how to be an entrepreneur

6 ways to bounce back after experiencing a failure

In case of a failure, instead of being depressed, one should try and work harder to make things better again

An entrepreneur’s life isn’t a smooth sail. The path to achieving success is etched with difficulties and stress and might lead to failure in some occasions. An entrepreneur is bound to feel pessimism and annoyance when something doesn’t work out. An entrepreneur is always under a lot of stress due to professional and family life because he needs take risks and make sure the risks work. But what happens when the risks don’t work?

Every great entrepreneur has experienced hopelessness and helplessleness when an idea hasn’t worked out because one has put their time and efforts into making it work. However, the outcomes of a decision are not something an entrepreneur can control. A major part of success or failure is dependent on luck and how well the customers receive your product or service. Thus, in case of a failure, instead of being depressed, one should try and work harder to make things better again. Because failure is a part of life and more importantly a stepping stone to success, one must embrace it just like success.

Here are 6 ways in which an entrepreneur can bounce back after experiencing failure:

1. Don’t forget your ambition

There is a reason why you started a particular venture and one roadblock isn’t enough to deter you from achieving success in life. Hard work isn’t easy but you must be willing to put in your everything especially after the little hiccup. Once, you decide to learn from your mistakes and start putting in your best, no one can stop you from achieving what you want to.

All you need to do is be focused on your end goal and work hard towards it.

2. Approach work perseverance

Be ready to bounce back and not be thrown down by failures just like real fighters do. When a fighter falls, he gets back up again and fights like his life depends on it.

Similarly, an entrepreneur needs to adopt the attitude of a winner and consider these failures as the falls which one experiences before a greater victory. Be zealous and pumped with confidence while working towards your goal, and nothing can stop you.

3. Acknowledge failures

To defeat failure for the second time, you need to accept it as a part of your journey because it is as important as success. If you are afraid of taking risks because it might lead to failure, you are jeopardizing a whole venture. Thus, embrace failure and extract the important lessons and then you can work a way to defeat it the next time.

4. Build on your long-term goal

If you were hoping to succeed immediately after starting a venture, you need to change your expectations immediately. An e-commerce company which does well needs 3 years to reach the break-even point.

However, while you’re working hard, it is necessary to never lose vision of the long term goal. Take the failure as an foundation and you can work up decisions from there on.

5. Evaluate the previous gains

If the failure has affected you severely, making a list of previous success is something which might motivate you. In this way, you’ll be focusing on the positive aspects and not the negatives and this change of attitude will help your achieve your aim in life.

While evaluating the success list ask yourself some basic questions like- What lessons have I derived out of this gain? The small awards? Each client who has been affected positively because of you?

6. Don’t be too hard on yourself

Failures are difficult to deal with which is why you require enough time to grieve over them. Give yourself some mourning time as watching something you put your heart and soul into crumble isn’t easy. But the trick here is to set a limit.

After the time limit is over, do not think about the failure even once or let it affect your present work. This helps you accept failure as a mentor and move forward.

Failure is a part of one’s life and is as important as success. So, the sooner we accept it and commit to working harder, the better it is for us.

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Top 8 characteristics required to become a great leader

Great leaders like Adolf Hitler, Mahatma Gandhi, Barrack Obama etc possessed these traits which set them apart from the rest.

Leadership constitutes to a major and very important part of entrepreneurship. What sets entrepreneurs apart from normal office going people is their ability to lead a team and still innovate.

However, the common myth is that leaders are born, but a common person can actually become a leader with a certain skill set and qualities. Great leaders like Adolf Hitler, Mahatma Gandhi, Barrack Obama etc possessed these traits which set them apart from the rest.

Qualities required to become a successful leader are:

1. Master the art of delegation

A leader knows that he can’t be good at everything and because he can’t be omnipresent all the time, he needs to learn to delegate tasks to his team. Delegating tasks that one cannot undertake to the right people is a skill because in a way an entrepreneur trusts the person with his visionary of the company. It is very understand to understand one’s potential to able to delegate tasks to the team.

