entrepreneurship

7 reasons you need more than just hard work to succeed as an entrepreneur

It is not just hard work which you need to put in to become an entrepreneur.

We’ve often heard that hard work is what will get you where you want to be. However, it is not just hard work which you need to put in to become an entrepreneur. Instead, it is a combination of factors along with hard work which is the true reason for entrepreneurial success.

Here are 7 reasons why you need to put in more than just hard work to succeed as an entrepreneur:

1. Hard work doesn’t come up with a kick-ass idea

Hard work begins only after you have a brilliant idea which is innovative, out-of-the-box and appeals to the masses. No amount of hard work can boost your creativity to come up with an idea in an instance. An idea might come to you randomly or with some inspiration but hard work is certainly not the way to get one.

2. Entrepreneurship requires team effort

Hard work isn’t enough to succeed as an entrepreneur because it isn’t a one-man show. It is a collaborative team effort and you’re doomed if you’ve hired the wrong guys. No matter how hard-working you are, you might have to slow down for your team members to catch up and then, continue working as a team.

3. Creativity isn’t a by-product of hard-work

Some people are creative while some aren’t; no amount of hard work will make you as creative as the other person. You can look for inspiration which comes from within or the surroundings but putting in mindless hours of hard work won’t make you a creative person.

4. Earning money

In order to earn more money as an entrepreneur, one needs to be smart and take good decisions instead of slogging like a donkey. Hard work is necessary but what is more important is to apply it the correct places for maximum productivity and output. If you can earn 500$ in 5 hours, why put in 10 hours to earn the same money?

5. Experience

Just because you work for 20 hours a day doesn’t mean you can compete with people who’ve been in the scene for 20 years. No amount of hard work can match up to experience and it is only the latter which can help you make quick yet balanced decisions for your company.

6. You can’t kill competition with hard work

You competitors might be better than you because they have a more evolved idea and better investors. You need to buck up on those fronts rather than just adding hours to your work schedule. Hence, for an entrepreneur, it is necessary to strategise well and come up with a plan which informs you about the shortcomings you need to work on.

7. You stop living your life

This is the worst thing you can do to yourself. Just because you work very hard doesn’t mean that you have the opportunity to ignore everything else. Instead, it is important to take breaks and spend time with loved ones so you can remain more focused on your work and eliminate the chances of emotional burnout.

This article doesn’t demean the importance of hard work in any way. All it says that an entrepreneur shouldn’t mindlessly put hours of work which might go for a waste. Instead, one should be smart and try to gain maximum benefits and success from the time one actually devotes to a task.

7 Business tips lessons from successful entrepreneurs

If this is your first plunge into the entrepreneurial scene, it is always advisable to learn from other mistakes.

Entrepreneurship is a serious business as one needs to be dedicated and passionate about what they are pursuing. Business lessons gathered from people who are more successful or experienced than you can prove to be useful which is why they need to be paid attention to. If this is your first plunge into the entrepreneurial scene, it is always advisable to learn from other mistakes.

Here are a few business tips from successful entrepreneurs which will help you to enhance your business knowledge:

“It is vitally important to present a clear, concise plan that investors can easily understand and repeat to their own people. In the first meeting, avoid overly complicated, numbers-laden presentations. Nothing stays the same for long, so explain how you plan to tackle the inevitable technological changes and market shifts that are heading your way.” -Richard Branson, Virgin CEO

“Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity. Because, when things get hard, if you’re chasing just the dollars, or a random market opportunity, you’re not going to be able to have the fortitude, the passion, to stay with it.” -Jarvis, CEO of CreativeLife

“ I learned that you can’t build a business with two centres of gravity. Your centre of gravity isn’t your product, or your customers, or your market. Rather, your true centre of gravity is somewhere at the intersection of what you’re passionate about + what problem you want to solve + why that problem matters.” -Dan Greenberg, CEO and co-founder of Sharethrough

“Focus. Don’t try to do too much. Entrepreneurs are always thinking of the next thing to do. It’s great, but we only have so much time and brain power to focus on the right areas.” -Sujan Patel, founder & CEO at Single Grain

“If you get a prototype out and you get enough people using it, you never have to write a business plan. A prototype is where you separate the BS from reality.” -Guy Kawasaki, chief evangelist of Canva, author of ‘The Art of the Start 2.0’

“Take your time to think through something and when you’re ready, act fast. This absence of this diligence has been a common thread among some of the failures I can think on – hiring vs. firing, inadequate snap judgments, arguments, etc. Firing people, for example, can be one of the most difficult parts of an entrepreneur’s journey. It can be important for a company to move forward, but they’re moments that are never devoid of emotion.” -Matt Galligan, CEO and co-founder of Circa

“Though my previous company was ultimately a failure, it taught me a very valuable lesson: be maniacally focused on your customers. Though my previous company was ultimately a failure, it taught me a very valuable lesson: be maniacally focused on your customers.” -Jon Beekman, the founder and CEO of Man Crates

Six life changing books you need to read this year

Reading books is the easiest and most effective way to expand your knowledge about various topics.

Reading books is the easiest and most effective way to expand your knowledge about various topics. It is a common hobby shared by almost all successful people across the globe. Reading can be recreational, inspirational or educational based on what you choose to read. If its recreational, look for books on time travel, fantasy or romance. Inspirational or educational can be memoirs or alternate history books.

Here are a few life-changing books you need to add to your reading list ASAP:

How To Win Friends And Influence People by Dale Carneige

This book is claimed to be one of the most influential books which have single-handedly changed the lives of many entrepreneurs. Reading this book teaches you exactly what the name suggests which is very essential in the entrepreneurship field. Check this, if hard to find books.

Start With Why by Simon Sinek

“People don’t buy what you do, they buy why you do it.” This quote by Sinek is a masterpiece which helps you understand the importance of having a purpose and deciding upon a goal in order to be successful in your missions. This is a must-read for all aspiring entrepreneurs.

