived out a dream, no matter how mundane. If they have never trusted themselves, how will they ever let you trust yourself?

4. Because your dream promises self-actualization, and possibly, immortality

Your orthodox idea is your baby, your own jealously-guarded secret, an inner voice telling you truths that you cannot ignore. The more unique and unbelievable the dream is, the slimmer are the chances of you finding supporters. But if you believe strongly in your opinions, you have to be willing to defend them and fight for them. It’s not going to be smooth sailing; you’re not going to be voted president. The dream itself has to be rewarding enough to be inherently motivating, even if others consider you crazy.

Dependents consider their own comfort more important than allowing you to follow some far-fetched passion on a path as yet untrodden. From childhood, we are taught that our decisions impact others, so we are encouraged to make decisions based on the common good. And if nothing else, there is always guilt: what if something happens to your loved ones? Well, ask them whether they believe in God or karma…shouldn’t there be some quid-pro-quo that rewards good and punishes evil?



Also read: The 15 Characteristics of Effective Entrepreneurs

This article was originally published in MensXP.com

Image Credit:www.inc.com

7 Sleep habits of successful entrepreneurs

Follow these seven sleep habits and dream your way to business success.

We all know lack of sleep is harmful to our health — sleep affects mood, increases risk of psychiatric disorders and depression, cardiovascular disease and lowers immune system health. Yet the stress of running a company and long working hours means entrepreneurs often find themselves functioning on little sleep.

Evanston, Ill.-based sleep expert Dr. Lisa Shives says getting seven to eight hours of sleep a night is a critical component of entrepreneurs’ business success. “Sleep affects our executive function; the area of the brain responsible for decision making, creative thinking, memory and reaction time,” says Shives.

Follow these seven sleep habits and dream your way to business success:

1. Avoid alcohol before bedtime.

While alcohol may help you fall asleep, it will affect the quality of your slumber. “Sleep is lighter, you have less REM (the deepest stage of sleep),” says Shives. Alcohol can also wake you up in the middle of the night. “Many people wake up after about four hours, because that’s how long it takes to metabolize alcohol, then they have trouble getting back to sleep,” says Shives. Although studies have shown a glass of wine at dinner can have positive effects on cardiovascular health, Shives says to avoid drinking any alcohol within three hours before bedtime.

2. Turn off electronics before bedtime.

Shives recommends shutting off gadgets an hour before bedtime. “The light that’s emitted [from the screens] slips your neurotransmitters into an awake position,” says Shives. Our gadgets also force our brains to stay active when they really need relaxation time to distress before bedtime. Shives recommends using the hour before bed to do something relaxing and enjoyable like reading a book or having a chat with your partner.



3. Write your worries away.

If you find yourself lying in bed stressing about the events of the day, Shives recommends keeping a worry journal to write down the issues that are bothering you. For those who find their heads swimming with to-do-lists, Shives says putting the list on paper rather than thinking about it can help to clear your head and shut off your mind before bedtime.

4. Create the perfect sleep ambiance.

The optimal sleep environment is one that’s cool, dark and quiet. “Part of becoming drowsy in the evening is that your core body temperature starts to drop,” says Shives. Eliminate noise and light distractions by charging smartphones outside the bedroom door to avoid the glow, the ding and the temptation to get up and check on something.

Also read: 12 Ways To Avoid Startup Mistakes

5. Exercise.

Exercise promotes healthy sleep patterns by releasing serotonin and dopamine. These are the same neurotransmitters that are important for regulating our 24-hour sleep-wake cycle, known as the circadian rhythm.

6. Avoid sugary snacks before bedtime.

If you have a hankering for a snack, Shives recommends grabbing a bite containing protein and fat such as yogurt rather than one containing starch or sugar. “[Protein and fat] have very low glycemic levels which means they will give a steady release of energy throughout the night,” says Shives. Simple carbs or sugary snacks give you a quick burst of energy, followed by a crash which can disturb the quality of your sleep.



7. Wake up to the light.

The morning is just as important to your sleep habits as the evening. Getting sunlight when you wake up re-sets your body’s circadian rhythm, helping to ensure you’re more tired at night. Enjoy your morning coffee sitting next to a large window is a great way to start your day right.

Also read: 8 Things Entrepreneurial People Do Differently

This article was originally published in Entrepreneur.com

 

How to stay motivated after a startup failure

Here are four things to keep in mind to keep your spirit and motivation up after flop of your startup.

Achieving your goals and dreams is not always easy. This is especially true when it comes to building a business. Building a business is one of the hardest things anyone can do. It takes years of absolute dedication and effort to truly make a business thrive. The whole process of starting a business is physically, emotionally, and financially draining. And oftentimes we invest all that energy just to see the business we built fail. And that happens quite a bit. According to the Wall St. Journal, 3 out of 4 ventured-backed startups fail. And that’s just venture-backed startups. Bootstrapped startups, with no starting capital, have a higher failure rate. It’s a difficult thing to face for startup founders; seeing something you’ve put your blood, sweat, and tears into crumble. So the question for founders of failed startups is—how do you stay motivated keep going after the failure of your startup? Well here are four things to keep in mind to keep your spirit and motivation up after flop of your startup.