2. Communication

A leader’s forte should be his/her communication skills. S/he needs to communicate extensively with the team to make sure everyone’s on the same page. Hindrances in the communication process can lead to miscommunicated information and internal disputes amongst the employees.

It is always an added benefit if the leader is a motivational speaker and a fluent orator. Mahatma Gandhi was a great leader because through his speeches he could impress the audience and win their confidence.

Related post: 6 ways to become a mentally strong person

3. Confidence

A leader should always be confident about the risks and decisions he takes because if he isn’t sure about them, he can’t convince his team to work towards a single goal. Great leaders are successful because they set their end goal and stick to it no matter what. Also, leaders are self-reliant and look at the distant possibilities and long term goals instead of focusing on short-term fixes.

4. Motivating

It is also very important for an entrepreneur to be motivating because while the team works relentlessly on something, they need constant words of encouragement to keep them going. If someone has done a good job, an entrepreneur needs to praise the employee and if someone hasn’t performed very well, one needs to refrain from venting out anger on the employee and try and motivate him to do better the next time.

5. Empathetic

Great leaders are aware of the fact that at the end of the day, all employees are humans. So, the tendency to make mistakes by humans also holds true. An entrepreneur needs to be empathetic so that there is free flow of communication between the employer and the employees. Being aware of the employees’ problems is important for the growth of the venture as an employee’s personal life could be affecting his work. That is why leaders employee human resource people to take care of the employees.

6. Problem solving skills

Every problem faces in a business scenario doesn’t have a ready-made solution. The entrepreneur needs to have quick thinking and problem solving abilities. The boss is the one everyone approaches in a crisis; if s/he has no answer or gives up, the employees accept fate. Leaders should simply make use of their business acumen and knowledge of the industry to find quick and fitting solutions.

7. Trend setter

The leader should aspire to be a trend setter for the rest of them team. By being honest and transparent, one can easily gain the trust of the employees and through motivating speeches and words, encourage them to do better. Also, a leader should try and incorporate good habits like punctuality, healthy office lifestyle and hard work to inspire the team to do the same. If the boss is someone who is extremely relaxed, the employees tend to slack off too.

8. Brilliant organisers

It should come as no surprise that entrepreneurs are brilliant organisers because the managerial skills need to be strong to run a business and make quick yet efficient decisions. Most leaders have an eye for detail and an impressive memory which helps them succeed. Also, the organise a whole team and business down to the lowest level which shows their efficiency as an organiser.

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4 action tips which will help you be triumphant in life

An entrepreneur knows the actions needed to take in order to be a more successful person

Reaching the end goal isn’t comprised of a few big leaps, instead, it is journey of several small steps which help you get there. You might think a big marketing idea might double your profits, but if the basics aren’t clear and set, your whole venture could result in failure. An entrepreneur knows the actions s/he needs to take in order to be a more successful person.

4 Motivational action tips to become successful are:

1. Clear vision and a reasonable purpose of action

An entrepreneur should have a vision for his innovative idea and a goal for his/her business. If there are no targets or aims to fulfill, what is the point of your venture? Without a target, you can’t be productive or measure your productivity levels.

Hence, one should have an articulated vision and a defined goal which needs to be communicated to the whole team properly so that everyone’s on the same page. This enables unity and coordination amongst the team as everyone works to towards a set and defined goal.

2. Drive and momentum

Drive and momentum are two most difficult things to achieve but they’re absolutely crucial for your business. You need to constantly keep going as the markets are dynamic and your static business won’t really gain you anything. Start taking small but confident steps towards you goal and you will find the process to be much easier than you expected it to be.

Also, if you feel demotivated or feel things aren’t going in your favour, take a small break from work and do things you like. This will help clear your mind and refresh the drive. Once, you have gained the much required momentum, nothing can stop you from achieving what you want to. Also, it is very important to keep this drive alive in your team as well.