The Lean Start-up by E.Ries

This book is another masterpiece which helps entrepreneurs establish and drive their start-ups towards success with minimal money and other entrepreneurs. To succeed when you’re running low on everything, this book will be guided.

Zero To One by Blake Masters and Peter Thiel

This is the perfect book for all start-ups as two of the greatest entrepreneurs pour out brilliant insights like how unicorns are made and how simple but powerful principles drive your success.

The Dip by Seth Godin

The dip is a period which occurs in every entrepreneur’s life once you have enjoyed and experienced immense initial success. You will start doubting your idea and capabilities which is why the book is necessary to spread awareness about what this period is and how one can deal with it.

Related Post: 8 books every entrepreneur must read

The Inner Game Of Tennis by Timothy Gallwey

This book is important for entrepreneurs as it encourages readers to practice mindfulness and concentration in order to discover their true potential and capabilities. Breaking bad habits is also a great way to be able to be in contact with yourself.

Three drawbacks of entrepreneurship as a career choice

Drawbacks which you need to take into consideration before planning to become an entrepreneur.

Entrepreneurship might seem like a feasible career option as one gets to enjoy the perks for being the boss as well as enjoy profits generated out of the venture. However, this career also has its share of drawbacks which you need to take into consideration before planning to become an entrepreneur.

Here are a few drawbacks of entrepreneurship as a career option:

1. Uncertain income

The biggest drawback about being an entrepreneur is that you do not have a flow of regular income. Your income as an entrepreneur depends on the sales and output of that month. Thus, your income could be positive, negative or zero depending upon the profits/ losses made that month. However, irrespective of the profits made in a certain month, you need to pay your employees regularly.

This irregularity of income is a major drawback for entrepreneurs.

2. High levels of stress

When you have to manage everything about a company right from paying freelancers to the projects handled, the stress levels are bound to be sky-rocketing. An entrepreneur has to work doubly-hard as compared to the employees because he stands a chance of losing the entire investment. In small start-ups, the entrepreneur, apart from the owner also takes up the responsibilities of a manager and assumes other roles due to lack of finances. This adds more pressure on the entrepreneur and causes an extreme amount of strain on his work schedule and life.

3. Disrupted work-life balance

Because the pressure due to work is so high, a lot of entrepreneurs are prone to major disruptions in their personal life. The high levels of stress keep them from spending quality time with their family and prolonged stress leads to fights and detachments in personal life.

However, some entrepreneurs believe that it is all about balance and if one is able to balance the two roles in their life properly, they can actually excel in both.

5 common financial mistakes all start-ups make and how to avoid them

Because of lack of experience or financial knowledge, every entrepreneur is bound to make some initial and crucial financial errors.

Because of lack of experience or financial knowledge, every entrepreneur is bound to make some initial and crucial financial errors. However, these can be avoided by following some simple steps and seeking simple solutions to these problems.

Listed below are 5 common financial mistakes all start-ups make and how to avoid them:

I. Problem: Overpaying taxes

This happens because a lot of people aren’t sure about the taxes which cause mismanagement of the taxes to be paid and you end up paying extra.

Solution: In order to combat this problem, you should start keeping a track of the taxes you have paid and constantly monitor the future taxes that need to be paid. By taking these simple steps, you can save a lot of money which can be pumped into the business.

II. Problem: Spending impulsively in the initial days

Entrepreneurs tend to buy a lot of impulsive stuff during the initial days which might not be required later.

Solution: Start making a list of the things your enterprise cannot function without and spend money on buying only those things to save money.

III. Problem: Mixing business and personal finances

No matter what the situation is, your personal and professional expenditure must be separate. The money saved for your business shouldn’t be used for purchasing personal luxuries whatsoever.

Solution: Create separate bank accounts if required; one for your company and one for your personal use and never use one for the other.

IV. Problem: Incorrect hiring

Hiring the right kind of people is an art which necessary for a start-up to function smoothly which is usually not looked after by most entrepreneurs and leads to serious financial problems in terms of salary and money spent on training.

Solution: Hire an experienced human resources manager who can initiate the process smoothly.

V. Problem: Not setting clear goals

Often we tend to go with the flow and not set clear, focused goals to work upon which hampers the financial aspects as the expenditure goes haywire.

Solution: In the beginning, you must set clear goals so that you are aware of the amount you need to spend to achieve it.

4 reasons every entrepreneur should use mind mapping

A mind map is a particularly useful technique that a lot of entrepreneurs swear by as it helps them break the creative blocks and make brainstorming sessions more fruitful.

“A mind map is a diagram used to visually organize information. A mind map is hierarchical and shows relationships among pieces of the whole. It is often created around a single concept, drawn as an image in the centre of a blank page, to which associated representations of ideas such as images, words and parts of words are added. Major ideas are connected directly to the central concept, and other ideas branch out from those.” -Wikipedia

A mind map is a particularly useful technique that a lot of entrepreneurs swear by as it helps them break the creative blocks and make brainstorming sessions more fruitful.

Here are a few reasons why you should use mind maps:

Increases efficiency

Mind maps can prove to be very efficient in increasing speed as it helps you break down huge volumes of data in an easy and efficient manner. Because mind maps are organised, changes or additions can be made to it without any hassle. The most important reason why people use mind maps is that they can have a large amount of data in one place which saves time and helps in better planning.

Structuring hierarchies

The mind map usually works on hierarchies which is why it allows the user to see all the levels of a hierarchy at once. By using the mind mapping, you make your job easier as you can use it to provide structure to the hierarchies in your map and understand the processes and relations in your map better. Because the map works on hierarchies, you are also clear of the more important objectives.

Generating more ideas

Sometimes during a brainstorming session, the panel might run out of ideas due to a creative block. In such dire situations, mind maps can prove to be useful as they evoke more creative and related words, concepts and ideas in your brain which can then be reassembled. Thus, the multi-layered, structured mind map can prove to be useful in getting your brain to think again.

