startup tips

15 Important startup lessons for new entrepreneurs

Fifteen CEOs of new and existing companies reflect on what they’ve learned, and impart their best lessons to aspiring startup founders.

No matter how much industry experience you have, you won’t know everything there is to know about running a business the moment you launch your first startup. There’s a pretty steep learning curve, and odds are you’ll find yourself saying, “I wish someone had told me that,” at least a few times along the way.

If you want to prepare yourself for some of the more difficult and unexpected challenges of entrepreneurship, it’s crucial to listen to the experiences of those who have been in your shoes before. Fifteen CEOs of new and existing companies reflect on what they’ve learned, and impart their best lessons to aspiring startup founders.

Your role

Follow your mission

“Let your core mission/ideology be your guide. It is your core that started you down whatever entrepreneurial path you’ve chosen, and it is your core that is the key to unlocking the strategic steps that make the most sense for your venture. If you continuously remind yourself why you’ve embarked on a particular journey, you’ll continue to move closer and closer to your ultimate objective.”

Don’t be afraid to break the mold

“To succeed as a CEO you need to be steadfast in your beliefs and not always conform to the perceived ‘norm.’ CEOs will ultimately be measured and respected by their actions, reactions, rate of success and how they impacted the world during their time at the helm. Today is the best time to ever be at the executive level of a company, but the power a CEO has goes way beyond producing great results for your company. It has more to do with leaving your legacy. We all can help bring the world to greater frontiers.”

Become an all-around expert

“As a CEO, you are an all-encompassing employee. Be sure to learn from all fields of your business, whether it’s data entry, technology, legal, HR, PR, sales or even from the manual and physical labor side of things. When tasks need to get done, when questions need to be answered, when upgrades are required or additional research needed – even though it may not be your field of expertise – you are the only answer.”

Recognize when to scale up and change your role

“The characteristics that make a startup entrepreneur successful, being nimble and multifaceted, can prevent the company from scaling. Every company has a threshold at which point that founder has to understand that his role has fundamentally changed and he needs the skills of a good CEO – someone who can set the vision and build the capabilities to achieve the vision — to continue to scale the company.”

Your team

Hire people who are smarter, better and faster than you

“Forget your ego – this isn’t a contest! Don’t believe that people who are smarter than you won’t respect you or support your decisions. On the contrary, they know if you are in your position, you’ve worked hard to get there. If you hire people who are ineffective, you will end up doing a majority of their work for them.”

Have a backup plan for your team

“As a startup, we have ingrained in our minds that we must operate as lean as possible, including staff. However, it’s equally important to hire for growth, especially when it comes to specialized positions. You should never have a [situation] where, if [a certain staff member] were to leave, your operation would slow down or stop.”

Your product

Look at everything as an experiment

“No product is perfect, no idea fully formed. You will make assumptions, and you should trust your instincts, but the only real way to prove your product is by testing it on real customers. So, don’t be afraid if the first cut of your product isn’t perfection. It will invariably change over time.”

Related Post: 12 powerful lessons for new entrepreneurs

Listen to your customers

“We’ve got an experienced team of developers, product managers and marketers, but our customers know the app inside out. We know that they are what brings the product to life. There is nothing better than a customer suggesting a product feature or opportunity that we hadn’t thought of. By being open-minded to consumer feedback, we’re able to build a better product to serve them.”

Find people who already believe in you

“Our global site live in September. We learned that, instead of launching the site primarily in the India, we needed to focus on our existing U.S. audience because that’s where we had eager ears. This doesn’t just apply to people launching a successive product or service; it’s sage advice to people who have networked in fields related to their upcoming offerings. If you get like-minded people who already know and are interested in you behind your launch, you’ve just growth hacked your amplification potential.”

Your operations

Define and focus on your niche

“Looking back at 2015, we stopped chasing extravagant customer deals and focused more on our core customer base of small and medium-sized businesses. These are the customers that get duped by some of our competitors and the ones we know we can help the most.”

Know when to be aggressive

“You must win and re-win clients every day, even the comfortable ones. We were focused on making a better product to solve [an important client’s] problem, but we did not engage them in all we were doing. We were passive and polite when we should have been a little more aggressive and forthright. Had we rocked the boat, we would have had a chance. Instead, the boat sailed and we missed it.”

Pay attention to fundraising and investors

“In 2015, we successfully raised the largest round of funding on AngelList … and learned how well crowdfunding really works. It provides not only an efficient fundraising model, but also adds valuable investors to your team who can be very helpful in accelerating the business. We also learned the true benefit of including a strategic venture investor, Summation Ventures, to our team.”

Your decisions

Be aware of your opportunities and challenges

“There will be many distractions/opportunities that will try to steer you off course from your plan, which will lead to a high probability of failure. There will be opportunities that you will not want to pass up, they just have to be vetted thoroughly. Being aware of everything around you such as the market you are attacking and additional influencers or investors will help make you a more effective leader.”

Be open to criticism

“As a CEO, you sometimes can get stuck in routines of innovation and development that don’t always factor in the opinions of your subordinates. We routinely have meetings where employees at all levels can provide insights and opinions on how to improve and optimize how we work. You will be surprised what you can discern from individuals that don’t have any other vested interest in telling you anything but the truth.”

Related Post: 6 delusions of every new entrepreneur

Harness the power of ‘no’

“There are so many opportunities to consider and it may seem counterintuitive to forego them. The problem is that while these opportunities are attractive and create return, they come at a cost, and these costs can be disastrous for the company. The nature of a startup is to become a leader in a chosen market segment. It is far from a trivial target: How does a small company with limited resources become a leader? Only through focus and utmost discipline, and knowing when to say ‘no’ to certain opportunities.”

15 Best financial advices to succeed in your business

Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.

1. “Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.” -Warren Buffett

2. “Price ain’t merely about numbers. It’s a satisfying sacrifice.” -Toba Beta

3. “In investing, what is comfortable is rarely profitable.” -Robert Arnott

4. “The goal of retirement is to live off your assets-not on them.” -Frank Eberhart

5. “It’s not the employer who pays the wages. Employers only handle the money. It’s the customer who pays the wages.” -Henry Ford

6. “Wealth consists not in having great possessions, but in having few wants.” -Epictetus

7. “I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died.” -Malcolm Forbes

8. “Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” -Benjamin Franklin

9. “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” -Ayn Rand

10. “We at Chrysler borrow money the old-fashioned way. We pay it back.” -Lee Iacocca

11. “It is a kind of spiritual snobbery that makes people think they can be happy without money.” -Albert Camus

12. “Our incomes are like our shoes; if too small, they gall and pinch us; but if too large, they cause us to stumble and to trip.” -John Locke

13. “Invest in yourself. Your career is the engine of your wealth.” -Paul Clitheroe

14. “Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each.” -Christopher Rice

15. “You must gain control over your money or the lack of it will forever control you.” -Dave Ramsey

Related Post: 7 Ways you can finance your new startup

6 ways which can keep the inspiration alive in entrepreneurs

It isn’t uncommon for a person to lose inspiration and give up because he feels his venture isn’t going anywhere.