3. Motivation

An entrepreneur constantly needs motivation in life to keep pushing forward and achieving his end goal. However, this might be very difficult when one is clocking long hours and is bogged down by work.

But, one can aspire to and find motivation in simple things. Reading a great book or watching an inspirational movie like the Pursuit of Happiness or Rocket Singh will motivate him to achieve his goals and focus on them better.

Stop being pessimistic and focusing only on the negatives, instead, you should be focused on the happier and more successful elements that’ll help you succeed in life. Yoga and meditation can help you greatly with being optimistic.

4. Be intrepid and spunky

The worst thing an entrepreneur can do is be afraid- to take risks, lead a team, expand a venture or anything else. Your decisions are either going to work or fail. If they work, you are going to benefit greatly from them and if they don’t, you need to pull yourself and start again. At least, you’ll be aware of the mistakes you shouldn’t be making for the second time.

The markets are constantly evolving and it is essential for an entrepreneur to be innovative and spunky because you can’t keep revamping an old idea and living your life on it. New innovations are appreciated and will help you become more successful.

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5 things to make sure of before you establish a startup

Here are few things entrepreneurs need to take care of before setting up their startup.

Start-ups can be tricky and caught in a haze of competition after the initiation if proper precautions aren’t taken. However, like other businesses, even a start-up requires different things at different points and it is the entrepreneur’s duty to make sure that all the requisites are met. However, it might be the first time for an entrepreneur as well and s/he might need guidance as well.

Never ignore things that you think can mess with the image of your company. If something is absolutely necessary, the entrepreneur should make sure that the start-up has it.

Here are 5 things entrepreneurs need to take care of:

1. Analyse the risks

It is crucial for an entrepreneur to analyse the risks before venturing into any market and actually setting up a start-up. The industry one is venturing in might be targeting only a niche audience which means lesser demand and this could lead to the company fizzling out due to less orders. One needs to take calculated risks and create back-up options for better functioning of a start-up.

2. Do your market research well

Always do your research extensively about the market you’re going to venture into, the competitors and customers’ responses through surveys. This will help in gaining better business insights and also come handy while expanding the business. Without proper research in place, you can end up making incorrect assumptions and hasty decisions which can be harmful for your venture.

Related Post: 5 motivation hacks for entrepreneurs

3. Have a proper Business plan

A business plan is important for any business as it contains information about the company, the team, industry, risks, the marketing plan and the financial plan. Internally, it’ll help the start-up in being more organised and an entrepreneur can keep a track of goals that are accomplished. Externally, it’s easier to get loans from banks, show to VCs and build strategic alliances if you have a proper business plan.

4. Get legal advice

You might think that a business plan is enough to establish a company but there are certain rules and regulations one needs to keep in mind and follow. There are many Government regulated bodies and statutory bodies looking after stuff like patents, copyrights, taxes etc. To be aware of the rules existing in your sector, it is important to hire a lawyer and have his expert advice before starting-up.

5. Set aside a budget for marketing

Marketing and advertising is very important in today’s day and time and the way you market your venture can make or break it. It is absolutely crucial to have a marketing plan which helps you reach out to your target audience better. And, for these plans to work, one needs to set aside a certain budget. An entrepreneur also needs to decide what tactics and channels of marketing he’ll be using- social media, websites, ads on Facebook/Google, billboard advertising etc.

Happy starting up!

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Reasons why money isn’t chaining back entrepreneurs anymore

Here are a few reasons why entrepreneurs don’t consider money as a barrier anymore.

Today, there are more start-ups cropping up than ever. Entrepreneurs are innovating all kinds of stuff required to simplify existence because starting up a venture is not as difficult as it used to be. With modern developments on the technology and venture capitalism front, entrepreneurs receive a solid boost to own their idea and develop on it.

Flexibility in terms of money is another reason why entrepreneurs able to succeed. Here are a few reasons why entrepreneurs don’t consider money as a barrier anymore:

1. Smart investments

Sometimes getting a degree might be roadblock on the path to becoming an entrepreneur as one has to pay off debts and in order to do that, one needs to take up a job.