Better decision making

Mind maps help you in making decisions because they are highly visual and detailed stuff which is listed down in a structured way. The map forces your mind to brainstorm potential solutions and list down the pros and cons attached to the solution. The map helps in reaching a balanced and thought out decision as you have enough information to rationalise your stance.

Top 15 quotes by Jack Ma to inspire the entrepreneur in you

As an aspiring entrepreneur, Jack Ma should definitely be on your list of entrepreneurs to gain inspiration from.

Ma Yun better known as Jack Ma, is the founder and chairperson of one of the most successful e-commerce companies, Alibaba, which had recently been labelled as more successful than Walmart in terms of business. As an aspiring entrepreneur, he should definitely be on your list of entrepreneurs to gain inspiration from.

Listed below are a few quotes by him to help you through your entrepreneurial journey:

The opportunities that everyone cannot see are real opportunities.

ii.

Hire the person best suited to the job, not the most talented. This can be a very painful lesson. There’s no point putting in a Boeing jet engine when you need to run a tractor.

iii.

Never deceive others, in business or in life. In 1995, I was deceived by four companies — four companies that are now closed. A company cannot go far by deceit.

iv.

We are never in lack of money. We lack people with dreams, who can die for those dreams.

If you don’t give up, you still have a chance. Giving up is the greatest failure.

vi.

When you are small, you have to be very focused and rely on your brain, not your strength.

vii.

If we are a good team and know what we want to do, one of us can defeat ten of them.

viii.

You should learn from your competitor but never copy. Copy and you die.

ix.

A leader should have higher grit and tenacity, and be able to endure what the employees can’t.

The opportunity lies in the place where the complaints are.

xi.

You’ve to make consumers smart. An e-commerce portal doesn’t sell a product at cheaper rates, instead, an offline shop sells it at a costlier price.

xii.

If you’re still poor at 35, you deserve it.

xiii.

I call myself a blind man riding on a blind tiger.

xiv.

Never ever compete on prices, instead compete on services and innovation.

xv.

It’s very difficult to know the outside world, but you know yourself. You know your need and what you want. If I know myself better, I can change myself to meet the outside world.

6 TV shows or web series which every entrepreneur must watch

These TV shows and web series might or might not be based on entrepreneurship but the lessons derived from them are invaluable.

As we are aware of the fact that visual impact is more powerful as compared to simply hearing or trying to remember things. An entrepreneur can aspire to learn various lessons from certain TV shows and sitcoms. These TV shows or web series might or might not be based on entrepreneurship but the lessons derived from them are invaluable.

Shark Tank

This American reality series is a no brainer which every entrepreneur should watch. The panel of judges referred to as “Sharks” decide whether to invest in an entrepreneur’s idea or not based on a 10-minute dramatic pitch. This show teaches us about the reality and pressures of a pitch presentation and also teaches aspiring entrepreneurs to evaluate their idea like the sharks.

TVF Pitchers

Developed by TVF, this TV series went viral in no time. This show trails the life of four friends whose lives change after one of them gets drunk and quits his job. He then decides to build on the idea which had always been at the back of his mind. He also convinces his friends to leave their jobs and join him in his venture. They reach the final round of NASSCOM start-up conclave which triggers a chain of events which explain the ground reality of setting up a start-up perfectly.

This show is a must watch for all entrepreneurs if they want to learn about building up on an idea.

The Profit

This popular series isn’t all happy and teaches you the ground realities of entrepreneurship. Featuring one of the biggest tycoons, Marcus Lemonis, who decides whether or not to invest in an idea, this show focus on the triangular mantra for success- People, Process and Product. Also, this is a great learning experience for viewers as it teaches what not to do as an entrepreneur in the first part.

Simply watching this show won’t give you profits but you could focus on Marcus’ profitable tips to succeed in your venture.

Game Of Thrones

The most popular HBO series which focuses on the fight between various contenders for the iron throne teaches a lot of valuable lessons to the aspiring entrepreneurs. Daenerys teaches us the importance of building a strong and loyal team, Tyrion and Lord Varys through their cunning acts remind us why knowledge is important and Jon Snow reminds us why we should never underestimate ourselves in any situation.

How I Made My Millions

The popular CNBC original show focuses on common people who made it big with their idea and hard work. The show focuses on the whole journey from the start and then moves on to the various transitions and finally how the entrepreneur tastes success. This is a must watch for every entrepreneur aspiring to make million through his idea as stories of common people are bound to inspire him.

Orange Is The New Black

You might be shocked to see this Netflix series listed for entrepreneurs. But the series which focuses on lesbians in prison can teach you a lot about entrepreneurship through Galina ‘Red’ Reznikov. She is smart and builds a kick-ass supply chain to promote her innovative idea and ends up making profits in prison!

6 reasons why you should hire millennials in your startup

With millennials giving strict competition to the older generation with experience, it makes more sense to hire them.

In today’s scenario, what matters more than a degree in a particular field is the ability to adapt to changing trends which millennials of generation X excel at. With millennials giving strict competition to the older generation with experience, it makes more sense to hire them because of the following reasons:

1. They are technologically advanced

They belong to the generation which is obsessed with technology and changing digital patterns. It literally takes them a few hours to understand and decode new software which makes investing in them a more feasible idea if you are a technology-based startup.

2. Hiring millennials is cost-effective

Fresh out of college, these millennials are looking for jobs in order to gain more experience in their field which is why they don’t have particularly high demands in terms of salaries. Most millennials are ready to work as interns and contribute to your company.

3. Millennials make great team players

Generation X has been exposed to collaborations and being great team players early on in their life. Added to that, their adaptive skills help them fit into and get along with any team without difficulty.

4. They are expressive

Millennials do not believe in holding back any form of emotion, even if it is negative. This is great quality as companies are aware of what they are investing in and these employees could be great at providing honest, constructive criticism to your company.

5. They provide a different viewpoint

Millennials are bound to have a different way of looking at things as compared to the older generation. This is a great benefit as you get to view decisions in alternate light and get an opportunity to innovate more.