Since entrepreneurship is a taxing and demanding job, it requires a lot of patience and a constant will to become better. Meanwhile, it isn’t uncommon for a person to lose inspiration and give up because he feels his venture isn’t going anywhere.

Here are 6 ways in which entrepreneurs can keep the inspiration alive:

i. Vision

Amidst the entire hustle bustle, it is very easy to lose vision of what you wanted to achieve when you first started with the venture. However, writing it down can help because you can always go back to what you have written down. Once you read and are sure of what your vision is, you will be more inspired and motivated to work further.

ii. Money

It isn’t a bad thing to be money minded as a lot of people tend to work harder when they can actually see and experience the fruits of the labour they put in. Inputs getting multiplied while becoming outputs is a great inspiration for most people and it keeps them fighting harder than before.

iii. Reading/ watching inspirational stuff

Reading is something all entrepreneurs should do as one can learn a lot from other accomplished people in the field. Also, watching motivational movies or videos on the internet can help you find you purpose in life. Thus, reading or watching inspirational stuff can help in keeping the fire in you ignited for long.

iv. Soothing music

Soothing music can be a way of regaining inspiration as the right kind of music can evoke an array of emotions in you. A creative block can also be thawed by music as it helps you focus and think better. Hence, if you want to gain back the lost inspiration or want to keep yourself inspired, music is your ally.

v. Working out

No matter how hard you work in the office, it is absolutely crucial for you to sweat it out for the well being of your body. As you exercise, you body and mind become calmer and get rid of all the toxins infesting it which allow you to think better. Working out also re-energises you which are why you remain inspired to work harder towards achieving your goals.

vi. Competition

A lot of people say that “your biggest competition is you”. However, if you have some strong competitors in the same field, you will be forced to remain focused and constantly innovate in order to not lag behind. Thus, competition will keep you inspired and engaged in your work for longer periods of time.

Image credit: w-dog.net

10 Things to know before starting a business

To give the best chance of surviving the incubation period we have compiled 10 things to research before you start your own startup.

The fact is that many startup die in the first three years and some of them die by the wayside in the first six months. It is not because their idea was not good enough but there were things that were not considered beforehand. To give the best chance of surviving the incubation period we have compiled 10 things to research before you start your own startup.

Registering your company

The way you register your startup is very important as it will define the legal and financial status of your startup. In India there are 5 types of company that could be registered.

Sole Partnership
Partnership Company
One Person Company
Limited liability Partnership
Private Limited Company

There are both pros and cons to in the registration of the company. Go what will suit your business in the long run.

Size up the competition

Research the competition well in the market, study your competitors, how they are doing their business. The product you are planning to launch might already be in the market but you could always sell your product with a difference. Even a small change in the packaging could attract buyers. If your startup is service oriented then how your service is going to make a difference in the life of others. Entrepreneurship is not about winning but rather it’s about making a difference. Even though there will be big giants in your competition, however there will be people who are left out the service and that is your chance.

Defining your target audience

If you know your customers then you know what to do. Appealing to everyone appeals to no one. When you funnel your target audience then you can design and style everything around it, from the packaging of your product to marketing campaigns, it will be easy to design everything. Connect with your audience, involve them in the business, send questionnaires, and reach out through social media. Involving clients will breed loyalty. There words for you to others will bring in more clients.

Paying yourself

How will you survive during the incubation of your startup? This question has to be answered. You might have best intentions of putting profits straight back into the business, but the fact is, you have to going to eat, drink and put a roof over your head. Plan ahead to how much you are going to pay yourself, cut back on luxuries till there the business rises to certain level.

Impact of business name

Brainstorm on your business name, the brand identity that you are going to develop, should also have an available web domain name. It is the first thing that your customers will see will know you by the name. Consider things like what your name need to say about your business.

Related Post: 12 powerful lessons for new entrepreneurs

Marketing planning

Every successful business is based upon marketing planning. You are just starting off so no need to plan a big marketing campaign. Start with increasing a small network with social media like Facebook and Twitter. Start a blog, host guest meetings, and reach out to suppliers, fellow retailers, and local business organizations. Be as creative as possible but don’t be a loud mouth. Sometimes exaggerating about product could hamper its image.

Look for funding

In an ideal situation you would have enough money to self fund your startup, but for the majority of us that would not an option. First try and ask from family and friends before applying for bank loans. Bank loans charge hefty interests, so keep it as your last option. Another way to is to start with a small amount, grow your business into something and get back to others, showing them that your business works.

Related Post: 7 Ways you can finance your new startup

Develop USP

Build upon the USP (Unique selling preposition) of your product and service. This could decide your fate as an entrepreneur. Without a USP you will not survive the market. Why people will come to you as they have other options available. Unless and until you are offering something others are not providing. Again remember how your service or product will make a difference in others life. The best USP takes a unique quality and explain how that quality will benefit your customer.

Licensing and legal issues

There are host of legal obligations you need to consider and its best to get at least one session of legal advice. Pre check with local authorities if there is a need to procure a special license before you head with your venture. If your service requires a legal agreement with you and your client then prepare a document that protects the rights for both parties. Dealing with it later may end your business in a graveyard.

When to start

Timing is everything, don’t rush into things and quit your day job. You could use that salary in the short term. Start piecing your business together after office hours and only make that leap when your business could sustain you and cooked enough that you could give it full-time attention.

Image credit: www.businessgrowthcentre.org

8 ways to expand your home-based business

With changing times, home-based businesses have grown leaps and bounds. Even if it is a business from home, one needs to work very hard to expand it and get customers.

With changing times, home-based businesses have grown leaps and bounds. More people are opting for home-based businesses because it is convenient and by staying at home, people get more work done and save time on travel. However, even if it is a business from home, one needs to work very hard to expand it and get customers.

Here are a few ways in which you can expand your home-based business:

1. Tap more social media platforms

To expand and grow your business further, try and tap more social media platforms available- Facebook, Twitter, Instagram, Pinterest, Tumblr etc. The more you grow your presence, the more you can reach out to people. The more you reach out the people, the more you will be able to expand your business. A lot of popular businesses have existed and grown by using social media to the fullest.

2. Add more options

To grow your business, add more products and services to your availability list. This might seem like a relatively easy option but it isn’t. You need to research what your customers actually need before introducing new products to the list. Along with the availability of more products, your job also increases as you need to price the goods and make them available to your customers.

3. Hire more employees

Once your business starts growing, you need to make sure there are enough hands on the deck for smooth running of your business. You might eventually need help so don’t shy away from hiring more people and growing a team. Hiring freelance specialists and interns will help you with delegation of tasks.

4. A dynamic website can do wonders

Even if your business is based offline, it is still important to have a website to build a digital presence. But, just creating a website isn’t enough. You need to keep updating it to keep it dynamic. You need to pack your website with revolutionary content like blogs, articles, videos etc so that more people can connect to your website.

5. Try new markets

Don’t stick to just one market; build secondary and tertiary target groups. For instance, if your product is directed towards the youth, try and build presence amongst teenagers and bachelors as well. This will help you cater to a bigger customer base and sell your product more leading to profit maximisation.

6. Mergers and partnerships

Just because you run a home-based business doesn’t mean you cannot create new mergers and partnerships. Building partnerships will give you access to a greater customer base.