Another reason people don’t become entrepreneurs is because of lack of liquidity which is absence of capital. But today, it is relatively easier for a young budding entrepreneur to decide to liquidate his finances. One can structure his finances by investing it in the best way possible and reaping benefits when required. This way, while starting out, they don’t have to worry about finding a VC early on and can continue developing on their idea.

2. Affordable legal and marketing

Earlier the legal processes deterred entrepreneurs from starting up their own business because hiring a lawyer was expensive. However, a budding entrepreneur can currently manage all legalities by himself because of relaxed laws which has proved to be a game changer.

Also, marketing in older days was a pain because it had to be done in an interactive manner. But with the growth of social media and digital marketing, entrepreneurs can now market their ventures using completely organic methods. They can also shell out few bucks and employ inorganic methods to reach their target audience better.

3. Development of technology

Finding an area to start their business in with skyrocketing rents is not an issue anymore either. Entrepreneurs are embracing the smart phone and using the various applications to coordinate and run their business well. Physical presence for a business is almost unnecessary with Skype allowing you interact with clients, investors via video call in real time. Also, an entrepreneur can use various apps like MobileDay to schedule and conduct meetings without actually being present in a conference room.

Other than convenience, this has reduced start-up costs by a huge margin and the money can be used in marketing or developing the business further.

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10 Tips for a stress-free entrepreneurship

Here are some advice from startup leaders to create time for yourself and relax a bit from those important, serious obligations and responsibilities which may bring stress.

Maybe the most frightening thing about starting a business is to know that it takes a lot of dedication: time management, day to day tasks, strategic plans etc… These important, serious obligations and responsibilities may bring stress. That’s perfectly normal. But you can easily learn some strategies to create time for yourself between tasks. So, here are some advice from startup leaders to create time for yourself and relax a bit:

Treat your time like a financial budget: “Be fiscally responsible. Budget free time first, much like you would put money into a savings account. Then build a monthly budget around the remainder of your expenses or time spent working. By sticking to your budget, you’re forced to allocate the expenses you can afford and cut unnecessary expenses. For example, you can decline meetings you don’t need to attend, or delegate client questions to team members who are more than capable of handling them on their own. Challenge yourself each day to unplug outside the office and hold yourself accountable to your time budget.” – Yuri Sagalov, co-founder and CEO, AeroFS

Unchain yourself from your desk: “There is nothing like a change of scenery to get creative juices flowing in ways they wouldn’t otherwise. Take time out of the office and use that time to think creatively about the business. This sends a message to the team that unconventional thinking is good, rewarded and something to constantly seek out.” – Sandra Ponce de Leon, co-founder, Lifetime Memori, Inc., creators of Trunx

Actively make time for yourself: “I need euphoria, peace and tranquility — aka, the expensive luxury of doing nothing. These things have to be incorporated in your daily living. I always find time to meditate at least 20 minutes a day. I find the time to get in the car and drive an hour to a place unknown, because the ride is silent and peaceful. You have the time, but you also have to make the time. Learn how to create time for yourself. There is nothing wrong with stepping away from the desk or computer and saying, ‘Enough is enough. I am taking a break.’” – Jimmy Gilchrist, founder, Rock N Dade

Stick to your routine: “My business requires so much traveling, so I try hard to stay grounded and healthy no matter where I am. I keep my routine and eat as well as I can to take care of myself. Every day, I try to meditate in the morning, and I do yoga at the end of the day as often as I can. I have very challenging and exhausting days, but when you do what you love, it’s easy to get re-energized and start in again the next day.” – Jennifer Adams, CEO, Jennifer Adams Worldwide

Delegate tasks to free up your time: “To be a successful entrepreneur, a person must sacrifice the most valuable asset in life: time. Yet, to avoid burn out, it is crucial to understand time management. Remember, you are not married to the business, and it does not love you back. Try to delegate, and hire a motivated and competent staff. Sometimes, it is hard to let go of micromanaging, but in order to grow and think big, you must learn how to trust and develop talent.” – Elan Katz, CEO, Cure Urgent Care