6. Millennials understand social media better than anyone else

Millennials can comprehend social media better than anyone else because they spend half their time on these platforms. They particularly understand what content needs to be posted at which time and on what medium. They also understand analytics well which is why they could prove to be an asset to your company.

5 Characteristics common to almost all successful online businesses

Not all websites are doing well because understanding the core of the online market is not easy and requires certain characteristics and features will enhance the website and its offerings.

The online e-commerce market has been catching up in India like wildfire and is growing leaps and bounds. However, where some players in the market are doing very well, the others are struggling to keep up. The reputation a business builds in the local as well as the national market is crucial for its sales and the clientele it attracts.

With advancements in the field of technology and growing consumer awareness, the online markets are dynamic and changing with time. Almost all walk-in stores are trying to expand markets by going digital as it is more convenient and offers better outreach. But, not all websites are doing well because understanding the core of the online market is not easy and requires certain characteristics and features will enhance the website and its offerings. One name that you can vouch for is Amazon. This is the biggest place where you can sell your products across the world using the option of Amazon vendor central.

Here are 5 things common to almost all successful online businesses:

1. Good image of the online brand in the minds of the consumers

The online businesses which are very successful have built a positive perception in the mind of their consumer base which is why they keep coming back for repeat purchases. Also, through their existing base and communication strategies, they attract a potential target audience.

Amazon.in, BookMyShow and Swiggy are online business in different markets which are successful because of the positive image and great service rendered out to customers.

Even though Snapdeal is a leading market player, people don’t perceive Snapdeal to be great because of repeated late deliveries and low quality of products faced by some customers.

2. Shopping cart abandonment solutions

Every Online business has faced the shopping cart abandonment issue where customers just add things to their cart but never really purchase them. This happens due to various reasons- the customer might change his/her mind, better deals on other sites, coupons not working etc. Installation of live chats has hit the online markets by a storm and businesses are trying to use this method to stop customers from abandoning their cart during checkout.

Offers like “30% off on shipping if you complete this transaction in the next 30 minutes” along with cart abandonment e-mailers sent out can also reduce this problem. Also, offer you customers the option of wish list so that they can save items for later.

3. Live chat services

Customers feel more satisfied if they have someone to live chat with while shopping as they might require assistance. This also plays with consumer behaviour as the customer believes that he can avail real-time assistance whenever he wants to. in this way, the business is connected to the customer and can provide solutions instantly.

This is an easy method to gain more customers as a chat window is all it takes to make the customers more likely to buy your products.

4. Customer satisfaction

For an online business to prosper and do well, it is very important to focus on the customer satisfaction aspect as a loyal base assures repeat purchases. When people have a good shopping experience with a website, they are more likely to come back and shop for more products the next time.

For instance, Amazon.in gives utmost importance to customer service through prompt e-mails and query solutions.

5. Constant growth and expansion

Because the online markets are so dynamic, a business cannot afford to become stagnant in the scenario. Hence, all business keep launching new products and venturing into new markets to expand their business.

For instance, OYO rooms started off with offering rooms at budget hotels but has now expanded into OYO prime and OYO cafe as well.

4 reasons Indian entrepreneurs should consider rural markets

72% of India’s population actually resides in the rural areas which are why exploring this market is a wonderful idea.

Rural marketing is a vertical which is extensively being explored by big agencies like O&M and Madison. 72% of India’s population actually resides in the rural areas which are why exploring this market is a wonderful idea.

Here are 4 reasons why every entrepreneur should consider the rural market:

I. The huge population

As discussed before, the rural market is huge and certain areas are yet to be tapped. This gives the entrepreneur a great opportunity to actually tap these markets and sell their products. When you move your products to these areas, you will gain a first mover advantage which is necessary as the rural folks are very brand loyal.
Because the urban market is exhausted, marketers are shifting focus to rural markets from where the real numbers are coming.

II. Changing demand patterns

The rural areas are slowly but steadily developing with the availability of electricity and rising education evils. They are aspiring to become more like the urban people they watch on television which is why their demand patterns are also constantly changing. The entrepreneur could use this to his/her strength and introduce products which will help them achieve their aspirations.

Lately, rural folks are buying laptops, microwaves and all sorts of technology to make life easier.

III. Standard of living and digitalisation

The standard of living in rural areas is slowly increasing as rural people have a habit of saving money. They are using this money to buy more and more stuff to achieve their inspirational goals. Also, rising digitalisation because of availability of electricity and internet is helping the markets become aware about new things.

ITC e-Choupal is brilliant initiative to make internet available to the rural markets.

IV. Marketing opportunities

The opportunities for marketers in the rural areas are unlimited and effective as the people there actually respond to the common techniques used. A marketer could do something as simple as billboard advertising or a nukkad natak or choose to organise an event or use methods like word of mouth to reach those more people.

Corporate people turns into food entrepreneurs

People who have quit promising careers in the corporate world because they wanted to pursue their passion.

Today we are going to share with you some amazing stories of people who have quit promising careers in the corporate world because they wanted to pursue their passion.

Mondo

Kochi-based Mondo offers delicious milkshakes. The brand also offers food with a fusion of Mediterranean and Continental flavours.

In December 2017, after quitting his job in Dubai, Pradeep set up Mondo with his co-founders,Anup Mohan and Srikanth Ch, former CEO and CPO of Styl (acquired by Voonik), respectively, and Dileep Nair of Ornate Tours and Travels and Sheeba Nair, a former employee of Emirates Airlines.

The founders claim that the company’s current revenue is Rs 1.75 crore (Rs 1.5 crore from B2C and Rs 25 lakh from B2B).

monQo already has four unit-franchises in Kerala and three master franchises in Telangana, Andhra Pradesh and Karnataka.

Roll Xpress

Amit Chugh and Gaurav Satija decided to sell Kolkata’s signature kathi rolls in Punjab.