For instance, if you own a baking business which you run from home, you could always tie up with food listing sites like Swiggy for a better outreach and more orders.

7. Try new marketing methods

As a business you want to expand, you must be willing to try new marketing methods to create awareness about your product or service. You cannot restrict yourself to just word of mouth or social media for promotion. Try sending out e-mailers, SMS-es, flyers, hiring campus ambassadors etc to promote your product. If you have no idea of how it is done, hire a freelance marketing consultant to do it for you.

Related Post: 8 attributes of successful entrepreneurs

8. Referrals

This is a concept which has caught on like wildfire lately. Ask your existing customers to refer your products or services to more people. To make this process more dynamic, you can offer some sort of benefit to the existing customer everytime a referred person makes a purchase.

Image credit: http://www.thebetterindia.com/

7 easy ways to become a people’s person

It is very important for an entrepreneur to be a people’s person because on a daily basis, he needs to interact with a wide range of people like investors, shareholders, employees, potential business clients, potential customers etc.

Here are 7 ways in which you can become a people’s person:

i. Don’t hesitate to communicate

You might be shy person by nature who doesn’t open up to people easily, but, if you don’t communicate with people, you’ll never be able to build relations with them. Start with a basic introduction and move on to topics you are comfortable with. You will find that the conversation will progress smoothly in no time. All you need to do is take initiative.

ii. Master fake enthusiasm

It is very likely that you might not be slightly interested in what the other person is talking about; but, because he’s a potential investor, you can’t really shut him up. In such situations, master the art of faking enthusiasm. Pretend to be interested and ask a few relevant questions regarding the discussion. It’ll make them feel good about themselves and you will be more liked as a person.

iii. Don’t converse in standard responses

If all you can manage to say in a conversation is yes or no, no one will be interested in talking or interacting with you. Try to come up with witty answers or relevant discussions which invite the other person to speak. Interacting in more personalised responses opens up avenues for further discussions.

iv. Loosen up a little

If three people are conversing and two are cracking harmless jokes about you, don’t be offended and walk away. Instead, accept those comments with a pinch of salt and laugh at yourself if you have no comebacks. This will make those people appreciate your sense of humour and eventually they’ll get tired of taking your case when your stop reacting.

v. Social media is your ally

The greatest social media platform, Facebook, was created by a shy guy named Mark Zuckerberg. If you’re not very comfortable with interacting with people face to face, you can turn to social media for help. Stalk people on LinkedIn and Facebook to find out more about them in order to initiate a conversation. If that doesn’t help, converse with them via social media platforms which are perceived to be quite credible today. Also, comment and like their posts regularly for a more-friendly approach.

vi. Make others feel important and special

People who have truly mastered the art of communication know that it is important to leave people feeling better than when you found them. You can do this by giving them chances to talk about themselves or simply taking interest in their interests. This will be a great boost to your personality as you don’t have to talk much but because you let the other person talk; s/he might feel better about talking with you.

vii. Mind your tone

If you have a genuinely brash tone and a resting angry face, you need to work on those because no one likes to interact with unpleasant people. Unknowingly, some things you say might seem condescending or hurtful to the other person and result in bitter relations. It’s more about how you say something rather than what you say. Hence, try adopting a smiling face and a pleasant tone to interact amicably.

Image credit: Virgin

7 mindsets an entrepreneur needs to adopt ASAP

It is necessary to remain in the business because suffering a setback isn’t easy and trying to build a company from scratch is definitely not easy.

The life and career of an entrepreneur is tough and is etched with challenges in every step of the journey. There are certain traits and qualities that an entrepreneur should possess. It is necessary to remain in the business because suffering a setback isn’t easy and trying to build a company from scratch is definitely not easy.

Here are few mindsets an entrepreneur should adopt to remain in the business:

1. Oodles of confidence

Add endless amounts of confidence to your personality but make sure the liberal dosages are confined to just confidence and don’t tend to be over-confidence. You need to be confident about your idea and your plan because if you aren’t sure, you can’t convince others. You need to be thorough and proud of your plan to pitch it to VCs in the best way possible.

2. Be fearless

Under-confidence can be a reason for being scared of adopting new ideas in any sphere. If you want to succeed in this field, you need to be fearless and try new things. Once you overcome your fear, you will learn about a world of possibilities beyond what you thought was achievable. It doesn’t matter if you fail or succeed; either way, it is a great learning opportunity which lets you explore yourself.

3. Choose your own goals

Just because the competitor is growing at a break-neck speed doesn’t mean you need to copy them. Choose your own goals and make sure they’re realistic and can be fulfilled in a set time period. You know best what you and your company can achieve in a given time period so be confident enough to have the guts to set your own goals and work towards achieving them relentlessly.

4. Accept challenges

Challenges can approach you at any time and in any form: an unhappy employee, an unsatisfied client or a failed idea. Do not shy away from the challenge. Accept it whole-heartedly and face it head-on. Try to find out creative and fool-proof ways of overcoming the hurdle and move forward.

5. Owning responsibility

For a normal employee’s mistakes, the boss and the higher section of the office hierarchy is responsible but in the case of an entrepreneur, he is the one solely and wholly responsible for all actions; good and bad. Entrepreneurs understand the value of opportunities and don’t waste them. You need to step up and be proactive in all spheres to set an example for your employees.

6. Risk-taking

An entrepreneur shouldn’t shy away from taking risks because these risks are the ones which might pay off and make him successful later. If you’re afraid of risks, you will put a limit to how much you can grow and succeed as a company and continue existing in the comfort zone. But to become bigger than yesterday, you need to go ahead and take that risk. The worst case might be that the risk you take might not pay off; in that case, you can treat it as a great lesson and continue with your life.

7. Enjoy breaking pre-conceived notions and rules

You didn’t choose entrepreneurship over a normal 9-5 job to stick to the age old rules in the company rule book. Entrepreneurs shouldn’t be accepting the status quo and looking to break them creatively at all times. Learn to look at problems with a parallel and unique vision nod develop new and creative solutions to them.

Image credit: http://attitudes4innovation.com/

20 Success tips that are a must for every young and aspiring entrepreneur

Here’s some inspiring advice for when your motivation takes a hit.

It isn’t easy being an aspiring entrepreneur and keeping your motivation up all the time. Here’s some inspiring advice for when your motivation takes a hit.

“The only way to be satisfied in your life is to do work that you truly believe in.”

–Steve Jobs

“Think outside the box!

Whether you think you can, or think you can’t, you’re right.”

–Henry Ford

“It helps to know that you wouldn’t regret failure, but you would regret not trying.”

–Jeff Bezos

“An entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.”

–David Carp, founder and CEO of Tumblr

“Challenge yourself.”

–Richard Branson

“The fastest way to change yourself is to hang out with people who are already the way you want to be.”

–Reid Hoffman, co-founder of LinkedIn

“Fearlessness is like a muscle — the more you exercise it, the stronger it becomes.”

–Arianna Huffington

“The easiest way to get started is to quit talking and start doing. That’s true for your success as well.”

–Walt Disney

“If you look closely, most overnight successes took a long time. Don’t be afraid to invest time in your company.”