Take Comfort in the Fact that Most Startups Fail

Those who start businesses are extremely smart and talented (for the most part). But even with the talent and intelligence, you cannot get away from the nature of startup heartache. As a founder, you should take comfort in the fact that most startups do not succeed. The reasons for a business failing is plenty and many of today’s top entrepreneurs have emerged from previous startup flops. Andrew Mason, the founder of Groupon, actually founded The Point prior to his successful multi-billion dollar coupon site. Never heard of The Point? That’s because it never took off. Bill Gates, prior to founding Microsoft, was also the founder of the now-defunct Traf-O-Data. Sir Philip Green, the billionaire British businessman, went through at least three startup failures before making his first million in his thirties. So as you can see, startup failure is not an exception, it is almost a rule. Failure with your initial startup is almost a rite of passage for startup success. So take comfort in that fact. Take comfort knowing that even the brightest and richest have failed. Knowing that will give you the motivation to move on and try again. Because, as the famous Albert Einstein would say, “you never fail until you stop trying.”

Also read: 10 Reasons why Entrepreneurship is awesome

Have your End Goal in Mind

I’m sure one of your biggest goals was to make your startup a smashing success. But I want you to think bigger. Reach down deep to think about your ultimate goal. What is the purpose of starting your business? Why did you want to build a successful startup? Was it to provide a valuable product to society? Was it to support your dream lifestyle? Was it to give your family and loved ones the life they have always wanted? The startup isn’t the goal itself; it is a means to getting to the goal. So if one startup doesn’t work out, there are plenty of other opportunities for you to succeed and achieve your goals. Looking at the big picture and having the end goal in mind is an important element to keeping your motivation after startup failure. Without seeing the big picture and the end goal, you will be knocked down by every little mishap.

Also read: 8 Things Entrepreneurial People Do Differently

Giving Up is for the Weak

Being a business owner is a whirlwind adventure. You will feel the ultimate highs and the ultimate lows. It takes emotional resilience and grit to be able to be a successful business owner. And if you are planning on giving up after failing a few times, then you are not meant to be a business owner. So if you want to build a successful business, you have to be willing shrug off the lows. You have to be resilient and keep going. Otherwise, startup life is not for you. Essentially, giving up just means you don’t want it bad enough. And when you don’t want it bad enough, you will not survive in the competitive culture of business. You have to want to succeed enough to want to pick yourself up after momentous failure and embarrassment. Just like the hip hop preacher Eric Thomas said, “When you want to be successful as much as you want to breathe, then you’ll be successful.” So do you want success as bad as you want to breathe?



Experience is the Best Teacher

Your startup’s demise is temporal and momentary. It does not define your whole life and it does not mean you are a failure. Rather you should take the experience learned from the failure of your startup to do better the next time around. You can read as many books as you want or go to a thousand seminars; nothing can teach you as much about business and life as experience itself. Learning from the school of hard knocks and low blows is the ultimate vehicle of learning. So let the failure of your startup be your teacher and learn from the mistakes made during your failed startup to do better the next time around. And remember, many entrepreneurs failed at multiple businesses before finding a successful and thriving business. So take that experience and make something useful out of it. Let that experience motivate you to do better the next time. And trust me, you will.

Putting Everything in Perspective

It hurts to see something you invested so much time, money, and energy into just crumble. It hurts a lot. Because you have so much invested, it can hurt much more than losing a job or even losing a house. But in the end, you need to put everything in perspective and take a look at the bigger picture. Looking at the bigger picture and putting everything in perspective means that the chance of you succeeding with your first couple of startups is small. And just because your first startup flopped does not mean that you have failed. If you are smart enough, tenacious enough, and gritty enough, you will eventually build a successful business. You just need to keep motivated and keep going. You only fail if you stop trying.

Conclusion

Instead of being disappointed that your startup has failed, and start writing a new resume so you can get a job, think twice and learn from failure. Starting a business is not always easy, and it requires patience and a lot of experience.

Also read: The 15 Characteristics of Effective Entrepreneurs

This article was originally published in under30ceo.com

Image Credit: www.entrepreneur.com



The 10 characteristics of effective entrepreneurs

There is no one right way to be an entrepreneur. Business leaders come from all sorts of backgrounds and have varying areas of expertise. You might be an entrepreneur if you have some of these personality traits.

There is no one right way to be an entrepreneur. Business leaders come from all sorts of backgrounds and have varying areas of expertise.

You might be an entrepreneur if you have some of these personality traits:

1. You think on your feet.

While you have a facility for planning and organization, you aren’t afraid to throw out the outline and go in a different direction.

2. You doubt yourself.

If you feel insecure, you know that it doesn’t mean you will fail. Instead, you channel that nervous energy. You can find that you have a renewed focus for the task at hand.

3. You are inventive.

Even if you don’t have the resources you think you need, you’re able to take a step back and use what’s at your disposal.

4. You have a mind for money.

Ah, yes, revenue. You are endlessly intent on making sure your venture is profitable.

5. You don’t fear controversy.

Being successful often means disrupting the status quo.



6. You take risks.

And you see the risks you take as fruitful possibilities and opportunities to grow.

7. You are active.

Constantly hustling and one the move, you understand that it is your drive that powers your company and energizes your employees.

8. You are open to change.

You know that your company will only triumph if you evolve and change as the customer and market demands.

9. You can sell yourself.

Promoting your vision is like second nature to you. Meanwhile, you often look inward to improve your performance.

10. You rise to the occasion.

When things get tough, you feel motivated and get into gear.

For five more signs you are an entrepreneur, check out the video above.

This article was originally published in Entrepreneur.com



Image credit: myventure.in