They now sell kathi rolls across Delhi, Chandigarh, Ludhiana and Ambala. With 20 outlets serving up an average of 2,500 orders each day, the founders claim they clock sales of Rs 75 lakh per month.

Nizami in J&K

Former Amazon employee Javid Parsa quit his job to return to his home state of Jammu & Kashmir to start Parsa’s, a fusion of Kolkata and Hyderabadi cuisine.

A menu featuring items priced between Rs 50 and Rs 190 helps Parsa’s attract the young college crowd.

It has outlets across Srinagar, Ladakh, Anantnag, Sopore and Awantipora.

5 productivity tips that will benefit aspiring entrepreneurs

If the captain of the ship is accomplished and tends to be productive all the time, there are better chances of a successful venture.

Indian entrepreneurship is currently on a high with a huge number of start-ups cropping up daily. Most start-ups have innovative and unique ideas but some fail, owing to various reasons- time issues, low of monetary funds or other resource crunches.

An entrepreneur plays a key role in determining his venture as a failure or a success. If the captain of the ship is accomplished and tends to be productive all the time, there are better chances of a successful venture.

Here are 5 productivity tips that are bound to help every budding entrepreneur:

1. Don’t attend or organise meetings for the sake of them

In today’s world, we are not in a position to take the traditional route of meeting a team for 5 hours and giving them tips about everything. Time is a precious resource and must be utilised carefully. Because most meetings are a waste of time, it is beneficial for an entrepreneur to cut down on them and organise modern ways of boosting team spirit like stand-up meetings.

Also, try communicating through faster, more efficient and time-saving media like the telephone, e-mail, SMS or shared notes on apps.

2. Take breaks

As an entrepreneur, your work might seem insanely taxing. However, it is crucial to take necessary breaks for your brain to relax and produce newer ideas. Try and take breaks every two hours and it can be something as simple as going out for a brisk stroll. The fresh air will rejuvenate your mind and help you focus and concentrate better on work. You will find yourself more energised after a break because staring at a computer screen for too long can cause massive fatigue.

Also, insist that your employees take breaks too, especially if you’re a creativity-based company as breaks are necessary to break monotony and loss of focus.

3. Use location to an advantage

For start-ups which usually don’t have much monetary funding initially, it is always better to hire a team or people who are locals. Many studies have found that people living with family or near their offices are more motivated to work as they have people to fall back on once they’re home.

Also, once you nurture local talent, you’ll be amazed to find the level of motivation they possess as they know the place and people better. And, once you have a kickass team which comprises of accomplished and happy people, your profits will soar higher.

4. Delegate; but give your employees space to improvise

As an entrepreneur, your job is to delegate tasks to your team but if you make them follow a rigid pattern of doing the task, they’ll soon lose interest. Instead, give them some amount of creative liberty to improvise and come up with newer ways of accomplishing a task. This gives them responsibility and power and helps them to learn the skill of management.

Because empowerment is something we all seek at our job, this will motivate employees to put in more effort into their job and be more productive in future.

5. Rewards and benefits for your employees

It might be something as simple as treating them to a meal at a fast food joint because they’ve worked hard. Rewarding and more importantly recognising the talents of your employees is crucial as it gives a great boost to them as they remain motivated to work harder.

You could also provide some kind of monitor to your employees to jot down creative ideas. This is a great productivity booster as it empowers them and entices them to be more motivated at work.

Try the tips mentioned above and notice a stark change in your company’s productivity levels.

5 failures Jack Ma had to face in life which helped him succeed in the long run

Here are the greatest failures/lessons from Jack Ma’s life.

Jack Ma, the 52 year old successful entrepreneur prefers considering himself to be an artist. The founder of the popular e-commerce platform, Alibaba, has had to face some major failures in his life which helped him succeed in the long run.

Here are the greatest failures/lessons of Jack Ma’s life:

1. He failed in school

Far from being the brightest student, he almost didn’t make it to middle school because he flunked too many subjects. However, he didn’t let this deter him and just like other successful men who weren’t the brightest in school like Winston Churchill, Albert Einstein etc, he went on to carve a niche for himself.
“I failed a key primary school test two times, I failed the middle school test three times, I failed the college entrance exam two times.”

2. He scored less than 1% in Mathematics

Jack Ma has also had the misfortune of scoring 1 out of 120 in the math portion of his college entrance. Despite not having heard of the term “computer” in his childhood or acing maths or management or any required subject, he managed to get past the weaknesses and succeed in building the e-commerce giant, Alibaba.

“I am not good at math, have never studied management, and still cannot read accounting reports.”

3. Rejection from Harvard

It was Ma’s dream to study in Harvard which never worked out as he was rejected ten times. Even though he never made it to Harvard, this failure gives us a glimpse of his persistence and determination.

4. The only candidate who got rejected by KFC

After being turned down by almost 30 companies, Ma applied to KFC and he was the only one out of 24 candidates who didn’t get the job. Ma believes that he didn’t get the job only because he was short in stature and not good looking compared to the other applicants. This was a huge setback for him but he didn’t take it too personally and went on to do greater things.

5. Initial issues related to Alibaba

He suffered a dearth of failures in the initial days of Alibaba as well. it wasn’t profitable, he couldn’t find Venture Capitalists for the company and the company almost went bankrupt after the dot-com bubble burst. He was relentless which is why the company still exists today.

7 common myths about entrepreneurship

Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option.

Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option. A lot of people believe these myths to be true which is why they don’t pursue their ambition of being an entrepreneur despite having a great idea. So, if you’re still confused, don’t worry, we’ve got the most common myths debunked for you.

Here’s a list of 7 most common myths about entrepreneurship:

1. Entrepreneurs are born, not made

This is the most common myth that deters people from becoming entrepreneurs. However, this is completely untrue. A normal person with an idea which solves a problem the society is dealing with can become an entrepreneur if he works on certain skills. If one is ready to develop on leadership and managerial skills and isn’t scared to take risks, one can aim to become a successful entrepreneur.