–Steve Jobs

“It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

–Richard Haroch

“Having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.”

–Ryan Allis, co-founder of iContact

“Knowing your customer is one of the three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.”

–Dave Thomas, the founder of Wendy’s

“Your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.”

–Bill Gates

“Don’t play games you don’t understand, even if you see lots of other people making money from them. Truly understanding your industry is key to having success.”

–Tony Hsieh, the founder of Zappos

“Deliver more than expected.It’s a great way to get noticed in your industry and build a loyal following of advocates.”

–Larry Page

“If you do the things that are easier first, then you can actually make a lot of progress.”

–Mark Zuckerberg

“If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100% from day one, but there’s always small progress that can be made to start the movement.”

–Kevin Systrom

“People tend to think that in order to start a new business they have to come up with something new and dazzling, but that’s a myth – and it’s often propagated by venture capitalists.”

–Gurbaksh Chahal, RadiumOne

“If Google teaches you anything, it’s that small ideas can be big.”

–Ben Silbermann

Success never comes easy. You have to work for it. But if you follow the right advice, truly believe in what you are doing, and put in your all, there’s no reason why you shouldn’t succeed.

7 Secrets that all successful entrepreneurs are hiding

How do successful entrepreneurs get successful?

How do successful entrepreneurs get successful? How do stories turn from rags to riches? Do they have a secret? Or do they just do things differently?

1. Grab opportunities

Successful entrepreneurs see opportunities where none exist. They think differently form other people and do things no one ha sever done before. That’s how they get successful.

2. The secret lies in hard work

Everyone knows hard work accomplishes results. But no one really realizes how true that can be, or sees the amount of work that goes into being a successful professional. Everyone wants results, but very few are willing to put in the work for it. Those that do, succeed! And they are then asked for their secret. The secret is nothing but hard work, folks!

3. Winners indeed do things differently

“Winners don’t do different things; they do things differently”. Successful entrepreneurs do things like no one has ever before. Their ideas are unique and their risks are massive. That is the only way to succeed.

Related Post: 8 things successful people do before going to bed

4. The road to success is long!

Success doesn’t come easy to anyway. People see the facade of huge success, they see the glitz and the glamour; they don’t see what’s behind it. Success can be slow, elusive and sometimes tantalizingly out of reach. Every successful person has at some point felt worthless and of no use.

5. Give back to society

Give back what you have gained from society and you will get more. It’s a cycle; the more you give, the more you get!

6. Delegate, delegate, delegate!

No one person can be good at everything. Much as you want to, you can’t do everything by yourself. Place your trust in your team, and set them tasks to do. Let them use their own judgement. A good team is crucial for a leader. Set about putting together the right team.

7. Measure success on your own terms

No one successful ever got anywhere by listening to people. Your success can be defined on your, and your terms alone. No one else can measure, rate or decide your success. So let the detractors detract, and listen to your own heart.

10 Exciting ways to stay motivated as a solopreneur

Be prepared for setbacks.

When starting out as a small-time entrepreneur, your motivation and will power are sorely tested. There will be days when you wonder why you started it in the first place and will want to give it all up. Here’s how to inject a little positivity into those days.

1. Keep your vision in sight

You started this for a reason. Remember how excited you used to be at the beginning? Never lose that fire and that passion, by constantly reminding yourself of why you got into this in the first place.

2. Know that you will encounter setbacks

Being prepared for the worst, helps cushion you against the crushing pain of failure. When you know that failing is an inevitable part of success, and are prepared for setbacks, they won’t hold you back.

Related Post: 5 motivation hacks for entrepreneurs

3. Keep loved ones around

When you are disheartened and in danger of giving up, your loved ones will keep you motivated and keep your spirits high. Never underestimate the power of those who love you.

4. Take constant breaks

Nothing is a motivation-killer like exhaustion is. Taking regular breaks will keep you fresh, recharged and ready to take on new challenges.

5. Celebrate every milestone

No matter how small, every victory is well-earned and deserves a celebration. Don’t say that it is too small; it does not matter. Every little bit counts.

6. Enjoy what you do

This goes without saying. If you don’t take pride and joy in your work, you shouldn’t be an entrepreneur anyway.

Related Post: 7 ways to supercharge your success

7. Create schedules, not deadlines

Instead of putting pressure on yourself to have achieved something by a certain date, create a schedule to do it. And stick to it.

8. Sort out your priorities

Sometimes you have to let go off the less important things in life to make time for what really counts. Know what is important to you and what isn’t.

9. Know why you’re doing this

If you never lose track of your vision, and what drives to, you can’t lose your motivation easily. You are sure to succeed.

10. Tell yourself everyday that you are awesome

Sometimes, in all the buzz, we tend to forget to appreciate ourselves. If no one is around to pat you on the back, do it yourself! As a solopreneur, even what little you have accomplished is praise-worthy and significant. Never forget that.

When you feel down and low, remember you are not alone. The livelihood of so many people depends on you. And whether or not your business makes big bucks, it makes a big difference in the lives of your employees.

Image credit: www.vision-framework.com

Why entrepreneurship always takes more time than you expect

No matter how carefully you consider your roles and responsibilities, like almost every entrepreneur, you will likely consistently underestimate the amount of time it takes to get things done. So, why is this, exactly?

When you first decide to be an entrepreneur, you typically have a clear picture of how things are going to go. You may imagine yourself sitting back, making occasional decisions, but also going on vacations while your team makes sure your business remains stable.

Alternatively, you may imagine yourself working hard day in and day out, rarely taking breaks until your project or product has been perfected.

Either way, there are bound to be factors you hadn’t considered, and I can personally guarantee that your vision of entrepreneurship won’t come true – at least not exactly.

One of the most severe and common miscalculations associated with entrepreneurship is the tendency to underestimate the amount of time it takes to actually lead a business. No matter how carefully you consider your roles and responsibilities, like almost every entrepreneur, you will likely consistently underestimate the amount of time it takes to get things done. So, why is this, exactly?

Related Post: 6 tips for excelling as an entrepreneur

Hofstadter’s Law

Hofstadter’s Law, a term coined by cognitive science professor Douglas Hofstadter, posits that, “It always takes longer than you expect, even when you take into account Hofstadter’s Law.” The adage is kind of silly, but there’s a bit of objective truth to its message.

Humans – be they entrepreneurs, other professionals, or workers – are generally unskilled at estimating time. Hofstadter’s Law was first introduced in connection with chess-playing computers, to calculate the amount of time it would take to develop a program capable of surpassing a human in chess-playing ability.

Despite knowing the complexity of that task, even the newest time estimates have continued to be inaccurate. Hofstadter wrote: “In the early days of computer chess, people used to estimate that it would be ten years until a computer (or program) was world champion. But, after ten years had passed, it seemed that the day a computer would become world champion was still more than [another] ten years away.”

Though this set of factors isn’t specific to entrepreneurs, it does apply to them, as much as to chess-playing robots; for, like, robots, entrepreneurship is almost always more complex than you make it out to be.

Optimism bias

Optimism bias is a psychological principle and an inherent cognitive bias which nearly everyone possesses to some degree. Essentially, it occurs when certain people think that they’re more likely to see positive outcomes than do similar people in similar situations.