Pursue a nonwork hobby you’re passionate about: “Pick one thing you really love doing that has nothing to do with work, whether it’s reading, dancing or singing. Take some time to do that nonwork-related activity and make it a routine.”– Katherine Niefeld, president and CEO, BlinkPR

Try a different tool: “Take a week away from your computer and try running everything from your mobile devices. It’ll force you to communicate and get closer with your team.”– Konrad Billetz, founder, Frameri

Build a great team: “Entrepreneurs work longer and harder hours than anyone else, but if your heart isn’t in it, then trying to make your business a success is going to burn you out. Are you spending time on the aspects you love or are you finding yourself stuck crunching numbers or micromanaging others? Hiring the right people and building the right systems will help others carry your vision, so you can focus on what you love in and outside of the business.” – Eric Casaburi, CEO and founder, Retro Fitness

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5 Cheap tools for startups on a shoestring budget

Five essential tools that will help you stay ahead of the curve while still maintaining your budget.

Starting a business has become easier than ever. But, with a number of startups mushrooming every day in the country, the competition is also fiercer than ever. In order to make the going a little bit easier for all these newbies, we have religiously sorted out these five essential tools that will help you stay ahead of the curve while still maintaining your budget.

1) Teamwork: Online Project Management Tool

With many startups nowadays operating virtually in the crucial initial years as a measure to save costs, an online project management tool becomes a necessity.

The initial few years of a startup are a test of its survival strength, therefore there’s a need that the the entire team is on the same page and is working effectively towards the same goal. Teamwork is an excellent tool to achieve just that. Using the tool, one can specify tasks to the right people and even set deadlines for them to complete the task.

Teamwork’s file-sharing feature transforms a virtual office into a real office as team members can collectively work together without any hassles. It’s other star features includes sub-tasks, statuses, attachments and milestones. As communication is the key to success, the tools also comes with a free Chat feature facilitating live and fast communication between each team member.

2) Hubspot: Marketing Automation Software

A startup needs to continuously keep scouting for new customers in order to keep the wheel running. An effective way to achieve this is by developing good lead generation channels. By using Hubspot, a startup will no longer have to resort to the hit and trial method for cracking the code for effective online marketing for your startup.

Focusing on inbound marketing strategies like SEO, social media and blogging etc., Hubspot’s Marketing Automation Software ensures that everything that a startup needs to generate new leads and close more sales is all under one single roof.

3) Timely: Time-Tracking Tool

For a startup, time is money, quite literally. In order to make sure that all the team members are doing their work diligently, a startup can make use of the time-tracking tool Timely. The tool allows startups to specify tasks to everyone and manage their workweek, all at one place.

The tool also comes with a tracking tool that allows the user to calculate the billable hours of each employee put into every task and ensure everyone is time-efficient.

4) Kissmetrics: Web Analytics

Studying your consumer base is a stepping stone for success. Web analytics tool, Kissmetrics helps you understand the behaviour of your consumers and the way they interact with your product/service. It hooks you up with all the right analytics needed for you to optimize your conversions. It’s key features like A/B test, funnel reports and cohort reports helps the startups to save crucial time by speeding up the optimization process.

5) iKeva – Virtual Office

Having a physical working space might be a little difficult on the pockets of newbies beginning to test the startup waters, but, one does need an official address and phone number to tackle all the client inquiries and business leads. This is where the Virtual Office tool comes to a startup’s rescue.

Virtual office service such as W1 Office in UK, Opus Virtual Office in US, and iKeva in India offers to handle all the business communications of their clients- from fax to live phone reception. Further, they also offer a physical meeting rooms for company and client meetings. Currently, iKeva is offering virtual office services, starting at Rs.2200, in Hyderabad, Bangalore and Chennai.

So, these were our top five picks. If you know some more and better tools, do let us know below in the comment box.

This article was originally published in indianweb2.com

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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!

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!