2. All you need is money

This myth is not completely justified because you may have great investors pumping in a lot of money into your venture but if your idea doesn’t appeal to the people, they will not buy your product or service. Thus, money might be important but it is more important to use the money wisely in places where it is required.

3. Entrepreneurs are usually college drop-outs

This is a common disbelieve because great people like Mark Zuckerberg, Mukesh Ambani and Steve Jobs have managed to become successful entrepreneurs without a college degree. However, a formal and educated background only helps an entrepreneur to understand concepts and the business better. An entrepreneur becomes one because of his idea and developed skills set and not his college degree.

4. You need an out of the box idea to start up

This is another myth about entrepreneurship which needs to be debunked. It is true that you need an idea to develop on but the idea doesn’t need to be a completely new or innovative one. Running a restaurant, school or any kind of business or adding value to an already existing idea which solves problems of the society can also serve as a great base for entrepreneurship.

5. Having no boss the best feeling

A lot of people consider entrepreneurship because they believe they will get to set their own terms at work and lead a team. However, this might not be a favourable scenario for every venture. With ideas like leadership coaches catching up, it is proved that even entrepreneurs who lead a team require help from superiors in order to succeed.

6. You need the perfect timing

People often comment saying that it is actually luck which will make you a successful entrepreneur. They believe that it is important that the time is right and destiny is in your favour. However, the history of entrepreneurs has proved this to be absolute rubbish as successful people like Reid Hoffman, the founder of LinkedIn, got success only later in their life in spite of a brilliant idea.

7. Starting a business isn’t that difficult

A lot of entrepreneurs we see aren’t college pass outs which have led to the common belief that entrepreneurship isn’t very difficult to achieve. Instead of attending rigorous classes, they concentrated on developing a skill set and an idea which they’ve grown only due to their hard work. A typical entrepreneur fails many times before s/he can succeed and defeat failure isn’t everyone’s cup of tea.

Related Post: 8 Common business plan mistakes

We hope we’ve debunked the most common yet misunderstood myths about entrepreneurship for you.

5 shortcomings in your personality which can help you become a great entrepreneur

Traits which are perceived negatively for the corporate culture are what helps you become a successful entrepreneur.

There is no shame in being a misfit in the corporate culture or the race to earn more money. Often, these traits which are perceived negatively are what helps you become a successful entrepreneur. All you need is to channel these shortcomings in the right manner.

Listen below are 5 such personality flaws which can help you become a great entrepreneur:

I. Obsessive

If you are the kind who cannot get a peaceful sleep at night without completing what is expected of you, entrepreneurship might be the right field for you. The constant obsession to achieve your goals and targets on time is something which could prove to be your asset when you are nearly burning out.

II. Cannot fit into the 9-5 culture

Chances are that your impatient self doesn’t understand the concept of a 9-5 culture merely because you aren’t good at conforming to regulations. In all probability, you don’t shy away from working but prefer doing things according to the deadlines you set for yourself. This is a huge reason why brilliant but chaotic minds choose to take up entrepreneurship because it comes with the choice of embracing freedom.

Related Post: Personality types of an entrepreneur

III. Social butterfly

Your social skills and the ability to skirt around different circles might not be very appreciated in a corporate setting. However, with a little brushing up, you can network with more people. since, you already are an extrovert, it wouldn’t take much time for you to talk your way into important circles which could prove to be very beneficial for your business.

IV. Issues with authority

Most successful entrepreneurs claim that they had an issue with authority and lesser mortals bossing over them which is why they chose to start their own venture. The rebellious streak is what makes you more of an entrepreneur than a worker bee. Nobody who didn’t break rules ever became a raging success.

V. Extremely confident

You don’t have to be over-confident to make people see the best in you but once you’re sure enough about your ideas, your dedication shouldn’t falter. You are probably confident because you know your stuff thoroughly and want people to view things through your lens. There’s nothing wrong with this and your decisiveness could be the sole virtues which makes you a great leader.

20 motivational quotes that’ll help an entrepreneur to live through setbacks

Everyone needs some inspiration to bail them out. Here is a list of quotes that are bound to inspire you even during the darkest days.

All entrepreneurs constantly need the motivation to come up with new ideas and do better at their job. As we know, an entrepreneur’s life isn’t a plain road; it is etched with failures and success. During a setback, an entrepreneur is bound to be dejected as one puts his heart and soul into making a plan work. During those days, everyone needs some inspiration to bail them out. And know your worth quotes are perfect for this purpose.

Here is a list of quotes that are bound to inspire you even during the darkest days:

1. “People often say that motivation doesn’t last. Well, neither does bathing. That’s why we recommend it daily.” -Zig Ziglar

2. “Be undeniably good. No marketing effort or social media buzzword can be a substitute for that.” -Anthony Volodkin

3. “When you are inspired by some great purpose, some extraordinary project, all your thoughts break their bounds. Your mind transcends limitations, your consciousness expands in every direction and you find yourself in a new, great and wonderful world. Dormant forces, faculties and talents become alive, and you discover yourself to be greater person by far than you ever dreamed yourself to be.” -Patanjali

4. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” -Steve Jobs

5. “The secret of joy in work is contained in one word – excellence. To know how to do something well is to enjoy it.”-Pearl S. Buck

6. “All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.”-John Kenneth Galbraith

7. “The best years of your life are the ones in which you decide your problems are your own. You do not blame them on your mother, the ecology, or the president. You realize that you control your own destiny.” -Albert Ellis

8. “You learn more from failure than from success. Don’t let it stop you. Failure builds character.” -Anonymous

9. “There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age?” -Warren Buffet

10. “You miss 100 percent of the shots you don’t take.” -Wayne Gretzky

11. “Best start-ups generally come from somebody needing to scratch an itch.” -Michael Arrington

12. “If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you.” -Steve Jobs

13. “The value of an idea lies in the using of it.” -Thomas Edison

14. “Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it. I never heard of anyone ever stumbling on something sitting down.” -Charles F. Kettering

15. “Nothing in the world can take the place of perseverance. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost legendary. Education will not; the world is full of educated derelicts. Perseverance and determination alone are omnipotent.” -Calvin Coolidge

16. “Fail often so you can succeed sooner.” -Tom Kelley

17. “There’s nothing wrong with staying small. You can do big things with a small team.” -Jason Fried

18. “Never give in–never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of honour and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy.” -Winston Churchill

19. “Whether you think you can or you think you can’t, you’re right.” -Henry Ford

20. “Be patient with yourself. Self-growth is tender, it’s holy ground. There’s no greater investment.” -Stephen Covey

12 questions you need to ask yourself before starting your own business

While contemplating whether or not to start your own business, ask yourself these questions.