For example, many individuals believe they are less likely to develop cancer or become crime victims than the national average would suggest. And, again, this isn’t specific to entrepreneurs. But it does set the stage for underestimating the amount of time it takes to get something done.

Specifically, certain entrepreneurs generally believe that they are less likely to be consumed by tasks than are other entrepreneurs in similar situations (whether they’re conscious of it or not).

Related Post: 8 books every entrepreneur must read

Many hats

“Entrepreneur” isn’t a role by itself. If this is a label you apply to yourself, sure, you might generate more ideas than others or make more decisions than others, but entrepreneurship is actually a melding of many different roles in one.

You might act like a financial expert one day, as you work to project your annual revenues, and then a human resources manager the next, as you look for new people to hire. Because you’re working in many different contexts and you’re almost constantly switching roles, you’ll find it almost impossible to correctly estimate the time it takes you to accomplish any specific task.

You can’t be an expert at everything all at once, so your lack of expertise in specific areas results in weaker estimates for completion in those areas.

Related Post: 6 Ways to manage small business success

The inevitable pull of multitasking

By now, we should all know that multitasking is, objectively speaking, an unproductive strategy. In fact, it does a lot more harm than good. Still, certain entrepreneurs are especially prone to multitasking, and they don’t always have a choice.

Entrepreneurs are decision-makers connected to every part of their businesses, so it’s only natural when every worker, vendor, partner, investor or other interested party comes to the entrepreneur for information. This means, however, that entrepreneurs are pulled in many directions, typically unpredictably. The result is tied-up hours every day that can’t possibly be accounted for in advance.

The devil in the paperwork

Finally, entrepreneurs have a tendency to forget the existence of administrative tasks, such as entering data, following up on conversations and signing documents. Some of these tasks can be handled by assistants or others within an organization, but not all entrepreneurs have those resources available.

As a result, many entrepreneurs only estimate the time it will take to accomplish a core task – forgetting to also estimate the administrative responsibilities surrounding it, and eventually landing on an incomplete estimate.

You’ll never quite get the hang of estimating your time, because, as an entrepreneur, you’ll never find your job boring, stagnant or predictable. This is a blessing more than a curse, so be grateful for your inability to properly estimate the work ahead of you.

When it comes to scheduling meetings, planning vacations or just organizing your day, be sure to give yourself way more time than you actually think you’ll need. And on the off chance that you end up with excess minutes, maybe hours, you can catch up on email and count yourself among the startling minority of entrepreneurs who wind up with more time on their hands than they expected.

This article was originally published in Entrepreneur

Image credit: www.business2community.com

6 tips for excelling as an entrepreneur

If the achievements derived from setting a venture seems worth it, an entrepreneur is labelled as successful. Here are some tips an entrepreneur should follow to gain success.

Every entrepreneur who sets up his own venture wants to be successful and make profits. Nobody wants to lead a company which is running in losses. However, the fate of an entrepreneur depends on a variety of factors like calculated risks, a dedicated team, VCs etc. If the achievements derived from setting a venture seems worth it, an entrepreneur is labelled as successful.

Here are some tips an entrepreneur should follow to gain success:

1. Think out of the box

It is very important for an entrepreneur to be creative and innovative with his ideas. Even if the product or service being offered isn’t new, one needs to add certain value to make it seem appealing to the target audience.

Competition in the market is huge and one needs to be different in order to be successful.

Start-ups like OYO rooms, Zomato and Happilyunmarried could gain success only because they dared to be different and think out of the box.

2. Don’t let failures affect you

An entrepreneur’s life isn’t a smooth sail; it is full of ups and downs. At many points, an entrepreneur is bound to encounter failures in life. However one must be determined and focused on the end goal and mustn’t let failures affect them. Entrepreneurs should learn that failures are stepping stones to success and treat them like minor setbacks. All great entrepreneurs like Bill Gates, Milton Hershey have faced failures in life but they were able to succeed only because of their determination.

3. Be optimistic

It is essential for an entrepreneur to remain optimistic at all points in his life as without the right attitude, it is very difficult to actually set a goal and achieve it. An entrepreneur should be focused towards his final goal and undertake whatever steps are required to achieve it.

Optimism is what keeps an entrepreneur going on difficult days as he knows that the outcome of all the hard work will be rewarding.

4. Accept help

You might want to behave like a boss and pretend to know it all but in reality nobody is capable of knowing everything. There are certain areas or situations which might seem unfamiliar to you. Once you enter the unknown territory, don’t shy away from accepting help.

More experienced employees or even other entrepreneurs can be handy and help you get out of the sticky situation. Their able guidance will only aid your success in the future.

Related Post: 3 Ways to keep the self-confidence alive

5. Be passionate

Passion is what inspires an entrepreneur to keep pushing forward. If an entrepreneur isn’t passionate about what s/he does, s/he can never convince other people about the business. Also, it is very important to nourish that passion and let it grow. One should be willing to sacrifice everything for their business and commit to it especially during the rough patches. Passion motivates an entrepreneur to push harder and achieve greater success in life.

“If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” – Mark Zuckerberg, founder of Facebook.

6. Build a great team

An entrepreneur might aspire to succeed as a one man team but a successful one knows it isn’t possible. Well seasoned entrepreneurs know that there are different areas that need to be looked after like marketing, social media, sales etc and to achieve success, one needs to manage all these areas well. However, it isn’t possible for one person to look after all these areas which is why an entrepreneur needs to build a dedicated and coordinated team which works together to achieve a common goal.

If you want to succeed as an entrepreneur, keep these tips in mind.

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Questions every entrepreneur must ask before venturing into market

A lot of entrepreneurs make the crucial mistake of going all in without having the do’s and don’ts of their business figured out.

An entrepreneur isn’t aware of everything about the business he is going to start and isn’t expected to. However, there are some basics he needs to figure out before starting his own business. The business model, target audience, market and long term goals are some things that should be very clear from the start.

A lot of entrepreneurs make the crucial mistake of going all in without having the do’s and don’ts of their business figured out. Not only does this lead to chaos on the business front but also causes hindrances in the whole process leading to a failed venture.

Here’s a list of 5 questions every entrepreneur must ask before venturing into any market:

What problem am I catering to?

Starting a venture and offering a product or a service to the public is worthless if it doesn’t serve a purpose. An aspiring entrepreneur should be able to pin point exactly what he is willing to offer and how it will help his target audience. The value of your product or service is determined by the problem you are solving in the long term.

All entrepreneurs have found a loophole or a need in the society and thus come up with a particular product. For instance, Ola was successful because it solved the problem of availability of public transport.

How much funds do I require to start?

Many entrepreneurs forget to test their business requisites which is why it goes haywire. One needs to be able to predict how much investment is required to start a business. Also, a lot of people think they require massive amount of funds but later when they actually chart out a plan, the amount is not exactly what they had expected it to be.

For instance, if you want to open a pet accessories store, you need to identify a location which is apt and how much the rent of the store would cost. Also, you need to estimate the cost of inventory and salaries of the helpers in the store. If you prefer opening a store online, you need to estimate website making charges and cost of inventory.

Who and how fierce is my competition?

To do well in business, you need to be absolutely aware of your competitors and what their strategies are. You also need to research about how successful they are in their field. If this initial step isn’t implemented properly, you could take miscalculated steps which could prove to be very harmful for your business.

For instance, if you’re opening a pet accessories shop, you need to find out who your competitors are in the same location and how well they are doing. Also, try and find out their marketing strategies and pricing schemes to avoid duplication.

What extra am I offering?

It is very essential to offer an extra added value on your service or product without which you cannot sustain. If there is nothing special that you offer, customers will prefer sticking to their brands and not buying yours. As an entrepreneur, you need to figure out what your special sauce is and work relentlessly on your USP.

For instance, L’Oreal came out with a professional range that women at home can use with minimal efforts. Earlier, they had to go to a parlour to get a hair spa done but with L’Oreal hair masks available at reasonable prices, they can sit at home and do the hair spa themselves. This saves time and effort which is why it was so successful.

What resources do I need immediately to get started?

The first step of starting a venture is survival by gathering all the resources one needs to actually get the company going. Immediate resources mean the resources you absolutely cannot start your business without.

For instance, if you want to start a cake shop, your immediate capital requirements would be a shop and ingredients to make the cake batter. Once you start selling cakes, you need to invest in boxes, paper plates, a display case and some tables and chairs if it is going to be an eating joint.

Hence, making a list of immediate requirements and fulfilling them is absolutely crucial because without this step, your business will never take off.

Image credit: www.entrepreneur.com

5 motivation hacks for entrepreneurs

Motivation hacks help you reach your goal faster and keeps procrastination in check. Here’s a list of motivation hacks that entrepreneurs can use.

An entrepreneur’s day is not a smooth sail, it is a combination of rough patches and great highs. Some days might be difficult for an entrepreneur. He might be drowned in stress and on such days, s/he requires more motivation than ever. Motivation hacks help you reach your goal faster and keeps procrastination in check.

Here’s a list of motivation hacks that entrepreneurs can use:

Trick the mind

When you want to achieve or believe in something, you need to trick the mind into actually believing it. Focusing on the positives actually helps you to not procrastinate. In this way, an entrepreneur is able to get more stuff done in lesser time. Keep repeating a sentence in your mind and after sometime, you start believing it and are able to focus solely on it. This can be used by entrepreneurs to trick themselves to eliminate the negatives.

Break down the final goal

As an entrepreneur, your final goal might be achieving a certain amount of profit and sales. However, it might seem like a huge task to accomplish. To focus on that better and motivate yourself, break it down to smaller fragments such as the marketing plan, risk and contingencies, first sale etc. Smaller tasks seem easier to do and like dominoes, you accomplish all the tasks in no time.

Related Post: 3 Productivity hacks for entrepreneurs

Draw inspiration

Sitting in board meetings for five continuous days might seem boring. To break the monotony, take a break from your usual life and do something to draw inspiration. It can be something as simple as watching an inspirational movie or reading a motivational book. It could also be something like taking a walk and observing nature which refreshes your mind and helps you focus on things better. Once you start drawing inspiration from things around you, you tend to be motivated and do well.

Set a performance bonus for yourself

Like children love prizes and rewards, we can also motivate ourselves to do better and complete the task in a stipulated time frame by offering ourselves bribes. The rewards can be something minimal like a dinner at a fancy place or karaoke with friends. You’ll observe that things and tasks are accomplished a lot faster with this motivation hack.

Involve the whole team and publicly announce your goal

Have a team meeting in the beginning of the week and assign tasks to each employee and make them repeat their goal for the week in front of everyone. This is helpful because it adds public pressure on each employee and inspires him/her to complete the task within a stipulated time as s/he has made a public commitment and it is very difficult not keeping up with it as no one wants to look like a public fool.

The man who revolutionised social media – Mark Zuckerberg

There are many things we don’t know about the man at Harvard who started a social networking site only for his college which expanded and went on to become the world’s leading social network site.

Mark Zuckerberg is someone we all know as the founder of Facebook. However, there are many things we don’t know about the man at Harvard who started a social networking site only for his college which expanded and went on to become the world’s leading social network site.

Personal life:

Mark Zuckerberg became fascinated with computers at the tender age of 10. He built a network which connected his home computer to his father’s office computer. At the age of 11, he started receiving formal training and created Zucknet which was a type of network. Later, he started converting his friends’ drawings into computer games. He earned a diploma in Literature classics from Phillips Exeter Academy but turned back to his first love, computers. In high school, he created a version of the music software Pandora, which he called Synapse. Several companies—including AOL and Microsoft wanted to buy the software and hire the teenager before graduation. He declined the offers.

Harvard and birth of Facebook:

After graduating from Exeter, Zuckerberg enrolled into Harvard and this is when most of his projects came to life. He developed Coursematch, which helped students to decide what courses they wanted to enrol in based on who else was taking this course and other factors. He also came up with the idea of Facemash, which compared the pictures of two students on campus and allowed users to vote on which one was more attractive. This program gained massive popularity in Harvard but had to be shut down because the authorities didn’t find the idea too appropriate.

The next idea that he developed on would be the one that changed how people networked socially through the internet.

Based on the buzz of his previous projects, three of his fellow students Divya Narendra, and twins Cameron and Tyler Winklevoss aksed him to help them to work on an idea for a social networking site they called Harvard Connection. This site was designed to use information from Harvard’s student networks in order to create a dating site for the Harvard elite. Zuckerberg soon dropped out and started his own venture. He created a site that allowed users to create their own profiles, upload photos, and communicate with other users. The Facebook was run out of a dorm room until Zuckerberg dropped out to devote all his time to Facebook.

However, all wasn’t fine in paradise and Zuckerberg was soon accused of cheating the Winklevoss twins and Narendra’s idea and ConnectU’s secure code. This law suit was settled as the three received a hefty sum of $65 million.

Facebook and its growth:

In a very short span, Facebook grew beyond the education sector and Mark Zuckerberg started looking for investors. Peter Thiel, the founder of PayPal invested $500,000, and the amount was sufficient for immediate Facebook purposes. The project began to evolve rapidly. In less than a year after it was founded more than 1 million people joined the social network.

For further development of Facebook, Zuckerberg needed more investments. Accel Partners invested in Facebook $12.7 million and then Greylock Partners added to this amount $27.5 million. He still believes Facebook should be open to only students, hence, promoted it that way only. It was a unique concept that attracted other people as well because it was a very new and unique thing to meet people virtually.

In 2007, something astonishing happened. Microsoft paid $240 million for a 1.6% stake in the company. After the deal, Bill Gates created an account on Facebook. He used it to communicate with people who wanted to chat with him. However, he had to shut it down because there were too many people who wanted to chat with Gates. This helped Facebook gain massive popularity because the richest man on the planet was on Facebook.

How does Facebook earn revenue?

85% of revenue earned by Facebook is through contextual ads. The most of the rest 15% are deductions from purchases made through the Facebook payment system. These are mostly not real, but virtual goods. For example seeds, fruits and vegetables, purchased by fans of the popular game Farmville developed by Zynga.
Virtual business is serious and the turnover increased manifold from $7 bn to $15 bn in 2014.