A lot of people with great ideas venture into the world of entrepreneurship with the motive of making profits. However, setting up your own business isn’t an easy task as you need to look after a lot of things which might seem very new to you.

While contemplating whether or not to start your own business, ask yourself the following questions:

1. Why should I introduce this product into a market?

If you cannot answer this question successfully, it clearly means that your product is either not new or not enough to suffice the current problems of society. If you can answer this question without hesitating, go ahead and answer the rest as well.

2. How will my product/service help the society or any other stakeholders?

This is a crucial question which needs to be answered because the whole point of entrepreneurship is that you spot a problem and create a new solution. You need to make sure that your product/service affects your stakeholders for the better.

Related Post: 8 attributes of successful entrepreneurs

3. What is the end goal of your business?

If you don’t have a mission and vision for your business, the whole thing could result in a failure. You need to have a goal besides profits which you want to achieve through the business you are setting up.

4. Which groups you need to target as your audience?

You can’t go around assuming that all people are your customers. You need to identify a proper target group for your product and focus on them more than other groups. You could also have secondary and tertiary target groups.

5. When are you likely to break even?

Break-even is a point where the total revenue earned is equal to the total cost incurred. This question is crucial because most businesses take about 6 quarters to break even. Also, this is the first question your potential investors will ask you because no one likes investing in a business which isn’t profitable.

6 What is your product’s USP?

USP is a unique selling proposition and it distinguishes your product from other competing products already available in the market. If you can clearly point out what is unique in your product and why it will work with your target group, go ahead with your idea.

7. What convinces you that customers are ready for your product?

Your product might be solving a problem and unique, but customers still might not want to buy it. In that case, you need to speak to some members of your target group and do basic research to see if introducing your idea into the market makes sense.

8. Who are your competitors?

As a businessman, you should be aware of your competition in the market and learn from their strong points. Based on the present competition, you can mould your product or service to make it look more appealing to your target audience.

9. How and what will you price your product?

Pricing is a very sensitive and important part of a business. You need to identify which strategy you would use for maximum market share. You could opt for sales maximisation or profit maximisation depending upon the nature of your product.

10. What channels of sales and distribution would you employ?

You also need to figure out the medium of sales and distribution you would want to employ for your product. It could be an e-commerce based product/service or sold through personal selling. You also need to figure out where your product would be available.

Related Post: 12 powerful lessons for new entrepreneurs

11. How much capital would you need to set up the business initially?

You need to be sure about how much capital you would require to set up your business in terms of rent, labour, raw material etc. Calculate the cost of fixed and variable inputs for a better understanding.

12. What are the risks you might be facing?

Every business has its own risks. You need to figure out the risks of your own business and try and minimise them.

12 powerful lessons for new entrepreneurs

One needs to keep various factors in mind while aspiring to become an entrepreneur.

Entrepreneurship is one field which has grown leaps and bounds over the last few months. However, becoming an entrepreneur isn’t an easy task. One needs to keep various factors in mind while aspiring to become an entrepreneur.

Here are few powerful tips for first-time entrepreneurs:

1. Build a great team

Entrepreneurship isnt a one man show; it is a collaborative team effort which is why it is important for you to choose a kick ass team who you can trust with your vision and the future of your company.

2. Have a clear vision

It is important for an entrepreneur to have a clear vision about his company and its future because without a final goal, no one would know what they’re trying to achieve. This would lead to chaos and eventually to the downfall of the company.

Related Post: 12 Ways to avoid startup mistakes

3. Is it solving a problem?

Is the product/service you are offering to people solving a problem in the society? Because, if it’s not solving a problem, no one would buy it. Hence, it is absolutely important to find a problem or create it and then introduce your product accordingly.

4. Sometimes less is more

An entrepreneur wants to achieve everything in the beginning: offer a good quality product with extraordinary features and make profits. However, it is important for a new entrepreneur to deal with one issue at a time and focus on solving it rather than jumping in between 100 issues. Also, initially, offer a simple and nice product to attract your customers and then bother with the modifications.

5. Don’t price your product low for the sake of it

Sometimes just to enter the market, people price their products very low and later when they increase the prices, they have no customers. That’s why initially the prices must be sustainable and viable even if it means some less customers.

6. Your USP is your selling point

If you do not have a USP; you are doing something wrong because then your product is no different from your competitors. It is necessary to listen to the customer feedback and strengthen your USP and focus further marketing around it.

7. Be a great leader

There’s no point in being a leader everyone fears; instead, become a leader who is fair, just and approachable. The leader needs to make sure that the team works as one and everyone’s ideas are taken into consideration before formulating a strategy.

8. Keep learning

A new entrepreneur needs to keep learning: sometimes it’s the tricks of the trade and sometimes it is simply life lessons. There are people who’ve been in this field longer than you have and it is always better to learn from those people. Also, reading books, watching videos and movies and hiring a coach can help you learn better.

9. Your business isn’t your life; it’s only a part of it

A lot of entreprenuers make the mistake of making their business a part of their soul and start getting defensive with their ideas and operations. It is good to be serious but needs to know where to draw the line. Focus on the more important things in life as well: family, hobbies, health etc.