Acquisitions:

Facebook owner and CEO, Mark Zuckerberg, acquired photo sharing app, Instagram in 2012 for $1bn. He also purchased Oculus Rift for $2 bn in March 2014. In October 2014, Mark Zuckerberg completed the purchase of WhatsApp for $22 billion.

Entrepreneurship 101: 7 Tips how to master never giving up

When entrepreneurs are hurled at with difficulties, they simply duck or give up which is a very wrong attitude to move forward with. Instead, we should attack the problem from the front and try solving it for the essential lessons it’ll impart.

In today’s life, we have surrounded ourselves with technology and everything can happen with the click of a button; this has lead to people becoming lazier and more laid-back than ever. When entrepreneurs are hurled at with difficulties, they simply duck or give up which is a very wrong attitude to move forward with. Instead, we should attack the problem from the front and try solving it for the essential lessons it’ll impart.

Here are a few ways on how to never give up:

1. Let the past experiences be history

It is a common practice of the generation today to let a part of themselves get stuck in the past and let the negative events or failures affect them. For instance, a failed business venture is capable of hampering an entrepreneur decision making capabilities today. So, it is very important to let go of the past and walk into the future with a fresh mind and new hopes. If you as an individual find the past experiences difficult to get over, try and embrace and hobby or a new venture and it’ll help you divert attention.

2. Self-confidence is the key to success

No matter how bad things might be going; you cannot afford to doubt yourself for even a moment because as soon as you do so, your whole venture is shadowed by doubts. You should be willing to face every difficulty hurled at you and always remember that you aren’t lesser than the other person. This virtue will stand by you every time you want to quit or give up, so, you need to build up on it in abundance.

3. Look for guidance

If you are demotivated in life for some reason, the best option that you have is to seek help from a person you really look up to. For instance, if your inspiration to join an industry is Mr X, try and get in touch with him for further guidance.

If you are distressed, there’s nothing wrong with seeking counselling or help from psychiatrists. They’ll help you identify your problem and provide solutions which will make you a more positive person.

4. Maintain the delicate balance between personal and professional life

For an individual it is important to strike the perfect balance between his personal and profession life because the two are interdependent. A glitch in your personal life can show signs of unprofessionalism while working, where as workplace stress and issues can hamper your personal life. Along with working hard, spending time with your loved ones is something you should do often.

5. Have a confidante

A person’s life might be under a lot of stress and no matter how self confident one may seem in office, s/he might need to go home and remove the outer cloak and break down in front of someone. For such instances, it is very necessary to have a confidante with whom you can share all your problems, sadness and happiness. After sharing your feelings, you will feel lighter and you might be likely to gain some insights and counselling from their side as well. A confidante can be a spouse, parent or anybody you trust with your life.

6. Learn from your failures

The worst thing you can do is let failure affect you adversely. Failures are stepping stones to success and each failure should be like a lesson to you to do better in future. Learn to stare at failure in the face and derive the best teachings out of your mistakes. Also, as an entrepreneur, don’t let the fear of failure keep you from taking a certain risk.

7. Focus on an end goal

You should be very clear from the very beginning about what you want to derive out of doing a certain task. The end goal is what’s important and should remain your point of focus always. If you think you team needs motivation to stay focused, inspire them as well because when everyone focuses and works together towards one destination, they are bound to succeed.

For instance, to boost employees’ performance in the office, Google allows them to bring pets to the office.

Stay motivated, stay happy.

Related Post: 7 ways to supercharge your success

4 essential considerations one needs to think of before setting up a venture

For aspiring entrepreneurs, it is essential to weigh certain pros and cons before venturing into a particular market.

A lot of entrepreneurs are trapped in 9-5 jobs and need a change of job for professional satisfaction. Some may have the required expertise but lack in experience. For such aspiring entrepreneurs, it is essential to weigh certain pros and cons before venturing into a particular market.

Here are four points to consider before you decide to start your own venture:

1. Learn to distinguish between what you can do and what you think you can

This is a very important consideration that entrepreneurs need to take into account before starting off. One shouldn’t be too optimistic about the different work domains an entrepreneur has to work upon.

For instance, an entrepreneur might be very good at marketing but social media might not be his forte. For stuff, one is not very proficient at; an entrepreneur should consider delegating for maximum results. When you have a fair idea of what your business should be like, you need to also make a list of the domains that you or your company needs to work upon- marketing, sales, social media, content etc. The tasks you know you’ll be good at should be done by you where as the others should be given out to people better in a particular domain.

2. Be confident about your idea and skills

An entrepreneur needs to be confident and have belief in his idea because he wouldn’t be able to convince customers or VCs regarding the venture otherwise. Also, if you as an entrepreneur believe that you’re good with marketing and pitching, you should be absolutely confident about the same.

Self-confidence is the key to succeeding in the business line. Without self-confidence, it is very easy to become a prey to criticisms and feel disheartened.

While you believe in yourself, you are able to inspire others around as well which leads to high levels of motivation within an organisation.

3. Research as much as you can

Researching about your own venture not only makes you aware but also gives you the power to take decisions more accurately. This step is crucial for any new venture because without required information, a business is doomed to failure. An entrepreneur needs to research about the market he wants to venture into and the target audience as well. This will help him reach out to his target better and maximise sales in the long run.

An entrepreneur also needs to be very sure about the start-up costs he is bound to incur from the venture he is willing to set up and have a fair idea of the capital he is going to require.

For instance, if a guy wants to open a shop, he should be aware of the rent of a shop in a particular locality and also the costs he would have to invest in the inventory. This will help him get a clear perspective and deal with stuff better.

4. Enjoy the whole process of starting a venture

Instead of worrying about the profits you’ll be making and the sales, you should enjoy what you’re doing because you chose to do it. All the time you decide to dedicate to your business, should be fruitful and worth it. Some days will definitely be more hectic than others, but on those days you should remember the sole reason why you started a venture. Also, be honest and dedicated because you as an individual are expected to spend a lot of time and effort on it.

If these considerations are met and you want to go ahead with your venture, we wish you all the best!

Image credit: thehayesapproach.com

4 Lessons an entrepreneur can learn from Rocket Singh: Salesman of the year

A lot of people focus more on marketing and forget to focus on sales which can lead to the downfall of the company. This movie reminded us why it is important to focus on sales as well because that’s how profits are generated.

Rocket Singh: salesman of the year released in 2009 and as the title suggests, it had a lot of lessons that a budding entrepreneur could learn about sales. Other than that, the movie which starred Ranbir Kapoor and Gauhar Khan had certain lessons for entrepreneurs. Since movies are an entertaining yet informative way to gain knowledge, this movie is a must watch for all budding entrepreneurs.

4 lessons every entrepreneur can learn from the movie are:

1. Be dedicated to your cause

Harpreet Singh, the protagonist in the movie was totally dedicated to his cause of opening a computer repair company which worked 24*7. He worked day and night without deterring from his final goal. He knew what he wanted to achieve could be possible only if he was committed. Similarly, an entrepreneur needs to be dedicated to his cause and work relentlessly even if it means letting go of things like parties, personal life, sleep etc because that is how a company can actually succeed.