10. Public speaking will get you places

As an entrepreneur one needs to be confident about their public speaking skills because pitching to VCs or giving a speech or a talk to the team isn’t an easy task. You need to be impactful and reasonable. Also, for the right ideas and words to come to you at a particular time, it is important to practice this art.

11. Don’t take failure too seriously

Failure and successes are a part of the job that you’ve chosen and the worst thing you can do is be hard on yourself because of a setback you’ve faced. After the setback, identify the mistakes and make sure you don’t repeat them again.

12. Try changing the current scenario

You should be focused on changing the world with your idea and inspire people to buy your product for the same reason. Money, success and other materialistic aspects are momentary and will come with time.

If you want to be an Entrepreneur, you need to develop these 10 habits

If you too, want to break out of the 9 to 5 cycle and begin calling your own business shots, here are 10 habits you must develop in order to be successful.

What does it take for a person to become a successful entrepreneur? It is not argued that those who have achieved success are effective at what they do, but what other qualities have they developed and skills have they acquired to facilitate their rise to the top?

Success is not achieved through lackluster planning or laziness; entrepreneurs are hard working and consistent in their steps, calculating risk vs. reward at every twist and turn along the way. Details, organization, and refusal to quit are common traits that many entrepreneurs share, along with many other admirable habits that they have developed and acquired to make them what they are today. If you too, want to break out of the 9 to 5 cycle and begin calling your own business shots, here are 10 habits you must develop in order to be successful:

You Must Be A Visionary

Strong leaders spend some serious time in their own heads, thinking and planning and dreaming about what they would like to create. They are naturally innovative, and they crave the excitement of new discoveries around every corner. If you see a Healthy You Vending machine at your business office, you are the type of person who imagines what it would be like to have a business centered around business office vending. Do you begin asking questions like, “How can I become financially independent? I wonder what direction a venture like this would take me?” Imagination becomes a very powerful asset as it is used to fuel passion around ideas and inspire other partnerships to bring these ideas to fruition. Visionaries are very powerful people, and they inspire others to create and share in their passion as well. This habit lends itself very well to the entrepreneur, as he learns to play within his imagination and create what he sees.

You Must Be An Early Riser

The early bird gets the worm – this well-known saying becomes a reminder that those who are diligent and hardworking will produce consistent, measurable results in business and in life. Establishing healthy habits, like “early to bed, early to rise” and sticking to a schedule will allow you to be more productive during the day. The more steps you take toward achieving your goals, the more likely it is that you will accomplish them.

You Must Keep A Schedule

Successful entrepreneurs put work first and socializing second. If they can combine the two, then all the better! It is certain that both of these activities appear on their calendars, as they are beneficial to each other. An entrepreneur realizes the need to have and create relationships constantly, as it is not known in the grand scheme of things which relationships will become life-changing and significant. Welcome opportunities to work and to socialize, and make sure your schedule is maintained and that it is moving you in a forward direction in your life. Eliminate distractions, and assess which activities are beneficial to you and which ones are time wasters as you seek to accomplish great things.

You Must Sleep!

Entrepreneurs know the power of a good night’s sleep, and how it can benefit the mind, body, and soul. Lack of sleep contributes to increased stress and poor judgment while being well rested leaves you with energy, mental focus, and physical endurance that are necessary for building a successful business. Respect the need for sleep, and take care of the body that is bringing you on this joyous and exciting ride of making your dreams a reality.

You Must Keep It Simple

Creating and maintaining simple routines makes systems easy to follow. Not only are they easy to follow, they become duplicatable, allowing other people to take over certain operations, freeing you to focus on the big picture of expansion. A successful entrepreneur sticks to simplicity, and they do what works. If something is determined to be ineffective, it is altered or eliminated in favor of something that works. “Keeping it simple, stupid,” becomes their mantra as they build their businesses.

You Must Write Things Down

Starting a business can be an overwhelming task, and it is likely that you will not remember little details that can be helpful in the future. Keeping a journal is one way to remember conversations, meetings, and even brainstormed ideas that could benefit you big time. A journal is also a place to record thoughts and feelings as a way of processing through them as they come up, paving the way for more peace and stability that can assist you in thinking clearly. Successful entrepreneurs write consistently and often, focusing on the existential side of life while planning for a bright future. Write it down, make it happen.

You Must Be Flexible

The best-laid plans rarely play themselves out seamlessly; there are always twists and turns on the road to success. A real entrepreneur takes these daily detours in stride, constantly changing business strategies while keeping a positive attitude and a mindset of growth and change. The more you are willing to grow and change, the more likely it is that you will find opportunities in places you hadn’t expected to; who knows how positively they will impact your growth? Embrace change, and be prepared for an exciting and expansive ride.

You Must Be Curious

Making the habit to be open and curious about everything puts you in a position to learn—–a lot. You’ll learn about yourself, your life, and your business as you seek to find answers to questions that pop into your mind. They are there for a reason; embrace them, seek the answers, and always maintain an attitude of optimistic curiosity that there is a helping hand around every corner that will assist you in realizing your dreams.

You Must Take Care Of Yourself

Successful entrepreneurs realize that a business without a strong leader is not as effective. Keeping yourself in tip-top shape, eating healthfully, and tending to your emotional and spiritual personalities as well will prime you for success. The stronger you are as a person, the more you are able to give to your business, your employees, and your customers. Develop the habit of self-care, and your business will benefit as well.

You Must Give Back To Others

Remember those helping hands that you received along the way, and give back as an appreciation of thanks. Giving to your employees makes them feel supported and satisfied, and they will, in turn, take care of your business by investing themselves in your success. Giving to your customers will make them feel special and valued; these types of business relationships keep perpetuating themselves time and time again; people remember how they are treated, and they are far more likely to return to your business again if they feel they are heard, valued and respected. Give to others, and you will receive in abundance.

This may seem like a lengthy list of habits, but as you develop them in pursuit of your business dreams and goals, you will build momentum, and you will become motivated to do more and more to achieve the ultimate dream – financial freedom. What are you waiting for? Go for those dreams!!!