2. Recruit smartly

Harpreet was a smart entrepreneur because he didn’t recruit people on the basis of fancy degrees or a filled CV. Instead, he observed their capabilities and analysed who could be beneficial to his team. Even though he wasn’t fond of his boss, Nitin, he recruited him because he knew Nitin was an experienced salesman and would prove to be an asset for the company. In the same way, an entrepreneur should be able to judge a person carefully and analyse his worth in the company. Quality over quantity in terms of skills should be given preference.

3. Don’t be afraid to take risks

The risks taken in the movie were extreme but not once did Harpreet Singh think about not taking them because he knew those risks were crucial for his company. He had to hide his venture from his boss and work at night and use AVS lines to carry on his business. These aren’t every ethical means, but he needed to do those to actually succeed in his business. In the same way, an entrepreneur can’t shy away from taking risks as it forms a major chunk of his job some risks might work out while some may not, but, this doesn’t mean that an entrepreneur will not take any. However, the risks being taken by an entrepreneur need to calculated ones.

4. Satisfy your customers

The business exists for the customer and not the other way round which is why it is very important to satisfy the customers. Harpreet Singh demonstrated this very well in the movie as his sales team focused on after sales services very well and offered services at lower prices which made the customers happy. The 24*7 prompt services were why people turned to Rocket Singh.

Similarly, in real life if you want your company to make profits by engaging customers on repeat purchases, you need to satisfy them through your product. If something goes wrong from your side, step up and accept responsibility immediately. This will help you win loyalty and respect of the customer.

If you haven’t watched this movie yet, go ahead and watch it for all that it can teach you about sales, corporate life and the real world.

5 Lessons entrepreneurs could learn from Game of Thrones

Start watching Game of Thrones if you don’t already and use these business lessons to make your venture a more successful one.

Game of thrones, based on Song of Ice and Fire written by George Martin, has emerged as the most popular on-going TV series. The show is based on a number of people fighting for the Iron throne which determines the ruler of seven kingdoms. The show has gained popularity for being one of the most manipulative, violent and thrilling ones.

The series also has a number of lessons which could prove to be useful to entrepreneurs. Some of them are:

1. Don’t underestimate yourself

Jon Snow is the perfect example of why you should never underestimate yourself. The bastard son of Ed Stark who was often taunted by Ygritte, “You know nothing, Jon Snow” rose to fame and power only because he believed in himself. He became the Lord Commander of the Night’s watch and through his bravery and clever thinking won over tough groups like the Free Folk. Also, because of his quick thinking and belief in himself, he is a strong contender to the iron throne.

This shows that when required one can use his skills to the fullest and mustn’t underestimate oneself ever.

2. Knowledge is crucial

In the series, Lord Varys or Tyrion Lannister wouldn’t be powerful without their network of spies and crucial information about their enemies. In your job, you could aspire to gather information about the industry and use little secrets of the market to your benefit. Once, you understand the requisites of the market, you will be able to identify and fulfil demands of the customers better.

3. Keep innovating

In the fifth season, the mother of dragons, Daenereys Targareon very rightly said that she wouldn’t break the wheel intending to Tyrion that she wouldn’t stop at what had already achieved. This is the kind of attitude even an entrepreneur should move forward with as there’ll be many people who will keep telling him that a lot of things aren’t possible. His main focus should lie of changing the challenges into opportunities.

4. Do not trust people easily

Catelyn had warned Neddard Stark repeatedly against Theon Greyjoy and if he cared to pay little heed to his wife’s warning and not trusted Theon blindly, things would’ve been very different. Similarly, when you set up your own venture, a lot of people will advice you on what is right and what is not and offer you schemes. At those times, follow what you know and believe and not what others try to sell.

5. Build a strong team

The only reason Daenerys was able to be so successful till now is because she treated the people who follow and advice her with utmost respect and empowers them. By guaranteeing the Unsullied their freedom, Khaleesi managed to gain herself a band of loyal followers. Similarly, if you display trust and respect towards your employees and treat them like assets, they will put in their 100% and help you reap profits. Also, it is absolutely crucial for an entrepreneur to learn to identify and tap the talents of his employees.

Start watching Game of Thrones if you don’t already and use these business lessons to make your venture a more successful one.

Image credit: gameofthrones.wikia.com

12 things successful entrepreneurs don’t stress about

There are certain things that an entrepreneur knows are short-lived which is why they don’t give much importance to those.

There are certain things that an entrepreneur knows are short-lived which is why they don’t give much importance to those. They believe stressing about certain things is pointless and only a waste of time. Instead, a successful entrepreneur prefers giving time to better things like innovating further for the business or expanding it further.

Here are 12 things successful entrepreneurs do not care about:

Failure

Successful entrepreneurs are often not affected by failures as they know failures are stepping stones to success. They are also aware that failures are short-lived and should be treated as a lesson and not as something deterring.

Success

Well-seasoned and experienced entrepreneurs are also aware of the fact that success just like failure is short-lived as well. If they achieve success early on in their life, they revel in it and strive to do better in future. To keep the success streak alive, they work harder and come up with more ideas to keep their business going.

Stress

An entrepreneur is aware of the fact that s/he needs to deal with major stress as one is solely responsible for the company but a true and successful entrepreneur doesn’t let the stresses of running a company and making profits affect him/her majorly.

Employing extra-ordinarily smart people

Great entrepreneurs aren’t threatened by the IQ levels of very great employees who might actually be smarter than the entrepreneur.

They are aware of the fact that smart employees have a lot to contribute in terms of strategy to the company and help it grow which is why they prefer hiring smart and creative employees.

Risks that are proved wrong

Risk taking is a major part of the entrepreneur’s job and to survive in the dynamic market, one needs to take certain risks. An entrepreneur isn’t afraid to take risks and if the risk results in failure, s/he just puts it behind and moves on further.

Making money

An entrepreneur gives more preference to achievements over money. S/he is aware of the fact that money isn’t an issue as long as one is doing well in the market. Also, an entrepreneur gives more preference to achievements and establishments which allow his company success in the long term.

The professional-personal life balance

This might sound very harsh but entrepreneurs in their initial days need to give the company their complete attention and focus. Their personal life might suffer. But a committed and dedicated entrepreneur prefers giving his company utmost importance in the initial years.

Competitors’ success

Keeping a close watch over competitors is important to chart their strategies and marketing tactics. However, the competitors’ success is not something that affects the entrepreneur to such an extent that he’ll let it affect his business. An entrepreneur just strives to do better and be the best in the market.

Stuff that might not go their way

An entrepreneur cannot afford to be pessimistic. One has to take calculated risks and hope for the best.

Creative boundaries

Successful entrepreneurs are aware of the fact that the creative limit doesn’t exist and while one is innovating, there aren’t any boundaries. Hence, they motivate their creative people to think out of the box.

Following rules

An entrepreneur is aware of the fact that rules were established long back and they are meant to be revised time to time which is why they set their own rules.

Taking chances

Some chances might work, and some might not. Failed risks cannot affect an entrepreneur in such a way that s/he might not take any chances in future.

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